INVESTOR PRESENTATION As of June 30, 2017 Investment Opportunity - - PowerPoint PPT Presentation

INVESTOR

PRESENTATION

As of June 30, 2017

Investment Opportunity

 Largest open-air retail landlord in the US by GLA  National, geographically diversified portfolio  Highly productive core tenancy including grocers, value retailers and consumer oriented service providers  Strong embedded internal growth potential in what is owned and

controlled

 Self-funded reinvestment pipeline with yields of ~10%  Proven access to capital and flexible balance sheet  Attractive, well-covered dividend yield

2 PORTFOLIO QUICK FACTS Number of shopping centers 507 GLA 85M SF Average shopping center size 169K SF Percent billed 89.9% Percent leased 92.0% Percent leased – Anchors (≥ 10K SF) 95.0% Percent leased – Small shops (< 10K SF) 85.0% Average ABR PSF $13.21 2Q 2017 rent spread (new and renewal) 16.8% Average grocer sales PSF 1 ~$550

HIGHLY VISIBLE INTERNAL GROWTH WITH LOWER RELATIVE RISK

ONE OF THE LARGEST LANDLORDS TO:

Company Priorities

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Realize inherent value through proactive management and accretive reinvestment Be local and merchandise centers to be relevant to the communities they serve

Partner with successful retailers to achieve their growth strategies

Leverage operational benefits of a fully integrated national platform Support prudent capital allocation and recycling with a simple, flexible balance sheet Continue to attract and retain the very best talent

FOCUS ON CONSISTENT, SUSTAINABLE GROWTH IN CASH FLOW

Why Is BRX Positioned To Outperform?

Occupancy cost and tenant productivity 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 PSF, 36% above average US grocer, with average occupancy costs below 2% 1

Significant operating platform enhancements effectuated over the last twelve months

• Enhanced leasing model and alignment of national accounts coverage with regional leasing “owners”
• Improved property operating standards and expanded reinvestment and capital recycling capabilities and pipeline

Proven track record of operational outperformance in this environment

• ~$42M of new incremental ABR created over TTM
• ~90% of 2016 bankruptcy activity addressed through lease and LOI at average rent spreads of 27%
• Peer leading new lease productivity in TTM: new lease spreads of 35% vs. peer average of 19%; new lease volume of 3.2M SF vs. peer average of 1.1M SF

Outsized embedded reinvestment potential

• $258M of in process projects with average expected NOI yields of ~10%

– Can drive the same value creation as up to 4x the amount of ground-up development

• Identified pipeline of over $1B with targeted spend of $150 - $200M annually to drive an additional 150 – 200bps of annual growth

Vibrant, diverse and growing core tenancy

• Primarily grocery and value oriented; one of the largest landlords to retailers including Kroger, TJX, Publix, Burlington and Ross
• Strong open-to-buys from both existing and new retailers
• Capturing increased market share in broader uses including entertainment, restaurant, fitness, etc.

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A Sustainable Model For Growth

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Long-Term Forward Growth Targets

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

• Contractual rent growth
• Releasing spreads
• Incremental spend of $150 –

200M at ~10% yields

Opportunity: Be 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

• Harvest low IRR assets
• Capital source at NAV
• Acquisitions drive additional

growth and reinvestment

• pportunities

Sector leading leasing

Visible Drivers Of Forward Internal Growth

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$12 $16 $17 $29 $39 $42 3.1% 2.7% 2.5% 3.3% 3.9% 4.4%

• 10

RPAI FRT DDR REG KIM BRX New ABR Created ($M) % of Portfolio ABR

New ABR Created TTM 2

300 530 830 1,100 At completion 1yr after completion 2yrs after completion 3yrs after completion Small shop occupancy 1 year prior to completion vs. 104 properties 84 properties 48 properties 31 properties

Small Shop Leased Change (bps) Where Reinvestment Completed

Driving growth in small shops:

• Small shop occupancy at centers where a redevelopment or repositioning

has been completed in the past 5 years has improved 600 – 800bps – Generating $21M of incremental ABR from these small shop spaces

• Future redevelopments are catalysts for improvement:

– Small shops are 81.2% leased, 380bps below portfolio average

Driving embedded rent growth:

• 94% of new leases executed YTD include rent bumps averaging 2.2% vs.

1.7% in 2015

% of New Leases with Rent Bumps

78% 92% 94% 2015 2016 YTD

New Lease Average Rent Bumps

1.7% 2.0% 2.2% 2015 2016 YTD 258 625 734 932 1,440 3,062 3,239 23% 20% 21% 14% 10% 25% 35%

• 500

RPAI WRI FRT REG DDR KIM BRX New Lease GLA (K SF) New Lease Spreads

New Lease Productivity – TTM 1

Visible Drivers Of Forward Internal Growth (cont’d)

7

Basis matters:

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

$13.21 $14.82 $15.14 In Place ABR PSF New Lease ABR PSF Since IPO New Lease ABR PSF TTM

Tailwinds from forward leasing:

$33M of ABR From Leases Signed But Not Yet Commenced

Visibility on future rollover growth:

• Historic under-investment and under-management has resulted in below-

market rent profile

• Significant mark-to-market opportunity

– 4.4M SF of anchor leases expiring between 2017 – 2020 with no remaining

• ptions at ABR PSF of $8.25

– 2Q17 new anchor leases signed at ABR PSF of $12.13

3.5% 11.9% 13.9% 14.9% $12.20 $12.70 $11.83 $11.71 TTM New Lease ABR PSF $15.14

2017 2018 2019 2020 % of Leased GLA Expiring ABR PSF at Expiration

Near-term Rollover Growth Potential

$24 $31 $24 $7 $2 2H 2017 1H 2018 2H 2018 Expected Commencement Commencing in period Previously commenced 73% ($M)

We cover 150+ national open-air retailers with plans to open over 12,500 new stores Vibrant, Diverse & Growing Core Tenancy

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Broad cross-section of retailers focused on non-discretionary &

value-oriented retail with strong complementary service component (by ABR)

Dollar Store 3% Accessories, Jewelry, Shoes 3% Hobby & Party 4% Other Value Fashion 4% Off-Price Apparel 6% Home 7% Health & Personal Care 7% General Merchandise 7% Restaurants 13% Services 16% Grocery 17% Other (≤ 3%) 13%

Executing leases with thriving retailers

Percent of new lease ABR executed by merchandise mix - TTM

Entertainment 3% Other Value Fashion 4% Pet 4% Off-Price Apparel 5% Cellular 5% Home 8% Grocery 8% Health & Personal Care 14% Restaurants 17% Services 20% Other (≤ 3%) 12%

National retailers account for 65% of

portfolio ABR

16% Regional 65% National 19% Local

Flexible retail format, primarily grocery

anchored (by ABR) 2

13% Power center 75% Community / Neighborhood 10% Grocery-anchored regional center 2% Other

Productive grocer anchors drive

consumer traffic

~70% of shopping centers are grocery-anchored

• 76% have an additional anchor
• Average grocer sales of ~$550 PSF – 36%

above the national average 1

• Average occupancy costs below 2% 1

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 18.0% of ABR
• Largest tenant, Kroger, accounts for only 3.2% of ABR

Proactive Tenant Management

DECREASED EXPOSURE INCREASED EXPOSURE TOP RETAILERS BY ABR Retailer Stores % of GLA % of ABR ABR PSF Credit Ratings (S&P / Moody’s) 68 5.2% 3.2% $6.98 BBB / Baa1 92 3.4% 3.2% 10.65 A+ / A2 166 2.2% 2.0% 10.08 BB+ / Ba1 38 2.1% 1.7% 9.48 NR 29 1.8% 1.7% 10.50 BBB/ Baa2 26 3.8% 1.5% 4.46 AA / Aa2 22 1.5% 1.4% 10.74 B+ / B1 22 1.8% 1.3% 8.02 BB / Ba2 32 1.0% 1.0% 11.18 A- / A3 30 0.9% 1.0% 12.98 BBB+ / Baa1 TOP 10 525 23.7% 18.0% $8.60 46 1.8% 1.0% 6.27 BBB / - 30 0.8% 1.0% 14.50 B+ / B1 15 0.7% 0.9% 13.47 BBB- / Baa1 36 0.6% 0.8% 16.96 B / B2 12 0.6% 0.8% 15.84 B+ / B2 19 2.1% 0.8% 4.33 CCC+ / Caa2 32 0.8% 0.8% 11.00

• / B1

14 0.6% 0.8% 13.77 NR 33 0.6% 0.7% 14.72 B+ / Ba3 27 0.7% 0.7% 12.39 B+ / B1 TOP 20 789 33.0% 26.3% $9.05

Capitalizing On Evolving Retailer Business Models

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Outparcel initiative

• Adding density to centers with

innovative concepts and uses

• Expanding outreach to growing retail

segments and wide breadth of tenant uses

Broadening merchandise mix

• Partnering with retailers to support new

store growth and expansion plans

Capturing market share

• Helping retailers launch new concepts

and adding new-to-portfolio tenants

Innovation

Outperformance in releasing recaptured space

• ~90% of 2016 bankruptcies resolved at

average rent spreads of 27% – Progress has reduced impact of 2016 bankruptcies on 2017 same property NOI from 40bps to 25bps

• Proactively managing 2017 bankruptcies

– 2017 bankrupt tenants account for ~950K SF of GLA and 1.3% of portfolio ABR – Expected impact of ~60bps on 2017 same property NOI growth

Retail closures

Industry Leading Value Creation Potential

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• Enhancing merchandise mix and vitality of properties to make shopping centers more

relevant to communities they serve

• Pre-leased, lower risk at higher returns and accretive to long-term growth
• Additional 250+ outparcel opportunities

Driving sector leading returns on reinvestment

• Densification with minimal disruption
• Project time-frame ~10 months

Outparcel Development

Pilgrim Gardens – Philadelphia, PA

Redevelopment

• Larger scale, tenant driven
• Project time-frame ~2 years

Maple Village – Ann Arbor, MI

• Tenant driven, minimal risk
• Project time-frame ~11 months

Anchor Space Repositioning

Highridge Plaza – New York, NY

Significant untapped potential to drive growth through additional reinvestment

Historic portfolio-wide under-investment and under-management Low risk / high yield redevelopment potential

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

Value Creation Opportunity ($M) Number Projects Net Estimated Costs 1 Expected NOI Yield 1,2 In process 40 $258 10% Completed YTD 11 $21 15%

Industry Leading Value Creation Potential (cont’d)

12 BRX Redevelopment Representative Ground-up Development Representative Redevelopment vs. Ground-up Development Total investment $200M $800M

1/4 the amount

invested Yield 10% 7% Residual cap-rate 6.0% 6.0% Value creation $133M $133M

Same value creation

Risk of value destruction Residual cap-rate 6% - 8% 6% - 8% Value creation $50 - $133M ($100) - $133M

Brixmor’s reinvestment opportunity stands apart within the shopping center sector based on scale, value-creation and velocity Attractive redevelopment pipeline drives significant value creation and growth potential at lower risk 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, 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

Redevelopment Case Study: Bay Pointe Plaza – Tampa, Florida

13 BEFORE

• Redevelopment of existing 30-

year old Publix with a 54K SF prototype with drive-thru pharmacy

• Remerchandised end-cap with

a 9K SF Pet Supermarket

• Publix annual sales of ~$40M
• Total project cost of $7.7M at

10% incremental return

AFTER

ABR PSF

$10.81 $17.05 Dec-15 Jun-17

Small Shop % Leased

78.2% 94.9% Dec-15 Jun-17

Growth Realization:

Capital Recycling Opportunity

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DISPOSITIONS

• Low hold-IRR assets:

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

• 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

ACQUISITIONS

• Leverage broad opportunity set afforded by national platform to acquire

at attractive returns

• Utilize operating expertise to acquire assets that have been under-

managed or have unrealized value creation potential

• Increase concentration through acquisitions of adjacent properties or
• utparcels
• Achieve critical mass in attractive retail corridors providing longer-term
• pportunities to leverage market position

Dispositions

Fitchburg Ridge – Fitchburg, WI Perry Marketplace – Perry, GA

Acquisitions

Arborland Center – Ann Arbor, MI Felicita Town Center – Escondido, CA

Simple, Flexible Balance Sheet

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Debt Statistics Leverage & Coverage Ratios

Net principal debt to Adjusted EBITDA 6.4x Net principal debt to Cash Adjusted EBITDA 6.9x Fixed charge coverage 3.5x Weighted avg. stated interest rate 3.81% Weighted avg. maturity 5.3 years Fixed / Variable 96% / 4% Unencumbered ABR 79.4%

Maturity Profile

Increased weighted average tenor and laddered maturity schedule

Unencumbered Asset Base

Replaced secured debt with unsecured alternatives

Capital Structure Composition

Reduced reliance on bank debt market

Leverage

Continue to reduce leverage through operating cash flow growth and disciplined capital recycling Fitch BBB- Stable Moody’s Baa3 Stable S&P BBB- Stable

Credit Ratings Over the last 14 months raised over $5B of unsecured debt to provide maximum flexibility and capacity to fund future growth

Simple, Flexible Balance Sheet (cont’d)

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Capitalization ($M) – Pro Forma 1 6/30/17 Interest Rate Equity Market Capitalization 2 $5,452 Revolving Credit Facility

• Term Loans 3

1,610 2.40% Unsecured Notes 3,218 3.81% Secured Mortgages 1,018 6.17% Total Principal Debt $5,846 3.83% Add: Net Unamortized Premium 7 Less: Deferred Financing Fees (33) Total Debt $5,820 3.83% Less: Cash, Cash Equivalents and Restricted Cash (123) Net Debt $5,697 Total Market Capitalization $11,150

• Wtd. Avg.

Interest Rate 6.3% 2.5% 2.4% 6.2% 3.5% 3.9% 3.3% 3.3% 3.9% 4.2% 4.0%

Debt Maturities – Pro Forma 1

$9 $210 $600 $751 $686 $500 $500 $807 $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

ADDITIONAL INFORMATION

Guidance Highlights

18 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 $44 - $46 $40 - $44 General and administrative expenses 1, 2 $88 - $92 $86 - $90 GAAP interest expense 3 $228 - $230 $226 - $230 Value enhancing capital expenditures $110 - $135 $120 - $150

2017 FFO growth

• Same property NOI growth of 2.0 - 3.0%
• Continued ramp of disposition activity

– Net seller

2017 Same property NOI growth trajectory

• Same property NOI growth of 2.0 – 3.0%

– Base rent contribution expected to trough in 3Q 2017 before reaccelerating in 4Q 2017 – Acceleration due to executed anchor rent commencements related to the releasing of 2016 bankruptcy impacted space – 3Q 2017 expected to be at or below low end of full-year guidance range

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

21 Page 18 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.
• 2. Increase reflects actual litigation and other non-routine legal expenses recognized year-to-date.
• 3. Does not include any expectations of additional deleveraging activity.

Page 16 Simple, Flexible Balance Sheet (cont’d)

• 1. Pro Forma schedule reflects the $300M, 7-year term loan facility executed in July 2017.
• 2. Equity market capitalization based on June 30, 2017 closing price of $17.88.
• 3. 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 a combined fixed 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 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.

Page 19 REITs – General Info & Fundamentals

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

Page 8 Vibrant, Diverse & Growing Core Tenancy

• 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.

Page 2 Investment Opportunity

• 1. Based on a combination of most recent tenant reported information and management estimates.

Page 6 Visible Drivers Of Forward Internal Growth

• 1. Data based on company filings as of 2Q 2017. Leasing spreads based on comparable leases/spaces only. FRT and REG comparable leases include those in which there was a former tenant. All other comparable leases

include only those in which there was a former tenant within the prior year.

• 2. Includes new, renewal and option leases executed in TTM and calculated as new ABR less old or prior ABR for comparable leases plus new ABR for non-comparable leases. FRT excludes options. Excludes WRI as data is

not provided in company filings.

Page 4 Why is BRX Positioned To Outperform?

• 1. Based on a combination of most recent tenant reported information and management estimates.

Page 11 Industry Leading Value Creation Potential

• 1. Represents gross project costs less any project specific credits (lease termination income or other ancillary credits).
• 2. NOI yield is calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net of any project specific credits (i.e. lease termination income or other ancillary

credits).

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.