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Simon Property Group, but for open-air shopping centers rather than large enclosed malls.

Public Storage (PSA), but for retail storefronts in shopping centers instead of self-storage units.

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• Retail Property Leasing: Brixmor provides commercial retail space for lease to a diverse mix of national, regional, and local retailers within its portfolio of open-air shopping centers.

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Brian T. Finnegan, Chief Executive Officer, President & Director

Brian T. Finnegan became Chief Executive Officer and President of Brixmor Property Group in January 2026. He has been with Brixmor (or its predecessor Kramont Realty Trust) since 2004, initially joining as a Leasing Representative. During his more than two decades with the company, he has held a variety of key leadership roles, including Executive Vice President, Chief Revenue Officer; Executive Vice President of Leasing; and President, Chief Operating Officer.

Steven T. Gallagher, EVP, Chief Financial Officer & Treasurer

Steven T. Gallagher serves as the Executive Vice President, Chief Financial Officer & Treasurer for Brixmor Property Group. He previously held the position of Senior Vice President, Chief Accounting Officer since 2017 and served as interim Chief Financial Officer from January 2024. His prior experience includes roles at Pricewaterhousecoopers LLP, Controller at CUBESMART, and Senior Accountant at Kreischer Miller.

Mark T. Horgan, EVP, Chief Investment Officer

Mark T. Horgan is the Executive Vice President and Chief Investment Officer at Brixmor Property Group.

Steven F. Siegel, EVP, General Counsel & Secretary

Steven F. Siegel holds the position of Executive Vice President, General Counsel & Secretary for Brixmor Property Group.

Stacy Slater, EVP, Investor Relations, Capital Markets & Corporate Strategy

Stacy Slater became Executive Vice President, Investor Relations, Capital Markets & Corporate Strategy for Brixmor Property Group in February 2026. She previously served as Senior Vice President, Investor Relations & Capital Markets since August 2016. Ms. Slater was instrumental in the company's initial public offering in 2013 and held various investor relations roles at Brixmor's predecessor companies. Before joining Brixmor, she was Senior Vice President, Investor Relations at New Plan Excel Realty Trust from 1998 to 2007.

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Here are the key risks to Brixmor Property (BRX):

1. Tenant Bankruptcies and Occupancy Decline: A primary risk for Brixmor Property Group is the potential for tenant bankruptcies and disruptions, which can lead to vacant spaces and a decline in occupancy rates. This directly impacts rental revenue and financial performance, as evidenced by past issues with tenants like Big Lots and Party City contributing to occupancy declines. The ability to re-lease vacated spaces efficiently is crucial for revenue recovery.
2. Interest Rate Sensitivity and Economic Uncertainty: As a real estate investment trust (REIT), Brixmor is highly sensitive to fluctuations in interest rates, inflation, and overall economic conditions. Rising interest rates can increase borrowing costs for new acquisitions, development projects, and refinancing existing debt, thereby impacting profitability and financial performance. Economic downturns or weakening commercial real estate fundamentals can also lead to decreased consumer spending, affecting the financial health of Brixmor's retail tenants and their ability to pay rent.
3. Redevelopment Execution Risks: Brixmor's strategy includes significant redevelopment projects aimed at enhancing its portfolio and driving growth. These projects require substantial upfront capital investment. There is a risk that the anticipated returns on these investments may not materialize as projected if leasing demand slows, a recession occurs, or construction costs increase dramatically, potentially leading to returns below expectations or even below the cost of capital.

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The continued evolution of e-commerce and retail supply chain strategies, which may lead to a decreased demand for traditional large-format physical retail spaces. As retailers optimize for online sales and delivery, they are increasingly adopting models such as smaller physical store footprints, leveraging stores for fulfillment (dark stores), or utilizing micro-fulfillment centers. This shift could reduce the overall need for the type of broad retail space Brixmor currently owns and operates, impacting occupancy rates, rental income, and asset valuations over time.

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For Brixmor Property (symbol: BRX), the following are expected drivers of future revenue growth over the next 2-3 years:

1. Strong Leasing Activity and Occupancy Gains: Brixmor is experiencing robust demand from high-quality tenants, leading to significant leasing activity. The company achieved a record leasing year in 2025 with $70 million of new rent executed and over 3 million square feet of new leases signed. Overall occupancy rose to 95.1% by the end of 2025, marking the largest sequential quarterly gain in the company's history, and small shop occupancy reached a record 92.2%. Furthermore, a substantial "signed but not yet commenced" (SNC) lease pipeline, with approximately $62 million in future rent, is expected to commence throughout 2026, contributing to accelerated base rent growth.
2. Rent Growth and Mark-to-Market Opportunities: The company is capitalizing on a strong leasing environment with impressive rent growth. New lease rent growth was 39% for 2025, and renewal rent growth held at 15% for the third consecutive year. The blended annualized rent per square foot on the signed, but not yet commenced pool, is approximately 21% above the portfolio average, reflecting embedded mark-to-market opportunities as existing leases roll over to higher rates.
3. Value-Enhancing Redevelopment and Reinvestment Program: Brixmor has an active redevelopment pipeline, totaling $336 million at year-end 2025, and completed $183 million in stabilized reinvestment projects in 2025 at a 10% incremental yield. These initiatives are designed to deliver higher rent per square foot and increase occupancy, leading to significant same-property Net Operating Income (NOI) and earnings growth.
4. Strategic Acquisitions in Attractive Markets: Brixmor is pursuing a disciplined strategy of acquiring grocery-anchored centers in high-barrier-to-entry markets that offer compelling, accretive opportunities for long-term growth and value creation. In 2025, the company made $420 million in acquisitions, its most active year as a public company, which included two grocery-anchored center acquisitions in Denver and Southern California in Q4. These acquisitions aim to strengthen the company's presence in key suburban areas and leverage its operating platform.
5. Improved Tenant Quality and Expense Recovery: Brixmor has meaningfully improved its underlying tenant profile, with 70% of small shop rent now coming from multi-unit operators. This focus on high-quality tenants and essential retail provides a more stable revenue base. Additionally, the company achieved a record expense recovery ratio of 92.3% at year-end 2025, indicating disciplined operating expense management that contributes to higher net income.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Brixmor renewed a $400.0 million share repurchase program on October 28, 2025, which is scheduled to expire on October 28, 2028.
• A previous $400.0 million share repurchase program was established on November 1, 2022, and was set to expire on November 1, 2025.
• No shares were repurchased under the buyback programs during the year ended December 31, 2022, or in the latter part of 2025.

Inbound Investments

• In Q3 (latest available quarter), CI Investments Inc. increased its stake in Brixmor by 8.6%, holding shares valued at approximately $98.14 million.
• APG Asset Management US Inc. increased its stake in Brixmor by 22.8% in Q3, representing holdings of about $38.45 million.
• In Q2, Invesco Ltd. grew its stake in Brixmor Property Group by 16.3%, acquiring an additional 1,056,827 shares, with their total holdings valued at approximately $195.945 million.

Outbound Investments

• For the twelve months ended December 31, 2025, Brixmor acquired three shopping centers and two land parcels for a combined purchase price of $416.8 million.
• In Q4 2025, Brixmor acquired two shopping centers and one land parcel for $190.7 million, including Chino Spectrum Towne Center for $138.0 million and Broomfield Town Center for $51.2 million.
• During the year ended December 31, 2021, the company acquired six shopping centers, one outparcel, and two land parcels for an aggregate purchase price of approximately $258.8 million.

Capital Expenditures

• Overall capital expenditure spending for 2025 was $740.65 million, marking a 14% decrease year-over-year and reaching its lowest level since 2021.
• Brixmor stabilized $183 million of reinvestment projects in 2025 at an attractive 10% incremental yield, which included significant redevelopments.
• The company's active redevelopment pipeline stood at $336 million at year-end 2025, with a strategic focus on reinvestment in well-located shopping centers to enhance tenant quality and increase rents.