Brixmor Property Group Inc. (NYSE:BRX) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET Company Participants Stacy Slater – Senior Vice President-Investor Relations Jim Taylor – Chief Executive Officer and President Angela Aman – Executive Vice President and Chief Financial Officer Mark Horgan – Executive Vice President and Chief Investment Officer Brian Finnegan – Executive Vice President, Chief Revenue Officer Conference Call Participants Craig Schmidt – Bank of America Alexander Goldfarb – Pip ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP) Brixmor Property Group In ...

Financial Data and Key Metrics Changes - The company reported a year-over-year FFO growth of 11.4%, primarily driven by same-store NOI growth of 8.4% [7][16] - Nareit FFO was $0.49 per share in the first quarter, with same property NOI growth reflecting approximately $8 million of cash collected on previously reserved base rent [16][22] - The company revised its 2022 same property NOI growth expectations from 2%-4% to 3%-4.5% due to significant out-of-period collections [22] Business Line Data and Key Metrics Changes - The company signed nearly 1.4 million square feet of new and renewal leases during the quarter at a cash spread of 18.1%, with new leases at a comparable spread of 35.9% [8][19] - Small shop occupancy reached an all-time record of 87%, with a drag of 120 basis points from in-process redevelopment [8][18] - The average in-place ABR increased to a record of $15.64 per square foot, with significant growth in traffic levels over pre-pandemic peaks [9][54] Market Data and Key Metrics Changes - The company reported a total signed but not commenced pool of $52 million at a blended rate of nearly $19 per square foot, expected to commence throughout the year [18][22] - The forward leasing pipeline includes an additional $50 million of ABR from new leases at an average rent of over $18 per square foot [9][22] Company Strategy and Development Direction - The company continues to focus on its value-added strategy, which has shown resilience and growth potential even in less favorable market conditions [6][10] - The company is actively pursuing attractive investment opportunities in core markets, emphasizing the importance of clustering investments [12][34] - The company has delivered over $720 million of accretive reinvestments impacting over 30% of its portfolio, with a strong pipeline of nearly $1 billion in opportunities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the leasing environment, noting that consumer demand remains robust despite macroeconomic concerns [56][57] - The company anticipates continued growth in small shop occupancy and rates, driven by its value-added strategy [49][50] - Management highlighted the importance of maintaining a disciplined approach to acquisitions and investments, focusing on opportunities that meet return requirements [82] Other Important Information - The company repaid $250 million of floating rate notes upon maturity and amended its unsecured credit facilities, improving pricing and extending maturities [20][21] - The company's credit rating was upgraded to BBB flat by Fitch, reflecting improvements made to its balance sheet [21] Q&A Session Summary Question: How much further can small shop occupancy increase? - Management expects to continue setting new records in small shop occupancy, despite a current drag from redevelopment projects [26][27] Question: What is the investment activity outlook for the year? - The company remains focused on value-added opportunities and expects to see more dispositions in the pipeline [34][35] Question: How is the company addressing last-mile fulfillment needs? - Tenants are integrating fulfillment capabilities into their store designs, and the company is accommodating these needs through its leasing strategies [29][30] Question: What is the current mark-to-market for the portfolio? - The current mark-to-market is approximately $15 per square foot, with new leases being signed between $17 and $20 per square foot [65][66] Question: How does the company view tenant retention? - The company is prioritizing growth in ROI over retention, willing to take vacancies if it leads to higher returns [75][76] Question: What is the company's acquisition capacity? - The company is opportunistic in its acquisition strategy, focusing on opportunities that meet return requirements without feeling pressured to acquire [82]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission File Number: 001-36160 (Brixmor Property Group) Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP) Brixmor Property Group I ...

Brixmor Property Group, Inc. (NYSE:BRX) Q4 2021 Earnings Conference Call February 8, 2022 10:00 AM ET Company Participants Stacy Slater - Senior Vice President, Investor Relations James Taylor - Chief Executive Officer and President Angela Aman - Executive Vice President and Chief Financial Officer Brian Finnegan - Executive Vice President and Chief Revenue Officer Mark Horgan - Executive Vice President and Chief Investment Officer Matthew Berger - Executive Vice President and President, West Region Confere ...

Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share. BRX New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to_____ Commission F ...

Brixmor Property Group, Inc. (NYSE:BRX) Q3 2021 Earnings Conference Call November 2, 2021 10:00 AM ET Company Participants Stacy Slater - SVP of IR & Capital Markets Jim Taylor - Chief Executive Officer and President Angela Aman - Executive VP, CFO & Treasurer Brian Finnegan - Executive VP & Chief Revenue Officer Mark Horgan - Executive VP & CIO Anthony Powell - Barclays Floris Van Dijkum - Compass Point Conference Call Participants Todd Thomas - KeyBanc Katie McConnell - Citi Jeff Spector - Bank of America ...

Part I [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Brixmor Property Group Inc. and Brixmor Operating Partnership LP for the periods ended September 30, 2021 and 2020 [Brixmor Property Group Inc. Financial Statements](index=6&type=section&id=Brixmor%20Property%20Group%20Inc.%20(unaudited)) Presents the unaudited condensed consolidated financial statements for Brixmor Property Group Inc. for the periods ended September 30, 2021 and 2020 Brixmor Property Group Inc. - Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Real estate, net | $7,458,869 | $7,504,113 | | Cash and cash equivalents | $397,198 | $368,675 | | **Total Assets** | **$8,351,113** | **$8,342,147** | | **Liabilities & Equity** | | | | Debt obligations, net | $5,163,375 | $5,167,330 | | Total liabilities | $5,658,604 | $5,661,446 | | Total equity | $2,692,509 | $2,680,701 | | **Total Liabilities & Equity** | **$8,351,113** | **$8,342,147** | Brixmor Property Group Inc. - Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $290,186 | $253,935 | $856,956 | $783,856 | | Net income | $46,145 | $27,944 | $188,944 | $96,769 | | Diluted EPS | $0.15 | $0.09 | $0.63 | $0.32 | Brixmor Property Group Inc. - Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $424,880 | $323,632 | | Net cash used in investing activities | ($156,113) | ($140,254) | | Net cash provided by (used in) financing activities | ($234,490) | $406,319 | | **Net change in cash** | **$34,277** | **$589,697** | [Brixmor Operating Partnership LP Financial Statements](index=11&type=section&id=Brixmor%20Operating%20Partnership%20LP%20(unaudited)) Presents the unaudited condensed consolidated financial statements for Brixmor Operating Partnership LP, materially similar to the Parent Company with equity differences - The assets and liabilities of the Operating Partnership are materially the same as the Parent Company, with primary differences in the presentation of equity and capital, as the Operating Partnership's capital includes OP Units owned by the Parent Company[9](index=9&type=chunk) Brixmor Operating Partnership LP - Condensed Consolidated Statements of Operations (in thousands) | Metric | Q3 2021 | Q3 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $290,186 | $253,935 | $856,956 | $783,856 | | Net income | $46,145 | $27,944 | $188,944 | $96,769 | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed disclosures supporting the consolidated financial statements, including business nature, accounting policies, real estate, debt, and revenue recognition - As of September 30, 2021, the Company's portfolio consisted of **386 shopping centers** totaling approximately **68 million square feet of gross leasable area (GLA)**, primarily community and neighborhood shopping centers in the top 50 Metropolitan Statistical Areas in the U.S[53](index=53&type=chunk) Real Estate Acquisitions - Nine Months Ended Sep 30, 2021 (in thousands) | Property | Location | Month Acquired | GLA (sq ft) | Aggregate Purchase Price | | :--- | :--- | :--- | :--- | :--- | | Center of Bonita Springs | Bonita Springs, FL | Apr-21 | 281,394 | $48,061 | | Champlin Marketplace | Champlin, MN | Jun-21 | 91,970 | $14,876 | | Other Land/Outparcels | Various | Various | 5,040 | $3,779 | | **Total** | | | **378,404** | **$66,716** | - During the nine months ended September 30, 2021, the Company disposed of nine shopping centers and 14 partial shopping centers for aggregate net proceeds of **$124.4 million**, resulting in an aggregate gain of **$49.5 million**[71](index=71&type=chunk)[73](index=73&type=chunk) COVID-19 Related Rent Concessions (in thousands) | Period | Deferrals | Abatements | | :--- | :--- | :--- | | **Q3 2021** | $3,847 | $788 | | **Q3 2020** | $20,641 | $2,088 | | **YTD 2021** | $13,721 | $5,345 | | **YTD 2020** | $35,550 | $2,331 | - As of September 30, 2021, the Company had no shares issued under its **$400.0 million** at-the-market (ATM) equity offering program, and the share repurchase program had **$375.0 million** of available capacity[133](index=133&type=chunk)[134](index=134&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, including COVID-19 impact, leasing, and key financial metrics [Executive Summary and COVID-19 Impact](index=35&type=section&id=Executive%20Summary%20and%20COVID-19%20Impact) Brixmor operates a large U.S. open-air retail portfolio, achieving **97%** base rent collection for Q3 2021 despite COVID-19, supported by grocery-anchored centers - As of October 26, 2021, the company collected **97%** of base rent for the third quarter of 2021, demonstrating a strong recovery from the impacts of the COVID-19 pandemic[166](index=166&type=chunk) - The company's portfolio is comprised of **386 shopping centers** totaling approximately **68 million square feet of GLA**, focusing on properties anchored by non-discretionary and value-oriented retailers[156](index=156&type=chunk) [Leasing Highlights](index=36&type=section&id=Leasing%20Highlights) Leased occupancy reached **91.5%** as of September 30, 2021, with **2.8 million square feet** leased in Q3 2021 at a **10.7%** blended rent spread Leasing Activity - Three Months Ended September 30, 2021 | Lease Type | Leases | GLA (sq ft) | New ABR PSF | Rent Spread (Comparable) | | :--- | :--- | :--- | :--- | :--- | | **Total** | **386** | **2,770,003** | **$14.54** | **10.7%** | | New leases | 161 | 745,712 | $17.43 | 26.3% | | Renewal leases | 171 | 973,781 | $15.99 | 7.6% | Leasing Activity - Nine Months Ended September 30, 2021 | Lease Type | Leases | GLA (sq ft) | New ABR PSF | Rent Spread (Comparable) | | :--- | :--- | :--- | :--- | :--- | | **Total** | **1,174** | **7,175,306** | **$15.78** | **9.1%** | | New leases | 464 | 2,100,392 | $18.00 | 22.1% | | Renewal leases | 584 | 2,594,732 | $18.22 | 6.1% | [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Total revenues increased by **$36.3 million** in Q3 2021 and **$73.1 million** year-to-date, driven by reduced uncollectible revenues and resulting in significant net income growth Comparison of Revenues (in thousands) | Period | Q3 2021 | Q3 2020 | Change | YTD 2021 | YTD 2020 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rental income | $290,013 | $253,799 | $36,214 | $853,407 | $781,635 | $71,772 | | **Total revenues** | **$290,186** | **$253,935** | **$36,251** | **$856,956** | **$783,856** | **$73,100** | - The increase in Q3 2021 rental income was driven by a **$38.6 million** increase from assets owned for the full period, largely due to a **$25.7 million** decrease in revenues deemed uncollectible related to COVID-19 reserves in 2020 and subsequent recoveries[176](index=176&type=chunk) - A loss on extinguishment of debt of **$27.1 million** was recognized in Q3 2021 from the redemption of the 3.250% Senior Notes due 2023, with the total loss for the nine-month period being **$28.3 million**[191](index=191&type=chunk)[209](index=209&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$1.2 billion** available under its revolving credit facility and **$404.4 million** in cash, with operating cash flow increasing by **$101.2 million** year-to-date - As of September 30, 2021, the company had **$1.2 billion** of available liquidity under its Revolving Facility and **$404.4 million** in cash and cash equivalents and restricted cash[216](index=216&type=chunk) Cash Flow Summary - Brixmor Property Group Inc. (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $424,880 | $323,632 | | Net cash used in investing activities | ($156,113) | ($140,254) | | Net cash provided by (used in) financing activities | ($234,490) | $406,319 | - The company has **49 in-process** anchor space repositioning, redevelopment, and outparcel development projects with an aggregate anticipated cost of **$396.3 million**, of which **$245.0 million** had been incurred as of September 30, 2021[230](index=230&type=chunk) [Non-GAAP Performance Measures](index=45&type=section&id=Non-GAAP%20Performance%20Measures) This section details non-GAAP performance measures, with NAREIT FFO reaching **$115.8 million** or **$0.39 per diluted share** in Q3 2021, and Same Property NOI increasing by **$25.7 million** NAREIT FFO Reconciliation (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | Net income | $46,145 | $27,944 | $188,944 | $96,769 | | Adjustments | $69,656 | $78,611 | $196,010 | $241,362 | | **NAREIT FFO** | **$115,801** | **$106,555** | **$384,954** | **$338,131** | | **NAREIT FFO per diluted share** | **$0.39** | **$0.36** | **$1.29** | **$1.14** | Same Property NOI (in thousands) | Period | Q3 2021 | Q3 2020 | Change | YTD 2021 | YTD 2020 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Same property NOI** | **$202,753** | **$177,012** | **$25,741** | **$592,177** | **$545,507** | **$46,670** | [Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes have occurred in the quantitative and qualitative disclosures about market risk since the company's Annual Report on Form 10-K for the year ended December 31, 2020 - There have been no material changes from the quantitative and qualitative disclosures about market risk disclosed in the company's annual report on Form 10-K for the year ended December 31, 2020[248](index=248&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures for both Brixmor Property Group Inc. and Brixmor Operating Partnership LP were effective as of September 30, 2021, with no material changes to internal control - The principal executive officer and principal financial officer concluded that the disclosure controls and procedures for both Brixmor Property Group Inc. and Brixmor Operating Partnership LP were effective as of September 30, 2021[249](index=249&type=chunk)[251](index=251&type=chunk) - There were no changes in internal control over financial reporting during the third quarter of 2021 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[250](index=250&type=chunk)[252](index=252&type=chunk) Part II [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The SEC dismissed its civil action against two former employees in July 2021, and the company anticipates no further governmental proceedings regarding previously disclosed accounting matters - In July 2021, the SEC dismissed its pending civil action against two former employees related to previously disclosed accounting matters, and the U.S. Attorney's Office is no longer pursuing actions, with the company believing no further governmental proceedings on this matter will be brought against it[150](index=150&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes have been made to the risk factors disclosed in the Form 10-K for the year ended December 31, 2020[255](index=255&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any common stock during Q3 2021, retaining **$375.0 million** of available capacity in its share repurchase program - During Q3 2021, the company did not repurchase any shares of its common stock, and the share repurchase program had **$375.0 million** of available capacity as of September 30, 2021[256](index=256&type=chunk) [Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists documents filed as exhibits to the Form 10-Q report, including supplemental indentures, officer certifications, and XBRL data files

| --- | --- | --- | |----------------------------------------------------------------------------|-------|------------| | Brixmor Property Group ▌Investor Presentation Quarter Ended June 30, 2021 | | BRX LISTED | | | | NYSE | | | | | eneva Village Shoppes | Center. Brixmor Overview Portfolio Quick Facts Number of shopping centers 389 GLA 68M SF Average shopping center size 175K SF Percent billed 88.1% Percent leased 91.1% Percent leased – Anchors / Small shops 2 94.0% / 84.8% Average grocer sales PSF 3 ~$64 ...

Brixmor Property Group Inc. (NYSE:BRX) Q2 2021 Earnings Conference Call August 3, 2021 10:00 AM ET Company Participants Stacy Slater - SVP, IR and Capital Markets Jim Taylor - CEO and President Angela Aman - EVP and CFO Brian Finnegan - EVP and CRO Mark Horgan - EVP and CIO Conference Call Participants Jeffrey Spector - Bank of America Katy McConnell - Citigroup Todd Thomas - KeyBanc Capital Markets Alexander Goldfarb - Piper Sandler Juan Sanabria - BMO Capital Markets Caitlin Burrows - Goldman Sachs Ki ...