BRIXMOR PROPERTY GROUP REPORTS THIRD QUARTER 2025 RESULTS

- Increased Dividend by 7% -

- Achieved Record New Lease ABR Per Square Foot and Small Shop Occupancy -

NEW YORK, Oct. 27, 2025 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three and nine months ended September 30, 2025. For the three months ended September 30, 2025 and 2024, net income attributable to Brixmor Property Group Inc. was $0.31 per diluted share and $0.32 per diluted share, respectively, and for the nine months ended September 30, 2025 and 2024, net income attributable to Brixmor Property Group Inc. was $0.81 per diluted share and $0.84 per diluted share, respectively.

Key highlights for the three months ended September 30, 2025 include:

Subsequent events:

"Our team continued to deliver on our value-added business plan with another strong quarter of operating results, including record commencements, in-place ABR per square foot, and new lease ABR per square foot. This execution reinforces the quality of our well-located centers, the strength of our platform, and the embedded mark-to-market opportunity of our portfolio. Looking forward, we remain encouraged by the size of the signed but not yet commenced pipeline and are focused on executing on our reinvestments as we position the portfolio for long-term sustainable growth," commented Brian T. Finnegan, Interim Chief Executive Officer and the Company's President and Chief Operating Officer.

FINANCIAL HIGHLIGHTS

Net Income Attributable to Brixmor Property Group Inc.

Nareit FFO

Same Property NOI Performance

Dividend

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

Acquisitions

Dispositions

CAPITAL STRUCTURE

GUIDANCE

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

2025E

2025E Per

Diluted Share

Net income attributable to Brixmor Property Group Inc.

$319 - $326

$1.04 - $1.06

Depreciation and amortization related to real estate

410

1.33

Gain on sale of real estate assets

(59)

(0.19)

Impairment of real estate assets

0.05

Nareit FFO

$686 - $693

$2.23 - $2.25

CONNECT WITH BRIXMOR

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, October 28, 2025 at 10:00 AM ET. To participate, please dial 877.704.4453 (domestic) or 201.389.0920 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through November 11, 2025 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13755355) or via the web through October 28, 2026 at https://www.brixmor.com in the Investors section.

The Company's Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at investorrelations@brixmor.com or 800.468.7526.

NON-GAAP PERFORMANCE MEASURES

The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of net income to these non-GAAP performance measures is presented in the attached tables.

Nareit FFO

Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (calculated in accordance with GAAP) excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income (calculated in accordance with GAAP) that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Same Property NOI

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

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

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

ABOUT BRIXMOR PROPERTY GROUP

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 354 retail centers comprise approximately 63 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to over 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

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

SAFE HARBOR LANGUAGE

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

CONSOLIDATED BALANCE SHEETS

Unaudited, dollars in thousands, except share information

As of

9/30/2025

12/31/2024

Assets

Real estate

Land

$ 1,835,928

$ 1,834,814

Buildings and tenant improvements

9,206,437

8,895,571

Construction in progress

93,001

152,260

Lease intangibles

524,966

526,412

11,660,332

11,409,057

Accumulated depreciation and amortization

(3,560,508)

(3,410,179)

Real estate, net

8,099,824

7,998,878

Cash and cash equivalents

331,544

377,616

Restricted cash

44,962

1,076

Marketable securities

21,691

20,301

Receivables, net, including straight-line rent receivables of $234,299 and $208,785, respectively

306,179

281,947

Deferred charges and prepaid expenses, net

174,151

167,080

Real estate assets held for sale

7,408

4,189

Other assets

63,494

57,827

Total assets

$ 9,049,253

$ 8,908,914

Liabilities

Debt obligations, net

$ 5,493,420

$ 5,339,751

Accounts payable, accrued expenses and other liabilities

592,836

585,241

Total liabilities

6,086,256

5,924,992

Equity

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

3,061

3,055

315,227,002 and 314,619,008 shares issued and 306,100,010 and 305,492,016

shares outstanding

Additional paid-in capital

3,432,972

3,431,043

Accumulated other comprehensive income

1,895

8,218

Distributions in excess of net income

(475,197)

(458,638)

Total stockholders' equity

2,962,731

2,983,678

Non-controlling interests

266

244

Total equity

2,962,997

2,983,922

Total liabilities and equity

$ 9,049,253

$ 8,908,914

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Nine Months Ended

9/30/2025

9/30/2024

9/30/2025

9/30/2024

Revenues

Rental income

$ 340,618

$ 319,989

$ 1,017,256

$ 955,065

Other revenues

225

693

591

1,547

Total revenues

340,843

320,682

1,017,847

956,612

Operating expenses

Operating costs

38,891

36,442

117,979

110,518

Real estate taxes

45,455

42,902

133,907

120,659

Depreciation and amortization

103,234

94,829

312,108

278,065

Impairment of real estate assets

16,075

5,863

16,075

11,143

General and administrative

26,772

30,250

84,038

88,430

Total operating expenses

230,427

210,286

664,107

608,815

Other income (expense)

Dividends and interest

1,191

5,289

4,087

15,798

Interest expense

(56,680)

(55,410)

(165,173)

(160,553)

Gain on sale of real estate assets

40,018

37,018

58,843

53,974

Gain (Loss) on extinguishment of debt, net

273

(296)

554

Other

(703)

(726)

(2,076)

(1,700)

Total other expense

(16,174)

(13,556)

(104,615)

(91,927)

Net income

94,242

96,840

249,125

255,870

Net income attributable to non-controlling interests

(7)

(22)

Net income attributable to Brixmor Property Group Inc.

$ 94,235

$ 96,840

$ 249,103

$ 255,870

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

Basic

$ 0.31

$ 0.32

$ 0.81

$ 0.84

Diluted

$ 0.31

$ 0.32

$ 0.81

$ 0.84

Weighted average shares:

Basic

307,193

302,676

307,132

302,518

Diluted

308,084

303,608

307,974

303,377

FUNDS FROM OPERATIONS (FFO)

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Nine Months Ended

9/30/2025

9/30/2024

9/30/2025

9/30/2024

Net income attributable to Brixmor Property Group Inc.

$ 94,235

$ 96,840

$ 249,103

$ 255,870

Depreciation and amortization related to real estate

101,995

93,495

308,534

273,386

Gain on sale of real estate assets

(40,018)

(37,018)

(58,843)

(53,974)

Impairment of real estate assets

16,075

5,863

16,075

11,143

Nareit FFO

$ 172,287

$ 159,180

$ 514,869

$ 486,425

Nareit FFO per diluted share

$ 0.56

$ 0.52

$ 1.67

$ 1.60

Weighted average diluted shares outstanding

308,084

303,608

307,974

303,377

Items that impact FFO comparability

Gain (Loss) on extinguishment of debt, net

$ -

$ 273

$ (296)

$ 554

Transaction expenses, net

(73)

(22)

(131)

Total items that impact FFO comparability

$ -

$ 200

$ (318)

$ 423

Items that impact FFO comparability, net per share

$ -

$ 0.00

$ (0.00)

$ 0.00

Additional Disclosures

Straight-line rental income, net

$ 9,858

$ 8,133

$ 27,120

$ 23,669

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

5,124

1,701

11,813

5,235

Straight-line ground rent expense, net (1)

(158)

(433)

Dividends declared per share

$ 0.2875

$ 0.2725

$ 0.8625

$ 0.8175

Dividends declared

$ 88,004

$ 82,312

$ 263,999

$ 246,533

Dividend payout ratio (as % of Nareit FFO)

51.1 %

51.7 %

51.3 %

50.7 %

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

SAME PROPERTY NOI ANALYSIS

Unaudited, dollars in thousands

Three Months Ended

Nine Months Ended

9/30/2025

9/30/2024

Change

9/30/2025

9/30/2024

Change

Same Property NOI Analysis

Number of properties

341

- %

339

- %

Percent billed

90.4 %

91.9 %

(1.5) %

90.3 %

91.9 %

(1.6) %

Percent leased

94.4 %

95.8 %

(1.4) %

94.4 %

95.7 %

(1.3) %

Revenues

Base rent

$ 228,765

$ 222,820

$ 680,044

$ 657,007

Expense reimbursements

72,329

70,718

218,723

205,288

Revenues deemed uncollectible

(2,891)

(4,611)

(7,406)

(5,691)

Ancillary and other rental income / Other revenues

7,995

5,950

22,525

17,608

Percentage rents

1,124

1,243

7,602

7,727

307,322

296,120

3.8 %

921,488

881,939

4.5 %

Operating expenses

Operating costs

(35,638)

(34,745)

(110,238)

(105,042)

Real estate taxes

(42,556)

(41,057)

(126,331)

(115,399)

(78,194)

(75,802)

3.2 %

(236,569)

(220,441)

7.3 %

Same property NOI

$ 229,128

$ 220,318

4.0 %

$ 684,919

$ 661,498

3.5 %

NOI margin

74.6 %

74.4 %

74.3 %

75.0 %

Expense recovery ratio

92.5 %

93.3 %

92.5 %

93.1 %

Percent Contribution to Same Property NOI Performance:

Change

Percent

Contribution

Change

Percent

Contribution

Base Rent

$ 5,945

2.7 %

$ 23,037

3.5 %

Revenues deemed uncollectible

1,720

0.8 %

(1,715)

(0.3) %

Net expense reimbursements

(781)

(0.4) %

(2,693)

(0.4) %

Ancillary and other rental income / Other revenues

2,045

0.9 %

4,917

0.7 %

Percentage rents

(119)

(0.0) %

(125)

(0.0) %

4.0 %

3.5 %

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

Net income attributable to Brixmor Property Group Inc.

$ 94,235

$ 96,840

$ 249,103

$ 255,870

Adjustments:

Non-same property NOI

(11,945)

(9,977)

(36,479)

(32,464)

Lease termination fees

(600)

(1,201)

(6,063)

(2,550)

Straight-line rental income, net

(9,858)

(8,133)

(27,120)

(23,669)

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

(5,124)

(1,701)

(11,813)

(5,235)

Straight-line ground rent expense, net

158

(8)

433

(19)

Depreciation and amortization

103,234

94,829

312,108

278,065

Impairment of real estate assets

16,075

5,863

16,075

11,143

General and administrative

26,772

30,250

84,038

88,430

Total other expense

16,174

13,556

104,615

91,927

Net income attributable to non-controlling interests

Same Property NOI

$ 229,128

$ 220,318

$ 684,919

$ 661,498

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

Unaudited, dollars in thousands

Three Months Ended

Nine Months Ended

9/30/2025

9/30/2024

9/30/2025

9/30/2024

Net income

$ 94,242

$ 96,840

$ 249,125

$ 255,870

Interest expense

56,680

55,410

165,173

160,553

Federal and state taxes

653

616

2,113

1,982

Depreciation and amortization

103,234

94,829

312,108

278,065

EBITDA

254,809

247,695

728,519

696,470

Gain on sale of real estate assets

(40,018)

(37,018)

(58,843)

(53,974)

Impairment of real estate assets

16,075

5,863

16,075

11,143

EBITDAre

$ 230,866

$ 216,540

$ 685,751

$ 653,639

EBITDAre

$ 230,866

$ 216,540

$ 685,751

$ 653,639

(Gain) Loss on extinguishment of debt, net

(273)

296

(554)

Transaction expenses, net

131

Total adjustments

(200)

318

(423)

Adjusted EBITDA

$ 230,866

$ 216,340

$ 686,069

$ 653,216

Adjusted EBITDA

$ 230,866

$ 216,340

$ 686,069

$ 653,216

Straight-line rental income, net

(9,858)

(8,133)

(27,120)

(23,669)

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

(5,124)

(1,701)

(11,813)

(5,235)

Straight-line ground rent expense, net (1)

158

(8)

433

(19)

Total adjustments

(14,824)

(9,842)

(38,500)

(28,923)

Cash Adjusted EBITDA

$ 216,042

$ 206,498

$ 647,569

$ 624,293

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

Reconciliation of Debt Obligations, Net to Net Principal Debt

As of

9/30/2025

Debt obligations, net

$ 5,493,420

Less: Net unamortized premium

(10,941)

Add: Deferred financing fees

35,974

Less: Cash, cash equivalents and restricted cash

(376,506)

Net Principal Debt

$ 5,141,947

Adjusted EBITDA, current quarter annualized

$ 923,464

Net Principal Debt to Adjusted EBITDA, current quarter annualized

5.6x

Adjusted EBITDA, trailing twelve months

$ 905,663

Net Principal Debt to Adjusted EBITDA, trailing twelve months

5.7x

SOURCE Brixmor Property Group Inc.