Brixmor Property Group · Earnings release · 8-K Exhibit 99

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SUPPLEMENTAL DISCLOSURE

TABLE OF CONTENTS

Page

Glossary of Terms

1

Results Overview & Guidance

3

Financial Summary

Consolidated Balance Sheets

5

Consolidated Statements of Operations

6

EBITDA & Reconciliation of Debt Obligations, Net to Net Principal Debt

7

Funds From Operations (FFO)

8

Supplemental Balance Sheet Detail

9

NOI & Supplemental Statement of Operations Detail

Same Property NOI Analysis

Capital Expenditures

Capitalization, Liquidity & Debt Ratios

Debt Obligations

Covenant Disclosure

Investment Summary

Acquisitions

Dispositions

Anchor Space Repositioning Summary

Outparcel Development Summary

Redevelopment Summary

Future Redevelopment Opportunities

Portfolio Summary

Portfolio Overview

Portfolio Composition

Top Forty Retailers Ranked by ABR

New & Renewal Lease Summary

New Lease Net Effective Rent & Leases Signed But Not Yet Commenced

Lease Expiration Schedule

Major CBSA Detail

Properties by State

Property List

Note: Financial and operational information is unaudited.

For additional information, please visit https://www.brixmor.com; follow Brixmor on LinkedIn at https://www.linkedin.com/company/brixmor, Facebook at https://www.facebook.com/Brixmor, Instagram at https://www.instagram.com/brixmorpropertygroup, and YouTube at https://www.youtube.com/user/Brixmor.

This Supplemental Disclosure 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 the Company’s expectations regarding the performance of its business, its financial results, its 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, including those described under the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s other periodic filings with the SEC. The forward looking statements speak only as of the date of this release, and the Company expressly disclaims 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.

Supplemental Disclosure - Three Months Ended March 31, 2025

GLOSSARY OF TERMS

↩ Table of

Contents

Term

Definition

Adjusted SOFR

Secured Overnight Financing Rate, plus 0.10%.

Anchor Spaces

Spaces equal to or greater than 10,000 square feet ("SF") of GLA.

Anchor Space Repositioning

Anchor leasing that is primarily focused on reconfiguring or significantly remerchandising existing space with minimal work required outside of normal tenant improvement and landlord costs.

Annualized Base Rent ("ABR")

Contractual monthly base rent as of a specified date, under leases that have been signed or commenced as of the specified date, multiplied by 12. Annualized base rent differs from how rent is calculated in accordance with GAAP for purposes of financial statements. See Straight-line Rent definition for additional information. For purposes of calculating ABR, all signed or commenced leases with an initial term of one year or greater are included and all signed leases on space that will be vacated by existing tenants in the near term are excluded.

ABR PSF

ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

Billed GLA

Aggregate GLA of all commenced leases with an initial term of one year or greater, as of a specified date.

Core-Based Statistical Areas ("CBSA")

Defined by the United States Census Bureau as the collection of both Metropolitan and Micropolitan Statistical Areas. Metropolitan Statistical Areas are defined as a region associated with at least one urbanized area that has a population of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting. Micropolitan Statistical Areas are defined as a region with at least one urbanized area that has a population of at least 10,000 but less than 50,000, plus adjacent territories that have a high degree of social and economic integration with the central county or counties as measured through commuting.

References to CBSA rank are based on population estimates from Synergos Technologies, Inc.

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

Supplemental, non-GAAP performance measures. Please see below for more information on the limitations of non-GAAP performance measures.

A reconciliation of net income (calculated in accordance with GAAP) before non-controlling interests to each of these measures is provided on page 7.

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, and (iii) depreciation and amortization. EBITDAre, which is computed in accordance with Nareit's definition, represents EBITDA excluding (i) gains and losses from the sale of certain real estate assets, (ii) gains and losses from change in control, (iii) 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. Adjusted EBITDA represents EBITDAre excluding (i) gain (loss) on extinguishment of debt, net and (ii) other items that the Company believes are not indicative of the Company's operating performance.

Cash Adjusted EBITDA represents Adjusted EBITDA excluding (i) straight-line rental income, net, (ii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements and (iii) straight-line ground rent expense, net. 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. EBITDA, EBITDAre, Adjusted EBITDA, Cash Adjusted EBITDA, Net Principal Debt to Adjusted EBITDA, current quarter annualized, and Net Principal Debt to Adjusted EBITDA, trailing twelve months are calculated after adjustments for unconsolidated joint ventures to reflect each measure on the same basis.

Generally Accepted Accounting Principles ("GAAP")

GAAP refers to a common set of United States of America accounting rules, standards, and procedures issued by the Financial Accounting Standards Board.

Gross Leasable Area ("GLA")

Represents the total amount of leasable property square footage.

Leased GLA

Aggregate GLA of all signed or commenced leases with an initial term of one year or greater, as of a specified date, excluding all signed leases on space that will be vacated by existing tenants in the near term.

Local Tenants

Single-state operators with fewer than 20 locations.

Major Tenants

Any grocer and all national / regional anchor tenants.

Nareit

National Association of Real Estate Investment Trusts.

Nareit Funds From Operations (“FFO")

A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. A reconciliation of net income (calculated in accordance with GAAP) to Nareit FFO is provided on page 8.

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.

National / Regional Tenants

Multi-state operators or single-state operators with 20 or more locations and state agencies and government offices. Includes franchise locations.

Net Effective Rent Before Tenant Specific Landlord Work

Average ABR PSF over the lease term adjusted for tenant improvements and allowances (excluding base building costs) and third-party leasing commissions. For purposes of calculating net effective rent before tenant specific landlord work, ABR PSF includes the GLA of lessee-owned leasehold improvements.

Net Operating Income ("NOI")

A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures.

A reconciliation of net income (calculated in accordance with GAAP) to NOI is provided on page 10.

Calculated 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). 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) depreciation and amortization, (vi) impairment of real estate assets, (vii) general and administrative expense, and (viii) other income and expense (including interest expense and gain on sale of real estate assets).

Net Principal Debt

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. A reconciliation of debt obligations, net to Net Principal Debt is provided on page 7.

New Development

Refers to ground up development of new shopping centers. Does not refer to outparcel development.

New Development & Reinvestment Stabilization

New Development and Reinvestment projects are deemed stabilized upon reaching 90.0% billed occupancy of the impacted space. New Development projects are included in the operating portfolio upon the earlier of (i) reaching 90.0% billed occupancy of the impacted space or (ii) one year after the associated assets are placed in service.

NOI Yield

Calculated as the projected incremental NOI as a percentage of the estimated incremental third-party costs of a specified project, net of any project specific credits (lease termination fees or other ancillary credits).

Non-controlling Interests

Relate to the portion of Brixmor Property Group Inc. held by the non-controlling interest holders.

Non-owned Major Tenants

Also known as shadow anchors. Refers to tenants that are situated on parcels that are owned by unrelated third parties, but, due to their location within or immediately adjacent to a shopping center, appear to the consumer as a retail tenant of the shopping center and, as a result, attract additional consumer traffic to the center.

Outparcel(s)

Refers to a portion of a shopping center, separate from the main retail buildings and generally located on the outer edge of a property, which may currently, or in the future, contain one or several freestanding buildings.

Outparcel Development

Construction of a new outparcel. May also refer to the demolition of an existing outparcel building to accommodate the construction of a new outparcel.

Percent Billed

Billed GLA as a percentage of total GLA.

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 1

GLOSSARY OF TERMS

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Contents

Term

Definition

Percent Leased

Leased GLA as a percentage of total GLA.

PSF

Per square foot of GLA.

Redevelopment

Larger scale projects that typically involve new construction, reconfiguration, significant remerchandising, and upgrades or demolition of a portion of the shopping center to accommodate new retailers.

Reinvestment Projects

Represents anchor space repositioning, outparcel development, and/or redevelopment projects.

Rent Spread

Represents the percentage change in contractual ABR PSF in the first year of the new lease relative to contractual ABR PSF in the last year of the old lease. Rent spreads are presented only for leases deemed comparable. For purposes of calculating rent spreads, ABR PSF includes the GLA of lessee-owned leasehold improvements.

New Rent Spread

Includes new leases signed on units that were occupied within the prior 12 months. New leases signed on units that have been vacant for longer than 12 months, new leases signed on first generation space, and new leases that are ancillary in nature regardless of term are deemed non-comparable and excluded from New Rent Spreads.

Renewal Rent Spread

Includes renewal leases signed with the same tenant in all or a portion of the same location or that include the expansion into space that was occupied within the prior 12 months. Renewals that include the expansion of an existing tenant into space that has been vacant for longer than 12 months and renewals that are ancillary in nature regardless of term are deemed non-comparable and excluded from Renewal Rent Spreads.

Option Rent Spread

Includes contractual renewal options exercised by tenants in the same location to extend the term of an expiring lease.

Total Rent Spread

Combined spreads for new, renewal, and option leases.

Same Property NOI

A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. A reconciliation of net income (calculated in accordance with GAAP) to Same Property NOI is provided on page 11.

Represents NOI of 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. Same Property NOI excludes income or expense associated with the Company's captive insurance company.

Number of Properties in Same Property NOI Analysis:

Three Months

Twelve Months

Total properties in Brixmor Property Group portfolio

Acquired properties excluded from Same Property NOI

(7)

(8)

Additional exclusions (1)

(6)

(8)

Same Property NOI pool (2)

(1) Additional exclusions for the three months ended March 31, 2025 and 2024 include five properties that were subject to partial dispositions in 2024 and one property that was subject to partial disposition in 2025.

(2) The Same Property NOI pool includes the balance of a shopping center when an outparcel has been acquired or if a partial disposition can be disaggregated from the remaining property. One outparcel acquired in 2024 and one land parcel acquired in 2025 are excluded from the Same Property NOI pool for the three months ended March 31, 2025 and 2024.

Small Shop Spaces

Spaces less than 10,000 SF of GLA.

Secured Overnight Financing Rate ("SOFR")

SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate ("LIBOR").

Straight-line Rent

Non-cash revenue recognized related to the GAAP requirement to average a tenant's contractual base rent over the life of the lease. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. The cumulative difference between rental revenue recognized and contractual payment terms is recognized as deferred rent and included in Receivables, net on the Consolidated Balance Sheets. The Company periodically evaluates the collectability of its receivables related to straight-line rent. Any receivables that are deemed to be uncollectible are recognized as a reduction to straight-line rental income, net.

Year Built

Year of most recent redevelopment or year built if no redevelopment has occurred.

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.

The Company believes that the non-GAAP performance measures it presents are useful to investors for the following reasons:

• EBITDA, EBITDAre, Adjusted

EBITDA, Cash Adjusted EBITDA,

Net Principal Debt to

Adjusted EBITDA, current

quarter annualized, & Net

Principal Debt to Adjusted

EBITDA, trailing twelve months

Considering the nature of its business as a real estate owner and operator, the Company believes that EBITDA, EBITDAre, Adjusted EBITDA, Cash Adjusted EBITDA, 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) before non-controlling interests that do not relate to or are not indicative of the operating performance of the Company’s real estate. The Company believes EBITDA, EBITDAre, Adjusted EBITDA, Cash Adjusted EBITDA, Net Principal Debt to Adjusted EBITDA, current quarter annualized, and Net Principal Debt to Adjusted EBITDA, trailing twelve months 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 that these metrics can provide investors with a more consistent basis by which to compare the Company with its peers.

• Nareit FFO

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.

• NOI and Same Property NOI

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 (calculated in accordance with GAAP) 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, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, income or expense associated with the Company's captive insurance company, 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.

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 2

RESULTS OVERVIEW & GUIDANCE

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Contents

Unaudited, dollars in thousands, except per share and per square foot amounts

Three Months Ended

Twelve Months Ended

Summary Financial Results

Total revenues (page 6)

Net income attributable to Brixmor Property Group Inc. (page 6)

Net income attributable to Brixmor Property Group Inc. per diluted share (page 6)

EBITDA (page 7)

EBITDAre (page 7)

Adjusted EBITDA (page 7)

Cash Adjusted EBITDA (page 7)

Nareit FFO (page 8)

Nareit FFO per diluted share (page 8)

Items that impact FFO comparability, net per share (page 8)

Dividends declared per share (page 8)

Dividend payout ratio (as % of Nareit FFO) (page 8)

%

%

%

%

Three Months Ended

Summary Operating and Financial Ratios

NOI margin (page 10)

%

%

%

%

%

Same property NOI performance (page 11) (1)

%

%

%

%

%

Fixed charge coverage, current quarter annualized (page 13)

Fixed charge coverage, trailing twelve months (page 13)

Net Principal Debt to Adjusted EBITDA, current quarter annualized (page 7) (2)

Net Principal Debt to Adjusted EBITDA, trailing twelve months (page 7) (2)

Outstanding Classes of Stock

Common shares outstanding (page 13)

Three Months Ended

Summary Acquisitions and Dispositions

Aggregate purchase price of acquisitions (page 17)

$ —

Aggregate sale price of dispositions (page 18)

NOI adjustment for acquisitions and dispositions, net (3)

Summary Portfolio Statistics (4)

Number of properties (page 26)

Percent billed (page 26)

%

%

%

%

%

Percent leased (page 26)

%

%

%

%

%

ABR PSF (page 26)

New lease rent spread (page 29)

%

%

%

%

%

New & renewal lease rent spread (page 29)

%

%

%

%

%

Total - new, renewal & option lease rent spread (page 29)

%

%

%

%

%

Total - new, renewal & option GLA (page 29)

Current

Previous

YTD

Nareit FFO per diluted share

Same property NOI performance

(1) Reflects same property NOI as reported for the specified period.

(2) Net Principal Debt is as of the end of each specified period.

(3) Represents an estimate of the incremental NOI that the Company would have recognized if the assets that were acquired during the quarter had been owned for the full quarter, adjusted for one-time items, net of NOI recognized during the quarter for the assets that were disposed of during the quarter.

(4) Reflects portfolio statistics as reported for the specified period.

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 3

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FINANCIAL SUMMARY

Supplemental Disclosure

CONSOLIDATED BALANCE SHEETS

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Contents

Unaudited, dollars in thousands, except share information

As of

As of

Assets

Real estate

Land

$

$

Buildings and tenant improvements

Construction in progress

Lease intangibles

Accumulated depreciation and amortization

Real estate, net

Cash and cash equivalents

Restricted cash

Marketable securities

Receivables, net, including straight-line rent receivables of $216,074 and $208,785, respectively

Deferred charges and prepaid expenses, net

Real estate assets held for sale

Other assets

Total assets

$

$

Liabilities

Debt obligations, net

$

$

Accounts payable, accrued expenses and other liabilities

Total liabilities

Equity

shares outstanding

Additional paid-in capital

Accumulated other comprehensive income

Distributions in excess of net income

Total stockholders' equity

Non-controlling interests

Total equity

Total liabilities and equity

$

$

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 5

CONSOLIDATED STATEMENTS OF OPERATIONS

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Contents

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Revenues

Rental income

$

$

Other revenues

Total revenues

Operating expenses

Operating costs

Real estate taxes

Depreciation and amortization

General and administrative

Total operating expenses

Other income (expense)

Dividends and interest

Interest expense

Gain on sale of real estate assets

Other

Total other expense

Net income

Net income attributable to non-controlling interests

(8)

—

Net income attributable to Brixmor Property Group Inc.

$

$

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

Basic

$

$

Diluted

$

$

Weighted average shares:

Basic

Diluted

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 6

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

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Contents

Unaudited, dollars in thousands

Three Months Ended

Net income

$

$

Interest expense

Federal and state taxes

Depreciation and amortization

EBITDA

Gain on sale of real estate assets

EBITDAre

$

$

EBITDAre

$

$

Transaction expenses, net

Adjusted EBITDA

$

$

Adjusted EBITDA

$

$

Straight-line rental income, net

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

Straight-line ground rent expense, net (1)

(5)

Total adjustments

Cash Adjusted EBITDA

$

$

(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

Debt obligations, net

$

Less: Net unamortized premium

Add: Deferred financing fees

Less: Cash, cash equivalents and restricted cash

Net Principal Debt

$

Adjusted EBITDA, current quarter annualized

$

Net Principal Debt to Adjusted EBITDA, current quarter annualized

Adjusted EBITDA, trailing twelve months

$

T1Net Principal Debt to Adjusted EBITDA, trailing twelve months

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 7

FUNDS FROM OPERATIONS (FFO)

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Contents

Unaudited, dollars in thousands, except per share amounts

Three Months Ended

Net income attributable to Brixmor Property Group Inc.

$

$

Depreciation and amortization related to real estate

Gain on sale of real estate assets

Nareit FFO

$

$

Nareit FFO per diluted share

$

$

Weighted average diluted shares outstanding

Items that impact FFO comparability

Transaction expenses, net

$

$

Total items that impact FFO comparability

$

$

Items that impact FFO comparability, net per share

$

$

Additional Disclosures

Straight-line rental income, net

$

$

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

Straight-line ground rent expense, net (1)

5

Dividends declared per share

$

$

Dividends declared

$

$

Dividend payout ratio (as % of Nareit FFO)

%

%

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

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 8

SUPPLEMENTAL BALANCE SHEET DETAIL

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Contents

Unaudited, dollars in thousands

As of

As of

Deferred charges and prepaid expenses, net

Deferred charges, net

$

$

Prepaid expenses, net

Total deferred charges and prepaid expenses, net

$

$

Other assets

Right-of-use asset

$

$

Furniture, fixtures and leasehold improvements, net

Interest rate swaps

Other

Total other assets

$

$

Accounts payable, accrued expenses and other liabilities

Accounts payable and other accrued expenses

$

$

Below market leases, net

Dividends payable

Lease liability

Interest rate swaps

Other

Total accounts payable, accrued expenses and other liabilities

$

$

Supplemental Disclosure - Three Months Ended March 31, 2025

Page 9

NOI & SUPPLEMENTAL STATEMENT OF OPERATIONS DETAIL

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Contents

Unaudited, dollars in thousands

Three Months Ended

Net Operating Income Detail

Base rent

$

$

Expense reimbursements

Revenues deemed uncollectible

Ancillary and other rental income / Other revenues

Percentage rents

Operating costs

Real estate taxes

Net operating income

$

$

Operating Ratios

NOI margin (NOI / revenues)

%

%

Expense recovery ratio (expense reimbursements / (operating costs + real estate taxes))

%

%

Reconciliation of Net Income attributable to Brixmor Property Group Inc. to Net Operating Income

Net income attributable to Brixmor Property Group Inc.

$

$

Lease termination fees

Straight-line rental income, net

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

Straight-line ground rent expense, net (1)

(5)

Depreciation and amortization

General and administrative

Total other expense

Net income attributable to non-controlling interests

8

—

Net operating income

$

$

Supplemental Statement of Operations Detail

Rental income

Base rent

$

$

Expense reimbursements

Revenues deemed uncollectible

Lease termination fees

Straight-line rental income, net

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

Ancillary and other rental income

Percentage rents

Total rental income

$

$

Other revenues

$

$

Interest expense

Note interest

$

$

Unsecured credit facility and term loan interest

Capitalized interest

Deferred financing cost amortization

Debt premium and discount accretion, net

Total interest expense

$

$

Other

Federal and state taxes

$

$

Other

Total other

$

$

Additional Disclosures

Capitalized construction compensation costs

$

$

Capitalized real estate taxes, insurance, and utilities

Capitalized leasing legal costs (2)

Capitalized leasing commission costs

Equity compensation expense, net

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

(2) Capitalized leasing legal costs represent incremental direct costs associated with the execution of a lease.

Supplemental Disclosure - Three Months Ended March 31, 2025

SAME PROPERTY NOI ANALYSIS

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Contents

Unaudited, dollars in thousands

Three Months Ended

Change

Same Property NOI Analysis

Number of properties

—

Percent billed

%

%

%

Percent leased

%

%

%

Revenues

Base rent

$

$

Expense reimbursements

Revenues deemed uncollectible

Ancillary and other rental income / Other revenues

Percentage rents

%

Operating expenses

Operating costs

Real estate taxes

%

Same property NOI

$

$

%

NOI margin

%

%

Expense recovery ratio

%

%

Percent Contribution to Same Property NOI Performance:

Change

Percent Contribution

Base rent

$

%

Revenues deemed uncollectible

%

Net expense reimbursements

%

Ancillary and other rental income / Other revenues

%

Percentage rents

%

%

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

Net income attributable to Brixmor Property Group Inc.

$

$

Adjustments:

Non-same property NOI

Lease termination fees

Straight-line rental income, net

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

Straight-line ground rent expense, net

(5)

Depreciation and amortization

General and administrative

Total other expense

Net income attributable to non-controlling interests

8

—

Same property NOI

$

$

Supplemental Disclosure - Three Months Ended March 31, 2025

CAPITAL EXPENDITURES

↩ Table of

Contents

Unaudited, dollars in thousands

Three Months Ended

Leasing related:

Tenant improvements and tenant inducements

$

$

External leasing commissions

Maintenance capital expenditures

Total leasing related and maintenance capital expenditures

$

$

Value-enhancing:

Anchor space repositionings

$

$

Outparcel developments

Redevelopments

Other (1)

T2Total value-enhancing capital expenditures

$

$

(1) Includes, but is not limited to, minor value-enhancing projects, LED lighting upgrades, and solar projects.

Supplemental Disclosure - Three Months Ended March 31, 2025

CAPITALIZATION, LIQUIDITY & DEBT RATIOS

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Contents

Unaudited, dollars and shares in thousands except per share amounts

As of

As of

Equity Capitalization:

Common shares outstanding

Common share price

$

$

Total equity capitalization

$

$

Debt:

Revolving credit facility

$

—

$

—

Term loan facility

Unsecured notes

Total principal debt

Add: Net unamortized premium

Less: Deferred financing fees

Debt obligations, net

Less: Cash, cash equivalents and restricted cash

Net debt

$

$

Total market capitalization

$

$

Liquidity:

Cash, cash equivalents and restricted cash

$

$

Available under Revolving Credit Facility (1)

$

$

Ratios:

Principal debt to total market capitalization

%

%

Principal debt to total assets, before depreciation

%

%

Unencumbered assets to unsecured debt

Net Principal Debt to Adjusted EBITDA, current quarter annualized (2)

Net Principal Debt to Adjusted EBITDA, trailing twelve months (2)

Interest coverage, current quarter annualized (Adjusted EBITDA / interest expense)

Interest coverage, trailing twelve months (Adjusted EBITDA / interest expense)

Fixed charge coverage, current quarter annualized (Adjusted EBITDA / (interest expense + scheduled principal payments))

Fixed charge coverage, trailing twelve months (Adjusted EBITDA / (interest expense + scheduled principal payments))

As of

As of

Percentage of total debt: (3)

Fixed

%

%

Variable

—

%

—

%

Unencumbered summary:

Percent of properties, ABR and NOI

%

%

Weighted average maturity (years):

Fixed

Variable

—

—

Total

Credit Ratings & Outlook: (4)

Fitch Ratings

BBB

Stable

Moody's Investors Service

Baa2

Stable

S&P Global Ratings

BBB

Stable

(1) Funds available under the Revolving Credit Facility are reduced by outstanding letters of credit totaling $1.4 million.

(2) Net Principal Debt is as of the end of each specified period.

(3) Includes the impact of the Company's interest rate swap agreements.

Supplemental Disclosure - Three Months Ended March 31, 2025

DEBT OBLIGATIONS

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Contents

Unaudited, dollars in thousands

Maturity Schedule - Debt Obligations

Year

Maturities

Weighted Average Stated Interest Rate (1)

$

—

—

%

%

%

%

%

%

%

%

—

—

%

%

%

Total Debt Obligations

$

%

Net unamortized premium

Deferred financing costs

Debt Obligations, Net

$

Summary of Outstanding Debt Obligations

Outstanding

Weighted Average

Maturity

Percent of

Loan

Principal Balance

Stated Interest Rate (1)

Date

Total Indebtedness

Fixed Rate Debt:

Term Loan Facility (Adjusted SOFR + 93 basis points) (2)(3)(4)(5)

$

%

%

Unsecured Notes

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

Total Fixed Rate Unsecured Notes

%

%

Total Fixed Rate Debt

$

%

%

Variable Rate Debt:

Revolving Credit Facility (Adjusted SOFR + 83 basis points) (4)(5)

$

—

%

—

%

Total Variable Rate Debt

$

—

%

—

%

Total Debt Obligations

$

%

%

Net unamortized premium

Deferred financing costs

Debt Obligations, Net

$

(1) Weighted average stated interest rate includes the impact of the Company's interest rate swap agreements.

(2) Effective July 26, 2024, $300.0 million of the Term Loan Facility is swapped from SOFR to a fixed, combined rate of 4.08% (plus a spread, currently 93 basis points, and SOFR adjustment of 10 basis points) through the maturity of the loan on July 26, 2027.

(3) Effective May 1, 2023, $200.0 million of the Term Loan Facility is swapped from SOFR to a fixed, combined rate of 3.59% (plus a spread, currently 93 basis points, and SOFR adjustment of 10 basis points) through the maturity of the loan on July 26, 2027.

(4) Effective July 8, 2024, the Term Loan Facility and Revolving Credit Facility qualify for a 2 basis point rate reduction due to the achievement of certain sustainability metric targets for the year ended December 31, 2023.

(5) On April 24, 2025, the Company amended and restated its Revolving Credit Facility and Term Loan Facility. See Fourth Amended and Restated Revolving Credit and Second Amended and Restated Term Loan agreements, dated as of April 24, 2025 as Exhibits 10.1 and 10.2, respectively, to Form 10-Q, filed with the Securities and Exchange Commission on April 28, 2025.

Supplemental Disclosure - Three Months Ended March 31, 2025

COVENANT DISCLOSURE

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Contents

Unaudited, dollars in thousands

Unsecured OP Notes Covenant Disclosure

Covenants

I. Aggregate debt test

%

Total Debt

Total Assets

II. Secured debt test (1)

N/A

Total Secured Debt (1)

—

Total Assets

III. Unencumbered asset ratio

%

Total Unencumbered Assets

Unsecured Debt

Prior Twelve Months

Prior Six Months, Annualized

IV. Debt service test (2)

Consolidated EBITDA

Annual Debt Service Charge

(1) The Company had no secured debt as of March 31, 2025.

(2) For the OP's 2.250% 2028 Notes, 4.050% 2030 Notes, 2.500% 2031 Notes, 5.200% 2032 Notes, 5.500% 2034 Notes, and 5.750% 2035 Notes, the covenant calculation reference period for calculating EBITDA and Debt Service Charge is the most recent twelve months for which it reported financial results. For all other OP Notes, the reference period is the most recent six months for which it reported financial results, annualized.

For detailed descriptions of the unsecured OP notes covenant calculations and definitions of capitalized terms please refer to the Prospectus Supplement filed by the OP with the Securities and Exchange Commission on March 4, 2025 and the notes and indenture incorporated therein by reference.

Unsecured Credit Facility Covenant Disclosure

Covenants

I. Leverage ratio

%

Total Outstanding Indebtedness

Balance Sheet Cash (1)

Total Asset Value

II. Secured leverage ratio (2)

N/A

Total Secured Indebtedness (2)

—

Balance Sheet Cash (1)

Total Asset Value

III. Unsecured leverage ratio

%

Total Unsecured Indebtedness

Unrestricted Cash (3)

Unencumbered Asset Value

IV. Fixed charge coverage ratio

Total Net Operating Income

Capital Expenditure Reserve

Fixed Charges

(1) Balance Sheet Cash consists of the OP's Cash and cash equivalents, Restricted cash, and certain Marketable securities.

(2) The Company had no secured indebtedness as of March 31, 2025.

(3) Unrestricted Cash consists of the OP's Cash and cash equivalents and certain Marketable securities.

For detailed descriptions of the Unsecured Credit Facility covenant calculations and definitions of capitalized terms please refer to the Third Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 28, 2022 filed as Exhibit 10.1 to Form 10-Q, filed with the Securities and Exchange Commission on May 2, 2022.

Supplemental Disclosure - Three Months Ended March 31, 2025

>

INVESTMENT SUMMARY

Supplemental Disclosure

ACQUISITIONS

↩ Table of

Contents

Dollars in thousands, except ABR PSF

Property Name

CBSA

Purchase Date

Purchase Price

GLA /

Acres (1)

Percent Leased (1)

ABR

Major Tenants (1)(3)

Land at Suffolk Plaza (4)

New York-Newark-Jersey City, NY-NJ

$

—

%

—

-

$

TOTAL - THREE MONTHS ENDED MARCH 31, 2025

$

(1) Data presented is as of the quarter end subsequent to the acquisition date.

(2) ABR PSF excludes the GLA of lessee-owned leasehold improvements.

(3) Major tenants exclude non-owned major tenants.

(4) Acquired in connection with future redevelopment project.

Supplemental Disclosure - Three Months Ended March 31, 2025

DISPOSITIONS

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Contents

Dollars in thousands, except ABR PSF

Property Name

CBSA

Sale Date

Sale Price

GLA /

Acres (1)

Percent Leased (1)

ABR

Major Tenants (1)(3)

Rollins Crossing - Buffalo Wild Wings (4)

Chicago-Naperville-Elgin, IL-IN

$

%

$

Buffalo Wild Wings

Southland Shopping Center - multi-tenant outparcel (4)

Cleveland, OH

%

Treasure Hunt

Chalfont Village Shopping Center

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

%

-

Rollins Crossing

Chicago-Naperville-Elgin, IL-IN

%

Esporta Fitness, Harbor Freight Tools, Petco

$

TOTAL - THREE MONTHS ENDED MARCH 31, 2025

$

(1) Data presented is as of the quarter end prior to the sale date.

(2) ABR PSF excludes the GLA of lessee-owned leasehold improvements.

(3) Major tenants exclude non-owned major tenants.

(4) Represents partial sale of property. Data presented reflects only the portion of property sold.

Supplemental Disclosure - Three Months Ended March 31, 2025

f

ANCHOR SPACE REPOSITIONING SUMMARY

↩ Table of

Contents

Dollars in thousands

Property Name

CBSA

Description

IN PROCESS ANCHOR SPACE REPOSITIONINGS

New Projects Added To In Process Pipeline During The Three Months Ended March 31, 2025

1

Northeast Plaza

Atlanta-Sandy Springs-Roswell, GA

Combine adjacent spaces for a 24K SF Burlington Stores

In Process Projects (1)

2

Springdale

Mobile, AL

Remerchandise former Michaels with a 10K SF Five Below and additional retailers

3

Carmen Plaza

Oxnard-Thousand Oaks-Ventura, CA

Remerchandise former 24 Hour Fitness with a 37K SF specialty grocer

4

Rivercrest Shopping Center

Chicago-Naperville-Elgin, IL-IN

Remerchandise former Best Buy with a 55K SF Tony's Fresh Market (Heritage Grocers)

5

Pine Tree Shopping Center

Portland-South Portland, ME

Remerchandise former Big Lots with a 25K SF ALDI

6

Arborland Center

Ann Arbor, MI

Remerchandise former Bed Bath & Beyond with a 22K SF Marshalls, a 20K SF HomeGoods and additional retailers

7

Sun Ray Shopping Center - Project II

Minneapolis-St. Paul-Bloomington, MN-WI

Remerchandise former TJ Maxx and adjacent small shop space with a 19K SF Burlington Stores and additional retailers

8

Capitol Shopping Center

Concord, NH

Rightsize existing Burlington Stores to 23K SF to accommodate the addition of a 13K SF Boot Barn, a 10K SF Five Below, and a 9K SF Ulta

9

Bedford Grove

Manchester-Nashua, NH

Remerchandise former Bed Bath & Beyond with a 29K SF Planet Fitness and additional retailers

Roanoke Plaza

New York-Newark-Jersey City, NY-NJ

Remerchandise former TJ Maxx with a 15K SF Boot Barn and a junior anchor

Western Hills Plaza

Cincinnati, OH-KY-IN

Remerchandise former Staples with a 20K SF Ross Dress for Less and a 7K SF Rally House

Kingston Overlook

Knoxville, TN

Remerchandise former Badcock Furniture with a 24K SF Sprouts Farmers Market

Ridglea Plaza

Dallas-Fort Worth-Arlington, TX

Combine adjacent spaces for a 53K SF EōS Fitness

Northshore - Project II

Houston-Pasadena-The Woodlands, TX

Remerchandise and expand former Sellers Bros. with a 30K SF El Rancho (Heritage Grocers)

Number of Projects

Net Estimated Costs (2)

Gross Costs to Date

Expected NOI Yield (2)

Total In Process

$

$

STABILIZED ANCHOR SPACE REPOSITIONINGS

Projects Stabilized During the Three Months Ended March 31, 2025

1

Gateway Plaza

Los Angeles-Long Beach-Anaheim, CA

Remerchandise former Party City with an 11K SF Five Below and a 4K SF Wells Fargo

2

Arapahoe Crossings

Denver-Aurora-Centennial, CO

Remerchandise former Stein Mart with a 17K SF Ace Hardware and a 13K SF Activate

3

Coastal Way - Coastal Landing - Project II

Tampa-St. Petersburg-Clearwater, FL

Demolish former Sears to accommodate construction of a 104K SF BJ's Wholesale Club

4

Franklin Square

Charlotte-Concord-Gastonia, NC-SC

Rightsize existing Pep Boys to 8K SF to accommodate the addition of a 14K SF Boot Barn

Number of Projects

Net Project

Costs (2)

NOI Yield (2)

Total Stabilized

4

$

%

(1) As a result of evolving project plans, Culpeper Town Square was removed from the Company's in process projects.

(2) Reflects gross project costs less any project specific credits (lease termination fees or other ancillary credits).

The in process projects listed above are actively underway and reflect projects for which leases have been signed with the tenant(s) listed in the project descriptions. There is no guarantee that the Company will complete any or all of these projects or that

the net estimated costs or expected NOI yields will be the amounts shown. The net estimated costs and expected NOI yields are management's best estimates based on current information and may change over time. For more information, please refer to

the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Supplemental Disclosure - Three Months Ended March 31, 2025

OUTPARCEL DEVELOPMENT SUMMARY

↩ Table of

Contents

Dollars in thousands

Stabilization

Net Estimated

Gross Costs

Expected

Property Name

CBSA

Project Description

Quarter