What changed in this filing

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Item 9A. Controls and Procedures

2026-02-09 compared with 2025-02-10 · 158 added, 199 removed, 1756 unchanged (17% of the section changed)

2 unchanged sentences

Evaluation of Disclosure Controls and Procedures

BPG maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules

and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

BPG’s management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report.

Based on this evaluation, BPG’s principal executive officer, James M.

Taylor, and principal financial officer, Steven T.

Based on this evaluation, BPG’s principal executive officer, Brian T.

Finnegan, and principal financial officer, Steven T.

Gallagher, concluded that BPG’s disclosure controls and procedures were effective as of December 31, 2025.

16 unchanged sentences

The Operating Partnership’s management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report.

Based on this evaluation, the Operating Partnership’s principal executive officer, James M.

Taylor, and principal financial officer, Steven T.

Based on this evaluation, the Operating Partnership’s principal executive officer, Brian T.

Finnegan, and principal financial officer, Steven T.

Gallagher, concluded that the Operating Partnership’s disclosure controls and procedures were effective as of December 31, 2025.

60 unchanged sentences

2 CONSOLIDATED FINANCIAL STATEMENT SCHEDULES

Schedule II – Valuation and Qualifying Accounts F- 43

Schedule III – Real Estate and Accumulated Depreciation F- 42

10 unchanged sentences

Indenture, dated January 21, 2015, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee (the “2015 Indenture”) 8-K 001-36160 1/21/2015 4.1

First Supplemental Indenture to the 2015 Indenture, dated January 21, 2015, among Brixmor Operating Partnership LP, as issuer, and Brixmor OP GP LLC and BPG Subsidiary Inc., as possible future guarantors, and The Bank of New York Mellon, as trustee 8-K 001-36160 1/21/2015 4.2

Third Supplemental Indenture to the 2015 Indenture, dated June 13, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 6/13/2016 4.2

4 unchanged sentences

Ninth Supplemental Indenture to the 2015 Indenture, dated June 10, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 6/10/2020 4.2

Amendment No.

1 to the Ninth Supplemental Indenture to the 2015 Indenture, dated August 20, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 8/20/2020 4.3

Incorporated by Reference

1 unchanged sentence

Filing Exhibit

Amendment No.

Tenth Supplemental Indenture to the 2015 Indenture, dated March 5, 2021, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 3/5/2021 4.2

2 unchanged sentences

Thirteenth Supplemental Indenture to the 2015 Indenture, dated May 28, 2024, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 5/28/2024 4.2

Fourteenth Supplemental Indenture, dated March 4, 2025 between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 3/4/2025 4.2

Fifteenth Supplemental Indenture, dated September 9, 2025, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 9/9/2025 4.2

Indenture, dated as of March 29, 1995, between New Plan Realty Trust and The First National Bank of Boston, as Trustee (the “1995 Indenture”) S-3 33-61383 7/28/1995 4.2

18 unchanged sentences

Form of Brixmor Property Group Inc.

Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) — — — — x

Employment Agreement, dated April 12, 2016, by and between Brixmor Property Group Inc.

Taylor 10-Q 001-36160 7/25/2016 10.1

First Amendment to Employment Agreement, dated February 2, 2021, by and between Brixmor Property Group Inc.

Taylor 8-K 001-36160 2/4/2021 10.1

Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) 10-K 001-36160 2/13/2023 10.4

Employment Agreement, dated May 11, 2016, by and between Brixmor Property Group Inc.

18 unchanged sentences

Gallagher 8-K 001-36160 7/24/2024 10.2

Second Amended and Restated Employment Agreement, dated November 21, 2025, by and between Brixmor Property Group Inc.

Finnegan 8-K 001-36160 11/24/2025 10.1

Incorporated by Reference

1 unchanged sentence

Filing Exhibit

Amended and Restated Employment Agreement, dated July 24, 2024, by and between Brixmor Property Group Inc.

Finnegan 8-K 001-36160 7/24/2024 10.1

Third Amended and Restated Revolving Credit Agreement, dated as of April 28, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto 10-Q 001-36160 5/2/2022 10.1

Amended and Restated Term Loan Agreement, dated as of April 28, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto 10-Q 001-36160 5/2/2022 10.2

Amendment No.

1 to Amended and Restated Term Loan Agreement, dated as of July 7, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto 10-K 001-36160 2/13/2023 10.19

Fourth Amended and Restated Revolving Credit Agreement, dated as of April 24, 2025, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and the lenders from time to time party thereto 10-Q 001-36160 4/28/2025 10.1

Second Amended and Restated Term Loan Agreement, dated as of April 24, 2025, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto 10-Q 001-36160 4/28/2025 10.2

Policies and Procedures for Trading in Securities of Brixmor Property Group Inc.

by Directors, Executive Officers, and Access Employees — — — — x

by Directors, Executive Officers, and Access Employees 10-K 001-36160 2/10/2025 19.1

Subsidiaries of the Brixmor Property Group Inc.

7 unchanged sentences

Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — — — — x

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — — — — x

2 unchanged sentences

Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 — — — — x

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.

16 unchanged sentences

February 9, 2026 By:

Chief Executive Officer

Chief Executive Officer and President

(Principal Executive Officer)

1 unchanged sentence

February 9, 2026 By:

Chief Executive Officer

Chief Executive Officer and President

(Principal Executive Officer)

1 unchanged sentence

February 9, 2026 By:

Chief Executive Officer

Chief Executive Officer and President

(Principal Executive Officer, Director, Sole Director of Sole Member of General Partner of Operating Partnership)

47 unchanged sentences

2 CONSOLIDATED FINANCIAL STATEMENT SCHEDULES

Schedule II – Valuation and Qualifying Accounts F- 43

Schedule III – Real Estate and Accumulated Depreciation F- 42

165 unchanged sentences

Additional paid-in capital 3,437,853 3,431,043

Accumulated other comprehensive income (loss) 8,218 ( 2,700 )

Accumulated other comprehensive income 1,722 8,218

Distributions in excess of net income ( 432,822 ) ( 458,638 )

47 unchanged sentences

Change in unrealized gain (loss) on interest rate swaps, net (Note 6) ( 6,658 ) 10,697 ( 12,153 )

Change in unrealized gain (loss) on marketable securities 221 602 ( 701 )

Change in unrealized gain on marketable securities 162 221 602

Total other comprehensive income (loss) ( 6,496 ) 10,918 ( 11,551 )

15 unchanged sentences

Equity based compensation expense — — 22,345 — — — 22,345

Other comprehensive income — — — 21,525 — — 21,525

Other comprehensive loss — — — ( 11,551 ) — — ( 11,551 )

Issuance of common stock 680 7 ( 6 ) — — — 1

5 unchanged sentences

Equity based compensation expense — — 19,967 — — — 19,967

Other comprehensive loss — — — ( 11,551 ) — — ( 11,551 )

Other comprehensive income — — — 10,918 — — 10,918

Issuance of common stock 4,896 49 114,543 — — — 114,592

Contributions from non-controlling interests — — — — — 242 242

Repurchases of common shares in conjunction with equity award plans — — ( 14,057 ) — — — ( 14,057 )

4 unchanged sentences

Equity based compensation expense — — 19,087 — — — 19,087

Other comprehensive income — — — 10,918 — — 10,918

Other comprehensive loss — — — ( 6,496 ) — — ( 6,496 )

Issuance of common stock 613 6 ( 6 ) — — — —

Contributions from non-controlling interests — — — — — 242 242

Non-controlling interests associated with acquisitions of real estate assets — — — — — 66 66

Distributions to non-controlling interests — — — — — ( 95 ) ( 95 )

Repurchases of common shares in conjunction with equity award plans — — ( 12,271 ) — — — ( 12,271 )

37 unchanged sentences

Proceeds from unsecured term loans and notes 798,720 796,152 200,000

Repayment of borrowings under unsecured term loans and notes ( 367,449 ) ( 194,254 ) ( 250,000 )

Repayment of borrowings under unsecured notes ( 632,312 ) ( 367,449 ) ( 194,254 )

Deferred financing and debt extinguishment costs ( 16,309 ) ( 7,714 ) ( 783 )

Proceeds from issuances of common shares 114,651 — 53,100

Net proceeds from issuances of common shares ( 449 ) 114,651 —

Distributions to common stockholders ( 354,224 ) ( 331,203 ) ( 315,287 )

Contributions from non-controlling interests — 242 —

Distributions to non-controlling interests ( 95 ) — —

Repurchases of common shares in conjunction with equity award plans ( 12,271 ) ( 14,057 ) ( 11,245 )

10 unchanged sentences

$ 219,839 $ 189,266 $ 186,957

Change in accrued capital expenditures ( 17,298 ) 3,402 6,037

State and local taxes paid 2,398 2,278 2,323

25 unchanged sentences

3,007,558 2,974,800

Accumulated other comprehensive income (loss) 8,218 ( 2,700 )

Accumulated other comprehensive income 1,722 8,218

Total partners' capital 3,009,280 2,983,018

43 unchanged sentences

Change in unrealized gain (loss) on interest rate swaps, net (Note 6) ( 6,658 ) 10,697 ( 12,153 )

Change in unrealized gain (loss) on marketable securities 221 602 ( 701 )

Change in unrealized gain on marketable securities 162 221 602

Total other comprehensive income (loss) ( 6,496 ) 10,918 ( 11,551 )

10 unchanged sentences

Equity based compensation expense 22,345 — — 22,345

Other comprehensive income — 21,526 — 21,526

Other comprehensive loss — ( 11,551 ) — ( 11,551 )

Issuance of OP Units 1 — — 1

4 unchanged sentences

Equity based compensation expense 19,967 — — 19,967

Other comprehensive loss — ( 11,551 ) — ( 11,551 )

Other comprehensive income — 10,918 — 10,918

Issuance of OP Units 114,592 — — 114,592

Contributions from non-controlling interests — — 242 242

Repurchases of OP Units in conjunction with equity award plans ( 14,057 ) — — ( 14,057 )

3 unchanged sentences

Equity based compensation expense 19,087 — — 19,087

Other comprehensive income — 10,918 — 10,918

Issuance of OP Units 114,592 — — 114,592

Contributions from non-controlling interest — — 242 242

Other comprehensive loss — ( 6,496 ) — ( 6,496 )

Non-controlling interests associated with acquisitions of real estate assets — — 66 66

Distributions to non-controlling interests — — ( 95 ) ( 95 )

Repurchases of OP Units in conjunction with equity award plans ( 12,271 ) — — ( 12,271 )

36 unchanged sentences

Proceeds from unsecured term loans and notes 798,720 796,152 200,000

Repayment of borrowings under unsecured term loans and notes ( 367,449 ) ( 194,254 ) ( 250,000 )

Repayment of borrowings under unsecured notes ( 632,312 ) ( 367,449 ) ( 194,254 )

Deferred financing and debt extinguishment costs ( 16,309 ) ( 7,714 ) ( 783 )

Proceeds from issuances of OP Units 114,651 — 53,100

Net proceeds from issuances of OP Units ( 449 ) 114,651 —

Contributions from non-controlling interests — 242 —

Distributions to non-controlling interests ( 95 ) — —

Partner distributions and repurchases of OP Units ( 366,369 ) ( 345,920 ) ( 325,605 )

10 unchanged sentences

$ 219,839 $ 189,266 $ 186,957

Change in accrued capital expenditures ( 17,298 ) 3,402 6,037

State and local taxes paid 2,398 2,278 2,323

99 unchanged sentences

Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income.

The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive income (loss).

The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive income.

Derivative Financial Instruments and Hedging

62 unchanged sentences

The Company does not expect the adoption of the amendments in ASU 2023-06 will have a material impact on the Consolidated Financial Statements of the Company.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” ASU 2023-07 improves disclosures about a public entity's reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment's expenses.

The provisions in this amendment are applicable to public entities with a single reportable segment.

The standard became effective for the Company's annual reporting on January 1, 2024 and interim reporting beginning on January 1, 2025.

With the exception of additional footnote disclosure regarding significant expense categories reviewed by the Chief Operating Decision Maker ("CODM"), the Company determined that the adoption of ASU 2023-07 did not have a material impact on the Consolidated Financial Statements of the Company.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosure primarily related to the rate reconciliation and income taxes paid information.

The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The Company continues to evaluate the impact of the guidance, but does not expect the adoption of ASU 2023-09 will have a material impact on the Consolidated Financial Statements of the Company.

The standard became effective for the Company's annual reporting on January 1, 2025.

The Company determined that the adoption of ASU 2023-09 did not have a material impact on the Consolidated Financial Statements of the Company.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40).” ASU 2024-03 addresses investor feedback for disclosure of disaggregated financial reporting information and more detailed information about expenses.

5 unchanged sentences

During the year ended December 31, 2025, the Company acquired the following assets, in separate transactions:

Description (1)

Location Month Acquired GLA Aggregate Purchase Price (2)

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

Land at Hanover Square Mechanicsville, VA Nov-25 N/A 1,568

Broomfield Town Center Broomfield, CO Dec-25 175,368 51,044

Chino Spectrum Towne Center Chino, CA Dec-25 461,246 138,104

1,045,878 $ 420,582

(1) Aggregate purchase price includes $ 2.6 million of transaction costs, offset by $ 3.1 million of closing credits.

During the year ended December 31, 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

10 unchanged sentences

1,330,249 $ 293,770

(1) No debt was assumed related to any of the listed acquisitions.

(1) Aggregate purchase price includes $ 3.3 million of transaction costs, offset by $ 2.5 million of closing credits.

(2) The Company acquired these properties in a single transaction.

During the year ended December 31, 2023, the Company acquired the following assets, in separate transactions:

Description (1)

Location Month Acquired GLA Aggregate Purchase Price (2)

Land at Aurora Plaza (3)

Aurora, CO Apr-23 N/A $ 1,914

Paradise Pavilion - Land Parcel West Bend, WI Nov-23 N/A 355

(1) No debt was assumed related to any of the listed acquisitions.

(2) Aggregate purchase price includes $ 0.2 million of transaction costs, offset by $ 0.1 million of closing credits.

(3) The Company terminated a ground lease and acquired the associated land parcel

The aggregate purchase price of the assets acquired during the years ended December 31, 2025 and 2024, respectively, has been allocated as follows:

6 unchanged sentences

In-place leases (2)

91,972 79,947

Total assets 463,333 343,584

Below-market leases (3)

$ 42,185 $ 49,814

Other liabilities 566 —

Total liabilities 42,751 49,814

Net assets acquired $ 420,582 $ 293,770

(1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the year ended December 31, 2024 was 6.5 years.

(2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the year ended December 31, 2024 was 6.2 years.

(3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the year ended December 31, 2024 was 25.5 years.

(1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the years ended December 31, 2025 and 2024 was 11.7 years and 6.5 years, respectively.

(2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the years ended December 31, 2025 and 2024 was 5.6 years and 6.2 years, respectively.

(3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the years ended December 31, 2025 and 2024 was 20.8 years and 25.5 years, respectively.

Dispositions and Assets Held for Sale

During the year ended December 31, 2025, the Company disposed of 18 shopping centers, five partial shopping centers, and one land parcel for aggregate net proceeds of $ 289.2 million, resulting in aggregate gain of $ 123.3 million and aggregate impairment of $ 18.8 million.

During the year ended December 31, 2024, the Company disposed of six shopping centers, six partial shopping centers, and two land parcels for aggregate net proceeds of $ 208.2 million, resulting in aggregate gain of $ 76.2 million and aggregate impairment of $ 0.5 million.

In addition, during the year ended December 31, 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.

During the year ended December 31, 2023, the Company disposed of 11 shopping centers and nine partial shopping centers for aggregate net proceeds of $ 182.0 million, resulting in aggregate gain of $ 65.3 million and aggregate impairment of $ 6.1 million.

In addition, during the year ended December 31, 2023, the Company disposed of a non-operating asset and resolved contingencies related to previously disposed assets for aggregate net proceeds of $ 0.3 million, resulting in aggregate gain of $ 0.1 million.

In addition, during the year ended December 31, 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.

As of December 31, 2025, the Company had one property held for sale.

As of December 31, 2024, the Company had two properties held for sale.

As of December 31, 2023, the Company had no properties held for sale.

There were no liabilities associated with the properties classified as held for sale.

42 unchanged sentences

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

Springdale (2)

Mobile, AL 398,701 $ 18,782

The Shoppes at North Olmsted North Olmsted, OH 70,003 1,679

468,704 $ 20,461

(1) The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program.

(2) The Company disposed of this property during the year ended December 31, 2025.

The Company recognized the following impairments during the year ended December 31, 2024:

Year Ended December 31, 2024

Property Name (1)

Location GLA Impairment Charge

Southland Shopping Center - multi-tenant outparcel (2)

Middleburg Heights, OH 149,891 $ 5,611

Seacoast Shopping Center (2)

Seabrook, NH 89,634 5,062

Land at Springdale (3)

5 unchanged sentences

(2) The Company disposed of this property during the year ended December 31, 2025.

(3) The Company disposed of this property during the year ended December 31, 2024.

The Company recognized the following impairments during the year ended December 31, 2023:

14 unchanged sentences

(2) The Company disposed of this property during the year ended December 31, 2023.

The Company recognized the following impairments during the year ended December 31, 2022:

Year Ended December 31, 2022

Property Name (1)

Location GLA Impairment Charge

Torrington Plaza (2)

Torrington, CT 125,496 $ 3,509

Park Hills Plaza - Excluding Outparcels (2)

Altoona, PA 238,829 1,127

New Garden Center (2)

Kennett Square, PA 147,370 1,088

511,695 $ 5,724

(2) The Company disposed of this property during the year ended December 31, 2022.

The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods.

7 unchanged sentences

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 year ended December 31, 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.

During the year ended December 31, 2023, the Company entered into 10 new interest rate swap agreements.

The Company has elected to present its interest rate derivatives on its 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 Consolidated Balance Sheets.

In May 2024, the Company terminated three outstanding forward-starting interest rate swaps with an aggregate notional amount of $ 150.0 million for aggregate net proceeds of $ 7.3 million.

The forward-starting swaps were designated as hedges against interest rate risk on the issuance of the 2034 Notes (defined hereafter) and the 2035 Notes (defined hereafter), and thus the Company ascribed gains of $ 1.5 million and $ 5.8 million, respectively, to the notes.

The gains are included in Accumulated other comprehensive income (loss) on the Company's Consolidated Balance Sheets and will be amortized over the earlier of the term of the respective derivative instruments, or the term of the underlying notes, as a reduction to Interest expense on the Company’s Consolidated Statements of Operations.

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2025 is as follows:

11 unchanged sentences

5/1/2023 7/26/2027 1 Month SOFR 3.5890 % $ 100,000 $ 993 $ —

2.5875 % $ 50,000 $ 710 $ —

5/1/2023 7/26/2027 1 Month SOFR 3.5950 % 75,000 735 —

2.5960 % 50,000 707 —

5/1/2023 7/26/2027 1 Month SOFR 3.5930 % 25,000 246 —

2.5860 % 100,000 1,421 —

7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 100,000 — ( 199 )

2.5850 % 100,000 1,421 —

7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 100,000 — ( 199 )

3.5890 % 100,000 59 —

7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 50,000 — ( 100 )

3.5950 % 75,000 34 —

7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 50,000 — ( 100 )

$ 500,000 $ 1,974 $ ( 598 )

7/26/2024 7/26/2027 1 Month SOFR (3)

4.0767 % 100,000 — ( 2,073 )

7/26/2024 7/26/2027 1 Month SOFR (3)

4.0770 % 100,000 — ( 2,077 )

7/26/2024 7/26/2027 1 Month SOFR (3)

4.0767 % 50,000 — ( 1,038 )

7/26/2024 7/26/2027 1 Month SOFR (3)

4.0770 % 50,000 — ( 1,039 )

6/14/2024 6/14/2034 Compound SOFR (4)

3.4400 % 100,000 — ( 437 )

6/14/2024 6/14/2034 Compound SOFR (4)

3.4370 % 25,000 — ( 104 )

6/14/2024 6/14/2034 Compound SOFR (4)

3.4400 % 25,000 — ( 109 )

$ 950,000 $ 4,364 $ ( 6,877 )

(1) Swapped variable rate includes a SOFR adjustment of 10 basis points.

(2) In April 2023, the Company entered into three interest rate swap agreements with an aggregate notional amount of $ 200.0 million.

The interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility (defined hereafter) at 3.59 %.

(3) In November 2023, the Company entered into four forward-starting interest rate swap agreements with an aggregate notional amount of $ 300.0 million.

The forward-starting interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility at 4.08 % beginning on the effective date.

(4) In December 2023, the Company entered into three forward-starting interest rate swap agreements with an aggregate notional amount of $ 150.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $ 150.0 million of long-term debt.

The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending June 2026.

The forward-starting interest rate swaps were designated as cash flow hedges.

All of the Company’s outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk.

8 unchanged sentences

Change in unrealized gain (loss) on interest rate swaps $ ( 4,106 ) $ 20,425 $ ( 2,204 )

Amortization (accretion) of interest rate swaps to interest expense ( 9,728 ) ( 9,949 ) 2,624

Accretion of interest rate swaps to interest expense ( 2,552 ) ( 9,728 ) ( 9,949 )

Change in unrealized gain (loss) on interest rate swaps, net $ ( 6,658 ) $ 10,697 $ ( 12,153 )

The Company estimates that $ 1.8 million will be reclassified from Accumulated other comprehensive income (loss) as a decrease to interest expense over the next twelve months.

The Company estimates that $ 1.7 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 years ended December 31, 2025, 2024, and 2023.

29 unchanged sentences

(2) The weighted average stated interest rate on the Company’s unsecured notes was 4.20 % as of December 31, 2025.

(3) The Company's Revolving Facility (defined hereafter) and Term Loan Facility (defined hereafter) include a sustainability metric incentive, which can reduce the applicable credit spread by up to two basis points.

Effective July 8, 2024, the Term Loan Facility and Revolving Credit Facility qualify for a two basis point rate reduction due to the achievement of certain sustainability metric targets for the year ended December 31, 2023.

(4) 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 to a fixed, combined interest rate of 4.08 % (plus a spread of 93 basis points and a SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 27, 2027.

(5) 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 of 93 basis points and a SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 27, 2027.

(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 27, 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 27, 2027.

2025 Debt Transactions

The Operating Partnership has an unsecured credit facility as amended and restated on April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of a $ 1.25 billion revolving loan facility (the "Revolving Facility") and a $ 500.0 million term loan (the "Term Loan Facility").

During the year ended December 31, 2024, the Operating Partnership repaid $ 18.5 million, net of borrowings, under its $ 1.25 billion Revolving Facility, with proceeds from dispositions and the issuance of the 2034 Notes.

During the year ended December 31, 2024, the Operating Partnership repaid $ 300.4 million principal amount of the outstanding 3.650 % Senior Notes due 2024 (the "2024 Notes"), representing all of the outstanding 2024 Notes, and $ 67.7 million principal amount of the 3.850 % Senior Notes due 2025 (the "2025 Notes").

The Operating Partnership funded the 2024 Notes and 2025 Notes repayments with proceeds from the issuance of the 2034 Notes, 2035 Notes, and dispositions.

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 (the "Term Loan Facility"), scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027).

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.

In connection with the amended and restated Unsecured Credit Facility agreements, the Company recognized a $ 0.3 million loss on extinguishment of debt during the year ended December 31, 2025 due to the acceleration of unamortized debt issuance costs.

During the year ended December 31, 2025, the Operating Partnership repaid $ 632.3 million principal amount of the outstanding 3.850 % Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes.

The Operating Partnership funded the 2025 Notes repayment 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 5.200 % Senior Notes due 2032 (the "2032 Notes") at 99.831 % of par.

The Operating Partnership intends to use the remaining 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 4.850 % Senior Notes due 2033 (the "2033 Notes") at 99.849 % of par.

The Operating Partnership intends to use the remaining 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.

2024 Debt Transactions

The Operating Partnership had an unsecured credit facility as amended and restated on April 28, 2022, which was comprised of a $ 1.25 billion revolving loan facility (the "prior Revolving Facility") and a $ 500.0 million term loan.

During the year ended December 31, 2024, the Operating Partnership repaid $ 18.5 million, net of borrowings, under the prior Revolving Facility, with proceeds from dispositions and the issuance of the 2034 Notes (defined hereafter).

The Operating Partnership funded the 2024 Notes and 2025 Notes repayments with proceeds from the issuance of the 2034 Notes, 2035 Notes (defined hereafter), and dispositions.

In connection with the repayment of the 2025 Notes, the Company recognized a $ 0.6 million gain on extinguishment of debt during the year ended December 31, 2024.

19 unchanged sentences

Total debt obligations, net $ 5,494,753

As of the date the financial statements were issued, the Company did not have any scheduled debt maturities for the next 12 months.

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $ 607.5 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.

Fair Value Disclosures

21 unchanged sentences

Interest rate derivatives $ ( 4,553 ) $ — $ ( 4,553 ) $ —

Interest rate derivatives $ ( 598 ) $ — $ ( 598 ) $ —

Fair Value Measurements as of December 31, 2024

5 unchanged sentences

Interest rate derivatives $ ( 598 ) $ — $ ( 598 ) $ —

(1) As of December 31, 2024 and 2023, marketable securities included less than $ 0.1 million and $( 0.2 ) million of net unrealized gains (losses), respectively.

(1) As of December 31, 2025 and 2024, marketable securities included $ 0.2 million and less than $ 0.1 million of net unrealized gains, respectively.

As of December 31, 2025, the contractual maturities of the Company’s marketable securities were within the next five years.

22 unchanged sentences

(1) Excludes properties disposed of prior to December 31, 2025.

(2) The carrying value of The Shoppes at North Olmsted, which was remeasured to fair value based on a discounted cash flow analysis during the year ended December 31, 2025, is $ 0.4 million.

The discount rate of 8.0 % which was utilized in the discounted cash flow analysis was based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the property.

(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.

1 unchanged sentence

(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.

(4) Excludes properties disposed of prior to December 31, 2023.

(5) The carrying value of The Quentin Collection, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the year ended December 31, 2023, is $ 15.0 million.

The capitalization rate of 8.75 % 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.

Revenue Recognition

54 unchanged sentences

Equity and Capital

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.

In October 2025, 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 ATM Program replaced the Company's prior at-the-market equity offering program (the "Prior ATM Program"), which was scheduled to expire on January 9, 2023.

During the year ended December 31, 2024, the Company issued 4.1 million shares of common stock under the ATM Program at an average price per share of $ 28.62 for total gross proceeds of $ 116.6 million, excluding commissions and fees of $ 2.0 million.

The ATM Program is scheduled to expire on October 28, 2028, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers.

The ATM Program replaced the Company's prior at-the-market equity offering program (the "Prior ATM Program"), which was scheduled to expire on November 1, 2025.

During the year ended December 31, 2025, the Company did not issue any shares of common stock under the ATM Program.

During the year ended December 31, 2024, the Company issued 4.1 million shares of common stock under the Prior ATM Program at an average price per share of $ 28.62 for total gross proceeds of $ 116.6 million, excluding commissions and fees of $ 2.0 million.

During the year ended December 31, 2023, the Company did not issue any shares of common stock under the Prior ATM Program.

As of December 31, 2025, $ 400.0 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 Repurchase Program replaced the Company’s prior share repurchase program (the "Prior Repurchase Program"), which was scheduled to expire on January 9, 2023.

In October 2025, 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 October 28, 2028, unless suspended or extended by the Company's board of directors.

The Repurchase Program replaced the Company’s prior share repurchase program, which was scheduled to expire on November 1, 2025.

During the years ended December 31, 2025, 2024, and 2023, the Company did not repurchase any shares of common stock.

16 unchanged sentences

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 issued and outstanding $ 0.2 million of redeemable preferred equity, which the Company did not acquire and are reflected within Non-controlling interests on the Company’s Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the acquired entities have issued and outstanding $ 0.2 million of redeemable preferred equity, which the Company did not acquire and are reflected within Non-controlling interests on the Company’s Consolidated Balance Sheets.

Stock Based Compensation

118 unchanged sentences

As of December 31, 2025, the properties in the Portfolio are located across 29 states throughout 97 metropolitan markets.

The Chief Executive Officer serves as the Company's CODM and evaluates performance and resource allocation on a Portfolio basis.

The 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.

45 unchanged sentences

In preparing the Consolidated Financial Statements, the Company has evaluated events and transactions occurring after December 31, 2025 for recognition and/or disclosure purposes.

Based on this evaluation, there were no subsequent events from December 31, 2024 through the date the financial statements were issued other than the following:

• In February 2025, the Operating Partnership repaid $ 632.3 million principal amount of the 2025 Notes, representing all of the outstanding 2025 Notes.

The Operating Partnership funded the 2025 Notes repayment with proceeds from the issuance of the 2035 Notes and liquidity available under the Revolving Facility.

BRIXMOR PROPERTY GROUP INC.

AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

Based on this evaluation, there were no subsequent events from December 31, 2025 through the date the financial statements were issued.

BRIXMOR PROPERTY GROUP INC.

10 unchanged sentences

Date Acquired

Springdale Mobile, AL $ 7,460 $ 39,380 $ 17,468 $ 6,693 $ 57,615 $ 64,308 $ ( 21,712 ) 2004 Jun-11

Northmall Centre Tucson, AZ $ 3,140 $ 18,882 $ ( 989 ) $ 2,202 $ 18,831 $ 21,033 $ ( 8,900 ) 1996 Jun-11

3 unchanged sentences

Plaza Rio Vista Cathedral, CA 2,465 12,687 1,786 2,465 14,473 16,938 ( 5,961 ) 2005 Oct-13

Chino Spectrum Towne Center Chino, CA 29,607 131,326 — 29,607 131,326 160,933 — 2002 Dec-25

Cudahy Plaza Cudahy, CA 4,490 13,474 22,958 4,778 36,144 40,922 ( 14,390 ) 2021 Jun-11

25 unchanged sentences

Aurora Plaza Aurora, CO 5,824 9,309 11,776 5,824 21,085 26,909 ( 9,529 ) 1996 Jun-11

Broomfield Town Centre Broomfield, CO 11,495 46,146 — 11,495 46,146 57,641 ( 372 ) 1998 Dec-25

Villa Monaco Denver, CO 3,090 7,551 3,855 3,090 11,406 14,496 ( 5,031 ) 1978 Jun-11

26 unchanged sentences

Shops at Palm Lakes Miami, FL 10,896 17,596 28,421 10,896 46,017 56,913 ( 10,938 ) 2023 Jun-11

Freedom Square Naples, FL 4,760 15,328 12,004 4,735 27,357 32,092 ( 7,884 ) 2021 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

6 unchanged sentences

Date Acquired

Freedom Square Naples, FL 4,760 15,328 12,186 4,735 27,539 32,274 ( 9,076 ) 2021 Jun-11

Granada Shoppes Naples, FL 34,061 69,551 6,996 34,061 76,547 110,608 ( 13,299 ) 2011 Dec-21

43 unchanged sentences

Keith Bridge Commons Cumming, GA 1,601 15,162 1,532 1,601 16,694 18,295 ( 6,689 ) 2002 Oct-13

Northside Dalton, GA 1,320 4,220 1,206 1,320 5,426 6,746 ( 2,053 ) 2001 Jun-11

Cosby Station Douglasville, GA 2,650 6,660 713 2,650 7,373 10,023 ( 3,439 ) 1994 Jun-11

Park Plaza Douglasville, GA 1,470 2,870 1,256 1,470 4,126 5,596 ( 1,947 ) 1986 Jun-11

Venture Pointe Duluth, GA 2,460 7,995 5,797 2,460 13,792 16,252 ( 8,563 ) 1995 Jun-11

Banks Station Fayetteville, GA 3,490 13,060 1,461 3,517 14,494 18,011 ( 7,356 ) 2006 Jun-11

6 unchanged sentences

Pavilions at Eastlake Marietta, GA 4,770 12,874 4,002 4,770 16,876 21,646 ( 8,225 ) 1996 Jun-11

Creekwood Village Rex, GA 1,400 4,893 620 1,400 5,513 6,913 ( 2,788 ) 1990 Jun-11

ConneXion Roswell, GA 2,627 28,074 319 2,627 28,393 31,020 ( 4,566 ) 2016 Dec-21

3 unchanged sentences

Stockbridge Village Stockbridge, GA 6,210 17,734 4,149 5,872 22,221 28,093 ( 11,111 ) 2008 Jun-11

Stone Mountain Festival Stone Mountain, GA 5,740 17,078 ( 8,634 ) 3,328 10,856 14,184 ( 4,237 ) 2006 Jun-11

Wilmington Island Wilmington Island, GA 2,630 8,108 1,287 2,630 9,395 12,025 ( 4,013 ) 1985 Oct-13

6 unchanged sentences

Elmhurst Crossing Elmhurst, IL 5,816 81,784 2,666 5,816 84,450 90,266 ( 12,630 ) 2005 Apr-22

The Quentin Collection Kildeer, IL 6,002 27,280 ( 9,912 ) 3,279 20,091 23,370 ( 9,894 ) 2006 Jun-11

Butterfield Square Libertyville, IL 3,430 13,370 3,898 3,430 17,268 20,698 ( 7,729 ) 1997 Jun-11

High Point Centre Lombard, IL 7,510 21,583 11,267 7,523 32,837 40,360 ( 12,172 ) 2019 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

6 unchanged sentences

Date Acquired

The Quentin Collection Kildeer, IL 6,002 27,280 ( 10,134 ) 3,279 19,869 23,148 ( 9,195 ) 2006 Jun-11

Butterfield Square Libertyville, IL 3,430 13,370 3,888 3,430 17,258 20,688 ( 7,139 ) 1997 Jun-11

High Point Centre Lombard, IL 7,510 21,583 10,985 7,523 32,555 40,078 ( 11,281 ) 2019 Jun-11

Long Meadow Commons Mundelein, IL 4,700 11,597 3,757 4,700 15,354 20,054 ( 8,732 ) 1997 Jun-11

2 unchanged sentences

Ravinia Plaza Orland Park, IL 2,069 24,288 1,215 2,069 25,503 27,572 ( 3,929 ) 1990 Feb-22

Rollins Crossing Round Lake Beach, IL 3,040 23,623 ( 3,890 ) 2,396 20,377 22,773 ( 10,435 ) 1998 Jun-11

Tinley Park Plaza (6) Tinley Park, IL 12,250 22,511 36,012 12,250 58,523 70,773 ( 13,728 ) 2026 Jun-11

3 unchanged sentences

Sagamore Park Centre West Lafayette, IN 2,390 11,150 2,863 2,390 14,013 16,403 ( 6,736 ) 2018 Jun-11

Westchester Square Lenexa, KS 3,250 14,555 4,554 3,250 19,109 22,359 ( 8,313 ) 1987 Jun-11

West Loop Shopping Center Manhattan, KS 2,800 12,622 4,355 2,800 16,977 19,777 ( 7,958 ) 2013 Jun-11

25 unchanged sentences

Silver Pointe Shopping Center Fenton, MI 3,840 12,631 4,947 3,840 17,578 21,418 ( 8,505 ) 1996 Jun-11

Cascade East Grand Rapids, MI 1,280 5,433 3,414 1,280 8,847 10,127 ( 3,800 ) 1983 Jun-11

Delta Center Lansing, MI 1,580 9,616 1,305 1,518 10,983 12,501 ( 4,336 ) 1985 Jun-11

19 unchanged sentences

Liberty Corners Liberty, MO 2,530 8,918 4,116 2,530 13,034 15,564 ( 6,318 ) 1987 Jun-11

Maplewood Square Maplewood, MO 1,450 4,720 571 1,450 5,291 6,741 ( 1,827 ) 1998 Jun-11

Devonshire Place Cary, NC 940 4,533 4,848 940 9,381 10,321 ( 6,562 ) 1996 Jun-11

1 unchanged sentence

The Commons at Chancellor Park Charlotte, NC 5,240 20,500 2,811 5,240 23,311 28,551 ( 11,041 ) 1994 Jun-11

Garner Towne Square Garner, NC 6,233 23,681 6,146 6,233 29,827 36,060 ( 9,780 ) 1997 Oct-13

Franklin Square Gastonia, NC 7,060 29,355 8,368 7,060 37,723 44,783 ( 16,352 ) 1989 Jun-11

Wendover Place Greensboro, NC 15,990 42,299 3,967 15,881 46,375 62,256 ( 21,962 ) 2000 Jun-11

University Commons Greenville, NC 5,350 26,253 6,627 5,350 32,880 38,230 ( 14,717 ) 1996 Jun-11

North Ridge Shopping Center Raleigh, NC 12,841 50,225 1,313 12,841 51,538 64,379 ( 5,086 ) 1980 Dec-24

Innes Street Market Salisbury, NC 12,180 27,462 1,112 10,548 30,206 40,754 ( 15,922 ) 2002 Jun-11

New Centre Market Wilmington, NC 5,730 15,217 5,519 5,730 20,736 26,466 ( 9,403 ) 1998 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

6 unchanged sentences

Date Acquired

Garner Towne Square Garner, NC 6,233 23,681 6,168 6,233 29,849 36,082 ( 8,702 ) 1997 Oct-13

Franklin Square Gastonia, NC 7,060 29,355 7,236 7,060 36,591 43,651 ( 15,135 ) 1989 Jun-11

Wendover Place Greensboro, NC 15,990 42,299 3,804 15,881 46,212 62,093 ( 20,710 ) 2000 Jun-11

University Commons Greenville, NC 5,350 26,253 5,009 5,350 31,262 36,612 ( 13,705 ) 1996 Jun-11

North Ridge Shopping Center Raleigh, NC 12,841 50,225 — 12,841 50,225 63,066 ( 403 ) 1980 Dec-24

Roxboro Square Roxboro, NC 1,550 8,976 ( 8,683 ) 419 1,424 1,843 ( 568 ) 2005 Jun-11

Innes Street Market Salisbury, NC 12,180 27,462 880 10,548 29,974 40,522 ( 15,270 ) 2002 Jun-11

New Centre Market Wilmington, NC 5,730 15,217 5,446 5,730 20,663 26,393 ( 8,332 ) 1998 Jun-11

University Commons Wilmington, NC 6,910 26,611 4,804 6,910 31,415 38,325 ( 14,443 ) 2007 Jun-11

4 unchanged sentences

Willow Springs Plaza Nashua, NH 3,490 20,288 146 3,490 20,434 23,924 ( 8,659 ) 1990 Jun-11

Seacoast Shopping Center Seabrook, NH 2,230 8,967 ( 2,643 ) 1,139 7,415 8,554 ( 3,439 ) 1991 Jun-11

Tri-City Plaza Somersworth, NH 1,900 10,034 5,518 1,900 15,552 17,452 ( 8,074 ) 1990 Jun-11

7 unchanged sentences

Middletown Plaza Middletown, NJ 5,060 41,800 7,344 5,060 49,144 54,204 ( 16,920 ) 2024 Jun-11

Springfield Place Morris, NJ 623 267 2,368 623 2,635 3,258 ( 725 ) 1965 Jun-11

Larchmont Centre Mount Laurel, NJ 4,421 14,985 1,321 4,421 16,306 20,727 ( 5,869 ) 1985 Jun-15

3 unchanged sentences

Ocean Heights Plaza Somers Point, NJ 6,110 34,911 3,942 6,110 38,853 44,963 ( 16,184 ) 2006 Jun-11

Springfield Place Springfield, NJ 1,773 4,577 2,370 1,773 6,947 8,720 ( 2,983 ) 1965 Jun-11

Tinton Falls Plaza Tinton Falls, NJ 3,080 12,385 2,725 3,080 15,110 18,190 ( 6,550 ) 2006 Jun-11

34 unchanged sentences

Crown Point Columbus, OH 2,120 14,980 2,645 2,120 17,625 19,745 ( 9,423 ) 1980 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Greentree Shopping Center Columbus, OH 1,920 12,531 3,313 1,923 15,841 17,764 ( 7,889 ) 2005 Jun-11

5 unchanged sentences

Village West Allentown, PA 4,180 23,402 3,644 4,180 27,046 31,226 ( 11,385 ) 1999 Jun-11

Park Hills Plaza Altoona, PA 4,390 23,218 ( 21,801 ) 233 5,574 5,807 ( 1,237 ) 1985 Jun-11

Lehigh Shopping Center Bethlehem, PA 6,980 34,900 4,970 6,980 39,870 46,850 ( 21,932 ) 1955 Jun-11

Bristol Park Bristol, PA 3,180 21,530 3,183 3,241 24,652 27,893 ( 10,178 ) 1993 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

New Britain Village Square Chalfont, PA 4,250 24,449 3,642 4,250 28,091 32,341 ( 11,643 ) 1989 Jun-11

14 unchanged sentences

Warminster Towne Center Warminster, PA 4,310 35,284 3,718 4,310 39,002 43,312 ( 17,712 ) 1997 Jun-11

Shops at Prospect West Hempfield, PA 760 6,532 799 760 7,331 8,091 ( 3,333 ) 1994 Jun-11

Whitehall Square Whitehall, PA 4,350 33,067 3,432 4,350 36,499 40,849 ( 16,241 ) 2006 Jun-11

Wilkes-Barre Township Marketplace Wilkes-Barre, PA 2,180 17,430 3,751 2,180 21,181 23,361 ( 12,316 ) 2004 Jun-11

Wilkes-Barre Township Marketplace Wilkes-Barre Township, PA 2,180 17,430 2,618 2,180 20,048 22,228 ( 11,854 ) 2004 Jun-11

Belfair Towne Village Bluffton, SC 4,265 31,801 3,537 4,265 35,338 39,603 ( 13,393 ) 2006 Jun-11

8 unchanged sentences

Williamson Square Franklin, TN 7,730 22,789 5,196 6,735 28,980 35,715 ( 15,242 ) 1988 Jun-11

Greeneville Commons Greeneville, TN 2,880 13,524 3,657 2,880 17,181 20,061 ( 7,172 ) 2002 Jun-11

Kingston Overlook Knoxville, TN 2,060 6,743 6,072 2,060 12,815 14,875 ( 3,001 ) 1996 Jun-11

5 unchanged sentences

El Camino Bellaire, TX 1,320 3,816 1,043 1,320 4,859 6,179 ( 2,210 ) 2008 Jun-11

Townshire Bryan, TX 1,790 6,399 891 1,790 7,290 9,080 ( 4,852 ) 2002 Jun-11

Central Station College Station, TX 4,340 21,704 3,320 4,345 25,019 29,364 ( 10,670 ) 1976 Jun-11

14 unchanged sentences

Bay Forest Houston, TX 1,500 6,557 711 1,500 7,268 8,768 ( 3,443 ) 2004 Jun-11

Beltway South Houston, TX 3,340 9,759 854 3,340 10,613 13,953 ( 6,062 ) 1998 Jun-11

Braes Heights Houston, TX 1,700 15,246 10,741 1,700 25,987 27,687 ( 8,774 ) 2022 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Braesgate Houston, TX 1,570 2,813 747 1,570 3,560 5,130 ( 2,078 ) 1997 Jun-11

7 unchanged sentences

Merchants Park Houston, TX 6,580 32,200 4,002 6,580 36,202 42,782 ( 16,870 ) 2009 Jun-11

Northgate Houston, TX 740 1,707 1,274 740 2,981 3,721 ( 963 ) 1972 Jun-11

Northshore Houston, TX 5,970 22,827 6,982 5,970 29,809 35,779 ( 11,927 ) 2001 Jun-11

3 unchanged sentences

Tanglewilde Center Houston, TX 1,620 7,437 1,211 1,620 8,648 10,268 ( 4,136 ) 1998 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

West U Marketplace Houston, TX 8,554 25,511 1,107 8,554 26,618 35,172 ( 4,673 ) 2000 Apr-22

Westheimer Commons Houston, TX 5,160 12,866 5,140 5,160 18,006 23,166 ( 8,535 ) 1984 Jun-11

Crossroads Centre - Pasadena Pasadena, TX 4,660 11,153 7,804 4,660 18,957 23,617 ( 8,094 ) 1997 Jun-11

LaCenterra at Cinco Ranch Katy, TX 18,372 217,347 217 18,372 217,564 235,936 ( 8,399 ) 2006 Jul-25

Spencer Square Pasadena, TX 5,360 19,464 2,207 4,861 22,170 27,031 ( 10,168 ) 1998 Jun-11

42 unchanged sentences

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.

What changed 10-K

Item 9A. Controls and Procedures