Brixmor Property Group Inc. 10-Q

Item 1. Financial Statements BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share information) September 30, 2026 December 31, 2025 Assets Real estate Land $ 1,867,480 $ 1,849,779 Buildings and improvements 10,120,610 9,937,718 11,988,090 11,787,497 Accumulated depreciation and amortization ( 3,782,174 ) ( 3,588,646 ) Real estate, net 8,205,916 8,198,851 Cash and cash equivalents 164,428 334,422 Restricted cash 19,050 27,108 Marketable securities 21,846 21,283 Receivables, net 318,952 315,128 Deferred charges and prepaid expenses, net 178,016 169,326 Real estate assets held for sale — 4,551 Other assets 114,633 62,468 Total assets $ 9,022,841 $ 9,133,137 Liabilities Debt obligations, net $ 5,322,955 $ 5,494,753 Accounts payable, accrued expenses and other liabilities 649,178 628,328 Total liabilities 5,972,133 6,123,081 Commitments and contingencies (Note 14) — — Redeemable non-controlling interests 30,821 — Equity Common stock, $ 0.01 par value; authorized 3,000,000,000 shares; 315,999,308 and 315,231,761 shares issued and 306,872,316 and 306,104,769 shares outstanding 3,068 3,061 Additional paid-in capital 3,431,754 3,437,853 Accumulated other comprehensive income 13,012 1,722 Distributions in excess of net income ( 428,189 ) ( 432,822 ) Total stockholders' equity 3,019,645 3,009,814 Non-controlling interests 242 242 Total equity 3,019,887 3,010,056 Total liabilities and equity $ 9,022,841 $ 9,133,137 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Rental income $ 358,546 $ 340,618 $ 1,066,775 $ 1,017,256 Other revenues 1,052 225 1,841 591 Total revenues 359,598 340,843 1,068,616 1,017,847 Operating expenses Operating costs 40,921 38,891 127,062 117,979 Real estate taxes 46,290 45,455 135,972 133,907 Depreciation and amortization 106,427 103,234 321,887 312,108 Impairment of real estate assets 683 16,075 6,657 16,075 General and administrative 27,297 26,772 83,347 84,038 Total operating expenses 221,618 230,427 674,925 664,107 Other income (expense) Dividends and interest 1,364 1,191 8,481 4,087 Interest expense ( 59,176 ) ( 56,680 ) ( 179,466 ) ( 165,173 ) Gain on sale of real estate assets 8,863 40,018 70,780 58,843 Loss on extinguishment of debt, net — — — ( 296 ) Other ( 889 ) ( 703 ) ( 3,925 ) ( 2,076 ) Total other expense ( 49,838 ) ( 16,174 ) ( 104,130 ) ( 104,615 ) Net income 88,142 94,242 289,561 249,125 Net income attributable to non-controlling interests ( 388 ) ( 7 ) ( 546 ) ( 22 ) Net income attributable to Brixmor Property Group Inc. $ 87,754 $ 94,235 $ 289,015 $ 249,103 Net income attributable to Brixmor Property Group Inc. per common share: Basic $ 0.29 $ 0.31 $ 0.94 $ 0.81 Diluted $ 0.28 $ 0.31 $ 0.94 $ 0.81 Weighted average shares: Basic 307,305 307,193 307,248 307,132 Diluted 308,135 308,084 307,997 307,974 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income $ 88,142 $ 94,242 $ 289,561 $ 249,125 Other comprehensive income (loss) Change in unrealized gain (loss) on interest rate swaps, net (Note 6) 1,258 ( 164 ) 11,889 ( 6,479 ) Change in unrealized gain (loss) on marketable securities ( 386 ) ( 25 ) ( 599 ) 156 Total other comprehensive income (loss) 872 ( 189 ) 11,290 ( 6,323 ) Comprehensive income 89,014 94,053 300,851 242,802 Comprehensive income attributable to non-controlling interests ( 388 ) ( 7 ) ( 546 ) ( 22 ) Comprehensive income attributable to Brixmor Property Group Inc. $ 88,626 $ 94,046 $ 300,305 $ 242,780 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited, in thousands, except per share data) Common Stock Number Amount Additional Paid-in Capital Accumulated Other Comprehensive Income Distributions in Excess of Net Income Non-controlling Interests Total Beginning balance, January 1, 2025 305,492 $ 3,055 $ 3,431,043 $ 8,218 $ ( 458,638 ) $ 244 $ 2,983,922 Common stock dividends ($ 0.2875 per common share) — — — — ( 88,492 ) — ( 88,492 ) Equity based compensation expense — — 4,650 — — — 4,650 Other comprehensive loss — — — ( 4,143 ) — — ( 4,143 ) Issuance of common stock, net of issuance costs 568 6 ( 6 ) — — — — Repurchases of common shares in conjunction with equity award plans — — ( 11,645 ) — — — ( 11,645 ) Net income — — — — 69,729 8 69,737 Ending balance, March 31, 2025 306,060 3,061 3,424,042 4,075 ( 477,401 ) 252 2,954,029 Common stock dividends ($ 0.2875 per common share) — — — — ( 88,589 ) — ( 88,589 ) Equity based compensation expense — — 5,135 — — — 5,135 Other comprehensive loss — — — ( 1,991 ) — — ( 1,991 ) Issuance of common stock 40 — — — — — — Repurchases of common shares in conjunction with equity award plans — — ( 566 ) — — — ( 566 ) Net income — — — — 85,139 7 85,146 Ending balance, June 30, 2025 306,100 3,061 3,428,611 2,084 ( 480,851 ) 259 2,953,164 Common stock dividends ($ 0.2875 per common share) — — — — ( 88,581 ) — ( 88,581 ) Equity based compensation expense — — 4,370 — — — 4,370 Other comprehensive loss — — — ( 189 ) — — ( 189 ) Repurchases of common shares in conjunction with equity award plans — — ( 9 ) — — — ( 9 ) Net income — — — — 94,235 7 94,242 Ending balance, September 30, 2025 306,100 $ 3,061 $ 3,432,972 $ 1,895 $ ( 475,197 ) $ 266 $ 2,962,997 Beginning balance, January 1, 2026 306,105 $ 3,061 $ 3,437,853 $ 1,722 $ ( 432,822 ) $ 242 $ 3,010,056 Common stock dividends ($ 0.3075 per common share) — — — — ( 94,811 ) — ( 94,811 ) Equity based compensation expense — — 2,636 — — — 2,636 Other comprehensive income — — — 7,687 — — 7,687 Issuance of common stock, net of issuance costs 732 7 ( 7 ) — — — — Repurchases of common shares in conjunction with equity award plans — — ( 16,412 ) — — — ( 16,412 ) Net income — — — — 127,750 7 127,757 Ending balance, March 31, 2026 306,837 3,068 3,424,070 9,409 ( 399,883 ) 249 3,036,913 Common stock dividends ($ 0.3075 per common share) — — — — ( 94,787 ) — ( 94,787 ) Equity based compensation expense — — 3,912 — — — 3,912 Other comprehensive income — — — 2,731 — — 2,731 Issuance of common stock 35 — — — — — — Accretion of redeemable non-controlling interests to redemption value — — ( 330 ) — — — ( 330 ) Non-controlling interests preferred return — — — — — ( 14 ) ( 14 ) Net income, excluding $ 144 attributable to redeemable non-controlling interests — — — — 73,511 7 73,518 Ending balance, June 30, 2026 306,872 3,068 3,427,652 12,140 ( 421,159 ) 242 3,021,943 Common stock dividends ($ 0.3075 per common share) — — — — ( 94,784 ) — ( 94,784 ) Equity based compensation expense — — 4,137 — — — 4,137 Other comprehensive income — — — 872 — — 872 Non-controlling interests preferred return — — — — — ( 7 ) ( 7 ) Repurchases of common shares in conjunction with equity award plans — — ( 35 ) — — — ( 35 ) Net income, excluding $ 381 attributable to redeemable non-controlling interests — — — — 87,754 7 87,761 Ending balance, September 30, 2026 306,872 $ 3,068 $ 3,431,754 $ 13,012 $ ( 428,189 ) $ 242 $ 3,019,887 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Nine Months Ended September 30, 2026 2025 Operating activities: Net income $ 289,561 $ 249,125 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 321,887 312,108 Accretion of debt premium and discount, net ( 2,065 ) ( 2,057 ) Deferred financing cost amortization 5,942 5,472 Accretion of above- and below-market leases, net ( 12,702 ) ( 13,606 ) Tenant inducement amortization and other 1,526 1,724 Impairment of real estate assets 6,657 16,075 Gain on sale of real estate assets ( 70,780 ) ( 58,843 ) Equity based compensation 9,782 12,994 Loss on extinguishment of debt, net — 296 Changes in operating assets and liabilities: Receivables, net ( 9,251 ) ( 24,346 ) Deferred charges and prepaid expenses ( 30,486 ) ( 30,734 ) Other assets 585 171 Accounts payable, accrued expenses and other liabilities 5,300 11,430 Net cash provided by operating activities 515,956 479,809 Investing activities: Improvements to and investments in real estate assets ( 190,382 ) ( 245,540 ) Acquisitions of real estate assets ( 152,651 ) ( 229,866 ) Proceeds from sales of real estate assets 163,635 122,823 Purchase of marketable securities ( 21,979 ) ( 13,811 ) Proceeds from sale of marketable securities 20,833 12,644 Net cash used in investing activities ( 180,544 ) ( 353,750 ) Financing activities: Repayment of borrowings under unsecured revolving credit facility — ( 660,000 ) Proceeds from borrowings under unsecured revolving credit facility — 660,000 Proceeds from unsecured notes 398,512 798,720 Repayment of borrowings under unsecured notes ( 600,694 ) ( 632,312 ) Deferred financing and debt extinguishment costs ( 8,086 ) ( 16,225 ) Net proceeds from issuances of common shares ( 184 ) ( 241 ) Redeemable non-controlling interests issuance costs ( 330 ) — Distributions to common stockholders ( 286,032 ) ( 265,968 ) Distributions to redeemable non-controlling interests ( 203 ) — Repurchases of common shares in conjunction with equity award plans ( 16,447 ) ( 12,219 ) Net cash used in financing activities ( 513,464 ) ( 128,245 ) Net change in cash, cash equivalents and restricted cash ( 178,052 ) ( 2,186 ) Cash, cash equivalents and restricted cash at beginning of period 361,530 378,692 Cash, cash equivalents and restricted cash at end of period $ 183,478 $ 376,506 Reconciliation to consolidated balance sheets: Cash and cash equivalents $ 164,428 $ 331,544 Restricted cash 19,050 44,962 Cash, cash equivalents and restricted cash at end of period $ 183,478 $ 376,506 Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $ 1,765 and $ 3,214 $ 177,881 $ 170,445 Change in accrued capital expenditures 725 ( 14,315 ) Supplemental disclosure of non-cash investing and/or financing activities: Fair value of secured mortgage assumed for acquisition of real estate assets $ 30,500 $ — Redeemable non-controlling interests issued for acquisition of real estate assets 30,499 — The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except unit information) September 30, 2026 December 31, 2025 Assets Real estate Land $ 1,867,480 $ 1,849,779 Buildings and improvements 10,120,610 9,937,718 11,988,090 11,787,497 Accumulated depreciation and amortization ( 3,782,174 ) ( 3,588,646 ) Real estate, net 8,205,916 8,198,851 Cash and cash equivalents 163,897 333,888 Restricted cash 19,050 27,108 Marketable securities 21,846 21,283 Receivables, net 318,952 315,128 Deferred charges and prepaid expenses, net 178,016 169,326 Real estate assets held for sale — 4,551 Other assets 114,633 62,468 Total assets $ 9,022,310 $ 9,132,603 Liabilities Debt obligations, net $ 5,322,955 $ 5,494,753 Accounts payable, accrued expenses and other liabilities 649,178 628,328 Total liabilities 5,972,133 6,123,081 Commitments and contingencies (Note 14) — — Redeemable preferred units 30,821 — Capital Partnership common units; 315,999,308 and 315,231,761 units issued and 306,872,316 and 306,104,769 units outstanding 3,006,102 3,007,558 Accumulated other comprehensive income 13,012 1,722 Total partners' capital 3,019,114 3,009,280 Non-controlling interests 242 242 Total capital 3,019,356 3,009,522 Total liabilities and capital $ 9,022,310 $ 9,132,603 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 6 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Rental income $ 358,546 $ 340,618 $ 1,066,775 $ 1,017,256 Other revenues 1,052 225 1,841 591 Total revenues 359,598 340,843 1,068,616 1,017,847 Operating expenses Operating costs 40,921 38,891 127,062 117,979 Real estate taxes 46,290 45,455 135,972 133,907 Depreciation and amortization 106,427 103,234 321,887 312,108 Impairment of real estate assets 683 16,075 6,657 16,075 General and administrative 27,297 26,772 83,347 84,038 Total operating expenses 221,618 230,427 674,925 664,107 Other income (expense) Dividends and interest 1,364 1,191 8,481 4,087 Interest expense ( 59,176 ) ( 56,680 ) ( 179,466 ) ( 165,173 ) Gain on sale of real estate assets 8,863 40,018 70,780 58,843 Loss on extinguishment of debt, net — — — ( 296 ) Other ( 889 ) ( 703 ) ( 3,925 ) ( 2,076 ) Total other expense ( 49,838 ) ( 16,174 ) ( 104,130 ) ( 104,615 ) Net income 88,142 94,242 289,561 249,125 Net income attributable to non-controlling interests ( 7 ) ( 7 ) ( 21 ) ( 22 ) Net income attributable to Brixmor Operating Partnership LP 88,135 94,235 289,540 249,103 Redeemable preferred return ( 381 ) — ( 525 ) — Net income available to Brixmor Operating Partnership LP common unitholders $ 87,754 $ 94,235 $ 289,015 $ 249,103 Net income available to Brixmor Operating Partnership LP common unitholders per common unit: Basic $ 0.29 $ 0.31 $ 0.94 $ 0.81 Diluted $ 0.28 $ 0.31 $ 0.94 $ 0.81 Weighted average units: Basic 307,305 307,193 307,248 307,132 Diluted 308,135 308,084 307,997 307,974 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 7 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income $ 88,142 $ 94,242 $ 289,561 $ 249,125 Other comprehensive income (loss) Change in unrealized gain (loss) on interest rate swaps, net (Note 6) 1,258 ( 164 ) 11,889 ( 6,479 ) Change in unrealized gain (loss) on marketable securities ( 386 ) ( 25 ) ( 599 ) 156 Total other comprehensive income (loss) 872 ( 189 ) 11,290 ( 6,323 ) Comprehensive income 89,014 94,053 300,851 242,802 Comprehensive income attributable to non-controlling interests ( 7 ) ( 7 ) ( 21 ) ( 22 ) Comprehensive income attributable to Brixmor Operating Partnership LP $ 89,007 $ 94,046 $ 300,830 $ 242,780 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 8 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Unaudited, in thousands) Partnership Common Units Accumulated Other Comprehensive Income Non-controlling Interests Total Beginning balance, January 1, 2025 $ 2,974,800 $ 8,218 $ 244 $ 2,983,262 Distributions to common partners ( 88,916 ) — — ( 88,916 ) Equity based compensation expense 4,650 — — 4,650 Other comprehensive loss — ( 4,143 ) — ( 4,143 ) Repurchases of OP Units in conjunction with equity award plans ( 11,645 ) — — ( 11,645 ) Net income 69,729 — 8 69,737 Ending balance, March 31, 2025 2,948,618 4,075 252 2,952,945 Distributions to common partners ( 88,589 ) — — ( 88,589 ) Equity based compensation expense 5,135 — — 5,135 Other comprehensive loss — ( 1,991 ) — ( 1,991 ) Repurchases of OP Units in conjunction with equity award plans ( 566 ) — — ( 566 ) Net income 85,139 — 7 85,146 Ending balance, June 30, 2025 2,949,737 2,084 259 2,952,080 Distributions to common partners ( 88,030 ) — — ( 88,030 ) Equity based compensation expense 4,370 — — 4,370 Other comprehensive loss — ( 189 ) — ( 189 ) Repurchases of OP Units in conjunction with equity award plans ( 9 ) — — ( 9 ) Net income 94,235 — 7 94,242 Ending balance, September 30, 2025 $ 2,960,303 $ 1,895 $ 266 $ 2,962,464 Beginning balance, January 1, 2026 $ 3,007,558 $ 1,722 $ 242 $ 3,009,522 Distributions to common partners ( 94,810 ) — — ( 94,810 ) Equity based compensation expense 2,636 — — 2,636 Other comprehensive income — 7,687 — 7,687 Repurchases of OP Units in conjunction with equity award plans ( 16,412 ) — — ( 16,412 ) Net income 127,750 — 7 127,757 Ending balance, March 31, 2026 3,026,722 9,409 249 3,036,380 Distributions to common partners ( 94,786 ) — — ( 94,786 ) Equity based compensation expense 3,912 — — 3,912 Other comprehensive income — 2,731 — 2,731 Accretion of redeemable preferred units to redemption value ( 330 ) — — ( 330 ) Non-controlling interests preferred return — — ( 14 ) ( 14 ) Net income, excluding $ 144 attributable to redeemable preferred units 73,511 — 7 73,518 Ending balance, June 30, 2026 3,009,029 12,140 242 3,021,411 Distributions to common partners ( 94,783 ) — — ( 94,783 ) Equity based compensation expense 4,137 — — 4,137 Other comprehensive income — 872 — 872 Non-controlling interests preferred return — — ( 7 ) ( 7 ) Repurchases of OP Units in conjunction with equity award plans ( 35 ) — — ( 35 ) Net income, excluding $ 381 attributable to redeemable preferred units 87,754 — 7 87,761 Ending balance, September 30, 2026 $ 3,006,102 $ 13,012 $ 242 $ 3,019,356 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 9 BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Nine Months Ended September 30, 2026 2025 Operating activities: Net income $ 289,561 $ 249,125 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 321,887 312,108 Accretion of debt premium and discount, net ( 2,065 ) ( 2,057 ) Deferred financing cost amortization 5,942 5,472 Accretion of above- and below-market leases, net ( 12,702 ) ( 13,606 ) Tenant inducement amortization and other 1,526 1,724 Impairment of real estate assets 6,657 16,075 Gain on sale of real estate assets ( 70,780 ) ( 58,843 ) Equity based compensation 9,782 12,994 Loss on extinguishment of debt, net — 296 Changes in operating assets and liabilities: Receivables, net ( 9,251 ) ( 24,346 ) Deferred charges and prepaid expenses ( 30,486 ) ( 30,734 ) Other assets 585 171 Accounts payable, accrued expenses and other liabilities 5,300 11,430 Net cash provided by operating activities 515,956 479,809 Investing activities: Improvements to and investments in real estate assets ( 190,382 ) ( 245,540 ) Acquisitions of real estate assets ( 152,651 ) ( 229,866 ) Proceeds from sales of real estate assets 163,635 122,823 Purchase of marketable securities ( 21,979 ) ( 13,811 ) Proceeds from sale of marketable securities 20,833 12,644 Net cash used in investing activities ( 180,544 ) ( 353,750 ) Financing activities: Repayment of borrowings under unsecured revolving credit facility — ( 660,000 ) Proceeds from borrowings under unsecured revolving credit facility — 660,000 Proceeds from unsecured notes 398,512 798,720 Repayment of borrowings under unsecured notes ( 600,694 ) ( 632,312 ) Deferred financing and debt extinguishment costs ( 8,086 ) ( 16,225 ) Net proceeds from issuances of OP Units ( 184 ) ( 241 ) Redeemable preferred units issuance costs ( 330 ) — Distributions to redeemable preferred unitholders ( 203 ) — Partner distributions and repurchases of OP Units ( 302,476 ) ( 278,060 ) Net cash used in financing activities ( 513,461 ) ( 128,118 ) Net change in cash, cash equivalents and restricted cash ( 178,049 ) ( 2,059 ) Cash, cash equivalents and restricted cash at beginning of period 360,996 378,032 Cash, cash equivalents and restricted cash at end of period $ 182,947 $ 375,973 Reconciliation to consolidated balance sheets: Cash and cash equivalents $ 163,897 $ 331,011 Restricted cash 19,050 44,962 Cash, cash equivalents and restricted cash at end of period $ 182,947 $ 375,973 Supplemental disclosure of cash flow information: Cash paid for interest, net of amount capitalized of $ 1,765 and $ 3,214 $ 177,881 $ 170,445 Change in accrued capital expenditures 725 ( 14,315 ) Supplemental disclosure of non-cash investing and/or financing activities: Fair value of secured mortgage assumed for acquisition of real estate assets $ 30,500 $ — Redeemable preferred units issued for acquisition of real estate assets 30,499 — The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 10 BRIXMOR PROPERTY GROUP INC. AND BRIXMOR OPERATING PARTNERSHIP LP NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Nature of Business and Financial Statement Presentation Description of Business Brixmor Property Group Inc. and subsidiaries (collectively, the "Parent Company") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100 % of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their consolidated subsidiaries (collectively, the "Company" or "Brixmor") owns and operates one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of grocery-anchored community and neighborhood shopping centers. As of September 30, 2026, the Company’s portfolio was comprised of 345 shopping centers (the "Portfolio") totaling approximately 62 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single operating and reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP"). Pending Slate Grocery REIT Transaction and Everview Joint Venture On September 27, 2026, a new joint venture (the "Everview JV") between the Operating Partnership and funds affiliated with Everview Partners, L.P. ("Everview") entered into certain agreements pursuant to which the Everview JV agreed to acquire Slate Grocery REIT ("Slate"), the owner and operator of a portfolio of U.S. shopping centers (the "Slate Transaction"). Upon the expected closing of the Slate Transaction, the Company will effectively acquire a portfolio of 23 grocery-anchored shopping centers, representing a 100 % interest in 22 centers and a 50 % interest in one center (together, the "Brixmor Portfolio") for $ 636 million, and the Everview JV will acquire the remaining 92 assets (the "JV Portfolio") for $ 1.71 billion. The Operating Partnership and Everview have entered into an interim investors agreement related to the Everview JV that provides, among other things, that each party will negotiate in good faith to enter into, upon or prior to the expected closing of the Slate Transaction, a joint venture agreement consistent with an agreed upon term sheet. Such term sheet addresses the material terms of the joint venture, including: • that the Operating Partnership will control all decisions related to, and be entitled to all the economic rights associated with, the Brixmor Portfolio; • that Everview will have an 80 % common interest in the JV Portfolio and the Operating Partnership will have a 20 % common interest in the JV Portfolio; • that the Operating Partnership will serve as the managing member of the Everview JV, will manage the JV Portfolio and will be entitled to fees for its services; and • that in addition to contributing its 20 % portion of the cash purchase price allocable to the JV Portfolio, expected to be approximately $ 112 million, the Operating Partnership will make a preferred equity investment of approximately $ 174 million in the Everview JV, with a 9 % preferential annual dividend. The interim investors agreement also provides (i) that the Operating Partnership and Everview will act jointly to cause the Everview JV to comply with its obligations under the applicable transaction agreements, (ii) that in the event either party causes the Everview JV to fail to satisfy its obligations, including related to its equity commitment letter, and the Slate Transaction is consequently terminated by Slate, that the defaulting party will be responsible for 11 100% of the transaction termination fee and other expenses of the non-defaulting party, and (iii) other expense sharing arrangements. The consummation of the Slate Transaction is subject to customary closing conditions including approval by Slate unitholders. The Company expects the closing of the Slate Transaction, if approved by Slate unitholders, to occur in the first quarter of 2027. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the unaudited Condensed Consolidated Financial Statements for the periods presented have been included. The operating results for the periods presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2025 and accompanying notes included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 9, 2026. Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated. Forward Equity Sales Forward equity sale contracts under the Company’s at-the-market equity offering program (the "ATM Program") are evaluated under Accounting Standards Codification ("ASC") 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity . The Company has determined that the forward sale contracts meet the criteria for equity classification, and as such, these contracts are classified as equity instruments and are not recognized on the Company’s unaudited Condensed Consolidated Balance Sheets until settlement. The Company also accounts for the potential dilution from forward sale contracts in earnings per share calculations, using the treasury stock method to determine any dilutive impact prior to settlement. Redeemable Non-controlling Interests The Company accounts for Redeemable non-controlling interests in accordance with ASC 810, Consolidation , and ASC 480, Distinguishing Liabilities from Equity . Redeemable non-controlling interests represent redeemable preferred units issued by the Operating Partnership in connection with a certain property acquisition. The redeemable preferred units have a stated liquidation preference, accrue cumulative distributions, and are redeemable or convertible at the holders’ option. Upon redemption, the Company may settle the obligation in cash or shares of the Company’s common stock equal to the redemption value. Holders may also elect to convert the units into a fixed number of OP Units or shares of the Company’s common stock; however, conversion election into shares of the Company’s common stock may be settled in cash at the Company’s election. As the units contain holder-controlled redemption features that are not solely within the Company’s control, the units are considered contingently redeemable and are classified outside of permanent equity. Accordingly, the units are presented as Redeemable non-controlling interests and Redeemable preferred units within the mezzanine section between Liabilities and Equity/Capital on each of the Company’s and the Operating Partnership’s unaudited Condensed Consolidated Balance Sheets, respectively. Amounts attributable to redeemable preferred units are presented within Net income attributable to non-controlling interests and Redeemable preferred return on each of the Company’s and the Operating Partnership’s unaudited Condensed Consolidated Statements of Operations, respectively. Income Taxes The Parent Company has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, as defined under the Code, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain the Parent Company’s 12 REIT status. As a REIT, the Parent Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income. The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent Company qualifies for taxation as a REIT, the Parent Company is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable. The Parent Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a "TRS"), and the Parent Company may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to the Parent Company’s TRSs do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company. The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of September 30, 2026 and December 31, 2025. Open tax years generally range from 2023 through 2025 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s unaudited Condensed Consolidated Statements of Operations. New Accounting Pronouncements There has been no change to the impact of the accounting pronouncements disclosed in the Company's annual report on Form 10-K filed with the SEC on February 9, 2026 and any recently issued accounting standards or pronouncements have been excluded as they either are not relevant to the Company, or they are not expected to have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company. 2. Acquisition of Real Estate During the nine months ended September 30, 2026, the Company acquired the following assets, in separate transactions (dollars in thousands, unless otherwise specified): Aggregate Purchase Price (1) Description Location Month Acquired GLA Cash Debt Assumed Other Total Mayfair Shopping Center (2) Commack, NY May-26 221,010 $ 8,414 $ 30,500 $ 30,499 $ 69,413 Vintage Marketplace Houston, TX May-26 72,184 32,815 — — 32,815 Jones Crossing College Station, TX Jun-26 163,472 46,734 — — 46,734 Stanford Station Panama City, FL Jun-26 96,844 15,264 — — 15,264 Village West Shopping Center Hemet, CA Aug-26 195,862 49,424 — — 49,424 749,372 $ 152,651 $ 30,500 $ 30,499 $ 213,650 (1) Aggregate purchase price includes $ 2.1 million of transaction costs, offset by $ 2.2 million of closing credits. (2) Other consists of $ 30.5 million of redeemable preferred units issued by the Operating Partnership in connection with the acquisition. See Note 11 for additional information regarding the redeemable preferred units. 13 During the nine months ended September 30, 2025, the Company acquired the following assets, in separate transactions (dollars in thousands, unless otherwise specified): Aggregate Purchase Price (1) Description Location Month Acquired GLA Cash Debt Assumed Other Total Land at Suffolk Plaza East Setauket, NY Jan-25 — $ 3,144 $ — $ — $ 3,144 Leases at Plaza at Buckland Hills Manchester, CT Jun-25 — 4,330 — — 4,330 LaCenterra at Cinco Ranch Katy, TX Jul-25 409,264 222,392 — — 222,392 409,264 $ 229,866 $ — $ — $ 229,866 (1) Aggregate purchase price includes $ 0.7 million of transaction costs, offset by $ 1.2 million of closing credits. The aggregate purchase price of the assets acquired during the nine months ended September 30, 2026 and 2025, respectively, has been allocated as follows (dollars in thousands): Nine Months Ended September 30, Assets 2026 2025 Land $ 39,850 $ 21,516 Buildings 100,357 168,152 Building and tenant improvements 21,216 7,540 Above-market leases (1) 263 39 In-place leases (2) 50,020 45,945 Operating lease right-of-use assets, net (3) 41,624 — Total assets 253,330 243,192 Liabilities Below-market leases (4) 31,660 13,326 Operating lease liabilities (3) 8,020 — Total liabilities 39,680 13,326 Net assets acquired $ 213,650 $ 229,866 (1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the nine months ended September 30, 2026 was 8.2 years. (2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the nine months ended September 30, 2026 was 7.6 years. (3) The weighted average amortization period at the time of acquisition for operating lease right-of-use assets, net and operating lease liabilities related to assets acquired during the nine months ended September 30, 2026 was 90.2 years. (4) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the nine months ended September 30, 2026 was 26.5 years. 3. Dispositions and Assets Held for Sale During the three months ended September 30, 2026, the Company disposed of two shopping centers for aggregate net proceeds of $ 40.8 million, resulting in aggregate gain of $ 8.9 million and aggregate impairment of $ 0.7 million. During the nine months ended September 30, 2026, the Company disposed of eight shopping centers for aggregate net proceeds of $ 161.3 million, resulting in aggregate gain of $ 68.7 million and aggregate impairment of $ 6.7 million. In addition, during the nine months ended September 30, 2026, the Company 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 three months ended September 30, 2025, the Company disposed of seven shopping centers for aggregate net proceeds of $ 79.1 million, resulting in aggregate gain of $ 40.0 million. During the nine months ended September 30, 2025, the Company disposed of ten shopping centers and four partial shopping centers for aggregate net proceeds of $ 122.8 million, resulting in aggregate gain of $ 58.8 million. 14 As of September 30, 2026, the Company had no properties held for sale. As of December 31, 2025, the Company had one property held for sale. There were no liabilities associated with the property classified as held for sale. The following table presents the assets associated with the property classified as held for sale (in thousands): Assets September 30, 2026 December 31, 2025 Land $ — $ 233 Buildings and improvements — 5,579 Accumulated depreciation and amortization — ( 1,407 ) Real estate, net — 4,405 Other assets — 146 Assets associated with real estate assets held for sale $ — $ 4,551 There were no discontinued operations for the three and nine months ended September 30, 2026 and 2025 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations. 4. Real Estate The Company’s components of Real estate, net consisted of the following (in thousands, unless otherwise specified): September 30, 2026 December 31, 2025 Land $ 1,867,480 $ 1,849,779 Buildings and improvements: Buildings and tenant improvements 9,554,447 9,388,978 Lease intangibles (1) 566,163 548,740 11,988,090 11,787,497 Accumulated depreciation and amortization (2) ( 3,782,174 ) ( 3,588,646 ) Total $ 8,205,916 $ 8,198,851 (1) As of September 30, 2026 and December 31, 2025, Lease intangibles consisted of $ 527.0 million and $ 508.2 million, respectively, of in-place leases and $ 39.1 million and $ 40.6 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (2) As of September 30, 2026 and December 31, 2025, Accumulated depreciation and amortization included $ 436.6 million and $ 426.6 million, respectively, of accumulated amortization related to Lease intangibles. In addition, as of September 30, 2026 and December 31, 2025, the Company had intangible liabilities relating to below-market leases of $ 409.3 million and $ 389.1 million, respectively, and accumulated accretion of $ 246.2 million and $ 244.3 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. 15 Below-market lease accretion income, net of above-market lease amortization for the three months ended September 30, 2026 and 2025 was $ 3.7 million and $ 5.6 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2026 and 2025 was $ 12.7 million and $ 13.6 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended September 30, 2026 and 2025 was $ 9.3 million and $ 7.9 million, respectively. Amortization expense associated with in-place lease value for the nine months ended September 30, 2026 and 2025 was $ 27.9 million and $ 22.1 million, respectively. These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows (in thousands): Year ending December 31, Below-market lease accretion (income), net of above-market lease amortization expense In-place lease amortization expense 2026 (remaining three months) $ ( 3,668 ) $ 9,232 2027 ( 13,406 ) 29,956 2028 ( 12,276 ) 22,298 2029 ( 11,122 ) 15,781 2030 ( 10,424 ) 10,333 2031 ( 9,998 ) 8,824 5. Impairments Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value. The Company recognized the following impairment during the three and nine months ended September 30, 2026 (dollars in thousands): Three Months Ended September 30, 2026 Property Name (1) Location GLA Impairment Charge High Point Centre (2) Lombard, IL 240,345 $ 683 240,345 $ 683 Nine Months Ended September 30, 2026 Property Name (1) Location GLA Impairment Charge High Point Centre (2) Lombard, IL 240,345 $ 6,657 240,345 $ 6,657 (1) The Company recognized an impairment charge based upon changes in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) The Company disposed of this property during the nine months ended September 30, 2026. 16 The Company recognized the following impairment during the three and nine months ended September 30, 2025 (dollars in thousands): Three and Nine Months Ended September 30, 2025 Property Name (1) Location GLA Impairment Charge Springdale (2) Mobile, AL 398,701 $ 16,075 398,701 $ 16,075 (1) The Company recognized an impairment charge based upon changes in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program. (2) The Company disposed of this property during the year ended December 31, 2025. The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions, if any. See Note 8 for additional information regarding the fair value of operating properties that have been impaired, if any. 6. Financial Instruments – Derivatives and Hedging The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes. In certain situations, the Company may enter into derivative financial instruments, such as interest rate swap agreements and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by market interest rates. Cash Flow Hedges of Interest Rate Risk Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts, generally based on the Secured Overnight Financing Rate ("SOFR"), from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount. Interest rate lock agreements designated as cash flow hedges generally involve the Company locking a fixed benchmark U.S. treasury rate with a counterparty for a specified future period to hedge variability in future cash flows attributable to changes in interest rates. Interest rate lock agreements are settled in cash on the specified settlement date without the exchange of the underlying notional amount. The Company utilizes interest rate swap and interest rate lock agreements to partially hedge the cash flows associated with variable-rate debt or future cash flows associated with forecasted fixed-rate debt issuances. The Company has elected to present its interest rate derivatives on its unaudited Condensed Consolidated Balance Sheets on a gross basis as interest rate derivative assets and interest rate derivative liabilities. The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. In February 2026, the Company entered into two interest rate lock agreements with an aggregate notional amount of $ 200.0 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 $ 200.0 million of fixed-rate debt. In May 2026, the Company terminated the two interest rate lock agreements in connection with the issuance of the 2036 Notes (defined hereafter), for aggregate net proceeds of $ 6.2 million. The net proceeds are included in Accumulated other comprehensive income on the Company's unaudited Condensed Consolidated Balance Sheets and will be amortized over the term of interest payments hedged by the interest rate lock agreements, as a reduction to Interest expense on the Company's unaudited Condensed Consolidated Statements of Operations. During the year ended December 31, 2025, the Company did not enter into or terminate any interest rate swap or interest rate lock agreements. 17 Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2026 is as follows (dollars in thousands): Fair Value Effective Date Maturity Date Swapped Variable Rate Fixed Rate Notional Amount Assets Liabilities 5/1/2023 7/26/2027 1 Month SOFR 3.58900 % $ 100,000 $ 623 $ — 5/1/2023 7/26/2027 1 Month SOFR 3.59500 % 75,000 464 — 5/1/2023 7/26/2027 1 Month SOFR 3.59300 % 25,000 155 — 7/26/2024 7/26/2027 1 Month SOFR 4.07670 % 100,000 227 — 7/26/2024 7/26/2027 1 Month SOFR 4.07700 % 100,000 227 — 7/26/2024 7/26/2027 1 Month SOFR 4.07670 % 50,000 114 — 7/26/2024 7/26/2027 1 Month SOFR 4.07700 % 50,000 114 — $ 500,000 $ 1,924 $ — 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 (dollars in thousands): Fair Value Effective Date Maturity Date Swapped Variable Rate Fixed Rate Notional Amount Assets Liabilities 5/1/2023 7/26/2027 1 Month SOFR 3.5890 % $ 100,000 $ — $ ( 460 ) 5/1/2023 7/26/2027 1 Month SOFR 3.5950 % 75,000 — ( 352 ) 5/1/2023 7/26/2027 1 Month SOFR 3.5930 % 25,000 — ( 117 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 100,000 — ( 1,208 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 100,000 — ( 1,208 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0767 % 50,000 — ( 604 ) 7/26/2024 7/26/2027 1 Month SOFR 4.0770 % 50,000 — ( 604 ) $ 500,000 $ — $ ( 4,553 ) All of the Company's outstanding interest rate swap and interest rate lock agreements for the periods presented were designated as cash flow hedges of interest rate risk. The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivative, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatility. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in Other comprehensive income on the Company's unaudited Condensed Consolidated Statements of Comprehensive Income and is reclassified into earnings as interest expense in the period that the hedged transaction affects earnings. The effective portion of the Company’s interest rate derivatives that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2026 and 2025 is as follows (in thousands): Derivatives in Cash Flow Hedging Relationships (Interest Rate Derivatives) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Change in unrealized gain (loss) on interest rate swaps $ 1,333 $ 580 $ 11,873 $ ( 4,259 ) Accretion (amortization) of interest rate swaps to interest expense ( 75 ) ( 744 ) 16 ( 2,220 ) Change in unrealized gain (loss) on interest rate swaps, net $ 1,258 $ ( 164 ) $ 11,889 $ ( 6,479 ) The Company estimates that $ 3.3 million will be reclassified from Accumulated other comprehensive income as a decrease to Interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and nine months ended September 30, 2026 and 2025. 18 Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk The Company does not use derivatives for trading or speculative purposes. As of September 30, 2026 and December 31, 2025, the Company did not have any non-designated hedges. Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company was to be declared in default on its derivative contracts, it would be required to settle its obligations under such agreements at their termination value, including accrued interest. 7. Debt Obligations As of September 30, 2026 and December 31, 2025, the Company had the following indebtedness outstanding (dollars in thousands): Carrying Value as of September 30, 2026 December 31, 2025 Stated Interest Rate (1) Scheduled Maturity Date Secured mortgage Fixed rate secured mortgage $ 30,500 $ — 5.50 % 2031 Total secured mortgage, net $ 30,500 $ — Notes payable Unsecured notes (2) $ 4,817,759 $ 5,018,453 2.25 % – 7.68 % 2026 – 2036 Net unamortized premium 6,725 10,277 Net unamortized debt issuance costs ( 23,975 ) ( 23,797 ) Total notes payable, net $ 4,800,509 $ 5,004,933 Unsecured Credit Facility Revolving Facility $ — $ — 4.68 % 2029 Term Loan Facility (3)(4) 500,000 500,000 4.53 % 2030 Net unamortized debt issuance costs ( 8,054 ) ( 10,180 ) Total Unsecured Credit Facility and term loans $ 491,946 $ 489,820 Total debt obligations, net $ 5,322,955 $ 5,494,753 (1) Stated interest rates as of September 30, 2026 do not include the impact of the Company’s interest rate swap agreements (described below). (2) As of September 30, 2026, the weighted average stated interest rate on the Company’s unsecured notes was 4.30 %. (3) Effective July 26, 2024, the Company has four interest rate swap agreements in place that convert the variable interest rate on $ 300.0 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 4.08 % (plus a spread, currently 85 basis points) through July 26, 2027. (4) Effective May 1, 2023, the Company has three interest rate swap agreements in place that convert the variable interest rate on $ 200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59 % (plus a spread, currently 85 basis points) through July 26, 2027. 2026 Debt Transactions During the nine months ended September 30, 2026, the Operating Partnership repaid $ 600.0 million principal amount of the 4.125 % Senior Notes due 2026 (the "2026 4.125 % Notes") and $ 0.7 million of the 7.970 % Senior Notes due 2026 (the "2026 7.970 % Notes"), representing all of the outstanding 2026 4.125 % Notes and 2026 7.970 % Notes, respectively. The Operating Partnership funded the 2026 4.125 % Notes and 2026 7.970 % Notes repayments with available cash, proceeds from the 2036 Notes, and dispositions. On May 5, 2026, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2036 (the "2036 Notes") at 99.628 % of par. The Operating Partnership used the net proceeds for the repayment of indebtedness. The 2036 Notes bear interest at a rate of 5.375 % per annum, payable semi-annually on June 15 and December 15 of each year, commencing December 15, 2026. The 2036 Notes will mature on June 15, 2036. 19 On May 27, 2026, the Operating Partnership assumed secured mortgage debt with a principal amount and fair value of $ 30.5 million, in connection with the acquisition of one shopping center. The secured mortgage debt bears interest at a rate of 5.500 % per annum, payable monthly in arrears on the first of the following month. The secured mortgage debt will mature on June 1, 2031. As of September 30, 2026, no other properties were encumbered by secured indebtedness. See Note 2 for additional information regarding the acquisition. On September 27, 2026, in connection with the Slate Transaction described in Note 1, the Operating Partnership entered into a commitment letter for up to $ 988.0 million of senior unsecured term loan financing. The commitment is in addition to the Company's other capital sources and if unutilized expires in connection with the expected closing of the Slate Transaction. The financing is available in a single drawing upon the expected closing of the Slate Transaction and the commitment size will be reduced proportionally as we secure financing through other capital sources. If utilized, the borrowing will bear interest, at the Operating Partnership’s election, at a SOFR-based rate or an alternative base rate, plus an applicable credit spread, and will mature 364 days after funding, subject to a six-month extension option. The Operating Partnership incurred approximately $ 4.0 million of related fees, which were deferred and included in other assets on the Company’s unaudited Condensed Consolidated Balance Sheets. If the financing is funded, the related fees will be amortized to interest expense over the initial 364-day term of the loan. If management determines that execution of the financing is no longer probable, the fees will be expensed. 2025 Debt Transactions During the year ended December 31, 2025, the Operating Partnership repaid $ 632.3 million principal amount of the 3.850 % Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes. The Operating Partnership funded the 2025 Notes repayments with available cash, proceeds from the Revolving Facility (defined hereafter), and dispositions. On March 4, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2032 (the "2032 Notes") at 99.831 % of par. The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2032 Notes bear interest at a rate of 5.200 % per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2025. The 2032 Notes will mature on April 1, 2032. On 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. On September 9, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2033 (the "2033 Notes") at 99.849 % of par. The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2033 Notes bear interest at a rate of 4.850 % per annum, payable semi-annually on February 15 and August 15 of each year, commencing February 15, 2026. The 2033 Notes will mature on February 15, 2033. 20 Debt Maturities As of September 30, 2026 and December 31, 2025, the Company had accrued interest of $ 55.9 million and $ 63.6 million outstanding, respectively. As of September 30, 2026, scheduled maturities of the Company’s outstanding debt obligations were as follows (in thousands): Year ending December 31, 2026 (remaining three months) $ 6,848 2027 400,000 2028 357,708 2029 753,203 2030 1,300,000 2031 530,500 Thereafter 2,000,000 Total debt maturities 5,348,259 Net unamortized premium 6,725 Net unamortized debt issuance costs ( 32,029 ) Total debt obligations, net $ 5,322,955 As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $ 6.8 million outstanding principal balance of Senior Notes due 2026 and $ 400.0 million outstanding principal balance of Senior Notes due 2027. The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy these scheduled debt maturities. Debt Covenants Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of September 30, 2026. 8. Fair Value Disclosures All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below (in thousands): September 30, 2026 December 31, 2025 Carrying Amounts Fair Value Carrying Amounts Fair Value Secured mortgage $ 30,500 $ 29,291 $ — $ — Notes payable 4,800,509 4,571,684 5,004,933 4,986,781 Unsecured Credit Facility 491,946 500,000 489,820 500,000 Total debt obligations, net $ 5,322,955 $ 5,100,975 $ 5,494,753 $ 5,486,781 As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. 21 Based on the above criteria, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. Recurring Fair Value The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Levels 1 and 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis (in thousands, unless otherwise specified): Fair Value Measurements as of September 30, 2026 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities (1) $ 21,846 $ 638 $ 21,208 $ — Interest rate derivatives $ 1,924 $ — $ 1,924 $ — Fair Value Measurements as of December 31, 2025 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Marketable securities (1) $ 21,283 $ 1,836 $ 19,447 $ — Liabilities: Interest rate derivatives $ ( 4,553 ) $ — $ ( 4,553 ) $ — (1) As of September 30, 2026 and December 31, 2025, marketable securities included $( 0.4 ) million and $ 0.2 million of net unrealized (losses) gains, respectively. As of September 30, 2026, the contractual maturities of the Company’s marketable securities were within the next five years. Non-Recurring Fair Value Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. Fair value is determined by offers from third-party buyers, market comparable data, third-party appraisals, or discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs that include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy. 22 The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. During the nine months ended September 30, 2026, no properties were remeasured to fair value as a result of impairment testing that were not disposed of prior to September 30, 2026. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the year ended December 31, 2025, excluding the properties sold prior to December 31, 2025 (dollars in thousands, unless otherwise specified): Fair Value Measurements as of December 31, 2025 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment of Real Estate Assets Assets: Properties (1)(2) $ 358 $ — $ — $ 358 $ 1,679 (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, was $ 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. 9. Revenue Recognition The Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers and short-term or seasonal retail (e.g., Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay a portion of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties. Additionally, certain leases may require variable lease payments associated with percentage rents, which are calculated based on underlying tenant sales. The Company recognized $ 1.9 million and $ 1.2 million of income based on percentage rents for the three months ended September 30, 2026 and 2025, respectively. The Company recognized $ 9.8 million and $ 8.0 million of income based on percentage rents for the nine months ended September 30, 2026 and 2025, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. 23 10. Leases The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of September 30, 2026, the Company does not include any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Supplemental Statements of Operations Information 2026 2025 2026 2025 Operating lease costs $ 1,979 $ 1,700 $ 5,425 $ 5,102 Variable lease costs 14 50 117 188 Total lease costs $ 1,993 $ 1,750 $ 5,542 $ 5,290 Nine Months Ended September 30, Supplemental Statements of Cash Flows Information 2026 2025 Operating cash outflows from operating leases $ 4,779 $ 4,697 ROU assets obtained in exchange for operating lease liabilities 43,865 9,496 ROU asset reduction due to dispositions, held for sale, and lease modifications ( 72 ) — Operating Lease Liabilities As of September 30, 2026 Future minimum operating lease payments: 2026 (remaining three months) $ 1,559 2027 6,076 2028 6,021 2029 5,985 2030 5,471 2031 4,560 Thereafter 170,691 Total future minimum operating lease payments 200,363 Less: imputed interest ( 145,319 ) Operating lease liabilities $ 55,044 Supplemental Balance Sheets Information As of September 30, 2026 As of December 31, 2025 Operating lease liabilities (1)(2) $ 55,044 $ 47,351 ROU assets (1)(3) 84,605 44,114 (1) As of September 30, 2026 and December 31, 2025, the weighted average remaining lease term was 35.1 years and 26.1 years, respectively, and the weighted average discount rate was 6.74 % and 6.35 %, respectively. (2) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. (3) These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets. As of September 30, 2026, there were no material leases that have been executed but not yet commenced. 24 11. Equity and Capital ATM Program In October 2025, the Company renewed 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 for the sale of common stock through forward sale contracts. 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. During the nine months ended September 30, 2026, the Company entered into forward sale contracts under the ATM Program through which it is expected to issue 3.9 million shares of its common stock at a weighted-average offering price of $ 29.85 , before commissions and fees. The forward contracts must be settled by March 15, 2027 and the Company has the ability to elect cash or net share settlement rather than physical settlement, which, if elected, could result in cash outflows rather than share issuances. The Company currently intends to physically settle these agreements. As of September 30, 2026, no shares under the forward sale contracts have settled. Anticipated proceeds from the issuance of shares under physical settlement of the forward sale contracts are approximately $ 116.0 million, before commissions and fees, and are expected to be used for general corporate purposes. During the nine months ended September 30, 2025, the Company did not issue any shares of common stock under the ATM Program. As of September 30, 2026, $ 284.0 million of common stock remained available for issuance under the ATM Program, including the impact of forward sales contracts. Share Repurchase Program 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. During the nine months ended September 30, 2026 and 2025, the Company did not repurchase any shares of common stock pursuant to the Repurchase Program. As of September 30, 2026, the Repurchase Program had $ 400.0 million of available repurchase capacity. Common Stock In connection with the vesting of restricted stock units ("RSUs") under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the nine months ended September 30, 2026 and 2025, the Company withheld 0.6 million and 0.4 million shares of its common stock, respectively. Dividends and Distributions During the three months ended September 30, 2026 and 2025, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.3075 per share/unit and $ 0.2875 per share/unit, respectively. During the nine months ended September 30, 2026 and 2025, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.9225 per share/unit and $ 0.8625 per share/unit, respectively. As of September 30, 2026 and December 31, 2025, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 96.3 million and $ 98.0 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. Non-controlling Interests During the year ended December 31, 2024, the Company completed the acquisition of 100 % of the common equity in entities owning North Ridge Shopping Center and The Plaza at Buckland Hills. As of September 30, 2026 and December 31, 2025, the acquired entities have $ 0.2 million of issued and outstanding preferred equity, which the Company did not acquire, which is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets. 25 Redeemable Non-controlling Interests/Redeemable Preferred Units During the nine months ended September 30, 2026, the Operating Partnership issued $ 30.5 million of redeemable preferred units (the "Series A Preferred Units"), in connection with the acquisition of one shopping center. The Series A Preferred Units contain redemption features not solely within the Company’s control and are classified as Redeemable non-controlling interests and as Redeemable preferred units in each of the Company’s and the Operating Partnership’s unaudited Condensed Consolidated Balance Sheets, respectively. Amounts attributable to redeemable preferred units are presented within Net income attributable to non-controlling interests and Redeemable preferred return on each of the Company's and the Operating Partnership's unaudited Condensed Consolidated Statements of Operations, respectively. The Series A Preferred Units rank senior to the OP Units with respect to distributions and liquidation rights and have a liquidation preference of $ 25.00 per unit. Distributions on the Series A Preferred Units equal an amount per unit of 5.00 % of the $ 25.00 liquidation preference and are cumulative. Holders of the Series A Preferred Units may require the Operating Partnership to redeem all or a portion of the units at any time. Upon a redemption request, the Company may settle in shares of the Company’s common stock or cash equal to the liquidation preference plus accumulated and unpaid distributions. Holders may also convert or exchange the Series A Preferred Units into a fixed number of OP Units or shares of the Company’s common stock at a fixed conversion price. As of September 30, 2026, 1,219,947 Series A Preferred Units remained outstanding. The following table presents changes in Redeemable non-controlling interests/Redeemable preferred units for the three and nine months ended September 30, 2026 and 2025 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Balance at beginning of period $ 30,643 $ — $ — $ — Acquisition of real estate assets (1) — — 30,499 — Redeemable preferred units issuance costs (1) — — ( 330 ) — Redeemable preferred return 381 — 525 — Accretion of redeemable preferred units to redemption value — — 330 — Distributions to redeemable non-controlling interests ( 203 ) — ( 203 ) — Balance at end of period $ 30,821 $ — $ 30,821 $ — (1) Relates to the issuance of Series A Preferred Units during the nine months ended September 30, 2026, as described above. 12. Stock Based Compensation In February 2022, the Company's board of directors approved the 2022 Omnibus Incentive Plan (the "Plan") and in April 2022, the Company's stockholders approved the Plan. The Plan provides for a maximum of 10.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock, RSUs, OP Units, performance awards, and other stock-based awards. 26 During the nine months ended September 30, 2026 and the year ended December 31, 2025, the Company granted RSUs to certain employees. The RSUs are divided into multiple tranches, which are all subject to service-based vesting conditions. Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units that can be earned. The number of units actually earned for each tranche is determined based on performance during a specified performance period. Tranches that only have a service-based component can only earn a target number of units. The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.5 million and 0.6 million for the nine months ended September 30, 2026 and the year ended December 31, 2025, respectively, with vesting periods ranging from one to five years . For the service-based and performance-based RSUs granted, fair value is based on the Company's grant date stock price or the grant date stock price adjusted for dividend or dividend equivalent rights, when applicable. For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions: Assumption Nine Months Ended September 30, 2026 Year Ended December 31, 2025 Volatility 22.0 % - 24.0 % 20.0 % - 26.0 % Weighted average risk-free interest rate 3.47 % - 3.73 % 4.24 % - 4.24 % Weighted average common stock dividend yield 4.3 % - 4.5 % 4.3 % - 4.5 % During the three months ended September 30, 2026 and 2025, the Company recognized $ 4.1 million and $ 4.4 million of equity compensation expense, respectively, of which $ 0.3 million and $ 0.3 million was capitalized, respectively. During the nine months ended September 30, 2026 and 2025, the Company recognized $ 10.7 million and $ 14.2 million of equity compensation expense, respectively, of which $ 0.9 million and $ 1.2 million was capitalized, respectively. These amounts are included in General and administrative expense on the Company’s unaudited Condensed Consolidated Statements of Operations. As of September 30, 2026, the Company had $ 16.6 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.2 years. 27 13. Earnings per Share/Unit Basic earnings per share/unit ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders/Operating Partnership's common unitholders, including the impact of any participating securities, by the weighted average number of shares/units outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock/units were exercised or converted into shares of common stock/common units. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2026 and 2025 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Computation of Basic Earnings Per Share: Net income $ 88,142 $ 94,242 $ 289,561 $ 249,125 Net income attributable to non-controlling interests ( 388 ) ( 7 ) ( 546 ) ( 22 ) Non-forfeitable dividends on unvested restricted shares (1) ( 152 ) ( 172 ) ( 454 ) ( 463 ) Accretion of redeemable non-controlling interests to redemption value — — ( 330 ) — Net income attributable to the Company’s common stockholders for basic earnings per share $ 87,602 $ 94,063 $ 288,231 $ 248,640 Weighted average number shares outstanding – basic (2) 307,305 307,193 307,248 307,132 Basic earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.29 $ 0.31 $ 0.94 $ 0.81 Computation of Diluted Earnings Per Share: Net income attributable to the Company’s common stockholders for diluted earnings per share $ 87,602 $ 94,063 $ 288,231 $ 248,640 Weighted average shares outstanding – basic 307,305 307,193 307,248 307,132 Effect of dilutive securities: (3)(4) Unsettled forward sales contracts (4) 80 — 25 — Equity awards (5) 750 891 724 842 Weighted average shares outstanding – diluted 308,135 308,084 307,997 307,974 Diluted earnings per share attributable to the Company’s common stockholders: Net income per share $ 0.28 $ 0.31 $ 0.94 $ 0.81 (1) Certain unvested restricted shares issued pursuant to the Company’s share-based compensation program have rights to receive non-forfeitable dividends or dividend equivalents. These shares are considered participating securities and their impact on EPS is calculated using the two-class method. Under the two-class method earnings are allocated to the unvested restricted share awards based on dividends declared and their participation rights in undistributed earnings. (2) Includes unvested restricted shares issued pursuant to the Company's share-based compensation program that qualify for retirement eligibility and no longer have a substantive service condition. (3) As of September 30, 2026, the Company had redeemable non-controlling interests outstanding which, upon redemption, may result in issuance of shares of common stock. The redeemable non-controlling interests were evaluated using the if-converted method and determined to be anti-dilutive in the calculation of diluted EPS for the three and nine months ended September 30, 2026. As of September 30, 2025, the Company did not have any redeemable non-controlling interests outstanding. (4) As of September 30, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million shares of common stock. The forward sales contracts were evaluated using the treasury stock method and determined to be dilutive. Accordingly, dilutive shares were included in the calculation of diluted EPS for the three and nine months ended September 30, 2026. As of September 30, 2025, the Company did not have any unsettled forward sales contracts. (5) Unvested restricted shares that did not qualify as participating securities were included in the diluted EPS calculation using the treasury stock method. 28 The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2026 and 2025 (in thousands, except per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Computation of Basic Earnings Per Unit: Net income $ 88,142 $ 94,242 $ 289,561 $ 249,125 Net income attributable to non-controlling interests ( 7 ) ( 7 ) ( 21 ) ( 22 ) Non-forfeitable distributions on unvested restricted units (1) ( 152 ) ( 172 ) ( 454 ) ( 463 ) Redeemable preferred return ( 381 ) — ( 525 ) — Accretion of redeemable preferred units to redemption value — — ( 330 ) — Net income attributable to the Operating Partnership’s common units for basic earnings per unit $ 87,602 $ 94,063 $ 288,231 $ 248,640 Weighted average number common units outstanding – basic (2) 307,305 307,193 307,248 307,132 Basic earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.29 $ 0.31 $ 0.94 $ 0.81 Computation of Diluted Earnings Per Unit: Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $ 87,602 $ 94,063 $ 288,231 $ 248,640 Weighted average common units outstanding – basic 307,305 307,193 307,248 307,132 Effect of dilutive securities: (3)(4) Unsettled forward sales contracts (4) 80 — 25 — Equity awards (5) 750 891 724 842 Weighted average common units outstanding – diluted 308,135 308,084 307,997 307,974 Diluted earnings per unit attributable to the Operating Partnership’s common units: Net income per unit $ 0.28 $ 0.31 $ 0.94 $ 0.81 (1) Certain unvested restricted units issued pursuant to the Company’s share-based compensation program have rights to receive non-forfeitable distributions or distribution equivalents. These units are considered participating securities and their impact on EPS is calculated using the two-class method. Under the two-class method earnings are allocated to the unvested restricted unit awards based on distributions declared and their participation rights in undistributed earnings. (2) Includes unvested restricted units issued pursuant to the Company's share-based compensation program that qualify for retirement eligibility and no longer have a substantive service condition. (3) As of September 30, 2026, the Operating Partnership had redeemable preferred units outstanding which, on redemption, may result in issuance of common units. The redeemable preferred units were evaluated using the if-converted method and determined to be anti-dilutive in the calculation of diluted EPS for the three and nine months ended September 30, 2026. As of September 30, 2025, the Company did not have any redeemable preferred units outstanding. (4) As of September 30, 2026, the Company had unsettled forward sales contracts under which it is expected to issue 3.9 million OP Units. The forward sales contracts were evaluated using the treasury stock method and determined to be dilutive. Accordingly, dilutive units were included in the calculation of diluted EPS for the three and nine months ended September 30, 2026. As of September 30, 2025, the Company did not have any unsettled forward sales contracts. (5) Unvested restricted units that did not qualify as participating securities were included in the diluted EPS calculation using the treasury stock method. 29 14. Commitments and Contingencies Legal Matters The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results, or cash flows. Environmental Matters Under various federal, state, and local laws, ordinances, and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s properties or disposed of by the Company or its tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). The Company maintains a reserve for currently known environmental matters and does not believe they will have a material impact on the Company’s financial condition, operating results, or cash flows. During the three and nine months ended September 30, 2026 and 2025, the Company did no t incur any material governmental fines resulting from environmental matters. 15. Segment Reporting The Company operates and derives revenue from its Portfolio of community and neighborhood shopping centers. As of September 30, 2026, the properties in the Portfolio are located across 29 states throughout 96 metropolitan markets. 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. Accordingly, the Company has a single operating and reportable segment (the "Reporting Segment") for disclosure purposes in accordance with GAAP. Net income attributable to Brixmor Property Group Inc., as presented on the Company's unaudited Condensed Consolidated Statements of Operations is a metric utilized by the CODM to assess the Reporting Segment's performance and allocate resources. Total assets, as presented on the Company's unaudited Condensed Consolidated Balance Sheets is used to measure the Reporting Segment's assets. 30 The following table presents revenues and significant segment expenses for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Total revenues $ 359,598 $ 340,843 $ 1,068,616 $ 1,017,847 Operating costs ( 40,921 ) ( 38,891 ) ( 127,062 ) ( 117,979 ) Real estate taxes ( 46,290 ) ( 45,455 ) ( 135,972 ) ( 133,907 ) Depreciation and amortization ( 106,427 ) ( 103,234 ) ( 321,887 ) ( 312,108 ) Impairment of real estate assets ( 683 ) ( 16,075 ) ( 6,657 ) ( 16,075 ) General and administrative (1) ( 27,297 ) ( 26,772 ) ( 83,347 ) ( 84,038 ) Interest expense ( 59,176 ) ( 56,680 ) ( 179,466 ) ( 165,173 ) Other segment items (2) 8,950 40,499 74,790 60,536 Segment net income $ 87,754 $ 94,235 $ 289,015 $ 249,103 Reconciliation of Segment net income to Net income attributable to Brixmor Property Group Inc. Adjustments — — — — Net income attributable to Brixmor Property Group Inc. $ 87,754 $ 94,235 $ 289,015 $ 249,103 (1) The following table presents General and administrative expense for the three and nine months ended September 30, 2026 and 2025: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Employee compensation, net $ ( 20,623 ) $ ( 20,838 ) $ ( 62,778 ) $ ( 64,898 ) Other general and administrative, net ( 6,674 ) ( 5,934 ) ( 20,569 ) ( 19,140 ) Total general and administrative $ ( 27,297 ) $ ( 26,772 ) $ ( 83,347 ) $ ( 84,038 ) (2) Other segment items for the Company include Dividends and interest, Gain on sale of real estate assets, Loss on extinguishment of debt, net, Other, and Net income attributable to non-controlling interests. See the Company's unaudited Condensed Consolidated Statements of Operations for additional information on these amounts. 16. Related Party Transactions As of September 30, 2026 and December 31, 2025, there were no material receivables from or payables to related parties. During the three and nine months ended September 30, 2026 and 2025, the Company did not engage in any material related-party transactions other than the following: • As described in Note 1 above, on September 27, 2026, the Everview JV, a new joint venture between the Operating Partnership and funds affiliated with Everview, entered into certain agreements to effect the Slate Transaction. Upon the expected closing of the Slate Transaction, which is expected to occur in the first quarter of 2027 if approved by Slate unitholders, the Company will effectively acquire the Brixmor Portfolio for $ 636 million, and the Everview JV will acquire the JV Portfolio for $ 1.71 billion. The Operating Partnership and Everview have entered into an interim investors agreement related to the Everview JV that provides, among other things, that each party will negotiate in good faith to enter into, upon or prior to the expected closing of the Slate Transaction, a joint venture agreement consistent with an agreed upon term sheet. The Operating Partnership will serve as the managing member of the Everview JV, will manage the JV Portfolio and will be entitled to fees for its services and in addition to contributing its 20 % portion of the cash purchase price allocable to the JV Portfolio, expected to be approximately $ 112 million, the Operating Partnership will make a preferred equity investment of approximately $ 174 million in the Everview JV, with a 9 % preferential annual dividend. The interim investors agreement also addresses fee and expense sharing arrangements. William D. Rahm, a director of the Company, is the Founder and Chief Executive Officer of Everview and controls its general partner. Raider Hill Advisors, L.L.C. acted as special real estate advisor to the special committee of the board of trustees of Slate and will be entitled to a fee of approximately $ 7.1 million for its services to the Slate special committee. Daniel B. Hurwitz, a director of the Company, is Founder and 31 Chief Executive Officer of Raider Hill Advisors, L.L.C. In accordance with the Company's governance policies, Messrs. Rahm and Hurwitz were recused from all meetings, deliberations and votes of the Company’s board of directors related to the Slate Transaction and the Everview JV. Mr. Rahm does not intend to stand for reelection to the Company’s board of directors at the 2027 Annual Meeting of Stockholders. 17. Subsequent Events In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after September 30, 2026 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from September 30, 2026 through the date the financial statements were issued . 32