Item 2. Properties
Item 2 . Properties
As of December 31, 2025, our Portfolio was comprised of 348 shopping centers totaling approximately 63 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 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. As of December 31, 2025, our three largest tenants by ABR were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc.
The following table summarizes our top 20 tenants, ranked by ABR, as of December 31, 2025 (dollars in thousands, except for PSF amounts):
Retailer Owned Leases (1)
Leased GLA (1)
Percent of GLA (1)
ABR (1)
Percent of ABR (1)
ABR PSF (1)
The TJX Companies, Inc. 90 2,564,676 4.1 % $ 33,673 3.2 % $ 13.13
The Kroger Co. 44 3,000,900 4.8 % 24,006 2.3 % 8.00
Burlington Stores, Inc. 46 1,725,367 2.8 % 21,564 2.1 % 12.50
Publix Super Markets, Inc. 34 1,587,457 2.5 % 16,748 1.6 % 10.55
Ross Stores, Inc 50 1,246,499 2.0 % 16,422 1.6 % 13.17
Dollar Tree Stores, Inc. 108 1,253,821 2.0 % 15,868 1.5 % 12.66
Five Below, Inc. 66 631,887 1.0 % 12,962 1.2 % 20.51
Amazon.com, Inc. / Whole Foods Market Services, Inc. 19 658,464 1.1 % 12,371 1.2 % 18.79
L.A Fitness International, LLC 13 528,162 0.8 % 10,566 1.0 % 20.01
Ulta Beauty, Inc. 39 423,324 0.7 % 10,509 1.0 % 24.82
PetSmart, Inc. 28 609,077 1.0 % 10,462 1.0 % 17.18
Albertson's Companies, Inc 14 749,018 1.2 % 9,875 0.9 % 13.18
PETCO Animal Supplies, Inc. 34 477,934 0.8 % 8,605 0.8 % 18.00
Ahold Delhaize 13 736,178 1.2 % 8,492 0.8 % 11.54
Kohl's Corporation 13 963,606 1.5 % 7,405 0.7 % 7.68
The Michaels Companies, Inc. 24 544,061 0.9 % 7,298 0.7 % 13.41
Barnes & Noble, Inc. 18 352,382 0.6 % 6,115 0.6 % 17.35
Sprouts Farmers Market, Inc. 9 245,212 0.4 % 6,076 0.6 % 24.78
Best Buy Co., Inc. 12 434,051 0.7 % 5,979 0.6 % 13.77
DICK's Sporting Goods, Inc. 17 369,005 0.6 % 5,912 0.6 % 16.02
TOP 20 RETAILERS 691 19,101,081 30.7 % $ 250,908 24.0 % $ 13.14
(1) Includes only locations which are owned or guaranteed by the parent company. Excludes all franchise locations.
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The following table summarizes the geographic diversity of our Portfolio by state, ranked by ABR, as of December 31, 2025 (dollars in thousands, expect for PSF amounts):
State Number of Properties GLA Percent Billed Percent Leased ABR ABR PSF Percent of Number of Properties Percent of GLA Percent of ABR
1 Florida 48 8,471,338 92.6 % 95.8 % $ 147,063 $ 18.66 13.8 % 13.5 % 14.0 %
2 Texas 45 7,401,326 89.7 % 95.1 % 134,740 19.86 12.9 % 11.8 % 12.8 %
3 California 29 5,659,663 92.6 % 96.0 % 130,175 25.73 8.4 % 9.0 % 12.4 %
4 New York 27 3,442,455 88.4 % 94.3 % 75,798 23.96 7.8 % 5.4 % 7.3 %
5 Pennsylvania 22 4,211,974 95.2 % 98.1 % 74,637 22.21 6.3 % 6.7 % 7.2 %
6 Illinois 15 3,824,753 88.3 % 91.9 % 56,984 16.66 4.3 % 6.1 % 5.4 %
7 New Jersey 16 2,789,796 91.6 % 93.8 % 48,117 19.54 4.6 % 4.5 % 4.6 %
8 Georgia 22 3,158,384 94.3 % 96.3 % 45,385 15.51 6.3 % 5.0 % 4.3 %
9 North Carolina 13 3,136,050 94.0 % 96.0 % 44,818 15.58 3.7 % 5.0 % 4.3 %
10 Michigan 14 2,738,511 93.4 % 96.3 % 40,174 16.01 4.0 % 4.4 % 3.8 %
11 Ohio 13 2,489,723 87.6 % 90.8 % 32,023 17.00 3.7 % 4.0 % 3.0 %
12 Colorado 8 1,752,123 87.9 % 95.3 % 27,578 17.65 2.3 % 2.8 % 2.6 %
13 Connecticut 10 1,789,531 87.5 % 91.7 % 27,007 16.89 2.9 % 2.9 % 2.6 %
14 Massachusetts 11 1,657,165 94.8 % 96.0 % 25,379 17.76 3.2 % 2.6 % 2.4 %
15 Tennessee 6 1,539,895 94.8 % 96.8 % 23,028 15.83 1.7 % 2.5 % 2.2 %
16 South Carolina 8 1,213,375 92.9 % 97.7 % 19,852 16.97 2.3 % 1.9 % 1.9 %
17 Kentucky 6 1,543,082 96.2 % 99.1 % 19,663 14.33 1.7 % 2.5 % 1.9 %
18 Minnesota 9 1,269,747 93.0 % 94.8 % 18,880 17.06 2.6 % 2.0 % 1.8 %
19 Indiana 4 985,327 92.3 % 94.0 % 12,447 13.62 1.1 % 1.6 % 1.2 %
20 Virginia 5 746,349 91.7 % 93.2 % 10,282 16.19 1.4 % 1.2 % 1.0 %
21 New Hampshire 4 581,130 86.1 % 91.9 % 9,713 19.16 1.1 % 0.9 % 0.9 %
22 Wisconsin 3 520,769 93.6 % 94.0 % 6,473 13.24 0.9 % 0.8 % 0.6 %
23 Maryland 2 371,977 78.3 % 83.5 % 5,633 18.35 0.6 % 0.6 % 0.5 %
24 Missouri 3 423,933 87.9 % 88.6 % 4,291 11.53 0.9 % 0.7 % 0.4 %
25 Arizona 1 165,350 100.0 % 100.0 % 2,408 14.56 0.3 % 0.3 % 0.2 %
26 Maine 1 287,459 83.9 % 100.0 % 2,362 19.84 0.3 % 0.5 % 0.2 %
27 Vermont 1 223,314 93.5 % 93.5 % 2,088 10.00 0.3 % 0.4 % 0.2 %
28 Kansas 1 214,898 93.4 % 94.4 % 2,076 16.97 0.3 % 0.3 % 0.2 %
29 West Virginia 1 75,344 100.0 % 100.0 % 884 11.73 0.3 % 0.1 % 0.1 %
TOTAL 348 62,684,741 91.6 % 95.1 % $ 1,049,958 $ 18.77 100.0 % 100.0 % 100.0 %
The following table summarizes certain information for our Portfolio by unit size, as of December 31, 2025 (dollars in thousands, expect for PSF amounts):
Number of
Units GLA Percent of GLA Percent Billed Percent Leased ABR Percent of ABR ABR PSF
≥ 35,000 SF 374 21,310,677 34.0 % 95.7 % 97.6 % $ 217,205 20.7 % $ 11.98
20,000 – 34,999 SF
476 12,389,437 19.8 % 90.8 % 96.1 % 156,909 14.9 % 13.28
10,000 – 19,999 SF
623 8,526,181 13.6 % 90.9 % 94.7 % 135,944 13.0 % 17.27
5,000 – 9,999 SF
1,087 7,502,918 12.0 % 87.8 % 92.6 % 156,904 14.9 % 23.64
< 5,000 SF 5,992 12,955,528 20.6 % 88.4 % 91.9 % 382,996 36.5 % 33.35
TOTAL 8,552 62,684,741 100.0 % 91.6 % 95.1 % $ 1,049,958 100.0 % $ 18.77
TOTAL ≥ 10,000 SF 1,473 42,226,295 67.4 % 93.3 % 96.6 % $ 510,058 48.6 % $ 13.49
TOTAL < 10,000 SF 7,079 20,458,446 32.6 % 88.2 % 92.2 % 539,900 51.4 % 29.79
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The following table summarizes lease expirations for leases in place within our Portfolio for each of the next 10 calendar years and thereafter, assuming no exercise of renewal options and including the GLA of lessee-owned leasehold improvements, as of December 31, 2025:
Number of Leases Leased GLA % of Leased GLA % of In-Place ABR In-Place ABR PSF ABR PSF at Expiration
M-M 176 685,497 1.1 % 1.0 % $ 15.28 $ 15.28
2026 851 4,830,714 8.1 % 6.9 % 14.97 14.99
2027 1,098 8,005,429 13.4 % 12.5 % 16.36 16.53
2028 1,096 6,909,399 11.6 % 12.0 % 18.21 18.66
2029 970 7,964,526 13.4 % 12.6 % 16.62 17.16
2030 934 7,767,334 13.0 % 12.4 % 16.75 17.42
2031 593 5,356,681 9.0 % 8.2 % 16.13 17.78
2032 400 2,998,006 5.0 % 5.3 % 18.52 20.58
2033 435 3,006,235 5.0 % 5.7 % 19.85 22.50
2034 434 3,604,255 6.0 % 6.3 % 18.32 20.94
2035 409 3,246,949 5.5 % 6.6 % 21.52 25.00
2036+ 515 5,252,858 8.9 % 10.5 % 21.01 25.48
More specific information with respect to each of our properties is set forth in Exhibit 99.1, which is incorporated herein by reference.
Leases
Our anchor tenants generally have leases with original terms ranging from 10 to 20 years and may or may not have renewal options for one or more additional periods. Smaller tenants typically have leases with original terms ranging from five to 10 years and may or may not have renewal options for one or more additional periods. Leases in our Portfolio generally provide for the payment of fixed monthly base rent. Certain leases also provide for the payment of additional rent based upon a percentage of the tenant’s gross sales above a predetermined threshold. Leases also generally provide for contractual increases in base rent over both the original lease term and any renewal option periods and the reimbursement of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties.
The foregoing general description of the characteristics of the leases of our Portfolio is not intended to describe all leases, and material variations in lease terms may exist.
Insurance
We maintain commercial liability, fire, extended coverage, earthquake, business interruption, and rental loss insurance covering all of the properties in our Portfolio. We select coverage specifications and insured limits which we believe to be appropriate given the relative risk of loss, the cost of coverage, industry practice, and the nature of the shopping centers in our Portfolio. In addition, tenants are generally required to indemnify and hold us harmless from liabilities resulting from injury to persons or damage to personal or real property on the premises due to activities conducted by tenants or their agents at the properties (including without limitation any environmental contamination), and to obtain liability and property damage insurance policies at the tenant’s expense, kept in full force during the term of the lease. In the opinion of our management, all of the properties in our Portfolio are currently adequately insured. We do not carry insurance for generally uninsured losses, such as losses from war. See "Risk Factors – Risks Related to Our Portfolio and Our Business – An uninsured property loss or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or related revenue in those properties."
Additionally, we have a wholly owned captive insurance company, Brixmor Incap, LLC ("Incap"). Incap underwrites the first layer of general liability insurance for the properties in our Portfolio. We formed Incap as part of our overall risk management program to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements.
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Item 3 . Legal Proceedings
The information contained under the heading "Legal Matters" in Note 15 – Commitments and Contingencies to our Consolidated Financial Statements in this report is incorporated by reference into this Item 3.
Item 4. Mine Safety Disclosures
Not applicable.
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PART II