Slide 1: Brixmor Property Group Investor Presentation
Brixmor Property Group Investor Presentation Quarter Ended September 30, 2024 BRX LISTED NYSE
Slide 2: Overview: High Quality, Diversified, Open-Air Retail Portfolio
Overview: High Quality, Diversified, Open-Air Retail Portfolio • One of the largest open-air retail landlords in the US with 360 shopping centers Annual Dividend Growth $1.15 $1.09 • As the value-add leader in the open-air retail space, we strive to create and own $1.04 $0.96 properties that are the
Slide 3: Overview: Diversified Portfolio
Overview: Diversified Portfolio Portfolio Quick Facts Leading Landlord To Vibrant Retailers Number of shopping centers 360 % of % of Credit Ratings Top Retailers by ABR Stores ABR GLA (S&P / Moody’s) Gross leasable Area (“GLA”) 63M SF 90 3.3% 4.1% A / A2 Average shopping center size 176K SF 44 2.3%
Slide 4: Value-Add Leader in the Open-Air Retail Space
Value-Add Leader in the Open-Air Retail Space Value creation Transforming portfolio Highly visible through accretive for outperformance forward growth reinvestment Delivering sustainable Prudent capital Strong, flexible growth in a recycling balance sheet responsible manner Page 4
Slide 5: Transforming Portfolio For Outperformance
Transforming Portfolio For Outperformance
Slide 6: Transforming Portfolio For Outperformance: Substantial Enhancement
Transforming Portfolio For Outperformance: Substantial Enhancement Our focused plan has driven a 37% increase in in-place ABR PSF At 12/31/2015 At 9/30/2024 Change Capturing Market Share of Growing Retailers Properties 518 360 (158) GLA (SF) 87M 63M (28%) Number of CBSAs 173 104 (69) Percent leased
Slide 7: Transforming Portfolio For Outperformance: 3Q24 Records Achieved
Transforming Portfolio For Outperformance: 3Q24 Records Achieved 95.6% 91.9% 97.7% 91.1% Total leased Total billed Anchor leased Small shop occupancy occupancy occupancy leased occupancy $17.44 $30.94 $22.12 81% In-place Small shop new Signed but not yet ABR derived from ABR PSF lease ABR PSF commen
Slide 8: Highly Visible Forward Growth
Highly Visible Forward Growth
Slide 9: Highly Visible Forward Growth: Embedded Tailwinds
Highly Visible Forward Growth: Embedded Tailwinds Tailwinds From Executed Leasing Tailwinds From Contractual Rent Growth • Commenced $47M of ABR YTD • Average in-place contractual rent growth of ~1.5% per year • $59M of ABR from 2.7M SF of signed but not yet commenced leases (SNC) 1 – ~1% for anchor
Slide 10: Highly Visible Forward Growth: Continued Momentum
Highly Visible Forward Growth: Continued Momentum Mark-To-Market Opportunity Occupancy Opportunity • Attractive rent basis due to historic portfolio under-investment • Positioned for continued small shop occupancy growth –TTM new lease spreads of 40%, renewal spreads of 16%, and –130bps y/y improvem
Slide 11: Highly Visible Forward Growth: Low Risk Path Of Opportunity
Highly Visible Forward Growth: Low Risk Path Of Opportunity Long-Term Same Property NOI Growth Target* Delivering FFO Growth ~150bps ~125 – 150bps 2023 versus 2024E Nareit FFO Growth1 Contractual Rent Growth Mark-to-Market Reflects in-place annual Reflects new, renewal, and contractual rent growth o
Slide 12: Value Creation Through Accretive Reinvestment
Value Creation Through Accretive Reinvestment
Slide 13: Value Creation Through Accretive Reinvestment: Continued Transformation
Value Creation Through Accretive Reinvestment: Continued Transformation • Brixmor’s reinvestment opportunity stands apart in terms of magnitude and velocity Number of Net Estimated Incremental NOI Projects Costs 1 Yield 2 and is primarily funded with free cash flow Stabilizations 282 $1.1B 10% YE 20
Slide 14: Value Creation Through Accretive Reinvestment: Westridge Court / Block 59
Value Creation Through Accretive Reinvestment: Westridge Court / Block 59 – Chicago, IL • Redevelopment commenced in June 2024 and is expected to stabilize in Westridge Court / Block 59 Site Plan September 2026 • The project will transform the highly visible corner of the property into a Project Det
Slide 15: Value Creation Through Accretive Reinvestment: Projects Stabilized
Value Creation Through Accretive Reinvestment: 282 Projects Stabilized Florence Plaza-Square Lompoc Center Beneva Village Shoppes Roosevelt Mall Capitol Shopping Center Dalewood SC Cincinnati, OH Santa Maria, CA North Port, FL Philadelphia, PA Concord, NH Westchester, NY Laurel Square Market Centre
Slide 16: Prudent Capital Recycling
Prudent Capital Recycling
Slide 17: Prudent Capital Recycling: Rationalized Footprint
Prudent Capital Recycling: Rationalized Footprint Acquisition Strategy Recent Acquisition: Acton Plaza Boston, MA • $1.1B of attractive acquisitions completed since year-end 2015 • Acquired in August 2024 for $38M • 138K SF center anchored by Roche • $250M+ of acquisitions under control in core mark
Slide 18: Prudent Capital Recycling: Clustering Assets With Value-Add Acquisitions
Prudent Capital Recycling: Clustering Assets With Value-Add Acquisitions Centennial Center Ravinia Plaza North Riverside Plaza Elmhurst Crossing Arborland Center West Center Acton Plaza Denver, CO Chicago, IL Chicago, IL Chicago, IL Ann Arbor, MI New York, NY Boston, MA Upland Town Square Plaza by t
Slide 19: Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet
Slide 20: Strong, Flexible Balance Sheet: Positioned To Fuel Growth
Strong, Flexible Balance Sheet: Positioned To Fuel Growth $1.7B 4.1% 4.5 years 100% 100% Available liquidity Weighted average Weighted average maturity Fixed rate debt Unencumbered ABR stated interest rate 5.7x 3.9x BBB / Stable Baa3 / Positive BBB / Stable Net principal debt to adjusted Fixed charg
Slide 21: Delivering Sustainable Growth In A Responsible Manner
Delivering Sustainable Growth In A Responsible Manner
Slide 22: Delivering Sustainable Growth In A Responsible Manner
Delivering Sustainable Growth In A Responsible Manner Experienced, diversified, and effective Board of Directors Corporate Responsibility Recognition Received overall score of 73 (October 2024) Green Star Recipient (October 2024) 8/9 3/9 2/9 “A” rating for Public Disclosure (October 2024) Inde
Slide 23: Delivering Sustainable Growth in a Responsible Manner: Environmental
Delivering Sustainable Growth in a Responsible Manner: Environmental Reducing utility-related operational expenses and adding ancillary income, Sustainability Goals while improving resiliency and environmental efficiency Target Status 1 • Energy usage reduction projects • Electric vehicle charging s
Slide 24: Delivering Sustainable Growth in a Responsible Manner: Community Connectivity
Delivering Sustainable Growth in a Responsible Manner: Community Connectivity • Thoughtfully merchandising our properties with non-discretionary and value-oriented retailers, as well as Center-Specific Art consumer-oriented service providers We offer exterior wall space at select centers as canvases
Slide 25: Appendix & Footnotes
Appendix & Footnotes
Slide 26: Portfolio Composition
Portfolio Composition National / Regional and Local Tenants Top Merchandise Mix Categories (% of Portfolio ABR) Other 17% Restaurants 17% Local 16% Local 20% Financial Services 3% Percent of Percent of Medical (Essential) 3% Portfolio Portfolio Pet 3% Grocery 14% Leased GLA ABR General Merchandise N
Slide 27: Footnotes & Sources
Footnotes & Sources Page 2 Overview: High Quality, Diversified, Open-Air Retail Portfolio Page 11 Highly Visible Forward Growth: Low Risk Path Of Opportunity 1. Based on most recent tenant reported information. 1. BRX 2023 FFO is adjusted for $0.01 gain on debt extinguishment. Peer averages include