Stacy Slater                            

Senior Vice President, Investor Relations            

800.468.7526

stacy.slater@brixmor.com

NEW YORK, JULY 29, 2024 - Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three and six months ended June 30, 2024. For the three months ended June 30, 2024 and 2023, net income was $0.23 per diluted share and $0.19 per diluted share, respectively, and for the six months ended June 30, 2024 and 2023, net income was $0.52 per diluted share and $0.56 per diluted share, respectively.

Key highlights for the three months ended June 30, 2024 include:

•Executed 1.4 million square feet of new and renewal leases, with record rent spreads on comparable space of 27.7%, including 0.6 million square feet of new leases, with rent spreads on comparable space of 50.2%

•Sequentially increased total leased occupancy to a record 95.4%, anchor leased occupancy to a record 97.5%, and small shop leased occupancy to a record 90.8%

◦Commenced $17.0 million of annualized base rent

◦Leased to billed occupancy spread totaled 400 basis points

◦Total signed but not yet commenced lease population represented 2.9 million square feet and $64.7 million of annualized base rent

•Reported an increase in same property NOI of 5.5%, including a contribution from base rent of 380 basis points

•Reported Nareit FFO of $163.8 million, or $0.54 per diluted share

•Stabilized $36.8 million of reinvestment projects at an average incremental NOI yield of 9%, with the in process reinvestment pipeline totaling $509.6 million at an expected average incremental NOI yield of 9%

•Completed $17.3 million of acquisitions and $0.3 million of dispositions

•Issued $400.0 million of 5.750% Senior Notes due 2035

Subsequent events:

•Announced the following executive promotions, effective as of July 24, 2024:

◦Brian T. Finnegan, the Company’s Senior Executive Vice President, Chief Operating Officer has been promoted to President, Chief Operating Officer

◦Steven T. Gallagher, the Company’s Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer and Treasurer has been promoted to Executive Vice President, Chief Financial Officer and Treasurer

◦Helane G. Stein, the Company’s Senior Vice President, Chief Information Officer has been promoted to Executive Vice President, Chief Information Officer

◦Kevin Brydzinski, the Company’s Senior Vice President, Corporate Accounting & Reporting has been promoted to Senior Vice President, Chief Accounting Officer

•Updated previously provided Nareit FFO per diluted share expectations for 2024 to $2.11 - 2.14 from $2.08 - $2.11 and same property NOI growth expectations for 2024 to 4.25% - 5.00% from 3.50% - 4.25%

•Completed $23.6 million of acquisitions

•Published the Company's annual Corporate Responsibility Report on July 1, 2024 (view the 2023 report at https://www.brixmor.com/corporate-responsibility)

“As a team, we are very proud of how our balanced, value-add business plan continues to deliver outstanding performance, and importantly, sets us up for continued growth as we advance our purpose of creating and owning centers that are the center of the communities we serve,” commented James Taylor, Chief Executive Officer. “We are also pleased to recognize the contributions of our extraordinary team through the promotions of Brian, Steve, Helane, and Kevin."

•For the three months ended June 30, 2024 and 2023, net income was $70.1 million, or $0.23 per diluted share, and $56.4 million, or $0.19 per diluted share, respectively.

•For the six months ended June 30, 2024 and 2023, net income was $159.0 million, or $0.52 per diluted share, and $168.7 million, or $0.56 per diluted share, respectively.

•For the three months ended June 30, 2024 and 2023, Nareit FFO was $163.8 million, or $0.54 per diluted share, and $157.1 million, or $0.52 per diluted share, respectively. Results for the three months ended June 30, 2024 and 2023 include items that impact FFO comparability, including transaction expenses, net and gain on extinguishment of debt, net, of $0.3 million, or $0.00 per diluted share, and $4.3 million, or $0.01 per diluted share, respectively.

•For the six months ended June 30, 2024 and 2023, Nareit FFO was $327.2 million, or $1.08 per diluted share, and $308.7 million, or $1.02 per diluted share, respectively. Results for the six months ended June 30, 2024 and 2023 include items that impact FFO comparability, including transaction expenses, net and gain on extinguishment of debt, net, of $0.2 million, or $0.00 per diluted share, and $4.3 million, or $0.01 per diluted share, respectively.

•For the three months ended June 30, 2024, the Company reported an increase in same property NOI of 5.5% versus the comparable 2023 period.

•For the six months ended June 30, 2024, the Company reported an increase in same property NOI of 5.7% versus the comparable 2023 period.

•The Company’s Board of Directors declared a quarterly cash dividend of $0.2725 per common share (equivalent to $1.09 per annum) for the third quarter of 2024.

•The dividend is payable on October 15, 2024 to stockholders of record on October 2, 2024.

•During the three months ended June 30, 2024, the Company stabilized seven value enhancing reinvestment projects with a total aggregate net cost of approximately $36.8 million at an average incremental NOI yield of 9% and added five new reinvestment projects to its in process pipeline. Projects added include one anchor space repositioning project, one outparcel development project, and three redevelopment projects, with a total aggregate net estimated cost of approximately $107.8 million at an expected average incremental NOI yield of 9%.

•At June 30, 2024, the value enhancing reinvestment in process pipeline was comprised of 44 projects with an aggregate net estimated cost of approximately $509.6 million at an expected average incremental NOI yield of 9%. The in process pipeline includes 19 anchor space repositioning projects with an aggregate net estimated cost of approximately $95.2 million at an expected incremental NOI yield of 7% - 14%; eight outparcel development projects with an aggregate net estimated cost of approximately $19.9 million at an expected average incremental NOI yield of 11%; and 17 redevelopment projects with an aggregate net estimated cost of approximately $394.5 million at an expected average incremental NOI yield of 9%.

•An in-depth review of an anchor space repositioning project, which highlights the Company's reinvestment capabilities, Florence Plaza - Florence Square (Cincinnati, OH-KY-IN CBSA), can be found at this link: https://www.brixmor.com/blog/creating-value-in-cincinnati.

•Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.

•As previously announced, during the three months ended June 30, 2024, the Company acquired West Center, a 42,594 square foot grocery-anchored neighborhood shopping center located immediately adjacent to the Company’s Three Village Shopping Center on Long Island, New York in East Setauket (New York-Newark-Jersey City, NY-NJ-PA CBSA), for $17.3 million. West Center is anchored by Wild by Nature Market (King Kullen) and has compelling near-term leasing and value creation opportunities and, when combined with Three Village Shopping Center, creates optionality for long-term redevelopment and densification.

•Subsequent to June 30, 2024, the Company acquired The Fresh Market Shoppes, an approximately 86,000 square foot grocery-anchored neighborhood shopping center located in Hilton Head Island, South Carolina (Hilton Head Island-Bluffton, SC CBSA), for $23.6 million. The Fresh Market Shoppes is anchored by The Fresh Market and has significant value creation opportunities, including below-market in-place rents. The property is located two miles from the Company's Circle Center property and complements the Company's coastal Carolina portfolio.

•During the three months ended June 30, 2024, the Company generated approximately $0.3 million of gross proceeds on the disposition of two partial properties comprised of 6,702 square feet of gross leasable area.

•During the six months ended June 30, 2024, the Company generated approximately $69.3 million of gross proceeds on the disposition of three shopping centers, as well as two partial properties, comprised of 581,117 square feet of gross leasable area.

•On May 28, 2024, the Company's operating partnership, Brixmor Operating Partnership LP, issued $400.0 million aggregate principal amount of 5.750% Senior Notes due 2035. Proceeds will be utilized for general corporate purposes, including repayment of indebtedness.

•At June 30, 2024, the Company had $1.7 billion in liquidity.

•At June 30, 2024, the Company's net principal debt to adjusted EBITDA, current quarter annualized was 5.6x and net principal debt to adjusted EBITDA, trailing twelve months was 5.8x.

•The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2024 to $2.11 - 2.14 from $2.08 - $2.11 and same property NOI growth expectations for 2024 to 4.25% - 5.00% from 3.50% - 4.25%.

•Expectations for 2024 Nareit FFO:

◦Do not contemplate any additional tenants moving to or from a cash basis of accounting, either of which may result in significant volatility in straight-line rental income

◦Do not include any additional items that impact FFO comparability, which include transaction expenses, net, litigation and other non-routine legal expenses, and gain or loss on extinguishment of debt, net, or any other one-time items

•The following table provides a reconciliation of the range of the Company's 2024 estimated net income to Nareit FFO:

•For additional information, please visit https://www.brixmor.com;

•Follow Brixmor on:

◦LinkedIn at https://www.linkedin.com/company/brixmor

◦Facebook at https://www.facebook.com/Brixmor

◦Instagram at https://www.instagram.com/brixmorpropertygroup; and

◦YouTube at https://www.youtube.com/user/Brixmor.

The Company will host a teleconference on Tuesday, July 30, 2024 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through August 13, 2024 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode:13746671) or via the web through July 30, 2025 at https://www.brixmor.com in the Investors section.

The Company’s Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at investorrelations@brixmor.com or 800.468.7526.

The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company’s computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance.

A reconciliation of net income to these non-GAAP performance measures is presented in the attached tables.

Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (loss), calculated in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income that do not relate to or are not indicative of the Company’s operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with the Company's captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets). Considering the nature of its business as a real estate owner and operator, the Company believes that NOI is useful to investors in measuring the operating performance of its portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company’s properties, such as lease termination fees, straight-line rental income, net, income or expense associated with the Company’s captive insurance company, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). The Company believes that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of the Company's real estate between periods.

Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are supplemental non-GAAP measures utilized to evaluate the performance of real estate companies in relation to outstanding debt. Net principal debt is calculated as Debt obligations, net, calculated in accordance with GAAP, excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. Adjusted EBITDA is calculated as the sum of net income (loss), calculated in accordance with GAAP, excluding (i) interest expense, (ii) federal and state taxes, (iii) depreciation and amortization, (iv) gains and losses from the sale of certain real estate assets, (v) gains and losses from change in control, (vi) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, (vii) gain (loss) on extinguishment of debt, net, and (viii) other items that the Company believes are not indicative of the Company's operating performance.

Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are calculated as net principal debt divided by quarterly annualized adjusted EBITDA or trailing twelve month adjusted EBITDA, respectively. Considering the nature of its business as a real estate owner and operator, the Company believes that net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are useful to investors in measuring its operating performance because they exclude items included in net income that do not relate to or are not indicative of the operating performance of the Company’s real estate, are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and can provide investors with a more consistent basis by which to compare the Company with its peers.

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 360 retail centers comprise approximately 64 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor’s vision “to be the center of the communities we serve” and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to over 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the “Investors” page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, and taxes.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

###

CONSOLIDATED BALANCE SHEETS
Unaudited, dollars in thousands, except share information
															As of						As of
															6/30/24						12/31/23
			Assets
						Real estate
									Land						$	1,779,106					$	1,794,011
									Buildings and tenant improvements						8,673,678						8,570,874
									Construction in progress						109,735						126,007
									Lease intangibles						499,460						504,995
															11,061,979						10,995,887
									Accumulated depreciation and amortization						(3,315,103)						(3,198,980)
						Real estate, net									7,746,876						7,796,907
						Cash and cash equivalents									473,615						866
						Restricted cash									1,341						18,038
						Marketable securities									21,985						19,914
						Receivables, net, including straight-line rent receivables of $195,330 and $180,810, respectively									252,664						278,775
						Deferred charges and prepaid expenses, net									169,872						164,061
						Real estate assets held for sale									11,048						—
						Other assets									53,300						54,155
			Total assets												$	8,730,701					$	8,332,716
			Liabilities
						Debt obligations, net									$	5,375,222					$	4,933,525
						Accounts payable, accrued expenses and other liabilities									500,293						548,890
			Total liabilities												5,875,515						5,482,415
			Equity
						Common stock, $0.01 par value; authorized 3,000,000,000 shares;
									310,472,378 and 309,723,386 shares issued and 301,345,386 and 300,596,394
									shares outstanding						3,013						3,006
						Additional paid-in capital									3,307,357						3,310,590
						Accumulated other comprehensive income (loss)									12,377						(2,700)
						Distributions in excess of net income									(467,561)						(460,595)
			Total equity												2,855,186						2,850,301
			Total liabilities and equity												$	8,730,701					$	8,332,716

CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
									Three Months Ended												Six Months Ended
									6/30/24						6/30/23						6/30/24						6/30/23
			Revenues
						Rental income			$	315,587					$	309,192					$	635,076					$	620,322
						Other revenues			102						601						854						915
			Total revenues						315,689						309,793						635,930						621,237
			Operating expenses
						Operating costs			36,919						35,705						74,076						71,600
						Real estate taxes			36,349						43,712						77,757						88,400
						Depreciation and amortization			92,018						88,812						183,236						176,553
						Impairment of real estate assets			5,280						16,736						5,280						17,836
						General and administrative			29,689						28,514						58,180						57,686
			Total operating expenses						200,255						213,479						398,529						412,075
			Other income (expense)
						Dividends and interest			6,632						57						10,509						72
						Interest expense			(53,655)						(47,485)						(105,143)						(96,165)
						Gain on sale of real estate assets			1,814						3,857						16,956						52,325
						Gain on extinguishment of debt, net			281						4,350						281						4,350
						Other			(381)						(685)						(974)						(1,090)
			Total other expense						(45,309)						(39,906)						(78,371)						(40,508)
			Net income						$	70,125					$	56,408					$	159,030					$	168,654
			Net income per common share:
						Basic			$	0.23					$	0.19					$	0.53					$	0.56
						Diluted			$	0.23					$	0.19					$	0.52					$	0.56
			Weighted average shares:
						Basic			302,197						300,961						302,120						300,899
						Diluted			302,903						302,285						302,796						302,234

FUNDS FROM OPERATIONS (FFO)
Unaudited, dollars in thousands, except per share amounts
									Three Months Ended												Six Months Ended
									6/30/24						6/30/23						6/30/24						6/30/23
			Net income						$	70,125					$	56,408					$	159,030					$	168,654
						Depreciation and amortization related to real estate			90,218						87,806						179,891						174,554
						Gain on sale of real estate assets			(1,814)						(3,857)						(16,956)						(52,325)
						Impairment of real estate assets			5,280						16,736						5,280						17,836
			Nareit FFO						$	163,809					$	157,093					$	327,245					$	308,719
			Nareit FFO per diluted share						$	0.54					$	0.52					$	1.08					$	1.02
			Weighted average diluted shares outstanding						302,903						302,285						302,796						302,234
			Items that impact FFO comparability
						Transaction expenses, net			$	(13)					$	(37)					$	(58)					$	(95)
						Gain on extinguishment of debt, net			281						4,350						281						4,350
			Total items that impact FFO comparability						$	268					$	4,313					$	223					$	4,255
			Items that impact FFO comparability, net per share						$	0.00					$	0.01					$	0.00					$	0.01
			Additional Disclosures
						Straight-line rental income, net			$	7,981					$	7,421					$	15,536					$	11,422
						Accretion of below-market leases, net of amortization of above-market leases and tenant inducements			1,810						1,568						3,534						4,236
						Straight-line ground rent expense, net (1)			6						8						11						17
			Dividends declared per share						$	0.2725					$	0.2600					$	0.5450					$	0.5200
			Dividends declared						$	82,117					$	78,154					$	164,221					$	156,296
			Dividend payout ratio (as % of Nareit FFO)						50.1		%				49.8		%				50.2		%				50.6		%
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.

SAME PROPERTY NOI ANALYSIS
Unaudited, dollars in thousands
												Three Months Ended																		Six Months Ended
												6/30/24						6/30/23						Change						6/30/24						6/30/23						Change
			Same Property NOI Analysis
			Number of properties									355						355						—						354						354						—
			Percent billed									91.4		%				90.5		%				0.9		%				91.4		%				90.5		%				0.9		%
			Percent leased									95.4		%				94.2		%				1.2		%				95.4		%				94.2		%				1.2		%
			Revenues
						Base rent						$	227,524					$	219,260											$	451,980					$	435,478
						Expense reimbursements						68,303						69,433												139,536						139,096
						Revenues deemed uncollectible						(1,389)						(1,973)												(1,174)						(3,081)
						Ancillary and other rental income / Other revenues						5,845						6,126												12,085						11,542
						Percentage rents						2,341						1,940												6,575						5,655
												302,624						294,786						2.7		%				609,002						588,690						3.5		%
			Operating expenses
						Operating costs						(36,629)						(34,383)												(72,913)						(68,511)
						Real estate taxes						(36,525)						(42,947)												(77,454)						(86,316)
												(73,154)						(77,330)						(5.4)		%				(150,367)						(154,827)						(2.9)		%
			Same property NOI									$	229,470					$	217,456					5.5		%				$	458,635					$	433,863					5.7		%
			NOI margin									75.8		%				73.8		%										75.3		%				73.7		%
			Expense recovery ratio									93.4		%				89.8		%										92.8		%				89.8		%
			Percent Contribution to Same Property NOI Performance:
												Change						Percent Contribution												Change						Percent Contribution
						Base rent						$	8,264					3.8		%										$	16,502					3.8		%
						Revenues deemed uncollectible						584						0.2		%										1,907						0.5		%
						Net expense reimbursements						3,046						1.4		%										4,900						1.1		%
						Ancillary and other rental income / Other revenues						(281)						(0.1)		%										543						0.1		%
						Percentage rents						401						0.2		%										920						0.2		%
																		5.5		%																5.7		%
			Reconciliation of Net Income to Same Property NOI
			Net income									$	70,125					$	56,408											$	159,030					$	168,654
			Adjustments:
						Non-same property NOI						(2,195)						(3,247)												(5,032)						(8,754)
						Lease termination fees						(959)						(676)												(1,349)						(2,945)
						Straight-line rental income, net						(7,981)						(7,421)												(15,536)						(11,422)
						Accretion of below-market leases, net of amortization of above-market leases and tenant inducements						(1,810)						(1,568)												(3,534)						(4,236)
						Straight-line ground rent expense, net						(6)						(8)												(11)						(17)
						Depreciation and amortization						92,018						88,812												183,236						176,553
						Impairment of real estate assets						5,280						16,736												5,280						17,836
						General and administrative						29,689						28,514												58,180						57,686
						Total other expense						45,309						39,906												78,371						40,508
			Same property NOI									$	229,470					$	217,456											$	458,635					$	433,863

TABLE OF CONTENTS
												Page
						Glossary of Terms						1
						Results Overview & Guidance						3
						Financial Summary
									Consolidated Balance Sheets			5
									Consolidated Statements of Operations			6
									EBITDA & Reconciliation of Debt Obligations, Net to Net Principal Debt			7
									Funds From Operations (FFO)			8
									Supplemental Balance Sheet Detail			9
									NOI & Supplemental Statement of Operations Detail			10
									Same Property NOI Analysis			11
									Capital Expenditures			12
									Capitalization, Liquidity & Debt Ratios			13
									Debt Obligations			14
									Covenant Disclosure			15
						Investment Summary
									Acquisitions			17
									Dispositions			18
									Anchor Space Repositioning Summary			19
									Outparcel Development Summary			20
									Redevelopment Summary			21
									Future Redevelopment Opportunities			23
						Portfolio Summary
									Portfolio Overview			26
									Portfolio Composition			27
									Top Forty Retailers Ranked by ABR			28
									New & Renewal Lease Summary			29
									New Lease Net Effective Rent & Leases Signed But Not Yet Commenced			30
									Lease Expiration Schedule			31
									Major CBSA Detail			32
									Properties by State			35
									Property List			36
			Note: Financial and operational information is unaudited.
			For additional information, please visit https://www.brixmor.com; follow Brixmor on LinkedIn at https://www.linkedin.com/company/brixmor, Facebook at https://www.facebook.com/Brixmor, Instagram at https://www.instagram.com/brixmorpropertygroup, and Youtube at https://www.youtube.com/user/Brixmor.
			This Supplemental Disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s other periodic filings with the SEC. The forward looking statements speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

GLOSSARY OF TERMS

↩ Table of Contents

Term

Definition

Adjusted SOFR

Secured Overnight Financing Rate, plus 0.10%.

Anchor Spaces

Spaces equal to or greater than 10,000 square feet ("SF") of GLA.

Anchor Space Repositioning

Anchor leasing that is primarily focused on reconfiguring or significantly remerchandising existing space with minimal work required outside of normal tenant improvement and landlord costs.

Annualized Base Rent ("ABR")

Contractual monthly base rent as of a specified date, under leases that have been signed or commenced as of the specified date, multiplied by 12. Annualized base rent differs from how rent is calculated in accordance with GAAP for purposes of financial statements. See Straight-line Rent definition for additional information. For purposes of calculating ABR, all signed or commenced leases with an initial term of one year or greater are included and all signed leases on space that will be vacated by existing tenants in the near term are excluded.

ABR PSF

ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

Billed GLA

Aggregate GLA of all commenced leases with an initial term of one year or greater, as of a specified date.

Core-Based Statistical Areas ("CBSA")

Defined by the United States Census Bureau as the collection of both Metropolitan and Micropolitan Statistical Areas. Metropolitan Statistical Areas are defined as a region associated with at least one urbanized area that has a population of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting. Micropolitan Statistical Areas are defined as a region with at least one urbanized area that has a population of at least 10,000 but less than 50,000, plus adjacent territories that have a high degree of social and economic integration with the central county or counties as measured through commuting. References to CBSA rank are based on population estimates from Synergos Technologies, Inc.

EBITDA, EBITDAre, Adjusted EBITDA, Cash Adjusted EBITDA, Net Principal Debt to Adjusted EBITDA, current quarter annualized, & Net Principal Debt to Adjusted EBITDA, trailing twelve months

Supplemental, non-GAAP performance measures. Please see below for more information on the limitations of non-GAAP performance measures. A reconciliation of net income to each of these measures is provided on page 7. EBITDA is calculated as the sum of net income (loss), calculated in accordance with GAAP, excluding (i) interest expense, (ii) federal and state taxes, and (iii) depreciation and amortization. EBITDAre, which is computed in accordance with Nareit's definition, represents EBITDA excluding (i) gains and losses from the sale of certain real estate assets, (ii) gains and losses from change in control, (iii) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjusted EBITDA represents EBITDAre excluding (i) gain (loss) on extinguishment of debt, net and (ii) other items that the Company believes are not indicative of the Company's operating performance. Cash Adjusted EBITDA represents Adjusted EBITDA excluding (i) straight-line rental income, net, (ii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements and (iii) straight-line ground rent expense, net. Net Principal Debt to Adjusted EBITDA, current quarter annualized and Net Principal Debt to Adjusted EBITDA, trailing twelve months are calculated as Net Principal Debt divided by quarterly annualized Adjusted EBITDA or trailing twelve month Adjusted EBITDA, respectively. EBITDA, EBITDAre, Adjusted EBITDA, Cash Adjusted EBITDA, Net Principal Debt to Adjusted EBITDA, current quarter annualized, and Net Principal Debt to Adjusted EBITDA, trailing twelve months are calculated after adjustments for unconsolidated joint ventures to reflect each measure on the same basis.

Essential Tenants

Businesses deemed necessary for day-to-day living, such as grocery, pharmacy, and general merchandise (discount) businesses.

Generally Accepted Accounting Principles ("GAAP")

GAAP refers to a common set of United States of America accounting rules, standards, and procedures issued by the Financial Accounting Standards Board.

Gross Leasable Area ("GLA")

Represents the total amount of leasable property square footage.

Leased GLA

Aggregate GLA of all signed or commenced leases with an initial term of one year or greater, as of a specified date, excluding all signed leases on space that will be vacated by existing tenants in the near term.

Local Tenants

Single-state operators with fewer than 20 locations.

Major Tenants

Any grocer and all national / regional anchor tenants.

Nareit

National Association of Real Estate Investment Trusts.

Nareit Funds From Operations (“FFO")

A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. A reconciliation of net income to Nareit FFO is provided on page 8. Nareit defines FFO as net income (loss), calculated in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis.

National / Regional Tenants

Multi-state operators or single-state operators with 20 or more locations and state agencies and government offices. Includes franchise locations.

Net Effective Rent Before Tenant Specific Landlord Work

Average ABR PSF over the lease term adjusted for tenant improvements and allowances (excluding base building costs) and third-party leasing commissions. For purposes of calculating net effective rent before tenant specific landlord work, ABR PSF includes the GLA of lessee-owned leasehold improvements.

Net Operating Income ("NOI")

A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. A reconciliation of net income to NOI is provided on page 10. Calculated as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) depreciation and amortization, (vi) impairment of real estate assets, (vii) general and administrative expense, and (viii) other income and expense (including interest expense and gain on sale of real estate assets).

Net Principal Debt

Debt obligations, net, calculated in accordance with GAAP, excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. A reconciliation of debt obligations, net to Net Principal Debt is provided on page 7.

New Development

Refers to ground up development of new shopping centers. Does not refer to outparcel development.

New Development & Reinvestment Stabilization

New Development and Reinvestment projects are deemed stabilized upon reaching 90.0% billed occupancy of the impacted space. New Development projects are included in the operating portfolio upon the earlier of (i) reaching 90.0% billed occupancy of the impacted space or (ii) one year after the associated assets are placed in service.

NOI Yield

Calculated as the projected incremental NOI as a percentage of the estimated incremental third-party costs of a specified project, net of any project specific credits (lease termination fees or other ancillary credits).

Non-owned Major Tenants

Also known as shadow anchors. Refers to tenants that are situated on parcels that are owned by unrelated third parties, but, due to their location within or immediately adjacent to a shopping center, appear to the consumer as a retail tenant of the shopping center and, as a result, attract additional consumer traffic to the center.

Outparcel(s)

Refers to a portion of a shopping center, separate from the main retail buildings and generally located on the outer edge of a property, which may currently, or in the future, contain one or several freestanding buildings.

Outparcel Development

Construction of a new outparcel. May also refer to the demolition of an existing outparcel building to accommodate the construction of a new outparcel.

Percent Billed

Billed GLA as a percentage of total GLA.

CONSOLIDATED BALANCE SHEETS																								↩ Table of Contents
Unaudited, dollars in thousands, except share information
															As of						As of
															6/30/24						12/31/23
			Assets
						Real estate
									Land						$	1,779,106					$	1,794,011
									Buildings and tenant improvements						8,673,678						8,570,874
									Construction in progress						109,735						126,007
									Lease intangibles						499,460						504,995
															11,061,979						10,995,887
									Accumulated depreciation and amortization						(3,315,103)						(3,198,980)
						Real estate, net									7,746,876						7,796,907
						Cash and cash equivalents									473,615						866
						Restricted cash									1,341						18,038
						Marketable securities									21,985						19,914
						Receivables, net, including straight-line rent receivables of $195,330 and $180,810, respectively									252,664						278,775
						Deferred charges and prepaid expenses, net									169,872						164,061
						Real estate assets held for sale									11,048						—
						Other assets									53,300						54,155
			Total assets												$	8,730,701					$	8,332,716
			Liabilities
						Debt obligations, net									$	5,375,222					$	4,933,525
						Accounts payable, accrued expenses and other liabilities									500,293						548,890
			Total liabilities												5,875,515						5,482,415
			Equity
						Common stock, $0.01 par value; authorized 3,000,000,000 shares;
									310,472,378 and 309,723,386 shares issued and 301,345,386 and 300,596,394
									shares outstanding						3,013						3,006
						Additional paid-in capital									3,307,357						3,310,590
						Accumulated other comprehensive income (loss)									12,377						(2,700)
						Distributions in excess of net income									(467,561)						(460,595)
			Total equity												2,855,186						2,850,301
			Total liabilities and equity												$	8,730,701					$	8,332,716

EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT																											↩ Table of Contents
Unaudited, dollars in thousands
									Three Months Ended												Six Months Ended
									6/30/24						6/30/23						6/30/24						6/30/23
			Net income						$	70,125					$	56,408					$	159,030					$	168,654
						Interest expense			53,655						47,485						105,143						96,165
						Federal and state taxes			655						638						1,366						1,348
						Depreciation and amortization			92,018						88,812						183,236						176,553
			EBITDA						216,453						193,343						448,775						442,720
						Gain on sale of real estate assets			(1,814)						(3,857)						(16,956)						(52,325)
						Impairment of real estate assets			5,280						16,736						5,280						17,836
			EBITDAre						$	219,919					$	206,222					$	437,099					$	408,231
			EBITDAre						$	219,919					$	206,222					$	437,099					$	408,231
						Transaction expenses, net			13						37						58						95
						Gain on extinguishment of debt, net			(281)						(4,350)						(281)						(4,350)
						Total adjustments			(268)						(4,313)						(223)						(4,255)
			Adjusted EBITDA						$	219,651					$	201,909					$	436,876					$	403,976
			Adjusted EBITDA						$	219,651					$	201,909					$	436,876					$	403,976
						Straight-line rental income, net			(7,981)						(7,421)						(15,536)						(11,422)
						Accretion of below-market leases, net of amortization of above-market leases and tenant inducements			(1,810)						(1,568)						(3,534)						(4,236)
						Straight-line ground rent expense, net (1)			(6)						(8)						(11)						(17)
						Total adjustments			(9,797)						(8,997)						(19,081)						(15,675)
			Cash Adjusted EBITDA						$	209,854					$	192,912					$	417,795					$	388,301
(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.
			Reconciliation of Debt Obligations, Net to Net Principal Debt
									As of
									6/30/24
			Debt obligations, net						$	5,375,222
			Less: Net unamortized premium						(15,681)
			Add: Deferred financing fees						28,912
			Less: Cash, cash equivalents and restricted cash						(474,956)
			Net Principal Debt						$	4,913,497
			Adjusted EBITDA, current quarter annualized						$	878,604
			Net Principal Debt to Adjusted EBITDA, current quarter annualized						5.6x
			Adjusted EBITDA, trailing twelve months						$	841,907
			Net Principal Debt to Adjusted EBITDA, trailing twelve months						5.8x