BRIXMOR PROPERTY GROUP SECOND QUARTER RESULTS DEMONSTRATE CONTINUED OPERATIONAL STRENGTH, WITH RECORD SMALL SHOP OCCUPANCY AND RECORD SIGNED BUT NOT YET COMMENCED RENT; FURTHER INCREASES 2026 OUTLOOK

BRIXMOR PROPERTY GROUP SECOND QUARTER RESULTS DEMONSTRATE CONTINUED OPERATIONAL STRENGTH, WITH RECORD SMALL SHOP OCCUPANCY AND RECORD SIGNED BUT NOT YET COMMENCED RENT; FURTHER INCREASES 2026 OUTLOOK NEW YORK, July 27, 2026 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and six months ended June 30, 2026. For the three months ended June 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.24 per diluted share and $0.28 per diluted share, respectively, and for the six months ended June 30, 2026 and 2025, net income attributable to Brixmor Property Group Inc. was $0.65 per diluted share and $0.50 per diluted share, respectively.

Key highlights for the three months ended June 30, 2026 include:

Subsequent events:

"Our team continued to execute at a high level during the second quarter, delivering strong leasing spreads, record small shop occupancy, and a record signed but not yet commenced rent pipeline," commented Brian T. Finnegan, Chief Executive Officer and President. "The embedded growth within our portfolio, combined with the momentum from our reinvestment program and recent acquisitions, provides outstanding visibility into future earnings growth and underpins our increased outlook for 2026."

FINANCIAL HIGHLIGHTS

(Unaudited, dollars in millions, except per share amounts)

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Net income attributable to Brixmor Property Group Inc.

$73.5

$85.1

$201.3

$154.9

Net income attributable to Brixmor Property Group Inc. per diluted share

$0.24

$0.28

$0.65

$0.50

Nareit FFO

$178.6

$171.5

$358.1

$342.6

Nareit FFO per diluted share

$0.58

$0.56

$1.16

$1.11

Items that impact FFO comparability

$(0.0)

$(0.3)

$(0.1)

$(0.3)

Items that impact FFO comparability, net per share

$(0.00)

Same Property NOI Performance

Dividend

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

(Dollars in millions)

Number of Projects

Net Estimated Costs

Expected NOI Yield

Anchor space repositioning

$79.2

7% - 14%

Outparcel development

23.0

14 %

Redevelopment

245.7

10 %

Total

$347.8

10 %

Acquisitions

Dispositions

CAPITAL STRUCTURE

GUIDANCE

(Unaudited, dollars in millions, except per share amounts)

2026E

2026E Per

Diluted Share

Net income attributable to Brixmor Property Group Inc.

$353 - $359

$1.14 - $1.16

Depreciation and amortization related to real estate

427

1.39

Gain on sale of real estate assets

(62)

(0.20)

Impairment of real estate assets

0.02

Nareit FFO

$724 - $730

$2.35 - $2.37

CONNECT WITH BRIXMOR

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, July 28, 2026 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through August 11, 2026 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13760501) or via the web through July 28, 2027 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 [email protected] 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 (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 (calculated in accordance with GAAP) that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Same Property NOI

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

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

Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are supplemental non-GAAP measures utilized to evaluate the performance of real estate companies in relation to outstanding debt. Net principal debt is calculated as Debt obligations, net (calculated in accordance with GAAP) excluding net unamortized premium or discount and deferred financing fees less cash, cash equivalents, and restricted cash. Adjusted EBITDA is calculated as the sum of net income (calculated in accordance with GAAP) before non-controlling interests excluding (i) interest expense, (ii) federal and state taxes, (iii) depreciation and amortization, (iv) gains and losses from the sale of certain real estate assets, (v) gains and losses from change in control, (vi) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, (vii) gain (loss) on extinguishment of debt, net, and (viii) other items that the Company believes are not indicative of the Company's operating performance. Net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are calculated as net principal debt divided by quarterly annualized adjusted EBITDA or trailing twelve month adjusted EBITDA, respectively. Considering the nature of its business as a real estate owner and operator, the Company believes that net principal debt to adjusted EBITDA, current quarter annualized and net principal debt to adjusted EBITDA, trailing twelve months are useful to investors in measuring its operating performance because they exclude items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the operating performance of the Company's real estate, are widely known and understood measures of performance, independent of a company's capital structure and items which can make periodic and peer analyses of performance more difficult, and can provide investors with a more consistent basis by which to compare the Company with its peers.

ABOUT BRIXMOR PROPERTY GROUP

Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 346 retail centers comprise approximately 63 million square feet of prime retail space in established trade areas. Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

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

SAFE HARBOR LANGUAGE

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international geopolitical conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (10) cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

CONSOLIDATED BALANCE SHEETS

Unaudited, dollars in thousands, except share information

As of

6/30/2026

12/31/2025

Assets

Real estate

Land

$ 1,864,583

$ 1,849,779

Buildings and tenant improvements

9,430,205

9,296,849

Construction in progress

65,546

92,129

Lease intangibles

559,484

548,740

11,919,818

11,787,497

Accumulated depreciation and amortization

(3,708,299)

(3,588,646)

Real estate, net

8,211,519

8,198,851

Cash and cash equivalents

170,889

334,422

Restricted cash

15,230

27,108

Marketable securities

23,504

21,283

Receivables, net, including straight-line rent receivables of $249,808 and $237,837, respectively

305,579

315,128

Deferred charges and prepaid expenses, net

173,752

169,326

Real estate assets held for sale

4,551

Other assets

106,239

62,468

Total assets

$ 9,006,712

$ 9,133,137

Liabilities

Debt obligations, net

$ 5,322,423

$ 5,494,753

Accounts payable, accrued expenses and other liabilities

631,703

628,328

Total liabilities

5,954,126

6,123,081

Redeemable non-controlling interests

30,643

Equity

Common stock, $0.01 par value; authorized 3,000,000,000 shares;

315,999,308 and 315,231,761 shares issued and 306,872,316 and 306,104,769

shares outstanding

3,068

3,061

Additional paid-in capital

3,427,652

3,437,853

Accumulated other comprehensive income

12,140

1,722

Distributions in excess of net income

(421,159)

(432,822)

Total stockholders' equity

3,021,701

3,009,814

Non-controlling interests

242

Total equity

3,021,943

3,010,056

Total liabilities and equity

$ 9,006,712

$ 9,133,137

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Revenues

Rental income

$ 353,892

$ 339,397

$ 708,229

$ 676,638

Other revenues

307

789

366

Total revenues

354,199

339,492

709,018

677,004

Operating expenses

Operating costs

44,227

39,877

86,141

79,088

Real estate taxes

44,279

43,559

89,682

88,452

Depreciation and amortization

110,258

103,277

215,460

208,874

Impairment of real estate assets

5,974

General and administrative

27,858

29,093

56,050

57,266

Total operating expenses

232,596

215,806

453,307

433,680

Other income (expense)

Dividends and interest

3,912

1,190

7,117

2,896

Interest expense

(60,898)

(54,409)

(120,290)

(108,493)

Gain on sale of real estate assets

9,820

15,755

61,917

18,825

Loss on extinguishment of debt, net

(296)

Other

(775)

(780)

(3,036)

(1,373)

Total other expense

(47,941)

(38,540)

(54,292)

(88,441)

Net income

73,662

85,146

201,419

154,883

Net income attributable to non-controlling interests

(151)

(7)

(158)

(15)

Net income attributable to Brixmor Property Group Inc.

$ 73,511

$ 85,139

$ 201,261

$ 154,868

Net income attributable to Brixmor Property Group Inc. per common share:

Basic

$ 0.24

$ 0.28

$ 0.65

$ 0.50

Diluted

$ 0.24

$ 0.28

$ 0.65

$ 0.50

Weighted average shares:

Basic

307,183

306,975

307,115

306,923

Diluted

307,920

307,609

307,695

307,547

FUNDS FROM OPERATIONS (FFO)

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Net income attributable to Brixmor Property Group Inc.

$ 73,511

$ 85,139

$ 201,261

$ 154,868

Depreciation and amortization related to real estate

108,890

102,091

212,809

206,539

Gain on sale of real estate assets

(9,820)

(15,755)

(61,917)

(18,825)

Impairment of real estate assets

5,974

Nareit FFO

$ 178,555

$ 171,475

$ 358,127

$ 342,582

Nareit FFO per diluted share

$ 0.58

$ 0.56

$ 1.16

$ 1.11

Weighted average diluted shares outstanding

307,920

307,609

307,695

307,547

Items that impact FFO comparability

Transaction expenses, net

$ (1)

$ (50)

$ (22)

Loss on extinguishment of debt, net

(296)

Total items that impact FFO comparability

$ (1)

$ (297)

$ (50)

$ (318)

Items that impact FFO comparability, net per share

$ (0.00)

Additional Disclosures

Straight-line rental income, net

$ 5,854

$ 9,781

$ 13,793

$ 17,262

Accretion of below-market leases, net of amortization of above-market leases and tenant inducements

3,689

4,174

7,798

6,689

Straight-line ground rent expense, net (1)

(161)

(141)

(321)

(275)

Dividends declared per share

$ 0.3075

$ 0.2875

$ 0.6150

$ 0.5750

Dividends declared

$ 94,363

$ 88,004

$ 188,715

$ 175,995

Dividend payout ratio (as % of Nareit FFO)

52.8 %

51.3 %

52.7 %

51.4 %

(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.

SAME PROPERTY NOI ANALYSIS

Unaudited, dollars in thousands

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

Change

6/30/2026

6/30/2025

Change

Same Property NOI Analysis

Number of properties

337

- %

337

- %

Percent billed

90.3 %

89.8 %

0.5 %

90.3 %

89.8 %

0.5 %

Percent leased

94.7 %

94.4 %

0.3 %

94.7 %

94.4 %

0.3 %

Revenues

Base rent

$ 239,766

$ 229,431

$ 477,353

$ 457,597

Expense reimbursements

78,510

73,423

157,569

149,188

Revenues deemed uncollectible

(1,495)

(2,318)

(3,071)

(4,698)

Ancillary and other rental income / Other revenues

10,469

8,979

18,801

14,567

Percentage rents

2,774

7,754

6,717

330,024

312,289

5.7 %

658,406

623,371

5.6 %

Operating expenses

Operating costs

(41,787)

(38,177)

(81,351)

(75,619)

Real estate taxes

(42,813)

(42,157)

(86,407)

(85,429)

(84,600)

(80,334)

5.3 %

(167,758)

(161,048)

4.2 %

Same property NOI

$ 245,424

$ 231,955

5.8 %

$ 490,648

$ 462,323

6.1 %

NOI margin

74.4 %

74.3 %

74.5 %

74.2 %

Expense recovery ratio

92.8 %

91.4 %

93.9 %

92.6 %

Percent Contribution to Same Property NOI Performance:

Change

Percent

Contribution

Change

Percent

Contribution

Base Rent

$ 10,335

4.4 %

$ 19,756

4.3 %

Revenues deemed uncollectible

823

0.4 %

1,627

0.3 %

Net expense reimbursements

821

0.4 %

1,671

0.4 %

Ancillary and other rental income / Other revenues

1,490

0.6 %

4,234

0.9 %

Percentage rents

0.0 %

1,037

0.2 %

5.8 %

6.1 %

Reconciliation of Net income attributable to Brixmor Property Group Inc. to Same Property NOI

Net income attributable to Brixmor Property Group Inc.

$ 73,511

$ 85,139

$ 201,261

$ 154,868

Adjustments:

Non-same property NOI

(8,145)

(8,935)

(16,905)

(18,002)

Lease termination fees

(2,742)

(1,352)

(4,372)

(5,463)

Straight-line rental income, net

(5,854)

(9,781)

(13,793)

(17,262)

Accretion of below-market leases, net of amortization of above-market leases and tenant inducements

(3,689)

(4,174)

(7,798)

(6,689)

Straight-line ground rent expense, net

161

141

321

275

Depreciation and amortization

110,258

103,277

215,460

208,874

Impairment of real estate assets

5,974

General and administrative

27,858

29,093

56,050

57,266

Total other expense

47,941

38,540

54,292

88,441

Net income attributable to non-controlling interests

151

158

Same Property NOI

$ 245,424

$ 231,955

$ 490,648

$ 462,323

EBITDA & RECONCILIATION OF DEBT OBLIGATIONS, NET TO NET PRINCIPAL DEBT

Unaudited, dollars in thousands

Three Months Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Net income

$ 73,662

$ 85,146

$ 201,419

$ 154,883

Interest expense

60,898

54,409

120,290

108,493

Federal and state taxes

744

753

1,683

1,460

Depreciation and amortization

110,258

103,277

215,460

208,874

EBITDA

245,562

243,585

538,852

473,710

Gain on sale of real estate assets

(9,820)

(15,755)

(61,917)

(18,825)

Impairment of real estate assets

5,974

EBITDAre

$ 241,716

$ 227,830

$ 482,909

$ 454,885

EBITDAre

$ 241,716

$ 227,830

$ 482,909

$ 454,885

Transaction expenses, net

Loss on extinguishment of debt, net

296

Total adjustments

297

318

Adjusted EBITDA

$ 241,717

$ 228,127

$ 482,959

$ 455,203

Adjusted EBITDA

$ 241,717

$ 228,127

$ 482,959

$ 455,203

Straight-line rental income, net

(5,854)

(9,781)

(13,793)

(17,262)

Accretion of below-market leases, net of amortization of above-market leases and tenant inducements

(3,689)

(4,174)

(7,798)

(6,689)

Straight-line ground rent expense, net (1)

161

141

321

275

Total adjustments

(9,382)

(13,814)

(21,270)

(23,676)

Cash Adjusted EBITDA

$ 232,335

$ 214,313

$ 461,689

$ 431,527

(1) Straight-line ground rent expense, net is included in Operating costs on the Consolidated Statements of Operations.

Reconciliation of Debt Obligations, Net to Net Principal Debt

As of

6/30/2026

Debt obligations, net

$ 5,322,423

Less: Net unamortized premium

(7,452)

Add: Deferred financing fees

33,982

Less: Cash, cash equivalents and restricted cash

(186,119)

Net Principal Debt

$ 5,162,834

Adjusted EBITDA, current quarter annualized

$ 966,868

Net Principal Debt to Adjusted EBITDA, current quarter annualized

5.3x

Adjusted EBITDA, trailing twelve months

$ 953,871

Net Principal Debt to Adjusted EBITDA, trailing twelve months

5.4x

SOURCE Brixmor Property Group Inc.