Brixmor Property Group - Investor Presentation - Center of Bonita Springs | Naples, Florida
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Brixmor Property Group
Investor Presentation
Quarter Ended March 31, 2022
Center of Bonita Springs | Naples, Florida
Brixmor Overview Portfolio Quick Facts
High quality, diversified, open-air retail portfolio Number of shopping centers 380
GLA 67M SF
❯ One of the largest open-air retail landlords in the US Average shopping center size 177K SF
Percent billed 88.6%
o Nationally diversified portfolio of 380 shopping centers spanning 118 discrete MSAs Percent leased 92.1%
Percent leased – Anchors / Small shops2 94.4% / 87.0%
o Over 5,000 national, regional, and local tenants
Average grocer sales PSF3 ~$665
❯ Value-add leader in the open-air retail space Average grocer rent to sales3 < 2%
❯ Strive to create and own properties that are the “centers of the communities we serve” and well- Leading landlord to vibrant retailers
% of % of Credit Ratings
positioned to meet the needs of today’s consumer Top Retailers by ABR Stores ABR GLA (S&P / Moody’s)
88 3.5% 3.9% A / A2
o Thoughtfully merchandised with non-discretionary essential and value-oriented retail
44 2.5% 4.5% BBB / Baa1
• Over 70% of centers are grocery-anchored 33 1.8% 2.3% BB+ / Ba2
123 1.8% 2.1% BBB / Baa2
o Convenient locations in close proximity to households, effectively serving as last mile distribution
32 1.6% 2.1% NR / NR
Flexible Retail Format1 39 1.4% 1.5% BBB+ / A2
14 1.2% 0.8% CCC+ / Caa1
13% Power center 19 1.2% 1.5% BBB / Baa1
74%
Community / 14 1.1% 1.1% BB / Ba2
Neighborhood center 12% Grocery-anchored
regional center 27 1.0% 0.9% B / B2
Top 10 Total 433 17.1% 20.7%
1% Other
Page 2
Brixmor is the • Transformed portfolio uniquely
positioned for outperformance
Value-Add
• Demonstrated value creation through
Leader in the accretive reinvestment
Open-Air • Prudent capital recycling track record
Retail Space • Strong, flexible balance sheet
Page 3
Transformed Portfolio Uniquely Positioned For Outperformance
Transformed Portfolio Uniquely Positioned For Outperformance
Portfolio enhancements since year-end 2015
Value-enhancing reinvestment activity and prudent capital recycling have driven a
23% increase in ABR PSF
At At
12/31/2015 3/31/2022
Rationalized Portfolio Footprint
Properties 518 380
$2.2B 30% $752M
GLA (SF) 87M 67M of dispositions of year-end 2015 of acquisitions
portfolio has been sold
Number of MSAs 173 118
ABR PSF $12.76 $15.64
Accelerated Value-Enhancing Reinvestments
Average grocer sales PSF 1 ~$555 ~$665
$721M 34% >$600M
of accretive projects of current portfolio has of value created from
Population density 2 187,000 208,800
stabilized 3 been subject to or is stabilized reinvestment
actively under projects 4
reinvestment
Average household income 2 $79,800 $101,900
Page 5
Transformed Portfolio Uniquely Positioned For Outperformance
Outperformance throughout the Pandemic
Same Property NOI Growth 1 New Lease Spreads 1 Additional Occupancy Upside1
2019 2020 2021 2020 2021 BRX Peer average
Brixmor occupancy Peer average occupancy
impact: (170bps) impact: (210bps)
27.6%
14.2%
Implied 3-Yr 20.2%
Implied 3-Yr 94.3%
6.5% 93.8%
8.9% 1.8% 93.5% 93.7%
93.3%
11.8% 92.9%
92.5% 92.4%
3.4% 92.2%
2.9% 91.9%
4.4%
92.4% 92.2%
92.1% 92.0% 92.1%
91.5%
91.2% 91.1%
BRX Peer Average 90.7% 90.8%
(5.4%)
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22
(13.4%)
2019 2020 2021 2019 2020 2021
BRX Peer Average
Our Portfolio Transformation Has Delivered
Note: Peer averages include only those companies for which there is consistent historical data available. Page 6
Transformed Portfolio Uniquely Positioned For Outperformance
Portfolio transformation driving continued outperformance across every observable metric
Leasing Highlights 1Q22
87.0% $25.78 780K SF 18.1%
Small shop occupancy Small shop new lease ABR PSF Total new leases executed New and renewal lease spread
Record high Record high Highest 1Q total since 2018 Highest since 4Q16
30bps increase q/q 360bps increase q/q
280bps increase y/y
Small Shop Occupancy Change New ABR Created – TTM 1 New Lease Spreads – TTM 1
Since Start of Pandemic 1
New ABR Created ($M) % of Portfolio ABR
BRX Peer Average
190bps (10bps)
improvement decline 5.4% 30.6%
3.5% 6.0%
88.4% 88.3%
$50
$49
4.0%
87.0%
$40
2.0%
12.0%
0.0%
$30
85.1%
-2.0%
$25
$20
-4.0%
$10
-6.0%
$0 -8.0%
1Q20BRX1Q22 1Q20 1Q22
Peer Average BRX Peer Average BRX Peer Average
Note: Peer averages include only those companies for which there is consistent historical data available. Page 7
Transformed Portfolio Uniquely Positioned For Outperformance
Generating attractive long-term growth with lower relative risk
Mart-to-Market Opportunity Tailwinds From Executed Leasing Visibility On Future Growth
❯ Attractive rent basis due to historic portfolio under- ❯ Leased to billed occupancy spread of 350 basis points ❯ $50M of new leases in the forward pipeline, up from
investment and under-management $45M in 4Q21
❯ 2.7M SF and $52M of ABR from leases signed but not
o TTM new lease spreads of 31% yet commenced (SNC)1 o Continued broad-based demand from thriving
tenants
o Significant revenue growth opportunity from o Blended rate of $18.92 PSF, 21% above portfolio
near-term expiring leases average
Anchor Revenue Growth Opportunity Expected Timing of Leases Signed But ABR Potential of New Leasing Activity ($M)
Not Yet Commenced ($M)1
73% of SNC ABR is $50 $102
expected to commence of new leases
46% $13.74 in pipeline
by year-end 2022
Spread $52
$46 $6 $52
$9.40 $38 $8
$46 $52
$38
3.7M SF
In-Place Anchor ABR PSF TTM New 2022 (remaining) 2023 2024+ SNC as of 1Q22 SNC as of 1Q22 +
Expiring With No Remaining Anchor Leases New Leases In
Options 2022 - 2024 2 Previously Commenced Commencing in Period Forward Pipeline
Page 8
Transformed Portfolio Uniquely Positioned For Outperformance
Significant remaining occupancy opportunity BRX occupancy has ample runway for growth
BRX billed to leased spread of 350bps
❯ Positioned to continue to grow occupancy by capitalizing on robust, broad based leasing demand
Peer average billed to leased spread of 220bps1
o Competitive anchor leasing environment is improving tenant quality and rate, and fueling small
% Billed % Leased
shop interest
92.2% 92.1% 92.0% 92.1%
91.2% 91.5%
91.1%
o Significant ability to drive small shop occupancy and rent levels as a result of ongoing portfolio 90.7% 90.8%
improvements
89.1% 88.9%
88.7% 88.6%
88.0% 87.8% 87.8% 88.1% 88.2%
• 280bps y/y small shop leased occupancy improvement at 1Q22
– Reached record high small shop leased occupancy of 87.0% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22
❯ Productivity is accelerating across nearly all categories and tenant formats, including:
Grocery Value apparel Quick-service restaurants Mall-native retailers
1Q22 Notable Leases Executed
General merchandise Health & beauty Low-cost fitness
Page 9
Transformed Portfolio Uniquely Positioned For Outperformance
Vibrant new retailers added over the last three years
Page 10Transformed Portfolio Uniquely Positioned For Outperformance
Thriving retailers continue to highlight the importance of brick and mortar Physical Grocery Positioned For
Shifting Economies
The Store Is The Competitive Advantage “There are few locations more central to our lives
than grocery stores. Whether we grab items daily
“Our performance in the first “The market's under stress, interest rates are going or stock up weekly, we visit them so regularly that
quarter was outstanding on every up, but no matter what happens out there, we have a strong no other retail business has nearly as many consumer touchpoints or
measure, and showcased the power of putting our stores at the balance sheet, we know we have strong economics, generates as much user data.”
center of our strategy… Importantly, market-share gains of and we're in this for the long haul. So…we're not
more than $1 billion in the first quarter, on top of $1 billion in slowing down, and if anything, there's opportunities because “First, our stores “Key to our success is
share gains a year ago, demonstrate Target’s continued others do pull back. Let's take that as an opportunity to go continue to be the our strong competitive
relevance with our guests, even as they have many more faster not slower.” foundation of our go to market strategy,
shopping options compared with a year ago.” business and now allow us to and as a team, we are widening and
serve our customers both in-store deepening our competitive moats
and online. Our excellent locations through productivity, technology
“Our vision is to grow total sales from 2023 to “You can’t create omni-customers without stores. near where people live provide us and sustainability, and the stores as
2025 by 20% per year with over 75% of that growth So stores matter, they really do and they remain with a competitive advantage.” an asset remain essential to our
coming from new stores… New stores will continue a very important underpinning of our strategy. ability to win.”
to be the main driver of our growth. The performance and We’ll continue to open new stores.”
returns on our new stores have remained remarkably
consistent.” Rewards Programs
❯ Incentivize repeat customer visits and provide grocers
with valuable data that allow for personalized
On-going Demand From Off-Price Retailers
marketing and targeted discounts for consumers
“As an off-price leader in every country we operate in, we believe we are in an excellent position to capture additional market
share for many years to come and to become a $60 billion-plus revenue company.”
Private Label Brands
“When you look at publicly available “On the long-term model, given our market share
market share data, you can see that opportunity with the consumers' heightened focus ❯ Appeal to today’s value-oriented consumer, drive margins for retailers,
traditional department stores and other retailers, especially on value and convenience and given the fact that we're facing and build customer loyalty
mall-based retailers, have been losing share over a long period. less brick and mortar competition; we believe we have a market
❯ Store brands gained 6.5% in dollar sales during 1Q22 while national
And from this same data, it is clear that, for many years, the off- share opportunity going forward. So looking into 2023, as you
mentioned, we're targeting double-digit earnings per share brands increased only 5.2%1
price retail channel has been gaining significant market share.”
growth.”
Page 11Value Accretive Capital Allocation
Value Accretive Capital Allocation
Track record of delivering attractive risk-adjusted growth
>$100M $1.2B
of annual free cash flow of available liquidity
Reinvestment Acquisitions Dispositions
❯ Acquiring high-quality shopping centers from ❯ Rationalizing the portfolio and harvesting capital where value has
$721M of accretive reinvestment projects
identified target list been maximized
stabilized since year-end 20151
o Leveraging the platform to drive growth o Since year-end 2015:
>$600M of value created from stabilized and create long-term value
reinvestment projects2
$2.2B 30% 57
o Building critical mass and further of dispositions of portfolio sold single-asset
densifying the portfolio in attractive sub- completed (by count) markets exited
$419M of accretive reinvestment projects markets
in process1
12% 28%
$752M of acquisitions completed since improvement in average improvement in average
~$1B of projects identified in the future year-end 2015 population density across household income across
pipeline the portfolio the portfolio
Page 13Value Accretive Capital Allocation
Reinvestment is a value multiplier
Maximum value creation
Strong incremental Follow-on growth in Cap rate
returns rent and occupancy compression
Representative
Representative
Redevelopment vs. Redevelopment Small Shop
BRX Redevelopment
Only
Ground-up
Development
Ground-up
Development
Occupancy Potential
~1/3 the amount 90.3%
92% 94%
Total investment $200M $600M
invested 90%
770bps 92%
Yield ~9% ~7% 88% Spread 90%
87.0%
Residual cap-rate 6.0% 6.0%
88%
BRX Small Shop
86%
Occupancy
86%
Value creation $100M $100M Same value creation 84%
82.6% 84%
82%
82%
Risk of value destruction
80% 80%
Residual cap-rate 6% - 8% 6% - 8% Redevelopments Redevelopments
Value creation $25 - $100M ($75) - $100M In Process Stabilized
• Visit the Re/Development section of our website for examples of our projects: https://www.brixmor.com/re-development
• An in-depth review of a project that highlights the Company’s reinvestment expertise, Village at Newtown (Newtown, PA), can be found at this link: https://www.brixmor.com/blog/village-at-
newtown-redevelopment-video Page 14Value Accretive Capital Allocation
Creating value at lower risk
Creating value
Highly accretive returns
❯ Brixmor’s reinvestment opportunity stands apart in terms of magnitude and velocity
Incremental follow-on growth
Cap rate compression on
Stabilizations Long-term value
In process incremental and existing NOI
2016 – 1Q22 creation potential
• 211 projects stabilized • 54 projects in process • ~$1B future reinvestment
pipeline
At Lower Risk
• $721M of net costs1 • $419M of net estimated Effectively pre-leased
costs1 • $150 - $200M annual delivery
• 11% incremental NOI yield2 goal
Smaller, granular projects
• 9% expected incremental NOI
• >$600M of value created3 yield2
Shorter durations
• >$200M of estimated value
creation3 Small percent of enterprise value
in program, with outsized impact
Note: Value creation estimates include only incremental NOI generated at stabilized market cap rate. Additional value creation from cap rate compression on
in-place NOI and / or future occupancy or rate growth post stabilization is not included. Page 15Value Accretive Capital Allocation
Value delivered: Case study
Stewart Plaza | Garden City, NY
$15M 10% ~$10M
invested1 incremental NOI yield2 value created3
› Rightsize existing Burlington to accommodate the addition of Floor & Decor
o Repurpose underutilized mezzanine space
› Remerchandise small shop space with new relevant retailers
› Upgrade center with façade renovations and parking enhancements
Total ABR PSF Small shop percent leased
Former
increased 21% up 390bps oversized
Burlington
95.4%
$19.80
BEFORE
$16.34
91.5%
1yr Prior to As of 3/31/22 1yr Prior to As of 3/31/22
Reinvestment Reinvestment
Page 16Value Accretive Capital Allocation
Reinvestment expertise: Over 200 projects stabilized
Annex of Arlington I Arlington Heights, IL
Page 17Value Accretive Capital Allocation
Maximizing value through acquisitions in established markets that leverage Brixmor’s proven platform
Centennial Center Champlin Marketplace Ravinia Plaza North Riverside Plaza Elmhurst Crossing Arborland Center Plymouth Square
Denver, CO Minneapolis, MN Chicago, IL Chicago, IL Chicago, IL Ann Arbor, MI Philadelphia, PA
Upland Town Square Pawleys Island Plaza
Riverside, CA Georgetown, SC
Kings Market Atlanta, GA
Brea Gateway
Los Angeles, CA Connexion Atlanta, GA
Plaza by the Sea Felicita Town Center Arboretum Village West U Marketplace Center of Bonita Springs Granada Shoppes Venice Village
Los Angeles, CA San Diego, CA Dallas, TX Houston, TX Fort Myers, FL Naples, FL North Port, FL
Page 18Strong, Flexible Balance Sheet
Strong, Flexible Balance Sheet
Capitalization & Ratios (at 3/31/22)
❯ Balance sheet provides critical financial and operational flexibility
Debt Statistics
o Substantial liquidity Weighted avg. stated interest rate 3.7%
Weighted avg. maturity 5.4 years
o Fully unencumbered portfolio
Fixed / Variable 98% / 2%
❯ Amended and restated unsecured credit facilities improved pricing, added a sustainability linked feature, and extended the maturities of the
Unencumbered ABR 100%
revolver and term loan
o Added $200M delayed draw term loan; As of June 6, 2022, has not been drawn Leverage & Coverage Ratios1
Net principal debt to adjusted EBITDA 6.4x
o Pro forma for this transaction, there are no debt maturities until 2024
Fixed charge coverage 4.1x
❯ Well-covered dividend
Credit Ratings
o Declared a quarterly cash dividend of $0.24 per common share ($0.96 per annum) for the second quarter of 2022 Fitch BBB / Stable
o Represented a yield of 3.7%, as of March 31, 2022 Moody’s Baa3 / Stable
S&P BBB- / Positive
Minimal Near-term Debt Maturities ($M, Pro Forma)2
Available Cash Revolver Availability Unsecured Notes Term Loans Delayed Draw Term Loan Revolving Credit Facility
$1,394
$200
$1,154
$753 $800
$700 $703 $700
$500 $500
$358
$40 $0 $0
Liquidity 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Page 20Strength Of Team And Culture And Commitment To ESG Excellence Benefits All Stakeholders
Strength Of Team And Culture And Commitment To ESG Excellence Benefits All Stakeholders
Corporate Responsibility
Recognition
Board of • Oversees our Corporate Responsibility (CR) initiatives through the Nominating and
Corporate Governance Committee (NCGC)
Directors
Green Star Recipient
• Meets quarterly to set, implement, monitor and communicate our CR strategy “A” rating in 2021 Public
ESG Steering
• Includes senior leadership from a variety of functional areas Disclosure Score
Committee
• Participates in periodic company-wide ESG training
Brixmor Gold Level Recognition
• CR objectives are included as part of executives’ goals and impacts the individual
performance portion of each executive’s compensation
• Includes our communities, employees, tenants, suppliers, and investors
Stakeholders • Our CR strategy strives to create partnerships that improve the social, economic
and environmental well-being of all our stakeholders Ranked #8
Among real estate & housing
sector
Page 22Strength Of Team And Culture And Commitment To ESG Excellence Benefits All Stakeholders
Tenant partnerships and supplier relationships
Tenant Partnerships Supplier Relationships
› We support over 5,000 national and regional tenants and local entrepreneurs › We partner with ~3,000 suppliers and vendors to efficiently maintain our
properties to meet our high operational standards
› We strive to be a key partner in the success of our tenants by:
› We ask our suppliers and vendors to annually affirm their compliance with our
o Providing proactive property o Assisting local tenants with Supplier Code of Conduct, which outlines the ESG standards we expect from our
management additional services suppliers and vendors
o Maintaining ongoing tenant o Implementing changes based on o Available on our website here: https://investors.brixmor.com/leadership-
coordination feedback from our biennial tenant governance/governance-documents-policies/default.aspx
engagement surveys
› We maintain open dialogue and transparency with our suppliers through:
› We proudly serve as an integral link between our tenants and communities by:
o Regular review meetings with key national partners
o Ensuring that our properties are safe and accessible, and adhere to our high
operational standards o Requested adherence to the Partnership Engagement Pledge focused on
work-site safety
o Adapting our centers to connect our retailers to their consumers through
o Supplier engagement surveys (commencing in 2022)
• Curbside pick-up • Outdoor dining • Community spaces
Page 23Strength Of Team And Culture And Commitment To ESG Excellence Benefits All Stakeholders
Environmental responsibility
Reducing environmental impact Sustainability Goals
❯ Converting to LED lighting ❯ Installing electric vehicle charging stations
2025
❯ Reducing water consumption through use of smart water ❯ Partnering with tenants through green lease provisions to promote Target Status*
meters, Xeriscaping, and careful management of irrigation sustainable operations Upgrade properties to 100% 81%
systems LED lighting
o Provide access to lower-cost on-site renewable energy (solar
panels)
Climate change policy
Install electric vehicle 25% 10%
❯ Understanding the risks and opportunities posed by climate charging stations at
Key Climate Change Goals:
change and natural hazards to our properties and stakeholders properties
1. Net zero carbon emissions by 2045
❯ Became signatory to the Science Based Targets initiative (“SBTI”) 2. 50% reduction in greenhouse gas emissions by 2030
aligned with the 1.5 degree Celsius pathway Improve on-site 20MW 5.6MW
Reduction in greenhouse gas emissions achieved as renewable energy
36% of 12/31/20 capacity (solar panels)
Reduce common area 40% > 40%
Providing enhanced transparency greenhouse gas
emissions
❯ Providing transparency by aligning reporting with industry standard frameworks
❯ Conducting climate-related risk assessments to assist in guiding portfolio management decisions
Reduce common area 40% > 40%
o Performed periodically across the entire portfolio electricity usage
o Included in standard acquisitions due diligence process
o Expect to be incorporated into reinvestment project approval and disposition scoping process as well *As of 12/31/2020.
Page 24Strength Of Team And Culture And Commitment To ESG Excellence Benefits All Stakeholders
Human capital management – committed to creating and sustaining a positive work environment
Engagement and Connectivity Growth Health and Well-being
Creating opportunities to interact and Encouraging growth through professional and Supporting employee health through
impact communities personal training and learning opportunities engagement and outreach
› Quarterly all-employee calls › Two-year intensive apprenticeship programs for entry level › Encouraging healthy lifestyles
employees in leasing, property management and construction
› Enhanced benefits and support based on employee feedback o Annual wellness spending accounts
› BRX Connect: internal exchange program for employees to
› Company-wide recognition of excellence learn about other functions in the Company o Free access to online applications
o “Our Center is You” – serving our communities › Personal development accounts: provide time off and expense o Weekly live meditation breaks
reimbursement for a personal or professional development
o “Find A Better Way” – recognizing ingenuity activity o Health-oriented competitions like our “Summer Step
Challenge” where all employees are offered a free fitness
› Company-wide enrichment events › Predictive Index Behavioral Assessments: enhance self- tracker
awareness and effective collaboration
o “Big Brain Days” – TED-Talk style events o Wellness Wednesdays – demonstrations
› One Day University and Linkedin Learning memberships covering a variety of healthy lifestyle topics
o Company-wide Day of Service and community service available to all employees to stimulate personal growth
projects – providing each employee with two paid › Ensuring employees are safe, functional, and efficient
Service Days annually year to make an impact in their
communities o Free access to licensed counselors to support mental
health
o Hybrid work schedules to maximize engagement,
collaboration and efficiency, while supporting a healthy
work-life balance
Page 25Strength Of Team And Culture And Commitment To ESG Excellence Benefits All Stakeholders Diversity, Equity and Inclusion
Leadership Council
Diversity, equity and inclusion
❯ We believe a culture based on diversity, equity and inclusion is critical in our ability to:
o Attract and retain talented employees o Deliver on strategic goals and objectives
• Reports directly to CEO and supported by the Employee
Resource Group
❯ We advocate for diversity, equity and inclusion in every part of the organization
52% • Assists in maintaining best practices and behaviors to enhance
Female employees inclusion and equity and promote diversity
o Company-wide participation in annual culture and ethics training
• Additional information: https://www.brixmor.com/why-
o Annual employee pledge to commit to helping Brixmor create and maintain an inclusive culture free brixmor/careers/social/brixmor-culture/diversity-inclusion
from harassment based on race, sexual orientation, gender, and other protected classes
o Diversity, equity and inclusion themes featured in employee trainings and community events
o Promoting diversity, equity and inclusion through human capital management initiatives
• Signed in 2021 by CEO Jim Taylor
• Growing diversity through the summer internship program • Largest CEO-driven business commitment to advance diversity
and inclusion in the workplace
• Partnering with diversity and inclusion-focused organizations to ensure
diversity of job candidates
Nareit Foundation’s DDEI Giving Campaign
o Diversity and inclusion goals formalized in our 2021 Corporate Responsibility
Report, and we will measure and report on progress annually • Founding member supporting charitable and educational
organizations and initiatives that will help create a more
o Assess pay equity periodically as it relates to gender, race and ethnicity diverse, equitable, and inclusive REIT and publicly traded real
estate industry
Page 26Strength Of Team And Culture And Commitment To ESG Excellence Benefits All Stakeholders
Experienced, diversified and effective Board of
Corporate governance Directors
8/9 1/3 1/9
Independent Female Directors African American
Leading the industry Directors Directors
Ranked #2 in REIT sector for Corporate Governance 61 years 6 years >75%
Average Director age Average Director Director attendance
tenure at 2021 meetings
Received the highest possible corporate governance score, representing the lowest level of governance risk
Top-ranked management team
Board summary
Unclassified Board of Directors
Ranked #2 among mid-cap REITs for Crisis Management – COVID-19
Diversity in composition and background of directors (33% female,
11% racially diverse)
Board Composition* Robust executive officer and director stock ownership guidelines
Member Chair Committee Membership Majority voting standard for directors
Director Nominating & Corporate Separate Chairperson and CEO
Board Member Age Since Audit Compensation Governance
Pledging and hedging of BRX stock by directors and executive
Jim Taylor 55 2016 officers prohibited
John Schreiber 75 2013 No cumulative voting
Michael Berman 63 2013
All Audit Committee members are financial experts
Julie Bowerman 53 2019
Sheryl Crosland 69 2016 Shareholder rights summary
Proxy access rights
Thomas Dickson 66 2015
No poison pill
Daniel Hurwitz 57 2016
No supermajority voting standards
Sandra A.J. Lawrence 64 2022 Opted out of the Maryland business combination and control
William Rahm 43 2013 share acquisition statutes
Stockholder ability to amend bylaws
*Data as of March 31, 2022. Page 27Additional Information
REITs
General information and fundamentals
What is a REIT?
A REIT, or Real Estate Investment Trust, is a company that owns, operates or finances income-producing real estate. Modeled after mutual funds, REITs give all investors access to the
benefits of real estate investment along with the advantages of investing in a publicly traded stock
How to qualify as a REIT:
Invest at least 75% of total assets in real estate
Derive at least 75% of gross income from real estate investments
Must have a minimum of 100 shareholders and no more than 50% of shares held by five or fewer individuals
Distribute at least 90% of taxable income to shareholders annually through dividends
• Nearly all REITs pay at least 100% to avoid taxation
• Allows shareholders to share in a REITs cash flow growth
Why invest In REITs?
Performance Liquidity Diversification Dividends
– The real estate market is the primary – Bought & sold daily like other stocks, – Low correlation with other stocks and – Reliable income returns through a
driver of REIT returns, therefore REITs mutual funds and ETFs bonds variety of market conditions
may be used as a liquid proxy for
– REITs have made it easier to rebalance – Historically have increased portfolio – 20% deduction of any qualified REIT
gaining access to the entire asset class
portfolios returns and reduced portfolio risk dividends (Tax Cut and Jobs Act of
– Reduce portfolio volatility 2017 Sec 199A)
– Offer a balance of capital appreciation
and income
Source: RBC Capital Markets, Nareit. Page 29Footnotes & Sources
Page 2 Brixmor Overview Page 11 Transformed Portfolio Uniquely Positioned For Outperformance
High quality, diversified, open-air retail portfolio Thriving retailers continue to highlight the importance of brick and mortar
1. By ABR. Community Centers include properties with total GLA between 125K - 400K SF. Neighborhood Centers include properties with 1. Source: Private Label Manufacturers Association: Private Brands Post Strong Q1 Growth. https://www.plma.com/article/plma-private-
total GLA less than 125K SF. Grocery-Anchored Regional Centers include properties greater than 250K SF with small shop spaces brands-post-strong-q1-growth
accounting for less than 30% of total property GLA, and that have a traditional or specialty grocer at the property (either owned or non-
owned). Power Centers include properties greater than 250K SF with small shop spaces accounting for less than 30% of total property Page 13 Value Accretive Capital Allocation
GLA, and that do not have a traditional or specialty grocer at the property (either owned or non-owned). Other includes lifestyle centers, Track record of delivering attractive risk-adjusted growth
unanchored strip centers and single tenant centers. 1. Represents gross project costs less any project specific credits (lease termination fees or other ancillary credits).
2. Anchors reflect spaces equal to or greater than 10,000 square feet ("SF") of GLA; Small shops reflect spaces less than 10,000 SF of GLA. 2. Assumes 6% cap rate.
3. Based on most recent tenant reported information.
Page 15 Value Accretive Capital Allocation
Page 5 Transformed Portfolio Uniquely Positioned For Outperformance Creating value at lower risk
Portfolio enhancements since year-end 2015 1. Represents gross project costs less any project specific credits (lease termination fees or other ancillary credits).
1. Based on most recent tenant reported information. 2. NOI yield is calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net
2. Five-mile demographics weighted by ABR. of any project specific credits (i.e. lease termination fees or other ancillary credits).
3. Represents gross project costs less any project specific credits (lease termination fees or other ancillary credits). 3. Assumes 6% cap rate.
4. Assumes 6% cap rate.
Page 16 Value Accretive Capital Allocation
Page 6 Transformed Portfolio Uniquely Positioned For Outperformance Value delivered: Case Study
Outperformance throughout the pandemic 1. Represents gross project costs less any project specific credits (lease termination fees or other ancillary credits).
1. Peer averages include only those companies for which there is consistent historical data available, including FRT, REG (JV’s at share), and 2. NOI yield is calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net
SITC (JV’s at share). of any project specific credits (i.e. lease termination fees or other ancillary credits).
3. Assumes 6% cap rate.
Page 7 Transformed Portfolio Uniquely Positioned For Outperformance
Portfolio transformation driving continued outperformance across every observable metric Page 20 Strong, Flexible Balance Sheet
1. Peer averages include only those companies for which there is consistent historical data available, including FRT, REG (JV’s at share), and 1. Calculated using the current quarter annualized.
SITC (JV’s at share). 2. Subsequent to March 31, 2022, the Company operating partnership, Brixmor Operating Partnership LP, amended and restated its
Unsecured Credit Facility and $300 Million Term Loan, increasing the total amount available under the Operating Partnership’s
Page 8 Transformed Portfolio Uniquely Positioned For Outperformance unsecured credit facilities from $1.55 billion to $1.75 billion, while extending the maturities and lowering the pricing of the Facilities. As
Generating attractive long-term growth with lower relative risk a result, the Company has no remaining debt maturities until 2024. For presentation purposes, credit facility reflects amounts as of
1. Signed but not commenced population represents approximately 410 basis points of total portfolio GLA ($51.7M in ABR), 60 basis points March 31, 2022.
($7.7M in ABR) of which represents leases on space that will be vacated by existing tenants in the near term.
2. Includes month-to-month tenants.
Page 9 Transformed Portfolio Uniquely Positioned For Outperformance
Significant remaining occupancy opportunity
1. Peer averages include FRT, IVT (JV’s at share), KIM (JV’s at share), KRG, PECO, REG (JV’s at share), and SITC (JV’s at share). Billed occupancy
reflects same property portfolio only for KIM, KRG, and REG.
Disclaimer & Safe Harbor
This presentation 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, 2021 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as such factors may be updated from time to time in our 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 filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law..
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