Brixmor Property Group Inc. 10-Q

Item 1. Financial Statements BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share information) September 30, 2025 December 31, 2024 Assets Real estate Land $ 1,835,928 $ 1,834,814 Buildings and improvements 9,824,404 9,574,243 11,660,332 11,409,057 Accumulated depreciation and amortization ( 3,560,508 ) ( 3,410,179 ) Real estate, net 8,099,824 7,998,878 Cash and cash equivalents 331,544 377,616 Restricted cash 44,962 1,076 Marketable securities 21,691 20,301 Receivables, net 306,179 281,947 Deferred charges and prepaid expenses, net 174,151 167,080 Real estate assets held for sale 7,408 4,189 Other assets 63,494 57,827 Total assets $ 9,049,253 $ 8,908,914 Liabilities Debt obligations, net $ 5,493,420 $ 5,339,751 Accounts payable, accrued expenses and other liabilities 592,836 585,241 Total liabilities 6,086,256 5,924,992 Commitments and contingencies (Note 15) — — Equity Common stock, $ 0.01 par value; authorized 3,000,000,000 shares; 315,227,002 and 314,619,008 shares issued and 306,100,010 and 305,492,016 shares outstanding 3,061 3,055 Additional paid-in capital 3,432,972 3,431,043 Accumulated other comprehensive income 1,895 8,218 Distributions in excess of net income ( 475,197 ) ( 458,638 ) Total stockholders' equity 2,962,731 2,983,678 Non-controlling interests 266 244 Total equity 2,962,997 2,983,922 Total liabilities and equity $ 9,049,253 $ 8,908,914 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Rental income $ 340,618 $ 319,989 $ 1,017,256 $ 955,065 Other revenues 225 693 591 1,547 Total revenues 340,843 320,682 1,017,847 956,612 Operating expenses Operating costs 38,891 36,442 117,979 110,518 Real estate taxes 45,455 42,902 133,907 120,659 Depreciation and amortization 103,234 94,829 312,108 278,065 Impairment of real estate assets 16,075 5,863 16,075 11,143 General and administrative 26,772 30,250 84,038 88,430 Total operating expenses 230,427 210,286 664,107 608,815 Other income (expense) Dividends and interest 1,191 5,289 4,087 15,798 Interest expense ( 56,680 ) ( 55,410 ) ( 165,173 ) ( 160,553 ) Gain on sale of real estate assets 40,018 37,018 58,843 53,974 Gain (loss) on extinguishment of debt, net — 273 ( 296 ) 554 Other ( 703 ) ( 726 ) ( 2,076 ) ( 1,700 ) Total other expense ( 16,174 ) ( 13,556 ) ( 104,615 ) ( 91,927 ) Net income 94,242 96,840 249,125 255,870 Net income attributable to non-controlling interests ( 7 ) — ( 22 ) — Net income attributable to Brixmor Property Group Inc. $ 94,235 $ 96,840 $ 249,103 $ 255,870 Net income attributable to Brixmor Property Group Inc. per common share: Basic $ 0.31 $ 0.32 $ 0.81 $ 0.84 Diluted $ 0.31 $ 0.32 $ 0.81 $ 0.84 Weighted average shares: Basic 307,193 302,676 307,132 302,518 Diluted 308,084 303,608 307,974 303,377 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income $ 94,242 $ 96,840 $ 249,125 $ 255,870 Other comprehensive income (loss) Change in unrealized gain (loss) on interest rate swaps, net (Note 6) ( 164 ) ( 13,484 ) ( 6,479 ) 1,549 Change in unrealized gain (loss) on marketable securities ( 25 ) 348 156 392 Total other comprehensive income (loss) ( 189 ) ( 13,136 ) ( 6,323 ) 1,941 Comprehensive income 94,053 83,704 242,802 257,811 Comprehensive income attributable to non-controlling interests ( 7 ) — ( 22 ) — Comprehensive income attributable to Brixmor Property Group Inc. $ 94,046 $ 83,704 $ 242,780 $ 257,811 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited, in thousands, except per share data) Common Stock Number Amount Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Distributions in Excess of Net Income Non-controlling Interests Total Beginning balance, January 1, 2024 300,596 $ 3,006 $ 3,310,590 $ ( 2,700 ) $ ( 460,595 ) $ — $ 2,850,301 Common stock dividends ($ 0.2725 per common share) — — — — ( 83,277 ) — ( 83,277 ) Equity based compensation expense — — 3,781 — — — 3,781 Other comprehensive income — — — 12,226 — — 12,226 Issuance of common stock, net of issuance costs 703 7 ( 7 ) — — — — Repurchases of common shares in conjunction with equity award plans — — ( 12,962 ) — — — ( 12,962 ) Net income — — — — 88,905 — 88,905 Ending balance, March 31, 2024 301,299 3,013 3,301,402 9,526 ( 454,967 ) — 2,858,974 Common stock dividends ($ 0.2725 per common share) — — — — ( 82,719 ) — ( 82,719 ) Equity based compensation expense — — 5,955 — — — 5,955 Other comprehensive income — — — 2,851 — — 2,851 Issuance of common stock 46 — — — — — — Net income — — — — 70,125 — 70,125 Ending balance, June 30, 2024 301,345 3,013 3,307,357 12,377 ( 467,561 ) — 2,855,186 Common stock dividends ($ 0.2725 per common share) — — — — ( 82,905 ) — ( 82,905 ) Equity based compensation expense — — 5,375 — — — 5,375 Other comprehensive loss — — — ( 13,136 ) — — ( 13,136 ) Issuance of common stock 718 7 19,228 — — — 19,235 Repurchases of common shares in conjunction with equity award plans — — ( 19 ) — — — ( 19 ) Net income — — — — 96,840 — 96,840 Ending balance, September 30, 2024 302,063 $ 3,020 $ 3,331,941 $ ( 759 ) $ ( 453,626 ) $ — $ 2,880,576 Beginning balance, January 1, 2025 305,492 $ 3,055 $ 3,431,043 $ 8,218 $ ( 458,638 ) $ 244 $ 2,983,922 Common stock dividends ($ 0.2875 per common share) — — — — ( 88,492 ) — ( 88,492 ) Equity based compensation expense — — 4,650 — — — 4,650 Other comprehensive loss — — — ( 4,143 ) — — ( 4,143 ) Issuance of common stock, net of issuance costs 568 6 ( 6 ) — — — — Repurchases of common shares in conjunction with equity award plans — — ( 11,645 ) — — — ( 11,645 ) Net income — — — — 69,729 8 69,737 Ending balance, March 31, 2025 306,060 3,061 3,424,042 4,075 ( 477,401 ) 252 2,954,029 Common stock dividends ($ 0.2875 per common share) — — — — ( 88,589 ) — ( 88,589 ) Equity based compensation expense — — 5,135 — — — 5,135 Other comprehensive loss — — — ( 1,991 ) — — ( 1,991 ) Issuance of common stock 40 — — — — — — Repurchases of common shares in conjunction with equity award plans — — ( 566 ) — — — ( 566 ) Net income — — — — 85,139 7 85,146 Ending balance, June 30, 2025 306,100 3,061 3,428,611 2,084 ( 480,851 ) 259 2,953,164 Common stock dividends ($ 0.2875 per common share) — — — — ( 88,581 ) — ( 88,581 ) Equity based compensation expense — — 4,370 — — — 4,370 Other comprehensive loss — — — ( 189 ) — — ( 189 ) Repurchases of common shares in conjunction with equity award plans — — ( 9 ) — — — ( 9 ) Net income — — — — 94,235 7 94,242 Ending balance, September 30, 2025 306,100 $ 3,061 $ 3,432,972 $ 1,895 $ ( 475,197 ) $ 266 $ 2,962,997 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Nine Months Ended September 30, 2025 2024 Operating activities: Net income $ 249,125 $ 255,870 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 312,108 278,065 Accretion of debt premium and discount, net ( 2,057 ) ( 2,148 ) Deferred financing cost amortization 5,472 5,369 Accretion of above- and below-market leases, net ( 13,606 ) ( 7,271 ) Tenant inducement amortization and other 1,724 1,937 Impairment of real estate assets 16,075 11,143 Gain on sale of real estate assets ( 58,843 ) ( 53,974 ) Equity based compensation 12,994 13,855 (Gain) loss on extinguishment of debt, net 296 ( 554 ) Changes in operating assets and liabilities: Receivables, net ( 24,346 ) 13,671 Deferred charges and prepaid expenses ( 30,734 ) ( 30,780 ) Other assets 171 ( 642 ) Accounts payable, accrued expenses and other liabilities 11,430 ( 15,027 ) Net cash provided by operating activities 479,809 469,514 Investing activities: Improvements to and investments in real estate assets ( 245,540 ) ( 255,423 ) Acquisitions of real estate assets ( 229,866 ) ( 81,862 ) Proceeds from sales of real estate assets 122,823 141,901 Purchase of marketable securities ( 13,811 ) ( 26,064 ) Proceeds from sale of marketable securities 12,644 25,264 Net cash used in investing activities ( 353,750 ) ( 196,184 ) Financing activities: Repayment of borrowings under unsecured revolving credit facility ( 660,000 ) ( 98,500 ) Proceeds from borrowings under unsecured revolving credit facility 660,000 80,000 Proceeds from unsecured notes 798,720 796,152 Repayment of borrowings under unsecured notes ( 632,312 ) ( 367,449 ) Deferred financing and debt extinguishment costs ( 16,225 ) ( 7,714 ) Net proceeds from issuances of common shares ( 241 ) 19,280 Distributions to common stockholders ( 265,968 ) ( 248,576 ) Repurchases of common shares in conjunction with equity award plans ( 12,219 ) ( 12,980 ) Net cash provided by (used in) financing activities ( 128,245 ) 160,213 Net change in cash, cash equivalents and restricted cash ( 2,186 ) 433,543 Cash, cash equivalents and restricted cash at beginning of period 378,692 18,904 Cash, cash equivalents and restricted cash at end of period $ 376,506 $ 452,447 Reconciliation to consolidated balance sheets: Cash and cash equivalents $ 331,544 $ 451,326 Restricted cash 44,962 1,121 Cash, cash equivalents and restricted cash at end of period $ 376,506 $ 452,447 Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $ 3,214 and $ 2,887 $ 170,445 $ 151,862 Change in accrued capital expenditures ( 14,315 ) 11,884 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except unit information) September 30, 2025 December 31, 2024 Assets Real estate Land $ 1,835,928 $ 1,834,814 Buildings and improvements 9,824,404 9,574,243 11,660,332 11,409,057 Accumulated depreciation and amortization ( 3,560,508 ) ( 3,410,179 ) Real estate, net 8,099,824 7,998,878 Cash and cash equivalents 331,011 376,956 Restricted cash 44,962 1,076 Marketable securities 21,691 20,301 Receivables, net 306,179 281,947 Deferred charges and prepaid expenses, net 174,151 167,080 Real estate assets held for sale 7,408 4,189 Other assets 63,494 57,827 Total assets $ 9,048,720 $ 8,908,254 Liabilities Debt obligations, net $ 5,493,420 $ 5,339,751 Accounts payable, accrued expenses and other liabilities 592,836 585,241 Total liabilities 6,086,256 5,924,992 Commitments and contingencies (Note 15) — — Capital Partnership common units; 315,227,002 and 314,619,008 units issued and 306,100,010 and 305,492,016 units outstanding 2,960,303 2,974,800 Accumulated other comprehensive income 1,895 8,218 Total partners' capital 2,962,198 2,983,018 Non-controlling interests 266 244 Total capital 2,962,464 2,983,262 Total liabilities and capital $ 9,048,720 $ 8,908,254 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 6 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Rental income $ 340,618 $ 319,989 $ 1,017,256 $ 955,065 Other revenues 225 693 591 1,547 Total revenues 340,843 320,682 1,017,847 956,612 Operating expenses Operating costs 38,891 36,442 117,979 110,518 Real estate taxes 45,455 42,902 133,907 120,659 Depreciation and amortization 103,234 94,829 312,108 278,065 Impairment of real estate assets 16,075 5,863 16,075 11,143 General and administrative 26,772 30,250 84,038 88,430 Total operating expenses 230,427 210,286 664,107 608,815 Other income (expense) Dividends and interest 1,191 5,289 4,087 15,798 Interest expense ( 56,680 ) ( 55,410 ) ( 165,173 ) ( 160,553 ) Gain on sale of real estate assets 40,018 37,018 58,843 53,974 Gain (loss) on extinguishment of debt, net — 273 ( 296 ) 554 Other ( 703 ) ( 726 ) ( 2,076 ) ( 1,700 ) Total other expense ( 16,174 ) ( 13,556 ) ( 104,615 ) ( 91,927 ) Net income 94,242 96,840 249,125 255,870 Net income attributable to non-controlling interests ( 7 ) — ( 22 ) — Net income attributable to Brixmor Operating Partnership LP $ 94,235 $ 96,840 $ 249,103 $ 255,870 Net income attributable to Brixmor Operating Partnership LP per common unit: Basic $ 0.31 $ 0.32 $ 0.81 $ 0.84 Diluted $ 0.31 $ 0.32 $ 0.81 $ 0.84 Weighted average units: Basic 307,193 302,676 307,132 302,518 Diluted 308,084 303,608 307,974 303,377 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 7 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income $ 94,242 $ 96,840 $ 249,125 $ 255,870 Other comprehensive income (loss) Change in unrealized gain (loss) on interest rate swaps, net (Note 6) ( 164 ) ( 13,484 ) ( 6,479 ) 1,549 Change in unrealized gain (loss) on marketable securities ( 25 ) 348 156 392 Total other comprehensive income (loss) ( 189 ) ( 13,136 ) ( 6,323 ) 1,941 Comprehensive income 94,053 83,704 242,802 257,811 Comprehensive income attributable to non-controlling interests ( 7 ) — ( 22 ) — Comprehensive income attributable to Brixmor Operating Partnership LP $ 94,046 $ 83,704 $ 242,780 $ 257,811 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 8 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited, in thousands) Partnership Common Units Accumulated Other Comprehensive Income (Loss) Non-controlling Interests Total Beginning balance, January 1, 2024 $ 2,852,980 $ ( 2,700 ) $ — $ 2,850,280 Distributions to partners ( 83,851 ) — — ( 83,851 ) Equity based compensation expense 3,781 — — 3,781 Other comprehensive income — 12,226 — 12,226 Repurchases of OP Units in conjunction with equity award plans ( 12,962 ) — — ( 12,962 ) Net income 88,905 — — 88,905 Ending balance, March 31, 2024 2,848,853 9,526 — 2,858,379 Distributions to partners ( 82,719 ) — — ( 82,719 ) Equity based compensation expense 5,955 — — 5,955 Other comprehensive income — 2,851 — 2,851 Net income 70,125 — — 70,125 Ending balance, June 30, 2024 2,842,214 12,377 — 2,854,591 Distributions to partners ( 82,970 ) — — ( 82,970 ) Equity based compensation expense 5,375 — — 5,375 Other comprehensive loss — ( 13,136 ) — ( 13,136 ) Issuance of OP Units 19,235 — — 19,235 Repurchases of OP Units in conjunction with equity award plans ( 19 ) — — ( 19 ) Net income 96,840 — — 96,840 Ending balance, September 30, 2024 $ 2,880,675 $ ( 759 ) $ — $ 2,879,916 Beginning balance, January 1, 2025 $ 2,974,800 $ 8,218 $ 244 $ 2,983,262 Distributions to partners ( 88,916 ) — — ( 88,916 ) Equity based compensation expense 4,650 — — 4,650 Other comprehensive loss — ( 4,143 ) — ( 4,143 ) Repurchases of OP Units in conjunction with equity award plans ( 11,645 ) — — ( 11,645 ) Net income 69,729 — 8 69,737 Ending balance, March 31, 2025 2,948,618 4,075 252 2,952,945 Distributions to partners ( 88,589 ) — — ( 88,589 ) Equity based compensation expense 5,135 — — 5,135 Other comprehensive loss — ( 1,991 ) — ( 1,991 ) Repurchases of OP Units in conjunction with equity award plans ( 566 ) — — ( 566 ) Net income 85,139 — 7 85,146 Ending balance, June 30, 2025 2,949,737 2,084 259 2,952,080 Distributions to partners ( 88,030 ) — — ( 88,030 ) Equity based compensation expense 4,370 — — 4,370 Other comprehensive loss — ( 189 ) — ( 189 ) Repurchases of OP Units in conjunction with equity award plans ( 9 ) — — ( 9 ) Net income 94,235 — 7 94,242 Ending balance, September 30, 2025 $ 2,960,303 $ 1,895 $ 266 $ 2,962,464 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 9 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Nine Months Ended September 30, 2025 2024 Operating activities: Net income $ 249,125 $ 255,870 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 312,108 278,065 Accretion of debt premium and discount, net ( 2,057 ) ( 2,148 ) Deferred financing cost amortization 5,472 5,369 Accretion of above- and below-market leases, net ( 13,606 ) ( 7,271 ) Tenant inducement amortization and other 1,724 1,937 Impairment of real estate assets 16,075 11,143 Gain on sale of real estate assets ( 58,843 ) ( 53,974 ) Equity based compensation 12,994 13,855 (Gain) loss on extinguishment of debt, net 296 ( 554 ) Changes in operating assets and liabilities: Receivables, net ( 24,346 ) 13,671 Deferred charges and prepaid expenses ( 30,734 ) ( 30,780 ) Other assets 171 ( 642 ) Accounts payable, accrued expenses and other liabilities 11,430 ( 15,027 ) Net cash provided by operating activities 479,809 469,514 Investing activities: Improvements to and investments in real estate assets ( 245,540 ) ( 255,423 ) Acquisitions of real estate assets ( 229,866 ) ( 81,862 ) Proceeds from sales of real estate assets 122,823 141,901 Purchase of marketable securities ( 13,811 ) ( 26,064 ) Proceeds from sale of marketable securities 12,644 25,264 Net cash provided by used in investing activities ( 353,750 ) ( 196,184 ) Financing activities: Repayment of borrowings under unsecured revolving credit facility ( 660,000 ) ( 98,500 ) Proceeds from borrowings under unsecured revolving credit facility 660,000 80,000 Proceeds from unsecured notes 798,720 796,152 Repayment of borrowings under unsecured notes ( 632,312 ) ( 367,449 ) Deferred financing and debt extinguishment costs ( 16,225 ) ( 7,714 ) Net proceeds from issuances of OP Units ( 241 ) 19,280 Partner distributions and repurchases of OP Units ( 278,060 ) ( 262,216 ) Net cash provided by (used in) financing activities ( 128,118 ) 159,553 Net change in cash, cash equivalents and restricted cash ( 2,059 ) 432,883 Cash, cash equivalents and restricted cash at beginning of period 378,032 18,904 Cash, cash equivalents and restricted cash at end of period $ 375,973 $ 451,787 Reconciliation to consolidated balance sheets: Cash and cash equivalents $ 331,011 $ 450,666 Restricted cash 44,962 1,121 Cash, cash equivalents and restricted cash at end of period $ 375,973 $ 451,787 Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $ 3,214 and $ 2,887 $ 170,445 $ 151,862 Change in accrued capital expenditures ( 14,315 ) 11,884 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 10 BRIXMOR PROPERTY GROUP INC. AND BRIXMOR OPERATING PARTNERSHIP LP NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited, dollars in thousands, unless otherwise stated) 1. Nature of Business and Financial Statement Presentation Description of Business Brixmor Property Group Inc. and subsidiaries (collectively, the "Parent Company") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100 % of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their consolidated subsidiaries (collectively, the "Company" or "Brixmor") owns and operates one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers. As of September 30, 2025, the Company’s portfolio was comprised of 354 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single operating and reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP"). Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the unaudited Condensed Consolidated Financial Statements for the periods presented have been included. The operating results for the periods presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2024 and accompanying notes included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 10, 2025. Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated. Income Taxes The Parent Company has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain the Parent Company's REIT status. As a REIT, the Parent Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. 11 If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent Company qualifies for taxation as a REIT, the Parent Company is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable. The Parent Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a "TRS"), and the Parent Company may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to the Parent Company’s TRSs do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of September 30, 2025 and December 31, 2024. Open tax years generally range from 2022 through 2024 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s unaudited Condensed Consolidated Statements of Operations. New Accounting Pronouncements There has been no change to the impact of the accounting pronouncements disclosed in the Company's annual report on Form 10-K filed with the SEC on February 10, 2025 and any recently issued accounting standards or pronouncements have been excluded as they either are not relevant to the Company, or they are not expected to have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. 2. Acquisition of Real Estate During the nine months ended September 30, 2025, the Company acquired the following assets: Description Location Month Acquired GLA Aggregate Purchase Price (1) Land at Suffolk Plaza East Setauket, NY Jan-25 N/A $ 3,144 Leases at Plaza at Buckland Hills Manchester, CT Jun-25 N/A 4,330 LaCenterra at Cinco Ranch Katy, TX Jul-25 409,264 222,392 409,264 $ 229,866 (1) Aggregate purchase price includes $ 0.7 million of transaction costs, offset by $ 1.2 million of closing credits. During the nine months ended September 30, 2024, the Company acquired the following assets, in separate transactions: Description Location Month Acquired GLA Aggregate Purchase Price (1) West Center East Setauket, NY Apr-24 42,594 $ 17,470 The Fresh Market Shoppes Hilton Head Island, SC Jul-24 86,398 23,848 Land at King's Market Roswell, GA Jul-24 N/A 2,337 Acton Plaza Acton, MA Aug-24 137,572 38,207 266,564 $ 81,862 (1) Aggregate purchase price includes $ 0.7 million of transaction costs. 12 The aggregate purchase price of the assets acquired during the nine months ended September 30, 2025 and 2024, respectively, has been allocated as follows: Nine Months Ended September 30, Assets 2025 2024 Land $ 21,516 $ 23,451 Buildings 168,152 42,039 Building and tenant improvements 7,540 4,312 Above-market leases (1) 39 169 In-place leases (2) 45,945 18,009 Total assets acquired $ 243,192 $ 87,980 Liabilities Below-market leases (3) $ 13,326 $ 6,118 Total liabilities 13,326 6,118 Net assets acquired $ 229,866 $ 81,862 (1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the nine months ended September 30, 2025 was 0.6 years. (2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the nine months ended September 30, 2025 was 5.6 years. (3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the nine months ended September 30, 2025 was 12.7 years. 3. Dispositions and Assets Held for Sale During the three months ended September 30, 2025, the Company disposed of seven shopping centers for aggregate net proceeds of $ 79.1 million, resulting in aggregate gain of $ 40.0 million. During the nine months ended September 30, 2025, the Company disposed of ten shopping centers and four partial shopping centers for aggregate net proceeds of $ 122.8 million, resulting in aggregate gain of $ 58.8 million. During the three months ended September 30, 2024, the Company disposed of two shopping centers, three partial shopping centers, and one land parcel for aggregate net proceeds of $ 72.6 million, resulting in aggregate gain of $ 37.0 million and aggregate impairment of $ 0.3 million. In addition, during the three months ended September 30, 2024, the Company resolved contingencies related to previously disposed assets, resulting in a net loss of less than $ 0.1 million. During the nine months ended September 30, 2024, the Company disposed of five shopping centers, four partial shopping centers, and two land parcels for aggregate net proceeds of $ 140.0 million, resulting in aggregate gain of $ 52.1 million and aggregate impairment of $ 0.5 million. In addition, during the nine months ended September 30, 2024, the Company received aggregate net proceeds of $ 1.9 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $ 1.9 million. 13 As of September 30, 2025, the Company had one property held for sale. As of December 31, 2024, the Company had two properties held for sale. There were no liabilities associated with the properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale: Assets September 30, 2025 December 31, 2024 Land $ 2,460 $ 1,280 Buildings and improvements 13,792 4,520 Accumulated depreciation and amortization ( 8,953 ) ( 1,658 ) Real estate, net 7,299 4,142 Other assets 109 47 Assets associated with real estate assets held for sale $ 7,408 $ 4,189 There were no discontinued operations for the three and nine months ended September 30, 2025 and 2024 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations. 4. Real Estate The Company’s components of Real estate, net consisted of the following: September 30, 2025 December 31, 2024 Land $ 1,835,928 $ 1,834,814 Buildings and improvements: Buildings and tenant improvements 9,299,438 9,047,831 Lease intangibles (1) 524,966 526,412 11,660,332 11,409,057 Accumulated depreciation and amortization (2) ( 3,560,508 ) ( 3,410,179 ) Total $ 8,099,824 $ 7,998,878 (1) As of September 30, 2025 and December 31, 2024, Lease intangibles consisted of $ 484.6 million and $ 482.7 million, respectively, of in-place leases and $ 40.4 million and $ 43.8 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (2) As of September 30, 2025 and December 31, 2024, Accumulated depreciation and amortization included $ 427.3 million and $ 433.0 million, respectively, of accumulated amortization related to Lease intangibles. In addition, as of September 30, 2025 and December 31, 2024, the Company had intangible liabilities relating to below-market leases of $ 365.6 million and $ 366.5 million, respectively, and accumulated accretion of $ 246.2 million and $ 246.3 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. 14 Below-market lease accretion income, net of above-market lease amortization for the three months ended September 30, 2025 and 2024 was $ 5.6 million and $ 2.4 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2025 and 2024 was $ 13.6 million and $ 7.3 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended September 30, 2025 and 2024 was $ 7.9 million and $ 3.6 million, respectively. Amortization expense associated with in-place lease value for the nine months ended September 30, 2025 and 2024 was $ 22.1 million and $ 10.0 million, respectively. These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows: Year ending December 31, Below-market lease accretion (income), net of above-market lease amortization expense In-place lease amortization expense 2025 (remaining three months) $ ( 3,154 ) $ 6,963 2026 ( 11,345 ) 22,275 2027 ( 10,028 ) 16,410 2028 ( 9,041 ) 12,323 2029 ( 7,978 ) 8,218 2030 ( 7,429 ) 5,595 5. Impairments Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value. The Company recognized the following impairment during the three and nine months ended September 30, 2025: Three and Nine Months Ended September 30, 2025 Property Name (1) Location GLA Impairment Charge Springdale Mobile, AL 398,701 $ 16,075 398,701 $ 16,075 (1) The Company recognized an impairment charge based upon changes in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program. 15 The Company recognized the following impairments during the three and nine months ended September 30, 2024: Three Months Ended September 30, 2024 Property Name (1) Location GLA Impairment Charge Southland Shopping Center - multi-tenant outparcel Middleburg Heights, OH 149,891 $ 5,611 Land at Springdale (2) Mobile, AL — 252 149,891 $ 5,863 Nine Months Ended September 30, 2024 Property Name (1) Location GLA Impairment Charge Southland Shopping Center - multi-tenant outparcel Middleburg Heights, OH 149,891 $ 5,611 Seacoast Shopping Center Seabrook, NH 89,634 5,062 Land at Springdale (2) Mobile, AL — 252 Victory Square - Bridgestone Outparcel (2) Savannah, GA 6,702 218 246,227 $ 11,143 (1) The Company recognized an impairment charge based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) The Company disposed of this property during the year ended December 31, 2024. The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding any impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired. 6. Financial Instruments – Derivatives and Hedging The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes. In certain situations, the Company may enter into derivative financial instruments, such as interest rate swap agreements and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by market interest rates. Cash Flow Hedges of Interest Rate Risk Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts, generally based on the Secured Overnight Financing Rate ("SOFR"), from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount. The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt or future cash flows associated with forecasted fixed-rate debt issuances. During the nine months ended September 30, 2025, the Company did not enter into any new interest rate swap agreements. During the year ended December 31, 2024, the Company did not enter into any new interest rate swap agreements, terminated three outstanding interest rate swap agreements, and four interest rate swap agreements expired at maturity. The Company has elected to present its interest rate derivatives on its unaudited Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. 16 Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2025 is as follows: Fair Value Effective Date Maturity Date Swapped Variable Rate Fixed Rate Notional Amount Assets Liabilities 5/1/2023 7/26/2027 1 Month SOFR 3.5890 % $ 100,000 $ — $ ( 392 ) 5/1/2023 7/26/2027 1 Month SOFR 3.5950 % 75,000 — ( 302 ) 5/1/2023 7/26/2027 1 Month SOFR 3.5930 % 25,000 — ( 100 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 100,000 — ( 1,254 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 100,000 — ( 1,254 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 50,000 — ( 627 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 50,000 — ( 627 ) $ 500,000 $ — $ ( 4,556 ) Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2024 is as follows: Fair Value Effective Date Maturity Date Swapped Variable Rate Fixed Rate Notional Amount Assets Liabilities 5/1/2023 7/26/2027 1 Month SOFR 3.5890 % $ 100,000 $ 993 $ — 5/1/2023 7/26/2027 1 Month SOFR 3.5950 % 75,000 735 — 5/1/2023 7/26/2027 1 Month SOFR 3.5930 % 25,000 246 — 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 100,000 — ( 199 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 100,000 — ( 199 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 50,000 — ( 100 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 50,000 — ( 100 ) $ 500,000 $ 1,974 $ ( 598 ) All of the Company's outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk. The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivative, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatility. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in Other comprehensive income (loss) on the Company's unaudited Condensed Consolidated Statements of Comprehensive Income and is reclassified into earnings as interest expense in the period that the hedged transaction affects earnings. The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 is as follows: Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Change in unrealized gain (loss) on interest rate swaps $ 580 $ ( 11,161 ) $ ( 4,259 ) $ 10,062 Accretion of interest rate swaps to interest expense ( 744 ) ( 2,323 ) ( 2,220 ) ( 8,513 ) Change in unrealized gain (loss) on interest rate swaps, net $ ( 164 ) $ ( 13,484 ) $ ( 6,479 ) $ 1,549 The Company estimates that $ 0.8 million will be reclassified from Accumulated other comprehensive income as an increase to Interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and nine months ended September 30, 2025 and 2024. 17 Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk The Company does not use derivatives for trading or speculative purposes. As of September 30, 2025 and December 31, 2024, the Company did not have any non-designated hedges. Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company was to be declared in default on its derivative contracts, it would be required to settle its obligations under such agreements at their termination value, including accrued interest. 7. Debt Obligations As of September 30, 2025 and December 31, 2024, the Company had the following indebtedness outstanding: Carrying Value as of September 30, 2025 December 31, 2024 Stated Interest Rate (1) Scheduled Maturity Date Notes payable Unsecured notes (2) $ 5,018,453 $ 4,850,765 2.25 % – 7.97 % 2026 – 2035 Net unamortized premium 10,941 14,279 Net unamortized debt issuance costs ( 25,086 ) ( 20,718 ) Total notes payable, net $ 5,004,308 $ 4,844,326 Unsecured Credit Facility Revolving Facility $ — $ — 5.02 % 2029 Term Loan Facility (3)(4) 500,000 500,000 5.13 % 2030 Net unamortized debt issuance costs ( 10,888 ) ( 4,575 ) Total Unsecured Credit Facility and term loans $ 489,112 $ 495,425 Total debt obligations, net $ 5,493,420 $ 5,339,751 (1) Stated interest rates as of September 30, 2025 do not include the impact of the Company’s interest rate swap agreements (described below). (2) The weighted average stated interest rate on the Company’s unsecured notes was 4.20 % as of September 30, 2025. (3) Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $ 300.0 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 4.08 % (plus a spread, currently 85 basis points) through July 26, 2027. (4) Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $ 200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59 % (plus a spread, currently 85 basis points) through July 26, 2027. 2025 Debt Transactions On April 24, 2025, the Operating Partnership amended and restated its unsecured credit facility agreements (the "Unsecured Credit Facility"). The amended and restated agreements provide for (i) revolving loan commitments of $ 1.25 billion (the "Revolving Facility") scheduled to mature on April 30, 2029 (extending the applicable scheduled maturity date from June 30, 2026) and (ii) a continuation of the existing $ 500.0 million term loan scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027) (the "Term Loan Facility"). The Revolving Facility includes two six-month maturity extension options, the exercise of which is subject to customary conditions and the payment of a fee on the extended commitments. The current interest rate applicable to the Revolving Facility was effectively lowered (for the margins based on the Operating Partnership’s current credit ratings) to SOFR plus 77.5 basis points from SOFR plus 95 basis points and the current interest rate applicable to the Term Loan Facility was effectively lowered (for the margins based on the Operating Partnership’s current credit ratings), to SOFR plus 85 basis points from SOFR plus 105 basis points, in each case, based on the elimination of a 10 basis point SOFR credit spread adjustment and the ability of the Company to obtain more favorable pricing in certain circumstances when the Company’s leverage ratio meets defined targets. The total capacity under the Unsecured Credit Facility as amended and restated on April 24, 2025 is $ 1.75 billion. 18 During the nine months ended September 30, 2025, the Operating Partnership repaid $ 632.3 million principal amount of the 3.850 % Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes. The Operating Partnership funded the 2025 Notes repayments with available cash, proceeds from the Revolving Facility, and dispositions. On March 4, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2032 (the "2032 Notes") at 99.831 % of par. The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2032 Notes bear interest at a rate of 5.200 % per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2025. The 2032 Notes will mature on April 1, 2032. On September 9, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2033 (the "2033 Notes") at 99.849 % of par. The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2033 Notes bear interest at a rate of 4.850 % per annum, payable semi-annually on February 15 and August 15 of each year, commencing February 15, 2026. The 2033 Notes will mature on February 15, 2033. Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of September 30, 2025. Debt Maturities As of September 30, 2025 and December 31, 2024, the Company had accrued interest of $ 54.6 million and $ 62.8 million outstanding, respectively. As of September 30, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows: Year ending December 31, 2025 (remaining three months) $ — 2026 607,542 2027 400,000 2028 357,708 2029 753,203 2030 1,300,000 Thereafter 2,100,000 Total debt maturities 5,518,453 Net unamortized premium 10,941 Net unamortized debt issuance costs ( 35,974 ) Total debt obligations, net $ 5,493,420 As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $ 600.7 million outstanding principal balance of Senior Notes due 2026. The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy these scheduled debt maturities. 8. Fair Value Disclosures All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below: September 30, 2025 December 31, 2024 Carrying Amounts Fair Value Carrying Amounts Fair Value Notes payable $ 5,004,308 $ 4,962,053 $ 4,844,326 $ 4,653,205 Unsecured Credit Facility 489,112 500,000 495,425 500,000 Total debt obligations, net $ 5,493,420 $ 5,462,053 $ 5,339,751 $ 5,153,205 19 As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Based on the above criteria, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. Recurring Fair Value The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Levels 1 and 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives. The following table presents the placement in the fair value hierarchy of assets that are measured and recognized at fair value on a recurring basis: Fair Value Measurements as of September 30, 2025 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities (1) $ 21,691 $ 1,155 $ 20,536 $ — Liabilities: Interest rate derivatives $ ( 4,556 ) $ — $ ( 4,556 ) $ — Fair Value Measurements as of December 31, 2024 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities (1) $ 20,301 $ 1,193 $ 19,108 $ — Interest rate derivatives $ 1,974 $ — $ 1,974 — Liabilities: Interest rate derivatives $ ( 598 ) $ — $ ( 598 ) $ — (1) As of September 30, 2025 and December 31, 2024, marketable securities included $ 0.2 million and less than $ 0.1 million of net unrealized gains, respectively. As of September 30, 2025, the contractual maturities of the Company’s marketable securities were within the next five years. Non-Recurring Fair Value Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. Fair value is determined by offers from third party buyers, market comparable data, third party appraisals, or discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs that include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of 20 current market rates for the respective properties. Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the nine months ended September 30, 2025 and year ended December 31, 2024, excluding the properties sold prior to September 30, 2025 or December 31, 2024, respectively: Fair Value Measurements as of September 30, 2025 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment of Real Estate Assets Assets: Properties (1)(2) $ 26,675 $ — $ — $ 26,675 $ 16,075 Fair Value Measurements as of December 31, 2024 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment of Real Estate Assets Assets: Properties (3)(4)(5) $ 6,548 $ — $ — $ 6,548 $ 10,673 (1) Excludes properties disposed of prior to September 30, 2025. (2) The carrying value of Springdale, which was remeasured to fair value based upon offers from third-party buyers during the nine months ended September 30, 2025, is $ 26.7 million. (3) Excludes properties disposed of prior to December 31, 2024. (4) The carrying value of Seacoast Shopping Center, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the year ended December 31, 2024, is $ 5.7 million. The capitalization rate of 8.00 % utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property. (5) The carrying value of Southland Shopping Center - multi-tenant outparcel, which was remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2024, is $ 0.8 million. 9. Revenue Recognition The Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g., Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay a portion of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties. Additionally, certain leases may require variable lease payments associated with percentage rents, which are calculated based on underlying tenant sales. The Company recognized $ 1.2 million and $ 1.3 million of income based on percentage rents for the three months ended September 30, 2025 and 2024, respectively. The Company recognized $ 8.0 million and $ 7.9 million of income based on percentage rents for the nine months ended September 30, 2025 and 2024, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. 21 10. Leases The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of September 30, 2025, the Company does not include any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases: Three Months Ended September 30, Nine Months Ended September 30, Supplemental Statements of Operations Information 2025 2024 2025 2024 Operating lease costs $ 1,700 $ 928 $ 5,102 $ 928 Variable lease costs 50 66 188 318 Total lease costs $ 1,750 $ 994 $ 5,290 $ 1,246 Nine Months Ended September 30, Supplemental Statements of Cash Flows Information 2025 2024 Operating cash outflows from operating leases $ 4,697 $ 4,252 ROU assets obtained in exchange for operating lease liabilities 9,496 3,558 ROU asset reduction due to dispositions, held for sale, and lease modifications — ( 6,581 ) Operating Lease Liabilities As of September 30, 2025 Future minimum operating lease payments: 2025 (remaining three months) $ 1,557 2026 5,854 2027 4,877 2028 4,950 2029 4,914 2030 4,400 Thereafter 100,820 Total future minimum operating lease payments 127,372 Less: imputed interest ( 79,379 ) Operating lease liabilities $ 47,993 Supplemental Balance Sheets Information As of September 30, 2025 As of December 31, 2024 Operating lease liabilities (1)(2) $ 47,993 $ 41,467 ROU assets (1)(3) 44,906 38,784 (1) As of September 30, 2025 and December 31, 2024, the weighted average remaining lease term was 26.1 years and 28.7 years, respectively, and the weighted average discount rate was 6.35 % and 6.28 %, respectively. (2) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. (3) These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets. As of September 30, 2025, there were no material leases that have been executed but not yet commenced. 22 11. Equity and Capital ATM Program In November 2022, the Company renewed its at-the-market equity offering program (the "ATM Program") through which the Company may sell, from time to time, up to an aggregate of $ 400.0 million of its common stock through sales agents. The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. The ATM Program is scheduled to expire on November 1, 2025, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers. The Company expects to extend or renew the ATM Program on substantially similar terms prior to expiration. During the nine months ended September 30, 2025, the Company did not issue any shares of common stock under the ATM Program. During the nine months ended September 30, 2024, the Company issued 0.7 million shares of common stock under the ATM Program at an average price per share of $ 27.92 for total gross proceeds of $ 20.0 million, excluding commissions and fees. The Company incurred commissions and fees of $ 0.7 million in conjunction with the ATM Program for the nine months ended September 30, 2024. As of September 30, 2025, $ 283.4 million of common stock remained available for issuance under the ATM Program. Share Repurchase Program In November 2022, the Company renewed its share repurchase program (the "Repurchase Program") for up to $ 400.0 million of its common stock. The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by the Company's board of directors. The Company expects to extend or renew the Repurchase Program on substantially similar terms prior to expiration. During the nine months ended September 30, 2025 and 2024, the Company did not repurchase any shares of common stock. As of September 30, 2025, the Repurchase Program had $ 400.0 million of available repurchase capacity. Common Stock In connection with the vesting of restricted stock units ("RSUs") under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the nine months ended September 30, 2025 and 2024, the Company withheld 0.4 million and 0.6 million shares of its common stock, respectively. Dividends and Distributions During the three months ended September 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.2875 per share/unit and $ 0.2725 per share/unit, respectively. During the nine months ended September 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.8625 per share/unit and $ 0.8175 per share/unit, respectively. As of September 30, 2025 and December 31, 2024, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 91.5 million and $ 91.8 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. Non-controlling interests During the year ended December 31, 2024, the Company completed the acquisition of 100 % of the common equity in entities owning North Ridge Shopping Center and The Plaza at Buckland Hills. The acquired entities have $ 0.2 million of issued and outstanding redeemable preferred equity, which the Company did not acquire which is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets. 12. Stock Based Compensation In February 2022, the Company's board of directors approved the 2022 Omnibus Incentive Plan (the "Plan") and in April 2022, the Company's stockholders approved the Plan. The Plan provides for a maximum of 10.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock, RSUs, OP Units, performance awards, and other stock-based awards. Prior to the approval of the Plan, awards were issued under the 2013 Omnibus Incentive Plan that the Company's board of directors approved in 2013. During the nine months ended September 30, 2025 and the year ended December 31, 2024, the Company granted RSUs to certain employees. The RSUs are divided into multiple tranches, which are all subject to service-based 23 vesting conditions. Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units that can be earned. The number of units actually earned for each tranche is determined based on performance during a specified performance period. Tranches that only have a service-based component can only earn a target number of units. The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.6 million and 0.8 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, with vesting periods ranging from one to five years . For the service-based and performance-based RSU's granted, fair value is based on the Company's grant date stock price or the grant date stock price adjusted for dividend or dividend equivalent rights, when applicable. For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions: Assumption Nine Months Ended September 30, 2025 Year Ended, December 31, 2024 Volatility 20.0 % - 26.0 % 23.0 % - 28.0 % Weighted average risk-free interest rate 4.24 % - 4.24 % 4.03 % - 4.92 % Weighted average common stock dividend yield 4.3 % - 4.5 % 4.4 % - 4.7 % During the three months ended September 30, 2025 and 2024, the Company recognized $ 4.4 million and $ 5.4 million of equity compensation expense, respectively, of which $ 0.3 million and $ 0.3 million was capitalized, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized $ 14.2 million and $ 15.1 million of equity compensation expense, respectively, of which $ 1.2 million and $ 1.3 million was capitalized, respectively. These amounts are included in General and administrative expense on the Company’s unaudited Condensed Consolidated Statements of Operations. As of September 30, 2025, the Company had $ 16.9 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.1 years. 24 13. Earnings per Share Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Computation of Basic Earnings Per Share: Net income $ 94,242 $ 96,840 $ 249,125 $ 255,870 Net income attributable to non-controlling interests ( 7 ) — ( 22 ) — Non-forfeitable dividends on unvested restricted shares ( 172 ) ( 167 ) ( 463 ) ( 418 ) Net income attributable to the Company’s common stockholders for basic earnings per share $ 94,063 $ 96,673 $ 248,640 $ 255,452 Weighted average number shares outstanding – basic 307,193 302,676 307,132 302,518 Basic earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.31 $ 0.32 $ 0.81 $ 0.84 Computation of Diluted Earnings Per Share: Net income attributable to the Company’s common stockholders for diluted earnings per share $ 94,063 $ 96,673 $ 248,640 $ 255,452 Weighted average shares outstanding – basic 307,193 302,676 307,132 302,518 Effect of dilutive securities: Equity awards 891 932 842 859 Weighted average shares outstanding – diluted 308,084 303,608 307,974 303,377 Diluted earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.31 $ 0.32 $ 0.81 $ 0.84 25 14. Earnings per Unit Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully-diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units. The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Computation of Basic Earnings Per Unit: Net income $ 94,242 $ 96,840 $ 249,125 $ 255,870 Net income attributable to non-controlling interests ( 7 ) — ( 22 ) — Non-forfeitable dividends on unvested restricted units ( 172 ) ( 167 ) ( 463 ) ( 418 ) Net income attributable to the Operating Partnership’s common units for basic earnings per unit $ 94,063 $ 96,673 $ 248,640 $ 255,452 Weighted average number common units outstanding – basic 307,193 302,676 307,132 302,518 Basic earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.31 $ 0.32 $ 0.81 $ 0.84 Computation of Diluted Earnings Per Unit: Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $ 94,063 $ 96,673 $ 248,640 $ 255,452 Weighted average common units outstanding – basic 307,193 302,676 307,132 302,518 Effect of dilutive securities: Equity awards 891 932 842 859 Weighted average common units outstanding – diluted 308,084 303,608 307,974 303,377 Diluted earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.31 $ 0.32 $ 0.81 $ 0.84 26 15. Commitments and Contingencies Legal Matters The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results, or cash flows. Environmental Matters Under various federal, state, and local laws, ordinances, and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s properties or disposed of by the Company or its tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). The Company maintains a reserve for currently known environmental matters and does not believe they will have a material impact on the Company’s financial condition, operating results, or cash flows. During the three and nine months ended September 30, 2025 and 2024, the Company did no t incur any material governmental fines resulting from environmental matters. 16. Segment Reporting The Company operates and derives revenue from its Portfolio of community and neighborhood shopping centers. As of September 30, 2025, the properties in the Portfolio are located across 30 states throughout 100 metropolitan markets. The interim Chief Executive Officer serves as the Company's Chief Operating Decision Maker (the "CODM") and evaluates performance and resource allocation on a Portfolio basis. Additionally, the Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single operating and reportable segment (the "Reporting Segment") for disclosure purposes in accordance with GAAP. Net income attributable to Brixmor Property Group Inc., as presented on the Company's unaudited Condensed Consolidated Statements of Operations is a metric utilized by the CODM to assess the Reporting Segment's performance and allocate resources. Total assets, as presented on the Company's unaudited Condensed Consolidated Balance Sheets is used to measure the Reporting Segment's assets. 27 The following table presents revenues and significant segment expenses for the three and nine months ended September 30, 2025 and 2024: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Total revenues $ 340,843 $ 320,682 $ 1,017,847 $ 956,612 Operating costs ( 38,891 ) ( 36,442 ) ( 117,979 ) ( 110,518 ) Real estate taxes ( 45,455 ) ( 42,902 ) ( 133,907 ) ( 120,659 ) Depreciation and amortization ( 103,234 ) ( 94,829 ) ( 312,108 ) ( 278,065 ) Impairment of real estate assets ( 16,075 ) ( 5,863 ) ( 16,075 ) ( 11,143 ) General and administrative (1) ( 26,772 ) ( 30,250 ) ( 84,038 ) ( 88,430 ) Interest expense ( 56,680 ) ( 55,410 ) ( 165,173 ) ( 160,553 ) Other segment items (2) 40,499 41,854 60,536 68,626 Segment net income $ 94,235 $ 96,840 $ 249,103 $ 255,870 Reconciliation of Segment net income to Net income attributable to Brixmor Property Group Inc. Adjustments — — — — Net income attributable to Brixmor Property Group Inc. $ 94,235 $ 96,840 $ 249,103 $ 255,870 (1) The following table presents General and administrative expense for the three and nine months ended September 30, 2025 and 2024: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Employee compensation, net $ ( 20,838 ) $ ( 24,770 ) $ ( 64,898 ) $ ( 72,577 ) Other general and administrative, net ( 5,934 ) ( 5,480 ) ( 19,140 ) ( 15,853 ) Total general and administrative $ ( 26,772 ) $ ( 30,250 ) $ ( 84,038 ) $ ( 88,430 ) (2) Other segment items for the Company include Dividends and interest, Gain on sale of real estate assets, Gain (loss) on extinguishment of debt, net, Other, and Net income attributable to non-controlling interests. See the Company's unaudited Condensed Consolidated Statements of Operations for additional information on these amounts. 17. Related Party Transactions As of September 30, 2025 and December 31, 2024, there were no material receivables from or payables to related parties. During the three and nine months ended September 30, 2025 and 2024, the Company did not engage in any material related-party transactions. 18. Subsequent Events In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after September 30, 2025 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from September 30, 2025 through the date the financial statements were issued. 28