Brixmor Property : 1Q2021 Supplemental Disclosure

Supplemental

Disclosure

Quarter ended March 31, 2021

450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526

FOR IMMEDIATE RELEASE

CONTACT:

Stacy Slater

Senior Vice President, Investor Relations 800.468.7526 [e-mail]

BRIXMOR PROPERTY GROUP REPORTS FIRST QUARTER 2021 RESULTS

NEW YORK, MAY 3, 2021 - Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three months ended March 31, 2021. For the three months ended March 31, 2021 and 2020, net income was $0.18 per diluted share and $0.20 per diluted share, respectively.

Key highlights for the three months ended March 31, 2021 include:

• Continued improvement in rent collections, with 94.2% of billed based rent for the three months ended March 31, 2021 collected (as of April 27, 2021)
  o Including rent deferral and abatement agreements, total addressed billed base rent was 95.9% for the three months ended March 31, 2021 (as of April 27, 2021)
  o Approximately 98% of the Company's annualized base rent ("ABR") is open and operating o See COVID-19 update below for additional information on rent collection levels
• Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 7.0%, including 0.7 million square feet of new leases, with rent spreads on comparable space of 20.3%
• Realized total leased occupancy of 90.8%, anchor leased occupancy of 93.8% and small shop leased occupancy of 84.2%
  o Leased to billed occupancy spread of 300 basis points, representing $40.4 million of annualized base rent not yet commenced
• Reported a decrease in same property NOI of 1.5%
• Reported NAREIT FFO of $130.5 million, or $0.44 per diluted share, reflecting $4.3 million of revenues deemed uncollectible and a $1.6 million reversal of straight-line rental income, net primarily related to COVID-19
  o NAREIT FFO included items that impact FFO comparability, including litigation and other non-routine legal expenses, a loss on extinguishment of debt, net and transaction expenses of ($3.1) million, or ($0.01) per diluted share
• Stabilized $28.4 million of reinvestment projects at an average incremental NOI yield of 11%, with the in process reinvestment pipeline now totaling $409.2 million at an expected average incremental NOI yield of 9%
• Completed $33.2 million of dispositions and $3.6 million of acquisitions
• Issued $350.0 million of Senior Notes due 2028 and repaid a $350.0 million term loan scheduled to mature December 12, 2023

Subsequent events include:

• Acquired The Center of Bonita Springs, in the Cape Coral-Fort Myers, Florida MSA, for $48.5 million
• Updated previously provided NAREIT FFO per diluted share expectations for 2021 to $1.60 - 1.70 from $1.56 - 1.70 and same property NOI growth expectations for 2021 to 1.0 - 3.0% from (1.0) - 3.0%

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450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526

"Our balanced business plan and portfolio of well-located shopping centers have not only outperformed through the pandemic, but they position us to continue to outperform through the recovery given our accelerating leasing productivity, our significant signed but not commenced pipeline, our stabilizing reinvestments at highly accretive returns, and our ongoing opportunity to drive both rate and occupancy," commented James Taylor, Chief Executive Officer and President.

COVID-19 UPDATE

• A summary of trends in billed base rent collected, rent deferrals and abatements and total addressed billed base rent follows:

(as of April 27, 2021)	Percent of 2Q20	Percent of 3Q20	Percent of 4Q20	Percent of 1Q21
	Billed Base Rent	Billed Base Rent	Billed Base Rent	Billed Base Rent
Essential tenants	Collected	Collected	Collected	Collected
99.3%	99.2%	99.4%	99.1%
Hybrid tenants	88.3%	90.9%	92.2%	92.7%
Other retail / services	78.3%	86.1%	89.8%	91.1%
Total	87.9%	91.7%	93.7%	94.2%
Rent deferrals and abatements	7.4%	4.3%	2.8%	1.7%
Total addressed billed base rent	95.3%	96.0%	96.5%	95.9%

• Collected 94.2% of billed base rent for April 2021 and entered into rent deferral and abatement agreements representing 0.8% of billed base rent, resulting in total addressed billed base rent of 95.0% for April (as of April 27, 2021)
• Net reserves associated with base rent during the three months ended March 31, 2021 represented 85.6% of accrued but uncollected base rent, comprised of net reserves representing 78.2% of rent deferrals (not lease modifications) and 87.0% of accrued but uncollected and unaddressed (under negotiation) base rent
• Net reserves associated with base rent during the nine months ended December 31, 2020 represented 82.6% of accrued but uncollected base rent, comprised of net reserves representing 66.0% of rent deferrals (not lease modifications) and 97.1% of accrued but uncollected and unaddressed (under negotiation) base rent

FINANCIAL HIGHLIGHTS

Net Income

• For the three months ended March 31, 2021 and 2020, net income was $52.4 million, or $0.18 per diluted share, and $59.8 million, or $0.20 per diluted share, respectively.

NAREIT FFO

• For the three months ended March 31, 2021 and 2020, NAREIT FFO was $130.5 million, or $0.44 per diluted share, and $137.5 million, or $0.46 per diluted share, respectively. Results for the three months ended March 31, 2021 and 2020 include items that impact FFO comparability, including litigation and other non-routine legal expenses, a loss on extinguishment of debt, net and transaction expenses of ($3.1) million, or ($0.01) per diluted share, and ($0.5) million, or ($0.00) per diluted share, respectively.

Same Property NOI Performance

• For the three months ended March 31, 2021, the Company reported a decrease in same property NOI of 1.5% versus the comparable 2020 period.

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450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526

Dividend

• The Company's Board of Directors declared a quarterly cash dividend of $0.215 per common share (equivalent to $0.860 per annum) for the second quarter of 2021.
• The dividend is payable on July 15, 2021 to stockholders of record on July 6, 2021, representing an ex-dividend date of July 2, 2021.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

• During the three months ended March 31, 2021, the Company stabilized 11 value enhancing reinvestment projects with a total aggregate net cost of approximately $28.4 million at an average incremental NOI yield of 11% and added seven new reinvestment projects to its in process pipeline. Projects added include three anchor space repositioning projects, three outparcel development projects and one redevelopment project, with a total aggregate net estimated cost of approximately $34.3 million at an expected average incremental NOI yield of 7%.
• At March 31, 2021, the value enhancing reinvestment in process pipeline was comprised of 57 projects with an aggregate net estimated cost of approximately $409.2 million at an expected average incremental NOI yield of 9%. The in process pipeline includes 20 anchor space repositioning projects with an aggregate net estimated cost of approximately $98.9 million at an expected incremental NOI yield of 9 to 14%; 16 outparcel development projects with an aggregate net estimated cost of approximately $29.5 million at an expected average incremental NOI yield of 11%; and 21 redevelopment projects with an aggregate net estimated cost of approximately $280.8 million at an expected average incremental NOI yield of 9%.
• Due to COVID-19, there is inherent uncertainty as it relates to the Company's reinvestment projects, specifically with respect to expected project scopes, expected stabilization dates and expected NOI yields.

Acquisitions

• During the three months ended March 31, 2021, the Company acquired an outparcel adjacent to an existing center and land associated with an existing center and terminated a ground lease and acquired the associated land parcel at an existing center for a combined purchase price of $3.6 million.
• Subsequent to March 31, 2021, the Company acquired The Center of Bonita Springs, a 281,000 square foot community shopping center located in the high-income market of Bonita Springs, Florida (Cape Coral-Fort Myers, Florida MSA), for $48.5 million. The Center of Bonita Springs is anchored by a highly-productive Publix and Bealls Outlet|Home Centric and has significant near- term value creation opportunity. The property complements the Company's four other assets in Southwest Florida, three of which have recently been or currently are in redevelopment, and is ten miles from its 99% leased Park Shore Plaza in Naples, Florida.

Dispositions

• During the three months ended March 31, 2021, the Company generated approximately $33.2 million of gross proceeds on the disposition of four shopping centers, as well as four partial properties, comprised of 0.6 million square feet of gross leasable area.

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450 Lexington Avenue ¦ New York, NY 10017 ¦ 800.468.7526

CAPITAL STRUCTURE

• As previously announced, during the three months ended March 31, 2021, the Company's Operating Partnership, Brixmor Operating Partnership LP, issued $350.0 million aggregate principal amount of 2.250% Senior Notes due 2028. The net proceeds from the offering were utilized to repay the Company's $350.0 million term loan scheduled to mature December 12, 2023.
• At March 31, 2021, the Company had $1.6 billion of total liquidity, comprised of $372.7 million of cash, cash equivalents and restricted cash and $1.2 billion of availability under its Revolving Credit Facility. The Company has no debt maturities in 2021 and only $250.0 million of debt maturities in 2022.

GUIDANCE

• The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2021 to $1.60 - 1.70 from $1.56
  - 1.70 and its same property NOI growth expectations for 2021 to 1.0 - 3.0% from (1.0) - 3.0%.
• With respect to future periods, the Company's updated guidance: o Reflects anticipated transaction activity
  o Does not contemplate any tenants moving to or from a cash basis of accounting, either of which may result in significant volatility in straight-line rental income
  o Does not include any additional items that impact FFO comparability, including litigation and other non-routine legal expenses, loss on debt extinguishment, net and transaction expenses, or any one-time items
• The following table provides a reconciliation of the range of the Company's 2021 estimated net income attributable to common stockholders to NAREIT FFO:

	(Unaudited, dollars in millions, except per share amounts)							2021E Per
					2021E			Diluted Share
	Net income attributable to common stockholders				$162 - $192				$0.55 - $0.65
	Depreciation and amortization		319			1.07
	Impairment of real estate assets			1				0.00
	Gain on sale of real estate assets		(6)			(0.02)
	NAREIT FFO				$476 - $506				$1.60 - $1.70

CONNECT WITH BRIXMOR

• For additional information, please visit www.brixmor.com;
• Follow Brixmor on:

1. Twitter at https://twitter.com/Brixmor

1. Facebook at https://www.facebook.com/Brixmor

• 1. Instagram at https://www.instagram.com/brixmorpropertygroup o YouTube at https://www.youtube.com/user/Brixmor; and
• Find Brixmor on LinkedIn at www.linkedin.com/company/brixmor.

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, May 4, 2021 at 10:00 AM ET. To participate, please dial 877.705.6003 (domestic) or 201.493.6725 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a

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