Form 8-K
8-K — Brixmor Operating Partnership LP
Accession: 0001104659-26-055658
Filed: 2026-05-05
Period: 2026-04-30
CIK: 0001630031
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Entry into a Material Definitive Agreement
Item: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — tm2613477d1_8k.htm (Primary)
EX-4.2 — EXHIBIT 4.2 (tm2613477d1_ex4-2.htm)
EX-5.1 — EXHIBIT 5.1 (tm2613477d1_ex5-1.htm)
EX-99.1 — EXHIBIT 99.1 (tm2613477d1_ex99-1.htm)
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): April 30,
2026
Brixmor
Property Group Inc.
Brixmor
Operating Partnership LP
(Exact
Name of Registrant as Specified in Charter)
Maryland
Delaware
001-36160
333-201464-01
45-2433192
80-0831163
(State
or Other Jurisdiction
of
Incorporation)
(Commission
File
Number)
(I.R.S.
Employer
Identification
No.)
100
Park Avenue
New
York, New
York 10017
(Address
of Principal Executive Offices, and Zip Code)
(212)
869-3000
Registrant’s
Telephone Number, Including Area Code
Not
applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
¨
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
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
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Brixmor Property Group Inc. Yes ¨
No x Brixmor
Operating Partnership LP Yes ¨
No x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Brixmor Property Group Inc. ¨ Brixmor
Operating Partnership LP ¨
Item 1.01 Entry into a Material Definitive
Agreement
On May 5, 2026, Brixmor Operating Partnership
LP (the “Operating Partnership”), an indirect subsidiary of Brixmor Property Group Inc. (the “Company”), completed
the previously announced offering (the “Offering”) of $400,000,000 aggregate principal amount of 5.375% Senior Notes due
2036 (the “Notes”). The Operating Partnership intends to use the net proceeds from the Offering for general corporate purposes,
including repayment of indebtedness, which may include repayment of outstanding indebtedness, including some or all of the outstanding
4.125% Senior Notes due 2026.
In connection with the issuance of the Notes,
the Operating Partnership entered into a Sixteenth Supplemental Indenture, dated May 5, 2026 (the “Sixteenth Supplemental Indenture”),
between the Operating Partnership, as issuer, and The Bank of New York Mellon, as trustee (the “Trustee”), which supplemented
the Indenture, dated January 21, 2015 (the “Base Indenture” and, together with the Sixteenth Supplemental Indenture, the
“Indenture”), between the Operating Partnership and the Trustee.
The Notes bear interest at a rate of 5.375% per
annum accruing from May 5, 2026. Interest on the Notes is payable semi-annually on June 15 and December 15 of each year, commencing December
15, 2026. The Notes will mature on June 15, 2036. The Notes are the Operating Partnership’s unsecured and unsubordinated obligations
and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.
The Notes are not guaranteed by the Company or any of its subsidiaries.
The Operating Partnership may redeem the Notes
at its option and in its sole discretion at any time or from time to time prior to March 15, 2036 (three months prior to the maturity
date) in whole or in part at the applicable make-whole redemption price specified in the Sixteenth Supplemental Indenture. If the Notes
are redeemed on or after March 15, 2036 (three months prior to the maturity date), the redemption price will be equal to 100% of the
principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption
date.
The Indenture contains certain covenants that,
among other things, limit the ability of the Operating Partnership, subject to exceptions, to incur secured and unsecured indebtedness
and to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, the Indenture will require
the Operating Partnership to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are
subject to a number of important exceptions and qualifications. The Indenture also provides for customary events of default which, if
any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable.
The foregoing description is a summary of terms
of the Indenture and the Notes and does not purport to be a complete statement of the parties’ rights and obligations thereunder.
The foregoing description is qualified in its entirety by reference to the full text of the Base Indenture and the Sixteenth Supplemental
Indenture, which are included as Exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K and incorporated by reference
herein.
The Offering was made pursuant to an effective
shelf registration statement on Form S-3 (File No. 333-291119-01) filed with the Securities and Exchange Commission (the “SEC”)
on October 28, 2025. A prospectus supplement, dated April 30, 2026, relating to the Notes and supplementing the prospectus was filed
with the SEC pursuant to Rule 424(b)(2) under the Securities Act of 1933, as amended (the “Securities Act”).
Item 2.03
Creation of a Direct Financial
Obligation or an Obligation Under an Off-Balance Sheet Arrangement of the Registrant
The information set forth above under Item 1.01
is hereby incorporated by reference into this Item 2.03.
Item 8.01
Other Events
The information set forth above under Item 1.01
is hereby incorporated by reference into this Item 8.01.
In connection with the Offering, the Operating
Partnership entered into an underwriting agreement, dated April 30, 2026 (the “Underwriting Agreement”), between the Operating
Partnership and J.P. Morgan Securities LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC, as representatives
of the several underwriters named in Exhibit A thereto (the “Representatives”). The Underwriting Agreement contains customary
representations, warranties and agreements by the Operating Partnership, customary conditions to closing, other obligations of the parties
and termination provisions. Additionally, the Operating Partnership has agreed to indemnify the Representatives against certain liabilities,
including liabilities under the Securities Act, or to contribute to payments the Representatives may be required to make because of any
of those liabilities.
The foregoing description is a summary of the
Underwriting Agreement and does not purport to be a complete statement of the parties’ rights and obligations thereunder. The foregoing
description is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is attached as
Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01
Financial Statements
and Exhibits
(d) The following exhibits are attached to this Current Report on
Form 8-K:
4.1
Indenture,
dated January 21, 2015, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee (filed as
Exhibit 4.1 to the registrants’ Current Report on Form 8-K (File No. 001-36160) filed January 21, 2015, and incorporated herein
by reference)
4.2
Sixteenth Supplemental
Indenture, dated May 5, 2026, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee
4.3
Form of Global Note representing
the Notes (included in Exhibit 4.2)
5.1
Opinion of Hogan Lovells
US LLP
23.1
Consent of Hogan Lovells
US LLP (included in Exhibit 5.1)
99.1
Underwriting Agreement,
dated April 30, 2026 between Brixmor Operating Partnership LP and J.P. Morgan Securities LLC, PNC Capital Markets LLC, Scotia Capital
(USA) Inc. and TD Securities (USA) LLC, as representatives of the several underwriters named therein
104
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
Date: May 5, 2026
BRIXMOR
PROPERTY GROUP INC.
By:
/s/
Steven F. Siegel
Name:
Steven F. Siegel
Title:
Executive Vice President,
General Counsel and Secretary
BRIXMOR
OPERATING PARTNERSHIP LP
By:
Brixmor OP GP LLC, its
general partner
By:
BPG Subsidiary LLC,
its sole member
By:
/s/
Steven F. Siegel
Name:
Steven F. Siegel
Title:
Executive Vice President,
General Counsel and Secretary
EX-4.2 — EXHIBIT 4.2
EX-4.2
Filename: tm2613477d1_ex4-2.htm · Sequence: 2
Exhibit 4.2
BRIXMOR OPERATING PARTNERSHIP LP
AS ISSUER
AND
THE BANK OF NEW YORK MELLON
AS TRUSTEE
SIXTEENTH SUPPLEMENTAL INDENTURE
Dated as of May 5, 2026
$400,000,000 5.375% SENIOR NOTES DUE 2036
SUPPLEMENT TO INDENTURE
DATED AS OF JANUARY 21, 2015, BETWEEN
BRIXMOR OPERATING PARTNERSHIP LP (AS ISSUER)
AND
THE BANK OF NEW YORK MELLON (AS TRUSTEE)
SIXTEENTH SUPPLEMENTAL INDENTURE, dated as of
May 5, 2026 (this “Sixteenth Supplemental Indenture”), between BRIXMOR OPERATING PARTNERSHIP LP, a Delaware limited
partnership (the “Operating Partnership”), having its principal executive office located at 100 Park Avenue, New York,
New York 10017, and THE BANK OF NEW YORK MELLON, as trustee, registrar, paying agent and transfer agent (the “Trustee,”
“Registrar,” Paying Agent” and “Transfer Agent,” respectively), which supplements
that certain Indenture, dated as of January 21, 2015, by and between the Operating Partnership and the Trustee (the “Base
Indenture”).
RECITALS
WHEREAS, the Operating Partnership has duly authorized
the execution and delivery of the Base Indenture to the Trustee to provide for the issuance from time to time for its lawful purposes
of debt securities evidencing the Operating Partnership’s debentures, notes or other evidences of indebtedness.
WHEREAS, Section 301 of the Base Indenture
provides that by means of a supplemental indenture the Operating Partnership may create one or more series of the Operating Partnership’s
debt securities and establish the form, terms and provisions thereof.
WHEREAS, the Operating Partnership intends by
this Sixteenth Supplemental Indenture to (i) create a series of the Operating Partnership’s debt securities, in an initial
aggregate principal amount equal to $400,000,000, entitled 5.375% Senior Notes due 2036 (the “Notes”) and (ii) establish
the form and the terms and provisions of the Notes.
WHEREAS, the consent of Holders to the execution
and delivery of this Sixteenth Supplemental Indenture is not required, and all other actions required to be taken under the Base Indenture
with respect to this Sixteenth Supplemental Indenture have been taken.
NOW, THEREFORE IT IS AGREED:
Article One
DEFINITIONS, CREATION, FORM AND TERMS AND
CONDITIONS OF THE DEBT SECURITIES
Section 1.1 Definitions.
Capitalized terms used but not otherwise defined in this Sixteenth Supplemental Indenture shall have the meanings ascribed to them in
the Base Indenture. In addition, the following terms shall have the following meanings to be equally applicable to both the singular
and the plural forms of the terms set forth below:
“Annual Debt Service Charge”
means, for any period, the interest expense of the Operating Partnership and its Subsidiaries for such period, determined on a consolidated
basis in accordance with GAAP.
“Consolidated EBITDA” for any
period means Consolidated Net Income of the Operating Partnership and its Subsidiaries for such period, plus amounts which have been
deducted and minus amounts which have been added for, without duplication: (1) interest expense on Debt; (2) provision for
taxes based on income; (3) amortization of debt discount, premium and deferred financing costs; (4) the income or expense attributable
to transactions involving derivative instruments that do not qualify for hedge accounting in accordance with GAAP; (5) gains or
losses on derivative financial instruments, (6) impairment losses and gains on sales or other dispositions of properties and other
investments; (7) the effect of any non-cash charge resulting from a change in accounting principles in determining Consolidated
Net Income, (8) depreciation and amortization; (9) net amount of extraordinary items or non-recurring items, as may be determined
by the Operating Partnership in good faith; (10) amortization of deferred charges; (11) gains or losses on early extinguishment
of debt; (12) credit losses recognized on financial assets and certain other instruments not measured at fair value; (13) noncontrolling
interests, and (14) any fees, costs or expenses (or amortization thereof) in connection with any debt financing or amendment thereto,
any acquisition, merger, recapitalization or similar transaction (in each case whether or not completed), all determined on a consolidated
basis in accordance with GAAP.
“Consolidated Net Income” for
any period means the amount of net income (or loss) of the Operating Partnership and its Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP.
1
“Debt” means, with respect
to any person, any:
(i) indebtedness of such person in respect of borrowed money or evidenced
by bonds, notes, debentures or similar instruments;
(ii) indebtedness secured by any Lien on any property or asset owned
by such person, but only to the extent of the lesser of (a) the amount of indebtedness
so secured and (b) the fair market value (determined in good faith by the Operating
Partnership) of the property subject to such Lien;
(iii) reimbursement obligations, contingent or otherwise, in connection
with any letters of credit actually issued or amounts representing the balance deferred and
unpaid of the purchase price of any property except any such balance that constitutes an
accrued expense or trade payable; or
(iv) any lease of property by such person as lessee which is required
to be reflected on such person’s balance sheet as a financing lease in accordance with
GAAP;
in the case of items of indebtedness under (i) through (iii) above
to the extent that any such items (other than letters of credit) would appear as liabilities on such person’s balance sheet in
accordance with GAAP; provided, however, that the term “Debt” will (1) include, to the extent not otherwise included,
any non-contingent obligation of such person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes
of collection in the ordinary course of business), Debt of the types referred to above of another person, other than obligations to be
liable for the Debt of another person solely as a result of non-recourse carveouts (it being understood that Debt shall be deemed to
be incurred by such person whenever such person shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable
in respect thereof) and (2) exclude any such indebtedness (or obligation referenced in clause (1) above) that has been the
subject of an “in substance” defeasance in accordance with GAAP and Intercompany Indebtedness that is subordinate in right
of payment to the Notes (or an obligation to be liable for, or to pay, Intercompany Indebtedness that is subordinate in right of
payment to the Notes). In the case of indebtedness under (iv), the term “Debt” will exclude operating lease liabilities on
such person’s balance sheet in accordance with GAAP.
“Depository” means The Depository
Trust Company.
“GAAP” means United States
generally accepted accounting principles as in effect on the date of any required calculation or determination.
“Indenture” means the Base
Indenture as supplemented by this Sixteenth Supplemental Indenture and as further amended, modified or supplemented with respect to the
Notes pursuant to the provisions of the Base Indenture.
“Intercompany Indebtedness”
means Debt to which the only parties are the Company, the Operating Partnership and any of its Subsidiaries; provided, however, that
with respect to any such Debt of which the Operating Partnership is the borrower, such Debt is subordinate in right of payment to the
Notes.
“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of
such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement
(or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in
the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
“Maturity Date” means June 15,
2036.
“Par Call Date” means March 15,
2036 (the date that is three months prior to the Maturity Date).
“Redemption Date” means, with
respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 1.4(d) hereof, the date
fixed for such redemption in accordance with the provisions of Section 1.4(d) hereof.
2
“Significant Subsidiary” means
any Subsidiary or group of Subsidiaries that meets either of the following conditions: (1) the Operating Partnership and its other
Subsidiaries’ investments in and advances to the Subsidiary exceed 10% of the Operating Partnership’s and its Subsidiaries’
total assets consolidated (determined in accordance with GAAP) as of the end of the most recent fiscal quarter for which an annual or
quarterly report has been furnished to Holders of the Notes or filed with the Commission; or (2) the Operating Partnership’s
and its other Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of the Subsidiary exceeds
10% of the Operating Partnership’s and its Subsidiaries’ total assets consolidated (determined in accordance with GAAP) as
of the end of the most recent fiscal quarter for which an annual or quarterly report has been furnished to Holders of the Notes or filed
with the Commission.
“Subsidiary” means, with respect
to the Operating Partnership or the Company, any Person (as defined in the Indenture but excluding an individual), a majority of the
outstanding voting stock, partnership interests, membership interests or other equity interest, as the case may be, of which is owned
or controlled, directly or indirectly, by the Operating Partnership or the Company, as the case may be, or by one or more other Subsidiaries
of the Operating Partnership or the Company, as the case may be. For the purposes of this definition, “voting stock” means
stock having voting power for the election of directors, trustees or managers, as the case may be, whether at all times or only so long
as no senior class of stock has such voting power by reason of any contingency.
“Total Assets” means the sum
of, without duplication (1) Undepreciated Real Estate Assets and (2) all other assets (excluding accounts receivable and non-real
estate intangibles) of the Operating Partnership and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP.
“Total Unencumbered Assets”
means the sum of, without duplication, (1) those Undepreciated Real Estate Assets which are not subject to a Lien securing Debt
and (2) all other assets (excluding accounts receivable and non-real estate intangibles) of the Operating Partnership and its Subsidiaries
not subject to a Lien securing Debt, all determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining
Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 2.1(d), all investments in unconsolidated
limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered
Assets.
“Treasury Rate” means, with
respect to any Redemption Date, the yield determined by the Operating Partnership in accordance with Section 1.4(d)(2) hereof.
“Undepreciated Real Estate Assets”
means, as of any date, the cost (original cost plus capital improvements) of real estate assets, right of use assets associated with
a financing lease in accordance with GAAP and related intangibles of the Operating Partnership and its Subsidiaries on such date, before
depreciation and amortization and impairments, all determined on a consolidated basis in accordance with GAAP; provided, however, that
“Undepreciated Real Estate Assets” shall not include the right of use assets associated with an operating lease in accordance
with GAAP.
“Unsecured Debt” means Debt
of the Operating Partnership or any of its Subsidiaries which is not secured by a Lien on any property or assets of the Operating Partnership
or any of its Subsidiaries.
Section 1.2 Creation
of Notes. In accordance with Section 301 of the Base Indenture, the Operating Partnership hereby creates the Notes as a separate
series of its debt securities, entitled “5.375% Senior Notes due 2036”, issued pursuant to the Indenture. The Notes shall
initially be limited to an aggregate principal amount equal to $400,000,000, subject to the exceptions set forth in Section 301(2) of
the Base Indenture and Section 1.4(f) hereof.
Section 1.3 Form of
Notes. The Notes will be issued in the form of one or more permanent fully registered global securities (the “Global Note”)
that will be deposited with, or on behalf of the Depository, and registered in the name of the Depository or its nominee, as the case
may be, subject to Section 305 of the Base Indenture. So long as the Depository, or its nominee, is the registered owner of the
Global Note, the Depository or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global
Note for all purposes under the Indenture.
3
Section 1.4 Terms
and Provisions of Notes. The Notes shall be governed by all of the terms and provisions of the Base Indenture, as supplemented by
this Sixteenth Supplemental Indenture, and in particular, the following provisions shall be terms of the Notes:
(a) Registration
and Form. The Notes shall be issuable in registered form without coupons in denominations of $2,000 principal amount and integral
multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date
specified on the face of the form of Note attached as Exhibit A hereto.
(b) Payment
of Principal and Interest. All payments of principal, premium, if any, and interest in respect of the Global Notes will be made by
the Operating Partnership in immediately available funds to the Depository or its nominee, as the case may be, as the Holder of each
of the Global Notes. The Notes shall mature, and the unpaid principal thereon, shall be payable, on June 15, 2036, subject to the
provisions of the Base Indenture. The rate per annum at which interest shall be payable on the Notes shall be 5.375%. Interest on the
Notes will be payable semi-annually in arrears on each June 15 and December 15, commencing December 15, 2026 (each, an
“Interest Payment Date”) and on the Stated Maturity as specified in this Section 1.4(b), to the Persons in whose
names the Notes are registered in the Security Register applicable to the Notes at the close of business on June 1 for Interest
Payment Dates of June 15 and December 1 for Interest Payment Dates of December 15 (in each case, whether or not a Business
Day) (each a “Record Date”). Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months. Interest on the Notes shall accrue from May 5, 2026.
(c) Sinking
Fund. There shall be no sinking fund provided for the Notes.
(d) Redemption
at the Option of the Operating Partnership.
(1) Prior
to the Par Call Date, the Operating Partnership shall have the right to redeem the Notes at its option, in whole or in part, at any time
and from time to time, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal
to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon
discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 20 basis points (0.200%) less (b) interest accrued to the Redemption Date and
(ii) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the
Redemption Date. On or after the Par Call Date, the Operating Partnership may redeem the Notes, in whole or in part, at any time and
from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest
thereon to, but not including, the Redemption Date. Notwithstanding the foregoing, if the Operating Partnership redeems the Notes in
accordance with the terms of the Notes, the Operating Partnership will pay accrued and unpaid interest and premium, if any, to each holder
that surrenders a Note for redemption. However, if the Redemption Date falls after a Record Date and on or prior to the corresponding
Interest Payment Date, the Operating Partnership will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment
Date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes
for redemption). In connection with any redemption prior to the Par Call Date, the Operating Partnership shall give the Trustee written
notice of the related Redemption Price promptly after the calculation thereof.
4
(2) The
Treasury Rate shall be determined by the Operating Partnership after 4:15 p.m., New York City time (or after such time as yields on U.S.
government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding
the date of the notice of redemption based upon the yield or yields for the most recent day that appear after such time on such day in
the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest
Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government
securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”).
In determining the Treasury Rate, the Operating Partnership shall select, as applicable: (1) the yield for the Treasury constant
maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”);
or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield
corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis
(using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such
Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the Redemption Date. If on the third Business Day preceding the date of the notice of redemption H.15 TCM is no longer published,
the Operating Partnership shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to
maturity at 11:00 a.m., New York City time, on the second Business Day preceding the date of the notice of redemption of the United States
Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States
Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call
Date, the Operating Partnership shall select the United States Treasury security with a maturity date preceding the Par Call Date. If
there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities
meeting the criteria of the preceding sentence, the Operating Partnership shall select from among these two or more United States Treasury
securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for
such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms
of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average
of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States
Treasury security, and rounded to three decimal places.
(3) Notice
of redemption shall be given in the manner provided in Section 106 of the Base Indenture, not less than ten nor more than sixty
days prior to the Redemption Date to the Holders of the Notes to be redeemed.
(4) The
Operating Partnership shall not redeem the Notes pursuant to Section 1.4(d)(1) hereof on any date if the principal amount of
the Notes has been accelerated, and such an acceleration has not been rescinded or annulled on or prior to such date (except in the case
of an acceleration resulting from a default by the Operating Partnership in the payment of the Redemption Price with respect to the Notes
to be redeemed).
(e) Payment
of Notes Called for Redemption by the Operating Partnership.
(1) If
notice of redemption has been given as provided in Article Eleven of the Base Indenture, the Notes or portion of Notes with respect
to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice
at the Redemption Price, and unless the Operating Partnership shall default in the payment of such Notes at the Redemption Price, so
long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then
(a) such Notes will cease to be Outstanding on and after the Redemption Date, (b) interest on the Notes or portion of Notes
so called for redemption shall cease to accrue on and after the Redemption Date, and (c) the Holders of the Notes shall have no
right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes
at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Operating
Partnership at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date.
(2) The
Notes will not be convertible or exchangeable for any other security or property.
(f) Additional
Issues. The Operating Partnership may, from time to time, without the consent of the Holders of the Notes, create and issue further
securities having the same terms and conditions as the Notes in all respects, except for any difference in the issue date, issue price,
interest accrued prior to the issue date of the additional Notes, and, if applicable, the first Interest Payment Date and the initial
interest accrual date with the same CUSIP number as the Notes so long as such additional Notes are fungible for U.S. federal income tax
purposes with the previously outstanding Notes. Additional Notes issued in this manner shall be consolidated with and shall form a single
series with the previously outstanding Notes.
5
Section 1.5 Book-Entry
Provisions. This Section 1.5 shall apply only to the Global Notes deposited with or on behalf of the Depository.
(a) The
Operating Partnership shall execute and the Trustee shall, in accordance with this Section 1.5 and Section 303 of the Base
Indenture, authenticate and deliver the Global Notes that shall be registered in the name of the Depository or its nominee and shall
be held by the Trustee as custodian for the Depository.
(b) Participants
of the Depository shall have no rights either under the Indenture or with respect to the Global Notes. The Depository or its nominee,
as applicable, shall be treated by the Operating Partnership, the Trustee and any agent of the Operating Partnership or the Trustee as
the absolute owner and Holder of each such Global Note for all purposes under the Indenture. Notwithstanding the foregoing, nothing herein
shall prevent the Operating Partnership or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by the Depository or its nominee, as applicable, or impair, as between the Depository and its participants, the operation of
customary practices of such depository governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.
Article Two
ADDITIONAL COVENANTS FOR BENEFIT OF HOLDERS OF
NOTES
In addition to the covenants set forth in the
Base Indenture, the Operating Partnership hereby further covenants as follows, the following covenants being for the sole benefit of
the Holders of the Notes:
Section 2.1 Limitations
on Incurrence of Debt.
(a) Aggregate
Debt Test. The Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt if, immediately after
giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal
amount of all of the Operating Partnership’s and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in
accordance with GAAP) is greater than 65% of the sum of the following (without duplication): (1) the Operating Partnership’s
and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Operating Partnership’s
annual or quarterly report most recently filed with the Commission (or if the Operating Partnership is not subject to Section 13(a) or
15(d) of the Exchange Act, the financial information provided to the Trustee) and (2) the aggregate purchase price of any real
estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent
such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Operating Partnership
or any Subsidiary since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt.
(b) Secured
Debt Test. The Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt secured by any Lien
on any of the Operating Partnership’s or any of its Subsidiaries’ property or assets, whether owned on the date of this Sixteenth
Supplemental Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application
of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance
with GAAP) of all of the Operating Partnership’s and its Subsidiaries’ outstanding Debt which is secured by a Lien on any
of the Operating Partnership’s and its Subsidiaries’ property or assets is greater than 40% of the sum of (without duplication):
(1) the Operating Partnership’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended
fiscal quarter covered in the Operating Partnership’s annual or quarterly report most recently filed with the Commission (or if
the Operating Partnership is not subject to Section 13(a) or 15(d) of the Exchange Act, the financial information provided
to the Trustee); and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate
amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages
receivable or used to reduce Debt), by the Operating Partnership or any of its Subsidiaries since the end of such fiscal quarter, including
the proceeds obtained from the incurrence of such additional Debt.
6
(c) Debt
Service Test.
(1) The
Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt if the ratio of Consolidated EBITDA to
Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters ending with the last quarter covered in
the Operating Partnership’s annual or quarterly report most recently filed with the Commission (or if the Operating Partnership
is not subject to Section 13(a) or 15(d) of the Exchange Act, the financial information provided to the Trustee) prior
to the date on which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect
to the incurrence of such Debt and the application of the proceeds from such Debt (determined on a consolidated basis in accordance with
GAAP), and calculated on the following assumptions:
(A) such
Debt and any other Debt incurred by the Operating Partnership or any of its Subsidiaries since the first day of such four-quarter period
had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred, on the
first day of such period;
(B) the
repayment or retirement of any other Debt of the Operating Partnership or any of its Subsidiaries since the first day of such four-quarter
period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving
credit facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period);
and
(C) in
the case of any acquisition or disposition by the Operating Partnership or any of its Subsidiaries of any asset or group of assets with
a fair market value in excess of $5.0 million since the first day of such four-quarter period, whether by merger, stock purchase or sale
or asset purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition being included in such pro forma calculation.
(2) If
the Debt giving rise to the need to make the calculation described in Section 2.1(c)(1) or any other Debt incurred after the
first day of the relevant four-quarter period bears interest at a floating rate (to the extent such Debt has been hedged to bear interest
at a fixed rate, only the portion of such Debt, if any, that has not been so hedged), then, for purposes of calculating the Annual Debt
Service Charge, the interest rate on such Debt will be computed on a pro forma basis as if the average daily rate which would have been
in effect during the entire four-quarter period had been the applicable rate for the entire such period. For purposes of this Section 2.1(c),
Debt will be deemed to be incurred by the Operating Partnership or any of its Subsidiaries whenever the Operating Partnership or any
of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof.
(d) Maintenance
of Total Unencumbered Assets. The Operating Partnership will not have at any time Total Unencumbered Assets of less than 150% of
the aggregate principal amount of all of the Operating Partnership’s and its Subsidiaries’ outstanding Unsecured Debt determined
on a consolidated basis in accordance with GAAP.
Section 2.2 Maintenance
of Properties. The Operating Partnership will cause all of its material properties used or useful in the conduct of its business
or any of its Subsidiaries’ businesses to be maintained and kept in good condition, repair and working order, normal wear and tear,
casualty and condemnation excepted, and supplied with all necessary equipment and cause all necessary repairs, renewals, replacements,
betterments and improvements to be made, all as in the Operating Partnership’s judgment may be necessary in order for the Operating
Partnership to at all times properly and advantageously conduct its business carried on in connection with such properties. The Operating
Partnership will not be prevented from (1) removing permanently any property that has been condemned or suffered a casualty loss,
if it is in its best interests, (2) discontinuing maintenance or operation of any property if, in its reasonable judgment, doing
so is in its best interest and is not disadvantageous in any material respect to the Holders of the Notes, or (3) selling or otherwise
disposing for value its properties in the ordinary course of business.
Section 2.3 Insurance.
The Operating Partnership will, and will cause each of its Subsidiaries to, keep in force upon all of the Operating Partnership’s
and each of its Subsidiaries’ properties and operations insurance policies carried with responsible companies in such amounts and
covering all such risks as is customary in the industry in which the Operating Partnership and its Subsidiaries do business in accordance
with prevailing market conditions and availability.
Section 2.4 Payment
of Taxes and Other Claims. The Operating Partnership will pay or discharge or cause to be paid or discharged before it becomes delinquent:
(i) all material taxes, assessments and governmental charges levied or imposed on the Operating Partnership or any of its Subsidiaries
or on its or any such Subsidiary’s income, profits or property; and (ii) all material lawful claims for labor, materials and
supplies that, if unpaid, might by law become a Lien upon its property or the property of its Subsidiaries; provided, however, that the
Operating Partnership will not be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge or claim
the amount, applicability or validity of which is being contested in good faith.
7
Section 2.5 Covenant
Defeasance and Waiver of Covenant. The covenants set forth in Sections 2.1, Section 2.2, Section 2.3 and Section 2.4
hereof and Section 801 of the Base Indenture shall be subject to covenant defeasance under Section 402(3) of the Base
Indenture and subject to waiver under Section 1006 thereof.
Article Three
[Intentionally
Omitted]
Article Four
TRUSTEE
Section 4.1 Trustee.
The Trustee is appointed as the principal paying agent, transfer agent and registrar for the Notes and for the purposes of Section 1002
of the Base Indenture. The Notes may be presented for payment at the Corporate Trust Office of the Trustee or at any other agency as
may be appointed from time to time by the Operating Partnership in The City of New York. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Sixteenth Supplemental Indenture or the due execution hereof
by the Operating Partnership. The recitals of fact contained herein shall be taken as the statements solely of the Operating Partnership,
and the Trustee assumes no responsibility for the correctness thereof.
Section 4.2 Preferential
Collection of Claims. If and when the Trustee shall be or become a creditor of the Operating Partnership (or any other obligor upon
the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against
the Operating Partnership (or any such other obligor). The Trustee is permitted to engage in other transactions with the Operating Partnership
and its Affiliates. If, however, it acquires any conflicting interest under the Trust Indenture Act relating to any of its duties with
respect to the Notes, it must eliminate that conflict or resign, subject to its right under the Trust Indenture Act to seek a stay of
its duty to resign.
Section 4.3 Calculation
with Respect to the Notes. The Operating Partnership shall be responsible for making all calculations required under this Sixteenth
Supplemental Indenture or with respect to the Notes. The Operating Partnership will make such calculations in good faith and, absent
manifest error, the Operating Partnership’s calculations will be final and binding on the Trustee and the Holders of the Notes.
The Operating Partnership shall provide a schedule of its calculations to the Trustee promptly after it makes such calculations, and
the Trustee shall be entitled to rely upon the accuracy of the Operating Partnership’s calculations without independent verification.
The Trustee shall forward the Operating Partnership’s calculations to any Holder of the Notes upon request. The Trustee shall have
no responsibility in determining or calculating the Redemption Price or Treasury Rate.
Article Five
MISCELLANEOUS
PROVISIONS
Section 5.1 Ratification
of Base Indenture. This Sixteenth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base
Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture
and this Sixteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument. In the event of a conflict
between the language of this Sixteenth Supplemental Indenture and the Base Indenture, the language of this Sixteenth Supplemental Indenture
shall control.
8
Section 5.2 Execution;
Authentication. Pursuant to Sections 201, 202 and 303 of the Base Indenture, the Chairman, President or one of the Vice Presidents
of the Company shall sign the Notes for the Company, by manual, pdf or electronic signature. If an officer of the Company whose signature
is on a Note no longer holds that office at the time such Security is authenticated, such Note shall be valid nevertheless. A Note shall
not be valid or obligatory, or entitled to any benefit under the Base Indenture, unless there appears on such Note a certificate of authentication
substantially in the form provided for in the Base Indenture executed by manual, pdf or electronic signature by the Trustee or an Authenticating
Agent. The manual, pdf or electronic signature of the Trustee shall be conclusive evidence, and the only evidence, that such Security
has been authenticated and delivered in accordance with the terms of the Base Indenture and is entitled to the benefits of the Base Indenture.
Any electronic signature hereof shall be of the same legal effect, validity or enforceability as a manually executed signature, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signature and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act.
This Sixteenth Supplemental Indenture and any other document delivered in connection with this Sixteenth Supplemental Indenture or the
issuance and delivery of the Notes may be signed by or on behalf of the signing party by manual, pdf or electronic signature.
Section 5.3 Effect
of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
Section 5.4 Successors
and Assigns. All covenants and agreements in this Sixteenth Supplemental Indenture by the Operating Partnership shall bind its successors
and assigns, whether so expressed or not.
Section 5.5 Separability
Clause. In case any one or more of the provisions contained in this Sixteenth Supplemental Indenture shall for any reason be held
to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.
Section 5.6 Governing
Law. This Sixteenth Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.
This Sixteenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act, that are required to be part of this Sixteenth
Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.
Section 5.7 Counterparts.
This Sixteenth Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall
constitute one and the same instrument.
9
IN WITNESS WHEREOF, the parties hereto have caused
this Sixteenth Supplemental Indenture to be duly executed all as of the day and year first above written.
BRIXMOR OPERATING PARTNERSHIP LP,
as Issuer
By: Brixmor OP GP LLC, its general partner
By: BPG Subsidiary LLC, its sole member
By:
/s/ Steven F. Siegel
Name:
Steven F. Siegel
Title:
Executive Vice President, General Counsel and Corporate Secretary
[Signature Page to Sixteenth Supplemental Indenture]
THE BANK OF NEW YORK MELLON,
as Trustee, Registrar, Paying Agent
and Transfer Agent
By:
/s/ Truman Wilt
Name:
Truman Wilt
Title:
Agent
[Signature Page to Sixteenth Supplemental
Indenture]
EXHIBIT A
Form of 5.375% Senior Note due 2036
THIS GLOBAL NOTE IS HELD BY OR ON BEHALF OF THE
DEPOSITORY (AS DEFINED IN THE SIXTEENTH SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 305 OF THE BASE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 305 OF THE BASE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE BASE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED
TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
BRIXMOR OPERATING PARTNERSHIP LP
5.375% SENIOR NOTE DUE 2036
No. 1
CUSIP No.: 11120V AQ6
ISIN: US11120VAQ68
$[·]
Brixmor Operating Partnership LP, a Delaware limited
partnership (herein called the “Issuer,” which term includes any successor entity under the Indenture referred to
on the reverse hereof), for value received hereby promises to pay to Cede & Co.*, or its registered assigns, the principal sum
of [·] ($[·]), [or such lesser amount as is set forth in the Schedule of Increases or Decreases In the Global Note on the
other side of this Note]*, on June 15, 2036 at the office or agency of the Issuer maintained for that purpose in accordance with
the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts, and to pay interest, semi-annually on June 15 and December 15 of each year, commencing
December 15, 2026, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 5.375%, from
the June 15 or December 15, as the case may be, next preceding the date of this Note to which interest has been paid or duly
provided for, unless no interest has been paid or duly provided for on the Notes, in which case from May 5, 2026 until payment of
said principal sum has been made or duly provided for. Unless otherwise provided in or pursuant to the Indenture, at the option of the
Issuer, interest on the Notes due and payable on any Interest Payment Date may be paid by mailing a check to the address of the Person
entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank
located in the United States of America; provided, that the Paying Agent shall have received appropriate wire transfer instructions at
least five Business Days prior to the Interest Payment Date. Any such interest which is punctually paid or duly provided for on any Interest
Payment Date shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered as of the close
of business on the June 1 or December 1 (whether or not a Business Day) next preceding such Interest Payment Date.
Reference is made to the further provisions of
this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place.
This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually, electronically or by pdf by the Trustee
or a duly authorized authenticating agent under the Indenture.
* Include only if the Note is issued in global form.
IN WITNESS WHEREOF, the Issuer has caused this
Note to be duly executed.
Dated: May 5, 2026
BRIXMOR OPERATING PARTNERSHIP LP,
as Issuer
By: Brixmor OP GP LLC, its general partner
By: BPG Subsidiary LLC, its sole member
By:
Name:
Title:
TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated
therein referred to in the within-named Indenture.
Dated: May 5, 2026
THE BANK OF NEW YORK MELLON, as Trustee
By:
Authorized
Signatory
REVERSE SIDE OF NOTE
Brixmor Operating Partnership LP
5.375% SENIOR NOTE DUE 2036
This Note is one of a duly authorized issue of
Notes of the Issuer, designated as its 5.375% Senior Notes due 2036 (herein called the “Notes”), issued under and
pursuant to an Indenture dated as of January 21, 2015 (herein called the “Base Indenture”), between the Issuer
and The Bank of New York Mellon, as trustee (herein called the “Trustee”), as supplemented by the Sixteenth Supplemental
Indenture dated as of May 5, 2026 (herein called the “Sixteenth Supplemental Indenture,” and together with the
Base Indenture, the “Indenture”), between the Issuer and the Trustee, to which Indenture and any indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Issuer and the Holders of the Notes. Defined terms used but not otherwise defined in this Note shall have the respective
meanings ascribed thereto in the Indenture.
If an Event of Default (other than an Event of
Default specified in Section 501(5), 501(6) or 501(7) of the Base Indenture) occurs and is continuing, the principal of,
premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders
of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same
shall be immediately due and payable. If an Event of Default specified in Section 501(5), 501(6) or 501(7) of the Base
Indenture occurs, the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically
due and payable without necessity of further action.
The Indenture contains provisions permitting the
Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the
time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions
of the Indenture or of any supplemental indenture with respect to the Notes or modifying in any manner the rights of the Holders of the
Notes, subject to exceptions set forth in Section 902 of the Base Indenture. Subject to the provisions of the Indenture, the Holders
of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of
the Notes, waive any past default or Event of Default with respect to the Notes, subject to exceptions set forth in the Indenture.
No reference herein to the Indenture and no provision
of this Note or of the Indenture shall impair, as among the Issuer and the Holder of the Notes, the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note at the place, at the respective times,
at the rate and in the coin or currency herein and in the Indenture prescribed.
Interest on the Notes shall be computed on the
basis of a 360-day year of twelve 30-day months.
The Notes are issuable in fully registered form,
without coupons, in denominations of $2,000 principal amount and any multiple of $1,000. At the office or agency of the Issuer referred
to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge
but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with
any registration of transfer or exchange of Notes, Notes may be transferred or may be exchanged for a like aggregate principal amount
of Notes of any other authorized denominations.
The Issuer shall have the right to redeem the
Notes under certain circumstances as set forth in Section 1.4(d) of the Sixteenth Supplemental Indenture and Article Eleven
of Base Indenture.
The Notes are not subject to redemption through
the operation of any sinking fund.
Except to the extent expressly provided in Article Sixteen
of the Base Indenture, no recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based
hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture
or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against
any past, present or future general partner, limited partner, member, employee, incorporator, controlling person, stockholder, officer,
director or agent, as such, of the Issuer or the Company, or of any of the Issuer’s or the Company’s predecessors or successors,
either directly or through the Issuer or the Company, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the
acceptance of the Notes by the Holders thereof and as part of the consideration for the issue of the Notes.
ASSIGNMENT FORM
To assign this Note, fill in the form below:
(I) or (we) assign and transfer this Note to:
(Insert assignee’s legal name)
(Print or type assignee’s name, address
and zip code)
and irrevocably appoint _______________________________ to transfer
this Note on the books of the Issuer. The agent may substitute another to act for him.
Date: ________________________________________
Your Signature: __________________________________________________________________
(Sign exactly as your name appears on the face of this Note)
Signature Guarantee*: _________________________________
* Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee).
SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
NOTE *
The following increases or decreases in the principal
amount of this Global Note have been made:
Date of
Increase or Decrease
Amount of
decrease in
Principal Amount
at maturity of
this Global Note
Amount of
increase in
Principal Amount
at maturity of
this Global Note
Principal Amount
at maturity of
this Global Note
following such
decrease (or
increase)
Signature of
authorized officer
of Trustee or
Custodian
* This schedule should be included only if the Note is issued in global
form.
EX-5.1 — EXHIBIT 5.1
EX-5.1
Filename: tm2613477d1_ex5-1.htm · Sequence: 3
Exhibit 5.1
Hogan Lovells US LLP
Columbia Square
555 Thirteenth Street, NW
Washington, DC 20004
T +1 202 637 5600
F +1 202 637 5910
www.hoganlovells.com
May 5, 2026
Board of Directors
Brixmor Property Group Inc.
100 Park Avenue
New York, New York 10017
To the addressee referred to above:
We are acting as counsel to Brixmor Operating
Partnership LP, a Delaware limited partnership (the “Operating Partnership”) and a wholly owned (directly or indirectly)
subsidiary of Brixmor Property Group Inc., a Maryland corporation (the “Company”), in connection with the Operating
Partnership’s proposed sale of up to $400,000,000 million aggregate principal amount of its 5.375% Senior Notes due 2036 (the “Notes”)
pursuant to its registration statement on Form S-3 (File No. 333-291119-01) (the “Registration Statement”),
filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Act”), and the Prospectus dated October 28, 2025 (the “Prospectus”), as supplemented by the
supplement to the Prospectus dated April 30, 2026 (the “Prospectus Supplement”). The Notes are to be issued pursuant
to an Indenture, dated as of January 21, 2015, between the Operating Partnership and The Bank of New York Mellon, as Trustee (the
“Indenture”), as supplemented by a Sixteenth Supplemental Indenture, to be entered into by the Operating Partnership
and the Trustee (the “Supplemental Indenture”). This opinion letter is furnished to you at your request to enable you
to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration
Statement.
For purposes of this opinion letter, we have examined
copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter
expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity
of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and
the conformity to authentic original documents of all documents submitted to us as copies (including pdfs and conformed copies provided
through the EDGAR System of the Commission). As to all matters of fact, we have relied on the representations and statements of fact made
in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all
statements herein are made, in the context of the foregoing.
Hogan
Lovells US LLP is a limited liability partnership registered in the state of Delaware. “Hogan Lovells” is an international
legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore
Beijing Berlin Birmingham Boston Brussels Colorado Springs Denver Dubai Dublin Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong
Kong Houston London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia Paris
Philadelphia Riyadh Rome San Francisco São Paulo Shanghai Silicon Valley Singapore Tokyo Washington, D.C. For more information
see www.hoganlovells.com.
For purposes of this opinion letter, we have assumed
that (i) The Bank of New York Mellon, as trustee (the “Trustee”) under the Indenture, to be supplemented by the
Supplemental Indenture, has and, upon execution of the Supplemental Indenture, will have all requisite power and authority under all applicable
laws, regulations and governing documents to execute, deliver and perform its obligations under the Indenture and Supplemental Indenture
and has complied with all legal requirements pertaining to its status as such status relates to the Trustee’s right to enforce the
Indenture against the Operating Partnership, (ii) the Trustee has duly authorized, executed and delivered the Indenture and has authorized
and will duly execute and deliver the Supplemental Indenture, (iii) the Trustee is validly existing and in good standing in all necessary
jurisdictions, (iv) the Indenture constitutes, and upon its execution, the Supplemental Indenture will constitute valid and binding
obligations, enforceable against the Trustee in accordance with their terms, (v) there has been no, and in the case of the Supplemental
Indenture, there will be no material mutual mistake of fact or misunderstanding or fraud, duress or undue influence in connection with
the negotiation, execution and delivery of the Indenture or Supplemental Indenture, and the conduct of all parties to the Indenture and,
upon execution, the Supplemental Indenture has complied and will comply with any requirements of good faith, fair dealing and conscionability
and (vi) there are, have been and will be no agreements or understandings among the parties, written or oral, and there is, has been
and will be no usage of trade or course of prior dealing among the parties that would, in either case, define, supplement or qualify the
terms of the Indenture or, upon its execution, the Supplemental Indenture. We also have assumed the validity and constitutionality of
each relevant statute, rule, regulation and agency action covered by this opinion letter.
This opinion letter is based as to matters of
law solely on the applicable provisions of the following, as currently in effect: (i) the Delaware Revised Uniform Limited Partnership
Act; and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or
regulations of any political subdivision below the state level). We express no opinion herein as to any other laws, statutes, ordinances,
rules or regulations (and in particular, we express no opinion as to any effect that such other laws, statutes, ordinances, rules or
regulations may have on the opinion expressed herein). As used herein, the term “Delaware Revised Uniform Limited Partnership Act”
includes the statutory provisions contained therein, all applicable provisions of the Delaware Constitution and reported judicial decisions
interpreting these laws.
Based upon, subject to and limited by the foregoing,
we are of the opinion that the Notes have been duly authorized on behalf of the Operating Partnership and that, following (i) receipt
by the Operating Partnership of the consideration therefor specified in (a) the resolutions of the Board of Directors of the Company
adopted by unanimous written consent on March 1, 2026, (b) the resolutions of the sole member of the general partner of the
Operating Partnership adopted by written consent dated April 29, 2026 and (c) the Underwriting Agreement dated April 30,
2026, by and among the Operating Partnership and J.P. Morgan Securities LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and TD
Securities (USA) LLC, as representatives of the several underwriters named in Exhibit A thereto, and (ii) the due execution,
authentication, issuance and delivery of the Notes pursuant to the terms of the Indenture and, upon its execution, the Supplemental Indenture,
and as contemplated by the Prospectus Supplement, the Notes will constitute valid and binding obligations of the Operating Partnership.
2
The opinion expressed above with respect to the
valid and binding nature of obligations may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws
affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding conveyances
and fraudulent, preferential transfers or voidable transfers) and by the exercise of judicial discretion and the application of principles
of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the Notes are considered in
a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive
relief.
This opinion letter has been prepared for use
in connection with the filing by the Company and the Operating Partnership of a Current Report on Form 8-K on the date hereof (the
“Form 8-K”), which Form 8-K will be incorporated by reference into the Registration Statement and the Prospectus
and speaks as of the date hereof. We assume no obligation to advise you of any changes in the foregoing subsequent to the delivery of
this opinion letter.
We hereby consent to the filing of this opinion letter as Exhibit 5.1
to the Form 8-K, and to the reference to this firm under the caption “Legal Matters” in the Prospectus Supplement, which
constitutes part of the Registration Statement. In giving this consent, we do not thereby admit that we are an “expert” within
the meaning of the Act.
Very truly yours,
/s/ HOGAN LOVELLS US LLP
HOGAN LOVELLS US LLP
3
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: tm2613477d1_ex99-1.htm · Sequence: 4
Exhibit 99.1
Execution Version
$400,000,000
BRIXMOR OPERATING PARTNERSHIP LP
5.375% Senior Notes due 2036
UNDERWRITING AGREEMENT
April 30, 2026
J.P. Morgan Securities LLC
270 Park Avenue
New York, New York 10017
PNC Capital Markets LLC
300 Fifth Avenue
Pittsburgh, Pennsylvania 15222
Scotia Capital (USA) Inc.
250 Vesey Street
New York, New York 10281
TD Securities (USA) LLC
1 Vanderbilt Avenue
New York, New York 10017
As Representatives of the several Underwriters
Ladies and Gentlemen:
Brixmor Operating Partnership LP, a limited partnership
organized under the laws of the State of Delaware (the “Operating Partnership”), confirms its agreement with each
of the other Underwriters named in Exhibit A hereto (collectively, the “Underwriters,” which term shall
also include any underwriter substituted as hereinafter provided in Section 10 hereof), for whom J.P. Morgan Securities LLC, PNC
Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are acting as representatives (in such capacity, the “Representatives”),
with respect to the issue and sale by the Operating Partnership and the purchase by the Underwriters, acting severally and not jointly,
of the respective principal amounts set forth in said Exhibit A hereto of $400,000,000 aggregate principal amount of the
Operating Partnership’s 5.375% Senior Notes due 2036 (the “Securities”). The Securities will be issued pursuant
to an Indenture, dated as of January 21, 2015 (the “Base Indenture”), between the Operating Partnership and The
Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by the Sixteenth Supplemental Indenture, to be
dated as of May 5, 2026 (the “Sixteenth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”).
The Operating Partnership understands that the
Underwriters propose to make a public offering of the Securities as soon as the Representatives deem advisable after this Agreement has
been executed and delivered.
To the extent there are no additional Underwriters
listed on Exhibit A other than you, the term Representatives as used herein shall mean you, as Underwriters, and the terms
Representatives and Underwriters shall mean either the singular or plural as the context requires. The use of the neuter in this Agreement
shall include the feminine and masculine wherever appropriate. Certain terms used in this Agreement are defined in Section 15 hereof.
The Operating Partnership has prepared and previously
delivered to you a preliminary prospectus supplement dated April 30, 2026 relating to the Securities and a related prospectus dated
October 28, 2025 (the “Base Prospectus”). Such preliminary prospectus supplement and Base Prospectus, including
the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act,
are hereinafter called, collectively, the “Pre-Pricing Prospectus.” Promptly after the execution and delivery of this
Agreement, the Operating Partnership will prepare and file with the Commission a prospectus supplement dated April 30, 2026 (the
“Prospectus Supplement”) and will file the Prospectus Supplement and the Base Prospectus with the Commission, all
in accordance with the provisions of Rule 430B and Rule 424(b), and the Operating Partnership has previously advised you of
all information (financial and other) that will be set forth therein. The Prospectus Supplement and the Base Prospectus, in the form
first furnished to the Underwriters for use in connection with the offering of the Securities (whether to meet the request of purchasers
pursuant to Rule 173(d) or otherwise), including the documents incorporated or deemed to be incorporated by reference therein
pursuant to Item 12 of Form S-3 under the 1933 Act, are herein called, collectively, the “Prospectus.”
Section 1. Representations
and Warranties.
(a) Representations
and Warranties by the Operating Partnership. The Operating Partnership represents and warrants to, and agrees with, each Underwriter
as of the date hereof, as of the Applicable Time, and as of the Closing Date referred to in Section 2(b) hereof, and agree
with each Underwriter, as follows:
(1) Compliance
with Registration Requirements. The Operating Partnership meets the requirements for use of an automatic shelf registration statement
on Form S-3 under the 1933 Act and the Securities have been duly registered under the 1933 Act pursuant to the Registration Statement.
The Registration Statement and any post-effective amendments thereto, if any, have become effective upon filing with the Commission under
the 1933 Act and no stop order suspending the effectiveness of the Registration Statement has been issued under the 1933 Act and no proceedings
for that purpose have been instituted or are pending or, to the knowledge of the Operating Partnership, are contemplated by the Commission,
and any request on the part of the Commission for additional information has been complied with.
(2) Registration
Statement, Prospectus and Disclosure at Time of Sale. At the respective times that the Registration Statement and any subsequent
amendments thereto became effective, at each time subsequent to the filing of the Registration Statement that Brixmor Property Group
Inc., a Maryland Corporation (“BPG”) or the Operating Partnership filed an Annual Report on Form 10-K (or any
amendment thereto) with the Commission, at each deemed effective date with respect to the Underwriters pursuant to Rule 430B(f)(2),
and at the Closing Date, the Registration Statement and any amendments to any of the foregoing complied and will comply in all material
respects with the requirements of the 1933 Act, the 1933 Act Regulations and the 1939 Act and did not and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading.
2
At the respective times the Prospectus
or any amendment or supplement thereto was filed pursuant to Rule 424(b) or issued, at the Closing Date, and at any time when
a prospectus is required (or, but for the provisions of Rule 172, would be required) by applicable law to be delivered in connection
with sales of Securities (whether to meet the requests of purchasers pursuant to Rule 173(d) or otherwise), neither the Prospectus
nor any amendments or supplements thereto included or will include an untrue statement of a material fact or omitted or will omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading.
As of the Applicable Time and as of
each time prior to the Closing Date that an investor agrees (orally or in writing) to purchase any Securities from the Underwriters,
neither (x) the Pricing Term Sheet (as defined in Section 3(n) below), any other Issuer General Use Free Writing Prospectuses,
if any, issued at or prior to the Applicable Time and the Pre-Pricing Prospectus as of the Applicable Time, all considered together (collectively,
the “General Disclosure Package”), nor (y) any individual Issuer Limited Use Free Writing Prospectus, when considered
together with the General Disclosure Package, included or will include an untrue statement of a material fact or omitted or will omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading.
Each preliminary prospectus and the
Prospectus and any amendments or supplements to any of the foregoing filed as part of the Registration Statement or any amendment thereto,
filed pursuant to Rule 424 under the 1933 Act, or delivered to the Underwriters for use in connection with the offering of the Securities,
complied when so filed or when so delivered, as the case may be, in all material respects with the 1933 Act and the 1933 Act Regulations.
The representations and warranties in
the preceding paragraphs of this Section 1(a)(3) do not apply to statements in or omissions from the Registration Statement,
any preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing
made in reliance upon and in conformity with written information furnished to the Operating Partnership by any Underwriter through the
Representatives expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters
as aforesaid consists of the information described as such in Section 6(b) hereof.
The Operating Partnership has at all
relevant times met, meets and will at all relevant times meet the requirements of Rule 164 for the use of the free writing prospectus
(as defined in Rule 405) set forth on Exhibit C in connection with the offering contemplated hereby.
3
Each Issuer Free Writing Prospectus,
as of its issue date and at all subsequent times through the completion of the public offering and sale of the Securities did not, does
not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration
Statement, including any documents incorporated or deemed to be incorporated by reference therein, any preliminary prospectus or the
Prospectus that has not been superseded or modified.
The interactive data in the eXtensible
Business Reporting Language incorporated by reference to the Registration Statement fairly presents the information called for in all
material respects and has in all material respects been prepared in accordance with the Commission’s rules and guidelines
applicable thereto.
(3) Incorporated
Documents. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus
and the Prospectus, at the respective times they were or hereafter are filed with the Commission, complied and will comply in all material
respects with the requirements of the 1934 Act and the 1934 Act Regulations.
(4) Good
Standing of the Operating Partnership. (i) The Operating Partnership is validly existing as a limited partnership in good standing
under the laws of the State of Delaware, (ii) each of the subsidiaries of the Operating Partnership has been duly incorporated or
organized and is validly existing and in good standing under the laws of the jurisdiction in which it is chartered or organized, (iii) each
of the Operating Partnership and its subsidiaries has full power and authority (corporate or other) to own or lease, as the case may
be, and to operate its properties and conduct its business as described in the Registration Statement, the General Disclosure Package
and the Prospectus, and (iv) each of the Operating Partnership and its subsidiaries is duly qualified to do business as a foreign
corporation or organization and is in good standing under the laws of each jurisdiction which requires such qualification, except in
the cases of clauses (ii), (iii) and (iv) above, where the failure to be so incorporated or organized or so validly existing
and in good standing, to have such power or authority or to be so qualified or in good standing would not reasonably be expected to have
a material adverse effect on the condition (financial or otherwise), results of operations, business, properties or prospects of the
Operating Partnership and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business
(a “Material Adverse Effect”).
Except as otherwise set forth in the
Registration Statement, the General Disclosure Package and the Prospectus, all outstanding shares of capital stock, partnership interests
or membership units of the Operating Partnership’s subsidiaries are owned by the Operating Partnership either directly or through
wholly-owned subsidiaries free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances,
except for such interests, claims, liens or encumbrances granted in respect of indebtedness of the Operating Partnership or any of its
subsidiaries and referred to in the Registration Statement, the General Disclosure Package and the Prospectus.
4
All outstanding partnership interests
of the Operating Partnership have been duly authorized and validly issued.
(5) Accuracy
of Descriptions and Exhibits. There is no franchise, contract or other document of a character required to be described in the Registration
Statement or Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required; and the statements in the
Base Prospectus and the Prospectus under the headings “Description of Debt Securities,” “Description of Notes,”
“Material U.S. Federal Income Tax Considerations,” and “Supplemental U.S. Federal Income Tax Considerations,”
insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries
of such legal matters, agreements, documents or proceedings in all material respects.
(6) No
Material Adverse Change in Business. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus,
since the end of the period covered by the latest audited financial statements incorporated by reference therein (A) there has been
no change, nor any development or event involving a prospective change, in or affecting the condition (financial or otherwise), results
of operations, business, properties or prospects of the Operating Partnership and its subsidiaries, taken as a whole, that is material
and adverse, (B) there has been no dividend or distribution of any kind declared, paid or made by the Operating Partnership on any
class of its capital stock or other equity interests, as applicable, (C) there has been no material change in the outstanding equity
interests or total debt of the Operating Partnership on a consolidated basis, (D) there has not been any transaction material to
the Operating Partnership and its subsidiaries, taken as a whole, entered into, or any such transaction that is probable of being entered
into by the Operating Partnership or any of its subsidiaries, other than transactions in the ordinary course of business and changes
and transactions disclosed or described in the Registration Statement, the General Disclosure Package and the Prospectus, (E) there
has not been any obligation, direct or contingent, which is material to the Operating Partnership and its subsidiaries, taken as a whole,
incurred by the Operating Partnership or any of its subsidiaries, except obligations incurred in the ordinary course of business and
changes and transactions disclosed or described in the Registration Statement, the General Disclosure Package and the Prospectus, and
(F) none of the Operating Partnership or any of its subsidiaries has sustained any loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order
or decree of any court or arbitrator or governmental or regulatory authority, that, individually or in the aggregate, with respect to
this clause (F), would not reasonably be expected to have a Material Adverse Effect.
(7) Investment
Company Act. The Operating Partnership is not and, after giving effect to the offering and sale of the Securities, will not be an
“investment company,” as such term is defined in the Investment Company Act of 1940, as amended.
5
(8) Absence
of Further Requirements. No consent, approval, authorization, filing with or order of any court or governmental agency or body is
required in connection with the transactions contemplated herein, except such as have been obtained or as may be required under the 1933
Act, the 1934 Act or blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriters
in the manner contemplated herein and in the General Disclosure Package and the Prospectus.
(9) No
Conflicts. The consummation of any of the transactions contemplated herein will not conflict with, result in a breach or violation
of, or imposition of any lien, charge or encumbrance upon any property or assets of the Operating Partnership or any of its subsidiaries
pursuant to (A) their respective Organizational Documents, (B) the terms of any indenture, contract, lease, mortgage, deed
of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which any of them is a
party or bound or to which its or their property is subject, or (C) any statute, law, rule, regulation, judgment, order or decree
applicable to them of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over such entity or any of its or their properties, except in the case of clauses (B) and (C) above only, for such conflicts,
breaches, violations, liens, charges or encumbrances that would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect or could not, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the performance of this Agreement or the consummation of any of the transactions contemplated hereby.
(10) Brokers.
Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there are no contracts, agreements
or understandings between the Operating Partnership or any of its affiliates and any person (other than this Agreement) that would give
rise to a valid claim against the Operating Partnership or any Underwriter for a brokerage commission, finder’s fee or other like
payment in connection with this offering.
(11) Financial
Statements. The consolidated historical financial statements of the Operating Partnership incorporated by reference in the Registration
Statement, the General Disclosure Package and the Base Prospectus present fairly, in all material respects, the combined consolidated
financial position of the Operating Partnership as of the dates and for the periods indicated in conformity with U.S. GAAP. Additionally,
the related financial statement schedules, when considered in relation to the basic financial statements taken as a whole, present fairly,
in all material respects, the information set forth therein. Except as included or incorporated by reference therein, no historical or
pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the General Disclosure
Package and the Prospectus under the 1933 Act or the Rules and Regulations thereunder. All disclosures contained in the Registration
Statement, the General Disclosure Package and the Prospectus regarding “non-GAAP financial measures” (as such term is defined
by the Rules and Regulations) comply with Regulation G of the 1934 Act and Item 10(e) of Regulation S-K of the 1933 Act to
the extent applicable.
6
(12) Absence
of Proceedings. No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Operating Partnership, any of its subsidiaries or their property is pending or, to the best knowledge of the Operating
Partnership, threatened that (A) could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect
on the performance of this Agreement or the consummation of any of the transactions contemplated hereby or (B) could, individually
or in the aggregate, reasonably be expected to have a material adverse effect, except as set forth in or contemplated in the Registration
Statement, the General Disclosure Package and the Prospectus (exclusive of any supplement or amendment thereto).
(13) Properties.
(A) The Operating Partnership or its subsidiaries have good and marketable title (fee or leasehold) to all of the real properties
described in the Registration Statement, the General Disclosure Package and the Prospectus as owned or leased by them and the improvements
located thereon (individually, a “Property” and collectively, the “Properties”) and any other real
property owned by them, in each case, free and clear of all mortgages, pledges, liens, claims, security interests, restrictions or encumbrances
of any kind, except for such mortgages, pledges, liens, claims, security interests, restrictions or encumbrances as (1) are described
in the Registration Statement, General Disclosure Package and the Prospectus or (2) would not, individually or in the aggregate,
have a Material Adverse Effect; (B) all of the ground leases and subleases relating to the Properties, if any, material to the business
of the Operating Partnership and its subsidiaries considered as one enterprise, are in full force and effect, with such exceptions as
are not material and do not materially interfere with the use made or proposed to be made of such Property by the Operating Partnership
or any of its subsidiaries, and neither the Operating Partnership nor any of its subsidiaries has any notice of any material claim of
any sort that has been asserted by anyone adverse to the rights of the Operating Partnership or any of its subsidiaries under any of
the ground leases or subleases mentioned above, or affecting or questioning the rights of the Operating Partnership or any of its subsidiaries
to the continued possession of the leased or subleased premises under any such ground lease or sublease; (C) all liens, charges,
encumbrances, claims or restrictions on or affecting any of the Properties and the assets of the Operating Partnership or any of its
subsidiaries that are required to be disclosed in the Registration Statement, the General Disclosure Package or the Prospectus are disclosed
therein; (D) each of the Properties complies with all applicable codes, laws and regulations (including, without limitation, building
and zoning codes, laws and regulations and laws relating to access to the Properties), except for such failures to comply that would
not, individually or in the aggregate, have a Material Adverse Effect; (E) the Operating Partnership does not have any knowledge
of any pending or threatened condemnation proceedings, zoning change or other proceeding or action that will in any material manner affect
the size of, use of, improvements on, construction on or access to the Properties, except as would not, individually or in the aggregate,
have a Material Adverse Effect; (F) the mortgages and deeds of trust that encumber the Properties are not convertible into equity
securities of the entity owning such Property and said mortgages and deeds of trust are not cross-defaulted or cross-collateralized with
any property other than other Properties; (G) the Operating Partnership, directly or indirectly, has obtained title insurance on
the fee or leasehold interests, as the case may be, in each of the Properties, in an amount at least equal to the greater of (i) the
mortgage indebtedness of each such Property or (ii) the purchase price of each such Property, and all such policies of insurance
are in full force and effect; and (H) except as otherwise described in the Registration Statement, the General Disclosure Package
or the Prospectus, neither the Operating Partnership nor any of its subsidiaries nor, to the knowledge of the Operating Partnership,
any tenant of any of the Properties, is in default under (x) any tenant lease (as lessor or lessee, as the case may be) relating
to any of the Properties, (y) any of the mortgages or other security documents or other agreements encumbering or otherwise recorded
against the Properties or (z) any ground lease, sublease or operating sublease relating to any of the Properties, whether with or
without the passage of time or the giving of notice, or both, would constitute a default under any of such documents or agreements, except
with respect to (x), (y) and (z) immediately above any such default that would not, individually or in the aggregate, have
a Material Adverse Effect.
7
(14) Authorization
of Agreement. This Agreement has been duly authorized, executed and delivered by the Operating Partnership.
(15) Absence
of Defaults and Conflicts. The Operating Partnership, except as would not have a Material Adverse Effect, is not in violation of
its Organizational Documents. The Operating Partnership is not in violation of or default under the terms of any indenture, contract,
lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which
it is a party or bound or to which its property is subject, or any statute, law, rule, regulation, judgment, order or decree of any court,
regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Operating Partnership
or any of its properties, as applicable, except, in each case, for any violation or default that would not reasonably be expected to
have a Material Adverse Effect.
(16) Independent
Accountants. Deloitte & Touche LLP, who has certified certain financial statements of the Operating Partnership and delivered
their report with respect to the audited consolidated financial statements and schedules included or incorporated by reference in the
Registration Statement, General Disclosure Package and the Prospectus, are, to the knowledge of the Operating Partnership, independent
public accountants with respect to the Operating Partnership within the meaning of the 1933 Act and the applicable published rules and
regulations thereunder. Deloitte & Touche LLP are, to the knowledge of the Operating Partnership, independent public accountants
with respect to the Operating Partnership within the meaning of the 1933 Act and the applicable published rules and regulations
thereunder.
(17) Taxation.
The Operating Partnership and each of its subsidiaries have filed all tax returns that are required to be filed by them or have requested
extensions thereof (except in any case in which the failure so to file would not reasonably be expected to have a Material Adverse Effect
or except as set forth in or contemplated in the Registration Statement, General Disclosure Package and the Prospectus), and have paid
all taxes required to be paid by them and any other assessment, fine or penalty levied against them, to the extent that any of the foregoing
is due and payable, except for any such taxes, assessments, fines or penalties that are currently being contested in good faith or as
would not reasonably be expected to have a Material Adverse Effect or except as set forth in or contemplated in the Registration Statement,
General Disclosure Package and the Prospectus.
8
Commencing with its taxable year ended
December 31, 2011, Brixmor Property Group Inc., a Maryland corporation (the “Company”), has been and is organized
and has operated in conformity with the requirements for qualification and taxation as a REIT, and its current organization and current
and proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT for the
taxable year ending December 31, 2026 and thereafter. The Company currently intends to operate in conformity with the requirements
for qualification and taxation as a REIT under the Code and the Company, after reasonable inquiry and diligence, does not know of any
event that would reasonably be expected to cause it to fail to qualify as a REIT at any time.
The Operating Partnership is properly
classified as a partnership or disregarded entity, and not as a corporation or as a publicly traded partnership taxable as a corporation,
for federal income tax purposes throughout the period from its formation through the date hereof.
Each of the subsidiaries of the Operating
Partnership that is a partnership or a limited liability company (other than an entity for which a REIT or taxable REIT subsidiary election
has been made) is properly classified either as a disregarded entity or as a partnership, and not as a corporation or as a publicly traded
partnership taxable as a corporation, for federal income tax purposes.
(18) Absence
of Labor Dispute. No labor disturbance by or dispute with the employees of the Operating Partnership or any of its subsidiaries exists
or, to the knowledge of the Operating Partnership, is contemplated or threatened, and the Operating Partnership is not aware of any existing
or imminent labor disturbance by, or dispute with, the employees of the Operating Partnership or any of its subsidiaries or any of their
principal suppliers, contractors or customers, except, in each case, as would not reasonably be expected to have a Material Adverse Effect.
(19) Possession
of Intellectual Property. The Operating Partnership and its subsidiaries own or possess adequate rights to use all patents, patent
applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) used
in the operation of the business as now operated, except where the failure to own or possess such rights would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. The Operating Partnership and its subsidiaries have not received
any notice of any claim of infringement, misappropriation or conflict with the asserted rights of others in connection with its patents,
patent rights, licenses, inventions, trademarks, service marks, trade names, copyrights and know-how, which would, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.
9
(20) Relationships
with Underwriters or Affiliates of Underwriters. Except as disclosed in the Registration Statement, the General Disclosure Package
and the Prospectus, the Operating Partnership does not have any material lending or other relationship with any Underwriter or, to its
knowledge, any bank or lending affiliate of any Underwriter.
(21) Insurance.
The Operating Partnership and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as are prudent and customary for the businesses in which they are engaged; and none of the Operating Partnership
or any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have
a Material Adverse Effect, except as set forth in or contemplated in the Registration Statement, the General Disclosure Package and the
Prospectus.
(22) No
Restrictions on Dividends. No subsidiary of the Operating Partnership is currently prohibited, directly or indirectly, from paying
any dividends to the Operating Partnership, from making any other distribution on such subsidiary’s capital stock or other equity
interests, as applicable, from repaying to the Operating Partnership any loans or advances to such subsidiary from the Operating Partnership
or from transferring any of such subsidiary’s property or assets to the Operating Partnership or any other subsidiary of the Operating
Partnership, except as described in or contemplated by the Registration Statement, the General Disclosure Package and the Prospectus,
including with respect to restrictions on transfer of property or assets pursuant to the terms of mortgage debt on the Properties.
(23) Possession
of Licenses and Permits. The Operating Partnership and its subsidiaries possess all such licenses, certificates, permits and other
authorizations issued by all applicable federal, state, local or foreign regulatory agencies or bodies necessary to conduct their respective
businesses, except where the failure to possess such license, certificate, permit or other authorization would not reasonably be expected
to have a Material Adverse Effect, and none of the Operating Partnership or any such subsidiary has received any notice of proceedings
relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the
subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated in
the General Disclosure Package and the Prospectus.
(24) Accounting
and Disclosure Controls. The Operating Partnership maintains a system of internal accounting controls sufficient to provide reasonable
assurance that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions
are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain asset accountability;
(C) receipts and expenditures are being made only in accordance with management’s general or specific authorization; (D) access
to assets is permitted only in accordance with management’s general or specific authorization; and (E) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Operating Partnership’s internal controls over financial reporting are effective and the Operating Partnership is not aware
of any material weakness in its internal controls over financial reporting.
10
The Operating Partnership has established
and maintains a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the 1934 Act) that
has been designed to ensure that information required to be disclosed by the Operating Partnership in reports that it files or submits
under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and
forms, including controls and procedures designed to ensure that such information is accumulated and communicated to management as appropriate
to allow timely decisions regarding required disclosure.
(25) Absence
of Manipulation. The Operating Partnership and its subsidiaries have not taken, directly or indirectly, any action designed to or
that would constitute or that might reasonably be expected to cause or result in, under the 1934 Act or otherwise, unlawful stabilization
or manipulation of the price of any security of the Operating Partnership to facilitate the sale or resale of the Securities.
(26) Statistical
and Market-Related Data. Any third-party statistical and market-related data included in the Registration Statement, the General
Disclosure Package and the Prospectus are based on or derived from sources that the Operating Partnership believes to be reliable and
accurate in all material respects.
(27) Environmental
Laws. The Operating Partnership and its subsidiaries (A) are in compliance with any and all applicable foreign, federal, state
and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances
or wastes, pollutants or contaminants (“Environmental Laws”), (B) have received and are in compliance with all
permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses, and
(C) have not received written notice of any actual or potential liability under any environmental law, except where such non-compliance
with Environmental Laws, failure to receive or comply with required permits, licenses or other approvals, or liability would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the General
Disclosure Package and the Prospectus (exclusive of any supplement or amendment thereto). Neither the Operating Partnership nor any of
its subsidiaries has been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended. Costs and liabilities currently expected to be undertaken by the Operating Partnership in response
to Environmental Laws would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect.
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(28) ERISA.
None of the following events has occurred or exists: (A) a failure to fulfill the obligations, if any, under the minimum funding
standards of Section 302 of ERISA, and the regulations and published interpretations thereunder with respect to a Plan, determined
without regard to any waiver of such obligations or extension of any amortization period; (B) an audit or investigation by the Internal
Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other federal or state governmental agency
or any foreign regulatory agency with respect to any Plan; or (C) any breach of any contractual obligation, or any violation of
law or applicable qualification standards, with respect to any Plan, except in the case of (A) and (C) as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the following events has occurred or is reasonably
likely to occur: (1) an increase in the aggregate amount of contributions required to be made to all Plans in the current fiscal
year of the Operating Partnership and its subsidiaries compared to the amount of such contributions made in the most recently completed
fiscal year of the Operating Partnership and its subsidiaries; (2) an increase in the “accumulated post-retirement benefit
obligations” (within the meaning of Statement of Financial Accounting Standards 106) of the Operating Partnership and its subsidiaries
compared to the amount of such obligations in the most recently completed fiscal year of the Operating Partnership and its subsidiaries;
(3) any event or condition giving rise to a liability under Title IV of ERISA that could have a Material Adverse Effect with respect
to the termination of, or withdrawal from, any Plan; or (4) the filing of a claim by one or more employees or former employees of
the Operating Partnership related to their employment that could, in each case, reasonably be expected to have a Material Adverse Effect.
For purposes of this paragraph, the term “Plan” means a plan (within the meaning of Section 3(3) of ERISA) subject
to Title IV of ERISA with respect to which the Operating Partnership or any of its subsidiaries may have any liability.
(29) Compliance
with the Sarbanes-Oxley Act. As of the date hereof, the Operating Partnership is in compliance with all provisions of the Sarbanes-Oxley
Act of 2002 and all rules and regulations promulgated thereunder and implementing the provisions thereof that are in effect and
with which the Operating Partnership is required to comply.
(30) Foreign
Corrupt Practices Act. None of the Operating Partnership or any of its subsidiaries nor, to the knowledge of the Operating Partnership,
any director, officer, agent, employee or controlled affiliate, or other person acting on behalf of the Operating Partnership or any
of its subsidiaries, has taken any action on behalf of the Operating Partnership or any such subsidiary, directly or indirectly, that
would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of
interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term
is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention
of the FCPA; and the Operating Partnership, its subsidiaries and controlled affiliates have instituted and maintain policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.
(31) Money
Laundering Laws. The operations of the Operating Partnership and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Operating Partnership with respect to the Money Laundering Laws is pending or, to the best knowledge
of the Operating Partnership, threatened.
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(32) OFAC.
Neither the Operating Partnership nor, to the knowledge of the Operating Partnership, any director, officer, agent, employee or controlled
affiliate, or other person acting on behalf of the Operating Partnership (A) is currently subject to any sanctions administered
imposed by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”)) or (B) will, directly or indirectly, use the proceeds, if any, of this offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person in any manner that will result in
a violation of any economic sanctions imposed by the United States (including any administered or enforced by OFAC, the U.S. Department
of State, or the Bureau of Industry and Security of the U.S. Department of Commerce) (collectively, “Sanctions”) by,
or would reasonably be expected to result in the imposition of Sanctions against, any person (including any person participating in the
offering, whether as underwriter, advisor, investor or otherwise).
(33) Sanctioned
Countries. Neither the Operating Partnership nor, to the knowledge of the Operating Partnership, any director, officer, agent, employee
or controlled affiliate, or other person acting on behalf of the Operating Partnership, is a person that is, or is 50% or more owned
or otherwise controlled by a person that is: (A) the subject of any Sanctions; or (B) located, organized or resident in a country
or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory
(currently, Cuba, Iran, North Korea, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic
and the Crimea region of Ukraine).
(34) Related-Party
Disclosure. There are no relationships or related-party transactions involving the Operating Partnership or any other person required
to be described in the Registration Statement, the General Disclosure Package or the Prospectus that have not been described as required.
(35) The
Indenture. The Base Indenture has been duly authorized, executed and delivered by the Operating Partnership. The Sixteenth Supplemental
Indenture has been duly authorized by the Operating Partnership and, at the Closing Date, will have been duly executed and delivered
by the Operating Partnership. The Indenture will constitute a valid and binding agreement of the Operating Partnership, enforceable against
the Operating Partnership in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting enforcement of creditors’ rights generally or by general principles of equity; and the Indenture
has been duly qualified under the 1939 Act and the Trustee has filed a Form T-1 as an exhibit to the Registration Statement.
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(36) The
Securities. The Securities have been duly authorized and, at the Closing Date, will have been duly executed by the Operating Partnership
and, when delivered against payment of the purchase price therefor as provided in this Agreement, will constitute valid and binding obligations
of the Operating Partnership, enforceable against the Operating Partnership in accordance with their terms, except as enforcement thereof
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting enforcement of creditors’ rights
generally or by general principles of equity, and will be in the form contemplated by, and entitled to the benefits of, the Indenture.
(37) Description
of the Securities and the Indenture. The Securities and the Indenture conform and will conform in all material respects to the respective
statements relating thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus and the Securities
and the Indenture are and will be in substantially the respective forms filed as exhibits to the Registration Statement.
(38) Cybersecurity.
(i)(x) Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there has been
no security breach or other compromise of or relating to any of the Operating Partnership’s or its subsidiaries’ information
technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers,
vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, “IT Systems and
Data”) and (y) the Operating Partnership and its subsidiaries have not been notified of, and have no knowledge of any
event or condition that would reasonably be expected to result in, any security breach or other compromise to their IT Systems and Data,
except with respect to this clause (i), for any such security breach or other compromise, as would not, individually or in the aggregate,
have a Material Adverse Effect, (ii) the Operating Partnership and its subsidiaries are presently in compliance with all applicable
laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such
IT Systems and Data from unauthorized use, access, misappropriation or modification, except with respect to this clause (ii), where the
failure to do so would not, individually or in the aggregate, have a Material Adverse Effect; and (iii) the Operating Partnership
and its subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.
(b) Certificates.
Any certificate signed by any officer of the Operating Partnership and delivered to the Representatives or counsel for the Underwriters
in connection with the offering and sale of the Securities shall be deemed a representation and warranty by the Operating Partnership
as to matters covered thereby, to each Underwriter.
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Section 2. Sale
and Delivery to Underwriters; Closing.
(a) The
Securities. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set
forth, the Operating Partnership agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not
jointly, agrees to purchase from the Operating Partnership, the aggregate principal amount of Securities set forth opposite such Underwriter’s
name in Exhibit A hereto plus any additional principal amount of Securities which such Underwriter may become obligated to
purchase pursuant to the provisions of Section 10 hereof, in each case at a price equal to 98.978% of the principal amount thereof.
(b) Payment.
Payment of the purchase price for, and delivery of, the Securities shall be made at the offices of Skadden, Arps, Slate, Meagher &
Flom LLP, One Manhattan West, New York, New York 10001, or at such other place as shall be agreed upon by the Representatives and the
Operating Partnership, at 9:00 A.M. (New York City time) on May 5, 2026 (unless postponed in accordance with the provisions
of Section 10), or such other time not later than five business days after such date as shall be agreed upon by the Representatives
and the Operating Partnership (such time and date of payment and delivery being herein called “Closing Date”).
Payment shall be made to the Operating Partnership
by wire transfer of immediately available funds to a single bank account designated by the Operating Partnership against delivery to
the Representatives for the respective accounts of the Underwriters of the Securities to be purchased by them. It is understood that
each Underwriter has authorized the Representatives, for its account, to accept delivery of, receipt for, and make payment of the purchase
price for, the Securities which it has agreed to purchase. Each Representative, individually and not as representative of the Underwriters,
may (but shall not be obligated to) make payment of the purchase price for the Securities to be purchased by any Underwriter whose funds
have not been received by the Closing Date, but such payment shall not relieve such Underwriter from its obligations hereunder.
(c) Delivery
of Securities. The Operating Partnership shall make one or more global certificates (collectively, the “Global Securities”)
representing the Securities available for inspection by the Representatives on the business day prior to the Closing Date and, on or
prior to the Closing Date, the Operating Partnership shall deliver the Global Securities to DTC or to the Trustee, acting as custodian
for DTC, as applicable. Delivery of the Securities to the Underwriters on the Closing Date shall be made through the facilities of DTC
unless the Representatives shall otherwise instruct.
15
Section 3. Covenants
of the Operating Partnership. The Operating Partnership covenants with each Underwriter as follows:
(a) Compliance
with Securities Regulations and Commission Requests. The Operating Partnership, subject to Section 3(b), will comply with the
requirements of Rule 430B and Rule 433 and will notify the Representatives immediately, and confirm the notice in writing,
(i) when the Registration Statement or any post-effective amendment to the Registration Statement shall become effective, or when
any preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing
shall have been filed, (ii) of the receipt of any comments from the Commission (and shall promptly furnish the Representatives with
a copy of any comment letters and any transcript of oral comments, and shall furnish the Representatives with copies of any written responses
thereto a reasonable amount of time prior to the proposed filing thereof with the Commission and will not file any such response to which
the Representatives or counsel for the Underwriters shall object), (iii) of any request by the Commission for any amendment to the
Registration Statement or any amendment or supplement to any preliminary prospectus or the Prospectus or any Issuer Free Writing Prospectus
or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or of any order preventing or suspending the use of any preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus
or any amendment or supplement to any of the foregoing or any notice from the Commission objecting to the use of the form of the Registration
Statement or any post-effective amendment thereto, or of the suspension of the qualification of the Securities for offering or sale in
any jurisdiction or of the loss or suspension of any exemption from any such qualification, or of the initiation or threatening of any
proceedings for any of such purposes, or of any examination pursuant to Section 8(e) of the 1933 Act concerning the Registration
Statement and (v) if the Operating Partnership becomes the subject of a proceeding under Section 8A of the 1933 Act in connection
with the offering of the Securities. The Operating Partnership will make every reasonable effort to prevent the issuance of any stop
order and the suspension or loss of any qualification of the Securities for offering or sale and any loss or suspension of any exemption
from any such qualification, and if any such stop order is issued, or any such suspension or loss occurs, to obtain the lifting thereof
at the earliest possible moment. The Operating Partnership, or BPG on its behalf, shall pay the required Commission filing fees relating
to the Securities within the time required by Rule 456(b)(1)(i) of the 1933 Act Regulations without regard to the proviso therein
and otherwise in accordance with Rules 456(b) and 457(r) of the 1933 Act Regulations, except to the extent such filing
fees have been paid prior to the date hereof.
(b) Filing
of Amendments. The Operating Partnership will give the Representatives notice of its intention to file or prepare any amendment to
the Registration Statement, any Issuer Free Writing Prospectus or any amendment, supplement or revision to any preliminary prospectus,
the Prospectus or any Issuer Free Writing Prospectus, whether pursuant to the 1933 Act or otherwise, and the Operating Partnership will
furnish the Representatives with copies of any such documents within a reasonable amount of time prior to such proposed filing or use,
as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters reasonably
shall object. The Operating Partnership will give the Representatives notice of its intention to make any such filing from the Applicable
Time through the Closing Date (or, if later, through the end of the period during which the Prospectus is required (or, but for the provisions
of Rule 172, would be required) to be delivered by applicable law (whether to meet the requests of purchasers pursuant to Rule 173(d) or
otherwise)) and will furnish the Representatives with copies of any such documents within a reasonable amount of time prior to such proposed
filing, as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall
reasonably object.
(c) Delivery
of Registration Statements. The Operating Partnership has furnished or will deliver to the Representatives and counsel for the Underwriters,
without charge, copies of the Registration Statement and of each amendment thereto (including exhibits filed therewith or incorporated
by reference therein and documents incorporated or deemed to be incorporated by reference therein or otherwise deemed to be a part thereof)
and copies of all consents and certificates of experts. The copies of the Registration Statement and each amendment thereto furnished
to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T.
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(d) Delivery
of Prospectuses. The Operating Partnership has delivered to each Underwriter, without charge, as many copies of each preliminary
prospectus and any amendments or supplements thereto as such Underwriter reasonably requested, and the Operating Partnership hereby consents
to the use of such copies for purposes permitted by the 1933 Act. The Operating Partnership will furnish to each Underwriter, without
charge, during the period when the Prospectus is required (or, but for the provisions of Rule 172, would be required) to be delivered
by applicable law (whether to meet the request of purchasers pursuant to Rule 173(d) or otherwise), such number of copies of
the Pre-Pricing Prospectus, the Prospectus and any Issuer Free Writing Prospectus and any amendments or supplements to any of the foregoing
as such Underwriter may reasonably request.
(e) Continued
Compliance with Securities Laws. If, at any time when a prospectus relating to the Securities is required to be delivered under the
1933 Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172), any event occurs as a result
of which the Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein in the light of the circumstances under which they were made at such time not misleading, or
if it shall be necessary to amend the Registration Statement or supplement the Prospectus to comply with the 1933 Act or the rules thereunder,
the Operating Partnership promptly will (A) notify the Representatives of any such event; (B) prepare and file with the Commission,
subject to this Section 3, an amendment or supplement which will correct such statement or omission or effect such compliance; and
(C) supply any supplemented Prospectus to you in such quantities as you may reasonably request.
(f) Blue
Sky and Other Qualifications. The Operating Partnership will arrange, if necessary, for the qualification of the Securities for sale
under the laws of such jurisdictions as the Representatives may designate and will maintain such qualifications in effect so long as
required for the distribution of the Securities; provided that in no event shall the Operating Partnership be obligated to qualify to
do business in any jurisdiction where it is not now so qualified, to subject itself to taxation in respect of doing business in any jurisdiction
in which it is not now so subject or to take any action that would subject it to service of process in suits, other than those arising
out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject.
(g) Rule 158.
The Operating Partnership will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available
to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits
contemplated by, the last paragraph of Section 11(a) of the 1933 Act.
17
(h) Use
of Proceeds. The Operating Partnership will use the net proceeds received by it from the sale of the Securities in the manner specified
in the Pre-Pricing Prospectus and the Prospectus under “Use of Proceeds.”
(i) Restriction
on Sale of Securities. From and including the date of this Agreement through and including the Closing Date, the Operating Partnership
will not, without the prior written consent of the Representatives, directly or indirectly issue, offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option or right to sell or otherwise transfer
or dispose of any debt securities of or guaranteed by the Operating Partnership or Brixmor LLC, that are similar to the Securities (other
than the Securities issued under this Agreement) or any securities convertible into or exercisable or exchangeable for any debt securities
of or guaranteed by the Operating Partnership or Brixmor LLC, that are similar to the Securities.
(j) Reporting
Requirements. The Operating Partnership, during the period when the Prospectus is required (or, but for the provisions of Rule 172,
would be required) by applicable law to be delivered (whether to meet the request of purchasers pursuant to Rule 173(d) or
otherwise), will file all documents required to be filed with the Commission pursuant to the 1934 Act and the 1934 Act Regulations within
the time periods required by the 1934 Act and the 1934 Act Regulations.
(k) Preparation
of Prospectus. Immediately following the execution of this Agreement, the Operating Partnership will, subject to Section 3(b) hereof,
prepare the Prospectus, which shall contain the public offering price and terms of the Securities, the plan of distribution thereof and
such other information as may be required by the 1933 Act or the 1933 Act Regulations or as the Representatives and the Operating Partnership
may deem appropriate, and will file or transmit for filing with the Commission, in accordance with the provisions of Rule 430B and
in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), the Prospectus.
(l) New
Registration Statement. If, immediately prior to the third anniversary of the initial effective date of the Registration Statement
(the “Renewal Deadline”), any of the Securities remain unsold by the Underwriters, the Operating Partnership will,
prior to the Renewal Deadline, if it has not already done so and is eligible to do so, file a new shelf registration statement relating
to the Securities and use its commercial reasonable efforts to cause such registration statement to become effective.
(m) DTC.
The Operating Partnership will use its best efforts to permit the Securities to be eligible for clearance and settlement through DTC.
(n) Pricing
Term Sheet. The Operating Partnership will prepare a pricing term sheet (the “Pricing Term Sheet”) reflecting
the final terms of the Securities, in substantially the form attached hereto as Exhibit B and otherwise in form and substance
reasonably satisfactory to the Representatives, and shall file such Pricing Term Sheet as an “issuer free writing prospectus”
pursuant to Rule 433 prior to the close of business on the business day following the date hereof; provided that the Operating Partnership
shall furnish the Representatives with copies of any such Pricing Term Sheet within a reasonable amount of time prior to such proposed
filing and will not use or file any such document to which the Representatives or counsel to the Underwriters shall object.
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Section 4. Payment
of Expenses.
(a) Expenses.
The Operating Partnership, or BPG on its behalf, will pay all expenses incident to the performance of its obligations under this Agreement,
including (i) the preparation, printing and filing of the Registration Statement and each amendment thereto (in each case including
exhibits) and any costs associated with electronic delivery of any of the foregoing, (ii) the word processing and delivery to the
Underwriters of this Agreement, the Indenture and such other documents as may be required in connection with the offering, purchase,
sale, issuance or delivery of the Securities, (iii) the preparation, issuance and delivery of the certificates for the Securities
and the issuance and delivery of the Securities to the Underwriters, including any issue or other transfer taxes and any stamp or other
taxes or duties payable in connection with the sale, issuance or delivery of the Securities to the Underwriters, (iv) the fees and
disbursements of the counsel, accountants and other advisors to the Operating Partnership, (v) the qualification or exemption of
the Securities under securities laws in accordance with the provisions of Section 3(f) hereof, including filing fees and the
reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of the
Blue Sky Survey and any supplements thereto (up to $50,000), (vi) the preparation, printing and delivery to the Underwriters of
copies of each preliminary prospectus, any Permitted Free Writing Prospectus and the Prospectus and any amendments or supplements to
any of the foregoing and any costs associated with electronic delivery of any of the foregoing, (vii) the preparation, printing
and delivery to the Underwriters of copies of the Blue Sky Survey and any Canadian “wrapper” and any supplements thereto
and any costs associated with electronic delivery of any of the foregoing, (viii) the fees and expenses of the Trustee, including
the fees and disbursements of counsel for the Trustee in connection with the Indenture and the Securities, (ix) the filing fees
incident to, and the reasonable fees and disbursements of counsel to the Underwriters in connection with, the review, if any, by FINRA
of the terms of the sale of the Securities (up to $35,000), (x) all fees charged by any rating agencies for rating the Securities
and all expenses and application fees incurred in connection with the approval of the Securities for clearance, settlement and book-entry
transfer through DTC, (xi) the transportation and other expenses incurred by or on behalf of Operating Partnership representatives
in connection with presentations to prospective purchasers of the Securities, and (xii) all other costs and expenses incident to
the performance by the Operating Partnership of its obligations hereunder.
(b) Termination
of Agreement. If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5 or Section 9(a)(i) or
9(a)(ii) hereof, the Operating Partnership shall reimburse the Underwriters for all of their reasonable and documented out-of-pocket
expenses, including the reasonable fees and disbursements of counsel for the Underwriters.
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Section 5. Conditions
of Underwriters’ Obligations.
The obligations of the several Underwriters hereunder
are subject to the accuracy of the representations and warranties of the Operating Partnership contained in this Agreement, or in certificates
signed by any officer of the Operating Partnership (whether signed on behalf of such officer or the Operating Partnership) delivered
to the Representatives or counsel for the Underwriters, to the performance by the Operating Partnership of its covenants and other obligations
hereunder, and to the following further conditions:
(a) Effectiveness
of Registration Statement. The Registration Statement shall have become effective, and no stop order suspending the effectiveness
of the Registration Statement or any Rule 462(b) Registration Statement shall have been issued under the 1933 Act or proceedings
therefor initiated or, to the knowledge of the Operating Partnership, threatened by the Commission, and any request on the part of the
Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives and the Commission
shall not have notified the Operating Partnership of any objection to the use of the form of the Registration Statement. The Prospectus
shall have been filed with the Commission in the manner and within the time period required by Rule 424(b) (without reliance
upon Rule 424(b)(8)) and each Issuer Free Writing Prospectus required to be filed with the Commission shall have been filed in the
manner and within the time period required by Rule 433, and, prior to the Closing Date, the Operating Partnership shall have provided
evidence satisfactory to the Representatives of such timely filings.
(b) Opinion
of Counsel for Operating Partnership. At Closing Date, the Representatives shall have received the favorable opinion letter, dated
as of Closing Date, of Hogan Lovells US LLP, counsel for the Operating Partnership, in form and substance satisfactory to the Representatives,
together with signed or reproduced copies of such opinion for each of the other Underwriters, to the effect substantially in the form
set forth in Exhibit D hereto.
(c) Opinion
of Counsel for Underwriters. At the Closing Date, the Representatives shall have received the favorable opinion letter, dated as
of Closing Date, of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Underwriters, together with signed or reproduced
copies of such letter for each of the other Underwriters, with respect to the Securities to be sold by the Operating Partnership pursuant
to this Agreement, the Indenture, the Registration Statement, the General Disclosure Package and the Prospectus and any amendments or
supplements thereto and such other matters as the Representatives may reasonably request.
(d) Officers’
Certificate. At the Closing Date the Representatives shall have received a certificate, signed on behalf of the Operating Partnership
by the President or the Chief Executive Officer of BPG Subsidiary LLC, a Delaware limited liability company (“BPG Subsidiary”)
and the Chief Financial Officer or Chief Accounting Officer of BPG Subsidiary, or, in either case, any interim officer serving in each
such role, to the effect that the signers of such certificate have carefully examined the Registration Statement, the General Disclosure
Package, the Prospectus and any amendment or supplement thereto and that:
(i) the
representations and warranties of the Operating Partnership in this Agreement are true and correct on and as of the Closing Date, with
the same effect as if made on such date, and the Operating Partnership has complied with all the agreements and satisfied all the conditions
on its part to be performed or satisfied at or prior to the Closing Date;
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(ii) no
stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and no proceedings
for that purpose have been instituted or, to the knowledge of the Operating Partnership, are contemplated by the Commission and the Commission
has not notified the Operating Partnership of any objection to the use of the form of the Registration Statement; and
(iii) since
the date of the most recent financial statements included or incorporated by reference in the General Disclosure Package and the Prospectus
(exclusive of any supplement thereto), there has been no Material Adverse Effect, except as set forth in or contemplated in the Registration
Statement, the General Disclosure Package and the Prospectus (exclusive of any supplement thereto).
(e) Accountant’s
Comfort Letter. At the time of the execution of this Agreement, the Representatives shall have received from Deloitte &
Touche LLP a letter, dated the date of this Agreement and in form and substance satisfactory to the Representatives, together with signed
or reproduced copies of such letter for each of the other Underwriters, containing statements and information of the type ordinarily
included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial
information of the Operating Partnership contained in the Registration Statement, the General Disclosure Package, any Issuer Free Writing
Prospectuses (other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing.
(f) Bring-down
Comfort Letter. At Closing Date, the Representatives shall have received from Deloitte & Touche LLP a letter, dated as of
Closing Date and in form and substance satisfactory to the Representatives, to the effect that they reaffirm the statements made in their
letter furnished pursuant to subsection (e) of this Section 5, except that the specified date referred to shall be a date not
more than three business days prior to Closing Date.
(g) No
Downgrade. As of the Applicable Time, (i) there shall not have been any decrease in the rating of any debt securities of or
guaranteed by the Operating Partnership or Brixmor LLC by any “nationally recognized statistical rating organization” (as
defined in Section 3(a)(62) of the 1934 Act), and (ii) no such organization shall have publicly announced that it has under
surveillance or review or on a so-called “watch list,” with possible negative implications, its ratings of the Operating
Partnership, Brixmor LLC or any such debt securities.
(h) Additional
Documents. At the Closing Date, counsel for the Underwriters shall have been furnished with such documents and opinions as they may
require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to
evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, contained in this Agreement,
or as the Representatives or counsel for the Underwriters may otherwise reasonably request; and all proceedings taken by the Operating
Partnership in connection with the issuance and sale of the Securities as herein contemplated and in connection with the other transactions
contemplated by this Agreement shall be satisfactory in form and substance to the Representatives.
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(i) Termination
of Agreement. If any of the conditions specified in this Section 5 shall not have been fulfilled when and as provided in this
Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory
in form and substance to the Representatives and counsel for the Underwriters, this Agreement and all obligations of the Underwriters
hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be
given to the Operating Partnership in writing or by telephone or facsimile confirmed in writing and such termination shall be without
liability of any party to any other party except as provided in Section 4 hereof and except that Sections 1, 3, 5, 6, 7, 8, 9, 11,
12, 13 and 19 hereof shall survive any such termination of this Agreement and remain in full force and effect.
(j) Material
Adverse Change. Subsequent to the Applicable Time or, if earlier, the dates as of which information is given in the Registration
Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any
change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), results of operations,
business, properties or prospects of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in
the ordinary course of business, except as set forth in or contemplated in the General Disclosure Package and the Prospectus (exclusive
of any amendment or supplement thereto) the effect of which is, in the sole judgment of the Representatives, so material and adverse
as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Registration
Statement (exclusive of any amendment thereof), the General Disclosure Package and the Prospectus (exclusive of any amendment or supplement
thereto).
(k) Opinion
of REIT Counsel for Operating Partnership. At Closing Date, the Representatives shall have received the favorable opinion, dated
as of Closing Date, of Hogan Lovells US LLP, REIT counsel for the Operating Partnership, in form and substance satisfactory to the Representatives,
together with signed or reproduced copies of such opinion for each of the other Underwriters, to the effect substantially in the form
set forth in Exhibit E hereto.
Section 6. Indemnification.
(a) Indemnification
by the Operating Partnership. The Operating Partnership agrees to indemnify and hold harmless each Underwriter, its affiliates, and
its and their officers, directors, employees, partners and members and each person, if any, who controls any Underwriter within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:
(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue
statement or alleged untrue statement of a material fact in any preliminary prospectus, any Issuer Free Writing Prospectus, the General
Disclosure Package or the Prospectus (or any amendment or supplement to any of the foregoing), or in any “issuer information”
(as defined in Rule 433) or “road show” (as defined in Rule 433) that does not constitute an Issuer Free Writing
Prospectus, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading;
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(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 6(d) below)
any such settlement is effected with the written consent of the Operating Partnership; and
(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent
that any such expense is not paid under (i) or (ii) above,
provided, however, that this indemnity agreement shall
not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written information furnished to the Operating Partnership by any
Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto), or in any preliminary
prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or in any amendment or supplement to
any of the foregoing), it being understood and agreed that the only such information furnished by the Underwriters as aforesaid consists
of the information described as such in Section 6(b) hereof.
(b) Indemnification
by the Underwriters. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Operating Partnership,
its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Operating Partnership
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim,
damage and expense described in the indemnity contained in subsection (a) of this Section 6, as incurred, but only with respect
to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto),
or in any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement to any of the
foregoing), in reliance upon and in conformity with written information furnished to the Operating Partnership by such Underwriter through
the Representatives expressly for use therein. The Operating Partnership hereby acknowledges and agrees that the information furnished
to the Operating Partnership by the Underwriters through the Representatives expressly for use in the Registration Statement (or any
amendment thereto), or in any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
to any of the foregoing), consists exclusively of the following information appearing under the caption “Underwriting” in
the Pre-Pricing Prospectus and the Prospectus: (i) the information regarding the concession and reallowance appearing in the third
paragraph under such caption, (ii) the information regarding stabilization, syndicate covering transactions and penalty bids appearing
in the eighth and ninth paragraphs under such caption (but only insofar as such information concerns the Underwriters) and (iii) the
information regarding market making by the Underwriters appearing in the fourth paragraph under such caption.
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(c) Actions
Against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder unless such failure results in the forfeiture by the indemnifying
party of substantial rights and defenses. Counsel to the indemnified parties shall be selected as follows: counsel to the Underwriters
and the other indemnified parties referred to in Section 6(a) above shall be selected by the Representatives; and counsel to
the Operating Partnership, its directors, each of its officers who signed the Registration Statement and each person, if any, who controls
the Operating Partnership within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected
by the Operating Partnership. An indemnifying party may participate at its own expense in the defense of any such action; provided, however,
that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel (in addition to any local
counsel) separate from their own counsel for the Underwriters and the other indemnified parties referred to in Section 6(a) above;
and the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for the Operating
Partnership, its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Operating
Partnership within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, in each case in connection with
any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.
No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry
of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 6 or Section 7
hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent
(i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation,
proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or
on behalf of any indemnified party.
(d) Settlement
Without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 6, such indemnifying party agrees
that it shall be liable for any settlement of the nature contemplated by Section 6(a)(ii) effected without its written consent
if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered
into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to
the date of such settlement.
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Section 7. Contribution.
If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute
to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in
such proportion as is appropriate to reflect the relative benefits received by the Operating Partnership on the one hand and the Underwriters
on the other hand from the offering of the Securities pursuant to this Agreement or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the Operating Partnership on the one hand and of the Underwriters on the other hand in
connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations.
The relative benefits received by the Operating
Partnership on the one hand and the Underwriters on the other hand in connection with the offering of the Securities pursuant to this
Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant
to this Agreement (before deducting expenses) received by the Operating Partnership and the total underwriting discounts and commissions
received by the Underwriters, in each case as set forth on the cover of the Prospectus, bear to the aggregate initial public offering
price of the Securities as set forth on such cover.
The relative fault of the Operating Partnership
on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether any such untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied
by the Operating Partnership on the one hand or by the Underwriters on the other hand and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission.
The Operating Partnership and the Underwriters
agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to above in this Section 7. The aggregate amount of losses, liabilities, claims, damages
and expenses incurred by an indemnified party and referred to above in this Section 7 shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission.
Notwithstanding the provisions of this Section 7,
no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten
by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise
been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.
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No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.
For purposes of this Section 7, each affiliate,
officer, director, employee, partner and member of each Underwriter and each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Underwriter,
and each director of the Operating Partnership, each officer of the Operating Partnership who signed the Registration Statement, and
each person, if any, who controls the Operating Partnership within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall have the same rights to contribution as the Operating Partnership.
Section 8. Representations,
Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in this Agreement or in certificates
signed by any officer of the Operating Partnership (whether signed on behalf of such officer or the Operating Partnership) and delivered
to the Representatives or counsel to the Underwriters, shall remain operative and in full force and effect, regardless of any investigation
made by or on behalf of any Underwriter, any officer, director, employee, partner, member or agent of any Underwriter or any person controlling
any Underwriter, or by or on behalf of the Operating Partnership, any officer, director or employee of the Operating Partnership or any
person controlling the Operating Partnership, and shall survive delivery of and payment for the Securities.
Section 9. Termination
of Agreement.
(a) Termination;
General. This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice given to the
Operating Partnership prior to delivery of and payment for the Securities, if at any time prior to such delivery and payment (i) if
there has been, in the judgment of the Representatives, subsequent to the Applicable Time or, if earlier, the dates as of which information
is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change in the condition
(financial or otherwise), results of operations, business, properties, management or prospects of the Operating Partnership and its subsidiaries,
taken as a whole, whether or not arising from transactions in the ordinary course of business, (ii) trading in any securities of
the Operating Partnership shall have been suspended or materially limited by the Commission or the NYSE, or trading in securities generally
on the NYSE shall have been suspended or limited or minimum or maximum prices for trading have been fixed, or maximum ranges for prices
shall have been required by any of said exchanges or by order of the Commission, FINRA or any other governmental authority, (iii) a
material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or, with respect
to Clearstream or Euroclear systems, in Europe, (iv) a banking moratorium shall have been declared either by Federal or New York
State authorities, or (v) if there shall have occurred any outbreak or escalation of hostilities, declaration by the United States
of a national emergency or war, or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole
judgment of the Representatives, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated
by the Base Prospectus or the Prospectus (exclusive of any amendment or supplement thereto).
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(b) Liabilities.
If this Agreement is terminated pursuant to this Section 9, such termination shall be without liability of any party to any other
party except as provided in Section 4 hereof, and except that Sections 1, 3, 5, 6, 7, 8, 9, 11, 12, 13 and 19 hereof shall survive
such termination and remain in full force and effect.
Section 10. Default
by One or More of the Underwriters. (a) If one or more of the Underwriters shall fail at the Closing Date to purchase the aggregate
principal amount of Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”),
the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon
and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour
period, then:
(i) if
the aggregate principal amount of Defaulted Securities does not exceed 10% of the aggregate principal amount of Securities, each of the
non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount of such Defaulted Securities in
the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters;
or
(ii) if
the number of Defaulted Securities exceeds 10% of the aggregate principal amount of Securities, this Agreement shall terminate without
liability on the part of any non-defaulting Underwriter.
No action taken pursuant to this Section 10
shall relieve any defaulting Underwriter from liability in respect of its default.
In the event of any such default which does not
result in a termination of this Agreement, the Representatives shall have the right to postpone the Closing Date for a period not exceeding
seven days in order to effect any required changes in the Registration Statement, the General Disclosure Package or Prospectus or in
any other documents or arrangements. As used herein, the term “Underwriter” includes any person substituted for an Underwriter
under this Section 10.
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Section 11. Notices.
All notices and other communications hereunder shall be in writing, shall be effective only upon receipt and shall be mailed, delivered
by hand or overnight courier, or transmitted by fax (with the receipt of any such fax to be confirmed by telephone). Notices to the Underwriters
shall be directed to the Representatives at J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York 10017, Attention: Investment
Grade Syndicate Desk, Facsimile: (212) 834-6081; PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, Pennsylvania 15222,
Attention: Debt Capital Markets, Fixed Income Transaction Execution, Email: capitalmarketsnotices@pnc.com; Scotia Capital (USA)
Inc., 250 Vesey Street, New York, New York 10281, Attention: Debt Capital Markets, Email: US.Legal@scotiabank.com, TAG@scotiabank.com;
and TD Securities (USA) LLC, 1 Vanderbilt Avenue, 11th Floor, New York, New York 10017, Attention: Debt Capital Markets, Transaction
Advisory, Email: USTransactionadvisory@tdsecurities.com; with copies to Skadden, Arps, Slate, Meagher & Flom LLP, at
One Manhattan West, New York, New York 10001, Attention: Michael J. Hong; if sent to the Operating Partnership, mailed or delivered to
200 Ridge Pike, Suite 100, Conshohocken, PA 19428, Attention: Legal Department, with a copy (which does not constitute notice) to
Hogan Lovells US LLP, at Columbia Square, 555 Thirteenth Street, NW, Washington, DC 20004, Attention: Andrew Zahn.
Section 12. Parties.
This Agreement shall each inure to the benefit of and be binding upon the Underwriters, the Operating Partnership, and their respective
successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation,
other than the Underwriters, the Operating Partnership, and their respective successors and the controlling persons and other indemnified
parties referred to in Sections 6 and 7 and their successors, heirs and legal representatives, any legal or equitable right, remedy or
claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof
are intended to be for the sole and exclusive benefit of the Underwriters, the Operating Partnership, and their respective successors,
and said controlling persons and other indemnified parties and their successors, heirs and legal representatives, and for the benefit
of no other person or entity. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such
purchase.
Section 13. GOVERNING
LAW AND TIME. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS OTHERWISE
EXPRESSLY SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.
Section 14. Effect
of Headings. The Section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.
Section 15. Definitions.
As used in this Agreement, the following terms have the respective meanings set forth below:
“1933 Act” means the Securities
Act of 1933, as amended.
“1933 Act Regulations” means
the rules and regulations of the Commission under the 1933 Act.
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“1934 Act” means the Securities
Exchange Act of 1934, as amended.
“1934 Act Regulations” means
the rules and regulations of the Commission under the 1934 Act.
“1939 Act” means the Trust
Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder.
“Applicable Time” means 2:15
P.M. (New York City time) on April 30, 2026 or such other time as agreed by the Operating Partnership and the Representatives.
“Commission” means the Securities
and Exchange Commission.
“DTC” means The Depository
Trust Company.
“EDGAR” means the Commission’s
Electronic Data Gathering, Analysis and Retrieval System.
“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder.
“FINRA” means the Financial
Industry Regulatory Authority Inc. or the National Association of Securities Dealers, Inc., or both, as the context shall require.
“GAAP” means generally accepted
accounting principles.
“Issuer Free Writing Prospectus”
means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Securities that (i) is required
to be filed with the Commission by the Operating Partnership, (ii) is a “road show” that is a “written communication”
within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) is exempt from filing
pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering that does not reflect
the final terms, and all free writing prospectuses that are listed in Exhibit C hereto, in each case in the form filed or
required to be filed with the Commission or, if not required to be filed, in the form retained in the Operating Partnership’s records
pursuant to Rule 433(g).
“Issuer General Use Free Writing Prospectus”
means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors, as evidenced by its being
specified in Exhibit C hereto.
“Issuer Limited Use Free Writing Prospectus”
means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.
“Lien” means any security interest,
mortgage, pledge, lien, encumbrance, claim or equity.
“NYSE” means the New York Stock
Exchange.
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“Organizational Documents”
means (a) in the case of a corporation, its charter and by-laws; (b) in the case of a limited or general partnership, its partnership
certificate, certificate of formation or similar organizational document and its partnership agreement; (c) in the case of a limited
liability company, its articles of organization, certificate of formation or similar organizational documents and its operating agreement,
limited liability company agreement, membership agreement or other similar agreement; (d) in the case of a trust, its certificate
of trust, certificate of formation or similar organizational document and its trust agreement or other similar agreement; and (e) in
the case of any other entity, the organizational and governing documents of such entity.
“preliminary prospectus” means
any prospectus together with, if applicable, the accompanying prospectus supplement used in connection with the offering of the Securities
that omitted the public offering price of the Securities or that was captioned “Subject to Completion,” together with the
documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act. The
term “preliminary prospectus” includes, without limitation, the Pre-Pricing Prospectus.
“Registration Statement” means
the Operating Partnership’s and BPG’s joint registration statement on Form S-3 (Registration No. 333-291119-01)
as amended (if applicable), including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12
of Form S-3 under the 1933 Act and the Rule 430B Information; provided that any Rule 430B Information shall be deemed
part of the Registration Statement only from and after the time specified pursuant to Rule 430B.
“Rule 163,” “Rule 164,”
“Rule 172,” “Rule 173,” “Rule 401,” “Rule 405,”
“Rule 424(b)” “Rule 430A,” “Rule 430B,” “Rule 433”
and “Rule 462(b)” refer to such rules under the 1933 Act.
“Rule 430B Information”
means the information included in any preliminary prospectus or the Prospectus or any amendment or supplement to any of the foregoing
that was omitted from the Registration Statement at the time it first became effective but is deemed to be part of and included in the
Registration Statement pursuant to Rule 430B.
All references in this Agreement to the Registration
Statement, any preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement to any of the
foregoing shall be deemed to include the version thereof filed with the Commission pursuant to EDGAR and all versions thereof delivered
(physically or electronically) to the Representatives or the Underwriters.
All references in this Agreement to financial
statements and schedules and other information which is “contained,” “included” or “stated” in the
Registration Statement, any preliminary prospectus or the Prospectus (and all other references of like import) shall be deemed to mean
and include all such financial statements and schedules and other information which is incorporated by reference in or otherwise deemed
by 1933 Act Regulations to be a part of or included in the Registration Statement, any preliminary prospectus or the Prospectus, as the
case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus
or the Prospectus shall be deemed to mean and include the filing of any document under the 1934 Act which is incorporated by reference
in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration Statement, such preliminary prospectus
or the Prospectus, as the case may be.
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Section 16. Permitted
Free Writing Prospectuses. The Operating Partnership represents, warrants and agrees that it has not made and, unless it obtains
the prior written consent of the Representatives, it will not make, and each Underwriter, severally and not jointly, represents, warrants
and agrees that it has not made and, unless it obtains the prior written consent of the Operating Partnership and the Representatives,
it will not make, any offer relating to the Securities that constitutes or would constitute an “issuer free writing prospectus”
(as defined in Rule 433) or that otherwise constitutes or would constitute a “free writing prospectus” (as defined in
Rule 405) or portion thereof required, in the case of any Underwriters, to be filed with the Commission or, in the case of the Operating
Partnership, whether or not required to be filed with the Commission; provided that the prior written consent of the Operating Partnership
and the Representatives shall be deemed to have been given in respect of the Issuer General Use Free Writing Prospectuses, if any, listed
on Exhibit C hereto and to any electronic road show in the form previously provided by the Operating Partnership to and approved
by the Representatives. Any such free writing prospectus consented to or deemed to have been consented to as aforesaid is hereinafter
referred to as a “Permitted Free Writing Prospectus.” The Operating Partnership represents, warrants and agrees that it has
treated and will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433,
and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including
timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto agree
that all free writing prospectuses, if any, listed in Exhibit C hereto are Permitted Free Writing Prospectuses.
Section 17. Absence
of Fiduciary Relationship. The Operating Partnership acknowledges and agrees that:
(a) each
of the Underwriters is acting solely as an underwriter in connection with the sale of the Securities and no fiduciary, advisory or agency
relationship between the Operating Partnership, on the one hand, and any of the Underwriters, on the other hand, has been created in
respect of any of the transactions contemplated by this Agreement, irrespective of whether or not any of the Underwriters have advised
or are advising the Operating Partnership on other matters;
(b) the
public offering price of the Securities and the price to be paid by the Underwriters for the Securities set forth in this Agreement were
established by the Operating Partnership following discussions and arms-length negotiations with the Representatives;
(c) it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;
(d) it
is aware that the Underwriters and their respective affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Operating Partnership and that none of the Underwriters has any obligation to disclose such interests and
transactions to the Operating Partnership by virtue of any fiduciary, advisory or agency relationship or otherwise; and
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(e) it
waives, to the fullest extent permitted by law, any claims it may have against any of the Underwriters for breach of fiduciary duty or
alleged breach of fiduciary duty and agrees that none of the Underwriters shall have any liability (whether direct or indirect, in contract,
tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or
in right of it or the Operating Partnership or any stockholders, employees or creditors of the Operating Partnership.
Section 18. Research
Analyst Independence. The Operating Partnership acknowledges that the Underwriters’ research analysts and research departments
are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal
policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or
publish research reports with respect to the Operating Partnership and/or the offering that differ from the views of their respective
investment banking divisions. The Operating Partnership hereby waives and releases, to the fullest extent permitted by applicable law,
any claims that the Operating Partnership may have against the Underwriters with respect to any conflict of interest that may arise from
the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent
with the views or advice communicated to the Operating Partnership by such Underwriters’ investment banking divisions. The Operating
Partnership acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable
securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt
or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.
Section 19. WAIVER
OF JURY BY TRIAL. THE OPERATING PARTNERSHIP HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 20. Recognition
of the U.S. Special Resolution Regimes. In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under
this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.
In the event that any Underwriter that is a Covered
Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default
Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or
a state of the United States.
32
As used in this Section 20:
“BHC Act Affiliate” has the
meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any
of the following:
(i) a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime”
means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street
Reform and Consumer Protection Act and the regulations
promulgated thereunder.
Section 21. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature
covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other
applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly
and validly delivered and be valid and effective for all purposes.
[Signature Pages Follow]
33
If the foregoing is in accordance with your understanding
of our agreement, please sign and return to the Operating Partnership a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement between the Underwriters and the Operating Partnership in accordance with its terms.
Very truly yours,
BRIXMOR OPERATING PARTNERSHIP LP
By:
Brixmor OP
GP LLC, its general partner
By:
BPG Subsidiary LLC, its sole member
By:
/s/ Steven F. Siegel
Name:
Steven F. Siegel
Title:
Executive Vice President, General Counsel and Secretary
[Signature Page to Underwriting Agreement
- Company]
CONFIRMED AND ACCEPTED, as of the date first above
written:
J.P. Morgan Securities LLC
By:
/s/
Saee Athalye
Name:
Saee
Athalye
Title:
Vice
President
PNC Capital Markets LLC
By:
/s/
Mitchell O’Shell
Name:
Mitchell
O'Shell
Title:
Senior
Associate
Scotia Capital (USA) Inc.
By:
/s/
Chandni Joshi
Name:
Chandni
Joshi
Title:
Director
TD Securities (USA) LLC
By:
/s/
Michael Ravanesi
Name:
Michael
Ravanesi
Title:
Managing
Director& Co-Head, U.S. Corporate DCM Origination
For themselves and as Representatives of the several Underwriters
named in Exhibit A hereto.
[Signature Page to Underwriting Agreement
- Representatives]
EXHIBIT A
Name of Underwriter
Principal
Amount of
Securities
J.P. Morgan Securities LLC
$ 64,000,000
PNC Capital Markets LLC
$ 64,000,000
Scotia Capital (USA) Inc.
$ 64,000,000
TD Securities (USA) LLC
$ 64,000,000
BMO Capital Markets Corp.
$ 26,000,000
BNY Mellon Capital Markets, LLC
$ 26,000,000
Citigroup Global Markets Inc.
$ 26,000,000
RBC Capital Markets, LLC
$ 26,000,000
U.S. Bancorp Investments, Inc.
$ 26,000,000
Samuel A. Ramirez & Company, Inc.
$ 14,000,000
Total
$ 400,000,000
A-1
EXHIBIT B
Filed Pursuant to Rule 433
Free Writing Prospectus
Registration No. 333-291119-01
April 30, 2026
BRIXMOR OPERATING PARTNERSHIP LP
Pricing Term Sheet
$400,000,000 5.375% Senior Notes due 2036
This pricing term sheet supplements, and should be read in conjunction
with, the preliminary prospectus supplement, dated April 30, 2026, of Brixmor Operating Partnership LP (“we,” “our,”
or “us”) and the accompanying prospectus, dated October 28, 2025 and the documents incorporated and deemed to be incorporated
by reference therein.
Issuer:
Brixmor Operating Partnership LP
Expected Ratings (Moody’s / S&P / Fitch)*:
[Intentionally Omitted]
Security Type:
SEC Registered, Senior Unsecured Notes
Pricing Date:
April 30, 2026
Settlement Date:
May 5, 2026 (T+3)
Maturity Date:
June 15, 2036
Interest Payment Dates:
June 15 and December 15, commencing December 15, 2026
Principal Amount:
$400,000,000
Public Offering Price:
99.628% of the Principal Amount
Net Proceeds to the Issuer, Before Expenses:
$395,912,000
Benchmark Treasury:
4.125% due February 15, 2036
Benchmark Treasury Price / Yield:
97-28+ / 4.392%
Spread to Benchmark Treasury:
+103 basis points
Yield to Maturity:
5.422%
Coupon:
5.375%
Optional Redemption Provisions:
Make-whole call:
Make-whole call at T + 20 basis points
B-1
Par Call:
On or after March 15, 2036 (three months prior to the maturity
date)
CUSIP / ISIN:
11120V AQ6 / US11120VAQ68
Joint Book-Running Managers:
J.P. Morgan Securities LLC
PNC Capital Markets LLC
Scotia Capital (USA) Inc.
TD Securities (USA) LLC
BMO Capital Markets Corp.
BNY Mellon Capital Markets, LLC
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
U.S. Bancorp Investments,Inc.
Co-Manager:
Samuel A. Ramirez& Company,Inc.
*Note: A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.
Brixmor Operating Partnership LP has filed a registration statement
(including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering
to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the issuer’s
prospectus in that registration statement and any other documents the issuer or Brixmor Property Group Inc. has filed with the SEC for
more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data base
(EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus supplement and prospectus if you request them from J.P. Morgan Securities LLC, by calling
collect at 1-212-834-4533; PNC Capital Markets LLC, by calling toll-free at 1-855-881-0697; Scotia Capital (USA) Inc., by calling toll-free
at 1-800-372-3930; or TD Securities (USA) LLC, by calling toll-free at 1-855-495-9846.
Under Rule 15c6-1 of the Securities Exchange Act of 1934,
as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the business day before final settlement will be required,
by virtue of the fact that the Notes initially will settle in three business days (T+3), to specify alternative settlement arrangements
to prevent a failed settlement.
B-2
EXHIBIT C
ISSUER GENERAL USE FREE WRITING PROSPECTUSES
1. Pricing Term Sheet containing the terms of the Securities, substantially
in the form of Exhibit B hereto, dated April 30, 2026.
C-1
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