Investor Presentation
QUARTER ENDED JUNE 30, 2015
Executive Summary
Brixmor – A Superior Investment Opportunity
 Company: Largest pure play, wholly-owned shopping center owner in the US
 Geography: National grocery-anchored portfolio focused in the top 50 MSAs
 Diversified high quality tenants: Kroger, TJX Companies, Dollar Tree and Walmart are largest
tenants
 Favorable industry dynamics: Limited new supply and stable macro recovery
 Above-average growth: Generating above average FFO growth and leasing gains
 Growth drivers: Below-market rents, occupancy upside, anchor space repositioning and
increasing market rent environment
 Attractive dividend: $0.225 per quarter (ex-dividend October 1, 2015) / 3.9% yield per share 1
 Post IPO performance: Delivering attractive FFO per share growth and all-in returns to
shareholders since IPO
 Future catalyst: Significant embedded index and passive manager demand
3
Portfolio Primer
Largest pure play, wholly owned grocery-anchored shopping
center portfolio
PORTFOLIO QUICK FACTS
Number of shopping centers
High quality asset base anchored in Top 50 US markets
GLA (SF)
87M SF
Average shopping center size
Productive 71% grocery-anchored portfolio with average sales of
$555 PSF, 42% above average US grocer 1
Embedded internal growth opportunities
National platform supported by regional operating structure
National Platform
519
166,900 SF
Percent leased
92.5%
Percent billed
90.3%
Average ABR/SF
$12.31
% of ABR in top 50 US MSAs
65%
Average shopping center age
32 years
Average shopping center effective age 2
15 years
% Community / % Neighborhood
63% / 37%
MARKET DATA at 6/30/15
NYSE symbol
Share price (6/30/15)
52-week range
BRX
$23.13
$21.97 - $27.39
Equity market capitalization 3
$7.0B
Total enterprise value 3
$12.9B
Dividend yield 3
3.9%
Indicated annual dividend
$0.90
4
Performance Snapshot
Positive growth trajectory: All operating metrics demonstrating continued momentum
Occupancy
Top Line Rent
Improvement
Leasing
Volume
Leasing
Spreads
Small shop occupancy up 150bps year-over-year
MILESTONES
 Achieved investment
grade ratings from
Moody’s, S&P and Fitch
16 consecutive quarters of increases
 Completed $1.2B of bond
offerings in 2015, including
inaugural offering
3.7M SF of new leases executed TTM
Blended spreads for TTM over 14%
• New lease spreads 50% in 2Q2015
• Blended lease spreads of 16% in 2Q2015
 Completed four secondary
offerings reducing sponsor
ownership to ~40%
Dividend Growth
FFO
NOI Growth
Increased FFO per share by 7% year-over-year
• $0.49 in 2Q2015
Same property NOI growth at or above 3.4% for 12 quarters
• Same property NOI growth of 3.6% in 2Q2015
$0.83
$0.90
$0.13
2013
2014
2015E
5
Key Metrics
Operating fundamentals driving growth
2Q2015 FFO per diluted share up 7% year over year
FFO per Diluted Share
Rent Spreads Increasing
Total
$0.49
New Lease
50.4%
39.4%
31.2%
29.5%
20.4%
$0.46
6.1%
2Q14
2Q15
Leading Rent Spreads – 2Q2015
9.8%
2012
2013
2014
16.1%
13.7%
1Q15
2Q15
Small Shop Occupancy
New Lease
50.4%
60.0%
12.6%
83.6%
50.0%
40.0%
30.0%
20.0%
Total
16.1%
Total
10.9%
New Lease
16.8%
82.1%
10.0%
0.0%
BRX
Peer Group Average
2Q14
2Q15
6
Shopping Center Environment
New shopping center supply has declined by 90%, setting the stage for increased occupancy and
robust rent growth
 Landlords have pricing power
US Shopping Centers YOY Change In Inventory (M SF) 2
• Growing demand to support store opening plans
 New development remains at 38 year low
202
183
• Only 1.2M SF of strip shopping centers completed in
177
2Q2015 1
90% Decline
• Significant portion of new construction is single
82
tenant buildings or unanchored small centers,
particularly convenience stores
29
26
21
22
22
2010
2011
2012
2013
2014
 No material increase in development activity expected by
public REITs or private construction
2006
2007
2008
2009
• Traditional anchors for development (Target, Lowe’s,
Home Depot, Kohl’s) have no significant new store
opening programs
 Expectation that these fundamentals will continue
7
Value Proposition: 2015E FFO Growth
2015E FFO Growth 1
9.4%
7.5%
5.3%
5.4%
5.6%
REG
WRI
DDR
2.0%
-0.3%
-2.2%
-5.5%
RPAI
KRG
KIM
EQY
FRT
BRX
8
Value Proposition
Brixmor is expected to deliver above-average growth
and represents an attractive value proposition versus peers
2015E FFO Multiple 1
2015E AFFO Multiple 1
26.7x
12.3x
13.1x
13.2x
BRX
KRG
DDR
15.5x
16.0x
RPAI
KIM
17.2x
WRI
19.1x
EQY
21.2x
REG
FRT
TEV / EBITDA 1
15.6x
15.6x
KRG
DDR
18.6x
19.3x
19.7x
RPAI
BRX
WRI
27.2x
27.6x
EQY
REG
21.3x
KIM
15.6x
$503
16.0x
16.8x
17.8x
18.4x
20.1x
20.1x
$283
$155
BRX
RPAI
FRT
Implied Value / Square Foot 1
24.9x
15.5x
30.8x
DDR
WRI
KRG
KIM
EQY
REG
FRT
BRX
$181
$187
$208
$218
$220
RPAI
DDR
KIM
KRG
WRI
REG
$311
EQY
FRT
9
Long Term Mark-To-Market Opportunity
On average, new lease ABR/SF is 40% above expiring lease ABR/SF through 2024+
Lease Expiration Schedule
% of Leased GLA Expiring
Avg. ABR/SF Expiring
2Q15 New Lease ABR/SF
2Q2015 New Lease ABR/SF
$15.89
30.0%
16.00
14.00
25.0%
20.0%
$12.23
$11.03
$12.43
12.00
$11.59
$11.39
$11.95
$11.09
$11.02
15.0%
$10.78
10.00
$10.18
10.0%
8.00
5.0%
6.00
3.4%
13.8%
13.3%
12.2%
12.7%
11.9%
5.3%
4.6%
4.6%
16.2%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024+
4.00
0.0%
10
Growth Strategy
Growth Strategy
Objective: Maximize total returns through combination of growth and value-creation at the asset
level supported by stable cash flows
Capitalizing on
.
Below-Market
Expiring Leases and
Significant NearTerm Lease
Rollover
Capturing
. Upside
Occupancy
Across Both
Anchor and Small
Shop Space
.
Acquisition
/
Disposition
Strategy
Pursuing ValueCreating Anchor
Space
.
Repositioning /
Redevelopment
Opportunities
12
Components of Same Property NOI Growth
Opportunity to continue to deliver NOI growth over the next several years,
with long-term growth of 3% – 4%
Overview
 Expected positive rent spreads from below-market in-place rents and significant lease rollover
 Anticipated occupancy increases and anchor space repositioning / redevelopment efforts
 Contractual rent increases for in-place tenants
Components of Long-Term Same Property NOI Growth
Positive
Rent
Spreads
1.4% - 1.8%
Contractual
Rent Steps
1.0% - 1.2%
Occupancy
Increases
0.6% - 1.0%
13
Capturing Below-Market Expiring Rents
Increasing cash flow by maximizing rental rates
 Continued market rent increases with 2Q2015 new
Capitalizing On Below-Market Expiring Leases
leases signed at average ABR/SF of $15.89
2Q2015 New lease ABR/SF 34% above 2015-2018 expiring leases
• 29% increase vs. existing portfolio ABR/SF of $12.31
$15.89
 Leasing spreads remain positive and will drive future
$14.39
NOI growth
• 2Q2015 blended spreads of 16.1%, blended spreads
for TTM over 14%
 Above average expiration schedule with 43% of leased
GLA expiring between 2015 – 2018
• Long term opportunity evident with ABR/SF of
leases expiring in 2019+ of $11.35 – 40% below new
$12.31
$11.87
2015 - 2018 Expiring
Lease ABR/SF
Existing
ABR/SF
TTM New
Lease ABR/SF
2Q2015 New
Lease ABR/SF
Lease Productivity
Total Rent Spread
lease ABR/SF of $15.89
$13.69
New ABR/SF
$15.68
$14.39
$13.45
$12.51
14.4%
14.9%
TTM 6/30/15
YTD 2015
12.6%
9.8%
6.1%
2012
2013
2014
14
Anticipated Occupancy Increases
Small shop occupancy increased 150bps Y-O-Y, representing
seven quarters of Y-O-Y growth above 100bps
 Potential for additional growth – occupancy is 280bps below
peer group average 1
Portfolio Occupancy
Occupancy remains 280bps below peer group
 300 leases signed but not yet commenced, representing
~$30M of contractual rent
95.3%
Raising the Bar
 Measured occupancy growth reflective of focus on upgrading
merchandise mix with strong, best-in class anchors and
driving rents
• Continued anchor commencements is the foundation for
small shop occupancy gains and NOI expansion
– Small shop (< 5K SF) occupancy improved 390bps in
centers with at least one anchor (> 10K SF)
commencement in the prior 24 months
• Small shop (<10K SF) occupancy increased 150bps Y-O-Y
to 83.6%
92.5%
Jun-14
Jun-15
91.6%
91.1%
Jun-12
92.5%
2
Jun-13
Peer Group
Average
1
at Jun-15
Occupancy by Unit Size
# Units
GLA
(K SF)
% of
Vacant GLA ABR/SF
% Leased at
6/30/15
% Leased at
6/30/14
Anchor
(≥ 10K SF)
1,889
60,886
34%
$9.53
96.2%
97.0%
Small Shop
(< 10K SF)
9,255
25,717
65%
19.62
83.6%
82.1%
BRX TOTAL
11,144
86,603
--
$12.31
92.5%
92.5%
15
Anticipated Occupancy Increases
Strong, best-in-class anchors drive higher sales, traffic and small shop leasing
344 anchor leases signed since July 2011 – accelerating small shop leasing at 198 properties
+6 new leases
+7new leases
+10 new leases
+5 new leases
+13 new leases
+568K SF
+630K SF
+259K SF
+133K SF
+147K SF
+17 new leases
+2 new leases
+10 new leases
+2 new leases
+15 new leases
+257K SF
+106K SF
+106K SF
+145K SF
+122K SF
+34new leases
+29 new leases
+4 new leases
+4 new leases
+3 new leases
+56K SF
+287K SF
+223K SF
+43K SF
+127K SF
16
Anchor Space Repositioning / Redevelopment
Embedded value-creation projects provide incremental NOI growth
 Over $375M invested in anchor space repositioning /
redevelopment since 2011 at 16% average yield
• 23 anchor space repositioning / outparcel development
projects added YTD
 Low new supply environment creates additional
opportunity for anchor space repositioning /
redevelopment
• Significant additional opportunities exist within portfolio
Project Summary
($M)
Projects
Total Cost
NOI Yield
In Process
36
$93.6
13.5%
Completed YTD
15
38.1
15.5%
Total In Process and
Completed YTD
51
$131.6
14.1%
Completed 2014
18
$75.6
12.9%
Case Study: Harpers Station – Cincinnati, OH
 Occupancy has improved 370bps over the last 24 months
for projects completed since 2012
 Low-risk projects with an average cost of $3.1M and
average time to completion of 12 months
Top Redeveloper
in the US
2006 – 2015
 Addition of a 29K SF Fresh Thyme Farmers Market (Meijer) and
combination of adjacent small shop vacancies for an 8K SF Pet
Supplies Plus
• Driving small shop leasing: 5 new leases executed in TTM
• Improving rent levels: new leases being signed at ABR/SF of
$32.00, 131% above in-place ABR/SF of $13.86
17
Anchor Space Repositioning / Redevelopment: Roosevelt Mall – Philadelphia, Pennsylvania
Addition of Ross Dress for Less invigorates additional leasing and drives rent levels
 Located in a high-density market of Philadelphia
with a 5-mile population of more than 625,000
 Anchored by a 313K SF Macy’s and Target located
behind the center
 Eight small shop spaces at eastern end of shopping
center have little frontage making them difficult to
lease
New leases being signed at ABR/SF of $50.93
54% above in-place ABR/SF of $32.98
Internal estimate of cap rate has compressed
50 to 100 basis points
• Redeveloped eastern small shop spaces to
accommodate a new 32K SF Ross Dress for Less
 13 follow-on leases including:
• Chipotle
• DXL Destination XL
• The Vitamin Shoppe
• Verizon
• Xfinity (Comcast)
 Completed early renewal with Modell’s for 10 year
term
Anchor lease catalyst
Follow-on leases
18
Acquisition / Disposition Strategy
Disciplined capital recycling strategy with acquisition opportunity in top 50 markets
ACQUISITIONS
Grocery-anchored open air shopping centers
DISPOSITIONS
Cull once growth is maximized
• Primarily focused on top 50 MSAs with strong demographics
• Lower growth prospects
• Densely populated with barriers to entry
• Lower income and job growth projections
• Anchored by market leading or specialty grocer
• Anchored by at risk retailers or retailers losing market share
• Proximity to existing centers
• NOI growth opportunities
• Above-average CAGR returns
19
Portfolio & Market Characteristics
National Platform, Local Knowledge
National fully-integrated platform supported by experienced shopping center operators
Three Operating Areas
Established Operating Infrastructure
• Led by a management team with deep industry expertise
– CEO / CFO have over 50 years combined industry experience
North Region
Philadelphia, PA
• Comprehensive platform leverages national breadth and
commitment to regional and local presence
– Three regional and 12 leasing / property management offices
responsible for day-to-day property operations
National Platform, Local Knowledge
South Region
Atlanta, GA
West Region
Chicago, IL
Corporate Headquarters
New York City, NY
Accounting Center
Philadelphia, PA
• Portfolio depth and retailer relationships fuel growth
– Multiple lease transactions with national tenants
– National Accounts team and network of offices with regional
and local expertise offer tenants personalized service
– 80 leasing deal makers in regular dialogue with retailers
provides critical market knowledge
• Key landlord with ~5,600 national, regional and local tenants
– Top landlord by GLA to Kroger and TJX
– 2Q15 New lease productivity exceeded that of shopping center
peers 1
21
Tenant Profile
High quality diversified national tenants
 Strong tenant credit profile featuring no significant concentration
TOP RETAILERS BY ABR
Retailer
• 10 largest tenants account for only 18.0% of ABR and our largest
tenant Kroger accounts for only 3.2% of ABR
 86% of GLA occupied by national (68%) and regional (18%) tenants
Top Retailers by ABR Year Over Year Movement
% of GLA
% of ABR
Grocery
68
5.0%
3.2%
Discount – apparel
91
3.4%
3.2%
169
2.2%
2.0%
Discount / grocery
29
4.1%
1.8%
Grocery
39
2.1%
1.8%
Grocery
22
1.5%
1.6%
Grocery
22
1.4%
1.3%
Discount
18
1.6%
1.1%
Discount
23
2.5%
1.0%
Office supply
38
1.0%
1.0%
519
24.7%
18.0%
Specialty
30
0.8%
1.0%
Discount
30
0.9%
1.0%
Discount – apparel
30
1.0%
1.0%
Electronics
16
0.8%
0.9%
Discount
45
1.7%
0.9%
Discount
12
1.2%
0.8%
Specialty
33
0.5%
0.7%
Sporting goods
13
0.6%
0.7%
Office supply
28
0.7%
0.7%
Specialty
17
1.2%
0.7%
773
33.9%
26.6%
TOP 10
DECREASED
EXPOSURE
INCREASED
EXPOSURE
Stores
Discount
 Scale and footprint provides superior access to retailers
Portfolio by Retailer Type (% of GLA)
National
68%
Retailer Type
Regional
18%
Local
14%
TOP 20
22
Additive Benefits of Scale
Provides paramount access and leverage
NATIONAL PLATFORM SUPPORTS RETAILER STRATEGIES
 Open dialogue with retailers
• In growth mode
• Potential distress
 Holistic portfolio decision making vs. only by individual
asset
• Portfolio reviews keep Brixmor on the front line of
retailer strategies
 Surety of execution
 Expansive opportunity set for potential acquisitions
Retailers with 60+ Stores in Brixmor Portfolio
Retailer
New Market Strategy
Brixmor Driven Result
Expanding authorized
dealer stores nationwide
Opening stores in Illinois, Michigan, Ohio,
Pennsylvania and Wisconsin
Expanding nationwide
Opened 5 new stores including the first store in
North Carolina
Growing pizza concept
Helped enter Dallas, TX market
Launching smaller format Opened prototype in Cincinnati, OH
store
Launching smaller store
format
Opened 2 smaller format stores in Binghamton,
NY and Milwaukee, WI
New strategy to locate
off-mall
Opened 2 new stores in Binghamton, NY and
Fort Wayne, IN
Expanding beyond
Atlantic coast
Opened first store in Wisconsin and 3 stores as
part of Chicago market launch
Launching drive-thru and
walk-up format
Opened new concept in San Francisco, CA
Launching Neighborhood
Market
Opened 4 new stores in fill-in markets including
Oxnard, CA; Denver, CO; Miami, FL; and
Charlotte, NC
Comcast launching new
retail strategy
Opened 5 retail showrooms in Atlanta, GA;
Miami, FL; Naples, FL; Norwich, CT; and
Philadelphia, PA
23
Merchandise Mix
Merchandise mix dominated by eCommerce defensive retailers
eCommerce Defensive Portfolio (% of ABR)
 90% of Brixmor’s ABR is eCommerce defensive
 Merchandise mix predominantly non-discretionary and value-oriented, with
strong service component
• Grocers account for 25% of Brixmor’s GLA, the largest of all tenant
categories
• Grocery-anchored centers are most eCommerce defensive of all retail
property types
Hobby & Party
Electronics
Defensive
90%
At Risk
10%
1%
2% 2%
2%
3%
Office
Books, Music,
Video & Games
 Leasing strategy reflects convenience and value orientation of portfolio
• 35% of new leases executed with service tenants and 20% with
restaurants in TTM
• 93% of new leases executed with eCommerce defensive retailers in TTM
Other
Percent of GLA by Merchandise Mix
TTM Percent of New Leases by Merchandise Mix
Restaurants
20%
Services 35%
Apparel &
Accessories
10%
General
Merchandise
8%
Electronics &
Appliance
7%
Other (<3%)
10%
Health &
Personal
Care 6%
Home 4%
Grocery 25%
Sporting
Goods 3%
General
Merchandise
14%
Dollar Stores
3%
Hobby &
Party 4%
Apparel &
Accessories
13%
Services 9%
Other (< 3%)
10%
Health &
Personal
Care 5%
Home 7%
Restaurants
7%
24
Market Leading Grocery-Anchored Portfolio
Largest wholly owned grocery-anchored shopping center portfolio in the US
Grocer Market Share Rankings 1
 71%, or 370 shopping centers are grocery-anchored
• 267 of the 370 grocery-anchored shopping centers, or 72%, have an
additional anchor
 Significant landlord to top grocers including Kroger, Publix, Safeway, H-E-B,
Giant Eagle, Stop & Shop, Giant, Jewel-Osco, ShopRite and Trader Joe’s
 80% of grocers ranked #1 or #2 in their respective markets 1
 90% of grocers have a rent to sales ratio below 3% and 65% below 2% 2
#1
37%
Other
20%
Specialty
28%
#2
15%
72% of Brixmor’s grocers are traditional grocers
• Reflects rent growth in grocery category
Rent to Sales
Grocer Rent to Sales 2
4.0% or >
5%
3.0 - 3.9%
5%
2.0 - 2.9%
28% of Brixmor’s grocers are specialty grocers
24%
1.0 - 1.9%
51%
< 1.0%
16% are specialty grocers
15%
0%
10%
20%
30%
40%
50%
12% are warehouse
grocers
60%
Percent of Grocers
25
Highly Productive Grocer Anchors
High grocer sales volumes drive consumer traffic
 Average grocer sales of $555 PSF, 42% above
average US grocer 1
Number of Grocery Anchored Centers 2
370
• Grocer sales continue positive growth
trajectory with YOY sales growth over 4%
 Average annual store sales of approximately $30M
269
 75% of grocers have sales PSF above the average
US grocer
172
183
202
79
60
62
63
RPAI
FRT
KRG
EQY
WRI
DDR
REG
KIM
BRX
n/a
$620
$576
n/a
$585
n/a
$555
$525
n/a
Grocer Sales PSF 3
26
Top MSA Locations
Portfolio primarily consists of in-fill assets located in established trade areas with dense populations
National Platform
 Shopping centers strategically located throughout
more than 170 MSAs and across 38 states
Top Markets by Rent
New York
6.7%
• Average population density (5 mile) of 184,000 1
Philadelphia
6.0%
Houston
5.2%
• Average household income (5 mile) of $79,000 1
Chicago
4.8%
Dallas
4.4%
 Top markets by ABR include New York, Philadelphia
and Houston
Atlanta
3.7%
Los Angeles
3.0%
Tampa
2.9%
Cincinnati
2.2%
Miami
2.2%
 65% of rent derived from Top 50 MSAs 2
Percent of ABR in Top US Markets 2
MSAs 21-50
18%
Key Cities/State Capital
MSAs 11-20
10%
Other
35%
5%
6%
8%
Top 10
37%
I-95/New England
5%
4%
4%
3%
College Towns
Resort Areas
Top Grocers
California
27
Additional Market Opportunities
Shopping centers located outside of Top 50 MSAs are the strongest in their respective markets
Established
Trade
Areas
Rent
Growth
Opportunity
• Located in prominent retail corridors including:
‒ Ann Arbor, MI; Boulder, CO; Naples, FL; Oxnard,
CA; Odessa, TX
• YTD new lease ABR/SF 67% above 2015-2018 expiring
leases and 53% above in-place ABR/SF
Total
Portfolio
Top 50
MSAs
Non-Top 50
MSAs
TTM New lease ABR/SF
$14.39
$14.74
$13.59
TTM Total lease spread
14.4%
14.4%
14.5%
TTM New lease spread
40.7%
34.8%
60.9%
TTM Renewal lease spread
8.8%
8.9%
8.4%
QUICK FACTS
Non-Top 50 MSAs Mark-To-Market Opportunity
$16.85
$13.59
Occupancy
• Small shop occupancy increased 170bps YOY
$10.98
$10.12
2015 - 2018
Expiring Lease
ABR/SF
Dominant
Grocer
Anchors
• Anchored by market leading grocers – 80% are ranked
#1 or #2 in their markets 1
• 72% of NOI attributed to grocery-anchored centers
Existing
ABR/SF
• Top 5 retailers by ABR are TJX, Kroger, Walmart,
Publix and Ahold
YTD New
Lease ABR/SF
Occupancy
Non-Top 50 MSAs
BRX
82.1%
High Quality
Tenant Mix
TTM New
Lease ABR/SF
83.6%
81.9%
80.2%
Jun14
Jun15
28
Proactive Leasing Strategies
Adapting to current retail environment
Raising The Bar – Upgrading Merchandise
Mix to Maximize Value
• Adding strong, best-in-class anchors to drive higher
sales, traffic and small shop leasing
Anchor Commencements Driving Small
Shop Leasing
• Strong anchor openings attracting high quality,
national small shop retailers to centers
• Increasing rent levels and NOI
344 new anchor leases executed – accelerating
follow-on small shop leasing at 198 properties
New leases being signed at ABR/SF of $20.37 above
in-place ABR/SF of $12.31
Small shop (< 5K SF) occupancy at centers with an
anchor commencement in the past 24 months has
improved 390bps since June 2013
Off-Mall Initiative
• Extreme supply constraint drives high occupancy cost
• Relocating traditional mall-based retailers off the mall
and into BRX centers
Launched LemonPop, new concept from Charlotte
Russe, achieving rent spread of 24%
Added Banana Republic Factory and GAP Factory in
Binghamton, NY, achieving rent spread of 26%
Added Apricot Lane in Philadelphia, PA, achieving
rent spread increase of 36%
Direct to Franchisee Program
• Targeting franchisees along with corporate real estate
teams
• Creating another avenue for growth with the security
of corporate credit
Executed 10 small shop leases with existing franchise
owners in 1H2015
Anticipating At-Risk Tenants
Expediting Legal Process
• Implement asset management plans
• Accelerate lease commencement timing
• Store closures often lead to significant growth
opportunities
• Utilize uniform leases with national and regional
retailers
Proactively recaptured and remerchandised 4 Kmart
leases at nearly 3x existing rent
Executed a Rue21 lease in 7 days - the quickest lease
we’ve ever done with a national retailer start to finish
Actively managing RadioShack exposure – 60% of
existing leases have been resolved
Executed Dollar Tree and Five Below leases in less
than a month
29
Leasing Strategies
Nationwide leasing facilitates efficient growth with established retailers ,
enables new prototype launch and facilitates new relationships
Efficient Growth: Executing Leases For Multiple Locations (TTM)
12 leases
9 leases
8 leases
7 leases
6 leases
5 leases
4 leases
4 leases
2 leases
Expansion: Entering New Markets
New York, NY
Miami, FL
Naples, FL
Atlanta, GA
Memphis, TN
Dallas, TX
Norwich, CT
Louisville, KY
Dallas, TX
New Retailer Relationships
Off-Mall Retailers
Cincinnati, OH
Dallas, TX
Detroit, MI
Dallas, TX
Riverside, CA
Philadelphia, PA
Dallas, TX
Detroit, MI
Spartanburg, SC
Corning, NY
Rochester, NY
30
Capital Structure
Simple, Low Cost Capital Structure
Brixmor has a simple, low cost capital structure
Well staggered debt maturity schedule and opportunity to refinance debt at lower rates
Capitalization ($M)
6/30/15
Equity Market Capitalization
1
Interest
Rate
Debt Maturity as of June 30th, 20152 (contractual; $M)
Secured debt
$7,039
Unsecured debt
$2,000
Unsecured Revolving Line of
2
Credit
$0
1.65%
2,100
2.07%
2
1,344
4.04%
2, 4
2,639
5.92%
Unsecured Term Loan
3
Corporate Bonds
Mortgage Debt
Total Debt
Less: Cash, Cash Equivalents
and Restricted Cash
Net Debt
$6,083
4.18%
$1,600
$1,519
Total debt: $6,083
$1,258
$1,200
$767
$800
$725
$620
$500
(218)
$350
$400
$5,865
$186
$158
$0
Total Enterprise Value (TEV)
$12,904
Weighted Avg.
Interest Rate
2015
2016
2017
2018
2019
2020
2021
2022
2023+
5.33%
5.60%
6.42%
2.29%
1.64%
6.15%
6.24%
3.88%
3.94%
32
Balance Sheet Strategy
Brixmor’s business plan targets ongoing improvement to overall credit and
secured debt metrics
Actions Taken:
2Q 2015
Actual
Debt reduction through excess cash flow
and debt amortization
$33M
Reduction of secured debt
$358M
$808M
$915M
4.8%
11%
16%
23
64
61
% of total NOI unencumbered during
the period
Number of assets unencumbered during
the period
Improved Metrics:
2015
Target
2016
Target
Approximately $160M across the period
Long Range
Financial Targets
 Net Debt / Adjusted
EBITDA approaching 6x
 Secured Debt / Gross
Assets < 15%
 Total Debt / Gross
2Q 2015
Actual
2015
Target
2016
Target
Assets between 40% 45%
 Fixed Charge Coverage
Net Principal Debt / GAAP Adjusted EBITDA
6.8x
6.5x
6.2x
Net Principal Debt / Adjusted Cash EBITDA
7.4X
7.0x
6.6x
Secured Debt / Gross Assets
24.2%
20.2%
12.0%
Total Debt / Gross Assets
52.9%
52.7%
52.1%
Fixed Charge Coverage
3.1x
3.4x
3.3x
Unencumbered NOI (%)
55.6%
62.1%
78.0%
> 3.3x
33
Enhanced Liquidity Profile
Converting secured to unsecured debt.
Achieved investment grade rating from Moody’s, S&P and Fitch in 2014
2013
Credit Facility
 Largest debut REIT unsecured credit facility
financing
2014
Corporate Facility
 Issued new $600M Five–Year Unsecured
Term Loan at L+140bps1
 $1.5B Senior Term Loan at L+140bps1 
swapped for total interest rate of 224bps
• 10 new banking relationships created; 8
existing relationship participants
 $1.25B Revolving Credit Facility at
L+140bps1
• Paid down $600M of secured debt at
4.22%
 13 banking relationships created
Unsecured Notes – Brixmor LLC
IPO
 Completed $949M Initial Public Offering
 Upsized from initial size of $750M to meet
demand
 Paid down $60M of notes at par in January
2014 under “put” obligation
2015
Unsecured Bonds
 Issued $700M 10–Year Unsecured Notes at
3.85% in January 2015
 Issued $500M 7–Year Unsecured Notes at
3.875% in July 2015
• Paid outstanding borrowings under the
$1.25B revolver. Borrowings under the
revolver were used to repay
indebtedness and financial liabilities
ATM Program
 Launched $400M program
• Weighted Average interest of 7.43%
 Successfully Tendered $50M of notes at an
average price of $114
• Weighted Average interest of 7.29%
Refinanced
Refinanced
Refinanced
Refinanced $2.4B of secured debt at 5.77%
Refinanced $1.05B of secured debt, capital
leases and Brixmor LLC unsecured notes
YTD refinanced $571M of secured debt,
mezzanine loan and first mortgages with a
weighted average interest of 5.99%
Repaid
Repaid $825M of Unsecured Credit Facility
34
Five Point Value Proposition
The
Factor
• 65% of ABR in top 50 MSAs
• Strong demographics
• Well-diversified credit tenancies
High quality asset
base anchored in
Top 50 markets
Productive 71%
grocery-anchored
portfolio
• Average sales of $555 PSF, 42%
above average US grocer
• 80% ranked #1 or #2
Largest pure
play, wholly
owned shopping
center portfolio
• Significant near-term lease
rollover with below market rents
• Occupancy opportunity
• Anchor space repositioning /
redevelopment
Embedded internal
growth
opportunities
National platform
supported by
regional operating
structure
• Key landlord across retail space
• Expansive scale and footprint
• Local market knowledge
36
Footnotes and Sources
Footnotes and Sources
Page 3 (Brixmor – A Superior Investment Opportunity)
1. Dividend yield based on the June 30, 2015 closing price of $23.13.
Page 4 (Portfolio Primer)
1. Based on the most recent tenant reported information available as of June 30, 2015.
2. Effective age is calculated based on the year of the most recent anchor space repositioning / redevelopment of the shopping center or based on year built if no anchor space repositioning / redevelopment has occurred.
3. Based on the June 30, 2015 closing price of $23.13.
Page 6 (Key Metrics)
1. Peer group includes DDR, EQY, FRT, KIM, KRG, REG, RPAI and WRI. Peer data based on company filings as of June 30, 2015.
Page 7 (Shopping Center Environment)
1. Source: REIS.
2. Source: ICSC.
Page 8 (Value Proposition: 2015E FFO Growth)
1. Based off of midpoint of company provided guidance from company filings as of June 30, 2015. RPAI reflects Operating FFO; KIM reflects FFO as Adjusted; REG reflects Core FFO; WRI reflects Recurring FFO.
Page 9 (Value Proposition)
1. Source: “Weekly REIT and Lodging Strategy," Citi Research, July 28, 2015.
Page 15 (Anticipated Occupancy Increases)
1. Peer group includes DDR, EQY, FRT, KIM, KRG, REG, RPAI and WRI. Data based on company filings as of June 30, 2015.
2. Occupancy represents all properties owned prior to the completion of the IPO. This portfolio excludes the Excluded Properties and the Acquired Properties.
Page 16 (Anticipated Occupancy Increases)
Note: All statistics represent leases through June 30, 2015.
Page 21 (National Platform, Local Knowledge)
1. Peer group includes DDR, EQY, FRT, KIM, KRG, REG, RPAI and WRI. Data based on company filings as of June 30, 2015.
Page 25 (Market Leading Grocery-Anchored Portfolio)
1. References to grocer anchors that are #1 or #2 are based on a combination of industry sources and management estimates of market share in these grocers’ respective markets and include all grocers identified by management as
“specialty” grocers. Grocers that operate within a market under a shared banner but are owned by different parent companies and grocers that operate within a market under different banners but share a parent company are
grouped as a single grocer.
2. Excludes ground leases.
Page 26 (Highly Productive Grocer Anchors)
1. Based on the most recent tenant reported information available as of June 30, 2015.
2. Number of grocers based on 4Q2014 property lists and major tenant disclosure, except for RPAI which is based on grocery-anchored center disclosure in February 2015 investor presentation. Figures represent the number of total
grocery-anchored centers of each peer’s US retail portfolio. Includes unconsolidated retail properties. Assumes Walmart and Target are not grocer anchors for peer companies.
3. Source for Grocer sales PSF: KRG – data unavailable; RPAI – Second Quarter 2015 investor presentation; FRT – data unavailable; EQY – March 2015 investor presentation; WRI – June 30, 2015 conference call; DDR – data unavailable;
REG – June 2015 investor presentation; KIM – data unavailable; BRX – based on the most recent tenant reported information available as of March 31, 2015.
38
Footnotes and Sources
Page 27 (Top MSA Locations)
1. Demographics based on five-mile radius and weighted by rent. Based on US Census, 3Q 2013 Estimates and 3Q 2018 Projections. Data provided by Synergos Technologies, Inc.
2. Source: US Census Bureau, Population Division.
Page 28 (Additional Market Opportunities)
1. References to grocer anchors that are #1 or #2 are based on a combination of industry sources and management estimates of market share in these grocers’ respective markets and include all grocers identified by management as
“specialty” grocers. Grocers that operate within a market under a shared banner but are owned by different parent companies and grocers that operate within a market under different banners but share a parent company are
grouped as a single grocer.
Page 32 (Simple, Low Cost Capital Structure)
1.
2.
3.
4.
Equity market capitalization based on the June 30, 2015 closing price of $23.13.
Proforma for payoff of JPM Mezz and revolver with proceeds from bond offering.
$1.5B Term loan facility has been swapped from 1 month Libor to fixed at a combined rate of 0.844% (spread remains 140bps); $600M new term loan closed on March 18, 2014 with interest rate of L+140bps.
Excludes pro rata share of joint venture debt of $2.9M.
Page 34 (Enhanced Liquidity Profile)
1. Based on current leverage on the leverage pricing grid.
39
Disclaimer
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, 2014, as such factors may be updated from time to time in
our 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.
40
Philadelphia, PA
San Diego, CA
Tampa, FL
Chicago, IL
Boulder, CO
41