Brixmor Property : 2Q2023 Supplemental Disclosure

Supplemental

Disclosure

Quarter ended June 30, 2023

450 Lexington Avenue : New York, NY 10017 : 800.468.7526

FOR IMMEDIATE RELEASE

CONTACT:

Stacy Slater

Senior Vice President, Investor Relations 800.468.7526 [e-mail]

BRIXMOR PROPERTY GROUP REPORTS SECOND QUARTER 2023 RESULTS

NEW YORK, JULY 31, 2023 - Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and six months ended June 30, 2023. For the three months ended June 30, 2023 and 2022, net income was $0.19 per diluted share and $0.29 per diluted share, respectively.

Key highlights for the three months ended June 30, 2023 include:

• Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 15.4%, including 0.6 million square feet of new leases, with rent spreads on comparable space of 22.4%
• Sequentially increased total leased occupancy to a record 94.1%, anchor leased occupancy to 96.2%, and small shop leased occupancy to a record 89.4%
• • Leased to billed occupancy spread totaled 370 basis points
  • Total signed but not yet commenced lease population represented 2.7 million square feet and $56.7 million of annualized base rent
• Reported an increase in same property NOI of 2.7%, including a contribution from base rent of 520 basis points
• Reported Nareit FFO of $157.1 million, or $0.52 per diluted share
• Stabilized $6.3 million of reinvestment projects at an average incremental NOI yield of 22%, with the in process reinvestment pipeline totaling $435.5 million at an expected average incremental NOI yield of 8%
• Completed $1.8 million of acquisitions and $26.8 million of dispositions
• The Company's operating partnership, Brixmor Operating Partnership LP (the "Operating Partnership"), repurchased $199.6 million of its 3.650% Senior Notes due 2024 pursuant to a cash tender offer (the "Tender Offer"). The Tender Offer was funded with proceeds from the Operating Partnership's previously disclosed $200.0 million delayed draw term loan
• Appointed Sheryl M. Crosland, an independent director since 2016, as chair of the Company's board of directors following the retirement of John G. Schreiber, and Sandra A. J. Lawrence as chair of the Company's audit committee

Subsequent events:

• Completed $14.5 million of dispositions
• Appointed John Peter Suarez, retired Executive Vice President, Regional Chief Executive Officer and Chief Administration Officer, Walmart International, to the Company's board of directors
• Published the Company's annual Corporate Responsibility Report on July 5, 2023 (view the 2022 report at https://www.brixmor.com/ corporate-responsibility)
• Updated previously provided NAREIT FFO per diluted share expectations for 2023 to $1.99 - $2.04 from $1.97 - $2.04 and same property NOI growth expectations for 2023 to 2.5% - 3.5% from 2.0% - 3.5%

"I'm very pleased with how the Brixmor team continues to deliver under our value add strategy," commented James Taylor, CEO and President. "Our team's superior execution and continued momentum is reflected across all of our metrics, from leasing spreads, to occupancy, to rate, to NOI growth to bottom line FFO. As we look forward, that same execution also provides superior visibility on our continued outperformance."

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526

FINANCIAL HIGHLIGHTS

Net Income

• For the three months ended June 30, 2023 and 2022, net income was $56.4 million, or $0.19 per diluted share, and $87.8 million, or $0.29 per diluted share, respectively.
• For the six months ended June 30, 2023 and 2022, net income was $168.7 million, or $0.56 per diluted share, and $167.3 million, or $0.56 per diluted share, respectively.

Nareit FFO

• For the three months ended June 30, 2023 and 2022, Nareit FFO was $157.1 million, or $0.52 per diluted share, and $148.9 million, or $0.49 per diluted share, respectively. Results for the three months ended June 30, 2023 and 2022 include items that impact FFO comparability, including transaction expenses, net, litigation and other non-routine legal expenses, and gain (loss) on extinguishment of debt, net, of $4.3 million, or $0.01 per diluted share, and $(1.4) million, or $(0.00) per diluted share, respectively.
• For the six months ended June 30, 2023 and 2022, Nareit FFO was $308.7 million, or $1.02 per diluted share, and $294.3 million, or $0.98 per diluted share, respectively. Results for the six months ended June 30, 2023 and 2022 include items that impact FFO comparability, including transaction expenses, net, litigation and other non-routine legal expenses, and gain (loss) on extinguishment of debt, net, of $4.3 million, or $0.01 per diluted share, and $(1.4) million, or $(0.00) per diluted share, respectively.

Same Property NOI Performance

• For the three months ended June 30, 2023, the Company reported an increase in same property NOI of 2.7% versus the comparable 2022 period.
• For the six months ended June 30, 2023, the Company reported an increase in same property NOI of 3.9% versus the comparable 2022 period.

Dividend

• The Company's Board of Directors declared a quarterly cash dividend of $0.26 per common share (equivalent to $1.04 per annum) for the third quarter of 2023.
• The dividend is payable on October 16, 2023 to stockholders of record on October 3, 2023, representing an ex-dividend date of October 2, 2023.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

• During the three months ended June 30, 2023, the Company stabilized five value enhancing reinvestment projects with a total aggregate net cost of approximately $6.3 million at an average incremental NOI yield of 22% and added eight new reinvestment projects to its in process pipeline. Projects added include three anchor space repositioning projects, two outparcel development projects, and three redevelopment projects, with a total aggregate net estimated cost of approximately $77.1 million at an expected average incremental NOI yield of 8%.
• At June 30, 2023, the value enhancing reinvestment in process pipeline was comprised of 50 projects with an aggregate net estimated cost of approximately $435.5 million at an expected average incremental NOI yield of 8%. The in process pipeline includes 17 anchor space repositioning projects with an aggregate net estimated cost of approximately $78.3 million at an expected incremental NOI yield of 7% - 14%; 11 outparcel development projects with an aggregate net estimated cost of approximately $23.3 million at an expected average incremental NOI yield of 9%; and 22 redevelopment projects with an aggregate net estimated cost of approximately $333.9 million at an expected average incremental NOI yield of 8%.

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526

• An in-depth review of a recent outparcel development project, which highlights the Company's reinvestment capabilities, Plaza By The Sea (Los Angeles-LongBeach-Anaheim, CA CBSA), can be found at this link: https://www.brixmor.com/blog/creating-value-in-san-clemente.
• Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.

Acquisitions

• During the three and six months ended June 30, 2023, the Company terminated a ground lease and acquired the associated land parcel at an existing center for $1.8 million.

Dispositions

• During the three months ended June 30, 2023, the Company generated approximately $26.8 million of gross proceeds on the disposition of two shopping centers, as well as five partial properties, comprised of 0.2 million square feet of gross leasable area.
• During the six months ended June 30, 2023, the Company generated approximately $151.3 million of gross proceeds on the disposition of eight shopping centers, as well as seven partial properties, comprised of 1.2 million square feet of gross leasable area.
• Subsequent to June 30, 2023, the Company disposed of one shopping center for $14.5 million of gross proceeds.

CAPITAL STRUCTURE

• On April 25, 2023, the Operating Partnership repurchased $199.6 million of its 3.650% Senior Notes due 2024 pursuant to the Tender Offer. In connection with the Tender Offer, the Company recognized a gain on extinguishment of debt of $4.4 million, or $0.01 per diluted share, in the second quarter of 2023.
• The Operating Partnership funded the Tender Offer with proceeds from its previously disclosed $200.0 million delayed draw term loan, which was drawn on April 24, 2023. The $200.0 million delayed draw term loan is swapped to a fixed, combined rate of 3.59% (plus a spread of 120 basis points and SOFR adjustment of 10 basis points) through the maturity of the term loan on July 26, 2027.
• At June 30, 2023, the Company had $1.3 billion in liquidity and no debt maturities until June 2024.

GUIDANCE

• The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2023 to $1.99 - $2.04 from $1.97 - $2.04 and same property NOI growth expectations for 2023 to 2.5% - 3.5% from 2.0% - 3.5%.
• Expectations for 2023 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, including transaction expenses, net, litigation and other non- routine legal expenses, and gain or loss on future extinguishment of debt or any one-time items
• The following table provides a reconciliation of the range of the Company's 2023 estimated net income to Nareit FFO:

			2023E Per
(Unaudited, dollars in millions, except per share amounts)	2023E		Diluted Share
Net income	$284 - $299	$0.94 - $0.99
Depreciation and amortization related to real estate	351	1.16
Gain on sale of real estate assets	(52)	(0.17)
Impairment of real estate assets	18	0.06
Nareit FFO	$601 - $616	$1.99 - $2.04

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450 Lexington Avenue : New York, NY 10017 : 800.468.7526

CONNECT WITH BRIXMOR

• 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.

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, August 1, 2023 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 midnight ET on August 15, 2023 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode:13738796) or via the web through August 1, 2024 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 [e-mail] or 800.468.7526.

NON-GAAP PERFORMANCE MEASURES

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

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.

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