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We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of grocery-anchored community and neighborhood shopping centers.
−Removed: As of December 31, 2024, our portfolio included 363 shopping centers (the "Portfolio") totaling approximately 64 million square feet of GLA.
+Added: As of December 31, 2025, our portfolio was comprised of 348 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA.
Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas ("CBSAs") in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.
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Looking forward, the weighted average expiring ABR PSF of anchor lease expirations through 2028, assuming no remaining renewal options are exercised, is $11.37 compared to a weighted average ABR PSF of $17.84 for new anchor leases signed during 2025.
−Removed: Our high-quality, nationally diversified Portfolio of community and neighborhood shopping centers continues to benefit from robust, broad-based leasing demand for physical locations, driving growth in leased occupancy in 2024.
−Removed: We believe there is opportunity for further occupancy gains in our Portfolio, particularly for spaces less than 10,000 square feet, as such spaces will continue to benefit from our value-enhancing reinvestment initiatives.
+Added: Our high-quality, nationally diversified Portfolio of community and neighborhood shopping centers continues to benefit from robust, broad-based leasing demand for physical locations.
+Added: We believe there is opportunity for
+Added: occupancy gains in our Portfolio, particularly for spaces less than 10,000 square feet, as such spaces will continue to benefit from our value-enhancing reinvestment initiatives.
As of December 31, 2025, leased occupancy was 92.2% for spaces less than 10,000 square feet, while our total leased occupancy was 95.1%.
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During 2025, we acquired $420.6 million of assets, including transaction costs and closing credits, and generated aggregate net proceeds of $289.2 million from property dispositions.
−Removed: Acquisitions were funded through a combination of net proceeds from property dispositions, available cash, and $116.6 million of gross capital generated through our at-the-market equity offering program ("ATM Program"), excluding commissions and fees of $2.0 million.
−Removed: Proceeds from dispositions and offerings were used primarily to fund acquisitions and our value-enhancing reinvestment opportunities and other corporate purposes.
+Added: Acquisitions were funded through a combination of net proceeds from property dispositions and available cash.
+Added: Proceeds from dispositions were used primarily to fund acquisitions and our value-enhancing reinvestment opportunities and other corporate purposes.
Maintaining a Flexible Capital Structure Positioned for Growth.
We believe our capital structure provides us with the financial and operational flexibility and capacity to fund our current capital needs, as well as future growth opportunities.
−Removed: We have access to multiple forms of capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives.
−Removed: We have investment grade credit ratings from all three major credit rating agencies and during 2024, we received a credit rating upgrade from Moody's Investors Service.
−Removed: We have an unsecured credit facility, as amended and restated on April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of the $1.25 billion revolving credit facility (the "Revolving Facility") and a $500.0 million term loan (the "Term Loan Facility").
−Removed: The Revolving Facility and Term Loan Facility mature in June 2026 and July 2027, respectively.
−Removed: We also have a $400 million share repurchase program and a $400 million ATM Program, which together provide us with maximum flexibility to capitalize on a wide range of potential capital markets environments and support the long-term execution of our balanced business plan.
−Removed: During 2024, we issued $400.0 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "2034 Notes") and $400.0 million aggregate principal amount of 5.750% Senior Notes due 2035 (the "2035 Notes").
−Removed: We have or intend to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness.
−Removed: Also during 2024, we repaid $300.4 million principal amount of our outstanding 3.650% Senior Notes due 2024 (the "2024 Notes"), representing all of the outstanding 2024 Notes, and $67.7 million principal amount of our outstanding 3.850% Senior Notes due 2025 (the "2025 Notes").
−Removed: We funded the 2024 Notes and 2025 Notes
−Removed: repayments with proceeds from the issuance of the 2034 Notes and 2035 Notes and dispositions.
−Removed: As of December 31, 2024, we had $1.63 billion of available liquidity, including $1.25 billion under our Revolving Facility and $378.7 million of cash and cash equivalents and restricted cash.
−Removed: The remaining $632.3 million aggregate principal amount of the 2025 Notes mature in February 2025 and we have $607.5 million of additional debt maturities in 2026.
+Added: We have access to multiple forms of capital, including secured property level debt, potential joint ventures, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives.
+Added: We have investment grade credit ratings from all three major credit rating agencies.
+Added: During 2025, we amended and restated our unsecured credit facility (the "Unsecured Credit Facility"), which is comprised of a $1.25 billion revolving credit facility (the "Revolving Facility") and a $500.0 million term loan (the "Term Loan Facility").
+Added: The Unsecured Credit Facility amendment extended the maturities of the Revolving Facility and Term Loan Facility to April 2029 and April 2030, respectively, while also improving pricing and adding the ability to obtain more favorable pricing in certain circumstances when our leverage ratio meets defined targets.
+Added: We also renewed our $400.0 million share repurchase program and our $400.0 million at-the-market equity offering program, which together with well-staggered scheduled debt maturities, provide us with maximum flexibility to capitalize on a wide range of potential capital markets environments and support the long-term execution of our balanced business plan.
+Added: During 2025, we issued $400.0 million aggregate principal amount of 5.200% Senior Notes due 2032 and $400.0 million aggregate principal amount of 4.850% Senior Notes due 2033.
+Added: We have used or intend to use the net proceeds for general corporate purposes, including the repayment of indebtedness.
+Added: In addition, we repaid $632.3 million principal amount of our outstanding 3.850% Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes.
+Added: We funded the 2025 Notes repayment with available cash, proceeds from the Revolving Credit Facility, and net proceeds from dispositions.
+Added: As of December 31, 2025, we had $1.61 billion of
+Added: available liquidity, including $1.25 billion under our Revolving Facility and $361.5 million of cash and cash equivalents and restricted cash.
+Added: We have $607.5 million of debt maturities in 2026.
Operating in a Socially Responsible Manner.
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CR objectives are included as part of our executive officers' goals and the progress toward achievement of such goals is a component of the individual performance portion of their compensation.
−Removed: We provide comprehensive CR disclosures, prepared in alignment with standards from the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures and with reference to the Global Reporting Initiative's Sustainability Reporting Standard, and we are a GRESB participant.
• Environmental Responsibility:
−Removed: We continue to make meaningful progress towards achieving our long-term sustainability goals related to reductions in energy usage, on-site renewable energy, water conservation, and electric vehicle charging stations.
−Removed: We also execute our reinvestment projects with a focus on resource efficiency and resiliency.
+Added: We continue to make meaningful progress towards achieving our long-term sustainability goals, and we also execute our reinvestment projects with a focus on resource efficiency and resiliency.
Integrating sustainable practices and initiatives into our business operations has reduced utility-related operational expenses and added ancillary income to our properties.
−Removed: We recognize that climate change could have an impact on our Portfolio and the communities we serve.
−Removed: We released our Climate Change Policy in 2021 and committed to achieving net zero carbon emissions by 2045 for areas under our operational control.
−Removed: As a signatory of the Science Based Targets initiative ("SBTi"), aligned with the 1.5 degree Celsius pathway, we have committed to reducing our Scope 1 and 2 greenhouse gas ("GHG") emissions by 50% by 2030, as compared to a 2018 baseline.
−Removed: Our Scope 1 and 2 GHG emissions primarily consist of electricity usage in our common areas and vacant tenant spaces.
−Removed: As of year-end 2023, improvements in energy efficiency and the addition of renewable energy sources to our properties have resulted in a 50% reduction in GHG emissions, satisfying our interim SBTi goal.
• Human Capital:
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We empower our employees to think and act like owners in order to create value for all stakeholders.
−Removed: We believe this approach enables us to attract and retain diverse and talented professionals while fostering collaborative, skilled, and motivated teams.
+Added: We believe this approach enables us to attract and retain talented professionals while fostering collaborative, skilled, and motivated teams.
The pillars of our human capital strategy are:
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and hybrid work schedules to maximize engagement, collaboration, and efficiency, while supporting a healthy work-life balance.
−Removed: • Inclusive Culture:
We believe our performance is enhanced by an inclusive environment that reflects the diversity of the communities we serve.
We believe a culture based on inclusion is critical to our ability to attract and retain talented employees and to deliver on our strategic goals and objectives.
−Removed: For more information on our CR strategy, goals, performance, and achievements, please visit our CR page at https://www.brixmor.com/corporate-responsibility.
−Removed: Information on our website is not incorporated by reference herein and is not a part of this Annual Report on Form 10-K.
−Removed: Our Portfolio is thoughtfully merchandised with non-discretionary and value-oriented retailers, as well as consumer-oriented service providers, and is home to a broad mix of national and regional tenants and local entrepreneurs.
−Removed: As of December 31, 2024, we had over 5,000 diverse tenants in our Portfolio, including many vibrant new retailers added over the past several years, and approximately 81% of our ABR is derived from properties anchored by a grocer.
+Added: In our 2024 Corporate Responsibility report, we provide comprehensive disclosure regarding our sustainability goals and initiatives.
+Added: For more information on our CR strategy, goals, performance, and achievements, and to view our 2024 Corporate Responsibility report, please visit our CR page at https://www.brixmor.com/corporate-responsibility.
+Added: Information on our website, including our 2024 Corporate Responsibility report, is not incorporated by reference herein and is not a part of this Annual Report on Form 10-K.
+Added: Our Portfolio is thoughtfully merchandised with non-discretionary and value-oriented retailers, as well as consumer-oriented service providers, and is home to a broad mix of national and regional tenants and local entrepreneurs, including many vibrant new retailers added over the past several years, and approximately 81% of our ABR is derived from properties anchored by a grocer.
"Properties" for further information on our 20 largest tenants.
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Name Position Year Joined (1)
−Removed: Taylor Chief Executive Officer ("CEO") 2016 58
+Added: Finnegan Chief Executive Officer ("CEO") and President 2004 45
Gallagher Executive Vice President, Chief Financial Officer ("CFO") and Treasurer 2017 44
−Removed: Finnegan President, Chief Operating Officer 2004 44
Horgan Executive Vice President, Chief Investment Officer 2016 50
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.