INVESTOR PRESENTATION As of December 31, 2016 Company Priorities - - PowerPoint PPT Presentation

INVESTOR

PRESENTATION

As of December 31, 2016

Company Priorities

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Maximize asset value through proactive management and accretive reinvestment Focus on achieving critical mass in attractive retail nodes Facilitate strategic capital allocation with a simple, flexible balance sheet Leverage operational benefits of a fully integrated national platform Be local in leasing and managing centers

Partner with successful retailers to achieve their growth strategies

Merchandise centers to be relevant to the communities they serve Continue to invest in talent to support platform strength

FOCUS ON CONSISTENT, SUSTAINABLE GROWTH IN CASH FLOW

Investment Opportunity

 Second largest open-air retail landlord in the US 1  National, geographically diversified portfolio  Highly productive tenancy including grocers, value retailers and consumer oriented service providers  Strong embedded internal growth profile in what is owned and

controlled

 Self-funded reinvestment pipeline with yields of ~10%  Proven access to capital and strengthening credit profile  Attractive dividend yield

3 PORTFOLIO QUICK FACTS Number of shopping centers 512 GLA 86M SF Average shopping center size 168K SF Percent billed 90.7% Percent leased 92.8% Percent leased – Anchors (≥ 10K SF) 96.1% Percent leased – Small shops (< 10K SF) 85.1% Average ABR/SF $12.99 2016 rent spread (new and renewal) 17% Average grocer sales PSF 2 $559

HIGHLY VISIBLE INTERNAL GROWTH WITH LOWER RELATIVE RISK

VALUE CREATION OPPORTUNITY Number (active) Expected Cost ($M) Redevelopment 9 $113.1 Anchor space repositioning 16 34.9 New development 1 32.6 Outparcel development 7 9.8 Total 33 $190.4

LEASING HIGHLIGHTS – 2016

Leasing Highlights – 2016 Record highs since IPO…with continued opportunity

• Occupancy: 92.8%, up 20bps Y-O-Y
• Small shop occupancy: 85.1%

– Up 80bps Y-O-Y and first time above 85%

• Leasing volume: 13.7M SF of leases executed

335 543 672 671 780 1,807 2,298 3,385

RPAI FRT KRG WRI REG DDR KIM BRX

2016 New Lease Volume (K SF) 1

31.3% 29.3% 26.7% 26.0% 24.0% 20.6% 13.8%

BRX KIM WRI REG FRT DDR RPAI

2016 New Lease Rent Spread Peer Comparison 1

375% 176% 173% 150% 131% 217% 199% 147% 100% 134%

KIM FRT RPAI WRI BRX 2016 2015

New ABR/SF vs. TIs/SF 1

Sector leading productivity

• New lease volume of 3.4M SF

– More than 3x the peer group average

• New leases account for 3.9% of portfolio GLA

– 140bps higher than peer group average

• Peer leading new lease rent spreads of 31.3%
• Disciplined use of leasing capital

81.6% 82.6% 84.3% 85.1% 2013 2014 2015 2016 Small Shop Occupancy 12,795 13,098 13,362 13,683 2013 2014 2015 2016 Executed Lease Volume (K SF) 5

Driving embedded rent bumps

• Goal of increasing portfolio average to 1.5% by 2020

Mining Value – New Perspective on Leasing

Diversifying tenant base to enhance relevance and productivity

• Broadening outreach to growing retail segments

– Executed ~900K SF of new leases in 2016 with restaurants, theatres / entertainment and fitness -- up ~20% over the last three year average

67% 54% 38% 2014 2015 2016 % of New Leases with Options 71% 78% 92% 2014 2015 2016

% of New Leases with Embedded Rent Bumps

Reducing options in new leases

• Provides for better control of space at end of lease term

New retailers to the portfolio:

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INVESTMENT OPPORTUNITY

Productive Retailers Relevant to Consumer

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TOP RETAILERS BY ABR Retailer Stores % of GLA % of ABR Credit Ratings (S&P / Moody’s) 71 5.4% 3.3% BBB / Baa1 94 3.4% 3.2% A+ / A2 168 2.2% 2.0% BB+ / Ba2 39 2.1% 1.8% NR 28 4.1% 1.7% AA / Aa2 29 1.8% 1.7% BBB / Baa2 23 1.5% 1.5% B+ / B1 20 1.7% 1.2% BB- / Ba3 30 0.9% 1.0% BBB+ / Baa1 46 1.8% 1.0% BBB / - TOP 10 534 24.9% 18.4% 30 0.8% 1.0% B+ / B1 31 1.0% 1.0% A- / A3 16 0.8% 0.9% BBB- / Baa1 21 2.4% 0.9% CCC+ / Caa2 32 0.8% 0.8%

• / B1

34 0.5% 0.8% B / B2 12 1.2% 0.8% BBB- / Baa2 28 0.7% 0.7% BBB- / Baa2 34 0.6% 0.7% B+ / B1 12 0.6% 0.7% NR TOP 20 798 34.3% 26.7%

Non-discretionary & value-oriented retail mix with strong service component

• Well-suited for today’s consumer environment

Best-in-class retailers with significant growth plans Strong tenant credit profile with meaningful diversification

• 10 largest retailers account for only 18.4% of ABR
• Largest tenant, Kroger, accounts for only 3.3% of ABR

Spots of weakness are points of opportunity

• Kmart in-place ABR/SF of $4.41
• Conn’s + hhgregg average in-place ABR/SF of $10.17

Proactive Tenant Management

DECREASED ABR EXPOSURE INCREASED ABR EXPOSURE

Comprehensive platform leverages national breadth with

commitment to regional and local presence

– Key landlord to ~5,600 national, regional and local tenants

• Top landlord by GLA to Kroger and TJX 1

Operating model provides streamlined access for retailers – ~80 leasing deal makers focused on execution – National Accounts team + network of offices with regional and local expertise

Local Execution with Benefits of National Scale

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1.9% 2.2% 3.0% 3.1% 3.8% 4.6% 4.8% 4.9% 5.9% 6.7% Miami Cincinnati Tampa Los Angeles Atlanta Dallas Chicago Houston Philadelphia New York % of ABR

Top Markets by ABR National Accounts provides:  Centralized, single point of contact  Senior level relationships with retail partners  Efficient execution through multiple deal portfolio

transactions and conforming leases

Long-Term Forward Growth Trajectory

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Long-Term Forward Growth Targets

Redevelopment 150 – 200bps Long-Term Same Property NOI Run Rate 250 – 300bps Acquisitions / Capital Recycling

• Contractual rent steps
• Releasing spreads
• Occupancy gains
• Anchor space repositioning

Incremental spend of $150 – 200M at ~10% yields

Opportunity: Become the leading open-air retail platform as measured

by consistent, sustainable growth in cash flow driven by investing in what we already own and control

Visible Drivers of Forward Internal Growth

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Mark-to-market opportunity:

• Historic underinvestment has resulted in below-

market rent profile

• Rent spreads averaged 31% on new leases or

17% on a blended basis (new and renewal) in TTM

• Anchor expirations with no remaining options

provide opportunity to realize mark-to-market – 5.1M SF of anchor leases expire between 2017-2020 with no remaining options at in- place ABR/SF of $8.36 – Signed new anchor leases at $12.05 in TTM

$12.99 $14.72 $15.07 In Place ABR/SF New Lease ABR/SF Since IPO New Lease ABR/SF TTM

The quality bias:

• Basis matters
• It’s not where ABR is, but where its going

Need for reinvestment:

• Small shop occupancy at centers where a

redevelopment or repositioning has been completed in the past 5 years has improved 960bps since December 2012

• Future redevelopments are catalysts for

improvement: – Properties are 86.8% leased, 600bps below portfolio average – Small shops are 78.1% leased, 700bps below portfolio average

Small shop opportunity:

• Substantial opportunity in higher ABR small shop

space

• Small shop occupancy 510bps below peer group

average

85.1% 90.2%

BRX Peer Group Average 9.7% 12.5% 13.6% 14.5% 48.6% $12.55 $12.70 $11.75 $11.11 $12.04

2017 2018 2019 2020 2021+ % of Leased GLA Expiring Expiring In-Place ABR/SF Lease Expiration Schedule

50% of leased GLA expires 2017 – 2020

TTM new Lease ABR/SF $15.07 320 580 910 1,030 At completion 1yr after completion 2yrs after completion 3yrs after completion Small Shop Leased Change (bps) Where Reinvestment Completed Small shop occupancy 1 year prior to completion vs.

110 properties 82 properties 45 properties 34 properties

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Competitive Advantage – Reinvestment & Value Creation

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• Realize sector leading returns on reinvestment
• Create higher long-term growth potential in the balance of the center
• Enhance merchandise mix and vitality of properties to make shopping centers more relevant to communities they serve
• Total of 41 projects delivered in 2016 totaling $67M at an NOI yield of 12%; $190M of projects in-process with average expected NOI yields of ~11%

1.2% 2.0% 1.9% 2.8% 3.3% 0.9% 0.9% 0.8% 1.7% 0.2% 3.7% 3.3% 8.8% 0.6% 2.3% 5.6% 0.1% 2.4%

$13.2B $9.3B $15.7B $13.2B $10.9B $9.1B $7.0B $5.6B $3.8B 0% 4% 8% 12% 16% 20% $0 $5 $10 $15 BRX Peer Average KIM FRT DDR REG WRI RPAI KRG % Reinvestment Enterprise Value ($B) % Redevelopment % Development Enterprise Value

Note: BRX redevelopment includes Redevelopment, Anchor Space Repositioning and Outparcel Development.

Total Reinvestment as a % of Enterprise Value 1

Value creation at lower risk and lower capital investment relative to peer group Redevelopment

• Larger scale,

tenant driven

• Project

timeframe ~2 years

Maple Village – Ann Arbor, MI

Anchor Space Repositioning

• Tenant driven,

minimal risk

• Project

timeframe ~11 months

Marketplace @ 42 – Minneapolis, MN

Outparcel Development

• Densification

with minimal disruption

• Project

timeframe ~8 months

Coastal Way – Coastal Landing – Tampa, FL

Expanded Redevelopment Opportunities

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Significant untapped potential to drive growth through additional redevelopment

Lower relative risk in reinvestment:

 Capital investment in assets and markets where the platform has significant institutional knowledge to leverage  Proven locations, short time-frames and pre-leased prior to breaking ground  Higher relative returns on reinvestment versus ground-up development provide opportunity to commit significantly lower amounts of capital to achieve comparable value creation upside

$0 $113 $175 - 225 2015 2016 2017E In-process Redevelopments at Year-End ($M) Historic portfolio-wide under-investment and under-management Low risk / high yield redevelopment potential

Target spend of $150 – 200M annually Identified pipeline of ~$1B

Redevelopment Case Study: Bay Pointe Plaza – Tampa, Florida

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 Redevelopment of existing 30-year old Publix with a 54K SF prototype with drive-thru pharmacy – Remerchandised endcap with a 9K SF Pet Supermarket – Shopping center upgrades including façade renovations, LED lighting, and additional seating areas Total project cost of $7.7M

BEFORE 92.7% 98.3% Prior to Redev At Completion

Shopping Center % Leased

Shopping center improvements since 1-year prior to completion:

$10.81 $16.71 Prior to Redev At Completion

Shopping Center ABR/SF Small Shop % Leased

78.2% 94.9% Prior to Redev At Completion

Small Shop ABR/SF

$18.26 $22. 23 Prior to Redev At Completion

Well-located shopping center anchored by highly productive Publix grocer

• #1 grocer in the market drawing average of 21K

shoppers per week

• Annual sales of ~$37M
• Located in the Marina District surrounded by

dense population of 161K+ residents within 5-mile radius

Representative Future Redevelopment Opportunities

Property Market Description

Mira Mesa Mall San Diego, CA Redevelopment of anchor space for multiple retailers and/or entertainment users, potential outparcel development Village at Newtown Philadelphia, PA Full shopping center redevelopment and repositioning, densification of site High Point Centre Chicago, IL Reconfigure and repurpose obsolete space for national tenant merchandise mix, enhancement of common areas Speedway Super Center Indianapolis, IN Reconfiguration of existing footprint to accommodate multiple new anchors, rebranding of center, potential outparcel development Beneva Village Shoppes North Port, FL Addition of new anchor prototype, address obsolete space, outparcel development, enhancement of common areas Mamaroneck Centre New York, NY Redevelopment of existing pad building to accommodate multiple new retailers Bedford Grove Manchester, NH Redevelopment of anchor space for multiple retailers, potential outparcel development, enhancement of common areas Village at Newtown – Philadelphia, PA Speedway Super Center – Indianapolis, IN

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Capital Recycling Opportunity

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DISPOSE ASSETS WHERE VALUE HAS BEEN MAXIMIZED

DISPOSITIONS

• Low hold-IRR assets:

– Limited long-term organic growth potential – Minimal value creation

• pportunities
• Low “human capital-IRR” assets:

– Value of time spent > than ultimate realizable value

• Submarkets:

– That are not compelling for incremental investment – With limited ability to build critical mass

REINVESTMENT

• Reinvest in assets owned and controlled at compelling

risk-adjusted returns

• Create higher growth potential in balance of the

center

• Enhance merchandise mix and vitality of shopping

centers

INVEST IN ASSETS WHERE PLATFORM CAN ADD VALUE

ACQUISITIONS

• Leverage broad opportunity set afforded by national

platform to acquire at attractive returns

• Utilize operating expertise to acquire assets that have

been undermanaged or have unrealized value creation potential

• Increase concentration through acquisitions of

adjacent properties or outparcels

• Achieve critical mass in attractive retail corridors

providing longer-term opportunities to leverage market position

Clustering Strategy Case Study – Acquisition of Felicita Town Center

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Demonstrates Brixmor’s ability to execute on strategy:

• Building critical mass
• Driving rents in productive retail corridors with an existing presence

Simple, Flexible Balance Sheet

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Debt Statistics Leverage & Coverage Ratios

Net principal debt to Adjusted EBITDA 6.5x Net principal debt to Cash Adjusted EBITDA 6.9x Fixed charge coverage 3.6x Weighted avg. stated interest rate 3.74% Weighted avg. maturity 4.7 years Fixed / Variable 86% / 14% Unencumbered ABR 75.9%

Areas of Focus

Maturity Profile

Increase weighted average tenor and ladder maturity schedule

Unencumbered Asset Base

Replace secured debt with unsecured alternatives

Capital Structure Composition

Reduce reliance on bank debt market

Leverage

Reduce leverage with operating cash flow and disciplined capital recycling

Recent Accomplishments

June 2016

Issued $600M of 10-year unsecured notes

July 2016

Recast $2.75B corporate facility

August 2016

Issued $500M of 7-year unsecured notes Will not be forced to access capital markets until 2018 Fitch BBB- Stable Moody’s Baa3 Stable S&P BBB- Stable

Credit Ratings

Simple, Flexible Balance Sheet

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Capitalization ($M) 12/31/16 Interest Rate Equity Market Capitalization 1 $7,441 Revolving Credit Facility $122 1.83% Term Loans 2 $2,100 2.20% Unsecured Notes $2,318 3.82% Secured Mortgages $1,312 6.22% Total Principal Debt $5,853 3.74% Add: Net Unamortized Premium 16 Less: Deferred Financing Fees (30) Total Debt $5,839 3.74% Less: Cash, Cash Equivalents and Restricted Cash (103) Net Debt $5,736 Total Market Capitalization $13,177

• Wtd. Avg.

Interest Rate 6.4% 2.1% 2.4% 5.6% 3.5% 3.9% 3.3% 4.4% 3.9% 4.2% 7.1%

Debt Maturities

$313 $1,019 $620 $889 $686 $500 $500 $7 $700 $608 $11

$0 $250 $500 $750 $1,000

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+

($M) Secured Mortgages Term Loans Revolving Credit Facility Unsecured Notes

ADDITIONAL INFORMATION

Guidance Highlights

21 2017 GUIDANCE (dollars in millions, except per share amounts)

NAREIT FFO per diluted share $2.05 - $2.12 Key Underlying Assumptions Same property NOI growth 2.0 - 3.0% Straight-line rental income, amortization of above- and below-market rent and tenant inducements and straight- line ground rent expense $38 - $42 General and administrative expenses 1 $86 - $90 GAAP interest expense $224 - $230 Value enhancing capital expenditures $120 - $150

2017 FFO Growth Drivers

• Same property NOI growth of 2.0 - 3.0% and modest savings in general and administrative expenses

2017 Same Property NOI Growth Headwinds

• Base rent contribution expected to trough in 1Q 2017 before reaccelerating in 2Q 2017

– 2Q 2016 80bps benefit from net recoveries, primarily related to annual CAM and tax reconciliations, not expected to reoccur in 2017

• ~20bps drag from 2016 bankruptcy activity, primarily concentrated in the first half of the year
• ~10 - 20bps net drag related to acceleration of redevelopment program

2016 to 2017 GUIDANCE BRIDGE

L

• w

Hig h

2016 NAREIT FFO per diluted share $2.07 $2.07 Same property NOI growth $0.06 $0.09 Straight-line rental income, amortization of above- and below-market rent and tenant inducements and straight- line ground rent expense ($0.04) ($0.03) Lease termination fees ($0.04) ($0.04) General and administrative expenses $0.01 $0.02 GAAP interest expense ($0.01) $0.01 Capital recycling, gain on extinguishment of debt and other $0.00 $0.00 2017E NAREIT FFO per diluted share $2.05 $2.12 Growth (excluding non-cash GAAP rental adjustments and lease termination fees)

3.3% 6.3%

Y-O-Y FFO growth of ~5% at midpoint of the range

(excluding non-cash GAAP rental adjustments and lease termination fees)

REITs – General Info & Fundamentals

How to qualify as a REIT 1,2:  Invest at least 75% of total assets in real estate  Derive at least 75% of gross income from real estate investments  Must have a minimum of 100 shareholders and no more than 50% of shares held by five or fewer individuals

 Distribute at least 90% of taxable income to shareholders annually through dividends

• Nearly all REITs pay at least 100% to avoid taxation
• Allows shareholders to share in a REITs cash flow growth

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Key Metrics & Terminology 1

Earnings Metrics NAREIT FFO

• Most commonly accepted and reported measure of REIT operating performance
• NAREIT FFO = Net income + Depreciation and Amortization -/+ gains/losses on depreciable property sales + JV adjustments

Operating Metrics Same Property NOI

• Used to compare company’s core operations
• Typically includes properties that have had stable operations for at least one year thereby excluding noise from development,

redevelopment or other value-add investment impacts Tenant Improvements

• Upon initiation of a new or renewal lease, landlords may offer potential tenants a build-out package to renovate or update the space to the

tenant’s needs Valuation Metrics Net Asset Value (NAV)

• Total market value of a property, and all other real estate related income streams plus current assets and, if any, the development pipeline

and land bank, less total debt and preferred equity. To arrive at an estimated market value for the underlying real estate, the next four quarters of expected property NOI are capitalized using an appropriate “cap rate” which encapsulates growth, asset quality and risk. For valuation purposes, an investor can look at the current discount or premium that a stock is trading at relative to estimated NAV and can also compare the NAV premium/discounts or absolute cap rates of peer companies. An “as of today” or “liquidation” metric, NAV has its fair share of shortcomings in that it typically excludes the expected value of future accretive investment opportunities as well as G&A impacts.

FOOTNOTES & SOURCES

Footnotes and Sources

24 Page 3 (Investment Opportunity)

• 1. By GLA. Source: Company filings and SNL Financial.
• 2. Based on a combination of most recent tenant reported information and management estimates.

Page 12 (Competitive Advantage – Value Creation & Reinvestment)

• 1. As of 4Q 2016. Data sourced from FactSet and company filings as of 4Q 2016.

Page 21 (Guidance Highlights)

1. Does not include any expectations of additional one-time items, including, but not limited to, litigation, investigative and other non-routine legal expenses.

Page 11 (Visible Drivers of Forward Internal Growth)

• 1. Peer group includes DDR, FRT, KIM, KRG, REG, RPAI and WRI. Data based on company filings as of 4Q 2016.

Page 9 (Local Execution with Benefits of National Scale)

• 1. As of 4Q 2016.

Page 19 (Simple, Flexible Balance Sheet)

• 1. Equity market capitalization based on December 31, 2016 closing price of $24.42.
• 2. Effective November 1, 2016: $300,000 of the $1,000,000 Tranche A Term Loan is swapped from one-month Libor to a fixed rate of 0.8165% (plus a spread of 135bps) through July 31, 2018; $200,000 of the $600,000

Term Loan is swapped from one-month Libor to fixed at a combined rate of 0.818 % (plus a spread of 140bps) through July 31, 2018 and the remaining $400,000 is swapped from one-month Libor to a fixed rate of 0.878% (plus a spread of 140bps) through March 18, 2019; and $500,000 Tranche B Term Loan is swapped from one-month Libor to a fixed rate of 1.113% (plus a spread of 135bps) through July 30, 2021.

Page 22 (REITs – General Info & Fundamentals)

• 1. Source: RBC Capital Markets.
• 2. Source: NAREIT.

Page 4 (Leasing Highlights - 2016)

• 1. Data based on company filings as of 4Q 2016.

Disclaimer

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Safe Harbor Language This document 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,” “approximately,” “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 section entitled “Risk

Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as such factors may be updated from time to time in

• ur 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 filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.