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Item 2. Management’s Discussion and Analysis

2026-07-27 compared with 2026-04-27 · 192 added, 87 removed, 230 unchanged (55% of the section changed)

9 unchanged sentences

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.

As of March 31, 2026, our portfolio was comprised of 344 shopping centers (the "Portfolio") totaling approximately 62 million square feet of GLA.

As of June 30, 2026, our portfolio was comprised of 346 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 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 March 31, 2026, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc.

As of June 30, 2026, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc.

("TJX"), The Kroger Co.

22 unchanged sentences

Leasing Highlights

As of March 31, 2026, billed and leased occupancy were 91.4% and 95.1%, respectively, as compared to 90.0% and 94.1%, respectively, as of March 31, 2025.

The following table summarizes our executed leasing activity for the three months ended March 31, 2026 and 2025 (dollars in thousands, except for per square foot ("PSF") amounts):

For the Three Months Ended March 31, 2026

Leases GLA New ABR PSF (2)

Tenant Improvements and Allowances PSF Third Party Leasing Commissions PSF Rent Spread (1)

As of June 30, 2026, billed and leased occupancy were 90.4% and 94.8%, respectively, as compared to 89.7% and 94.2%, respectively, as of June 30, 2025.

The following table summarizes our executed leasing activity for the three months ended June 30, 2026 and 2025 (dollars in thousands, except for per square foot ("PSF") amounts):

For the Three Months Ended June 30, 2026

Leases GLA New ABR PSF Tenant Improvements and Allowances PSF Third Party Leasing Commissions PSF Rent Spread (1)

New, renewal and option leases 334 2,532,750 $ 19.88 $ 3.82 $ 2.12 13.6 %

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Option leases 67 1,109,470 15.96 — — 7.5 %

For the Three Months Ended March 31, 2025

Leases GLA New ABR PSF (2)

Tenant Improvements and Allowances PSF Third Party Leasing Commissions PSF Rent Spread (1)

For the Three Months Ended June 30, 2025

Leases GLA New ABR PSF Tenant Improvements and Allowances PSF Third Party Leasing Commissions PSF Rent Spread (1)

New, renewal and option leases 459 2,465,322 $ 20.72 $ 3.65 $ 2.61 19.4 %

6 unchanged sentences

ABR PSF includes the GLA of lessee-owned leasehold improvements.

The following table summarizes our executed leasing activity for the six months ended June 30, 2026 and 2025 (dollars in thousands, except for PSF amounts):

For the Six Months Ended June 30, 2026

Leases GLA New ABR PSF Tenant Improvements and Allowances PSF Third Party Leasing Commissions PSF Rent Spread (1)

New, renewal and option leases 619 4,527,693 $ 20.34 $ 3.95 $ 2.45 15.9 %

New and renewal leases 500 2,694,392 23.19 6.63 4.11 22.6 %

New leases 220 1,306,333 23.66 12.91 8.30 36.6 %

Renewal leases 280 1,388,059 22.74 0.73 0.17 18.0 %

Option leases 119 1,833,301 16.15 — — 7.7 %

For the Six Months Ended June 30, 2025

Leases GLA New ABR PSF Tenant Improvements and Allowances PSF Third Party Leasing Commissions PSF Rent Spread (1)

New, renewal and option leases 793 4,712,716 $ 19.88 $ 3.06 $ 2.18 17.3 %

New and renewal leases 669 3,003,948 23.16 4.81 3.43 22.7 %

New leases 257 1,458,327 22.38 8.79 7.04 45.0 %

Renewal leases 412 1,545,621 23.89 1.04 0.01 14.6 %

Option leases 124 1,708,768 14.12 — — 7.0 %

(1) Based on comparable leases only, which consist of new leases signed on units that were occupied within the prior 12 months and renewal or option leases signed with the same tenant in all or a portion of the same location or that include the expansion into space that was occupied within the prior 12 months.

Excludes leases executed for terms of less than one year.

ABR PSF includes the GLA of lessee-owned leasehold improvements.

Acquisition Activity

• During the three months ended March 31, 2026, we did not acquire any assets.

• During the three months ended March 31, 2025, we acquired one land parcel for an aggregate purchase price of $3.1 million, including transaction costs and closing credits.

• During the six months ended June 30, 2026, we acquired four shopping centers for an aggregate purchase price of $164.2 million, including transaction costs and closing credits.

• During the six months ended June 30, 2025, we acquired one land parcel and acquired a lease and associated subleases at an existing shopping center for an aggregate purchase price of $7.5 million, including transaction costs and closing credits.

Disposition Activity

• During the three months ended March 31, 2026, we disposed of four shopping centers for aggregate net proceeds of $105.7 million, resulting in aggregate gain of $52.1 million.

• During the three months ended March 31, 2025, we disposed of two shopping centers and two partial shopping centers for aggregate net proceeds of $21.6 million, resulting in aggregate gain of $3.1 million.

• During the six months ended June 30, 2026, we disposed of six shopping centers for aggregate net proceeds of $120.5 million, resulting in aggregate gain of $59.8 million.

In addition, during the six months ended June 30, 2026, we received aggregate net proceeds of $2.3 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 $2.1 million.

• During the six months ended June 30, 2025, we disposed of three shopping centers and four partial shopping centers for aggregate net proceeds of $43.7 million, resulting in aggregate gain of $18.8 million.

Results of Operations

The results of operations discussion is combined for BPG and the Operating Partnership because there are no material differences in the results of operations between the two reporting entities.

Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025

Comparison of the Three Months Ended June 30, 2026 to the Three Months Ended June 30, 2025

Revenues (in thousands)

Three Months Ended March 31,

Three Months Ended June 30,

2026 2025 $ Change

3 unchanged sentences

Rental income

The increase in rental income for the three months ended March 31, 2026 of $17.1 million, as compared to the corresponding period in 2025, was due to a $15.6 million increase for assets owned for the full period, in addition to a $1.5 million increase due to net transaction activity.

The increase in rental income for the three months ended June 30, 2026 of $14.5 million, as compared to the corresponding period in 2025, was due to a $12.8 million increase for assets owned for the full period, in addition to a $1.7 million increase due to net transaction activity.

The increase for assets owned for the full period was due to:

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(ii) a $5.1 million increase in expense reimbursements;

(iii) a $1.5 million increase in lease termination fees;

(iv) a $1.3 million increase in ancillary and other rental income;

and (v) a $0.7 million increase in rental income associated with revenues deemed uncollectible;

partially offset by (vi) a $4.7 million decrease in straight-line rental income, net;

(vii) a $1.4 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements;

and (viii) a less than $0.1 million decrease in percentage rents.

The $10.3 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 15.9% during the six months ended June 30, 2026 and 16.4% during the year ended December 31, 2025, and an increase in weighted average billed occupancy.

Other revenues

The increase in other revenues of $0.2 million for the three months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily due to an increase in tax increment financing income.

Operating Expenses (in thousands)

Three Months Ended June 30,

2026 2025 $ Change

Operating expenses

Operating costs $ 44,227 $ 39,877 $ 4,350

Real estate taxes 44,279 43,559 720

Depreciation and amortization 110,258 103,277 6,981

Impairment of real estate assets 5,974 — 5,974

General and administrative 27,858 29,093 (1,235)

Total operating expenses $ 232,596 $ 215,806 $ 16,790

Operating costs

The increase in operating costs for the three months ended June 30, 2026 of $4.4 million, as compared to the corresponding period in 2025, was due to a $3.7 million increase in operating costs for assets owned for the full period in addition to a $0.7 million increase due to net transaction activity.

The $3.7 million increase for assets owned for the full period was primarily due to an increase in repairs and maintenance, utilities, and insurance.

Real estate taxes

The increase in real estate taxes for the three months ended June 30, 2026 of $0.7 million, as compared to the corresponding period in 2025, was due to a $0.6 million increase in real estate taxes for assets owned for the full period in addition to a $0.1 million increase due to net transaction activity.

The $0.6 million increase for the assets owned for the full period was primarily due to changes in property assessments.

Depreciation and amortization

The increase in depreciation and amortization for the three months ended June 30, 2026 of $7.0 million, as compared to the corresponding period in 2025, was due to a $6.3 million increase due to net transaction activity in

addition to a $0.7 million increase for assets owned for the full period.

The $0.7 million increase for assets owned for the full period was primarily due to an increase from capital expenditures.

Impairment of real estate assets

During the three months ended June 30, 2026, aggregate impairment of $6.0 million was recognized on one operating property.

Impairments were recognized due to changes in anticipated hold periods primarily in connection with our capital recycling program.

General and administrative

The decrease in general and administrative costs for the three months ended June 30, 2026 of $1.2 million, as compared to the corresponding period in 2025, was primarily due to a decrease in net compensation costs.

During the three months ended June 30, 2026 and 2025, construction compensation costs of $3.8 million and $4.1 million, respectively, were capitalized to building and improvements and leasing legal costs of $0.4 million and $0.6 million, respectively, and leasing commission costs of $1.6 million and $2.2 million, respectively, were capitalized to deferred charges and prepaid expenses, net.

Other Income and Expenses (in thousands)

Three Months Ended June 30,

2026 2025 $ Change

Other income (expense)

Dividends and interest $ 3,912 $ 1,190 $ 2,722

Interest expense (60,898) (54,409) (6,489)

Gain on sale of real estate assets 9,820 15,755 (5,935)

Loss on extinguishment of debt, net — (296) 296

Other (775) (780) 5

Total other expense $ (47,941) $ (38,540) $ (9,401)

Dividends and interest

The increase in dividends and interest for the three months ended June 30, 2026 of $2.7 million, as compared to the corresponding period in 2025, was primarily due to an increase in interest income associated with higher average cash and cash equivalent balances partially offset by a lower weighted average interest rate return.

Interest expense

The increase in interest expense for the three months ended June 30, 2026 of $6.5 million, as compared to the corresponding period in 2025, was primarily due to higher weighted average debt obligations and weighted average interest rate.

Gain on sale of real estate assets

During the three months ended June 30, 2026, two shopping centers were disposed of, resulting in aggregate gain of $7.4 million.

In addition, during the three months ended June 30, 2026, we received aggregate net proceeds of $2.6 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 $2.4 million.

During the three months ended June 30, 2025, one shopping center and two partial shopping centers were disposed of, resulting in aggregate gain of $15.8 million.

Loss on extinguishment of debt, net

During the three months ended June 30, 2025, we amended and restated our unsecured credit facility agreements (the "Unsecured Credit Facility"), resulting in a $0.3 million loss on extinguishment of debt due to the acceleration of unamortized debt issuance costs.

Other expense remained generally consistent for the three months ended June 30, 2026, as compared to the corresponding period in 2025.

Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025

Revenues (in thousands)

Six Months Ended June 30,

2026 2025 $ Change

Rental income $ 708,229 $ 676,638 $ 31,591

Other revenues 789 366 423

Total revenues $ 709,018 $ 677,004 $ 32,014

Rental income

The increase in rental income for the six months ended June 30, 2026 of $31.6 million, as compared to the corresponding period in 2025, was due to a $28.6 million increase for assets owned for the full period, in addition to a $3.0 million increase due to net transaction activity.

The increase for assets owned for the full period was due to:

(i) a $19.7 million increase in base rent;

(ii) an $8.4 million increase in expense reimbursements;

(iii) a $3.8 million increase in ancillary and other rental income;

(iv) a $1.0 million increase in percentage rents;

(v) a $0.8 million increase in rental income associated with revenues deemed uncollectible;

and (vi) a $0.6 million increase in accretion of below-market leases, net of amortization of above-market leases and tenant inducements;

partially offset by (vii) a $1.7 million decrease in lease termination fees;

and (viii) a $0.2 million decrease in straight-line rental income, net.

The $9.3 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 19.0% during the three months ended March 31, 2026 and 16.4% during the year ended December 31, 2025, and an increase in weighted average billed occupancy.

(iv) a $1.5 million increase in rental income associated with revenues deemed uncollectible;

and (v) a $1.0 million increase in percentage rents;

partially offset by (vi) a $4.8 million decrease in straight-line rental income, net;

(vii) a $0.8 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements;

and (viii) a $0.2 million decrease in lease termination fees.

The $19.7 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 15.9% during the six months ended June 30, 2026 and 16.4% during the year ended December 31, 2025, and an increase in weighted average billed occupancy.

Other revenues

Other revenues remained generally consistent for the three months ended March 31, 2026, as compared to the corresponding period in 2025.

The increase in other revenues of $0.4 million for the six months ended June 30, 2026, as compared to the corresponding period in 2025, was primarily due to an increase in tax increment financing income.

Operating Expenses (in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

2026 2025 $ Change

3 unchanged sentences

Depreciation and amortization 215,460 208,874 6,586

Impairment of real estate assets 5,974 — 5,974

General and administrative 56,050 57,266 (1,216)

1 unchanged sentence

Operating costs

The increase in operating costs for the three months ended March 31, 2026 of $2.7 million, as compared to the corresponding period in 2025, was due to a $2.2 million increase in operating costs for assets owned for the full period in addition to a $0.5 million increase due to net transaction activity.

The $2.2 million increase for assets owned for the full period was primarily due to an increase in utilities, repairs and maintenance, and insurance.

The increase in operating costs for the six months ended June 30, 2026 of $7.1 million, as compared to the corresponding period in 2025, was due to a $5.9 million increase in operating costs for assets owned for the full period in addition to a $1.2 million increase due to net transaction activity.

The $5.9 million increase for assets owned for the full period was primarily due to an increase in repairs and maintenance, utilities, and insurance.

Real estate taxes

The increase in real estate taxes for the three months ended March 31, 2026 of $0.5 million, as compared to the corresponding period in 2025, was due to a $0.3 million increase in real estate taxes for assets owned for the full period in addition to a $0.2 million increase due to net transaction activity.

The $0.3 million increase for the assets owned for the full period was primarily due to an increase in current year assessments, partially offset by a decrease in unfavorable adjustments related to prior year assessments.

The increase in real estate taxes for the six months ended June 30, 2026 of $1.2 million, as compared to the corresponding period in 2025, was due to a $1.0 million increase in real estate taxes for assets owned for the full period in addition to a $0.2 million increase due to net transaction activity.

The $1.0 million increase for the assets owned for the full period was primarily due to changes in property assessments.

Depreciation and amortization

The decrease in depreciation and amortization for the three months ended March 31, 2026 of $0.4 million, as compared to the corresponding period in 2025, was due to a $6.1 million decrease for assets owned for the full period, partially offset by a $5.7 million increase due to net transaction activity.

The increase in depreciation and amortization for the six months ended June 30, 2026 of $6.6 million, as compared to the corresponding period in 2025, was due to an $11.9 million increase due to net transaction activity partially

offset by a $5.3 million decrease for assets owned for the full period.

The $5.3 million decrease for assets owned for the full period was primarily due to a decrease in accelerated depreciation and amortization due to higher tenant move outs in the prior period, partially offset by an increase from capital expenditures.

Impairment of real estate assets

During the six months ended June 30, 2026 aggregate impairment of $6.0 million was recognized on one operating property.

Impairments were recognized due to changes in anticipated hold periods primarily in connection with our capital recycling program.

General and administrative

General and administrative costs remained generally consistent for the three months ended March 31, 2026, as compared to the corresponding period in 2025.

During the three months ended March 31, 2026 and 2025, construction compensation costs of $4.0 million and $4.5 million, respectively, were capitalized to building and improvements and leasing legal costs of $0.4 million and $0.3 million, respectively, and leasing commission costs of $2.2 million and $1.8 million, respectively, were capitalized to deferred charges and prepaid expenses, net.

The decrease in general and administrative costs for the six months ended June 30, 2026 of $1.2 million, as compared to the corresponding period in 2025, was primarily due to a decrease in net compensation costs.

During the six months ended June 30, 2026 and 2025, construction compensation costs of $7.9 million and $8.6 million, respectively, were capitalized to building and improvements and leasing legal costs of $0.8 million and $0.9 million, respectively, and leasing commission costs of $3.8 million and $4.0 million, respectively, were capitalized to deferred charges and prepaid expenses, net.

Other Income and Expenses (in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

2026 2025 $ Change

3 unchanged sentences

Gain on sale of real estate assets 61,917 18,825 43,092

Loss on extinguishment of debt, net — (296) 296

Other (3,036) (1,373) (1,663)

1 unchanged sentence

Dividends and interest

The increase in dividends and interest for the three months ended March 31, 2026 of $1.5 million, as compared to the corresponding period in 2025, was primarily due to an increase in interest income associated with higher average cash and cash equivalent balances partially offset by a lower weighted average interest rate return.

The increase in dividends and interest for the six months ended June 30, 2026 of $4.2 million, as compared to the corresponding period in 2025, was primarily due to an increase in interest income associated with higher average cash and cash equivalent balances partially offset by a lower weighted average interest rate return.

Interest expense

The increase in interest expense for the three months ended March 31, 2026 of $5.3 million, as compared to the corresponding period in 2025, was primarily due to higher weighted average debt obligations and weighted average interest rate.

The increase in interest expense for the six months ended June 30, 2026 of $11.8 million, as compared to the corresponding period in 2025, was primarily due to higher weighted average debt obligations and weighted average interest rate.

Gain on sale of real estate assets

During the three months ended March 31, 2026, four shopping centers were disposed of, resulting in aggregate gain of $52.1 million.

During the three months ended March 31, 2025, two shopping centers and two partial shopping centers were disposed of, resulting in aggregate gain of $3.1 million.

The increase in other expense for the three months ended March 31, 2026 of $1.7 million, as compared to the corresponding period in 2025, was primarily due to an increase in anticipated environmental remediation costs.

During the six months ended June 30, 2026, six shopping centers were disposed of, resulting in aggregate gain of $59.8 million.

During the six months ended June 30, 2025, three shopping centers and four partial shopping centers were disposed of, resulting in aggregate gain of $18.8 million.

Loss on extinguishment of debt, net

During the six months ended June 30, 2025, we amended and restated our Unsecured Credit Facility, resulting in a $0.3 million loss on extinguishment of debt due to the acceleration of unamortized debt issuance costs.

The increase in other expense for the six months ended June 30, 2026 of $1.7 million, as compared to the corresponding period in 2025, was primarily due to an increase in anticipated environmental remediation costs.

Liquidity and Capital Resources

3 unchanged sentences

• operating cash flow;

• available borrowings under the Unsecured Credit Facility (defined hereafter);

• available borrowings under the Unsecured Credit Facility;

• issuance of long-term debt;

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Our Unsecured Credit Facility is comprised of a $1.25 billion revolving loan facility (the "Revolving Facility") and a $500.0 million term loan facility (the "Term Loan Facility").

As of March 31, 2026, we had $1.79 billion of available liquidity, including $1.25 billion available under our Revolving Facility, $424.6 million of cash, cash equivalents and restricted cash, and $115.1 million anticipated net proceeds available under unsettled forward equity contracts.

As of June 30, 2026, we had $1.55 billion of available liquidity, including $1.25 billion available under our Revolving Facility, $186.1 million of cash, cash equivalents and restricted cash, and $114.8 million anticipated net proceeds available under unsettled forward equity contracts.

We intend to continue to enhance our financial and operational flexibility through periodic extensions of the duration of our debt.

Material Cash Requirements

Our expected material cash requirements for the twelve months ended March 31, 2027 and thereafter are comprised of (i) contractually obligated expenditures;

Our expected material cash requirements for the twelve months ending June 30, 2027 and thereafter are comprised of (i) contractually obligated expenditures;

(ii) other essential expenditures;

1 unchanged sentence

Contractually Obligated Expenditures

The following table summarizes our debt maturities (excluding extension options), interest payment obligations, and obligations under non-cancelable operating leases (excluding renewal options), as of March 31, 2026 (dollars in millions):

Contractually Obligated Expenditures Twelve

March 31, 2027 Thereafter

Months Ending

June 30, 2027 Thereafter

Debt maturities (1)

1 unchanged sentence

Interest payments (1)(2)

234,881 1,062,616

Operating leases 6,372 195,639

1 unchanged sentence

(1) Amounts presented do not assume the issuance of new debt upon maturity of existing debt.

(2) Scheduled interest payments for variable rate loans are presented using rates (including the impact of interest rate swaps), as of March 31, 2026.

(2) Scheduled interest payments for variable rate loans are presented using rates (including the impact of interest rate swaps), as of June 30, 2026.

"Quantitative and Qualitative Disclosures about Market Risk" in our Annual Report on Form 10-K for the year ended December 31, 2025 for a further discussion of these and other factors that could impact interest payments.

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Our board of directors evaluates our dividend on a quarterly basis, taking into account a variety of relevant factors, including REIT taxable income.

The following table summarizes our dividend activity for the first and second quarters of 2026:

Quarter 2026 Second

The following table summarizes our common dividend activity for the second and third quarters of 2026:

Quarter 2026 Third

Distributions to common shareholders

Dividend declared per common share $ 0.3075 $ 0.3075

Dividend declaration date February 4, 2026 April 22, 2026

Dividend record date April 2, 2026 July 2, 2026

Dividend payable date April 15, 2026 July 15, 2026

Dividend declaration date April 22, 2026 July 22, 2026

Dividend record date July 2, 2026 October 2, 2026

Dividend payable date July 15, 2026 October 15, 2026

Additionally, the Operating Partnership's redeemable preferred units accrue cumulative distributions.

Based on the units outstanding as of June 30, 2026, aggregate annual distributions to redeemable preferred unit holders is expected to be approximately $1.5 million.

Opportunistic Expenditures

We also utilize cash for opportunistic expenditures such as value-enhancing reinvestment and acquisition activity.

The amount of value-enhancing reinvestment capital expenditures that we incur depends on a variety of factors that

may change from period to period, such as the number, total expected cost, and nature of value-enhancing reinvestment projects that are underway.

The amount of value-enhancing reinvestment capital expenditures that we incur depends on a variety of factors that may change from period to period, such as the number, total expected cost, and nature of value-enhancing reinvestment projects that are underway.

See "Improvements to and investments in real estate assets" below for further information regarding our in-process reinvestment projects and our pipeline of future redevelopment projects.

2 unchanged sentences

Our acquisition activity may include acquisitions of open-air shopping centers or non-owned anchor spaces, retail buildings, and/or outparcels at, or adjacent to, our existing shopping centers.

Our cash flow activities are summarized as follows (dollars in thousands):

Our cash flow activities are summarized as follows (in thousands):

Brixmor Property Group Inc .

Three Months Ended March 31,

Six Months Ended June 30,

2026 2025 $ Change

Net cash provided by operating activities $ 344,860 $ 311,542 $ 33,318

Net cash provided by (used in) investing activities 35,387 (63,459) 98,846

Net cash used in investing activities (106,339) (148,980) 42,641

Net cash used in financing activities (413,932) (435,384) 21,452

3 unchanged sentences

Brixmor Operating Partnership LP

Three Months Ended March 31,

Six Months Ended June 30,

2026 2025 $ Change

Net cash provided by operating activities $ 344,860 $ 311,542 $ 33,318

Net cash provided by (used in) investing activities 35,387 (63,459) 98,846

Net cash used in investing activities (106,339) (148,980) 42,641

Net cash used in financing activities (413,930) (435,808) 21,878

4 unchanged sentences

Net cash provided by operating activities primarily consists of cash inflows from tenant rental payments and expense reimbursements and cash outflows for property operating costs, real estate taxes, general and administrative expenses, and interest expense.

During the three months ended March 31, 2026, our net cash provided by operating activities increased $11.1 million as compared to the corresponding period in 2025.

During the six months ended June 30, 2026, our net cash provided by operating activities increased $33.3 million as compared to the corresponding period in 2025.

The increase was primarily due to (i) an increase in same property net operating income;

(ii) a decrease in cash outflows for interest expense;

and (iii) an increase in cash inflows for dividends and interest income;

partially offset by (iv) a decrease in cash from net working capital;

(v) a decrease in lease termination fees;

(vi) an increase in cash outflows for G&A expense;

and (vii) a decrease in net operating income due to net transaction activity and other non-same property net operating income.

(ii) an increase in cash inflows for dividends and interest income;

(iii) an increase in cash from net working capital;

and (iv) a decrease in cash outflows for interest expense;

partially offset by (v) an increase in cash outflows for G&A expense;

(vi) a decrease in net operating income due to net transaction activity and other non-same property net operating income;

and (vii) a decrease in lease termination fees.

Investing Activities

Net cash provided by (used in) investing activities is primarily impacted by the nature, timing, and magnitude of acquisition and disposition activity and improvements to and investments in our shopping centers, including capital expenditures associated with our value-enhancing reinvestment activity.

During the three months ended March 31, 2026, our net cash provided by (used in) investing activities increased $98.8 million as compared to the corresponding period in 2025.

The increase was primarily due to (i) an increase of $84.0 million in net proceeds from sales of real estate assets;

Net cash used in investing activities is primarily impacted by the nature, timing, and magnitude of acquisition and disposition activity and improvements to and investments in our shopping centers, including capital expenditures associated with our value-enhancing reinvestment activity.

During the six months ended June 30, 2026, our net cash used in investing activities decreased $42.6 million as compared to the corresponding period in 2025.

The decrease was primarily due to (i) an increase of $79.1 million in net proceeds from sales of real estate assets;

(ii) a decrease of $47.8 million in improvements to and investments in real estate assets;

(iii) a decrease of $3.1 million in acquisitions of real estate assets;

decrease of $0.2 million in purchases of marketable securities, net of sales.

and (iii) a decrease of $15.0 million in deposits on acquisitions of real estate assets;

partially offset by (iv) an increase of $95.8 million in acquisitions of real estate assets;

and (v) an increase of $3.5 million in purchases of marketable securities, net of sales.

Improvements to and investments in real estate assets

During the three months ended March 31, 2026 and 2025, we expended $71.0 million and $82.5 million, respectively, on improvements to and investments in real estate assets.

Included in these amounts are insurance proceeds of $0.5 million and $0.6 million, respectively, which were received during the three months ended March 31, 2026 and 2025.

During the six months ended June 30, 2026 and 2025, we expended $123.5 million and $171.3 million, respectively, on improvements to and investments in real estate assets.

Included in these amounts are insurance proceeds of $1.7 million and $2.2 million, respectively, which were received during the six months ended June 30, 2026 and 2025.

Maintenance capital expenditures represent costs to fund major replacements and betterments to our properties.

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Such initiatives are tenant driven and focus on upgrading our centers with strong, best-in-class retailers.

As of March 31, 2026, we had 39 in-process anchor space repositioning, redevelopment, and outparcel development projects with an aggregate anticipated cost of $302.4 million, of which $110.1 million had been incurred as of March 31, 2026.

As of June 30, 2026, we had 44 in-process anchor space repositioning, redevelopment, and outparcel development projects with an aggregate anticipated cost of $347.8 million, of which $124.5 million had been incurred as of June 30, 2026.

In addition, we have identified a pipeline of future redevelopment projects, which we expect to execute over the coming years.

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We continue to evaluate the market for acquisition opportunities, and we may acquire individual shopping centers or portfolios of shopping centers when we believe strategic opportunities exist, to further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base.

During the three months ended March 31, 2026, we did not acquire any assets.

During the three months ended March 31, 2025, we acquired one land parcel for an aggregate purchase price of $3.1 million, including transaction costs and closing credits.

During the six months ended June 30, 2026, we acquired four shopping centers for an aggregate purchase price of $164.2 million, including transaction costs, closing credits, assumption of secured mortgage debt, and issuance of redeemable preferred units.

During the six months ended June 30, 2025, we acquired one land parcel and acquired a lease and associated subleases at an existing shopping center for an aggregate purchase price of $7.5 million, including transaction costs and closing credits.

We may also dispose of properties when we believe value has been maximized, where there is downside risk, or where we have limited ability or desire to build critical mass in a particular submarket.

During the three months ended March 31, 2026, we disposed of four shopping centers for aggregate net proceeds of $105.7 million.

During the three months ended March 31, 2025, we disposed of two shopping centers and two partial shopping centers for aggregate net proceeds of $21.6 million.

During the six months ended June 30, 2026, we disposed of six shopping centers for aggregate net proceeds of $120.5 million.

During the six months ended June 30, 2025, we disposed of three shopping centers and four partial shopping centers for aggregate net proceeds of $43.7 million.

Financing Activities

Net cash used in financing activities is primarily impacted by the nature, timing, and magnitude of issuances and repurchases of debt and equity securities, as well as borrowings or principal payments associated with our outstanding indebtedness, including our Unsecured Credit Facility, and distributions made to our common stockholders.

During the three months ended March 31, 2026, our net cash used in financing activities decreased $224.4 million as compared to the corresponding period in 2025.

During the six months ended June 30, 2026, our net cash used in financing activities decreased $21.5 million as compared to the corresponding period in 2025.

The decrease was primarily due to (i) a $31.5 million decrease in debt repayments, net of borrowings;

and (ii) a $3.5 million decrease in deferred financing costs;

and (ii) an $8.2 million decrease in deferred financing costs;

partially offset by (iii) a $13.7 million increase in distributions to our common stockholders;

and (iv) a $4.7 million increase in repurchases of common stock.

(iv) a $4.2 million increase in repurchases of common stock in conjunction with equity award plans;

and (v) a $0.3 million increase in issuance costs of redeemable non-controlling interests.

Non-GAAP Performance Measures

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Considering the nature of our business as a real estate owner and operator, we believe that Nareit FFO is useful to investors in measuring our operating and financial performance because the definition excludes items included in net income that do not relate to or are not indicative of our operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Our reconciliation of net income (calculated in accordance with GAAP) to Nareit FFO for the three months ended March 31, 2026 and 2025 is as follows (in thousands, except per share amounts):

Three Months Ended March 31,

Our reconciliation of net income (calculated in accordance with GAAP) to Nareit FFO for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands, except per share amounts):

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income attributable to Brixmor Property Group Inc.

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Gain on sale of real estate assets (9,820) (15,755) (61,917) (18,825)

Impairment of real estate assets 5,974 — 5,974 —

Nareit FFO $ 178,555 $ 171,475 $ 358,127 $ 342,582

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We believe that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of our real estate between periods.

Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025

Three Months Ended March 31,

2026 2025 Change

Comparison of the Three and Six Months Ended June 30, 2026 to the Three and Six Months Ended June 30, 2025 (dollars in thousands)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 Change 2026 2025 Change

Number of properties 337 337 — 337 337 —

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The following table provides a reconciliation of net income to same property NOI for the periods presented (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income attributable to Brixmor Property Group Inc.

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Depreciation and amortization 110,258 103,277 215,460 208,874

Impairment of real estate assets 5,974 — 5,974 —

General and administrative 27,858 29,093 56,050 57,266

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We continue to monitor the impacts of inflation and tariffs on our operating and financial performance.

With respect to our shopping centers, our long-term leases generally contain provisions designed to mitigate the adverse impact of inflation, including contractual rent escalations and requirements for tenants to pay a portion of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties, thereby reducing our exposure to increases in property operating expenses resulting from inflation.

With respect to our shopping centers, our long-term leases generally contain provisions designed to mitigate the adverse impact of

inflation, including contractual rent escalations and requirements for tenants to pay a portion of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties, thereby reducing our exposure to increases in property operating expenses resulting from inflation.

However, we have exposure to increases in certain non-reimbursable property operating expenses, including expenses incurred on vacant units.

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With respect to our outstanding indebtedness, we periodically evaluate our exposure to interest rate fluctuations and have entered, and may continue to, enter into interest rate protection agreements that mitigate, but do not eliminate, the impact of changes in interest rates on our variable rate loans.

With respect to general and administrative costs, we continually seek opportunities to offset inflationary cost

pressures through routine evaluations of our spending levels and through ongoing efforts to utilize technology to enhance our operational efficiency.

With respect to general and administrative costs, we continually seek opportunities to offset inflationary cost pressures through routine evaluations of our spending levels and through ongoing efforts to utilize technology to enhance our operational efficiency.

Quantitative and Qualitative Disclosures about Market Risk

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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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis