Brixmor Property Group — Q3 2026 Earnings Summary

Financial Performance:

• Net income attributable to Brixmor for the three months ended September 30, 2026, was $87.8 million ($0.28 per diluted share), compared to $94.2 million ($0.31 per diluted share) in the prior year period.
• Net income attributable to Brixmor for the nine months ended September 30, 2026, was $289.0 million ($0.94 per diluted share), compared to $249.1 million ($0.81 per diluted share) in the prior year period.
• Nareit FFO for the three months ended September 30, 2026, was $184.6 million ($0.60 per diluted share), an increase from $172.3 million ($0.56 per diluted share) in the prior year period.
• Nareit FFO for the nine months ended September 30, 2026, was $542.7 million ($1.76 per diluted share), an increase from $514.9 million ($1.67 per diluted share) in the prior year period.
• Same property NOI increased 6.6% for the three months ended September 30, 2026, and 6.2% for the nine months ended September 30, 2026, compared to the prior year periods.
• Net principal debt to adjusted EBITDA was 5.2x (current quarter annualized) and 5.3x (trailing twelve months) as of September 30, 2026.
• Total liquidity was $1.5 billion as of September 30, 2026.

Guidance and Future Outlook:

• Updated 2026 Nareit FFO per diluted share guidance to $2.36 - $2.38, up from the previous range of $2.35 - $2.37.
• Updated 2026 same property NOI growth expectations to 5.50% - 5.75%, up from the previous range of 5.00% - 5.75%.
• Revenues deemed uncollectible are expected to total 60 - 85 basis points of total expected revenues in 2026.
• The Slate Transaction is expected to close in the first quarter of 2027.

Business Segments and Product Lines:

• Executed 1.6 million square feet of new and renewal leases in the third quarter with rent spreads on comparable space of 25.3% (42.6% for new leases, 19.4% for renewals).
• Total leased occupancy reached a record 95.6%, anchor leased occupancy was 97.0%, and small shop leased occupancy reached a record 92.8%.
• Commenced $17.7 million of annualized base rent; signed but not yet commenced leases represented 3.1 million square feet and $68.9 million of annualized base rent.
• Added $36.7 million of new reinvestment projects to the in-process pipeline at an expected average incremental NOI yield of 11%.
• Stabilized $54.6 million of reinvestment projects at an average incremental NOI yield of 10%.
• The in-process reinvestment pipeline totaled $331.8 million with an expected average incremental NOI yield of 10%.
• Completed $49.5 million of acquisitions and $42.8 million of dispositions during the quarter.
• Acquired Village West Shopping Center in California for $49.5 million during the quarter.
• Completed a $4.8 million acquisition subsequent to September 30, 2026.

Market and Competitive Landscape:

• Leased to billed occupancy spread totaled 420 basis points.
• Base rent contributed 480 basis points to the same property NOI increase in the third quarter.
• The portfolio comprises 345 retail centers with approximately 62 million square feet of prime retail space.

Risks and Challenges:

• Forward-looking statements include risks related to the Slate Transaction, including the ability to successfully and timely close the transaction, the risk of not realizing expected benefits, and integration risks.
• General risks include changes in national, regional, and local economies, local real estate market conditions, competition from e-commerce, tenant financial stability, increases in property operating expenses, natural disasters, and cybersecurity incidents.

Management Commentary and Tone:

• Brian T. Finnegan, CEO and President, stated that third-quarter results were highlighted by continued leasing momentum, strong same property NOI growth, and record occupancy.
• Management noted that the growth embedded in the signed but not yet commenced pipeline and reinvestment program provides exceptional visibility into future earnings and cash flow growth.
• Management expressed excitement to build on momentum through the Slate Transaction to expand the opportunity set and create additional avenues to drive long-term shareholder value.

Other Key Points:

• Announced the acquisition of Slate Grocery REIT in a transaction valued at approximately $2.34 billion.
• Under the Slate Transaction, Brixmor will acquire a 23-property grocery-anchored portfolio for approximately $636 million and hold a 20% common equity interest and an approximately $174 million preferred equity investment in a joint venture with Everview Partners to acquire 92 additional properties for approximately $1.71 billion.
• Increased the quarterly dividend by 7.3% to $0.3300 per common share (equivalent to $1.32 per annum), representing an annualized yield of approximately 4.7% as of October 23, 2026.
• The dividend is payable on January 15, 2027, to stockholders of record on January 5, 2027.
• The Company has a commitment letter for up to $988.0 million of senior unsecured term loan financing available in connection with the Slate Transaction.