BPG(US:BRX)2025-07-28 20:11markdown **Glossary of Terms** This section defines key terms and non-GAAP measures used throughout the financial report [Summary of Key Terms and Non-GAAP Measures](index=4&type=section&id=Glossary%20of%20Terms_Summary) This section defines key financial and property-related terms, including non-GAAP measures, clarifying their use and limitations in the supplemental disclosure - Anchor Spaces are defined as spaces equal to or greater than **10,000 square feet ("SF")** of Gross Leasable Area (GLA)[8](index=8&type=chunk) - Annualized Base Rent ("ABR") is the contractual monthly base rent as of a specified date, under signed or commenced leases, multiplied by 12[8](index=8&type=chunk) - Non-GAAP performance measures such as EBITDA, EBITDAre, Adjusted EBITDA, Cash Adjusted EBITDA, Nareit FFO, NOI, and Same Property NOI are presented as supplemental financial results to GAAP measures, useful for investors in measuring operating performance by excluding items not indicative of real estate operations[9](index=9&type=chunk) **Results Overview & Guidance** This section provides a high-level summary of financial results, operating ratios, and future guidance [Summary of Financial Results, Operating Ratios, and 2025 Guidance](index=6&type=section&id=RESULTS%20OVERVIEW%20%26%20GUIDANCE_Summary) This section summarizes financial results, operating ratios, portfolio statistics, and updated 2025 guidance for Nareit FFO and Same Property NOI performance Summary Financial Results (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total revenues | 339.5 million | 315.7 million | +7.5% | | Net income attributable to Brixmor Property Group Inc. | 85.1 million | 70.1 million | +21.4% | | Net income per diluted share | $0.28 | $0.23 | +21.7% | | Nareit FFO | 171.5 million | 163.8 million | +4.7% | | Nareit FFO per diluted share | $0.56 | $0.54 | +3.7% | | Dividends declared per share | $0.2875 | $0.2725 | +5.5% | Summary Operating and Financial Ratios (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | NOI margin | 74.3% | 76.0% | -1.7 pp | | Same property NOI performance | 3.8% | 5.5% | -1.7 pp | | Fixed charge coverage, current quarter annualized | 4.2x | 4.1x | +0.1x | | Net Principal Debt to Adjusted EBITDA, current quarter annualized | 5.5x | 5.6x | -0.1x | Summary Portfolio Statistics (As of June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | Number of properties | 360 | 360 | 0 | | Percent billed | 89.7% | 91.4% | -1.7 pp | | Percent leased | 94.2% | 95.4% | -1.2 pp | | ABR PSF (USD) | $18.07 | $17.26 | +4.7% | | New lease rent spread | 43.8% | 50.2% | -6.4 pp | | New & renewal lease rent spread | 24.2% | 27.7% | -3.5 pp | - The company updated its 2025 guidance for Nareit FFO per diluted share to **$2.22 - $2.25** (from $2.19 - $2.24) and Same Property NOI performance to **3.90% - 4.30%** (from 3.50% - 4.50%)[10](index=10&type=chunk) **Financial Summary** This section presents a comprehensive overview of the company's financial performance and position [Consolidated Balance Sheets](index=8&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) This section presents the company's consolidated financial position, detailing assets, liabilities, and equity as of June 30, 2025, compared to December 31, 2024 Consolidated Balance Sheet Highlights (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Total assets | 8.61 billion | 8.91 billion | -3.4% | | Real estate, net | 7.94 billion | 8.00 billion | -0.8% | | Cash and cash equivalents | 105.0 million | 377.6 million | -72.2% | | Debt obligations, net | 5.10 billion | 5.34 billion | -4.5% | | Total liabilities | 5.65 billion | 5.92 billion | -4.5% | | Total equity | 2.95 billion | 2.98 billion | -1.0% | [Consolidated Statements of Operations](index=9&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section details the company's revenues, operating expenses, net income, and earnings per share for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Operations Highlights (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total revenues | 339.5 million | 315.7 million | +7.5% | | Total operating expenses | 215.8 million | 200.3 million | +7.8% | | Net income attributable to Brixmor Property Group Inc. | 85.1 million | 70.1 million | +21.4% | | Diluted EPS | $0.28 | $0.23 | +21.7% | Consolidated Statements of Operations Highlights (Six Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total revenues | 677.0 million | 635.9 million | +6.5% | | Total operating expenses | 433.7 million | 398.5 million | +8.8% | | Net income attributable to Brixmor Property Group Inc. | 154.9 million | 159.0 million | -2.6% | | Diluted EPS | $0.50 | $0.52 | -3.8% | [EBITDA & Reconciliation of Debt Obligations, Net to Net Principal Debt](index=10&type=section&id=EBITDA%20%26%20RECONCILIATION%20OF%20DEBT%20OBLIGATIONS%2C%20NET%20TO%20NET%20PRINCIPAL%20DEBT) This section reconciles net income to various EBITDA measures and details the reconciliation of debt obligations to Net Principal Debt and related ratios EBITDA Reconciliation (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Net income | 85.1 million | 70.1 million | +21.4% | | EBITDA | 243.6 million | 216.5 million | +12.5% | | EBITDAre | 227.8 million | 219.9 million | +3.6% | | Adjusted EBITDA | 228.1 million | 219.7 million | +3.9% | | Cash Adjusted EBITDA | 214.3 million | 209.9 million | +2.1% | Net Principal Debt and Ratios (As of June 30, 2025) | Metric | 6/30/25 (USD) | | :--------------------------------------- | :------------ | | Debt obligations, net | 5.10 billion | | Net Principal Debt | 5.01 billion | | Net Principal Debt to Adjusted EBITDA, current quarter annualized | 5.5x | | Net Principal Debt to Adjusted EBITDA, trailing twelve months | 5.6x | [Funds From Operations (FFO)](index=11&type=section&id=FUNDS%20FROM%20OPERATIONS%20%28FFO%29) This section reconciles net income to Nareit FFO, including FFO per diluted share and dividend information Nareit FFO (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Net income attributable to Brixmor Property Group Inc. | 85.1 million | 70.1 million | +21.4% | | Depreciation and amortization related to real estate | 102.1 million | 90.2 million | +13.2% | | Nareit FFO | 171.5 million | 163.8 million | +4.7% | | Nareit FFO per diluted share | $0.56 | $0.54 | +3.7% | Dividends (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | Dividends declared per share | $0.2875 | $0.2725 | +5.5% | | Dividend payout ratio (as % of Nareit FFO) | 51.3% | 50.1% | +1.2 pp | [Supplemental Balance Sheet Detail](index=12&type=section&id=SUPPLEMENTAL%20BALANCE%20SHEET%20DETAIL) This section provides supplemental balance sheet details for deferred charges, prepaid expenses, other assets, and various liabilities as of June 30, 2025, and December 31, 2024 Deferred Charges and Prepaid Expenses, net (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Deferred charges, net | 144.6 million | 143.6 million | +0.7% | | Prepaid expenses, net | 27.1 million | 23.5 million | +15.6% | | Total | 171.8 million | 167.1 million | +2.8% | Other Assets (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Right-of-use asset | 45.2 million | 38.8 million | +16.5% | | Furniture, fixtures and leasehold improvements, net | 15.4 million | 13.8 million | +11.7% | | Interest rate swaps | $0.00 | 2.0 million | -100.0% | | Other | 17.9 million | 3.2 million | +451.9% | | Total | 78.5 million | 57.8 million | +35.8% | Accounts Payable, Accrued Expenses and Other Liabilities (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Accounts payable and other accrued expenses | 249.1 million | 280.8 million | -11.3% | | Below market leases, net | 111.8 million | 120.3 million | -7.0% | | Dividends payable | 91.2 million | 91.8 million | -0.7% | | Lease liability | 48.1 million | 41.5 million | +16.1% | | Interest rate swaps | 4.6 million | 0.6 million | +664.9% | | Real estate liabilities held for sale | 33 thousand | $0.00 | N/A | | Other | 51.5 million | 50.3 million | +2.3% | | Total | 556.3 million | 585.2 million | -4.9% | [NOI & Supplemental Statement of Operations Detail](index=13&type=section&id=NOI%20%26%20SUPPLEMENTAL%20STATEMENT%20OF%20OPERATIONS%20DETAIL) This section details Net Operating Income (NOI) and operating ratios, reconciling net income to NOI and providing supplemental rental income and interest expense details Net Operating Income Detail (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Base rent | 238.0 million | 229.3 million | +3.8% | | Expense reimbursements | 76.0 million | 68.5 million | +10.9% | | Revenues deemed uncollectible | (2.0 million) | (1.1 million) | +77.1% | | Net operating income | 240.9 million | 231.7 million | +4.0% | Operating Ratios (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | NOI margin | 74.3% | 76.0% | -1.7 pp | | Expense recovery ratio | 91.3% | 93.5% | -2.2 pp | Total Rental Income (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total rental income | 339.4 million | 315.6 million | +7.5% | Total Interest Expense (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Total interest expense | 54.4 million | 53.7 million | +1.4% | [Same Property NOI Analysis](index=14&type=section&id=SAME%20PROPERTY%20NOI%20ANALYSIS) This section analyzes the performance of properties owned for the entirety of both periods, excluding those under development or recently stabilized, to assess organic growth Same Property NOI Performance (Three Months Ended June 30, 2025 vs. 2024) | Metric | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Number of properties | 346 | 346 | 0 | | Percent billed | 89.8% | 91.5% | -1.7 pp | | Percent leased | 94.4% | 95.6% | -1.2 pp | | Revenues | 310.4 million | 293.4 million | +5.8% | | Operating expenses | (79.4 million) | (70.9 million) | +12.0% | | Same property NOI | 231.0 million | 222.5 million | +3.8% | | NOI margin | 74.4% | 75.8% | -1.4 pp | Contribution to Same Property NOI Performance (Three Months Ended June 30, 2025) | Metric | Change (USD) | Percent Contribution | | :--------------------------------------- | :----------- | :------------------- | | Base rent | 8.1 million | 3.6% | | Revenues deemed uncollectible | (0.8 million) | (0.4)% | | Net expense reimbursements | (2.5 million) | (1.1)% | | Ancillary and other rental income / Other revenues | 3.4 million | 1.5% | | Percentage rents | 0.4 million | 0.2% | | **Total** | | **3.8%** | [Capital Expenditures](index=15&type=section&id=CAPITAL%20EXPENDITURES) This section details capital expenditures, categorized by leasing-related, maintenance, and value-enhancing projects, for the three and six months ended June 30, 2025 and 2024 Capital Expenditures (Three Months Ended June 30, 2025 vs. 2024) | Category | 6/30/25 (USD) | 6/30/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------ | :----- | | Leasing related | 22.6 million | 26.8 million | -15.6% | | Maintenance capital expenditures | 6.3 million | 10.9 million | -42.1% | | Total leasing related and maintenance | 29.0 million | 37.8 million | -23.2% | | Anchor space repositionings | 12.1 million | 14.8 million | -18.0% | | Outparcel developments | 1.2 million | 2.8 million | -58.7% | | Redevelopments | 32.3 million | 29.7 million | +8.7% | | Other value-enhancing | 2.7 million | 5.7 million | -52.5% | | Total value-enhancing | 48.3 million | 53.0 million | -8.9% | [Capitalization, Liquidity & Debt Ratios](index=16&type=section&id=CAPITALIZATION%2C%20LIQUIDITY%20%26%20DEBT%20RATIOS) This section provides an overview of the company's equity capitalization, debt structure, liquidity, and key debt ratios as of June 30, 2025, compared to December 31, 2024 Equity Capitalization (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 | 12/31/24 | Change | | :--------------------------------------- | :------ | :------- | :----- | | Common shares outstanding | 306,100 | 305,492 | +0.2% | | Common share price (USD) | $26.04 | $27.84 | -6.5% | | Total equity capitalization (USD) | 7.97 billion | 8.50 billion | -6.3% | Debt and Liquidity (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 (USD) | 12/31/24 (USD) | Change | | :--------------------------------------- | :------------ | :------------- | :----- | | Total principal debt | 5.12 billion | 5.35 billion | -4.3% | | Net debt | 4.99 billion | 4.96 billion | +0.6% | | Cash, cash equivalents and restricted cash | 105.9 million | 378.7 million | -72.0% | | Available under Revolving Credit Facility | 1.25 billion | 1.25 billion | 0% | | Total liquidity | 1.35 billion | 1.63 billion | -16.8% | Key Ratios (As of June 30, 2025 vs. December 31, 2024) | Metric | 6/30/25 | 12/31/24 | Change | | :--------------------------------------- | :------ | :------- | :----- | | Principal debt to total market capitalization | 39.5% | 39.7% | -0.2 pp | | Net Principal Debt to Adjusted EBITDA, current quarter annualized | 5.5x | 5.7x | -0.2x | | Interest coverage, current quarter annualized | 4.2x | 4.0x | +0.2x | | Fixed charge coverage, current quarter annualized | 4.2x | 4.0x | +0.2x | - As of June 30, 2025, **100.0%** of total debt is fixed, with a weighted average maturity of **4.8 years**. The company maintains stable credit ratings from Fitch (**BBB Stable**), Moody's (**Baa2 Stable**), and S&P Global Ratings (**BBB Stable**)[37](index=37&type=chunk)[38](index=38&type=chunk) [Debt Obligations](index=17&type=section&id=DEBT%20OBLIGATIONS) This section provides a detailed maturity schedule and summary of outstanding debt obligations, including interest rates and maturity dates for fixed-rate unsecured notes and term loan facilities Maturity Schedule - Debt Obligations (As of June 30, 2025) | Year | Maturities (USD) | Weighted Average Stated Interest Rate | | :--- | :--------------- | :------------------------------------ | | 2026 | 607.5 million | 4.17% | | 2027 | 400.0 million | 3.90% | | 2028 | 357.7 million | 2.35% | | 2029 | 753.2 million | 4.14% | | 2030 | 1.30 billion | 4.31% | | 2031 | 500.0 million | 2.50% | | 2032 | 400.0 million | 5.20% | | 2034 | 400.0 million | 5.50% | | 2035+ | 400.0 million | 5.75% | | **Total Debt Obligations** | **5.12 billion** | **4.20%** | - The company's total debt obligations of **$5.12 billion** are **100% fixed rate**, with a weighted average stated interest rate of **4.20%**. This includes a **$500.0 million** Term Loan Facility and **$4.62 billion** in Unsecured Notes[41](index=41&type=chunk) [Covenant Disclosure](index=18&type=section&id=COVENANT%20DISCLOSURE) This section details compliance with covenants for unsecured OP notes and the unsecured credit facility, including leverage, unencumbered asset, and coverage ratios Unsecured OP Notes Covenant Disclosure (As of June 30, 2025) | Covenant | Requirement | 6/30/25 | | :--------------------------------------- | :---------- | :------ | | Aggregate debt test | < 65% | 43.3% | | Secured debt test | < 40% | N/A (no secured debt) | | Unencumbered asset ratio | > 150% | 231.0% | | Debt service test (trailing twelve months) | > 1.5x | 4.1x | Unsecured Credit Facility Covenant Disclosure (As of June 30, 2025) | Covenant | Requirement | 6/30/25 | | :--------------------------------------- | :---------- | :------ | | Leverage ratio | < 60% | 32.5% | | Secured leverage ratio | < 40% | N/A (no secured indebtedness) | | Unsecured leverage ratio | < 60% | 32.5% | | Fixed charge coverage ratio | > 1.5x | 4.4x | **Investment Summary** This section details the company's property acquisitions, dispositions, and various development projects [Acquisitions](index=20&type=section&id=ACQUISITIONS) This section reports on property acquisitions, noting a single land acquisition during the six months ended June 30, 2025, with no shopping center acquisitions - During the six months ended June 30, 2025, the company acquired Land at Suffolk Plaza (New York-Newark-Jersey City, NY-NJ) on January 27, 2025, for **$3.1 million**, in connection with a future redevelopment project[54](index=54&type=chunk)[55](index=55&type=chunk) - There were no acquisitions of shopping centers completed during the three months ended June 30, 2025[54](index=54&type=chunk) [Dispositions](index=21&type=section&id=DISPOSITIONS) This section details property dispositions, including partial sales, for the three and six months ended June 30, 2025, providing sale prices, GLA, and major tenants Dispositions (Three Months Ended June 30, 2025) | Property Name | Sale Date | Sale Price (USD) | GLA | Major Tenants | | :--------------------------------------- | :-------- | :--------------- | :------ | :--------------------------------------- | | Springfield Place - ShopRite (partial sale) | 4/7/25 | 8.35 million | 32,209 | ShopRite (Village Supermarket) | | Williamson Square - Grace Church Nashville (partial sale) | 4/10/25 | 10.0 million | 26,602 | Grace Church Nashville | | Roxboro Square | 5/6/25 | 4.0 million | 29,900 | - | | **Total** | | **22.35 million** | **88,711** | | - Total dispositions for the six months ended June 30, 2025, amounted to **$45.1 million**, encompassing **404,945 GLA**[57](index=57&type=chunk) [Anchor Space Repositioning Summary](index=22&type=section&id=ANCHOR%20SPACE%20REPOSITIONING%20SUMMARY) This section summarizes in-process and stabilized anchor space repositioning projects, detailing descriptions, estimated costs, and expected NOI yields - There are **13 in-process** anchor space repositioning projects with total net estimated gross costs of **$63.4 million** and expected NOI yields ranging from **7% to 14%**. One new project, Old Bridge Gateway, was added in Q2 2025 to remerchandise former space with a **22K SF Ross Dress for Less**[60](index=60&type=chunk) - Two anchor space repositioning projects stabilized during Q2 2025: Rivercrest Shopping Center (Chicago) remerchandised former Best Buy with Tony's Fresh Market, and Bedford Grove (Manchester) remerchandised former Bed Bath & Beyond with Planet Fitness. In total, **6 projects stabilized** with net project costs of **$27.05 million** and a **14% NOI yield**[60](index=60&type=chunk) [Outparcel Development Summary](index=23&type=section&id=OUTPARCEL%20DEVELOPMENT%20SUMMARY) This section details in-process and stabilized outparcel development projects, including descriptions, estimated costs, and expected NOI yields - There are **9 in-process** outparcel development projects with total net estimated costs of **$5.7 million** and a weighted average expected NOI yield of **26%**. New projects added in Q2 2025 include the demolition and construction of a Fifth Third Bank at Coconut Creek Plaza and a Mavis Tire at Beltway South[63](index=63&type=chunk) - One outparcel development project stabilized during Q2 2025: Redford Plaza (Detroit) with the construction of a **4K SF Clean Express Auto Wash**, incurring net project costs of **$0.35 million** and achieving a **26% NOI yield**. In total, **3 projects stabilized** with net project costs of **$6.95 million** and a weighted average **10% NOI yield**[63](index=63&type=chunk) [Redevelopment Summary](index=24&type=section&id=REDEVELOPMENT%20SUMMARY) This section outlines in-process and stabilized redevelopment projects, detailing descriptions, acreage, estimated costs, and expected NOI yields - There are **15 in-process** redevelopment projects with total net estimated costs of **$305.2 million** and a weighted average expected NOI yield of **10%**. These projects include significant reconfigurations and new constructions, such as a **25K SF Nordstrom Rack** at The Davis Collection and a **111K SF Target** at Wynnewood Village[67](index=67&type=chunk) - One redevelopment project stabilized during Q2 2025: WaterTower Plaza (Worcester, MA), involving the redevelopment of former Shaw's space for a **46K SF grocer**, an **11K SF Five Below**, and a **9K SF Ulta**, with net project costs of **$11.2 million** and a **10% NOI yield**[69](index=69&type=chunk) [Future Redevelopment Opportunities](index=26&type=section&id=FUTURE%20REDEVELOPMENT%20OPPORTUNITIES) This section lists potential major and minor redevelopment opportunities, outlining future plans for site densification, remerchandising, and new components - Major redevelopment opportunities include projects like Village at Mira Mesa (potential residential rental component), Venetian Isle Shopping Ctr (new anchor prototype, potential outparcel development), and Kings Park Plaza (remerchandise with multiple retailers, potential multi-family component)[73](index=73&type=chunk) - Minor redevelopment opportunities include repositioning former anchor spaces for multiple retailers, site densification with outparcel pad development, and general shopping center repositioning across various CBSAs[73](index=73&type=chunk) - Suffolk Plaza (New York-Newark-Jersey City, NY-NJ) was added to the pipeline during Q2 2025, with plans for site densification including multi-tenant outparcel development[74](index=74&type=chunk) **Portfolio Summary** This section provides a detailed overview of the company's property portfolio, leasing activities, and geographic distribution [Portfolio Overview](index=29&type=section&id=PORTFOLIO%20OVERVIEW) This section presents key portfolio statistics, including number of properties, GLA, occupancy rates, and ABR per square foot across various unit sizes Portfolio Statistics (As of June 30, 2025 vs. June 30, 2024) | Metric | 6/30/25 | 6/30/24 | Change | | :--------------------------------------- | :------ | :------ | :----- | | Number of properties | 360 | 360 | 0 | | GLA (SF) | 63.62 million | 63.75 million | -0.2% | | Percent billed | 89.7% | 91.4% | -1.7 pp | | Percent leased | 94.2% | 95.4% | -1.2 pp | | ABR (USD) | 1.02 billion | 987.7 million | +3.0% | | ABR PSF (USD) | $18.07 | $17.26 | +4.7% | Portfolio by Unit Size (As of June 30, 2025) | Unit Size | Percent of GLA | Percent Billed | Percent Leased | Percent of ABR | ABR PSF (USD) | | :--------------------------------------- | :------------- | :------------- | :------------- | :------------- | :------------ | | ≥ 10,000 SF (Anchor) | 67.8% | 91.1% | 95.6% | 49.2% | $13.08 | | < 10,000 SF (Small Shop) | 32.2% | 86.8% | 91.2% | 50.8% | $28.67 | [Portfolio Composition](index=30&type=section&id=PORTFOLIO%20COMPOSITION) This section breaks down the portfolio's Annualized Base Rent (ABR) by merchandise mix, highlighting the largest categories Merchandise Mix by ABR (As of June 30, 2025) | Category | ABR (USD) | Percent of ABR | | :--------------------------------------- | :---------- | :------------- | | Restaurants | 178.0 million | 18% | | Grocery | 142.3 million | 14% | | Personal services | 81.7 million | 8% | | Off-price apparel | 69.0 million | 7% | | Fitness / sports | 64.4 million | 6% | | Medical | 56.7 million | 6% | | Value apparel, shoes, accessories | 53.3 million | 5% | | General merchandise (department, gift, etc.) | 44.8 million | 4% | | Home décor | 43.3 million | 4% | | Health & beauty | 34.1 million | 3% | | Entertainment | 28.3 million | 3% | | Pet | 28.1 million | 3% | | Financial services | 26.8 million | 3% | | General merchandise (discount / dollar) | 24.1 million | 2% | | Hobby & crafts | 23.6 million | 2% | | Electronics & appliance | 22.8 million | 2% | | Home improvement | 18.0 million | 2% | | Sporting goods | 16.4 million | 2% | | Other | 62.1 million | 6% | | **TOTAL** | **1.02 billion** | **100%** | [Top Forty Retailers Ranked by ABR](index=31&type=section&id=TOP%20FORTY%20RETAILERS%20RANKED%20BY%20ABR) This section lists the top forty retailers by Annualized Base Rent (ABR), including their leased GLA, percentage of GLA, ABR, and ABR per square foot Top 5 Retailers by ABR (As of June 30, 2025) | Rank | Retailer | ABR (USD) | Percent of ABR | | :--- | :--------------------------------------- | :---------- | :------------- | | 1 | The TJX Companies, Inc. | 33.1 million | 3.2% | | 2 | The Kroger Co. | 23.3 million | 2.3% | | 3 | Burlington Stores, Inc. | 21.0 million | 2.1% | | 4 | Dollar Tree Stores, Inc. | 16.7 million | 1.6% | | 5 | Ross Stores, Inc | 16.0 million | 1.6% | - The top 40 retailers collectively account for **37.1%** of the total GLA and **32.3%** of the total ABR[87](index=87&type=chunk) [New & Renewal Lease Summary](index=32&type=section&id=NEW%20%26%20RENEWAL%20LEASE%20SUMMARY) This section provides detailed statistics on new, renewal, and option leases, including GLA, ABR, rent spreads, and lease terms, by anchor and small shop spaces Total - New, Renewal & Option Leases (Three Months Ended June 30, 2025) | Metric | Leases | GLA (SF) | New ABR (USD) | New ABR PSF (USD) | Old ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :----- | :--------- | :------------ | :---------------- | :---------------- | :---------- | | Total | 459 | 2.47 million | 51.1 million | $20.72 | $16.75 | 19.4% | New Leases (Three Months Ended June 30, 2025) | Metric | Leases | GLA (SF) | New ABR (USD) | New ABR PSF (USD) | Old ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :----- | :--------- | :------------ | :---------------- | :---------------- | :---------- | | New Leases | 153 | 0.92 million | 20.5 million | $22.17 | $14.21 | 43.8% | Renewal Leases (Three Months Ended June 30, 2025) | Metric | Leases | GLA (SF) | New ABR (USD) | New ABR PSF (USD) | Old ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :----- | :--------- | :------------ | :---------------- | :---------------- | :---------- | | Renewal Leases | 247 | 0.79 million | 20.2 million | $25.72 | $22.34 | 15.1% | Leases by Anchor and Small Shop (Three Months Ended June 30, 2025) | Category | % of Leases | GLA (SF) | % of GLA | % of ABR | New ABR PSF (USD) | Rent Spread | | :--------------------------------------- | :---------- | :--------- | :--------- | :--------- | :---------------- | :---------- | | Anchor Leases (≥ 10,000 SF) - New & Renewal | 9% | 0.79 million | 46% | 32% | $16.57 | 44.0% | | Small Shop Leases (< 10,000 SF) - New & Renewal | 91% | 0.92 million | 54% | 68% | $30.06 | 17.0% | [New Lease Net Effective Rent & Leases Signed But Not Yet Commenced](index=34&type=section&id=NEW%20LEASE%20NET%20EFFECTIVE%20RENT%20%26%20LEASES%20SIGNED%20BUT%20NOT%20YET%20COMMENCED) This section details new lease net effective rent, including adjustments for tenant improvements and commissions, and lists leases signed but not yet commenced New Lease Net Effective Rent (Twelve Months Ended June 30, 2025) | Metric | Amount (USD) | | :--------------------------------------- | :----------- | | Weighted average base rent over lease term | $24.25 | | Tenant improvements and allowances | ($1.00) | | Third-party leasing commissions | ($0.71) | | Net effective rent before tenant specific landlord work | $22.54 | | Tenant specific landlord work | ($1.99) | | **Net effective rent** | **$20.55** | Leases Signed But Not Yet Commenced (As of June 30, 2025) | Category | Leases | GLA (SF) | ABR (USD) | ABR PSF (USD) | | :--------------------------------------- | :----- | :--------- | :---------- | :------------ | | ≥ 10,000 SF | 81 | 2.17 million | 32.1 million | $14.79 | | < 10,000 SF | 319 | 1.02 million | 35.0 million | $34.44 | | **TOTAL** | **400** | **3.19 million** | **67.1 million** | **$21.05** | - Projected lease commencements for leases signed but not yet commenced include **$40.9 million** in ABR for the remaining 2025, **$21.5 million** for 2026, and **$4.8 million** for 2027 and beyond[97](index=97&type=chunk) [Lease Expiration Schedule](index=35&type=section&id=LEASE%20EXPIRATION%20SCHEDULE) This section provides a lease expiration schedule for the total portfolio, and for anchor and small shop spaces, under both renewal and non-renewal scenarios Lease Expiration Schedule (Total Portfolio, Assuming No Renewal Options, As of June 30, 2025) | Year | Number of Leases | Leased GLA (SF) | % of Leased GLA | % of In Place ABR | ABR PSF at Expiration (USD) | | :--- | :--------------- | :-------------- | :-------------- | :---------------- | :-------------------------- | | M-M | 188 | 0.72 million | 1.2% | 1.1% | $15.38 | | 2025 | 299 | 1.51 million | 2.5% | 2.0% | $13.31 | | 2026 | 1,006 | 6.85 million | 11.4% | 10.0% | $14.99 | | 2027 | 1,100 | 8.25 million | 13.8% | 13.0% | $16.34 | | 2028 | 1,081 | 6.89 million | 11.5% | 12.0% | $18.33 | | 2029 | 966 | 8.28 million | 13.8% | 12.9% | $16.43 | | 2030 | 874 | 7.64 million | 12.8% | 11.9% | $16.90 | | 2031 | 411 | 3.41 million | 5.7% | 5.7% | $19.00 | | 2032 | 382 | 2.73 million | 4.6% | 4.9% | $20.62 | | 2033 | 408 | 3.02 million | 5.0% | 5.8% | $21.67 | | 2034 | 431 | 3.57 million | 6.0% | 6.5% | $20.93 | | 2035+ | 716 | 7.04 million | 11.7% | 14.2% | $24.71 | - The lease retention rate at natural expiration for the twelve months ended June 30, 2025, was **79.8% by count** and **84.4% by GLA**[102](index=102&type=chunk) [Major CBSA Detail](index=36&type=section&id=MAJOR%20CBSA%20DETAIL) This section breaks down properties by Core-Based Statistical Area (CBSA), detailing GLA, occupancy rates, and ABR per square foot for key US and Brixmor CBSAs Properties by Largest US CBSAs (As of June 30, 2025) | Category | Number of Properties | GLA (SF) | Percent Billed | Percent Leased | ABR (USD) | ABR PSF (USD) | Percent of GLA | Percent of ABR | | :--------------------------------------- | :------------------- | :--------- | :------------- | :------------- | :---------- | :------------ | :------------- | :------------- | | Top 50 Largest US CBSAs by Population | 249 | 43.34 million | 89.8% | 94.4% | 724.2 million | $18.75 | 68.1% | 71.1% | | CBSAs Ranked 51 - 100 by Population | 37 | 7.40 million | 87.5% | 93.1% | 102.4 million | $16.62 | 11.6% | 10.1% | | Other CBSAs | 74 | 12.88 million | 90.7% | 94.0% | 191.2 million | $16.58 | 20.3% | 18.8% | | **TOTAL** | **360** | **63.62 million** | **89.7%** | **94.2%** | **1.02 billion** | **$18.07** | **100.0%** | **100.0%** | Brixmor's Top 5 Largest CBSAs by ABR (As of June 30, 2025) | Rank | CBSA | Number of Properties | GLA (SF) | Percent Billed | Percent Leased | ABR (USD) | ABR PSF (USD) | Percent of GLA | Percent of ABR | | :--- | :--------------------------------------- | :------------------- | :--------- | :------------- | :------------- | :---------- | :------------ | :------------- | :------------- | | 1 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 21 | 3.97 million | 92.6% | 96.9% | 76.2 million | $22.89 | 6.3% | 7.6% | | 2 | New York-Newark-Jersey City, NY-NJ | 27 | 3.22 million | 87.1% | 94.2% | 73.9 million | $24.79 | 5.0% | 7.3% | | 3 | Houston-Pasadena-The Woodlands, TX | 30 | 4.01 million | 87.1% | 93.6% | 59.2 million | $16.27 | 6.2% | 5.8% | | 4 | Chicago-Naperville-Elgin, IL-IN | 15 | 3.83 million | 83.7% | 90.2% | 55.2 million | $16.44 | 6.0% | 5.4% | | 5 | Dallas-Fort Worth-Arlington, TX | 13 | 2.72 million | 86.4% | 96.0% | 54.5 million | $22.07 | 4.3% | 5.4% | [Properties by State](index=39&type=section&id=PROPERTIES%20BY%20STATE) This section lists the company's properties by state, detailing the number of properties, GLA, occupancy rates, and ABR per square foot for each Top 5 States by ABR (As of June 30, 2025) | Rank | State | Number of Properties | GLA (SF) | Percent Billed | Percent Leased | ABR (USD) | ABR PSF (USD) | Percent of GLA | Percent of ABR | | :--- | :---------- | :------------------- | :--------- | :------------- | :------------- | :---------- | :------------ | :------------- | :------------- | | 1 | Florida | 48 | 8.45 million | 92.4% | 95.2% | 141.5 million | $18.07 | 13.3% | 13.9% | | 2 | Texas | 48 | 7.41 million | 87.2% | 94.3% | 122.9 million | $18.43 | 11.6% | 12.1% | | 3 | California | 28 | 5.20 million | 90.4% | 95.8% | 118.5 million | $25.01 | 8.2% | 11.6% | | 4 | New York | 27 | 3.44 million | 87.4% | 93.3% | 73.8 million | $23.58 | 5.3% | 7.4% | | 5 | Pennsylvania | 23 | 4.29 million | 91.4% | 96.5% | 73.1 million | $21.68 | 6.6% | 7.3% | [Property List](index=40&type=section&id=PROPERTY%20LIST) This section provides a comprehensive list of all properties, detailing city, state, CBSA, GLA, occupancy rates, ABR, ABR per square foot, and major tenants - The company's portfolio comprises **360 properties** across various states and Core-Based Statistical Areas (CBSAs). Each property entry details specific characteristics such as GLA, percent leased, ABR, ABR PSF, and lists major tenants[118](index=118&type=chunk)[142](index=142&type=chunk) - Several properties are currently undergoing redevelopment, including The Davis Collection (CA), Puente Hills Town Center (CA), Burlington Square I, II & III (MA), WaterTower Plaza (MA), Westridge Court / Block 59 (IL), Tinley Park Plaza (IL), Wynnewood Village (TX), Jones Plaza (TX), and Preston Park Village (TX)[118](index=118&type=chunk)[120](index=120&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk)[139](index=139&type=chunk)[143](index=143&type=chunk) - An example property, Springdale in Mobile, AL, has a GLA of **398,701**, is **73.1% leased**, with an ABR of **$3.36 million** and ABR PSF of **$11.88**. Major tenants include Sam's Club*, Burlington Stores, Marshalls, and Ulta[118](index=118&type=chunk)