INVESTOR PRESENTATION As of March 31, 2017 Retailer Disruption - - PowerPoint PPT Presentation

INVESTOR

PRESENTATION

As of March 31, 2017

Retailer Disruption Positions BRX For Outperformance

Tenant productivity and occupancy cost matter

• Attractive rent basis allows BRX to drive growth, while upgrading the quality and relevance of the tenancy
• Productive tenant base – grocer sales of ~$550, 36% above average US grocer and with average occupancy costs below 2%

Well located, older assets with proven tenant demand

• Leasing demonstrates strong tenant demand – ~$39M of incremental ABR achieved in TTM
• Proximity to consumer in established retail nodes with structural flexibility to accommodate retailer prototypes

Vibrant, diverse and growing core tenancy

• Primarily grocery and value oriented; one of the largest landlords to Kroger, TJX, Publix, Burlington and Ross Dress for Less
• Strong open-to-buys with both existing and new retailers – 110+ national open-air retailers with robust store opening plans
• Capturing increased market share in broader uses including entertainment, restaurants, fitness, etc.

Self-funded value creation through reinvestment

• Lower risk projects at highly accretive returns are self-funded through internally generated cash flow
• $217M of projects in process with average expected NOI yields of ~10%; can drive the same value creation as up to 4x the amount of ground-up

development

• Targeted spend of $150 - $200M annually and identified pipeline of $1B+ to drive an additional 150 – 200bps of annual growth

Proven track record of outperformance in this environment

• Peer leading new lease rent spreads of 37% vs. peer average of 13%; highest ever 1Q volume with 1.9M SF of new and renewal leases executed
• 80% of 2016 bankruptcy activity addressed through least and LOI at average rent spreads over 50%

Sustainable, growing cash flows should close multiple gap

• Supported by strong dividend coverage of 49% of FFO

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INVESTMENT OPPORTUNITY

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

5 PORTFOLIO QUICK FACTS Number of shopping centers 510 GLA 86M SF Average shopping center size 169K SF Percent billed 90.4% Percent leased 92.5% Percent leased – Anchors (≥ 10K SF) 95.8% Percent leased – Small shops (< 10K SF) 84.8% Average ABR/SF $13.12 1Q 2017 rent spread (new and renewal) 16.4% Average grocer sales PSF 2 ~$550

HIGHLY VISIBLE INTERNAL GROWTH WITH LOWER RELATIVE RISK

VALUE CREATION OPPORTUNITY ($M) Number (active) Net Estimated Costs 3 Redevelopment 11 $142.1 Anchor space repositioning 17 33.1 New development 1 32.6 Outparcel development 7 9.6 Total 36 $217.4

Productive Retailers Relevant to Consumer

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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 18.3% 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 $4.33

Proactive Tenant Management

DECREASED ABR EXPOSURE INCREASED ABR EXPOSURE TOP RETAILERS BY ABR Retailer Stores % of GLA % of ABR ABR/ SF Credit Ratings (S&P / Moody’s) 69 5.3% 3.3% $6.95 BBB / Baa1 93 3.4% 3.2% 10.62 A+ / A2 167 2.2% 2.0% 10.08 BB+ / Ba1 39 2.1% 1.8% 9.46 NR 28 4.1% 1.7% 4.72 AA / Aa2 29 1.8% 1.7% 10.49 BBB / Baa2 22 1.5% 1.4% 10.78 B+ / B1 21 1.7% 1.2% 7.93 BB / Ba3 32 1.0% 1.0% 11.18 A- / A3 30 0.9% 1.0% 12.98 BBB+ / Baa1 TOP 10 530 24.0% 18.3% $8.57 46 1.8% 1.0% 6.20 BBB / - 30 0.8% 1.0% 14.50 B+ / B1 15 0.7% 0.9% 13.47 BBB- / Baa1 19 2.1% 0.8% 4.33 CCC+ / Caa2 35 0.5% 0.8% 16.83 B / B2 32 0.8% 0.8% 10.96

• / B1

11 0.6% 0.8% 15.47 B+ / B2 27 0.7% 0.7% 12.39 BBB- / Baa2 32 0.5% 0.7% 14.71 B+ / B1 11 1.1% 0.7% 7.43 BBB- / Baa2 TOP 20 788 33.6% 26.5% $8.86

Healthy Core Tenancy 110+ National open-air retailers with robust store opening plans

7 Net New Store Openings by Retailer Type 1 Retailer Type Representative Retailers ~Net New Stores Accessories, Jewelry, Shoes DSW, Kay Jewelers 70 Apparel Citi Trends, South Moon 150 Apparel – Off Price TJ Maxx, Ross, Burlington 230 Cellular T-Mobile, Cricket 2,000 Dollar Store Dollar Tree, Five Below 1,650 Electronics & Appliance Various 80 Entertainment Various 10 Fitness Orangetheory, LA Fitness, Pure Barre 760 General Merchandise Tuesday Morning, Kohls, Walmart 140 Grocer ALDI, Kroger, Sprouts 310 Health & Personal Care Ulta, Bath & Body Works 250 Hobby & Party Party City, Hobby Lobby 190 Home At Home, Floor & Décor 350 Pet PetSmart, Petco, Pet Supplies Plus 270 Restaurant Starbucks, Panera, MOD Pizza 2,730 Services Sport Clips, National Vision 430 Sporting Goods Dick’s, Academy Sports 100 Total ~9,700

Capturing market share

• As a top landlord to significant retailers, Brixmor is at the

forefront of new store growth and expansion plans

• Attractive rent basis provides opportunity to capture out-

sized market share

Diversifying tenant base

• Well-located, highly productive locations make Brximor’s

centers attractive to new store concepts and an expanding list

• f tenant uses

Flexible Retail Format & Diversified Merchandise Mix

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National retailers account for 65%

• f portfolio ABR

Flexible retail format, primarily

grocery anchored 2

16% Regional 65% National 19% Local

Adaptable retail profile with only 5% of

portfolio ABR at risk from eCommerce

35% Omnichannel 60% Defensive 5% At Risk 13% Power center 75% Community / Neighborhood 11% Grocery-anchored regional center 1% Other

Productive grocer anchors drive consumer traffic Broad cross-section of retailers focused on non-

discretionary & value-oriented retail with strong complementary service component

Accessories, Jewelry, Shoes 3% Electronics & Appliances 3% Hobby & Party 3% Other Value Fashion 4% Off-Price Apparel 6% Home 6% Health & Personal Care 7% General Merchandise 8% Restaurants 13% Services 15% Grocery 18% Other (≤ 3%) 13%

~70% of shopping centers are grocery-anchored

• 75% have an additional anchor
• Average grocer sales of ~$550 PSF – 36% above the national average 1
• 90% of grocers have occupancy cost ratios below 3%

– 65% below 2%

All charts reflect percent of portfolio leased ABR.

Leasing Highlights

Steady execution…with continued opportunity

• Occupancy: 92.5%, up 10bps Y-O-Y
• Small shop occupancy: 84.8%, up 90bps Y-O-Y
• Leasing volume: 1.9M SF of new and renewal leases executed in

1Q 2017

Sector leading productivity with disciplined use of leasing capital

• Peer leading new lease rent spreads of 36.7%

80.0% 81.9% 83.2% 83.9% 84.8% 1Q13 1Q14 1Q15 1Q16 1Q17 Small Shop Occupancy 1,797 1,762 1,814 1,780 1,852 1Q13 1Q14 1Q15 1Q16 1Q17 New & Renewal Lease Volume (K SF) 9 54% 38% 38% 2015 2016 TTM % of New Leases with Options 78% 92% 94% 2015 2016 TTM % of New Leases with Rent Bumps

• Reducing options provides for better control of space at end of

lease term

Driving embedded rent growth and reducing options in new leases

45 110 166 185 288 566 790 804

RPAI KRG WRI REG FRT DDR KIM BRX

1Q 2017 Total New Lease Volume (K SF) 1 36.7% 21.8% 17.9% 17.0% 7.6% 2.8% 0.2%

BRX RPAI KIM FRT WRI DDR REG

1Q 2017 Comparable New Lease Rent Spread 1

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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1.8% 2.2% 3.0% 3.0% 3.8% 4.4% 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 growth
• 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

Continued execution:

• Leasing productivity and new and renewal rent

spreads remain robust

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 32% 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 – 4.4M SF of anchor leases expire between 2017-2020 with no remaining options at in- place ABR/SF of $8.39 – Signed new anchor leases at $12.20 in TTM

$13.12 $14.71 $14.98 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

Opportunity for reinvestment:

• Small shop occupancy at centers where a

redevelopment or repositioning has been completed in the past 5 years has improved 600 – 800bps since March 2012

• Future redevelopments are catalysts for

improvement: – Properties are 85.1% leased, 740bps below portfolio average – Small shops are 77.1% leased, 770bps below portfolio average

5.9% 12.2% 13.7% 14.9% 51.8% $12.44 $12.86 $11.81 $11.26 $12.24

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

46.7% of leased GLA expires 2017 – 2020

TTM New Lease ABR/SF $14.98 210 490 740 970 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 88 properties 49 properties 33 properties

1,797 1,762 1,814 1,780 1,852 7.9% 13.4% 16.8% 16.3% 16.4%

1Q13 1Q14 1Q15 1Q16 1Q17 Volume (K SF) Rent Spreads New & Renewal Leasing Productivity

1.6% 2.2% 2.3% 1.6% 1.6% 3.1% 3.4% 0.9% 1.9% 0.3% 3.9% 4.7% 2.4% 7.6% 1.9% 5.3% 0.2% 2.7% $11.8B $9.3B $14.5B $14.3B $12.7B $8.7B $6.6B $5.3B $3.4B 0% 4% 8% 12%

• $5

$10 $15 BRX Peer Average KIM REG FRT DDR WRI RPAI KRG % Redevelopment Enterprise Value ($B) % Development % Redevelopment Enterprise Value

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
• Seven projects delivered YTD 2017 totaling $15M at an NOI yield of 14%; $217M of projects in process with average expected NOI yields of ~10%
• Ten additional projects added to the in process pipeline totaling $43M at an expected average incremental NOI yield of 10%

Redevelopment

• Larger scale,

tenant driven

• Project time-

frame ~2 years

Maple Village – Ann Arbor, MI

Anchor Space Repositioning

• Tenant

driven, minimal risk

• Project time-

frame ~11 months

Marketplace @ 42 – Minneapolis, MN

Outparcel Development

• Densification

with minimal disruption

• Project time-

frame ~10 months

Coastal Way – Coastal Landing – Tampa, FL

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

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 $142 $175 - 225 2015 2016 At 3/31/17 2017E In-process Redevelopments at Year-End ($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 at 10% incremental return

BEFORE

92.7% 98.3% 98.3% Dec-15 At Completion Dec-16 Mar-17

Shopping Center % Leased

Shopping center improvements since redevelopment:

$10.81 $16.71 $17.05 Dec-15 At Completion Dec-16 Mar-17

Shopping Center ABR/SF Small Shop % Leased

78.2% 94.9% 94.9% Dec-15 At Completion Dec-16 Mar-17

Small Shop ABR/SF

$18.26 $22.23 $23.25 Dec-15 At Completion Dec-16 Mar-17

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

AFTER

Representative Future Redevelopment Opportunities

Property Market Description Miami Gardens Miami, FL Redevelopment of existing 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, enhance common areas Speedway Super Center Indianapolis, IN Reconfiguration of existing footprint to accommodate multiple new anchors, rebranding of center, potential

• utparcel 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 – Representative Examples

Escondido, CA Ann Arbor, MI

Demonstrate Brixmor’s ability to execute on strategy:

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

Existing BRX shopping center Acquisition Existing BRX shopping center Acquisition

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Simple, Flexible Balance Sheet

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Debt Statistics Leverage & Coverage Ratios

Net principal debt to Adjusted EBITDA 6.6x Net principal debt to Cash Adjusted EBITDA 7.0x Fixed charge coverage 3.6x Weighted avg. stated interest rate 3.85% Weighted avg. maturity 5.0 years Fixed / Variable 91% / 9% 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

March 2017

Issued $400M of 10-year unsecured notes

Simple, Flexible Balance Sheet

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Capitalization ($M) 3/31/17 Interest Rate Equity Market Capitalization 1 $6,543 Revolving Credit Facility $210 2.14% Term Loans 2 $1,710 2.29% Unsecured Notes $2,718 3.84% Secured Mortgages $1,306 6.22% Total Principal Debt $5,945 3.85% Add: Net Unamortized Premium 10 Less: Deferred Financing Fees (30) Total Debt $5,925 3.85% Less: Cash, Cash Equivalents and Restricted Cash (104) Net Debt $5,820 Total Market Capitalization $12,363

• Wtd. Avg.

Interest Rate 6.4% 2.3% 2.4% 5.3% 3.5% 3.9% 3.3% 4.4% 3.9% 4.2% 4.0%

Debt Maturities

$307 $629 $620 $977 $686 $500 $500 $7 $700 $608 $411

$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

3

ADDITIONAL INFORMATION

Guidance Highlights

22 2017 GUIDANCE

(dollars in millions, except per share amounts)

Updated Prior NAREIT FFO per diluted share 1 $2.05 - $2.12 $2.05 - $2.12 Key Underlying Assumptions Same property NOI growth 2.0 - 3.0% 2.0 - 3.0% Straight-line rental income, amortization of above- and below-market rent and tenant inducements and straight-line ground rent expense $40 - $44 $38 - $42 General and administrative expenses 1 $86 - $90 $86 - $90 GAAP interest expense $226 - $230 $224 - $230 Value enhancing capital expenditures $120 - $150 $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 trajectory

• Base rent contribution expected to trough in 3Q 2017

before reaccelerating in 4Q 2017 due to: – Executed anchor rent commencements related to the releasing of 2016 bankruptcy impacted space – Successful execution of in process redevelopment projects

• Guidance range contemplates a variety of possible
• utcomes related to both the timing and magnitude of

potential store closures from hhgregg, Radio Shack, Gordmans, Payless and Rue 21

Y-O-Y FFO growth of ~4% 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

25 Page 5 (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.
• 3. Net estimated costs represent gross project costs less any project specific credits (lease termination income or other ancillary credits).

Page 13 (Reinvestment & Value Creation)

• 1. Source: Company filings and JPMorgan.

Page 22 (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 10 (Local Execution with Benefits of National Scale)

• 1. As of 1Q 2017.

Page 20 (Simple, Flexible Balance Sheet)

• 1. Equity market capitalization based on March 31, 2017 closing price of $21.46.
• 2. Effective November 1, 2016, $300,000,000 of the Term Loan Facility - Tranche A is swapped from one-month Libor to a fixed rate of 0.8165% (plus a spread of 135bps) through July 31, 2018; $200,000,000 of the Term

Loan Facility - $600M 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 $400,000,000 is swapped from one-month Libor to a fixed rate of 0.878% (plus a spread of 140bps) through March 18, 2019; and $500,000,000 of the Term Loan Facility - Tranche B is swapped from one-month Libor to a fixed rate of 1.113% (plus a spread of 135bps) through July 30, 2021.

• 3. 2020 maturities include the revolving credit facility balance of $210,000,000.

Page 23 (REITs – General Info & Fundamentals)

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

Page 9 (Leasing Highlights)

• 1. Data based on company filings as of 1Q 2017.

Page 7 (Healthy Core Tenancy)

• 1. Source: Retailer announcements and management’s discussions with retailers.

Page 8 (Flexible Retail Format & Diversified Merchandise Mix)

• 1. Based on a combination of most recent tenant reported information and management estimates.
• 2. Community Centers include properties with total GLA between 125K - 400K SF. Neighborhood Centers include properties with total GLA less than 125K SF. Grocery-Anchored Regional Centers include properties greater

than 250K SF with small shop spaces accounting for less than 30% of total property GLA, and that have a traditional or specialty grocer at the property (either owned or non-owned). Power Centers include properties greater than 250K SF with small shop spaces accounting for less than 30% of total property GLA, and that do not have a traditional or specialty grocer at the property (either owned or non-owned). Other includes lifestyle centers, unanchored strip centers, and single tenant centers.

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.