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The Simon Property Group of grocery-anchored strip malls.

Like Prologis, but for retail shopping centers instead of warehouses.

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• Leasing Retail Properties: Providing rental space to national, regional, and local retailers within their portfolio of open-air shopping centers.
• Property Management and Development: Overseeing the operations, maintenance, marketing, and strategic redevelopment of their shopping center properties to enhance value and tenant experience.

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Brixmor Property Group (BRX) is a real estate investment trust (REIT) that owns and operates open-air shopping centers. As such, it generates revenue primarily by leasing space to other companies that operate retail businesses in its properties. Therefore, its major customers are its tenants.

Based on recent investor presentations (e.g., Q1 2024 / February 2024 Investor Presentation), Brixmor Property Group's major customers (tenants) and their symbols (if public) include:

• Kroger (Symbol: KR)
• Publix (Private company)
• TJX Companies (Symbol: TJX)
• Ahold Delhaize (Symbol: AHODF)
• Walmart (Symbol: WMT)
• Wakefern Food Corp. (ShopRite) (Private company)
• Ross Stores (Symbol: ROST)

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James M. Taylor Jr., Chief Executive Officer & Director

James M. Taylor Jr. has served as Chief Executive Officer for Brixmor Property Group since May 2016 and as President from May 2016 through July 2024. Prior to joining Brixmor, he was Executive Vice President, Chief Financial Officer, and Treasurer for Federal Realty Investment Trust from 2012 to 2016. From 1998 to 2012, Mr. Taylor was a Senior Managing Director and the head of real estate investment banking at Eastdil Secured / Wells Fargo, where he completed over $100 billion of public debt and equity offerings, mergers and acquisitions, asset and portfolio sales, private equity placements, mortgage financings, and bank loans for his real estate clients. He also previously practiced corporate and securities law at Hunton & Williams, focusing on equity REITs, and worked as a senior accountant for Price Waterhouse.

Steven T. Gallagher, Executive Vice President, Chief Financial Officer & Treasurer

Steven T. Gallagher has served as Executive Vice President, Chief Financial Officer, and Treasurer of Brixmor Property Group since July 2024. He previously held the role of interim Chief Financial Officer from January 2024 and served as Senior Vice President, Chief Accounting Officer since March 2017. Before joining Brixmor, Mr. Gallagher was Chief Accounting Officer of Netrality Properties. He also served as Controller of CubeSmart, a New York Stock Exchange-listed self-storage real estate investment trust, from 2010 to 2015, and held various audit roles at PricewaterhouseCoopers LLP from 2005 to 2010.

Brian T. Finnegan, President & Chief Operating Officer

Brian T. Finnegan has served as President and Chief Operating Officer of Brixmor Property Group since July 2024, and was appointed Interim Chief Executive Officer in October 2025. He previously served as Senior Executive Vice President, Chief Operating Officer from 2023 and briefly as Interim CEO and President from April to May 2024. Mr. Finnegan joined Kramont Realty Trust, a predecessor of Brixmor, in 2004 as a Senior Leasing Associate and has held various positions including Executive Vice President, Chief Revenue Officer (since 2020), Executive Vice President of Leasing, and Regional Vice President of Leasing.

Mark T. Horgan, Executive Vice President & Chief Investment Officer

Mark T. Horgan has been the Executive Vice President and Chief Investment Officer of Brixmor Property Group since 2016. Prior to this, he was a Managing Director at Eastdil Secured from 2007 to 2016. Mr. Horgan also served as the Vice President of Capital Markets at The Mills Corporation from 2003 to 2007 and as an Analyst of Capital Markets at Federal Realty Investment Trust from 2001 to 2002.

Sheryl M. Crosland, Chairman of the Board of Directors

Sheryl M. Crosland has been the Chairman of the company since 2023. Before this role, she served as Managing Director and Head of the Retail Sector at JP Morgan Investment Management Global Real Assets Group from 1998 to 2014, and held various real estate investment management positions within the same group from 1984 to 1998. Ms. Crosland also served as a Director of Donahue Schriber Realty and Edens Investment Trust.

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1. Tenant Bankruptcies and Retail Sector Headwinds: Brixmor Property Group faces significant risk from tenant bankruptcies and the broader challenges within the retail sector. These factors can lead to declines in occupancy and rental revenue. The evolving retail landscape, driven by changing consumer behaviors and increased e-commerce competition, continues to pressure traditional retailers, potentially affecting Brixmor's tenant stability and leasing conditions.
2. Interest Rate Sensitivity: The company's financial performance is sensitive to fluctuations in interest rates. Rising interest expenses due to a higher weighted average cost of debt have been noted as a risk, impacting operating expenses. Broader economic dynamics, including shifting interest rates, influence Brixmor's operations, occupancy rates, and property valuation.
3. Redevelopment Execution Risks: Brixmor engages in redevelopment projects, which inherently carry various execution risks. These include potential delays or failures in obtaining necessary permits, cost overruns, construction delays, and the possibility of not achieving projected occupancy or rent levels within the anticipated timeframe. Such projects require significant upfront investment, and the expected returns are not guaranteed.

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The accelerating shift towards online grocery shopping and the consequent evolution in grocery retailers' physical footprint strategies represent a clear emerging threat. This includes the potential for grocery anchors to reduce the size of their traditional large-format stores, increase reliance on smaller omnichannel formats designed primarily for order fulfillment (e.g., click-and-collect or delivery hubs), or develop automated micro-fulfillment centers that require less consumer-facing retail space. Such developments could diminish the demand for the large, traditional grocery anchor spaces that form the cornerstone of Brixmor's portfolio, impacting occupancy rates and rental income over time.

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Brixmor Property Group (BRX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strong Leasing Activity and Rent Spreads: Brixmor is experiencing robust demand for its retail spaces, leading to significant rent increases on new and renewal leases. In the third quarter of 2025, the company executed 1.5 million square feet of new and renewal leases with blended rent spreads of 17.8%, and new leases alone saw spreads of 30.5%. Small shop occupancy reached a record 91.4%, with further upside anticipated from the company's reinvestment pipeline. The signed but not yet commenced new lease pipeline represents 2.7 million square feet and $60.5 million of annualized base rent, with annualized rent per square foot approximately 21% above the portfolio average, indicating future revenue growth as these leases commence. Management expects base rent growth to accelerate into 2026 as billed occupancy rebounds and new leases from the pipeline begin.

2. Strategic Reinvestment and Redevelopment Programs: The company continues to enhance its portfolio through reinvestment projects. In Q3 2025, Brixmor stabilized $46.4 million of reinvestment projects at an average incremental Net Operating Income (NOI) yield of 11%. The in-process reinvestment pipeline totals $375.3 million, with an expected average incremental NOI yield of 9%. These redevelopments include impactful additions like Trader Joe's and Sprouts Farmers Market, which are expected to boost the property portfolio and attract high-caliber tenants.

3. Accretive Acquisitions: Brixmor is actively pursuing high-value acquisitions to expand its portfolio and drive growth. The company completed $223.0 million in acquisitions in the third quarter of 2025. Analysts view accretive acquisitions as a key driver for REITs, and Brixmor's recent activity in this area, such as the acquisition of La Centerra, is expected to offer substantial upside through occupancy gains and market-to-market rent increases.

4. Limited New Retail Supply and High-Quality, Grocery-Anchored Portfolio: A general sector tailwind benefiting Brixmor is the limited new retail real estate supply, which, combined with robust occupancy trends, positions the company for continued Funds From Operations (FFO) growth. Brixmor's portfolio of open-air shopping centers is predominantly grocery-anchored (over 80%), featuring non-discretionary and value-oriented retailers like TJX, Kroger, and Burlington. This focus on essential retail and strong tenant demand across both anchor and small shop spaces contributes to resilient revenue streams and growth potential through strategic partnerships with major grocery anchors.

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Share Repurchases

• A new $400.0 million share repurchase program was authorized on October 28, 2025, replacing the prior program and set to expire on October 28, 2028.
• As of December 31, 2024, the share repurchase program had $400.0 million of available capacity.
• Brixmor Property Group repurchased $25.0 million of its common stock during 2020.

Share Issuance

• During the twelve months ended December 31, 2024, the company raised approximately $116.6 million from the sale of around 4.1 million shares through its at-the-market (ATM) equity offering program.
• An "at-the-market" equity program of up to $400.0 million, including forward sale capacity, was entered into on October 28, 2025, providing an on-demand equity issuance pathway.

Outbound Investments

• For the twelve months ended December 31, 2024, Brixmor completed $293.0 million of acquisitions, including seven shopping centers and two land parcels.
• In 2020, $3.4 million of assets were acquired.
• During the twelve months ended December 31, 2024, the company generated approximately $212.4 million of gross proceeds from the disposition of six shopping centers and eight partial properties.

Capital Expenditures

• During the twelve months ended December 31, 2024, Brixmor stabilized $204.7 million of reinvestment projects at an average incremental net operating income (NOI) yield of 9%.
• Projects added to the in-process pipeline in the fourth quarter of 2024, including anchor space repositioning and outparcel development, had an estimated cost of approximately $11.1 million with an expected average incremental NOI yield of 10%.
• The company's capital expenditures primarily focus on enhancing asset value through operational improvements, anchor repositioning, and densification projects.