# EDGAR Filing Document

**Accession Number:** 0001630031
**File Stem:** 0001581068-23-000014
**Filing Date:** 2023-2
**Character Count:** 573090
**Document Hash:** 0fbe7a57ec045cabd04cae6a29a21505
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001581068-23-000014.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001581068-23-000014

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brixmor Property Group Inc.
- **CENTRAL INDEX KEY:** 0001581068
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 452433192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36160
- **FILM NUMBER:** 23618483

**BUSINESS ADDRESS:**
- **STREET 1:** 450 LEXINGTON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212) 869-3000

**MAIL ADDRESS:**
- **STREET 1:** 450 LEXINGTON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brixmor Operating Partnership LP
- **CENTRAL INDEX KEY:** 0001630031
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 800831163
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-201464-01
- **FILM NUMBER:** 23618484

**BUSINESS ADDRESS:**
- **STREET 1:** 450 LEXINGTON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-869-3000

**MAIL ADDRESS:**
- **STREET 1:** 450 LEXINGTON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version="1.0" ? brx-20221231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-K**

**☑** ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the fiscal year ended December 31, 2022** 

**or**

**☐** TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____ to_____

Commission File Number: 001-36160 (Brixmor Property Group Inc.)

Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP)

<u>Brixmor Property Group Inc.</u> 

<u>Brixmor Operating Partnership LP</u> 

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland**<br>**Delaware** | **(Brixmor Property Group Inc.)**<br>**(Brixmor Operating Partnership LP)** | **45-2433192**<br>**80-0831163** |
| (State or Other Jurisdiction of Incorporation or Organization) | (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |

---

**450 Lexington Avenue, New York, New York 10017** 

(Address of Principal Executive Offices) (Zip Code)

**212-869-3000** 

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share. | BRX | New York Stock Exchange |

---

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Brixmor Property Group Inc. Yes **☑** No **☐** Brixmor Operating Partnership LP Yes **☑** No **☐**

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Brixmor Property Group Inc. Yes **☐** No **☑** Brixmor Operating Partnership LP Yes **☐** No **☑**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Brixmor Property Group Inc. Yes **☑** No **☐** Brixmor Operating Partnership LP Yes **☑** No **☐**

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Brixmor Property Group Inc. Yes **☑** No **☐** Brixmor Operating Partnership LP Yes **☑** No **☐**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Brixmor Property Group Inc. | Brixmor Property Group Inc. | Brixmor Property Group Inc. | Brixmor Property Group Inc. | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
| Large accelerated filer | **☑** | Non-accelerated filer | **☐** | Large accelerated filer | **☐** | Non-accelerated filer | **☑** |
| Smaller reporting company | **☐** | Accelerated filer | **☐** | Smaller reporting company | **☐** | Accelerated filer | **☐** |
| Emerging growth company | **☐** | | | Emerging growth company | **☐** | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. N/A

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Brixmor Property Group Inc. **☑** Brixmor Operating Partnership LP **☑**

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Brixmor Property Group Inc. Yes **☐** No **☑** Brixmor Operating Partnership LP Yes **☐** No **☑**

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrants' most recently completed second fiscal quarter.

Brixmor Property Group Inc. $6,019,445,732 Brixmor Operating Partnership LP N/A

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

As of February 1, 2023, Brixmor Property Group Inc. had 300,520,890 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement to be filed by Brixmor Property Group Inc. with the Securities and Exchange Commission pursuant to Regulation 14A relating to the registrant's Annual Meeting of Stockholders to be held on April 26, 2023 will be incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. The definitive proxy statement will be filed with the SEC not later than 120 days after the registrant's fiscal year ended December 31, 2022.

------

**<u>EXPLANATORY NOTE</u>**

This report combines the annual reports on Form 10-K for the period ended December 31, 2022 of Brixmor Property Group Inc. and Brixmor Operating Partnership LP. Unless stated otherwise or the context otherwise requires, references to the "Parent Company" or "BPG" mean Brixmor Property Group Inc. and its consolidated subsidiaries, and references to the "Operating Partnership" mean Brixmor Operating Partnership LP and its consolidated subsidiaries. Unless the context otherwise requires, the terms "the Company," "Brixmor," "we," "our," and "us" mean the Parent Company and the Operating Partnership, collectively.

The Parent Company is a real estate investment trust ("REIT") that 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. As of December 31, 2022, the Parent Company beneficially owned, through its direct and indirect interest in BPG Sub and the General Partner, 100% of the outstanding partnership common units (the "OP Units") in the Operating Partnership.

The Company believes combining the annual reports on Form 10-K of the Parent Company and the Operating Partnership into this single report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole, in the same manner as management views and operates the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates the Parent Company and the Operating Partnership as one business. Because the Operating Partnership is managed by the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, the Parent Company's executive officers are the Operating Partnership's executive officers, and although, as a partnership, the Operating Partnership does not have a board of directors, we refer to the Parent Company's board of directors as the Operating Partnership's board of directors.

We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company does not incur any material indebtedness. The Operating Partnership holds substantially all of our assets. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates all capital required by the Company's business. Sources of this capital include the Operating Partnership's operations and its direct or indirect incurrence of indebtedness.

Equity, capital, and non-controlling interests are the primary areas of difference between the Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital currently includes OP Units owned by the Parent Company through BPG Sub and the General Partner and has in the past, and may in the future, include OP Units owned by third parties. OP Units owned by third parties, if any, are accounted for in capital in the Operating Partnership's financial statements and outside of equity in non-controlling interests in the Parent Company's financial statements.

The Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have material assets other than its indirect interest in the Operating Partnership. Therefore, while equity, capital, and non-controlling interests may differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are materially the same on their respective financial statements.

In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections of this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements (but combined footnotes), separate controls and procedures sections, separate certification of periodic report under Section 302 of the Sarbanes-Oxley Act of 2002, and separate certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.

i

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Item No.** | | **Page** |
| **Part I** | **Part I** | **Part I** |
| 1. | Business | <u>[1](#i77fd317beaec418fb44a44a889fd3f34_19)</u> |
| 1A. | Risk Factors | <u>[8](#i77fd317beaec418fb44a44a889fd3f34_22)</u> |
| 1B. | Unresolved Staff Comments | <u>[16](#i77fd317beaec418fb44a44a889fd3f34_25)</u> |
| 2. | Properties | <u>[17](#i77fd317beaec418fb44a44a889fd3f34_28)</u> |
| 3. | Legal Proceedings | <u>[20](#i77fd317beaec418fb44a44a889fd3f34_31)</u> |
| 4. | Mine Safety Disclosures | <u>[20](#i77fd317beaec418fb44a44a889fd3f34_34)</u> |
| **Part II** | **Part II** | **Part II** |
| 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | <u>[21](#i77fd317beaec418fb44a44a889fd3f34_40)</u> |
| 6. | [Reserved] | <u>[22](#i77fd317beaec418fb44a44a889fd3f34_43)</u> |
| 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | <u>[23](#i77fd317beaec418fb44a44a889fd3f34_46)</u> |
| 7A. | Quantitative and Qualitative Disclosures About Market Risk | <u>[36](#i77fd317beaec418fb44a44a889fd3f34_49)</u> |
| 8. | Financial Statements and Supplementary Data | <u>[37](#i77fd317beaec418fb44a44a889fd3f34_52)</u> |
| 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | <u>[37](#i77fd317beaec418fb44a44a889fd3f34_55)</u> |
| 9A. | Controls and Procedures | <u>[37](#i77fd317beaec418fb44a44a889fd3f34_58)</u> |
| 9B. | Other Information | <u>[39](#i77fd317beaec418fb44a44a889fd3f34_61)</u> |
| 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | <u>[39](#i77fd317beaec418fb44a44a889fd3f34_64)</u> |
| **Part III** | **Part III** | **Part III** |
| 10. | Directors, Executive Officers, and Corporate Governance | <u>[40](#i77fd317beaec418fb44a44a889fd3f34_70)</u> |
| 11. | Executive Compensation | <u>[40](#i77fd317beaec418fb44a44a889fd3f34_73)</u> |
| 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | <u>[40](#i77fd317beaec418fb44a44a889fd3f34_76)</u> |
| 13. | Certain Relationships and Related Transactions, and Director Independence | <u>[40](#i77fd317beaec418fb44a44a889fd3f34_79)</u> |
| 14. | Principal Accountant Fees and Services | <u>[40](#i77fd317beaec418fb44a44a889fd3f34_82)</u> |
| **Part IV** | **Part IV** | **Part IV** |
| 15. | Exhibit and Financial Statement Schedules | <u>[41](#i77fd317beaec418fb44a44a889fd3f34_88)</u> |
| 16. | Form 10-K Summary | <u>[46](#i77fd317beaec418fb44a44a889fd3f34_91)</u> |

---

ii

------

**Forward-Looking Statements**

This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in this report, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, including the current pandemic of the novel coronavirus ("COVID-19"), civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, and taxes. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

iii

------

**PART I**

**Item 1. Business**

Brixmor Property Group Inc. and subsidiaries (collectively, "BPG") 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 BPG conducts substantially all of its operations and owns substantially all of its assets. BPG 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. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly-traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers. As of December 31, 2022, our portfolio was comprised of 373 shopping centers (the "Portfolio") totaling approximately 66 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas ("CBSAs") in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2022, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc. In the opinion of our management, no material part of our business is dependent upon a single tenant, the loss of which would have a material adverse effect on us, and no single tenant or shopping center accounted for 5% or more of our consolidated revenues during 2022.

As of December 31, 2022, BPG beneficially owned, through its direct and indirect interest in BPG Sub and the General Partner, 100% of the outstanding partnership common units (the "OP Units") in the Operating Partnership. The number of OP Units in the Operating Partnership beneficially owned by BPG is equivalent to the number of outstanding shares of BPG's common stock, and the entitlement of all OP Units to quarterly distributions and payments in liquidation is substantially the same as those of BPG's common stockholders. BPG's common stock is publicly traded on the New York Stock Exchange ("NYSE") under the ticker symbol "BRX."

Management operates BPG and the Operating Partnership as one business. Because the Operating Partnership is managed by BPG, and BPG conducts substantially all of its operations through the Operating Partnership, BPG's executive officers are the Operating Partnership's executive officers, and although, as a partnership, the Operating Partnership does not have a board of directors, we refer to BPG's board of directors as the Operating Partnership's board of directors.

------

**Our Shopping Centers**

The following table provides summary information regarding our Portfolio as of December 31, 2022:

---

| | |
|:---|:---|
| Number of Shopping Centers | 373 |
| GLA (square feet) | 66.0 million |
| Percent Billed | 90% |
| Percent Leased | 94% |
| Annualized Base Rent ("ABR") Per Square Foot ("PSF")<sup>(1)</sup> | $16.19 |
| New, Renewal and Option Volume (square feet)<sup>(2)</sup> | 10.6 million |
| New Lease Volume (square feet)<sup>(2)</sup> | 3.3 million |
| New, Renewal and Option Rent Spread<sup>(2)(3)</sup> | 12.7% |
| New Rent Spread<sup>(2)(3)</sup> | 37.0% |
| Percent Grocery-anchored Shopping Centers<sup>(4)</sup> | 72% |
| Percent of ABR in Top 50 U.S. CBSAs | 71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;ABR represents contractual monthly base rent as of a specified date under leases that have been signed or commenced as of the specified date, multiplied by 12. For purposes of calculating ABR, all signed or commenced leases with an initial term of one year or greater are included. ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the percentage change in contractual ABR PSF in the first year of the new lease relative to contractual ABR PSF in the last year of the old lease. For purposes of calculating rent spreads, ABR PSF includes the GLA of lessee-owned leasehold improvements. Based on comparable leases only, which consist of new leases signed on units that were occupied within the prior 12 months, renewal leases signed with the same tenant in all or a portion of the same location or that include the expansion into space that was occupied within the prior 12 months, and contractual renewal options exercised by tenants in the same location to extend the term of an expiring lease. New leases signed on units that have been vacant for longer than 12 months, new leases signed on first generation space, and new leases that are ancillary in nature regardless of term are deemed non-comparable and excluded from New Rent Spreads. Renewals that include the expansion of an existing tenant into space that has been vacant for longer than 12 months and renewals that are ancillary in nature regardless of term are deemed non-comparable and excluded from Renewal Rent Spreads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Based on number of shopping centers.

**Business Objectives and Strategies**

Our primary objective is to maximize total returns to our stockholders through consistent, sustainable growth in cash flow. Our key strategies to achieve this objective include proactively managing our Portfolio to drive internal growth, pursuing value-enhancing reinvestment opportunities, and prudently executing on acquisition and disposition activity, while also maintaining a flexible capital structure positioned for growth. In addition, as we execute on our key strategies, we do so guided by our purpose-driven Corporate Responsibility ("CR") strategy and our commitment to environmental, social, and governance ("ESG") issues.

***Driving Internal Growth.*** Our primary drivers of internal growth include (i) embedded contractual rent escalations, (ii) below-market rents that may be reset to market as leases expire, (iii) occupancy growth, and (iv) prudent expense management, including proactively navigating inflationary pressure on operating costs and wages. Ongoing strong new leasing productivity, with a key focus on merchandising and our enhanced underwriting processes, have also enabled us to consistently improve the credit of our tenancy and the vibrancy and relevancy of our Portfolio to retailers and consumers. During 2022, we executed 613 new leases representing approximately 3.3 million square feet and 1,614 total leases, including new leases, renewals, and options, representing approximately 10.6 million square feet.

We believe that rents across our Portfolio are well below market, which provides us with a key competitive advantage in attracting and retaining tenants. During 2022, we achieved rent spreads on new leases of 37.0% and blended rent spreads on new and renewal leases of 16.0% excluding options or 12.7% including options. Looking forward, the weighted average expiring ABR PSF of anchor lease expirations through 2025, assuming no remaining renewal options are exercised, is $10.23 compared to a weighted average ABR PSF of $13.56 for new anchor leases signed during 2022.

Our high-quality, nationally diversified portfolio of community and neighborhood shopping centers continues to benefit from the desire of many thriving retail platforms to locate in physical formats that provide greater access and proximity to their customers, which has led to robust leasing demand and below-average tenant move-out activity, driving record leased occupancy in 2022. We believe there is opportunity for further occupancy gains in our Portfolio, particularly for spaces less than 10,000 square feet, as such spaces will continue to benefit from our value-enhancing reinvestment initiatives. As of December 31, 2022, leased occupancy was a record 89.2% for spaces less

------

than 10,000 square feet, while our total leased occupancy was a record 93.8%. The spread between our total leased occupancy and our total billed occupancy was 360 basis points and our total signed but not yet commenced lease population, which includes an additional 70 basis points of GLA related to space that will soon be vacated by existing tenants, represented 2.9 million square feet and $54.7 million of ABR, providing strong visibility on our future growth.

***Pursuing value-enhancing reinvestment opportunities.*** We believe that we have significant opportunities to realize attractive risk-adjusted returns by investing capital in the repositioning and/or redevelopment of certain assets in our Portfolio. Such initiatives are tenant driven and focus on upgrading our centers with strong, best-in-class retailers. During 2022, we stabilized 30 anchor space repositioning, outparcel development, and redevelopment projects, with a weighted average incremental net operating income ("NOI") yield of 10% and an aggregate cost of $179.3 million. As of December 31, 2022, we had 48 projects in process with an expected weighted average incremental NOI yield of 9% and an aggregate anticipated cost of $342.9 million. In addition, we have identified a pipeline of future reinvestment projects aggregating approximately $1.0 billion of potential capital investment, which we expect to execute over the next several years at NOI yields that are generally consistent with those that we have recently realized.

***Prudently executing on acquisition and disposition activity.*** We actively pursue acquisition and disposition opportunities in order to further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. In general, our acquisition strategy focuses on buying assets with strong growth potential that are located in our existing markets and will allow us to leverage our operational platform and expertise to create value, while our disposition strategy focuses on selling assets when we believe value has been maximized, where there may be future downside risk, or where we have limited ability or desire to build critical mass in a particular submarket. Our acquisition activity may include acquisitions of open-air shopping centers and non-owned anchor spaces or outparcels at, or adjacent to, our shopping centers and the timing of acquisition and disposition activity is often dependent on the transactions and capital markets environments.

During 2022, we acquired $409.7 million of assets, including transaction costs and closing credits, and generated aggregate net proceeds of $277.0 million from property dispositions. Acquisitions were funded through a combination of net proceeds from property dispositions and available cash.

***Maintaining a Flexible Capital Structure Positioned for Growth.*** We believe our capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We have access to multiple forms of capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives. We have investment grade credit ratings from all three major credit rating agencies and during 2022, we received a credit rating upgrade from Fitch Ratings and a positive credit rating outlook from S&P Global Ratings.

During 2022, we amended and restated our unsecured credit facility (the "Unsecured Credit Facility"), which is comprised of a $1.25 billion revolving credit facility (the "Revolving Facility") and a $300 million term loan facility, in addition to a new $200 million delayed draw term loan (together, the "Term Loan Facility"). The Unsecured Credit Facility amendment extended the maturities of the Revolving Facility and Term Loan Facility to June 2026 and July 2027, respectively, while also improving pricing and adding a sustainability-linked pricing component related to our continued reductions of greenhouse gas emissions. During 2022, we also renewed our $400 million share repurchase program and our $400 million at-the-market equity offering program ("ATM"), which together provide us with maximum flexibility to capitalize on a wide range of potential capital markets environments and support the long-term execution of our balanced business plan.

Also, during 2022 we repaid $250.0 million of our senior unsecured notes due 2022 with available cash. As of December 31, 2022, we had $1.35 billion of available liquidity, including $1.12 billion under our Revolving Facility, $200.0 million under our delayed draw term loan, and $21.3 million of cash and cash equivalents and restricted cash. We have no debt maturities in 2023 and have $500.0 million of debt maturities in June 2024.

***Operating in a Socially Responsible Manner.*** We believe that prioritizing corporate responsibility is critical to delivering consistent, sustainable growth. Our CR strategy is integrated throughout our organization and is focused on creating partnerships that improve the social, economic, and environmental well-being of all our stakeholders

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including our communities, employees, tenants, suppliers and vendors, and investors. Our strong commitment to ESG issues directly aligns with our core values and our vision to be the center of the communities we serve.

Our ESG Steering Committee, which is comprised of executive and senior leadership from a variety of functional areas, meets quarterly to set, implement, monitor, and communicate our CR strategy and related initiatives. Our board of directors, through our Nominating and Corporate Governance Committee ("NCGC") oversees our CR initiatives to ensure that our actions consistently demonstrate our strong commitment to operating in an environmentally and socially responsible manner. To facilitate their oversight, the NCGC and our board of directors are provided with quarterly updates on our initiatives by our senior leadership team. CR objectives are included as part of our executive officers' goals and the achievement of such goals impacts the individual performance portion of their compensation.

We provide best-in-class, comprehensive CR disclosures, prepared in accordance with the Global Reporting Initiative ("GRI") Standards and in alignment with Sustainability Accounting Standards Board ("SASB") and Task Force on Climate-related Financial Disclosures ("TCFD") reporting frameworks. We are a GRESB participant and a signatory to the Science Based Targets initiative ("SBTI").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Environmental Responsibility:** In 2021, our ESG Steering Committee formalized the Company's Climate Change Policy, which articulates our strategy for the assessment of and response to the risks posed by climate change and natural hazards to our properties, our tenants, and the communities we serve. As part of this policy, we set a goal to achieve net zero carbon emissions by 2045 for areas under our operational control. As a signatory of the SBTI, aligned with the 1.5 degree Celsius pathway, we are committed to an interim reduction of greenhouse gas emissions by 50% by 2030 for areas under our operational control. As of December 31, 2021, we have achieved a 38% reduction against this interim SBTI goal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Human Capital:** As of December 31, 2022, we had 502 employees, including 500 full-time employees. Our talented and committed employees are the foundation of our success. Together, we strive to promote a culture that is supportive, collaborative, and inclusive, and that provides opportunities for both personal and professional growth. We empower our employees to think and act like owners in order to create value for all stakeholders. This approach enables us to attract and retain diverse and talented professionals while fostering collaborative, skilled, and motivated teams. The pillars of our human capital strategy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engagement**: We believe that employees that are personally engaged in our vision to be the center of the communities we serve and are connected with similarly engaged colleagues will be more effective in their roles. We measure employee engagement through biennial employee surveys and utilize the results from such surveys to continually improve our organization, enhancing benefits and various other forms of support based on employee feedback. Our engagement and connectivity initiatives have contributed to our 99% employee satisfaction score and 100% participation in annual performance reviews and talent development discussions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Growth and Development**: We encourage our employees to grow and develop their interests, skills, and passions by providing learning opportunities along with professional and personal training. Our annual talent development process is intended to provide a well-rounded perspective on individual performance by recognizing employee strengths, identifying opportunities for growth, and developing actionable plans for professional development. We foster employee growth by providing: comprehensive training programs geared towards specific job functions; innovative development programs, such as two-year intensive apprenticeship programs for entry level employees in leasing, property management, and construction; Predictive Index Behavioral Assessments to enhance self-awareness and effective collaboration; education assistance through reimbursements for tuition and professional licensure; and "Personal Development Accounts," which provide time off and expense reimbursement for a personal or professional development activity chosen by the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Health and Well-being**: Our commitment to the health and well-being of our employees is a crucial component of our culture. We provide a wide-range of employee benefits including comprehensive medical, prescription, dental and vision insurance coverage (the majority of which is paid for by the Company); paid maternity, paternity, and adoption leave; matching 401(k) contributions; life insurance, disability benefits, and spousal death benefits; and a variety of time off benefits. We also encourage healthy lifestyles through initiatives such as: an annual wellness spending account; free

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access to online applications such as Noom (for developing healthy eating and lifestyle habits) and Headspace (for mindfulness and meditation); weekly live meditation breaks; health-oriented employee competitions; and "Wellness Wednesdays," which include live demonstrations related to a variety of healthy lifestyle topics. We also provide free access to licensed counselors to support mental health and offer hybrid work schedules to maximize engagement, collaboration, and efficiency, while supporting a healthy work-life balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Diversity, Equity, and Inclusion ("DEI"):** We believe our performance is enhanced by an inclusive environment that reflects the diversity of the communities we serve. We advocate for DEI in every part of our organization and strive to create equal opportunities for all current and future employees. We believe a culture based on DEI is critical to our ability to attract and retain talented employees and to deliver on our strategic goals and objectives. Every year, each employee participates in culture and ethics training and signs a pledge to commit to helping create and maintain an inclusive culture free from harassment based on race, sexual orientation, gender, and other protected classes. Our DEI Leadership Council, comprised of diverse senior leaders from a variety of functional areas, reports directly to our CEO and assists in maintaining best practices and behaviors to enhance inclusion and promote equity and diversity. In addition, our employee-led Employee Resource Group helps further the DEI Leadership Council's key initiatives by bringing employees together to connect and learn. We also regularly feature DEI themes in employee trainings and community events, such as our Big Brain Days.

We strive to ensure diversity of job candidates through partnerships with DEI focused organizations such as ICSC Launch Academy and Sponsors For Educational Opportunity (SEO), which seek to provide summer internship opportunities for racially diverse undergraduate students. We also assess pay equity periodically as it relates to gender, race, and ethnicity based on a role/similar-role basis. On average, there is no pay gap with respect to gender or race/ethnicity across the Company. Additionally, in 2021, our CEO signed the CEO Action for Diversity & Inclusion<sup>TM</sup> pledge, which is the largest CEO-driven business commitment to advance DEI in the workplace. In 2022, we became a founding donor to Nareit's Dividends Through Diversity, Equity, & Inclusion Giving Campaign, which supports charitable and educational organizations and initiatives that will help create a more diverse, equitable, and inclusive REIT and publicly traded real estate industry.

For more information on our CR strategy, goals, performance, and achievements, please visit our CR page at https://www.brixmor.com/why-brixmor/corporate-responsibility. Information on our website is not incorporated by reference herin and is not a part of this Annual Report on Form 10-K

**Tenants**

Our national portfolio is thoughtfully merchandised with non-discretionary and value-oriented retailers, as well as consumer-oriented service providers, and is home to a broad mix of national and regional tenants and local entrepreneurs. As of December 31, 2022, we had over 5,000 diverse tenants in our portfolio, including many vibrant new retailers added over the past several years, and approximately 72% of our properties were anchored by a grocer.

See "<u>[Item 2. Properties](#i77fd317beaec418fb44a44a889fd3f34_28)</u>" for further information on our 20 largest tenants.

**Compliance with Government Regulations**

We are subject to federal, state, and local regulations, including environmental regulations that apply generally to the ownership of, and the operations conducted on, real property. As of December 31, 2022, we are not aware of any environmental conditions or material costs of complying with environmental or other government regulations that would have a material adverse effect on our overall business, financial condition, or results of operations. However, it is possible that we are not aware of, or may become subject to, potential environmental liabilities or material costs of complying with government regulations that could be material. See "Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs" and "Compliance with the Americans with Disabilities Act, environmental laws, and fire, safety and other regulations may require us to make expenditures that would adversely affect our financial condition, operating results, and cash flows" in <u>[Item 1A. "Risk Factors"](#i77fd317beaec418fb44a44a889fd3f34_22)</u> for further information regarding our risks related to government regulations.

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**Financial Information about Industry Segments**

Our principal business is the ownership and operation of open-air retail shopping centers. We do not distinguish our principal business or group our operations on a geographical basis for purposes of measuring performance. Accordingly, we have a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP").

**REIT Qualification**

We have been organized and operated in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws commencing with our taxable year ended December 31, 2011, have maintained such requirements through our taxable year ended December 31, 2022, and intend to satisfy such requirements for subsequent taxable years. As a REIT, we generally will not be subject to U.S. federal income tax on net taxable income that we distribute annually to our stockholders. In order to qualify as a REIT for U.S. federal income tax purposes, we must continually satisfy tests concerning, among other things, the real estate qualification of sources of our income, the composition and value of our assets, the amounts we distribute to our stockholders, and the diversity of ownership of our stock. In order to comply with REIT requirements, we may need to forgo otherwise attractive opportunities or limit the manner in which we conduct our operations. See "Risks Related to our REIT Status and Certain Other Tax Items" in <u>[Item 1A. "Risk Factors"](#i77fd317beaec418fb44a44a889fd3f34_22)</u> for further information.

**Executive Officers**

As of December 31, 2022, each of our executive officers has been employed by us for more than five years and included the following:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Year Joined**<sup>(1)</sup> | **Age** |
| James Taylor | President, Chief Executive Officer | 2016 | 56 |
| Angela Aman | Executive Vice President, Chief Financial Officer and Treasurer | 2016 | 43 |
| Brian T. Finnegan | Executive Vice President, Chief Revenue Officer | 2004 | 42 |
| Mark T. Horgan | Executive Vice President, Chief Investment Officer | 2016 | 47 |
| Steven F. Siegel | Executive Vice President, General Counsel and Secretary | 1991 | 62 |
| Carolyn Carter Singh <sup>(2)</sup> | Executive Vice President, Chief Talent Officer | 2001 | 60 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes predecessors of Brixmor Property Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Effective January 4, 2023, Shea Taylor, age 50, replaced Carolyn Carter Singh, upon her retirement, as Executive Vice President, Chief Talent Officer

**Corporate Headquarters**

Brixmor Property Group Inc., a Maryland corporation, was incorporated in 2011. The Operating Partnership, a Delaware limited partnership, was formed in 2011. Our principal executive offices are located at 450 Lexington Avenue, New York, New York 10017, and our telephone number is (212) 869-3000.

Our website address is https://www.brixmor.com. Information on our website is not incorporated by reference herein and is not a part of this Annual Report on Form 10-K. We make available free of charge on our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after those reports are electronically filed with or furnished to the SEC. We also make available through our website other reports filed with or furnished to the SEC under the Exchange Act, including our proxy statements and reports filed by officers and directors under Section 16(a) of the Exchange Act. You may access these filings by visiting "SEC Filings" under the "Financial Info" section of the "Investors" portion of our website. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information for issuers, such as us, that file electronically with the SEC at https://www.sec.gov.

Financial and other material information regarding our company is routinely posted on and accessible at the "Investors" portion of our website at https://www.brixmor.com. Investors and others should note that we use our website as a channel of distribution of material information to our investors. Therefore, we encourage investors and others interested in our company to review the information we post on the "Investors" portion of our website. In

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addition, you may enroll to automatically receive e-mail alerts and other information about our company by visiting "Email Alerts" under the "Additional Info" section of the "Investors" portion of our website.

**Dividend Reinvestment & Direct Stock Purchase Plan**

Our registrar and stock transfer agent is Computershare Trust Company, N.A. We offer a Dividend Reinvestment and Direct Stock Purchase Plan, providing shareholders and new investors with a simple and convenient method of investing in additional shares of common stock without payment of transaction or processing fees, service charges, or other expenses. Plan inquiries may be directed to (877) 373-6374, or (781) 575-2879 if located outside the U.S. and Canada.

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**Item 1A. Risk Factors**

**Risks Related to Our Portfolio and Our Business**

***Adverse economic, market, and real estate conditions may adversely affect our financial condition, operating results, and cash flows.***

Our Portfolio is predominantly comprised of community and neighborhood shopping centers. Our performance is, therefore, subject to risks associated with owning and operating these types of real estate assets. See <u>["](#i77fd317beaec418fb44a44a889fd3f34_13)[Forward-Looking Statements](#i77fd317beaec418fb44a44a889fd3f34_13)["](#i77fd317beaec418fb44a44a889fd3f34_13)</u> included elsewhere in this Annual Report on Form 10-K for the factors that could affect our rental income and/or property operating expenses and therefore adversely affect our financial condition, operating results, and cash flows.

***Recent significant increases in inflation and interest rates could adversely affect us and our tenants.***

Inflation has significantly increased over the last two years and may continue to be elevated or increase further. The efforts of the Federal Reserve to combat inflation have led to significant increases in interest rates. These increases have resulted in higher operating and incremental borrowing costs for us and our tenants. Although the terms of our leases, the duration of our indebtedness, and our relatively low exposure to floating rate debt have mitigated the direct impact of inflation and interest rate increases, the degree and pace of these changes have had and may continue to have impacts on our business, including as a result of a potential economic recession, which may lead to higher levels of unemployment and decreases in consumer confidence and/or discretionary spending.

***Public health crises, such as the COVID-19 pandemic, could materially and adversely affect our financial condition, operating results, and cash flows.***

A future public health crisis, such as the one experienced during the COVID-19 pandemic, could have repercussions across domestic and global economies and financial markets. Government responses to such crises, including quarantines, may force our tenants to temporarily close stores, reduce hours, or significantly limit service which may result in significant economic contractions and a dramatic increase in national unemployment. The direct and indirect impacts of these crises could adversely affect our financial condition, operating results, and cash flows.

***We may be required to make rent or other concessions and/or incur significant capital expenditures to retain existing tenants or attract new tenants.***

There are numerous shopping venues, including regional malls, outlet malls, other shopping centers, and e-commerce, which compete with our Portfolio in attracting and retaining retailers. As of December 31, 2022, leases are scheduled to expire in our Portfolio on a total of approximately 8.6% of leased GLA during 2023. We may not be able to renew or promptly re-lease expiring space and even if we do renew or re-lease such space, future rental rates may be lower than current rates and other terms may not be as favorable. In addition, we may be required to incur significant capital expenditures in order to retain existing tenants or attract new tenants. In these situations, our financial condition, operating results, and cash flows could be adversely impacted.

***Our active value-enhancing reinvestment program subjects us to risks that could adversely affect our financial condition, operating results, and cash flows.***

In order to maintain the attractiveness of our Portfolio to retailers and consumers, we actively reinvest in our assets in the form of repositioning and redevelopments projects. In addition to the risks associated with real estate investments in general, as described elsewhere, the risks associated with repositioning and redevelopment projects include: (1) delays or failures in obtaining necessary zoning, occupancy, land use, and other governmental permits; (2) abandonment of projects after expending resources to pursue such opportunities; (3) cost overruns; (4) construction delays; and (5) failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all. If we fail to reinvest in our Portfolio or maintain its attractiveness to retailers and consumers, if our capital improvements are not successful, or if retailers and consumers perceive that shopping at other venues (including e-commerce) is more convenient, cost-effective, or otherwise more compelling, our financial condition, operating results, and cash flows could be adversely impacted.

***Significant retailer distress across our Portfolio could adversely affect our financial condition, operating results, and cash flows.***

Our income is substantially comprised of rental income from tenants in our Portfolio. Our income would be adversely affected if a significant number of our tenants failed to make rental payments when due as a result of either operating challenges or disruptions in credit markets that adversely affect the ability of our tenants to obtain

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financing on favorable terms or at all. If our tenants are unable to meet their rental obligations, renew leases, or enter into new leases with us, our financial condition, operating results, and cash flows could be adversely impacted.

In certain circumstances, a tenant may have a right to terminate their lease. For example, a failure by an anchor tenant to occupy their leased premises could potentially trigger lease termination rights or reductions in rent due from certain other tenants in that shopping center. In the event of such lease terminations, we cannot be certain that we will be able to re-lease space on similar or economically advantageous terms. The loss of rental income from a significant number of tenants and difficulty in replacing such tenants could adversely affect our financial condition, operating results, and cash flows.

***We may be unable to collect outstanding balances and/or future contractual rents due from tenants that file for bankruptcy protection.***

When a tenant files for bankruptcy protection, we may not be able to collect amounts owed to us by that party prior to the bankruptcy filing. In addition, after filing for bankruptcy protection, a tenant may terminate any or all of its leases with us, which would result in a general unsecured claim against such tenant that would likely be worth less than the full amount owed to us over the remainder of the lease term. In these situations, we cannot be certain that we will be able to re-lease such space on similar or economically advantageous terms, which could adversely affect our financial condition, operating results, and cash flows.

***Our expenses may remain constant or increase, even if income from our Portfolio decreases.***

Costs associated with our business, such as common area expenses, utilities, insurance, real estate taxes, and corporate expenses, are relatively inflexible and generally do not decrease due to vacancy, decreasing rental rates, rent collection issues, or other circumstances that may cause our revenues to decrease. In addition, inflation has and could continue to result in higher operating costs. If we are unable to lower our operating costs when revenues decline and/or are unable to fully pass along cost increases to our tenants, our financial condition, operating results, and cash flows could be adversely impacted.

***Our real estate investments are relatively illiquid and we may not be able to dispose of assets in a timely manner, on favorable terms, or at all.***

Our ability to dispose of properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers, and we cannot predict the various market conditions affecting real estate investments that will exist at any particular time in the future. We may be required to expend funds to correct defects or to make capital improvements before a property can be sold and we cannot be certain that we will have the funds available to make such capital improvements; therefore, we may be unable to sell a property on favorable terms or at all. In addition, the ability to sell assets in our Portfolio may also be restricted by certain covenants in our debt agreements, such as the credit agreement governing our Unsecured Credit Facility. As a result, we may be unable to realize our investment objectives through dispositions, which could adversely affect our financial condition, operating results, and cash flows.

***Our real estate assets may be subject to impairment charges.***

We periodically assess whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of our real estate assets (including any related intangible assets or liabilities) may be impaired. A property's value is considered to be impaired only if the estimated aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, are less than the carrying value of the property. Impairment charges have an immediate direct impact on our earnings. We have taken impairment charges on certain of our assets in the past and there can be no assurance that we will not take additional charges in the future. Any future impairment could have an adverse effect on our operating results in the period in which the charge is recognized.

***We face competition in pursuing acquisition opportunities, which could increase the cost of such acquisitions and/or limit our ability to grow. To the extent that we are able to complete acquisitions, we may not be able to generate expected returns or successfully integrate such acquisitions into our existing operations.***

We continue to evaluate the market for potential acquisitions and we may acquire properties when we believe strategic opportunities exist. Our ability to acquire properties on favorable terms and successfully integrate, operate, reposition, or redevelop such properties is subject to several risks. We may be unable to acquire desired properties

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because of competition from other real estate investors, including from other well-capitalized REITs and institutional investment funds. Even if we are able to acquire desired properties, competition from such investors may significantly increase the price we must pay. In certain circumstances, we may abandon acquisition activities after expending significant resources to pursue such opportunities. Once we acquire new properties, these properties may not yield expected returns for several reasons, including: (1) failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; (2) inability to successfully integrate new properties into existing operations; and (3) fluctuations in the general economy, including due to the time lag between signing definitive documentation to acquire a new property and the closing of the acquisition. If any of these events occur, our financial condition, operating results, and cash flows could be adversely impacted.

***We utilize a significant amount of indebtedness in the operation of our business. Required debt service payments and other risks related to our debt financing could adversely affect our financial condition, operating results, and cash flows.***

As of December 31, 2022, we had approximately $5.0 billion aggregate principal amount of indebtedness outstanding. Our indebtedness could have important consequences to us. For example, it could (1) require us to dedicate a substantial portion of our cash flow to principal and interest payments, reducing the cash flow available to fund our business, pay dividends, including those necessary to maintain our REIT qualification, or use for other purposes; (2) increase our vulnerability to an economic downturn or various competitive pressures, as debt payments are not reduced if the economic performance of any property, or the Portfolio as a whole, deteriorates; and (3) limit our flexibility to respond to changing business and economic conditions. In addition, non-compliance with the terms of our debt agreements could result in the acceleration of a significant amount of indebtedness and could materially impair our ability to borrow unused amounts under existing financing arrangements or to obtain additional financing on favorable terms or at all. Any of these outcomes could adversely affect our financial condition, operating results, and cash flows.

***Our variable rate indebtedness subjects us to interest rate risk, and an increase in our debt service obligations may adversely affect our financial condition, operating results, and cash flows.***

During 2022, interest rates increased significantly and may further increase in the future. As of December 31, 2022, $300.0 million of borrowings under our Term Loan Facility and $125.0 million of borrowings under our Revolving Facility bear interest at variable rates. In addition, we had $1.1 billion of available liquidity under our Revolving Facility and a $200.0 million delayed draw available under the Term Loan Facility, both of which would bear interest at variable rates upon borrowing. When interest rates increase, our debt service obligations on the variable rate indebtedness increase even though the amount borrowed remains the same, and our net income and cash flows correspondingly decrease. In order to partially mitigate our exposure to interest rate risk, we have entered into interest rate swap agreements on $300.0 million of our variable rate debt, which involve the exchange of variable for fixed rate interest payments. Taking into account our current interest rate swap agreements, a 100 basis point increase in interest rates would result in a $1.3 million increase in annual interest expense.

***We may be unable to obtain additional capital through the debt and equity markets on favorable terms or at all.***

As a REIT, we must annually distribute at least 90% of our REIT taxable income to our stockholders. As a result, we depend on internally generated free cash flow, proceeds from asset sales, and capital raises in the debt and equity markets to fund our business. Our access to external capital depends upon several factors, including general market conditions, our current and potential future earnings, the market's perception of our growth potential, our liquidity and leverage ratios, and our cash distributions. Additionally, interest rates have increased significantly during 2022 and may increase in the future. Increased interest rates negatively affect our ability to efficiently refinance our outstanding debt. Consequently, we cannot provide assurance that we will be able to access the debt and equity capital markets on favorable terms or at all. Our inability to obtain debt or equity capital could result in the disruption of our ability to: (1) operate, maintain or reinvest in our Portfolio; (2) repay or refinance our indebtedness on or before maturity; (3) acquire new properties; or (4) dispose of some of our assets on favorable terms due to an immediate need for capital. As a result, our financial condition, operating results, and cash flows be adversely impacted.

***Adverse changes in our credit rating could affect our borrowing ability and the terms of existing or new financing.***

Our creditworthiness is rated by nationally recognized credit rating agencies. The credit ratings assigned are based on our operating performance, liquidity and leverage ratios, financial condition and prospects, and other factors

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viewed by the credit rating agencies as relevant to our industry. Our credit rating can affect our ability to access debt capital, as well as the terms of certain existing and potential future debt financings. Since we depend on debt financing to fund our business, an adverse change in our credit rating, including changes in our credit outlook, or even the initiation of a review of our credit rating that could result in an adverse change, could adversely affect our financial condition, operating results, and cash flows.

***Covenants in our debt agreements could, under certain circumstances, result in an acceleration of our indebtedness.***

Our debt agreements contain various financial and operating covenants, including, among other things, certain coverage ratios and limitations on our ability to incur secured and unsecured debt. A breach of any of these covenants, if not cured within any applicable cure period, could result in a default and acceleration of certain of our indebtedness. If any of our indebtedness is accelerated prior to maturity, we may not be able to repay or refinance such indebtedness on favorable terms, or at all, which could adversely affect our financial condition, operating results, and cash flows.

***An uninsured property loss or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or revenue associated with those properties.***

We carry comprehensive liability, fire, extended coverage, business interruption, and acts of terrorism insurance with policy specifications and insured limits customarily carried for similar properties. There are, however, certain types of losses, such as from hurricanes, tornadoes, floods, earthquakes, terrorism, or wars, where coverages are limited or deductibles may be higher. In addition, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons or damage to personal or real property on the premises due to activities conducted by tenants or their agents on the properties (including without limitation any environmental contamination), and to obtain liability and property damage insurance policies at the tenant's expense, kept in full force during the term of the lease. However, tenants may not properly maintain their insurance policies or have the ability to pay the deductibles associated with such policies. Should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of an insured loss that is subject to a substantial deductible, we could lose all or part of the capital invested in, and anticipated revenue from, one or more properties, which could adversely affect our financial condition, operating results, and cash flows.

***Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs.***

We are subject to federal, state, and local environmental regulations that apply generally to the ownership of, and the operations conducted on, real property. Under various federal, state, and local laws, ordinances, and regulations, we may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in our properties or disposed of by us or our 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). Such liability may be imposed whether or not we knew of, or were responsible for, the presence of these hazardous or toxic substances. As is the case with many community and neighborhood shopping centers, many of our properties had or have on-site dry cleaners and/or on-site gas stations, the prior or current use of which could potentially increase our environmental liability exposure. The costs of investigation and removal or remediation of such substances may be substantial, and the presence of such substances, or the failure to properly remediate such substances, may adversely affect our ability to lease such property, to borrow funds using such property as collateral, or to dispose of such property.

In addition, certain of our properties may contain asbestos-containing building materials ("ACBM"). Environmental laws require that ACBM be properly managed and maintained, and may impose fines and penalties on building owners or operators for failure to comply with these requirements. The laws also may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.

Finally, we can provide no assurance that we are aware of all potential environmental liabilities or that the environmental studies performed by us have identified or will identify all material environmental conditions that may exist with respect to any of the properties in our Portfolio; that any previous owner, occupant, or tenant did not create any material environmental condition unknown to us; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; or that changes in environmental laws and regulations will not result in additional environmental liabilities to us.

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Further information relating to recognition of remediation obligations in accordance with GAAP is discussed under the heading "Environmental matters" in <u>[Note 15 – Commitments and Contingencies](#i77fd317beaec418fb44a44a889fd3f34_184)</u> to our Consolidated Financial Statements in this report.

***Compliance with the Americans with Disabilities Act, fire, safety, environmental, and other regulations may require us to make expenditures that could adversely affect our financial condition, operating results, and cash flows.***

All of the properties in our Portfolio are required to comply with the Americans with Disabilities Act ("ADA"). The ADA has separate compliance requirements for "public accommodations" and "commercial facilities," but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements may necessitate the removal of access barriers and non-compliance could result in the imposition of fines by the U.S. government, awards of damages to private litigants, or both. We are continually assessing our Portfolio to determine our compliance with the current requirements of the ADA. We are required to comply with the ADA within the common areas of our Portfolio and we may not be able to pass on to our tenants the costs necessary to remediate any common area ADA issues, which could adversely affect our financial condition, operating results, and cash flows. In addition, we are required to operate the properties in compliance with fire, safety, and environmental regulations, building codes, and other regulations, as they may be adopted by governmental bodies and become applicable to our Portfolio. As a result, we may be required to make substantial capital expenditures to comply with, and we may be restricted in our ability to renovate or redevelop properties subject to, those requirements. Further, compliance with new or more stringent laws or regulations or stricter interpretations of existing laws may require us to make additional capital expenditures. For example, various federal, state, and local laws and regulations have been implemented or are under consideration to mitigate the effects of climate change caused by greenhouse gas emissions. Among other things, "green" building codes may seek to reduce emissions through the imposition of standards for design, construction materials, water and energy usage and efficiency, and waste management. These requirements could increase the costs of maintaining or improving the properties in our Portfolio and could also result in increased compliance costs or additional operating restrictions that could adversely impact the businesses of our tenants and their ability to pay rent, which could adversely affect our financial condition, operating results, and cash flows.

***We and our tenants face risks relating to cybersecurity attacks that could cause the loss of confidential information or other business disruptions.***

We rely extensively on computer systems to operate and manage our business and process transactions, and as a result, our business is at risk from, and may be impacted by, cybersecurity attacks. These attacks could include attempts to gain unauthorized access to our data and/or computer systems. Attacks may be undertaken by individuals or may be highly organized attempts by very sophisticated organizations. We employ a variety of measures to prevent, detect, and mitigate these threats, which include password protection, frequent mandatory password change events, multi-factor authentication, mandatory employee trainings, firewall detection systems, frequent backups, a redundant data system for core applications, and annual penetration testing; however, there is no guarantee that such efforts will be successful in preventing or mitigating a cybersecurity attack. A cybersecurity attack, such as a ransomware attack, could compromise the confidential information, including the personally identifiable information, of our employees, tenants, and vendors, disrupt the proper functioning of our networks, result in misstated financial reports or covenants under various financing agreements, and/or missed reporting deadlines, prevent us from properly monitoring our REIT qualification, result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space, or require significant management attention and resources to remedy any damages that result. A successful attack could also damage our reputation and result in significant remediation costs and potential litigation. Similarly, our tenants rely extensively on computer systems to process transactions and manage their businesses and thus are also at risk from, and may be impacted by, cybersecurity attacks. A cybersecurity attack experienced by us or one of our tenants that results in an interruption in business operations and/or a deterioration in reputation could adversely affect our financial condition, operating results, and cash flows. As of December 31, 2022, we have not had any material incidences involving cybersecurity attacks.

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***The direct and indirect impact on us and our tenants from severe weather, flooding, and other effects of climate change, and the economic and reputational impacts of the transition to non-carbon based energy, could adversely affect our financial condition, operating results, and cash flows.***

Our properties have been and may in the future be adversely impacted by flooding, wildfires, high winds and other effects of severe weather conditions that may be caused or exacerbated by climate change. These events can result in property closures, property damage, and delays in value-enhancing reinvestment stabilizations, and may adversely impact the operations of our tenants. Even if these events do not directly impact our properties, they have impacted and may continue to impact us and our tenants through increases in insurance, energy or other costs. In addition, the ongoing transition to non-carbon based energy presents certain risks for us and our tenants, including risks related to high energy costs and energy shortages, among other things. Changes in laws or regulations, including federal, state, or local laws, relating to climate change could result in increased capital expenditures to improve the energy efficiency of our properties.

**Risks Related to Our Organization and Structure**

***BPG's board of directors may change significant corporate policies without stockholder approval.***

BPG's investment, financing, and dividend policies and our policies with respect to all other business activities, including strategy and operations, will be determined by BPG's board of directors. These policies may be amended or revised at any time and from time to time at the discretion of BPG's board of directors without a vote of our stockholders. BPG's charter also provides that BPG's board of directors may revoke or otherwise terminate our REIT election without the approval of BPG's stockholders if it determines that it is no longer in BPG's best interests to continue to qualify as a REIT. In addition, BPG's board of directors may change BPG's policies with respect to conflicts of interest, provided that such changes are consistent with applicable legal requirements. A change in any of these policies could have an adverse effect on our financial condition, operating results, and cash flows.

***BPG's board of directors may approve the issuance of stock, including preferred stock, with terms that may discourage a third party from acquiring us.***

BPG's charter permits its board of directors to authorize the issuance of stock in one or more classes or series. Our board of directors may also classify or reclassify any unissued stock and establish the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of any such stock, which rights may be superior to those of our common stock. Thus, BPG's board of directors could authorize the issuance of shares of a class or series of stock with terms and conditions that could have the effect of discouraging an unsolicited acquisition of us or a change of our control in which holders of some or a majority of BPG's outstanding common stock may receive a premium for their shares over the then-current market price of our common stock.

***The rights of BPG and BPG's stockholders to take action against BPG's directors and officers are limited.***

BPG's charter eliminates the liability of BPG's directors and officers to us and BPG's stockholders for money damages to the maximum extent permitted under Maryland law. Under Maryland law and BPG's charter, BPG's directors and officers do not have any liability to BPG or BPG's stockholders for money damages other than liability resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the actual receipt of an improper benefit or profit in money, property, or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• active and deliberate dishonesty by the director or officer that was established by a final judgment and is material to the cause of action adjudicated.

BPG's charter authorizes, and BPG's bylaws require, BPG to indemnify each of BPG's directors and officers who is made a party to or witness in a proceeding by reason of his or her service in those capacities (or in a similar capacity at another entity at the request of BPG), to the maximum extent permitted under Maryland law, from and against any claim or liability to which such person may become subject by reason of his or her status as a present or former director or officer of BPG. In addition, BPG may be obligated to pay or reimburse the expenses incurred by BPG's present and former directors and officers without requiring a preliminary determination of their ultimate entitlement to indemnification. As a result, BPG and BPG's stockholders may have more limited rights to recover money damages from BPG's directors and officers than might otherwise exist absent these provisions in BPG's charter and bylaws or that might exist with other companies, which could limit the recourse of stockholders.

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***BPG's charter contains a provision that expressly permits BPG's non-employee directors to compete with us.***

BPG's charter provides that, to the maximum extent permitted under Maryland law, BPG renounces any interest or expectancy that BPG has in, or any right to be offered an opportunity to participate in, any business opportunities that are from time to time presented to or developed by BPG's directors or their affiliates, other than to those directors who are employed by BPG or BPG's subsidiaries, unless the business opportunity is expressly offered or made known to such person in his or her capacity as a director. Non-employee directors or any of their affiliates will not have any duty to communicate or offer such transaction or business opportunity to us or to refrain from engaging, directly or indirectly, in the same or similar business activities or lines of business in which we or our affiliates engage or propose to engage. These provisions may deprive us of opportunities which we may have otherwise wanted to pursue.

BPG's charter provides that, to the maximum extent permitted under Maryland law, each of BPG's non-employee directors, and any of their affiliates, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire, hold, and dispose of shares of BPG's stock or OP Units for his or her own account or for the account of others, and exercise all of the rights of a stockholder of Brixmor Property Group Inc. or a limited partner of our Operating Partnership, to the same extent and in the same manner as if he, she, or they were not BPG's director or stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in his, her, or their personal capacity or in his, her, or their capacity as a director, officer, trustee, stockholder, partner, member, equity owner, manager, advisor, or employee of any other person, have business interests and engage, directly or indirectly, in business activities that are similar to ours or compete with us, that involve a business opportunity that we could seize and develop or that include the acquisition, syndication, holding, management, development, operation, or disposition of interests in mortgages, real property, or persons engaged in the real estate business.

**Risks Related to our REIT Status and Certain Other Tax Items**

***If BPG does not maintain its qualification as a REIT, it will be subject to tax as a regular corporation and could face a substantial tax liability.***

BPG intends to continue to operate so as to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). However, qualification as a REIT involves the application of highly technical and complex Code provisions for which only a limited number of judicial or administrative interpretations exist. Notwithstanding the availability of cure provisions in the Code, BPG could fail to meet various compliance requirements, which could jeopardize its REIT status. Furthermore, new tax legislation, administrative guidance, or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for BPG to qualify as a REIT.

If BPG fails to qualify as a REIT in any taxable year and BPG is not entitled to relief under applicable statutory provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BPG would be taxed as a non-REIT "C" corporation, which under current laws, among other things, means being unable to deduct dividends paid to stockholders in computing taxable income and being subject to U.S. federal income tax on its taxable income at regular corporate income tax rates, which would reduce BPG's cash flows and funds available for distribution to stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BPG would be disqualified from taxation as a REIT for the four taxable years following the year in which it failed to qualify as a REIT.

The Internal Revenue Service ("IRS"), the U.S. Treasury Department, and Congress frequently review U.S. federal income tax legislation, regulations, and other guidance. BPG cannot predict whether, when, or to what extent new U.S. federal tax laws, regulations, interpretations, or rulings will be adopted. Any legislative action may prospectively or retroactively modify BPG's tax treatment and, therefore, may adversely affect taxation of BPG or BPG's stockholders. Stockholders should consult with their tax advisors with respect to the status of legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in BPG's stock.

 ***Complying with REIT requirements may force BPG to liquidate or restructure investments or forgo otherwise attractive investment opportunities, and/or may discourage BPG from disposing of certain assets.***

In order to qualify as a REIT, BPG must satisfy various requirements relating to the types of assets it holds and the nature of its income. In order to satisfy these technical requirements, BPG may be required to liquidate from its

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portfolio, or contribute to a taxable REIT subsidiary, otherwise attractive investments in order to maintain its qualification as a REIT. These actions could reduce BPG's income and amounts available for distribution to its stockholders.

In addition, the REIT provisions of the Code impose a 100% tax on income from "prohibited transactions." Prohibited transactions generally include sales of assets, other than foreclosure property, that constitute inventory or other property held for sale to customers in the ordinary course of business. Although BPG does not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination and no guarantee can be given that the IRS would agree with BPG's characterization of its properties or that BPG will be able to make use of the otherwise available safe harbors. The resulting 100% tax could affect BPG's decisions to sell certain properties if it believes such sales could be treated as prohibited transactions. However, BPG would not be subject to this tax if it were to sell such assets through a taxable REIT subsidiary, instead incurring tax on the asset sale at regular corporate tax rates.

***BPG's charter does not permit any person to own more than 9.8% of BPG's outstanding common stock or of BPG's outstanding stock of all classes or series, and attempts to acquire BPG's common stock or BPG's stock of all classes or series in excess of these limits would not be effective without an exemption from these limits by BPG's board of directors.***

For BPG to qualify as a REIT under the Code, not more than 50% of the value of BPG's outstanding stock may be owned directly or indirectly by five or fewer individuals (including certain entities treated as individuals for this purpose) during the last half of a taxable year. For the purpose of assisting BPG's qualification as a REIT for U.S. federal income tax purposes, among other purposes, BPG's charter prohibits beneficial or constructive ownership by any individual of more than a certain percentage, currently 9.8%, in value or by number of shares, whichever is more restrictive, of the outstanding shares of BPG's common stock or 9.8% in value of the outstanding shares of BPG's capital stock, which BPG refers to as the "ownership limit." The constructive ownership rules under the Code and BPG's charter are complex and may cause shares of the outstanding common stock owned by a group of related individuals to be deemed to be constructively owned by one individual. As a result, the acquisition of less than 9.8% of BPG's outstanding common stock or BPG's capital stock by an individual could cause the individual to own constructively in excess of 9.8% of BPG's outstanding common stock or BPG's capital stock, respectively, and thus violate the ownership limit. Any attempt to own or transfer shares of BPG's stock in excess of the ownership limit without an exemption from BPG's board of directors will result either in the shares in excess of the limit being transferred by operation of the charter to a charitable trust or the original transfer being void, and the individual who attempted to acquire such excess shares will not have any rights in such excess shares. In addition, there can be no assurance that BPG's board of directors, as permitted in the charter, will not decrease this ownership limit in the future.

The ownership limit may have the effect of precluding a change in control of BPG by a third party, even if such change in control would be in the best interests of BPG's stockholders or would result in BPG's stockholders receiving a premium for their shares over the then-current market price of BPG's common stock, and even if such change in control would not reasonably jeopardize BPG's REIT status.

***BPG may choose to make distributions in BPG's own stock, in which case stockholders may be required to pay income taxes without receiving any cash dividends.***

In connection with BPG's qualification as a REIT, BPG is required to annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Although it does not currently intend to do so, in order to satisfy this requirement, BPG is permitted, subject to certain conditions and limitations, to make distributions that are in whole or in part payable in shares of BPG's stock. Taxable stockholders receiving such distributions will be required to include a portion, if not all, of such distributions as ordinary dividend income. As a result, stockholders may be required to pay income taxes with respect to such distributions in excess of the cash portion of the distribution received and may be required to sell shares received in such distribution or may be required to sell other stock or assets owned by them, at a time that may be disadvantageous, in order to satisfy any tax imposed on such distribution. In addition, if a significant number of BPG's stockholders elect to sell shares of BPG's stock in order to pay taxes owed on dividend income, such sales may put downward pressure on the market price of BPG's stock.

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**Item 1B*.* Unresolved Staff Comments**

None.

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**Item 2*.* Properties**

As of December 31, 2022, our Portfolio was comprised of 373 shopping centers totaling approximately 66 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 CBSAs in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2022, our three largest tenants by ABR were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc.

The following table summarizes our top 20 tenants by ABR, as of December 31, 2022 (dollars in thousands, except for PSF amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retailer** | **Owned Leases** | **Leased GLA** | **Percent of GLA** | **ABR** | **ABR PSF**<sup>(1)</sup> | **Percent of ABR** |
| The TJX Companies, Inc. | 87 | 2595054 | 3.9% | $31808 | $12.26 | 3.4% |
| The Kroger Co. | 44 | 2993862 | 4.5% | 22648 | 7.56 | 2.4% |
| Burlington Stores, Inc. | 36 | 1567993 | 2.4% | 17989 | 11.47 | 1.9% |
| Dollar Tree Stores, Inc. | 121 | 1405068 | 2.1% | 15945 | 11.35 | 1.7% |
| Publix Super Markets, Inc. | 31 | 1431891 | 2.2% | 14552 | 10.16 | 1.5% |
| Ross Stores, Inc | 39 | 1017273 | 1.5% | 12850 | 12.63 | 1.4% |
| L.A Fitness International, LLC | 14 | 566362 | 0.9% | 10994 | 19.41 | 1.2% |
| Ahold Delhaize | 18 | 981884 | 1.5% | 10676 | 10.87 | 1.1% |
| Amazon.com, Inc. / Whole Foods Market Services, Inc. | 15 | 567970 | 0.9% | 9930 | 17.48 | 1.1% |
| Albertson's Companies, Inc | 14 | 750202 | 1.1% | 9638 | 12.85 | 1.0% |
| PetSmart, Inc. | 27 | 594706 | 0.9% | 9483 | 15.95 | 1.0% |
| Kohl's Corporation | 14 | 1095329 | 1.7% | 8896 | 8.12 | 0.9% |
| Five Below, Inc. | 49 | 445679 | 0.7% | 8666 | 19.44 | 0.9% |
| Ulta Beauty, Inc. | 32 | 356831 | 0.5% | 8346 | 23.39 | 0.9% |
| PETCO Animal Supplies, Inc. | 34 | 463715 | 0.7% | 8080 | 17.42 | 0.9% |
| Big Lots, Inc. | 32 | 1035469 | 1.6% | 7845 | 7.58 | 0.8% |
| Party City Holdco Inc. | 28 | 410595 | 0.6% | 6293 | 15.33 | 0.7% |
| The Michaels Companies, Inc. | 21 | 472884 | 0.7% | 6169 | 13.05 | 0.7% |
| Staples, Inc. | 21 | 442469 | 0.7% | 5373 | 12.14 | 0.6% |
| Bed Bath & Beyond, Inc. | 19 | 479461 | 0.7% | 5324 | 11.10 | 0.6% |
| **TOP 20 RETAILERS** | **696** | **19674697** | **29.8%** | $**231505** | $**11.77** | **24.7%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

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The following table summarizes the geographic diversity of our Portfolio by state, ranked by ABR, as of December 31, 2022 (dollars in thousands, expect for PSF amounts):

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **State** | **Number of Properties** | **GLA** | **Percent Billed** | **Percent Leased** | **ABR** | **ABR PSF**<sup>(1)</sup>  | **Percent of Number of Properties** | **Percent of GLA** | **Percent of ABR** |
| 1 | Florida | 49 | 8404624 | 92.6% | 95.7% | $128520 | $16.31 | 13.0% | 12.8% | 13.5% |
| 2 | California | 28 | 5248351 | 92.2% | 96.1% | 107776 | 22.88 | 7.5% | 8.0% | 11.4% |
| 3 | Texas | 48 | 7288897 | 89.9% | 92.3% | 106127 | 16.25 | 12.9% | 11.0% | 11.2% |
| 4 | New York | 27 | 3463005 | 92.9% | 95.9% | 68652 | 21.09 | 7.2% | 5.2% | 7.3% |
| 5 | Pennsylvania | 25 | 4555884 | 90.8% | 95.5% | 67212 | 18.92 | 6.7% | 6.9% | 7.1% |
| 6 | Illinois | 17 | 4322356 | 84.6% | 86.8% | 53124 | 14.70 | 4.6% | 6.5% | 5.6% |
| 7 | New Jersey | 16 | 2821968 | 87.9% | 96.9% | 46153 | 17.91 | 4.3% | 4.3% | 4.9% |
| 8 | Georgia | 27 | 3786901 | 89.1% | 94.7% | 45585 | 13.09 | 7.2% | 5.7% | 4.8% |
| 9 | North Carolina | 15 | 3317924 | 93.3% | 96.7% | 40689 | 13.34 | 4.0% | 5.0% | 4.3% |
| 10 | Michigan | 15 | 2803004 | 90.0% | 92.5% | 35033 | 14.14 | 4.0% | 4.2% | 3.7% |
| 11 | Ohio | 13 | 2872779 | 87.9% | 92.1% | 34781 | 15.36 | 3.5% | 4.4% | 3.7% |
| 12 | Connecticut | 10 | 1673845 | 83.9% | 89.6% | 23628 | 15.84 | 2.7% | 2.5% | 2.5% |
| 13 | Tennessee | 7 | 1791013 | 96.8% | 97.0% | 22991 | 13.56 | 1.9% | 2.7% | 2.4% |
| 14 | Colorado | 7 | 1593917 | 93.0% | 95.8% | 22524 | 15.67 | 1.9% | 2.4% | 2.4% |
| 15 | Massachusetts | 10 | 1507803 | 91.4% | 95.8% | 19818 | 15.46 | 2.7% | 2.3% | 2.1% |
| 16 | Kentucky | 7 | 1683212 | 92.7% | 95.2% | 18808 | 13.01 | 1.9% | 2.6% | 2.0% |
| 17 | South Carolina | 8 | 1441400 | 83.5% | 89.1% | 17961 | 14.28 | 2.1% | 2.2% | 1.9% |
| 18 | Minnesota | 9 | 1269831 | 88.5% | 88.8% | 16236 | 15.71 | 2.4% | 1.9% | 1.7% |
| 19 | Indiana | 5 | 1212380 | 93.4% | 96.2% | 14186 | 12.27 | 1.3% | 1.8% | 1.5% |
| 20 | Virginia | 6 | 826116 | 91.1% | 93.7% | 10565 | 14.81 | 1.6% | 1.3% | 1.1% |
| 21 | New Hampshire | 5 | 670250 | 88.6% | 95.3% | 9034 | 14.75 | 1.3% | 1.0% | 1.0% |
| 22 | Wisconsin | 4 | 566588 | 86.3% | 92.0% | 6287 | 12.07 | 1.1% | 0.9% | 0.7% |
| 23 | Maryland | 2 | 371904 | 98.4% | 99.2% | 6252 | 17.31 | 0.5% | 0.6% | 0.7% |
| 24 | Missouri | 4 | 495523 | 90.1% | 91.7% | 4613 | 10.22 | 1.1% | 0.8% | 0.5% |
| 25 | Alabama | 1 | 410401 | 82.9% | 85.8% | 4369 | 12.70 | 0.3% | 0.6% | 0.5% |
| 26 | Kansas | 2 | 376599 | 95.5% | 96.0% | 3667 | 13.05 | 0.5% | 0.6% | 0.4% |
| 27 | Oklahoma | 1 | 193276 | 100.0% | 100.0% | 2081 | 10.77 | 0.3% | 0.3% | 0.2% |
| 28 | Vermont | 1 | 223314 | 90.0% | 90.0% | 1934 | 9.63 | 0.3% | 0.3% | 0.2% |
| 29 | Maine | 1 | 287533 | 95.5% | 95.5% | 1875 | 17.65 | 0.3% | 0.4% | 0.2% |
| 30 | Arizona | 1 | 165350 | 67.1% | 79.3% | 1825 | 13.92 | 0.3% | 0.3% | 0.2% |
| 31 | Iowa | 1 | 269705 | 70.3% | 73.9% | 1657 | 8.32 | 0.3% | 0.4% | 0.2% |
| 32 | West Virginia | 1 | 75344 | 8.4% | 44.8% | 527 | 15.61 | 0.3% | 0.1% | 0.1% |
| **TOTAL** | **TOTAL** | **373** | **65990997** | **90.2%** | **93.8%** | $**944490** | $**16.19** | **100.0%** | **100.0%** | **100.0%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

The following table summarizes certain information for our Portfolio by unit size, as of December 31, 2022 (dollars in thousands, expect for PSF amounts):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Units** | **GLA** | **Percent of GLA** | **Percent Billed** | **Percent Leased** | **ABR** | **ABR PSF**<sup>(1)</sup> | **Percent of ABR** |
| ≥ 35,000 SF | 420 | 23857818 | 36.1% | 94.8% | 96.0% | $223991 | $11.05 | 23.7% |
| 20,000 – 34,999 SF | 493 | 12852347 | 19.5% | 91.9% | 96.7% | 145043 | 11.78 | 15.4% |
| 10,000 – 19,999 SF | 617 | 8419454 | 12.8% | 89.5% | 94.4% | 118199 | 15.23 | 12.5% |
| 5,000 – 9,999 SF | 1110 | 7657600 | 11.6% | 85.2% | 91.2% | 134374 | 19.97 | 14.2% |
| < 5,000 SF | 6189 | 13203778 | 20.0% | 83.6% | 88.1% | 322883 | 28.67 | 34.2% |
| TOTAL | 8829 | 65990997 | 100.0% | 90.2% | 93.8% | $944490 | $16.19 | 100.0% |
| TOTAL ≥ 10,000 SF | 1530 | 45129619 | 68.4% | 93.0% | 95.9% | $487233 | $12.07 | 51.6% |
| TOTAL < 10,000 SF | 7299 | 20861378 | 31.6% | 84.2% | 89.2% | 457257 | 25.42 | 48.4% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

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The following table summarizes lease expirations for leases in place within our Portfolio for each of the next 10 calendar years and thereafter, assuming no exercise of renewal options and including the GLA of lessee-owned leasehold improvements, as of December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Leases** | **Leased GLA** | **% of Leased GLA** | **% of In-Place ABR** | **In-Place ABR PSF** | **ABR PSF at Expiration** |
| M-M | 286 | 795878 | 1.3% | 1.3% | $15.46 | $15.46 |
| 2023 | 1040 | 5349850 | 8.6% | 8.0% | 14.17 | 14.17 |
| 2024 | 1156 | 8095888 | 13.1% | 12.3% | 14.35 | 14.46 |
| 2025 | 1046 | 7789912 | 12.6% | 12.1% | 14.70 | 14.90 |
| 2026 | 917 | 7202285 | 11.6% | 11.6% | 15.26 | 15.66 |
| 2027 | 999 | 8364079 | 13.5% | 13.5% | 15.27 | 15.86 |
| 2028 | 614 | 5297992 | 8.6% | 8.7% | 15.44 | 16.83 |
| 2029 | 401 | 4112264 | 6.6% | 6.6% | 15.10 | 16.68 |
| 2030 | 313 | 2985609 | 4.8% | 4.9% | 15.63 | 17.35 |
| 2031 | 271 | 2619116 | 4.2% | 4.5% | 16.12 | 18.30 |
| 2032 | 368 | 3132994 | 5.1% | 5.8% | 17.34 | 19.58 |
| 2033+ | 521 | 6152271 | 10.0% | 10.7% | 16.41 | 19.26 |

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More specific information with respect to each of our properties is set forth in Exhibit 99.1, which is incorporated herein by reference.

**Leases**

Our anchor tenants generally have leases with original terms ranging from 10 to 20 years and may or may not have renewal options for one or more additional periods. Smaller tenants typically have leases with original terms ranging from five to 10 years and may or may not have renewal options for one or more additional periods. Leases in our Portfolio generally provide for the payment of fixed monthly base rent. Certain leases also provide for the payment of additional rent based upon a percentage of the tenant's gross sales above a predetermined threshold. Leases also generally provide for contractual increases in base rent over both the original lease term and any renewal option periods and the reimbursement of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties.

The foregoing general description of the characteristics of the leases of our Portfolio is not intended to describe all leases, and material variations in lease terms may exist.

**Insurance**

We have a wholly owned captive insurance company, Brixmor Incap, LLC ("Incap"). Incap underwrites the first layer of general liability insurance for the properties in our Portfolio. We formed Incap as part of our overall risk management program to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements.

We also maintain commercial liability, fire, extended coverage, earthquake, business interruption, and rental loss insurance covering all of the properties in our Portfolio. We select coverage specifications and insured limits which we believe to be appropriate given the relative risk of loss, the cost of coverage, industry practice, and the nature of the shopping centers in our Portfolio. In addition, tenants are generally required to indemnify and hold us harmless from liabilities resulting from injury to persons or damage to personal or real property on the premises due to activities conducted by tenants or their agents at the properties (including without limitation any environmental contamination), and to obtain liability and property damage insurance policies at the tenant's expense, kept in full force during the term of the lease. In the opinion of our management, all of the properties in our Portfolio are currently adequately insured. We do not carry insurance for generally uninsured losses, such as losses from war. See <u>["Risk Factors – Risks Related to Our Portfolio and Our Business – An uninsured loss on properties or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or related revenue in those properties."](#i77fd317beaec418fb44a44a889fd3f34_22)</u>

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**Item 3*.* Legal Proceedings**

The information contained under the heading "Legal Matters" in <u>[Note 15 – Commitments and Contingencies](#i77fd317beaec418fb44a44a889fd3f34_184)</u> to our Consolidated Financial Statements in this report is incorporated by reference into this Item 3.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**PART II**

**Item 5***.* **Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities** 

BPG's common stock trades on the New York Stock Exchange under the trading symbol "BRX." As of February 1, 2023, the number of holders of record of BPG's common stock was 626. This figure does not represent the actual number of beneficial owners of BPG's common stock because shares of BPG's common stock are frequently held in "street name" by securities dealers and others for the benefit of beneficial owners who may vote the shares.

BPG 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, BPG 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, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain BPG's REIT status. As a REIT, BPG 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 as defined under the Code.

BPG's future distributions will be at the sole discretion of BPG's board of directors. When determining the amount of future distributions, we expect that BPG's board of directors will consider, among other factors; (1) the amount of cash generated from our operating activities; (2) the amount of cash required for leasing and maintenance capital expenditures; (3) the amount of cash required for debt repayments, reinvestment activity, net acquisitions, and share repurchases; (4) the amount of cash required to be distributed to maintain BPG's status as a REIT and to reduce any income and excise taxes that BPG otherwise would be required to pay; (5) any limitations on our distributions contained in our financing agreements, including, without limitation, in our Unsecured Credit Facility; (6) the sufficiency of legally-available assets; and (7) our ability to continue to access external sources of capital.

To the extent BPG is prevented, by provisions in our financing agreements or otherwise, from distributing 100% of BPG's REIT taxable income, or otherwise does not distribute 100% of BPG's REIT taxable income, BPG will be subject to income tax, and potentially excise tax, on the retained amounts. If our operations do not generate sufficient cash flow to allow BPG to satisfy the REIT distribution requirements, we may be required to fund distributions with working capital, additional indebtedness, or asset sales, or we may be required to reduce such distributions or make such distributions, in whole or in part, payable in shares of BPG's stock. See <u>[Item 1A. "Risk Factors"](#i77fd317beaec418fb44a44a889fd3f34_22)</u> for information regarding risk factors that could adversely affect our financial condition, operating results, and cash flows.

Distributions to the extent of the Company's current and accumulated earnings and profits for federal income tax purposes will be taxable to stockholders as ordinary dividend income or capital gain income. Distributions in excess of taxable earnings and profits generally will be treated as non-taxable return of capital. Non-taxable return of capital distributions, to the extent that they do not exceed the stockholder's adjusted tax basis in its common shares, have the effect of deferring taxation until the sale of the stockholder's common shares. To the extent that distributions are both in excess of taxable earnings and profits and in excess of the stockholder's adjusted tax basis in its common shares, the distributions will be treated as capital gains from the sale of common shares. For the taxable year ended December 31, 2022, 100.0% of the Company's distributions to stockholders constituted taxable ordinary income. For the taxable year ended December 31, 2021, 91.8% of the Company's distributions to stockholders constituted taxable ordinary income and 8.2% constituted a return of capital.

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**BPG's Total Stockholder Return Performance**

The following performance chart compares, for the period from December 31, 2017 through December 31, 2022, the cumulative total return of BPG's common stock with the cumulative total return of the S&P 500 Index and the FTSE Nareit Equity Shopping Centers Index. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and the following performance chart are deemed to be furnished, not filed.

![brx-20221231_g1.jpg](brx-20221231_g1.jpg)

**Sales of Unregistered Equity Securities**

There were no sales of unregistered equity securities during the year ended December 31, 2022.

**Issuer Purchases of Equity Securities**

On November 1, 2022, we established a new share repurchase program (the "Repurchase Program") for up to $400.0 million of our common stock. The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by our board of directors. The Repurchase Program replaced our prior share repurchase program, which was scheduled to expire on January 9, 2023. During the three months and year ended December 31, 2022, we did not repurchase any shares of common stock. As of December 31, 2022, the Repurchase Program had $400.0 million of available repurchase capacity.

**Item 6***.* **[Reserved]**

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

The following discussion should be read in conjunction with the Consolidated Financial Statements and the accompanying notes thereto. Historical results and percentage relationships set forth in the Consolidated Financial Statements and accompanying notes, including trends which might appear, should not be taken as indicative of future operations.

**Executive Summary**

***Our Company***

Brixmor Property Group Inc. and subsidiaries (collectively, "BPG") 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 BPG conducts substantially all of its operations and owns substantially all of its assets. BPG 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. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly-traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers. As of December 31, 2022, our portfolio was comprised of 373 shopping centers (the "Portfolio") totaling approximately 66 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2022, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc. ("TJX"), The Kroger Co. ("Kroger"), and Burlington Stores, Inc. ("Burlington"). BPG has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws commencing with our taxable year ended December 31, 2011, has maintained such requirements through our taxable year ended December 31, 2022, and intends to satisfy such requirements for subsequent taxable years.

Our primary objective is to maximize total returns to our stockholders through consistent, sustainable growth in cash flow. Our key strategies to achieve this objective include proactively managing our Portfolio to drive internal growth, pursuing value-enhancing reinvestment opportunities, and prudently executing on acquisition and disposition activity, while also maintaining a flexible capital structure positioned for growth. In addition, as we execute on our key strategies, we do so guided by our purpose-driven Corporate Responsibility ("CR") strategy and our commitment to environmental, social, and governance ("ESG") issues.

We believe the following set of competitive advantages positions us to successfully execute on our key strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansive Retailer Relationships – We believe that the scale of our asset base and our nationwide footprint represent competitive advantages in supporting the growth objectives of the nation's largest and most successful retailers. We believe that we are one of the largest landlords by GLA to TJX, Kroger, and Burlington, as well as a key landlord to most major grocers and retail category leaders. We believe that our strong relationships with leading retailers afford us unique insight into their strategies and priority access to their expansion plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fully-Integrated Operating Platform – We manage a fully-integrated operating platform, leveraging our national scope and demonstrating our commitment to operating with a strong regional and local presence. We provide our tenants with dedicated service through both our national accounts leasing team based in New York and our network of four regional offices in Atlanta, Chicago, Philadelphia and San Diego, as well as our 12 leasing and property management satellite offices throughout the country. We believe that this structure enables us to obtain critical national market intelligence, while also benefiting from the regional and local expertise of our leasing and operations teams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced Management – Senior members of our management team are seasoned real estate operators with extensive public company leadership experience. Our management team has deep industry knowledge and well-established relationships with retailers, brokers, and vendors through many years of operational and transactional experience, as well as significant capital markets capabilities and expertise in executing value-enhancing reinvestment opportunities.

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**Factors That May Influence Our Future Results** 

We derive our rental income primarily from base rent and expense reimbursements paid by tenants to us under existing leases at each of our properties. Expense reimbursements primarily consist of payments made by tenants to us for 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 our properties.

Our ability to maintain or increase rental income is primarily dependent on our ability to maintain or increase rental rates, renew expiring leases, and/or lease available space. Increases in our property operating expenses, including repairs and maintenance, landscaping, snow removal, security, ground rent related to properties for which we are the lessee, utilities, insurance, real estate taxes, and various other costs, to the extent they are not reimbursed by tenants or offset by increases in rental income, will adversely impact our overall performance. See <u>["](#i77fd317beaec418fb44a44a889fd3f34_13)[Forward-Looking Statements](#i77fd317beaec418fb44a44a889fd3f34_13)["](#i77fd317beaec418fb44a44a889fd3f34_13)</u> included elsewhere in this Annual Report on Form 10-K for additional information regarding risk factors that could affect our financial condition, operating results, and cash flows.

***Leasing Highlights***

As of December 31, 2022, billed and leased occupancy were 90.2% and 93.8%, respectively, compared to 88.7% and 92.0%, respectively, as of December 31, 2021.

The following table summarizes our executed leasing activity for the years ended December 31, 2022 and 2021 (dollars in thousands, except for per square foot ("PSF") amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** |
| | **Leases** | **GLA** | **New ABR PSF** | **Tenant Improvements and Allowances PSF** | **Third Party Leasing Commissions PSF** | **Rent Spread**<sup>(1)</sup> |
| New, renewal and option leases | 1614 | 10572727 | $16.47 | $4.71 | $2.05 | 12.7% |
| New and renewal leases | 1403 | 7095235 | 18.31 | 7.02 | 3.06 | 16.0% |
| New leases | 613 | 3256527 | 19.08 | 13.05 | 6.57 | 37.0% |
| Renewal leases | 790 | 3838708 | 17.66 | 1.91 | 0.08 | 11.1% |
| Option leases | 211 | 3477492 | 12.72 |  |  | 6.7% |
| **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** |
|  | **Leases** | **GLA** | **New ABR PSF** | **Tenant Improvements and Allowances PSF** | **Third Party Leasing Commissions PSF** | **Rent Spread**<sup>(1)</sup> |
| New, renewal and option leases | 1641 | 10041399 | $16.05 | $4.08 | $1.84 | 10.1% |
| New and renewal leases | 1478 | 6817114 | 18.42 | 6.01 | 2.71 | 11.4% |
| New leases | 639 | 3055371 | 18.66 | 12.14 | 5.92 | 27.6% |
| Renewal leases | 839 | 3761743 | 18.22 | 1.03 | 0.10 | 6.3% |
| Option leases | 163 | 3224285 | 11.04 |  |  | 7.1% |

---

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

Excludes leases executed for terms of less than one year.

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

***Acquisition Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** During the year ended December 31, 2022, we acquired seven shopping centers, one outparcel, and one land parcel and paid less than $0.1 million related to previously acquired assets for an aggregate purchase price of $409.7 million, including transaction costs and closing credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year ended December 31, 2021, we acquired six shopping centers, one outparcel, and two land parcels for an aggregate purchase price of $258.8 million, including transaction costs and closing credits.

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***Disposition Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** During the year ended December 31, 2022, we disposed of 16 shopping centers and 10 partial shopping centers for aggregate net proceeds of $277.0 million resulting in aggregate gain of $109.2 million and aggregate impairment of $5.7 million. In addition, during the year ended December 31, 2022, we resolved contingencies related to previously disposed assets and had land at one shopping center seized through eminent domain for aggregate net proceeds of $2.8 million, resulting in aggregate gain of $2.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year ended December 31, 2021, we disposed of 17 shopping centers and 15 partial shopping centers for aggregate net proceeds of $237.4 million resulting in aggregate gain of $73.1 million and aggregate impairment of $1.9 million. In addition, during the year ended December 31, 2021, we received aggregate net proceeds of less than $0.1 million from previously disposed assets resulting in aggregate gain of less than $0.1 million.

**Results of Operations** 

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

***Comparison of the Year Ended December 31, 2022 to the Year Ended December 31, 2021***

*Revenues (in thousands)*

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2022** | **2021** |<br>**$ Change** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;Rental income | $1217362 | $1146304 | $71058 |
| &nbsp;&nbsp;Other revenues | 712 | 5970 | (5258) |
| **Total revenues** | $1218074 | $1152274 | $65800 |

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<u>Rental income</u>

The increase in rental income for the year ended December 31, 2022 of $71.1 million, compared to the corresponding period in 2021, was due to a $55.9 million increase for assets owned for the full period and a $15.1 million increase in rental income due to net transaction activity. The increase for assets owned for the full period was due to (i) a $33.6 million increase in base rent; (ii) a $12.1 million increase in expense reimbursements; (iii) a $7.9 million increase in straight-line rental income, net; (iv) a $4.5 million increase in ancillary and other rental income; (v) a $3.1 million increase in percentage rents; and (vi) a $2.6 million increase associated with revenues deemed uncollectible; partially offset by (vii) a $5.5 million decrease in lease termination fees; and (viii) a $2.4 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant improvements. The $33.6 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 12.7% during the year ended December 31, 2022 and 10.1% during the year ended December 31, 2021, an increase in weighted average billed occupancy, and a decrease in rent deferrals accounted for as lease modifications and rent abatements related to COVID-19. The $12.1 million increase in expense reimbursements was primarily attributable to increases in billed occupancy, reimbursable operating expenses, and real estate taxes.

<u>Other revenues</u>

The decrease in other revenues for the year ended December 31, 2022 of $5.3 million, compared to the corresponding period in 2021, was primarily due to a decrease in tax increment financing income.

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*Operating Expenses (in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2022** | **2021** |<br>**$ Change** |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Operating costs | $141408 | $132042 | $9366 |
| &nbsp;&nbsp;Real estate taxes | 170383 | 165746 | 4637 |
| &nbsp;&nbsp;Depreciation and amortization | 344731 | 327152 | 17579 |
| &nbsp;&nbsp;Impairment of real estate assets | 5724 | 1898 | 3826 |
| &nbsp;&nbsp;General and administrative | 117225 | 105454 | 11771 |
| **Total operating expenses** | $779471 | $732292 | $47179 |

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<u>Operating costs</u>

The increase in operating costs for the year ended December 31, 2022 of $9.4 million, compared to the corresponding period in 2021, was due to a $7.7 million increase for assets owned for the full period primarily due to increases in repairs and maintenance, utilities, and insurance costs, in addition to a $1.7 million increase in operating costs due to net transaction activity.

<u>Real estate taxes</u>

The increase in real estate taxes for the year ended December 31, 2022 of $4.6 million, compared to the corresponding period in 2021, was primarily due to a $2.7 million increase due to net transaction activity and a $1.9 million increase for assets owned for the full period, primarily due to an increase in current year assessments.

<u>Depreciation and amortization</u>

The increase in depreciation and amortization for the year ended December 31, 2022 of $17.6 million, compared to the corresponding period in 2021, was primarily due to a $14.9 million increase attributable to net transaction activity, and a $2.7 million increase for assets owned for the full period, primarily due to capital expenditures, partially offset by accelerated depreciation and amortization related to tenant move-outs.

<u>Impairment of real estate assets</u>

During the year ended December 31, 2022, aggregate impairment of $5.7 million was recognized on two shopping centers and one partial shopping center as a result of disposition activity. During the year ended December 31, 2021, aggregate impairment of $1.9 million was recognized on two shopping centers as a result of disposition activity.

<u>General and administrative</u>

The increase in general and administrative costs for the year ended December 31, 2022 of $11.8 million, compared to the corresponding period in 2021, was primarily due to an increase in net compensation costs, marketing expenses, and travel and entertainment costs, partially offset by decreases in litigation and other non-routine legal, professional, office, and other expenses.

During the years ended December 31, 2022 and 2021, construction compensation costs of $17.5 million and $16.6 million, respectively, were capitalized to building and improvements and leasing legal costs of $4.1 million and $2.5 million, respectively, and leasing commission costs of $7.9 million and $6.8 million, respectively, were capitalized to deferred charges and prepaid expenses, net.

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*Other Income and Expenses (in thousands)*

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2022** | **2021** |<br>**$ Change** |
| **Other income (expense)** |  |  |  |
| &nbsp;&nbsp;Dividends and interest | $314 | $299 | $15 |
| &nbsp;&nbsp;Interest expense | (192427) | (194776) | 2349 |
| &nbsp;&nbsp;Gain on sale of real estate assets | 111563 | 73092 | 38471 |
| &nbsp;&nbsp;Loss on extinguishment of debt, net | (221) | (28345) | 28124 |
| &nbsp;&nbsp;Other | (3639) | (65) | (3574) |
| **Total other expense** | $(84410) | $(149795) | $65385 |

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<u>Dividends and interest</u>

Dividends and interest remained generally consistent for the year ended December 31, 2022 compared to the corresponding period in 2021.

<u>Interest expense</u>

The decrease in interest expense for the year ended December 31, 2022 of $2.3 million, compared to the corresponding period in 2021, was primarily due to lower overall debt obligations, partially offset by a higher weighted average interest rate.

<u>Gain on sale of real estate assets</u>

During the year ended December 31, 2022, we disposed of 14 shopping centers and nine partial shopping centers that resulted in aggregate gain of $109.2 million. In addition, during the year ended December 31, 2022, we resolved contingencies related to previously disposed assets and had land at one shopping center seized through eminent domain resulting in aggregate net proceeds of $2.8 million, resulting in aggregate gain of $2.4 million. During the year ended December 31, 2021, we disposed of 16 shopping centers and 15 partial shopping centers that resulted in aggregate gain of $73.1 million. In addition, during the year ended December 31, 2021, we received aggregate net proceeds of less than $0.1 million from previously disposed assets resulting in aggregate gain of less than $0.1 million.

<u>Loss on extinguishment of debt, net</u>

During the year ended December 31, 2022, we amended and restated our unsecured credit facility effective April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of a $1.25 billion revolving credit facility (the "Revolving Facility") and a $300.0 million term loan, in addition to a new $200.0 million delayed draw term loan (together, the "Term Loan Facility"), resulting in a $0.2 million loss on extinguishment of debt due to the acceleration of unamortized debt issuance costs. During the year ended December 31, 2021, we redeemed all $500.0 million of our 3.250% Senior Notes due 2023 and repaid $350.0 million of an unsecured term loan under our Unsecured Credit Facility, resulting in a $28.3 million loss on extinguishment of debt. Loss on extinguishment of debt includes $25.5 million of prepayment fees and $2.8 million of accelerated unamortized debt issuance costs and debt discounts.

<u>Other</u>

The increase in other expense for the year ended December 31, 2022 of $3.6 million, compared to the corresponding period in 2021, was primarily due to favorable tax adjustments and legal settlements in the prior year and an increase in transaction costs in the current year.

***Comparison of the Year Ended December 31, 2021 to the Year Ended December 31, 2020***

See Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission ("SEC") on February 7, 2022, for a discussion of the comparison of the year ended December 31, 2021 to the year ended December 31, 2020.

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**Liquidity and Capital Resources**

We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months and beyond for all anticipated uses, including all scheduled payments on our outstanding debt, current and anticipated tenant and other capital improvements, stockholder distributions, including those required to maintain our qualification as a REIT, and other obligations associated with conducting our business.

Our primary expected sources and uses of capital are as follows:

**Sources**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash and cash equivalent balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• available borrowings under the Unsecured Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of long-term debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dispositions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of equity securities.

**Uses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• debt repayments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leasing capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• value-enhancing reinvestment capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend/distribution payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases of equity securities.

We believe our capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We generate significant operating cash flow and have access to multiple forms of external capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives. We have investment grade credit ratings from all three major credit rating agencies. As of December 31, 2022, we had $1.35 billion of available liquidity, including $1.32 billion under our Unsecured Credit Facility and $21.3 million of cash and cash equivalents and restricted cash. We intend to continue to enhance our financial and operational flexibility through periodic extensions of the duration of our debt.

***Material Cash Requirements***

Our expected material cash requirements for the twelve months ended December 31, 2023 and thereafter are comprised of (i) contractually obligated expenditures; (ii) other essential expenditures; and (iii) opportunistic expenditures.

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<u>Contractually Obligated Expenditures</u>

The following table summarizes our debt maturities (excluding extension options), interest payment obligations, and obligations under non-cancelable operating leases (excluding renewal options), as of December 31, 2022 (dollars in millions):

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| | | |
|:---|:---|:---|
| **Contractually Obligated Expenditures** | **Twelve<br>Months Ended<br>December 31, 2023** | **Thereafter** |
| Debt maturities <sup>(1)</sup> | $— | $5043.5 |
| Interest payments <sup>(1)(2)</sup> | 188.8 | 776.2 |
| Operating leases | 6.1 | 52.2 |
| **Total** | $194.9 | $5871.9 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts presented do not assume the issuance of new debt upon maturity of existing debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Scheduled interest payments included in these amounts for variable rate loans are presented using rates (including the impact of interest rate swaps), as of December 31, 2022. See <u>[Item 7](#i77fd317beaec418fb44a44a889fd3f34_49)[A. "Quantita](#i77fd317beaec418fb44a44a889fd3f34_49)[tive and Qua](#i77fd317beaec418fb44a44a889fd3f34_49)[litative Dis](#i77fd317beaec418fb44a44a889fd3f34_49)[closures abo](#i77fd317beaec418fb44a44a889fd3f34_49)[ut Market Ri](#i77fd317beaec418fb44a44a889fd3f34_49)[sk"](#i77fd317beaec418fb44a44a889fd3f34_49)</u> for a further discussion of these and other factors that could impact interest payments

 <u>Other Essential Expenditures</u>

We incur certain essential expenditures in the ordinary course of business, such as common area expenses, utilities, insurance, real estate taxes, capital expenditures related to the maintenance of our properties, leasing capital expenditures, and corporate level expenses. The amount of common area expenses, utilities, and capital expenditures related to the maintenance of our properties that we incur depends on the scope of services that we provide, prevailing market rates, and the size and composition of our Portfolio. We carry comprehensive insurance to protect our Portfolio against various losses. The amount of insurance expense that we incur depends on the assessed values of our properties, prevailing market rates, changes in risk generally, and the size and composition of our Portfolio. We incur real estate taxes in the various jurisdictions in which we operate. The amount of real estate taxes that we incur depends on the assessed values of our properties, the tax rates assessed by various jurisdictions, and the size and composition of our Portfolio. Leasing capital expenditures represent tenant specific costs incurred to lease or renew space, including tenant improvements, tenant allowances, and external leasing commissions. The amount of leasing capital expenditures that we incur depends on the volume and nature of leasing activity. Leases typically provide for the reimbursement of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties. However, costs that we incur generally do not decrease if revenue or occupancy decreases, and certain costs that we incur are not typically reimbursed.

In order to continue to qualify as a REIT for federal income tax purposes, we must meet several organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. We intend to continue to satisfy these requirements and maintain our REIT status. Our board of directors evaluates our dividend on a quarterly basis, taking into account a variety of relevant factors, including REIT taxable income. The following table summarizes our dividend activity for the fourth quarter of 2022 and the first quarter of 2023:

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| | | |
|:---|:---|:---|
| | **Fourth<br>Quarter 2022** | **First<br>Quarter 2023** |
| Dividend declared per common share | $0.260 | $0.260 |
| Dividend declaration date | October 25, 2022 | February 1, 2023 |
| Dividend record date | January 4, 2023 | April 4, 2023 |
| Dividend payable date | January 17, 2023 | April 17, 2023 |

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<u>Opportunistic Expenditures</u>

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

The amount of value-enhancing reinvestment capital expenditures that we may incur in future periods is contingent on a variety of factors that may change from period to period, such as the number, total expected cost, and nature of value-enhancing reinvestment projects that are underway. See "Improvements to and investments in real estate assets" below for further information regarding our in-process reinvestment projects and our pipeline of future redevelopment projects.

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The amount of future acquisition activity depends on the availability of opportunities that further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. Our acquisition strategy focuses on buying assets with strong growth potential that are located in our existing markets and will allow us to leverage our operational platform and expertise to create value. Our acquisition activity may include acquisitions of open-air shopping centers, non-owned anchor spaces, and retail buildings and/or outparcels at, or adjacent to, our shopping centers.

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

**Brixmor Property Group Inc**.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2022** | **2021** | **$ Change** |
| Net cash provided by operating activities | $566382 | $552239 | $14143 |
| Net cash used in investing activities | (462453) | (331005) | (131448) |
| Net cash used in financing activities | (380413) | (293578) | (86835) |
| Net change in cash, cash equivalents and restricted cash | (276484) | (72344) | (204140) |
| Cash, cash equivalents and restricted cash at beginning of period | 297743 | 370087 | (72344) |
| Cash, cash equivalents and restricted cash at end of period | $21259 | $297743 | $(276484) |

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**Brixmor Operating Partnership LP**

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2022** | **2021** |<br>**$ Change** |
| Net cash provided by operating activities | $566382 | $552239 | $14143 |
| Net cash used in investing activities | (462453) | (331005) | (131448) |
| Net cash used in financing activities | (366182) | (298722) | (67460) |
| Net change in cash, cash equivalents and restricted cash | (262253) | (77488) | (184765) |
| Cash, cash equivalents and restricted cash at beginning of period | 282585 | 360073 | (77488) |
| Cash, cash equivalents and restricted cash at end of period | $20332 | $282585 | $(262253) |

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***Operating Activities***

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

During the year ended December 31, 2022, our net cash provided by operating activities increased $14.1 million compared to the corresponding period in 2021. The increase was primarily due to (i) an increase in same property net operating income; (ii) an increase in net operating income due to net transaction activity; and (iii) a decrease in cash outflows for interest expense; partially offset by (iv) a decrease from net working capital; (v) a decrease in other non-same property net operating income; (vi) an increase in cash outflows for general and administrative expense; and (vii) a decrease in lease termination fees.

***Investing Activities***

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

During the year ended December 31, 2022, our net cash used in investing activities increased $131.4 million compared to the corresponding period in 2021. The increase was primarily due to (i) an increase of $150.9 million in acquisitions of real estate assets; (ii) an increase of $21.7 million in improvements to and investments in real estate assets; and (iii) an increase of $1.2 million in purchases of marketable securities, net of proceeds from sales; partially offset by (iv) an increase of $42.4 million in net proceeds from sales of real estate assets.

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*Improvements to and investments in real estate assets*

During the years ended December 31, 2022 and 2021, we expended $330.4 million and $308.6 million, respectively, on improvements to and investments in real estate assets. These amounts are net of insurance proceeds of $7.7 million and $3.3 million, respectively, which were received during the year ended December 31, 2022 and 2021.

Maintenance capital expenditures represent costs to fund major replacements and betterments to our properties. Leasing related capital expenditures represent tenant specific costs incurred to lease space, including tenant improvements, tenant allowances, and external leasing commissions. In addition, we evaluate our Portfolio on an ongoing basis to identify value-enhancing reinvestment opportunities. Such initiatives are tenant driven and focus on upgrading our centers with strong, best-in-class retailers and enhancing the overall merchandise mix and tenant quality of our Portfolio. As of December 31, 2022, we had 48 in-process anchor space repositioning, redevelopment and outparcel development projects with an aggregate anticipated cost of $342.9 million, of which $182.4 million had been incurred as of December 31, 2022. In addition, we have identified a pipeline of future redevelopment projects aggregating approximately $1.0 billion of potential capital investment, which we expect to execute over the coming years. We expect to fund these projects with cash and cash equivalents, net cash provided by operating activities, proceeds from sales of real estate assets, and/or proceeds from capital markets transactions.

*Acquisitions of and proceeds from sales of real estate assets*

We continue to evaluate the market for acquisition opportunities and we may acquire shopping centers when we believe strategic opportunities exist. During the year ended December 31, 2022, we acquired seven shopping centers, one outparcel, and one land parcel for an aggregate purchase price of $409.7 million, including transaction costs and closing credits. During the year ended December 31, 2021, we acquired six shopping centers, one outparcel and two land parcels for an aggregate purchase price of $258.8 million, including transaction costs and closing credits.

We may also dispose of properties when we believe value has been maximized, where there may be future downside risk, or where we have limited ability or desire to build critical mass in a particular submarket. During the year ended December 31, 2022, we disposed of 16 shopping centers and 10 partial shopping centers for aggregate net proceeds of $277.0 million. In addition, during the year ended December 31, 2022, we resolved contingencies related to previously disposed assets and had land at one shopping center seized through eminent domain for aggregate net proceeds of $2.8 million. During the year ended December 31, 2021, we disposed of 17 shopping centers and 15 partial shopping centers for aggregate net proceeds of $237.4 million. In addition, during the year ended December 31, 2021, we received aggregate net proceeds of less than $0.1 million from previously disposed assets.

***Financing Activities***

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

During the year ended December 31, 2022, our net cash used in financing activities increased $86.8 million compared to the corresponding period in 2021. The increase was primarily due to (i) a $122.7 million increase in debt repayments, net of borrowings; (ii) a $32.4 million increase in distributions to our common stockholders; and (iii) a $5.0 million increase in repurchases of common stock; partially offset by (iv) a $48.0 million increase in issuances of common stock; and (v) a $25.3 million decrease in deferred financing and debt extinguishment costs.

**Non-GAAP Performance Measures**

We present the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered supplemental financial measures to those calculated in accordance with GAAP. Our computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented

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by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance.

*Funds From Operations*

Nareit FFO (defined hereafter) is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines funds from operations ("FFO") as net income (loss), calculated in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis.

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

Our reconciliation of net income to Nareit FFO for the years ended December 31, 2022 and 2021 is as follows (in thousands, except per share amounts):

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
| Net income | $354193 | $270187 |
| &nbsp;&nbsp;Depreciation and amortization related to real estate | 340561 | 323354 |
| &nbsp;&nbsp;Gain on sale of real estate assets | (111563) | (73092) |
| &nbsp;&nbsp;Impairment of real estate assets | 5724 | 1898 |
| Nareit FFO | $588915 | $522347 |
| Nareit FFO per diluted share | $1.95 | $1.75 |
| Weighted average diluted shares outstanding | 301742 | 298835 |

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*Same Property Net Operating Income*

Same property net operating income ("NOI") is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with our captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets).

Considering the nature of our business as a real estate owner and operator, we believe that same property NOI is useful to investors in measuring the operating performance of our portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of our properties, such as lease termination fees, straight-line rental income, net, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, income or expense associated with our captive insurance company, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). We believe that same property NOI is also useful to investors because it further eliminates disparities in NOI due to the acquisition or disposition of properties or the stabilization of completed new development properties during the periods presented and therefore provides a more consistent metric for comparing the operating performance of our real estate between periods.

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***Comparison of the Year Ended December 31, 2022 to the Year Ended December 31, 2021***

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2022** | **2021** |<br>**Change** |
| Number of properties | 343 | 343 |  |
| Percent billed | 90.3% | 88.7% | 1.6% |
| Percent leased | 93.9% | 92.1% | 1.8% |
| Revenues |  |  |  |
| &nbsp;&nbsp;Rental income | $1084159 | $1027069 | $57090 |
| &nbsp;&nbsp;Other revenues | 682 | 622 | 60 |
|  | 1084841 | 1027691 | 57150 |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Operating costs | (128614) | (122922) | (5692) |
| &nbsp;&nbsp;Real estate taxes | (156175) | (154356) | (1819) |
|  | (284789) | (277278) | (7511) |
| Same property NOI | $800052 | $750413 | $49639 |

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

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
| Net income | $354193 | $270187 |
| Adjustments: |  |  |
| &nbsp;&nbsp;Non-same property NOI | (70909) | (72795) |
| &nbsp;&nbsp;Lease termination fees | (3231) | (8640) |
| &nbsp;&nbsp;Straight-line rental income, net | (23458) | (14551) |
| &nbsp;&nbsp;Accretion of below-market leases, net of amortization of above-market leases and tenant inducements | (8793) | (8221) |
| &nbsp;&nbsp;Straight-line ground rent expense | 160 | 134 |
| &nbsp;&nbsp;Depreciation and amortization | 344731 | 327152 |
| &nbsp;&nbsp;Impairment of real estate assets | 5724 | 1898 |
| &nbsp;&nbsp;General and administrative | 117225 | 105454 |
| &nbsp;&nbsp;Total other expense | 84410 | 149795 |
| Same property NOI | $800052 | $750413 |

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**Our Critical Accounting Estimates**

Our discussion and analysis of our historical financial condition and operating results is based upon our Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could ultimately differ from those estimates. The following accounting estimates are considered critical because they are particularly dependent on management's judgment about matters that have a significant level of uncertainty at the time the accounting estimates are made, and changes to those estimates could have a material impact on our financial condition or operating results.

***Revenue Recognition and Receivables - Estimating Collectability***

We enter into agreements with tenants that convey the right to control the use of identified space at our shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification ("ASC") 842, *Leases*. Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on our Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on our Consolidated Balance Sheets. We commence recognizing rental revenue based on the date we make the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital

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expenditures related to the maintenance of our properties, by the lessee and are recognized in the period the applicable expenditures are incurred and/or contractually required to be reimbursed.

We periodically evaluate the collectability of our receivables related to rental revenue, straight-line rent, expense reimbursements, and those attributable to other revenue generating activities. We analyze individual tenant receivables and consider tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability. In 2022 and 2021, our evaluation included consideration of the impact of COVID-19 on the collectability of our receivables. This assessment involved significant judgment regarding the severity and duration of the disruption caused by COVID-19, as well as judgment regarding which industries and tenants would be most significantly impacted. Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on our Consolidated Statements of Operations.

***Real Estate - Estimates Related to Valuing Acquired Assets and Liabilities***

Real estate assets are recognized on our Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, we estimate the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements) and identifiable intangible assets and liabilities (consisting of above- and below-market leases and in-place leases) based on an evaluation of available information. Transaction costs incurred during the acquisition process are capitalized as a component of the asset's value.

The fair value of tangible assets is determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

In allocating fair value to identifiable intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management's estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the lesser of 30 years or the remaining non-cancelable term of the leases, which includes renewal periods with fixed rental terms that are considered to be below-market. The capitalized above-market or below-market intangibles are amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of the leases.

The value of in-place leases is estimated based on management's evaluation of the specific characteristics of each tenant lease, including: (i) fair market rent and the reimbursement of property operating expenses, including common area expenses, utilities, insurance, real estate taxes, and certain capital expenditures related to the maintenance of our properties, that would be forgone during a hypothetical expected lease-up period and (ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvements and allowances, to execute similar leases. The value assigned to in-place leases is amortized to depreciation and amortization expense over the remaining term of each lease.

***Real Estate - Estimates Related to Impairments***

We periodically assess whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of our real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if our estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, is less than the carrying value of the property. Various factors are considered in the estimation process that are subject to significant management judgment, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values. Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows. 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 of the asset.

When we identify a real estate asset as held for sale, we discontinue depreciating the asset and estimate its sales price, net of estimated selling costs. If the estimated net sales price of an asset is less than its net carrying value, an impairment charge is recognized to reflect the estimated fair value of the asset.

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**Inflation**

Prior to 2021, inflation was low and had a minimal impact on our operating and financial performance; however, inflation significantly increased over the last two years and may continue to be elevated or increase further. With respect to our shopping centers, our long-term leases generally contain provisions designed to mitigate the adverse impact of inflation, including contractual rent escalations and requirements for tenants to pay a portion of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties, thereby reducing our exposure to increases in property operating expenses resulting from inflation; however, we have exposure to increases in certain non-reimbursable property operating expenses, including expenses incurred on vacant units. We believe that many of our existing rental rates are below current market rates for comparable space and that upon renewal or re-leasing, such rates may be increased to be consistent with, or closer to, current market rates, which may also offset certain inflationary expense pressures. With respect to our outstanding indebtedness, we periodically evaluate our exposure to interest rate fluctuations, and have and may continue to enter into interest rate protection agreements that mitigate, but do not eliminate, the impact of changes in interest rates on our variable rate loans. With respect to general and administrative costs, we continually seek opportunities to offset inflationary cost pressures through routine evaluations of our spending levels and through ongoing efforts to utilize technology to enhance our operational efficiency.

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**Item 7A*.* Quantitative and Qualitative Disclosures About Market Risk**

We may be exposed to interest rate changes primarily as a result of long-term debt used to fund operations and capital expenditures. Our use of derivative instruments is intended to manage our exposure to interest rate movements.

With regard to variable-rate financing, we assess interest rate risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. We maintain risk management control systems to monitor interest rate cash flow risk attributable to both our outstanding and forecasted debt obligations, as well as our potential offsetting hedge positions. Our risk management control systems involve the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on our future cash flows.

We may use derivative financial instruments to hedge exposures to changes in interest rates. To the extent we do, we are exposed to market and credit risk. Market risk is the adverse effect on the value of the financial instrument that results from a change in interest rates. Market risk associated with derivative instruments is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of the derivative instrument is positive, the counterparty owes us, which creates credit risk to us. The credit risk associated with derivative instruments is managed by entering into transactions with a variety of highly-rated counterparties.

As of December 31, 2022, we had $425.0 million outstanding variable-rate indebtedness which bears interest at a rate equal to the Secured Overnight Financing Rate ("SOFR") plus credit spreads and reference rate adjustments ranging from 114 basis points to 129 basis points. We have interest rate swap agreements on $300.0 million of our variable-rate indebtedness, which effectively convert the base rate on the indebtedness from variable to fixed. If market rates of interest on our variable-rate debt increased or decreased by 100 basis points, the change in annual interest expense on our variable-rate debt would decrease earnings and cash flows by approximately $1.3 million or increase earnings and cash flows by approximately $1.3 million, respectively, after taking into account the impact of the $300.0 million of interest rate swap agreements.

The table below presents the maturity profile, weighted average interest rates and fair value of total debt as of December 31, 2022. The table has limited predictive value as average interest rates for variable-rate debt included in the table represent rates that existed as of December 31, 2022 and are subject to change. Furthermore, the table below incorporates only those exposures that existed as of December 31, 2022 and does not consider exposures or positions that may have arisen or expired after that date. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during future periods, our hedging strategies at that time, and actual interest rates.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(dollars in thousands)** | **2023** | **2024** | **2025** | **2026** | **2027** | **Thereafter** | **Total**  | **Fair Value** |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |
| Fixed rate | $— | $500000 | $700000 | $607542 | $400000 | $2410911 | $4618453 | $4148681 |
| Weighted average interest rate<sup>(1)</sup> | 3.69% | 3.70% | 3.67% | 3.56% | 3.50% | 3.50% |  |  |
| Variable rate<sup>(2)(3)</sup> | $— | $— | $— | $125000 | $300000 | $— | $425000 | $425056 |
| Weighted average interest rate<sup>(1)(2)</sup> | 4.27% | 4.27% | 4.27% | 3.78% | —% | —% |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Weighted average interest rates include the impact of our interest rate swap agreements and are calculated based on the total debt balances as of the end of each year, assuming the repayment of debt on its scheduled maturity date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The interest rates on our variable rate Unsecured Credit Facility are based on credit rating grids. The credit rating grids and all-in-rates on outstanding variable rate debt as of December 31, 2022 are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Credit Spread Grid** | **Credit Spread Grid** |
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **SOFR Rate Loans** | **Base Rate Loans** |
|<br>**Variable Rate Debt** | **SOFR Rate** | **Reference Rate Adjustment** | **Credit Spread**<sup>(1)</sup> | **All-in-Rate** | **Credit Spread** | **Credit Spread** |
| Revolving Facility<sup>(2)</sup> | 4.30% | 0.10% | 1.04% | 5.44% | 0.83% – 1.50% | 0.00% – 0.40% |
| Term Loan Facility<sup>(3)</sup> | 4.22% | 0.10% | 1.09% | 5.41% | 0.90% – 1.70% | 0.00% – 0.60% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Our Revolving Facility and Term Loan Facility include a sustainability metric incentive which can reduce the applicable credit spread by up to two basis points. As of December 31, 2022, we qualified for a one basis point reduction to the applicable credit spread, which is included in the credit spreads presented above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Our Revolving Facility is further subject to a facility fee ranging from 0.13% to 0.30%, which is excluded from the all-in-rate presented above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Our Term Loan Facility is further subject to a ticking fee on the additional $200.0 million delayed draw of 0.25%, which is excluded from the all-in-rate presented above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;We have in place four interest rate swap agreements that convert the variable interest rate on one variable rate debt instrument to a fixed rate. The balance subject to interest rates swaps as of December 31, 2022 is as follows (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|<br>**Variable Rate Debt** | **Amount** | **Weighted Average Fixed SOFR Rate** | **Credit Spread** | **Reference Rate Adjustment** | **Swapped All-in-Rate** |
| $300 Million Term Loan | $300000 | 2.59% | 1.09% | 0.10% | 3.78% |

---

**Item 8. Financial Statements and Supplementary Data**

See the Index to Consolidated Financial Statements and financial statements commencing on page F-1.

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

**Controls and Procedures (Brixmor Property Group Inc.)**

***Evaluation of Disclosure Controls and Procedures***

BPG maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. BPG's management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, BPG's principal executive officer, James M. Taylor, and principal financial officer, Angela Aman, concluded that BPG's disclosure controls and procedures were effective as of December 31, 2022.

***Management's Report on Internal Control Over Financial Reporting***

BPG's management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of BPG's financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. BPG's internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of BPG's assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of BPG are being made only in accordance with authorizations of management and directors of BPG; and provide reasonable assurance

------

regarding prevention or timely detection of unauthorized acquisition, use or disposition of its assets that could have a material effect on BPG's financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, BPG conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations ("COSO") of the Treadway Commission. Based on its assessment and those criteria, BPG's management concluded that its internal control over financial reporting was effective as of December 31, 2022.

Deloitte & Touche LLP, an independent registered public accounting firm, has issued a report, included herein, on the effectiveness of BPG's internal control over financial reporting.

***Changes in Internal Control over Financial Reporting***

There have been no changes in BPG's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2022 that have materially affected, or that are reasonably likely to materially affect, BPG's internal control over financial reporting.

**Controls and Procedures (Brixmor Operating Partnership LP)**

***Evaluation of Disclosure Controls and Procedures***

The Operating Partnership maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. The Operating Partnership's management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, the Operating Partnership's principal executive officer, James M. Taylor, and principal financial officer, Angela Aman, concluded that the Operating Partnership's disclosure controls and procedures were effective as of December 31, 2022.

***Management's Report on Internal Control Over Financial Reporting***

The Operating Partnership's management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of the Operating Partnership's financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Operating Partnership's internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Operating Partnership's assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Operating Partnership are being made only in accordance with authorizations of management and directors of the Operating Partnership; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of its assets that could have a material effect on the Operating Partnership's financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

------

Under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, the Operating Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in *Internal Control – Integrated Framework (2013)* issued by the COSO of the Treadway Commission. Based on its assessment and those criteria, the Operating Partnership's management concluded that its internal control over financial reporting was effective as of December 31, 2022.

Deloitte & Touche LLP, an independent registered public accounting firm, has issued a report, included herein, on the effectiveness of the Operating Partnership's internal control over financial reporting.

***Changes in Internal Control over Financial Reporting***

There have been no changes in the Operating Partnership's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2022 that have materially affected, or that are reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

**Item 9B. Other Information**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

------

**PART III**

 **Item 10. Directors, Executive Officers and Corporate Governance** 

The information required by Item 10 will be included in the definitive proxy statement relating to the 2023 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 26, 2023 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company's 2022 fiscal year covered by this Form 10-K.

**Item 11. Executive Compensation**

The information required by Item 11 will be included in the definitive proxy statement relating to the 2023 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 26, 2023 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company's 2022 fiscal year covered by this Form 10-K.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters** 

The information required by Item 12 will be included in the definitive proxy statement relating to the 2023 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 26, 2023 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company's 2022 fiscal year covered by this Form 10-K.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

The information required by Item 13 will be included in the definitive proxy statement relating to the 2022 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 26, 2023 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company's 2022 fiscal year covered by this Form 10-K.

**Item 14. Principal Accountant Fees and Services** 

The information required by Item 14 will be included in the definitive proxy statement relating to the 2022 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on April 26, 2023 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company's 2022 fiscal year covered by this Form 10-K.

------

**PART IV**

**Item 15. Exhibit and Financial Statement Schedules**

(a) Documents filed as part of this report

---

| | | |
|:---|:---|:---|
| | | **Form 10-K Page** |
| **1** | **CONSOLIDATED STATEMENTS** |  |
|  | Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | <u>F-[2](#i77fd317beaec418fb44a44a889fd3f34_100)</u> |
|  | **Brixmor Property Group Inc.:** |  |
|  | Consolidated Balance Sheets as of December 31, 2022 and 2021 | <u>F-[8](#i77fd317beaec418fb44a44a889fd3f34_106)</u> |
|  | Consolidated Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[9](#i77fd317beaec418fb44a44a889fd3f34_109)</u> |
|  | Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[10](#i77fd317beaec418fb44a44a889fd3f34_112)</u> |
|  | Consolidated Statement of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[11](#i77fd317beaec418fb44a44a889fd3f34_115)</u> |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[12](#i77fd317beaec418fb44a44a889fd3f34_118)</u> |
|  | **Brixmor Operating Partnership LP:** |  |
|  | Consolidated Balance Sheets as of December 31, 2022 and 2021 | <u>F-[13](#i77fd317beaec418fb44a44a889fd3f34_121)</u> |
|  | Consolidated Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[14](#i77fd317beaec418fb44a44a889fd3f34_124)</u> |
|  | Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[15](#i77fd317beaec418fb44a44a889fd3f34_127)</u> |
|  | Consolidated Statement of Changes in Capital for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[16](#i77fd317beaec418fb44a44a889fd3f34_130)</u> |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[17](#i77fd317beaec418fb44a44a889fd3f34_133)</u> |
|  | Notes to Consolidated Financial Statements | <u>F-[18](#i77fd317beaec418fb44a44a889fd3f34_136)</u> |
| **2** | **CONSOLIDATED FINANCIAL STATEMENT SCHEDULES** |  |
|  | Schedule II – Valuation and Qualifying Accounts | <u>F-[39](#i77fd317beaec418fb44a44a889fd3f34_205)</u> |
|  | Schedule III – Real Estate and Accumulated Depreciation | <u>F-[40](#i77fd317beaec418fb44a44a889fd3f34_208)</u> |
|  | All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |  |

---

------

(b) *Exhibits*. The following documents are filed as exhibits to this report:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
|<br>**Exhibit<br>Number** |<br>**Exhibit Description** | **Form** | **File No.** | **Date of<br>Filing** | **Exhibit<br>Number** |<br>**Filed<br>Herewith** |
| <u>[3.1](http://www.sec.gov/Archives/edgar/data/1581068/000119312513425344/d619865dex31.htm)</u> | Articles of Incorporation of Brixmor Property Group Inc., dated as of November 4, 2013 | 8-K | 001-36160 | 11/4/2013 | 3.1 |  |
| <u>[3.2](http://www.sec.gov/Archives/edgar/data/1581068/000158106822000005/brx-20220201ex31.htm)</u> | Second Amended and Restated Bylaws of Brixmor Property Group Inc., dated as of February 1, 2022 | 8-K | 001-36160 | 2/4/2022 | 3.1 |  |
| <u>[3.3](http://www.sec.gov/Archives/edgar/data/1581068/000158106814000008/arcertoflpofbrixmoroperati.htm)</u> | Amended and Restated Certificate of Limited Partnership of Brixmor Operating Partnership LP | 10-K | 001-36160 | 3/12/2014 | 10.7 |  |
| <u>[3.4](http://www.sec.gov/Archives/edgar/data/1581068/000158106819000041/brx10q9302019ex31.htm)</u> | Second Amended and Restated Agreement of Limited Partnership of Brixmor Operating Partnership LP, dated as of October 28, 2019, by and among Brixmor OP GP LLC, as General Partner, BPG Subsidiary Inc., as Limited Partner, BPG Sub LLC, as Limited Partner, and the other limited partners from time to time party thereto | 10-Q | 001-36160 | 10/28/2019 | 3.1 |  |
| <u>[4.1](http://www.sec.gov/Archives/edgar/data/1581068/000158106815000013/brx8k01212015ex41.htm)</u> | Indenture, dated January 21, 2015, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee (the "2015 Indenture") | 8-K | 001-36160 | 1/21/2015 | 4.1 |  |
| <u>[4.2](http://www.sec.gov/Archives/edgar/data/1581068/000158106815000013/brx8k01212015ex42.htm)</u> | First Supplemental Indenture to the 2015 Indenture, dated January 21, 2015, among Brixmor Operating Partnership LP, as issuer, and Brixmor OP GP LLC and BPG Subsidiary Inc., as possible future guarantors, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 1/21/2015 | 4.2 |  |
| <u>[4](http://www.sec.gov/Archives/edgar/data/1581068/000158106816000131/brx8k06132016ex42.htm)[.3](http://www.sec.gov/Archives/edgar/data/1581068/000158106816000131/brx8k06132016ex42.htm)</u> | Third Supplemental Indenture to the 2015 Indenture, dated June 13, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/13/2016 | 4.2 |  |
| <u>[4.4](http://www.sec.gov/Archives/edgar/data/1581068/000158106817000011/brx8k03082017ex42.htm)</u> | Fifth Supplemental Indenture to the 2015 Indenture, dated March 8, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 3/8/2017 | 4.2 |  |
| <u>[4.5](http://www.sec.gov/Archives/edgar/data/1581068/000158106817000029/brx8k06052017ex42.htm)</u> | Sixth Supplemental Indenture to the 2015 Indenture, dated June 5, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/5/2017 | 4.2 |  |
| <u>[4.6](http://www.sec.gov/Archives/edgar/data/1581068/000158106819000016/brx8k05102019ex42.htm)</u> | Eighth Supplemental Indenture to the 2015 Indenture, dated May 10, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 5/10/2019 | 4.2 |  |
| <u>[4.7](http://www.sec.gov/Archives/edgar/data/1581068/000158106819000036/brx8k08152019ex43.htm)</u> | Amendment No. 1 to the Eighth Supplemental Indenture, dated August 15, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/15/2019 | 4.3 |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
|<br>**Exhibit<br>Number** |<br>**Exhibit Description** | **Form** | **File No.** | **Date of<br>Filing** | **Exhibit<br>Number** |<br>**Filed<br>Herewith** |
| <u>[4.8](https://www.sec.gov/Archives/edgar/data/1581068/000158106820000024/brx8k06102020ex42.htm)</u> | Ninth Supplemental Indenture, dated June 10, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 6/10/2020 | 4.2 |  |
| <u>[4.9](https://www.sec.gov/Archives/edgar/data/1581068/000158106820000038/brx-20200820ex43.htm)</u> | Amendment No. 1 to the Ninth Supplemental Indenture, dated August 20, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 8/20/2020 | 4.3 |  |
| <u>[4.10](https://www.sec.gov/Archives/edgar/data/0001581068/000158106821000015/brx-20210305ex42.htm)</u> | Tenth Supplemental Indenture, dated March 5, 2021, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 3/5/2021 | 4.2 |  |
| <u>[4.11](https://www.sec.gov/Archives/edgar/data/0001581068/000158106821000034/brx-20210816ex42.htm)</u> | Eleventh Supplemental Indenture, dated August 16, 2021, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 8/16/2021 | 4.2 |  |
| <u>[4.12](http://www.sec.gov/Archives/edgar/data/71519/0000910643-95-000024.txt)</u> | Indenture, dated as of March 29, 1995, between New Plan Realty Trust and The First National Bank of Boston, as Trustee (the "1995 Indenture") | S-3 | 33-61383 | 7/28/1995 | 4.2 |  |
| <u>[4.13](http://www.sec.gov/Archives/edgar/data/798288/000095012399010144/0000950123-99-010144.txt)</u> | First Supplemental Indenture to the 1995 Indenture, dated as of August 5, 1999, by and among New Plan Realty Trust, New Plan Excel Realty Trust, Inc. and State Street Bank and Trust Company | 10-Q | 001-12244 | 11/12/1999 | 10.2 |  |
| <u>[4.14](http://www.sec.gov/Archives/edgar/data/798288/000110465907060589/a07-18790_1ex4d2.htm)</u> | Successor Supplemental Indenture to the 1995 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.2 |  |
| <u>[4.15](http://www.sec.gov/Archives/edgar/data/798288/000110465907060589/a07-18790_1ex4d2.htm)</u> | Third Supplemental Indenture to the 1995 Indenture, dated as of October 30, 2009, by and among Centro NP LLC and U.S. Bank Trust National Association | S-11 | 333-190002 | 8/23/2013 | 4.4 |  |
| <u>[4.16](http://www.sec.gov/Archives/edgar/data/1581068/000158106814000059/brx8k10172014ex41.htm)</u> | Supplemental Indenture to the 1995 Indenture, dated as of October 16, 2014, between Brixmor LLC and U.S. Bank Trust National Association | 8-K | 001-36160 | 10/17/2014 | 4.1 |  |
| <u>[4.17](http://www.sec.gov/Archives/edgar/data/798288/0000950133-99-000242.txt)</u> | Indenture, dated as of February 3, 1999, among the New Plan Excel Realty Trust, Inc., as Primary Obligor, New Plan Realty Trust, as Guarantor, and State Street Bank and Trust Company, as Trustee (the "1999 Indenture") | 8-K | 001-12244 | 2/3/1999 | 4.1 |  |
| <u>[4.18](http://www.sec.gov/Archives/edgar/data/798288/000110465907060589/a07-18790_1ex4d3.htm)</u> | Successor Supplemental Indenture to the 1999 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC, New Plan Realty Trust, LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.3 |  |
| <u>[4.19](https://www.sec.gov/Archives/edgar/data/1581068/000158106822000012/brx-20211231ex422.htm)</u> | Description of Registered Securities | 10-K | 001-36160 | 2/7/2022 | 4.22 |  |
| <u>[10.1\*](https://www.sec.gov/Archives/edgar/data/1581068/000158106822000014/brx-20220427ex101.htm)</u> | 2022 Omnibus Incentive Plan | 8-K | 001-36160 | 4/29/2022 | 10.1 |  |
| <u>[10.2\*](http://www.sec.gov/Archives/edgar/data/1581068/000119312513345540/d567358dex1019.htm)</u> | Form of Director and Officer Indemnification Agreement | S-11 | 333-190002 | 8/23/2013 | 10.19 |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
|<br>**Exhibit<br>Number** |<br>**Exhibit Description** | **Form** | **File No.** | **Date of<br>Filing** | **Exhibit<br>Number** |<br>**Filed<br>Herewith** |
| <u>[10.3\*](brx-20221231ex103.htm)</u> | Form of Director Restricted Stock Award Agreement |  |  |  |  | x |
| <u>[10.4\*](brx-20221231ex104.htm)</u> | Form of Brixmor Property Group Inc. Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) |  |  |  |  | x |
| <u>[10.5\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106816000145/brx10q06302016ex101.htm)</u> | Employment Agreement, dated April 12, 2016, by and between Brixmor Property Group Inc. and James M. Taylor | 10-Q | 001-36160 | 7/25/2016 | 10.1 |  |
| <u>[10.6\*](https://www.sec.gov/Archives/edgar/data/0001581068/000158106821000004/brx-20210202ex101.htm)</u> | First Amendment to Employment Agreement, dated February 2, 2021, by and between Brixmor Property Group Inc. and James M. Taylor | 8-K | 001-36160 | 2/4/2021 | 10.1 |  |
| <u>[10.7\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106816000145/brx10q06302016ex102.htm)</u> | Employment Agreement, dated April 26, 2016, by and between Brixmor Property Group Inc. and Angela Aman | 10-Q | 001-36160 | 7/25/2016 | 10.2 |  |
| <u>[10.8\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106819000009/brx8k03082019ex101.htm)</u> | First Amendment to Employment Agreement, dated March 7, 2019, by and between Brixmor Property Group Inc. and Angela Aman | 8-K | 001-36160 | 3/8/2019 | 10.1 |  |
| <u>[10.9\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106822000005/brx-20220201ex101.htm)</u> | Second Amendment to Employment Agreement, dated February 1, 2022, by and between Brixmor Property Group Inc. and Angela Aman | 8-K | 001-36160 | 2/4/2022 | 10.1 |  |
| <u>[10.10\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106817000005/brx10k12312016ex1022.htm)</u> | Employment Agreement, dated May 11, 2016, by and between Brixmor Property Group Inc. and Mark T. Horgan | 10-K | 001-36160 | 2/13/2017 | 10.22 |  |
| <u>[10.11\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106819000009/brx8k03082019ex102.htm)</u> | First Amendment to Employment Agreement, dated March 7, 2019, by and between Brixmor Property Group Inc. and Mark T. Horgan | 8-K | 001-36160 | 3/8/2019 | 10.2 |  |
| <u>[10.12\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106822000005/brx-20220201ex102.htm)</u> | Second Amendment to Employment Agreement, dated February 1, 2022, by and between Brixmor Property Group Inc. and Mark T. Horgan | 8-K | 001-36160 | 2/4/2022 | 10.2 |  |
| <u>[10.13\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106817000005/brx10k12312016ex1023.htm)</u> | Employment Agreement, dated December 5, 2014, by and between Brixmor Property Group Inc. and Brian T. Finnegan | 10-K | 001-36160 | 2/13/2017 | 10.23 |  |
| <u>[10.14\*](http://www.sec.gov/Archives/edgar/data/1581068/000119312513345540/d567358dex1023.htm)</u> | Employment Agreement, dated November 1, 2011, by and between Brixmor Property Group Inc. and Steven F. Siegel | S-11 | 333-190002 | 8/23/2013 | 10.23 |  |
| <u>[10.15\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106819000014/brx10q3312019ex103.htm)</u> | First Amendment to Employment Agreement, dated February 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel | 10-Q | 001-36160 | 4/29/2019 | 10.3 |  |
| <u>[10.16\*](http://www.sec.gov/Archives/edgar/data/1581068/000158106819000014/brx10q3312019ex104.htm)</u> | Second Amendment to Employment Agreement, dated April 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel | 10-Q | 001-36160 | 4/29/2019 | 10.4 |  |
| <u>[10.17](https://www.sec.gov/Archives/edgar/data/1581068/000158106822000020/brx-20220331ex101.htm)</u> | Third Amended and Restated Revolving Credit Agreement, dated as of April 28, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | 10-Q | 001-36160 | 5/2/2022 | 10.1 |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
|<br>**Exhibit<br>Number** |<br>**Exhibit Description** | **Form** | **File No.** | **Date of<br>Filing** | **Exhibit<br>Number** |<br>**Filed<br>Herewith** |
| <u>[10.18](https://www.sec.gov/Archives/edgar/data/1581068/000158106822000020/brx-20220331ex102.htm)</u> | Amended and Restated Term Loan Agreement, dated as of April 28, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto | 10-Q | 001-36160 | 5/2/2022 | 10.2 |  |
| <u>[10.19](brx-20221231ex1019.htm)</u> | Amendment No. 1 to Amended and Restated Term Loan Agreement, dated as of July 7, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto |  |  |  |  | x |
| <u>[21.1](brx-20221231ex211.htm)</u> | Subsidiaries of the Brixmor Property Group Inc. |  |  |  |  | x |
| <u>[21.1](brx-20221231ex211.htm)</u> | Subsidiaries of the Brixmor Operating Partnership LP |  |  |  |  | x |
| <u>[23.1](brx-20221231ex231.htm)</u> | Consent of Deloitte & Touche LLP for Brixmor Property Group Inc. |  |  |  |  | x |
| <u>[23.2](brx-20221231ex232.htm)</u> | Consent of Deloitte & Touche LLP for Brixmor Operating Partnership LP |  |  |  |  | x |
| <u>[31.1](brx-20221231ex311.htm)</u> | Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  |  |  |  | x |
| <u>[31.2](brx-20221231ex312.htm)</u> | Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  |  |  |  | x |
| <u>[31.3](brx-20221231ex313.htm)</u> | Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  |  |  |  | x |
| <u>[31.4](brx-20221231ex314.htm)</u> | Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  |  |  |  | x |
| <u>[32.1](brx-20221231ex321.htm)</u> | Brixmor Property Group Inc. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  |  |  |  | x |
| <u>[32.2](brx-20221231ex322.htm)</u> | Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  |  |  |  | x |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
|<br>**Exhibit<br>Number** |<br>**Exhibit Description** | **Form** | **File No.** | **Date of<br>Filing** | **Exhibit<br>Number** |<br>**Filed<br>Herewith** |
| <u>[99.1](brx-20221231ex991.htm)</u> | Property List |  |  |  |  | x |
| 101.INS | XBRL Instance Document |  |  |  |  | x |
| 101.SCH | XBRL Taxonomy Extension Schema Document |  |  |  |  | x |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  | x |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  | x |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  | x |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  | x |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) |  |  |  |  | x |

---

\* Indicates management contract or compensatory plan or arrangement.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

**Item 16. Form 10-K Summary**

None.

------

**<u>SIGNATURES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **BRIXMOR PROPERTY GROUP INC.** | **BRIXMOR PROPERTY GROUP INC.** |
| Date: February 13, 2023 | By: | <u>/s/ James M. Taylor</u> |
|  |  | James M. Taylor |
|  |  | Chief Executive Officer and President |
|  |  | (Principal Executive Officer) |
|  | **BRIXMOR OPERATING PARTNERSHIP LP** | **BRIXMOR OPERATING PARTNERSHIP LP** |
| Date: February 13, 2023 | By: | <u>/s/ James M. Taylor</u> |
|  |  | James M. Taylor |
|  |  | Chief Executive Officer and President |
|  |  | (Principal Executive Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: February 13, 2023 | By: | <u>/s/ James M. Taylor</u> |
|  |  | James M. Taylor |
|  |  | Chief Executive Officer and President |
|  |  | (Principal Executive Officer, Director, Sole Director of Sole Member of General Partner of Operating Partnership) |
| Date: February 13, 2023 | By: | <u>/s/ Angela Aman</u> |
|  |  | Angela Aman |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |
| Date: February 13, 2023 | By: | <u>/s/ Steven Gallagher</u> |
|  |  | Steven Gallagher |
|  |  | Chief Accounting Officer |
|  |  | (Principal Accounting Officer) |
| Date: February 13, 2023 | By: | <u>/s/ John G. Schreiber</u> |
|  |  | John G. Schreiber |
|  |  | Chairman of the Board of Directors |
| Date: February 13, 2023 | By: | <u>/s/ Michael Berman</u> |
|  |  | Michael Berman |
|  |  | Director |
| Date: February 13, 2023 | By: | <u>/s/ Sheryl M. Crosland</u> |
|  |  | Sheryl M. Crosland |
|  |  | Director |
| Date: February 13, 2023 | By: | <u>/s/ Thomas W. Dickson</u> |
|  |  | Thomas W. Dickson |
|  |  | Director |
| Date: February 13, 2023 | By: | <u>/s/ Daniel B. Hurwitz</u> |
|  |  | Daniel B. Hurwitz |
|  |  | Director |
| Date: February 13, 2023 | By: | <u>/s/ William D. Rahm</u> |
|  |  | William D. Rahm |
|  |  | Director |
| Date: February 13, 2023 | By: | <u>/s/ Juliann Bowerman</u> |
|  |  | Juliann Bowerman |
|  |  | Director |
| Date: February 13, 2023 | By: | <u>/s/ Sandra A. J. Lawrence</u> |
|  |  | Sandra A. J. Lawrence |
|  |  | Director |

---

------

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**AND**

**FINANCIAL STATEMENT SCHEDULES**

---

| | | |
|:---|:---|:---|
| | | Form 10-K Page |
| **1** | **CONSOLIDATED STATEMENTS** |  |
|  | Reports of Independent Registered Public Accounting Firm | <u>F-[2](#i77fd317beaec418fb44a44a889fd3f34_100)</u> |
|  | **Brixmor Property Group Inc.:** |  |
|  | Consolidated Balance Sheets as of December 31, 2022 and 2021 | <u>F-[8](#i77fd317beaec418fb44a44a889fd3f34_106)</u> |
|  | Consolidated Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[9](#i77fd317beaec418fb44a44a889fd3f34_109)</u> |
|  | Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[10](#i77fd317beaec418fb44a44a889fd3f34_112)</u> |
|  | Consolidated Statements of Changes in Equity for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[11](#i77fd317beaec418fb44a44a889fd3f34_115)</u> |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[12](#i77fd317beaec418fb44a44a889fd3f34_118)</u> |
|  | **Brixmor Operating Partnership LP:** |  |
|  | Consolidated Balance Sheets as of December 31, 2022 and 2021 | <u>F-[13](#i77fd317beaec418fb44a44a889fd3f34_121)</u> |
|  | Consolidated Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[14](#i77fd317beaec418fb44a44a889fd3f34_124)</u> |
|  | Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[15](#i77fd317beaec418fb44a44a889fd3f34_127)</u> |
|  | Consolidated Statements of Changes in Capital for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[16](#i77fd317beaec418fb44a44a889fd3f34_130)</u> |
|  | Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020 | <u>F-[17](#i77fd317beaec418fb44a44a889fd3f34_133)</u> |
|  | Notes to Consolidated Financial Statements | <u>F-[18](#i77fd317beaec418fb44a44a889fd3f34_136)</u> |
| **2** | **CONSOLIDATED FINANCIAL STATEMENT SCHEDULES** |  |
|  | Schedule II – Valuation and Qualifying Accounts | <u>F-[39](#i77fd317beaec418fb44a44a889fd3f34_205)</u> |
|  | Schedule III – Real Estate and Accumulated Depreciation | <u>F-[40](#i77fd317beaec418fb44a44a889fd3f34_208)</u> |
|  | All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |  |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and the Board of Directors of Brixmor Property Group Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Brixmor Property Group Inc. and Subsidiaries (the "Company") as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2022, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 13, 2023, expressed an unqualified opinion on the Company's internal control over financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**Impairment of Real Estate Assets - Refer to Note 1 and Note 5 to the financial statements**

*Critical Audit Matter Description*

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 an indicator is identified, a real estate asset is considered impaired only if management's estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, is less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values. Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows. 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 utilizes estimates and assumptions when determining potential impairments based on the asset's projected operating cash flows. We identified management's estimate of anticipated hold period for the properties evaluated for impairment as a critical audit matter because of the significance of the estimate within management's evaluation of the recoverability of real estate assets. Changes in the anticipated hold period could have a material impact on the projected operating cash flows and the amount of recorded impairment charge(s). This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management's assessment of expected remaining hold period.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to management's estimates in determining the impairment of real estate asset values included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We tested the effectiveness of controls over management's impairment analysis, including controls over the estimate of the anticipated hold period of real estate assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We evaluated the Company's estimate of hold periods by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Performing a retrospective analysis to compare historical estimates for real estate assets that have subsequently been disposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Obtaining and evaluating financial and operational evidence of the assumption of the anticipated hold period.

/s/ DELOITTE & TOUCHE LLP

Philadelphia, Pennsylvania

February 13, 2023

We have served as the Company's auditor since 2015.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and the Board of Directors of Brixmor Property Group Inc.

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of Brixmor Property Group Inc. and Subsidiaries (the "Company") as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2022, of the Company and our report dated February 13, 2023, expressed an unqualified opinion on those financial statements.

**Basis for Opinion** 

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE & TOUCHE LLP

Philadelphia, Pennsylvania

February 13, 2023

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Partners and the Board of Directors of Brixmor Operating Partnership LP

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Brixmor Operating Partnership LP and Subsidiaries (the "Operating Partnership") as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2022, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Operating Partnership's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 13, 2023, expressed an unqualified opinion on the Operating Partnership's internal control over financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Operating Partnership's management. Our responsibility is to express an opinion on the Operating Partnership's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**Impairment of Real Estate Assets - Refer to Note 1 and Note 5 to the financial statements**

*Critical Audit Matter Description*

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 Operating Partnership's real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management's estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, is less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values. Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows. 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 Operating Partnership utilizes estimates and assumptions when determining potential impairments based on the asset's projected operating cash flows. We identified management's estimate of anticipated hold period for the properties evaluated for impairment as a critical audit matter because of the significance of the estimate within management's evaluation of the recoverability of real estate assets. Changes in the anticipated hold period could have a material impact on the projected operating cash flows and the amount of recorded impairment charge(s). This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management's assessment of expected remaining hold period.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to management's estimates in determining the impairment of real estate asset values included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We tested the effectiveness of controls over management's impairment analysis, including controls over the estimate of the anticipated hold period of real estate assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We evaluated the Operating Partnership's estimate of hold periods by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Performing a retrospective analysis to compare historical estimates for real estate assets that have subsequently been disposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Obtaining and evaluating financial and operational evidence of the assumption of the anticipated hold period.

/s/ DELOITTE & TOUCHE LLP

Philadelphia, Pennsylvania

February 13, 2023

We have served as the Operating Partnership's auditor since 2015.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Partners and the Board of Directors of Brixmor Operating Partnership LP

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of Brixmor Operating Partnership LP and Subsidiaries (the "Operating Partnership") as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2022, of the Operating Partnership and our report dated February 13, 2023, expressed an unqualified opinion on those financial statements.

**Basis for Opinion** 

The Operating Partnership's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Operating Partnership's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE & TOUCHE LLP

Philadelphia, Pennsylvania

February 13, 2023

------

---

| | | |
|:---|:---|:---|
| **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
| **(in thousands, except share information)** | **(in thousands, except share information)** | **(in thousands, except share information)** |
| | **December 31, <br>2022** | **December 31, <br>2021** |
| Assets |  |  |
| &nbsp;&nbsp;Real estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $1820358 | $1773448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 9077993 | 8654966 |
|  | 10898351 | 10428414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (2996759) | (2813329) |
| &nbsp;&nbsp;Real estate, net | 7901592 | 7615085 |
| &nbsp;&nbsp;Cash and cash equivalents | 16492 | 296632 |
| &nbsp;&nbsp;Restricted cash | 4767 | 1111 |
| &nbsp;&nbsp;Marketable securities | 21669 | 20224 |
| &nbsp;&nbsp;Receivables, net | 264146 | 234873 |
| &nbsp;&nbsp;Deferred charges and prepaid expenses, net | 154141 | 143503 |
| &nbsp;&nbsp;Real estate assets held for sale | 10439 | 16131 |
| &nbsp;&nbsp;Other assets | 62684 | 49834 |
| Total assets | $8435930 | $8377393 |
| Liabilities |  |  |
| &nbsp;&nbsp;Debt obligations, net | $5035501 | $5164518 |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 535419 | 494529 |
| Total liabilities | 5570920 | 5659047 |
| Commitments and contingencies (Note 15) |  |  |
| Equity |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value; authorized 3,000,000,000 shares; 309,042,754 and 306,337,045 <br>&nbsp;&nbsp;&nbsp;&nbsp;shares issued and 299,915,762 and 297,210,053 shares outstanding | 2999 | 2972 |
| &nbsp;&nbsp;Additional paid-in capital | 3299496 | 3231732 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | 8851 | (12674) |
| &nbsp;&nbsp;Distributions in excess of net income | (446336) | (503684) |
| Total equity | 2865010 | 2718346 |
| Total liabilities and equity | $8435930 | $8377393 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

---

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| | | | |
|:---|:---|:---|:---|
| **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** |
| **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Revenues |  |  |  |
| &nbsp;&nbsp;Rental income | $1217362 | $1146304 | $1050943 |
| &nbsp;&nbsp;Other revenues | 712 | 5970 | 2323 |
| Total revenues | 1218074 | 1152274 | 1053266 |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Operating costs | 141408 | 132042 | 111678 |
| &nbsp;&nbsp;Real estate taxes | 170383 | 165746 | 168943 |
| &nbsp;&nbsp;Depreciation and amortization | 344731 | 327152 | 335583 |
| &nbsp;&nbsp;Impairment of real estate assets | 5724 | 1898 | 19551 |
| &nbsp;&nbsp;General and administrative | 117225 | 105454 | 98280 |
| Total operating expenses | 779471 | 732292 | 734035 |
| Other income (expense) |  |  |  |
| &nbsp;&nbsp;Dividends and interest | 314 | 299 | 482 |
| &nbsp;&nbsp;Interest expense | (192427) | (194776) | (199988) |
| &nbsp;&nbsp;Gain on sale of real estate assets | 111563 | 73092 | 34499 |
| &nbsp;&nbsp;Loss on extinguishment of debt, net | (221) | (28345) | (28052) |
| &nbsp;&nbsp;Other | (3639) | (65) | (4999) |
| Total other expense | (84410) | (149795) | (198058) |
| Net income | $354193 | $270187 | $121173 |
| Net income per common share: |  |  |  |
| &nbsp;&nbsp;Basic | $1.18 | $0.91 | $0.41 |
| &nbsp;&nbsp;Diluted | $1.17 | $0.90 | $0.41 |
| Weighted average shares: |  |  |  |
| &nbsp;&nbsp;Basic | 299938 | 297408 | 296972 |
| &nbsp;&nbsp;Diluted | 301742 | 298835 | 297899 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Net income | $354193 | $270187 | $121173 |
| Other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | 22226 | 15640 | (18571) |
| &nbsp;&nbsp;Change in unrealized gain (loss) on marketable securities | (701) | (256) | 56 |
| Total other comprehensive income (loss) | 21525 | 15384 | (18515) |
| Comprehensive income | $375718 | $285571 | $102658 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

---

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** | **CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** | **CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** | **CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** | **CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** | **CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** | **CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** |
| **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| | **Common Stock** | **Common Stock** | | | | |
| | **Number** | **Amount** | **Additional Paid-in Capital** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Distributions in Excess of Net Income** | **Total** |
| Beginning balance, January 1, 2020 | 297857 | $2979 | $3230625 | $(9543) | $(480204) | $2743857 |
| &nbsp;&nbsp;Common stock dividends ($0.500 per common share) |  |  |  |  | (149165) | (149165) |
| &nbsp;&nbsp;Equity compensation expense |  |  | 11895 |  |  | 11895 |
| &nbsp;&nbsp;Other comprehensive loss |  |  |  | (18515) |  | (18515) |
| &nbsp;&nbsp;Issuance of common stock | 287 | 3 |  |  |  | 3 |
| &nbsp;&nbsp;Repurchases of common stock | (1650) | (17) | (24990) |  |  | (25007) |
| &nbsp;&nbsp;Share-based awards retained for taxes |  |  | (3540) |  |  | (3540) |
| &nbsp;&nbsp;Net income |  |  |  |  | 121173 | 121173 |
| Ending balance, December 31, 2020 | 296494 | 2965 | 3213990 | (28058) | (508196) | 2680701 |
| &nbsp;&nbsp;Common stock dividends ($0.885 per common share) |  |  |  |  | (265675) | (265675) |
| &nbsp;&nbsp;Equity compensation expense |  |  | 18597 |  |  | 18597 |
| &nbsp;&nbsp;Other comprehensive loss |  |  |  | 15384 |  | 15384 |
| &nbsp;&nbsp;Issuance of common stock | 716 | 7 | 4657 |  |  | 4664 |
| &nbsp;&nbsp;Share-based awards retained for taxes |  |  | (5512) |  |  | (5512) |
| &nbsp;&nbsp;Net income |  |  |  |  | 270187 | 270187 |
| Ending balance, December 31, 2021 | 297210 | 2972 | 3231732 | (12674) | (503684) | 2718346 |
| &nbsp;&nbsp;Common stock dividends ($0.980 per common share) |  |  |  |  | (296845) | (296845) |
| &nbsp;&nbsp;Equity compensation expense |  |  | 25185 |  |  | 25185 |
| &nbsp;&nbsp;Other comprehensive income |  |  |  | 21525 |  | 21525 |
| &nbsp;&nbsp;Issuance of common stock | 2706 | 27 | 53073 |  |  | 53100 |
| &nbsp;&nbsp;Share-based awards retained for taxes |  |  | (10494) |  |  | (10494) |
| &nbsp;&nbsp;Net income |  |  |  |  | 354193 | 354193 |
| Ending balance, December 31, 2022 | 299916 | $2999 | $3299496 | $8851 | $(446336) | $2865010 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

---

------

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| | | | |
|:---|:---|:---|:---|
| **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** | **BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Operating activities: |  |  |  |
| &nbsp;&nbsp;Net income | $354193 | $270187 | $121173 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 344731 | 327152 | 335583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of debt premium and discount, net | (2863) | (2862) | (1068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing cost amortization | 7012 | 7496 | 7527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of above- and below-market leases, net | (12156) | (12603) | (16495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant inducement amortization and other | 3965 | 4944 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate assets | 5724 | 1898 | 19551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | (111563) | (73092) | (34499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity compensation expense, net | 23407 | 17090 | 10951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt, net | 221 | 28345 | 28052 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | (31951) | 2189 | (9795) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred charges and prepaid expenses | (38445) | (30377) | (22560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (551) | (448) | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 24658 | 12320 | 1577 |
| Net cash provided by operating activities | 566382 | 552239 | 443101 |
| Investing activities: |  |  |  |
| &nbsp;&nbsp;Improvements to and investments in real estate assets | (330356) | (308575) | (284756) |
| &nbsp;&nbsp;Acquisitions of real estate assets | (409688) | (258807) | (3425) |
| &nbsp;&nbsp;Proceeds from sales of real estate assets | 279815 | 237404 | 122387 |
| &nbsp;&nbsp;Purchase of marketable securities | (25294) | (17475) | (22565) |
| &nbsp;&nbsp;Proceeds from sale of marketable securities | 23070 | 16448 | 21110 |
| Net cash used in investing activities | (462453) | (331005) | (167249) |
| Financing activities: |  |  |  |
| &nbsp;&nbsp;Repayment of secured debt obligations |  |  | (7000) |
| &nbsp;&nbsp;Repayment of borrowings under unsecured revolving credit facility | (675000) |  | (653000) |
| &nbsp;&nbsp;Proceeds from borrowings under unsecured revolving credit facility | 800000 |  | 646000 |
| &nbsp;&nbsp;Proceeds from unsecured notes |  | 847735 | 820396 |
| &nbsp;&nbsp;Repayment of borrowings under unsecured term loans and notes | (250000) | (850000) | (500000) |
| &nbsp;&nbsp;Deferred financing and debt extinguishment costs | (8387) | (33718) | (34740) |
| &nbsp;&nbsp;Proceeds from issuances of common shares | 53100 | 5146 |  |
| &nbsp;&nbsp;Distributions to common stockholders | (289632) | (257229) | (170397) |
| &nbsp;&nbsp;Repurchases of common shares |  |  | (25007) |
| &nbsp;&nbsp;Repurchases of common shares in conjunction with equity award plans | (10494) | (5512) | (3540) |
| Net cash provided by (used in) financing activities | (380413) | (293578) | 72712 |
| Net change in cash, cash equivalents and restricted cash | (276484) | (72344) | 348564 |
| Cash, cash equivalents and restricted cash at beginning of period | 297743 | 370087 | 21523 |
| Cash, cash equivalents and restricted cash at end of period | $21259 | $297743 | $370087 |
| Reconciliation to consolidated balance sheets: |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $16492 | $296632 | $368675 |
| &nbsp;&nbsp;Restricted cash | 4767 | 1111 | 1412 |
| Cash, cash equivalents and restricted cash at end of period | $21259 | $297743 | $370087 |
| Supplemental disclosure of cash flow information: |  |  |  |
| &nbsp;&nbsp;Cash paid for interest, net of amount capitalized of $3,081, $4,009 and $4,231 | $187293 | $191048 | $183187 |
| &nbsp;&nbsp;State and local taxes paid | 1951 | 1652 | 3577 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

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| | | |
|:---|:---|:---|
| **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
| **(in thousands, except unit information)** | **(in thousands, except unit information)** | **(in thousands, except unit information)** |
| | **December 31, <br>2022** | **December 31, <br>2021** |
| Assets |  |  |
| &nbsp;&nbsp;Real estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $1820358 | $1773448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 9077993 | 8654966 |
|  | 10898351 | 10428414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (2996759) | (2813329) |
| &nbsp;&nbsp;Real estate, net | 7901592 | 7615085 |
| &nbsp;&nbsp;Cash and cash equivalents | 15565 | 281474 |
| &nbsp;&nbsp;Restricted cash | 4767 | 1111 |
| &nbsp;&nbsp;Marketable securities | 21669 | 20224 |
| &nbsp;&nbsp;Receivables, net | 264146 | 234873 |
| &nbsp;&nbsp;Deferred charges and prepaid expenses, net | 154141 | 143503 |
| &nbsp;&nbsp;Real estate assets held for sale | 10439 | 16131 |
| &nbsp;&nbsp;Other assets | 62684 | 49834 |
| Total assets | $8435003 | $8362235 |
| Liabilities |  |  |
| &nbsp;&nbsp;Debt obligations, net | $5035501 | $5164518 |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 535419 | 494529 |
| Total liabilities | 5570920 | 5659047 |
| Commitments and contingencies (Note 15) |  |  |
| Capital |  |  |
| &nbsp;&nbsp;Partnership common units; 309,042,754 and 306,337,045 units issued and 299,915,762 and<br>&nbsp;&nbsp;&nbsp;&nbsp;297,210,053 units outstanding | 2855232 | 2715863 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | 8851 | (12675) |
| Total capital | 2864083 | 2703188 |
| Total liabilities and capital | $8435003 | $8362235 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

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| | | | |
|:---|:---|:---|:---|
| **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONSOLIDATED STATEMENTS OF OPERATIONS** |
| **(in thousands, except per unit data)** | **(in thousands, except per unit data)** | **(in thousands, except per unit data)** | **(in thousands, except per unit data)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Revenues |  |  |  |
| &nbsp;&nbsp;Rental income | $1217362 | $1146304 | $1050943 |
| &nbsp;&nbsp;Other revenues | 712 | 5970 | 2323 |
| Total revenues | 1218074 | 1152274 | 1053266 |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Operating costs | 141408 | 132042 | 111678 |
| &nbsp;&nbsp;Real estate taxes | 170383 | 165746 | 168943 |
| &nbsp;&nbsp;Depreciation and amortization | 344731 | 327152 | 335583 |
| &nbsp;&nbsp;Impairment of real estate assets | 5724 | 1898 | 19551 |
| &nbsp;&nbsp;General and administrative | 117225 | 105454 | 98280 |
| Total operating expenses | 779471 | 732292 | 734035 |
| Other income (expense) |  |  |  |
| &nbsp;&nbsp;Dividends and interest | 314 | 299 | 482 |
| &nbsp;&nbsp;Interest expense | (192427) | (194776) | (199988) |
| &nbsp;&nbsp;Gain on sale of real estate assets | 111563 | 73092 | 34499 |
| &nbsp;&nbsp;Loss on extinguishment of debt, net | (221) | (28345) | (28052) |
| &nbsp;&nbsp;Other | (3639) | (65) | (4999) |
| Total other expense | (84410) | (149795) | (198058) |
| Net income | $354193 | $270187 | $121173 |
| Net income per common unit: |  |  |  |
| &nbsp;&nbsp;Basic | $1.18 | $0.91 | $0.41 |
| &nbsp;&nbsp;Diluted | $1.17 | $0.90 | $0.41 |
| Weighted average units: |  |  |  |
| &nbsp;&nbsp;Basic | 299938 | 297408 | 296972 |
| &nbsp;&nbsp;Diluted | 301742 | 298835 | 297899 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

---

------

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| | | | |
|:---|:---|:---|:---|
| **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Net income | $354193 | $270187 | $121173 |
| Other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | 22226 | 15640 | (18571) |
| &nbsp;&nbsp;Change in unrealized gain (loss) on marketable securities | (701) | (256) | 56 |
| Total other comprehensive income (loss) | 21525 | 15384 | (18515) |
| Comprehensive income | $375718 | $285571 | $102658 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL** | **CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL** | **CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL** | **CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Partnership Common Units** | **Accumulated Other Comprehensive Income (Loss)** | **Total** |
| Beginning balance, January 1, 2020 | $2753385 | $(9544) | $2743841 |
| &nbsp;&nbsp;Distributions to partners | (159163) |  | (159163) |
| &nbsp;&nbsp;Equity compensation expense | 11895 |  | 11895 |
| &nbsp;&nbsp;Other comprehensive loss |  | (18515) | (18515) |
| &nbsp;&nbsp;Issuance of OP Units | 3 |  | 3 |
| &nbsp;&nbsp;Repurchases of OP Units | (25007) |  | (25007) |
| &nbsp;&nbsp;Share-based awards retained for taxes | (3540) |  | (3540) |
| &nbsp;&nbsp;Net income attributable to Brixmor Operating Partnership LP | 121173 |  | 121173 |
| Ending balance, December 31, 2020 | 2698746 | (28059) | 2670687 |
| &nbsp;&nbsp;Distributions to partners | (270819) |  | (270819) |
| &nbsp;&nbsp;Equity compensation expense | 18597 |  | 18597 |
| &nbsp;&nbsp;Other comprehensive loss |  | 15384 | 15384 |
| &nbsp;&nbsp;Issuance of OP Units | 4664 |  | 4664 |
| &nbsp;&nbsp;Share-based awards retained for taxes | (5512) |  | (5512) |
| &nbsp;&nbsp;Net income attributable to Brixmor Operating Partnership LP | 270187 |  | 270187 |
| Ending balance, December 31, 2021 | 2715863 | (12675) | 2703188 |
| &nbsp;&nbsp;Distributions to partners | (282615) |  | (282615) |
| &nbsp;&nbsp;Equity compensation expense | 25185 |  | 25185 |
| &nbsp;&nbsp;Other comprehensive income |  | 21526 | 21526 |
| &nbsp;&nbsp;Issuance of OP Units | 53100 |  | 53100 |
| &nbsp;&nbsp;Share-based awards retained for taxes | (10494) |  | (10494) |
| &nbsp;&nbsp;Net income attributable to Brixmor Operating Partnership LP | 354193 |  | 354193 |
| Ending balance, December 31, 2022 | $2855232 | $8851 | $2864083 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

---

------

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| | | | |
|:---|:---|:---|:---|
| **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** | **BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** |
| Operating activities: |  |  |  |
| &nbsp;&nbsp;Net income | $354193 | $270187 | $121173 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 344731 | 327152 | 335583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of debt premium and discount, net | (2863) | (2862) | (1068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing cost amortization | 7012 | 7496 | 7527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of above- and below-market leases, net | (12156) | (12603) | (16495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant inducement amortization and other | 3965 | 4944 | 3579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate assets | 5724 | 1898 | 19551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate assets | (111563) | (73092) | (34499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity compensation expense, net | 23407 | 17090 | 10951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt, net | 221 | 28345 | 28052 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | (31951) | 2189 | (9795) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred charges and prepaid expenses | (38445) | (30377) | (22560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (551) | (448) | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 24658 | 12320 | 1577 |
| Net cash provided by operating activities | 566382 | 552239 | 443101 |
| Investing activities: |  |  |  |
| &nbsp;&nbsp;Improvements to and investments in real estate assets | (330356) | (308575) | (284756) |
| &nbsp;&nbsp;Acquisitions of real estate assets | (409688) | (258807) | (3425) |
| &nbsp;&nbsp;Proceeds from sales of real estate assets | 279815 | 237404 | 122387 |
| &nbsp;&nbsp;Purchase of marketable securities | (25294) | (17475) | (22565) |
| &nbsp;&nbsp;Proceeds from sale of marketable securities | 23070 | 16448 | 21110 |
| Net cash used in investing activities | (462453) | (331005) | (167249) |
| Financing activities: |  |  |  |
| &nbsp;&nbsp;Repayment of secured debt obligations |  |  | (7000) |
| &nbsp;&nbsp;Repayment of borrowings under unsecured revolving credit facility | (675000) |  | (653000) |
| &nbsp;&nbsp;Proceeds from borrowings under unsecured revolving credit facility | 800000 |  | 646000 |
| &nbsp;&nbsp;Proceeds from unsecured notes |  | 847735 | 820396 |
| &nbsp;&nbsp;Repayment of borrowings under unsecured term loans and notes | (250000) | (850000) | (500000) |
| &nbsp;&nbsp;Deferred financing and debt extinguishment costs | (8387) | (33718) | (34740) |
| &nbsp;&nbsp;Proceeds from issuances of OP Units | 53100 | 5146 |  |
| &nbsp;&nbsp;Partner distributions and repurchases of OP Units | (285895) | (267885) | (208942) |
| Net cash provided by (used in) financing activities | (366182) | (298722) | 62714 |
| Net change in cash, cash equivalents and restricted cash | (262253) | (77488) | 338566 |
| Cash, cash equivalents and restricted cash at beginning of period | 282585 | 360073 | 21507 |
| Cash, cash equivalents and restricted cash at end of period | $20332 | $282585 | $360073 |
| Reconciliation to consolidated balance sheets: |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $15565 | $281474 | $358661 |
| &nbsp;&nbsp;Restricted cash | 4767 | 1111 | 1412 |
| Cash, cash equivalents and restricted cash at end of period | $20332 | $282585 | $360073 |
| Supplemental disclosure of cash flow information: |  |  |  |
| &nbsp;&nbsp;Cash paid for interest, net of amount capitalized of $3,081, $4,009 and $4,231 | $187293 | $191048 | $183187 |
| &nbsp;&nbsp;State and local taxes paid | 1951 | 1652 | 3577 |
| The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. | The accompanying notes are an integral part of these consolidated financial statements. |

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**BRIXMOR PROPERTY GROUP INC. AND BRIXMOR OPERATING PARTNERSHIP LP**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollars in thousands, unless otherwise stated)**

**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 controlled subsidiaries on a consolidated basis (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 community and neighborhood shopping centers. As of December 31, 2022, the Company's portfolio was comprised of 373 shopping centers (the "Portfolio") totaling approximately 66 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 reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP").

***Basis of Presentation***

The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2022 and 2021 and the consolidated results of its operations and cash flows for the years ended December 31, 2022, 2021, and 2020.

***Principles of Consolidation and Use of Estimates***

The accompanying 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.

When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity ("VIE"), (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest.

The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and the Company does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. The Company has evaluated the Operating Partnership and has determined it is not a VIE as of December 31, 2022.

The Company acquires properties, from time to time, using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange") and, as such, the properties are in the possession of an Exchange Accommodation Titleholder ("EAT") until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a "thinly capitalized" entity. The Company owns 100% of the EAT, controls the activities that most significantly impact the EAT's economic performance, and can collapse the reverse 1031

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exchange structure at any time. Therefore, the Company consolidates the EAT because it is the primary beneficiary. Assets of the EAT primarily consist of leased property (real estate and intangibles).

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairment of real estate, recovery of receivables, and depreciable lives. These estimates are based on historical experience and other assumptions that management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as new information becomes known. Actual results could differ from these estimates.

***Cash and Cash Equivalents***

For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company considers instruments with an original maturity of three months or less to be cash and cash equivalents.

The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation ("FDIC") insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal.

***Restricted Cash***

Restricted cash represents cash deposited in escrow accounts that generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits and funds held in escrow for pending transactions.

***Real Estate***

Real estate assets are recognized on the Company's Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, management estimates the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements) and identifiable intangible assets and liabilities (consisting of above- and below-market leases and in-place leases) based on an evaluation of available information. Transaction costs incurred during the acquisition process are capitalized as a component of the asset's value.

The fair value of tangible assets is determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

In allocating fair value to identifiable intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management's estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the lesser of 30 years or the remaining non-cancelable term of the leases, which includes renewal periods with fixed rental terms that are considered to be below-market. The capitalized above-market or below-market intangibles are amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of the leases.

The value of in-place leases is estimated based on management's evaluation of the specific characteristics of each tenant lease, including: (i) fair market rent and the reimbursement of property operating expenses, including common area expenses, utilities, insurance, real estate taxes, and capital expenditures that would be forgone during a hypothetical expected lease-up period and (ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvements and allowances, to execute similar leases. The value assigned to in-place leases is amortized to Depreciation and amortization expense over the remaining term of the leases.

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Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

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| | |
|:---|:---|
| Building and building and land improvements | 20 – 40 years |
| Furniture, fixtures, and equipment | 5 – 10 years |
| Tenant improvements | The shorter of the term of the related lease or useful life |

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Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities are expensed to Operating costs as incurred.

In situations in which a tenant's non-cancelable lease term has been modified, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value, and leasing commissions). Based upon consideration of the facts and circumstances surrounding the modification, the Company may accelerate the depreciation and amortization associated with the asset group.

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 an indicator is identified, a real estate asset is considered impaired only if management's estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, is less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values. Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows. 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 of the asset

When management identifies a real estate asset as held for sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs. If the estimated net sales price of an asset is less than its net carrying value, an impairment charge is recognized to reflect the estimated fair value of the asset. Properties classified as real estate held for sale represent properties that are under contract for sale and where the applicable pre-sale due diligence period has expired prior to the end of the reporting period.

***Real Estate Under Development and Redevelopment***

Certain costs are capitalized related to the development and redevelopment of real estate including pre-construction costs, construction costs, real estate taxes, insurance, utilities, and compensation and other related costs of personnel directly involved. Additionally, the Company capitalizes interest expense related to development and redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, the Company makes estimates as to the probability of certain development and redevelopment projects being completed. If the Company determines the development or redevelopment is no longer probable of completion, the Company expenses all capitalized costs that are not recoverable.

***Deferred Leasing and Financing Costs***

Direct costs incurred in executing tenant leases and long-term financings are capitalized and amortized using the straight-line method over the term of the related lease or debt agreement, which approximates the effective interest method. For tenant leases, capitalized costs incurred include tenant improvements, tenant allowances, leasing commissions, and leasing legal fees. For long-term financings, capitalized costs incurred include bank and legal fees. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, on the Company's Consolidated Statements of Operations and in Operating activities on the Company's Consolidated Statements of Cash Flows.

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***Marketable Securities***

The Company classifies its marketable securities, which are comprised of debt securities, as available-for-sale. These securities are carried at fair value, which is based primarily on publicly traded market values in active markets, and is classified accordingly on the fair value hierarchy.

Any unrealized loss on the Company's financial instruments must be assessed to determine the portion, if any, that is attributable to credit loss and the portion that is due to other factors, such as changes in market interest rates. "Credit loss" refers to any portion of the carrying amount that the Company does not expect to collect over a financial instrument's contractual life. The Company considers current market conditions and reasonable forecasts of future market conditions to estimate expected credit losses over the life of the financial instrument. Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income. The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive loss.

***Derivative Financial Instruments and Hedging***

Derivatives are measured at fair value and are recognized in the Company's Consolidated Balance Sheets as assets or liabilities, depending on the Company's rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of a derivative varies based on the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the necessary hedge accounting criteria. Derivatives designated as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. In a cash flow hedge, hedge accounting generally provides for the matching of the timing of recognition of gain or loss on the hedging instrument with the recognition of the earnings effect of the hedged transaction.

***Revenue Recognition and Receivables***

The Company enters into agreements with tenants that convey the right to control the use of identified space at its shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification ("ASC") 842, *Leases*. Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on the Company's Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on the accompanying Consolidated Balance Sheets. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties, by the lessee and are recognized in the period the applicable expenditures are incurred and/or contractually required to be reimbursed.

The Company accounts for rental revenue (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, real estate taxes, and certain capital expenditures related to the maintenance of our properties, within this lease component. These amounts are included in Rental income on the Company's Consolidated Statements of Operations.

Certain leases also provide for percentage rents based upon the sales of a lessee. Percentage rents are recognized upon the achievement of certain predetermined sales thresholds and are included in Rental income on the Company's Consolidated Statements of Operations.

Gains from the sale of depreciated operating properties are generally recognized under the full accrual method, provided that various criteria relating to the terms of the sale and subsequent involvement by the Company with the applicable property are met.

The Company periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements, and those attributable to other revenue generating activities. The Company analyzes individual tenant receivables and considers tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability. Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Company's Consolidated Statements of Operations.

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***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. These agreements meet the criteria for recognition as leases under ASC 842. For these agreements 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 the discount rates implicit in the leases are not readily determinable, the Company uses its incremental secured borrowing rate, based on information available at the commencement date of each lease, to determine the present value of the associated lease payments. The lease terms utilized by the Company may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options. The Company evaluates many factors, including current and future lease cash flows, when determining if an option to extend or terminate should be included in the non-cancelable period. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. The Company applies the short-term lease exemption within ASC 842 and has not recorded ROU assets or lease liabilities for leases with original terms of less than 12 months. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties, by the Company.

For leases where it is the lessee, the Company accounts for lease payments (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, real estate taxes, and certain capital expenditures related to the maintenance of our properties, within this lease component. These amounts are included in Operating expenses on the Company's Consolidated Statements of Operations.

***Stock Based Compensation***

The Company accounts for equity awards in accordance with ASC 718, *Compensation - Stock Compensation*, which requires that all share-based payments to employees and non-employee directors be recognized in the Consolidated Statements of Operations over the service period based on their fair value. Fair value is determined based on the type of award, using either the grant date market price of the Company's common stock or the results of a Monte Carlo simulation model. Equity compensation expense is included in General and administrative expenses on the Company's Consolidated Statements of Operations.

***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, 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 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 as defined under the Code.

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 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 Consolidated Financial Statements of the Company.

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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 Consolidated Financial Statements as of December 31, 2022 and 2021. Open tax years generally range from 2019 through 2021 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 Consolidated Statements of Operations.

***New Accounting Pronouncements***

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 Consolidated Financial Statements of the Company.

**2. Acquisition of Real Estate**

During the year ended December 31, 2022, the Company acquired the following assets, in separate transactions:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<sup>(1)</sup> | **Location** | **Month Acquired** | **GLA** | **Aggregate Purchase Price**<sup>(2)</sup> |
| Brea Gateway | Brea, CA | Jan-22 | 181819 | $83991 |
| Land at Cobblestone Village | St. Augustine, FL | Jan-22 | N/A | 1661 |
| Arboretum Village | Dallas, TX | Jan-22 | 95354 | 46330 |
| Ravinia Plaza | Orland Park, IL | Feb-22 | 101800 | 26160 |
| Elmhurst Crossing | Elmhurst, IL | Apr-22 | 347503 | 75096 |
| North Riverside Plaza | Berwyn, IL | Apr-22 | 383884 | 60114 |
| West U Marketplace | Houston, TX | Apr-22 | 60136 | 33741 |
| Waterford Commons - Ruby Tuesday | Waterford, CT | May-22 | 6781 | 1574 |
| Lake Pointe Village | Sugarland, TX | Jun-22 | 162263 | 80971 |
| Adjustments related to previously acquired assets | Various | Various | N/A | 50 |
|  |  |  | 1339540 | $409688 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>No debt was assumed related to any of the listed acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Aggregate purchase price includes $2.0 million of transaction costs, offset by $2.9 million of closing credits.

During the year ended December 31, 2021, the Company acquired the following assets, in separate transactions:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<sup>(1)</sup> | **Location** | **Month Acquired** | **GLA** | **Aggregate Purchase Price**<sup>(2)</sup> |
| Land at Ellisville Square <sup>(3)</sup> | Ellisville, MO | Jan-21 | N/A | $2014 |
| Outparcel adjacent to Cobblestone Village | St. Augustine, FL | Feb-21 | 5040 | 1520 |
| Land associated with Westgate Plaza | Westfield, MA | Mar-21 | N/A | 245 |
| Center of Bonita Springs | Bonita Springs, FL | Apr-21 | 281394 | 48061 |
| Champlin Marketplace | Champlin, MN | Jun-21 | 91970 | 14876 |
| Pawleys Island Plaza | Pawleys Island, SC | Oct-21 | 120095 | 26418 |
| Granada Shoppes | Naples, FL | Dec-21 | 306981 | 96851 |
| Kings Market | Roswell, GA | Dec-21 | 281064 | 39307 |
| Connexion | Roswell, GA | Dec-21 | 107687 | 29515 |
|  |  |  | 1194231 | $258807 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>No debt was assumed related to any of the listed acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Aggregate purchase price includes $1.5 million of transaction costs, offset by $2.1 million of closing credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The Company terminated a ground lease and acquired a land parcel.

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The aggregate purchase price of the assets acquired during the years ended December 31, 2022 and 2021, respectively, has been allocated as follows:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| **Assets** | **2022** | **2021** |
| &nbsp;&nbsp;Land | $84361 | $66378 |
| &nbsp;&nbsp;Buildings | 294241 | 160743 |
| &nbsp;&nbsp;Building and tenant improvements | 33352 | 25577 |
| &nbsp;&nbsp;Above-market leases<sup>(1)</sup> | 701 | 629 |
| &nbsp;&nbsp;In-place leases<sup>(2)</sup> | 29607 | 17262 |
| Total assets | 442262 | 270589 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Below-market leases<sup>(3)</sup> | $30748 | 11782 |
| &nbsp;&nbsp;Other liabilities | 1826 |  |
| Total liabilities | 32574 | 11782 |
| Net assets acquired | $409688 | $258807 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the year ended December 31, 2022 was 6.5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the year ended December 31, 2022 was 12.1 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the year ended December 31, 2022 was 20.1 years.

**3. Dispositions and Assets Held for Sale**

During the year ended December 31, 2022, the Company disposed of 16 shopping centers and 10 partial shopping centers for aggregate net proceeds of $277.0 million resulting in aggregate gain of $109.2 million and aggregate impairment of $5.7 million. In addition, during the year ended December 31, 2022, the Company resolved contingencies related to previously disposed assets and had land at one shopping center seized through eminent domain for aggregate net proceeds of $2.8 million, resulting in aggregate gain of $2.4 million.

During the year ended December 31, 2021, the Company disposed of 17 shopping centers and 15 partial shopping centers for aggregate net proceeds of $237.4 million resulting in aggregate gain of $73.1 million and aggregate impairment of $1.9 million. In addition, during the year ended December 31, 2021, the Company received aggregate net proceeds of less than $0.1 million from previously disposed assets resulting in aggregate gain of less than $0.1 million.

As of December 31, 2022, the Company had one property and two partial properties held for sale. As of December 31, 2021, the Company had one property and two partial properties held for sale. There were no liabilities associated with the properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale:

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| | | |
|:---|:---|:---|
| **Assets** | **December 31, 2022** | **December 31, 2021** |
| &nbsp;&nbsp;Land | $1988 | $4339 |
| &nbsp;&nbsp;Buildings and improvements | 13864 | 19181 |
| &nbsp;&nbsp;Accumulated depreciation and amortization | (5625) | (7899) |
| &nbsp;&nbsp;Real estate, net | 10227 | 15621 |
| &nbsp;&nbsp;Other assets | 212 | 510 |
| Assets associated with real estate assets held for sale | $10439 | $16131 |

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There were no discontinued operations for the years ended December 31, 2022, 2021, and 2020 as none of the dispositions represented a strategic shift in the Company's business that would qualify as discontinued operations.

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**4. Real Estate**

The Company's components of Real estate, net consisted of the following:

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| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| Land | $1820358 | $1773448 |
| Buildings and improvements: |  |  |
| &nbsp;&nbsp;Buildings and tenant improvements | 8535279 | 8110742 |
| &nbsp;&nbsp;Lease intangibles<sup>(1)</sup> | 542714 | 544224 |
|  | 10898351 | 10428414 |
| Accumulated depreciation and amortization<sup>(2)</sup> | (2996759) | (2813329) |
| Total | $7901592 | $7615085 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>As of December 31, 2022 and 2021, Lease intangibles consisted of $492.0 million and $491.0 million, respectively, of in-place leases and $50.7 million and $53.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>As of December 31, 2022 and 2021, Accumulated depreciation and amortization included $465.2 million and $480.9 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of December 31, 2022 and 2021, the Company had intangible liabilities relating to below-market leases of $349.7 million and $337.1 million, respectively, and accumulated accretion of $252.9 million and $256.2 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets. These intangible assets are accreted over the term of each related lease.

Below-market lease accretion income, net of above-market lease amortization for the years ended December 31, 2022, 2021, and 2020 was $12.2 million, $12.6 million, and $16.5 million, respectively. These amounts are included in Rental income on the Company's Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the years ended December 31, 2022, 2021, and 2020 was $18.9 million, $15.2 million, and $19.1 million, respectively. These amounts are included in Depreciation and amortization on the Company's 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:

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| | | |
|:---|:---|:---|
| **Year ending December 31,** | **Below-market lease accretion (income), net of above-market lease amortization expense** | **In-place lease amortization expense** |
| 2023 | $(10550) | $15493 |
| 2024 | (9880) | 12042 |
| 2025 | (8452) | 8837 |
| 2026 | (7359) | 6340 |
| 2027 | (6265) | 4842 |

---

**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 of the asset.

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

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| **Property Name**<sup>(1)</sup> | **Location** | **GLA** | **Impairment Charge** |
| Torrington Plaza <sup>(2)</sup> | Torrington, CT | 125496 | $3509 |
| Park Hills Plaza - Excluding Outparcels <sup>(2)</sup> | Altoona, PA | 238829 | 1127 |
| New Garden Center <sup>(2)</sup> | Kennett Square, PA | 147370 | 1088 |
|  |  | 511695 | $5724 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third party buyers primarily in connection with the Company's capital recycling program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Company disposed of this property during the year ended December 31, 2022.

The Company recognized the following impairments during the year ended December 31, 2021:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **Property Name**<sup>(1)</sup> | **Location** | **GLA** | **Impairment Charge** |
| Albany Plaza<sup>(2)</sup> | Albany, GA | 114169 | $1467 |
| Erie Canal Centre<sup>(2)</sup> | DeWitt, NY | 123404 | 431 |
|  |  | 237573 | $1898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third party buyers primarily in connection with the Company's capital recycling program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Company disposed of this property during the year ended December 31, 2021.

The Company recognized the following impairments during the year ended December 31, 2020:

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| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** |
| **Property Name**<sup>(1)</sup> | **Location** | **GLA** | **Impairment Charge** |
| Northmall Centre | Tucson, AZ | 165350 | $5721 |
| Spring Mall | Greenfield, WI | 45920 | 4584 |
| 30th Street Plaza<sup>(2)</sup> | Canton, OH | 145935 | 4449 |
| Fry Road Crossing<sup>(2)</sup> | Katy, TX | 240940 | 2006 |
| Chamberlain Plaza<sup>(2)</sup> | Meriden, CT | 54302 | 1538 |
| The Pines Shopping Center<sup>(3)</sup> | Pineville, LA | 179039 | 1239 |
| Parcel at Lakes Crossing<sup>(2)</sup> | Muskegon, MI | 4990 | 14 |
|  |  | 836476 | $19551 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third party buyers primarily in connection with the Company's capital recycling program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Company disposed of this property during the year ended December 31, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The Company disposed of this property during the year ended December 31, 2021.

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. See Note 8 for additional information regarding the fair value of operating properties that have been impaired.

**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 interest rates.

***Cash Flow Hedges of Interest Rate Risk***

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the

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underlying notional amount. The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt. During the years ended December 31, 2022 and 2021, the Company did not enter into any new interest rate swap agreements. During the year ended December 31, 2021, interest rate swaps with a notional amount of $250.0 million expired and the Company paid $1.1 million to terminate interest rate swaps with a notional amount of $250.0 million.

During the year ended December 31, 2022, the Company amended its interest rate swap agreements, contemporaneous with a modification of the Company's unsecured credit facility agreements, to facilitate reference rate reform, converting all outstanding swaps from the London Interbank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR"). As a result of these amendments, the Company has elected to apply additional expedients within ASU *2020-04, Reference Rate Reform (Topic 848)* related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s), as qualifying changes were made to applicable debt and derivative contracts.

Detail on the Company's interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2022 and 2021 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Instruments** | **Number of Instruments** | **Notional Amount** | **Notional Amount** |
| | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| Interest Rate Swaps | 4 | 4 | $300000 | $300000 |

---

The Company has elected to present its interest rate derivatives on its Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. Detail on the fair value of the Company's interest rate derivatives on a gross and net basis as of December 31, 2022 and 2020 is as follows:

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| | | |
|:---|:---|:---|
| | **Fair Value of Derivative Instruments** | **Fair Value of Derivative Instruments** |
|<br>**Interest rate swaps classified as:** | **December 31, 2022** | **December 31, 2021** |
| Gross derivative assets | $9640 | $— |
| Gross derivative liabilities |  | (12585) |
| Net derivative assets (liabilities) | $9640 | $(12585) |

---

The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets. All of the Company's outstanding interest rate swap 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 volatilities. 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 (loss) and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings.

The effective portion of the Company's interest rate swaps that was recognized on the Company's Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021, and 2020 is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Derivatives in Cash Flow Hedging Relationships <br>(Interest Rate Swaps)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Derivatives in Cash Flow Hedging Relationships <br>(Interest Rate Swaps)** | **2022** | **2021** | **2020** |
| Change in unrealized gain (loss) on interest rate swaps | $19602 | $5144 | $(26998) |
| Amortization (accretion) of interest rate swaps to interest expense | 2624 | 10496 | 8427 |
| Change in unrealized gain (loss) on interest rate swaps, net | $22226 | $15640 | $(18571) |

---

The Company estimates that $6.8 million will be reclassified from accumulated other comprehensive income (loss) 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 years ended December 31, 2022, 2021, and 2020.

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***Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk***

The Company does not use derivatives for trading or speculative purposes. As of December 31, 2022 and 2021, 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 were to breach any of the contractual provisions of the 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 December 31, 2022 and 2021, the Company had the following indebtedness outstanding:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Carrying Value as of** | **Carrying Value as of** | | |
| | **December 31, <br>2022** | **December 31, <br>2021** |<br>**Stated**<br>**Interest**<br>**Rate**<sup>(1)</sup> |<br>**Scheduled<br>Maturity<br>Date** |
| Notes payable |  |  |  |  |
| &nbsp;&nbsp;Unsecured notes<sup>(2)</sup> | $4618453 | $4868453 | 2.25% – 7.97% | 2024 – 2031 |
| &nbsp;&nbsp;&nbsp;Net unamortized premium | 23787 | 26651 |  |  |
| &nbsp;&nbsp;&nbsp;Net unamortized debt issuance costs | (22325) | (26913) |  |  |
| Total notes payable, net | $4619915 | $4868191 |  |  |
| Unsecured Credit Facility |  |  |  |  |
| &nbsp;&nbsp;Revolving Facility | $125000 | $— | 5.44% | 2026 |
| &nbsp;&nbsp;Term Loan Facility<sup>(3)</sup> | 300000 | 300000 | 5.41% | 2027 |
| &nbsp;&nbsp;Net unamortized debt issuance costs | (9414) | (3673) |  |  |
| Total Unsecured Credit Facility and term loans | $415586 | $296327 |  |  |
| Total debt obligations, net | $5035501 | $5164518 |  |  |

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<sup>(1)</sup> Stated interest rates as of December 31, 2022 do not include the impact of the Company's interest rate swap agreements (described below).

<sup>(2)</sup> The weighted average stated interest rate on the Company's unsecured notes was 3.69% as of December 31, 2022.

<sup>(3)</sup> Effective June 1, 2022, the Company has in place four interest rate swap agreements that convert the variable interest rate on the $300 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 2.59% (plus a spread of 119 basis points) through July 26, 2024.

***2022 Debt Transactions***

In April 2022, the Operating Partnership amended and restated its unsecured credit facility (the "Unsecured Credit Facility"). The amendment provided for (i) revolving loan commitments of $1.25 billion (the "Revolving Facility") scheduled to mature on June 30, 2026 (extending the applicable scheduled maturity date from February 28, 2023); and (ii) a continuation of the existing $300.0 million term loan scheduled to mature on July 26, 2027 (extending the applicable scheduled maturity date from July 26, 2024) and a new $200.0 million delayed draw term loan, scheduled to mature on July 26, 2027 (together, the "Term Loan Facility"). 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. In addition, the floating reference rate under the Unsecured Credit Facility has been amended from LIBOR to SOFR.

During the year ended December 31, 2022, the Operating Partnership repaid $250.0 million principal amount of its Floating Rate Senior Notes due 2022 (the "2022 Notes"), representing all of the outstanding 2022 Notes, with available cash on hand. In addition, during the year ended December 31, 2022, the Operating Partnership borrowed $125.0 million, net of repayments, under its $1.25 billion Revolving Facility, the proceeds of which were used for general corporate purposes, including $129.9 million of acquisitions, net of dispositions.

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 December 31, 2022.

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***Debt Maturities***

As of December 31, 2022 and 2021, the Company had accrued interest of $47.3 million and $46.3 million outstanding, respectively. As of December 31, 2022, scheduled maturities of the Company's outstanding debt obligations were as follows:

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| | |
|:---|:---|
| **Year ending December 31,** | |
| 2023 | $— |
| 2024 | 500000 |
| 2025 | 700000 |
| 2026 | 732542 |
| 2027 | 700000 |
| Thereafter | 2410911 |
| Total debt maturities | 5043453 |
| &nbsp;&nbsp;&nbsp;Net unamortized premium | 23787 |
| &nbsp;&nbsp;&nbsp;Net unamortized debt issuance costs | (31739) |
| Total debt obligations, net | $5035501 |

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

**8. Fair Value Disclosures**

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's judgment, reasonably approximate their fair values, except those instruments listed below:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |  |  |  |  |  |
| | **Carrying<br>Amounts** | **Fair<br>Value** | **Carrying<br>Amounts** | **Fair<br>Value** |  | | | | |
| | **Carrying<br>Amounts** | **Fair<br>Value** | **Carrying<br>Amounts** | **Fair<br>Value** | Notes payable | $4619915 | $4148681 | $4868191 | $5166291 |
| Unsecured Credit Facility | 415586 | 425056 | 296327 | 300629 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total debt obligations, net | $5035501 | $4573737 | $5164518 | $5466920 |  |  |  |  |  |

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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.

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.

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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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements as of December 31, 2022** | **Fair Value Measurements as of December 31, 2022** | **Fair Value Measurements as of December 31, 2022** | **Fair Value Measurements as of December 31, 2022** |
| | **Balance** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs <br>(Level 2)** | **Significant Unobservable Inputs <br>(Level 3)** |
| **Assets:** | | | | |
| &nbsp;&nbsp;Marketable securities<sup>(1)</sup> | $21669 | $1088 | $20581 | $— |
| &nbsp;&nbsp;Interest rate derivatives | $9640 | $— | $9640 | $— |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Interest rate derivatives | $— | $— | $— | $— |
|  | **Fair Value Measurements as of December 31, 2021** | **Fair Value Measurements as of December 31, 2021** | **Fair Value Measurements as of December 31, 2021** | **Fair Value Measurements as of December 31, 2021** |
|  | **Balance** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs <br>(Level 2)** | **Significant Unobservable Inputs <br>(Level 3)** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;Marketable securities<sup>(1)</sup> | $20224 | $6304 | $13920 | $— |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Interest rate derivatives | $(12585) | $— | $(12585) | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>As of December 31, 2022 and 2021, marketable securities included $0.8 million and $0.1 million of net unrealized losses, respectively. As of December 31, 2022, the contractual maturities of the Company's marketable securities are 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.

During the years ended December 31, 2022 and December 31, 2021, no properties were remeasured to fair value as a result of impairment testing that were not sold prior to December 31, 2022 and December 31, 2021, respectively.

**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 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, ATMs, 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.

As of December 31, 2022, the fixed contractual lease payments to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised. The table below includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The

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table does not include variable lease payments that may be received under certain leases for the reimbursement of property operating expenses or certain capital expenditures related to the maintenance of the Company's properties, or percentage rents. These variable lease payments are recognized, in the case of reimbursements, in the period when the applicable expenditures are incurred and/or contractually required to be reimbursed or, in the case of percentage rents, upon the achievement of certain predetermined sales thresholds.

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| | |
|:---|:---|
| **Year ending December 31,** | **Operating Leases** |
| 2023 | $891522 |
| 2024 | 801802 |
| 2025 | 688715 |
| 2026 | 586755 |
| 2027 | 461364 |
| Thereafter | 1472972 |

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The Company recognized $9.0 million, $6.0 million, and $4.2 million of rental income based on percentage rents for the years ended December 31, 2022, 2021, and 2020, respectively. These amounts are included in Rental income on the Company's Consolidated Statements of Operations. As of December 31, 2022 and 2021, receivables associated with the effects of recognizing rental income on a straight-line basis were $159.8 million and $139.5 million, respectively.

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**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 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 December 31, 2022 the Company is not including 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 lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company's operating leases:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Supplemental Statements of Operations Information** | **2022** | **2021** | **2020** |
| Operating lease costs | $5937 | $5920 | $7058 |
| Short-term lease costs |  | 1 | 39 |
| Variable lease costs | 207 | 329 | 519 |
| Total lease costs | $6144 | $6250 | $7616 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Supplemental Statements of Cash Flows Information** | **2022** | **2021** | **2020** |
| Operating cash outflows from operating leases | $6145 | $6147 | $7066 |
| ROU assets obtained in exchange for operating lease liabilities | 10708 |  | 1174 |
| ROU assets reduction due to dispositions, held for sale, and lease modifications | (171) | (229) | (1748) |
| **Operating Lease Liabilities** | **As of <br>December 31, 2022** |  |  |
| Future minimum operating lease payments: |  |  |  |
| &nbsp;&nbsp;&nbsp;2023 | $6056 |  |  |
| &nbsp;&nbsp;&nbsp;2024 | 5962 |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 5661 |  |  |
| &nbsp;&nbsp;&nbsp;2026 | 4936 |  |  |
| &nbsp;&nbsp;&nbsp;2027 | 2689 |  |  |
| &nbsp;&nbsp;&nbsp;Thereafter | 32956 |  |  |
| Total future minimum operating lease payments | 58260 |  |  |
| Less: imputed interest | (18337) |  |  |
| Operating lease liabilities | $39923 |  |  |
|  | **As of December 31,** | **As of December 31,** |  |
| **Supplemental Balance Sheets Information** | **2022** | **2021** |  |
| Operating lease liabilities<sup>(1)(2)</sup> | $39923 | $33713 |  |
| ROU assets<sup>(1)(3)</sup> | 35754 | 29325 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>As of December 31, 2022 and 2021, the weighted average remaining lease term was 16.0 years and 12.7 years, respectively, and the weighted average discount rate was 4.43% and 4.41%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>These amounts are included in Other assets on the Company's Consolidated Balance Sheets.

As of December 31, 2022, there were no material leases that have been executed but not yet commenced.

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**11. Equity and Capital**

***ATM Program***

In November 2022, the Company issued a new at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $400.0 million of its common stock through sales agents. The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. The ATM Program is scheduled to expire on November 1, 2025, unless earlier terminated or extended by the Company's board of directors, sales agents, forward sellers, and forward purchasers. The ATM Program replaced the Company's prior at-the-market equity offering program (the "Prior ATM Program"), which was scheduled to expire on January 9, 2023. During the year ended December 31, 2022, the Company issued 2.1 million shares of common stock under the Prior ATM Program at an average price per share of $25.40 for total gross proceeds of $53.9 million, excluding commissions. The Company incurred commissions of $0.7 million in conjunction with the Prior ATM Program for the year ended December 31, 2022. During the year ended December 31, 2021, the Company issued 0.2 million shares of common stock under the Prior ATM Program at an average price per share of $25.06 for total gross proceeds of $5.2 million, excluding commissions. The Company incurred commissions of $0.1 million in conjunction with the Prior ATM Program for the year ended December 31, 2021. During the year ended December 31, 2020, the Company did not issue any shares of common stock under the Prior ATM Program. As of December 31, 2022, $400.0 million of common stock remained available for issuance under the ATM Program.

***Share Repurchase Program***

In November 2022, the Company established a new share repurchase program (the "Repurchase Program") for up to $400.0 million of its common stock. The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by the Company's board of directors. The Repurchase Program replaced the Company's prior share repurchase program (the "Prior Repurchase Program"), which was scheduled to expire on January 9, 2023. During the years ended December 31, 2022 and December 31, 2021, the Company did not repurchase any shares of common stock. During the year ended December 31, 2020, the Company repurchased 1.7 million shares of common stock under the Prior Repurchase Program at an average price per share of $15.14 for a total of $25.0 million, excluding commissions. The Company incurred commissions of less than $0.1 million in conjunction with the Prior Repurchase Program for the year ended December 31, 2020. As of December 31, 2022, 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 years ended December 31, 2022 and 2021, the Company withheld 0.4 million and 0.3 million shares of its common stock, respectively.

***Dividends and Distributions***

Because Brixmor Property Group Inc. is a holding company and has no material assets other than its ownership of BPG Sub, through which it owns the Operating Partnership, and no material operations other than those conducted by the Operating Partnership, distributions are funded as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• first, the Operating Partnership makes distributions to its partners that are holders of OP Units, including BPG Sub;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• second, BPG Sub distributes to Brixmor Property Group Inc. its share of such distributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third, Brixmor Property Group Inc. distributes the amount authorized by the Company's board of directors and declared by Brixmor Property Group Inc. to its common stockholders on a pro rata basis.

During the years ended December 31, 2022, 2021, and 2020, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.980 per share/unit, $0.885 per share/unit, and $0.500 per share/unit, respectively. In response to COVID-19, the Company's board of directors suspended the dividend in the second and third quarters of 2020. In the fourth quarter of 2020, the Company's board of directors resumed the dividend at a rate of $0.215 per common share. As of December 31, 2022 and 2021, the Company had declared but unpaid common stock dividends and OP Unit distributions of $81.6 million and $74.4 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets.

------

**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. Prior to the approval of the Plan, awards were issued under the 2013 Omnibus Incentive Plan that the Company's board of directors approved in 2013.

During the years ended December 31, 2022, 2021, and 2020, 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 criteria that are not market-based or performance-based criteria that are market-based, and 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 over 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 0.7 million, 1.0 million, and 0.7 million for the years ended December 31, 2022, 2021, and 2020, respectively, with vesting periods ranging from one to five years. For grants of service-based RSUs and performance-based RSUs that are not market-based, fair value is based on the Company's grant date stock price. For grants of performance-based RSUs that are market-based, 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:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Assumption** | **2022** | **2021** | **2020** |
| Volatility | 27.0% - 51.0% | 50.0% - 64.0% | 20.0% - 23.0% |
| Weighted average risk-free interest rate | 1.08% - 1.39% | 0.11% - 0.18% | 1.20% - 1.30% |
| Weighted average common stock dividend yield | 3.8% - 4.6% | 4.1% - 5.8% | 5.9% - 6.0% |

---

Information with respect to RSUs for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Restricted Shares** | **Aggregate Intrinsic Value** |
| Outstanding, December 31, 2019 | 1766 | $35502 |
| &nbsp;&nbsp;Vested | (462) | (8139) |
| &nbsp;&nbsp;Granted | 753 | 13760 |
| &nbsp;&nbsp;Forfeited | (83) | (1495) |
| Outstanding, December 31, 2020 | 1974 | 39628 |
| &nbsp;&nbsp;Vested | (834) | (14396) |
| &nbsp;&nbsp;Granted | 1225 | 22406 |
| &nbsp;&nbsp;Forfeited | (57) | (1091) |
| Outstanding, December 31, 2021 | 2308 | 46547 |
| &nbsp;&nbsp;Vested | (994) | (18955) |
| &nbsp;&nbsp;Granted | 981 | 25476 |
| &nbsp;&nbsp;Forfeited | (28) | (597) |
| Outstanding, December 31, 2022 | 2267 | $52471 |

---

During the years ended December 31, 2022, 2021, and 2020, the Company recognized $25.2 million, $18.6 million, and $11.9 million of equity compensation expense, respectively, of which $1.8 million, $1.5 million, and $0.9 million was capitalized, respectively. These amounts are included in General and administrative expense on the Company's Consolidated Statements of Operations. As of December 31, 2022, the Company had $22.7 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.1 years.

------

**13.&nbsp;&nbsp;&nbsp;&nbsp; Earnings per Share**

Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company's common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company's share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company's common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands, except per share data):

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| *<u>Computation of Basic Earnings Per Share:</u>* |  |  |  |
| Net income | $354193 | $270187 | $121173 |
| Non-forfeitable dividends on unvested restricted shares | (1002) | (748) | (410) |
| Net income attributable to the Company's common stockholders for basic earnings per share | $353191 | $269439 | $120763 |
| Weighted average shares outstanding – basic | 299938 | 297408 | 296972 |
| Basic earnings per share attributable to the Company's common stockholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income per share | $1.18 | $0.91 | $0.41 |
| *<u>Computation of Diluted Earnings Per Share:</u>* |  |  |  |
| Net income attributable to the Company's common stockholders for diluted earnings per share | $353191 | $269439 | $120763 |
| Weighted average shares outstanding – basic | 299938 | 297408 | 296972 |
| Effect of dilutive securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity awards | 1804 | 1427 | 927 |
| Weighted average shares outstanding – diluted | 301742 | 298835 | 297899 |
| Diluted earnings per share attributable to the Company's common stockholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income per share | $1.17 | $0.90 | $0.41 |

---

------

**14. Earnings per Unit**

Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership's common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company's share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully-diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership's common units.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the years ended December 31, 2022, 2021, and 2020 (dollars in thousands, except per unit data):

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| *<u>Computation of Basic Earnings Per Unit:</u>* |  |  |  |
| Net income | $354193 | $270187 | $121173 |
| Non-forfeitable dividends on unvested restricted units | (1002) | (748) | (410) |
| Net income attributable to the Operating Partnership's common units for basic earnings per unit | $353191 | $269439 | $120763 |
| Weighted average common units outstanding – basic | 299938 | 297408 | 296972 |
| Basic earnings per unit attributable to the Operating Partnership's common units: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income per unit | $1.18 | $0.91 | $0.41 |
| *<u>Computation of Diluted Earnings Per Unit:</u>* |  |  |  |
| Net income attributable to the Operating Partnership's common units for diluted earnings per unit | $353191 | $269439 | $120763 |
| Weighted average common units outstanding – basic | 299938 | 297408 | 296972 |
| Effect of dilutive securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity awards | 1804 | 1427 | 927 |
| Weighted average common units outstanding – diluted | 301742 | 298835 | 297899 |
| Diluted earnings per unit attributable to the Operating Partnership's common units: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income per unit | $1.17 | $0.90 | $0.41 |

---

------

**15. 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.

***Insurance Captive***

The Company has a wholly owned captive insurance company, Brixmor Incap, LLC ("Incap"). Incap underwrites the first layer of general liability insurance for the properties in the Company's Portfolio. The Company formed Incap as part of its overall risk management program to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements. An actuarial analysis is performed to estimate future projected claims, related deductibles, and projected expenses necessary to fund associated risk management programs. Incap establishes annual premiums based on projections derived from the past loss experience of the Company's Portfolio. Premiums paid to Incap may be adjusted based on this estimate and may be reimbursed by the Company's tenants pursuant to specific lease terms.

Activity in the reserve for losses for the years ended December 31, 2022 and 2021 is summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Year End December 31,** | **Year End December 31,** |
| | **2022** | **2021** |
| Balance at the beginning of the year | $10095 | $10960 |
| Incurred related to: |  |  |
| &nbsp;&nbsp;Current year | 3002 | 2808 |
| &nbsp;&nbsp;Prior years | (86) | (955) |
| Total incurred | 2916 | 1853 |
| Paid related to: |  |  |
| &nbsp;&nbsp;Current year | (98) | 4 |
| &nbsp;&nbsp;Prior years | (2224) | (2722) |
| Total paid | (2322) | (2718) |
| Balance at the end of the year | $10689 | $10095 |

---

***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 years ended December 31, 2022, 2021, and 2020, the Company did not incur any material governmental fines resulting from environmental matters.

------

**16. Income Taxes**

The Company incurred income and other taxes of $2.7 million, $0.8 million, and $4.4 million for the years ended December 31, 2022, 2021, and 2020. These amounts are included in Other on the Company's Consolidated Statements of Operations. See Note 1 for additional information regarding the Company's income taxes and the Parent Company's REIT status.

**17. Related-Party Transactions**

As of December 31, 2022 and 2021, there were no material receivables from or payables to related parties. During the years ended December 31, 2022, 2021, and 2020, the Company did not engage in any material related-party transactions.

**18. Retirement Plan**

The Company has a Retirement and 401(k) Savings Plan (the "Savings Plan") covering officers and employees of the Company. Participants in the Savings Plan may elect to contribute a portion of their earnings to the Savings Plan and the Company makes a matching contribution to the Savings Plan, up to a maximum of 3% of the employee's eligible compensation. For the years ended December 31, 2022, 2021, and 2020, the Company's expense for the Savings Plan was $1.8 million, $1.6 million, and $1.6 million, respectively. These amounts are included in General and administrative on the Company's Consolidated Statements of Operations.

**19. Supplemental Financial Information**

No retrospective adjustments were made to the Company's Consolidated Financial Statements for the years ended December 31, 2022, 2021, and 2020.

&nbsp;&nbsp;&nbsp;&nbsp;

**20. Subsequent Events**

In preparing the Consolidated Financial Statements, the Company has evaluated events and transactions occurring after December 31, 2022 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from December 31, 2022 through the date the financial statements were issued.

------

**BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES**

**SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS**

None.

------

**BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES**

**SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION**

**(in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Gross Amount at Which Carried | Gross Amount at Which Carried | Gross Amount at Which Carried | | | |
| | | Initial Cost to Company<sup>(2)</sup> | Initial Cost to Company<sup>(2)</sup> | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | at the Close of the Period | at the Close of the Period | at the Close of the Period | | | |
| Description<sup>(1)</sup> | Description<sup>(1)</sup> | Land | Building & Improvements | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Land | Building & Improvements<sup>(4)</sup> | Total | Accumulated Depreciation | Year Built<sup>(5)</sup>  | Date Acquired |
| Springdale | Mobile, AL | $7460 | $39380 | $26441 | $7460 | $65821 | $73281 | $(21178) | 2004 | Jun-11 |
| Northmall Centre | Tucson, AZ | 3140 | 18882 | (3147) | 2202 | 16673 | 18875 | (6971) | 1996 | Jun-11 |
| Bakersfield Plaza | Bakersfield, CA | 4000 | 25537 | 15123 | 4502 | 40158 | 44660 | (17118) | 1970 | Jun-11 |
| Brea Gateway | Brea, CA | 23716 | 68925 | 1570 | 23716 | 70495 | 94211 | (3560) | 1994 | Jan-22 |
| Carmen Plaza | Camarillo, CA | 5410 | 19784 | 1756 | 5410 | 21540 | 26950 | (6971) | 2000 | Jun-11 |
| Plaza Rio Vista | Cathedral, CA | 2465 | 12687 | 831 | 2465 | 13518 | 15983 | (4433) | 2005 | Oct-13 |
| Cudahy Plaza | Cudahy, CA | 4490 | 13474 | 19183 | 4778 | 32369 | 37147 | (8836) | 2021 | Jun-11 |
| The Davis Collection | Davis, CA | 4270 | 18372 | 1038 | 4270 | 19410 | 23680 | (5430) | 1964 | Jun-11 |
| Felicita Plaza | Escondido, CA | 4280 | 12464 | 1379 | 4280 | 13843 | 18123 | (6042) | 2001 | Jun-11 |
| Felicita Town Center | Escondido, CA | 11231 | 31381 | 1596 | 11231 | 32977 | 44208 | (8425) | 1987 | Dec-16 |
| Arbor - Broadway Faire | Fresno, CA | 5940 | 34123 | 227 | 5691 | 34599 | 40290 | (12916) | 1995 | Jun-11 |
| Lompoc Center | Lompoc, CA | 4670 | 16321 | 4705 | 4670 | 21026 | 25696 | (6811) | 1960 | Jun-11 |
| Briggsmore Plaza | Modesto, CA | 2140 | 12257 | 2262 | 2043 | 14616 | 16659 | (5460) | 1998 | Jun-11 |
| Montebello Plaza | Montebello, CA | 13360 | 33743 | 7478 | 13360 | 41221 | 54581 | (17608) | 1974 | Jun-11 |
| California Oaks Center | Murrieta, CA | 5180 | 15441 | 4857 | 5180 | 20298 | 25478 | (7163) | 1990 | Jun-11 |
| Pacoima Center | Pacoima, CA | 7050 | 15955 | 1304 | 7050 | 17259 | 24309 | (10162) | 1995 | Jun-11 |
| Metro 580 | Pleasanton, CA | 10500 | 19409 | 1608 | 10500 | 21017 | 31517 | (9772) | 1996 | Jun-11 |
| Rose Pavilion | Pleasanton, CA | 19618 | 63140 | 14268 | 19618 | 77408 | 97026 | (25056) | 2019 | Jun-11 |
| Puente Hills Town Center | Rowland Heights, CA | 15670 | 39997 | 4245 | 15670 | 44242 | 59912 | (15313) | 1984 | Jun-11 |
| Ocean View Plaza | San Clemente, CA | 15750 | 30757 | 2126 | 15750 | 32883 | 48633 | (11543) | 1990 | Jun-11 |
| Plaza By The Sea | San Clemente, CA | 9607 | 5461 | 5887 | 9607 | 11348 | 20955 | (1612) | 1976 | Dec-17 |
| Village at Mira Mesa <sup>(6)</sup> | San Diego, CA | 14870 | 75271 | 36684 | 14870 | 111955 | 126825 | (32680) | 2023 | Jun-11 |
| San Dimas Plaza | San Dimas, CA | 15101 | 22299 | 3809 | 15101 | 26108 | 41209 | (9224) | 1986 | Jun-11 |
| Bristol Plaza | Santa Ana, CA | 9110 | 21367 | 4683 | 9722 | 25438 | 35160 | (7955) | 2003 | Jun-11 |
| Gateway Plaza | Santa Fe Springs, CA | 9980 | 31263 | 1955 | 9980 | 33218 | 43198 | (15374) | 2002 | Jun-11 |
| Santa Paula Center | Santa Paula, CA | 3520 | 18079 | 1078 | 3520 | 19157 | 22677 | (8640) | 1995 | Jun-11 |
| Vail Ranch Center <sup>(6)</sup> | Temecula, CA | 3750 | 22933 | 9882 | 3750 | 32815 | 36565 | (9721) | 2023 | Jun-11 |
| Country Hills Shopping Center | Torrance, CA | 3630 | 8716 | (124) | 3589 | 8633 | 12222 | (3229) | 1977 | Jun-11 |
| Upland Town Square | Upland, CA | 9051 | 23171 | 1542 | 9051 | 24713 | 33764 | (5964) | 1994 | Nov-17 |
| Gateway Plaza - Vallejo<sup>(6)</sup> | Vallejo, CA | 12947 | 77377 | 25775 | 12947 | 103152 | 116099 | (34544) | 2023 | Jun-11 |
| Arvada Plaza | Arvada, CO | 1160 | 7378 | 605 | 1160 | 7983 | 9143 | (4786) | 1994 | Jun-11 |
| Arapahoe Crossings | Aurora, CO | 13676 | 56971 | 14425 | 13676 | 71396 | 85072 | (23524) | 1996 | Jul-13 |
| Aurora Plaza | Aurora, CO | 3910 | 9309 | 9363 | 3910 | 18672 | 22582 | (6083) | 1996 | Jun-11 |
| Villa Monaco | Denver, CO | 3090 | 7551 | 4038 | 3090 | 11589 | 14679 | (4179) | 1978 | Jun-11 |
| Centennial Shopping Center | Englewood, CO | 6755 | 11721 | 588 | 6755 | 12309 | 19064 | (2254) | 2013 | Apr-19 |
| Superior Marketplace | Superior, CO | 7090 | 37670 | 4756 | 6924 | 42592 | 49516 | (16348) | 1997 | Jun-11 |
| Westminster City Center<sup>(6)</sup> | Westminster, CO | 6040 | 45099 | 12939 | 6040 | 58038 | 64078 | (19769) | 2023 | Jun-11 |
| The Shoppes at Fox Run | Glastonbury, CT | 3550 | 23162 | 4306 | 3600 | 27418 | 31018 | (11312) | 1974 | Jun-11 |
| Groton Square | Groton, CT | 2730 | 28311 | 2288 | 2730 | 30599 | 33329 | (14031) | 1987 | Jun-11 |
| Parkway Plaza | Hamden, CT | 4100 | 7844 | 40 | 4100 | 7884 | 11984 | (3300) | 2006 | Jun-11 |
| The Manchester Collection | Manchester, CT | 8200 | 51455 | (5442) | 8200 | 46013 | 54213 | (17615) | 2001 | Jun-11 |
| Turnpike Plaza | Newington, CT | 3920 | 23880 | (2569) | 3920 | 21311 | 25231 | (8412) | 2004 | Jun-11 |
| North Haven Crossing | North Haven, CT | 5430 | 16371 | 1911 | 5430 | 18282 | 23712 | (6591) | 1993 | Jun-11 |
| Christmas Tree Plaza | Orange, CT | 4870 | 15160 | 2257 | 4870 | 17417 | 22287 | (6486) | 1996 | Jun-11 |
| Stratford Square | Stratford, CT | 5970 | 12433 | 6575 | 5860 | 19118 | 24978 | (7411) | 1984 | Jun-11 |
| Waterbury Plaza | Waterbury, CT | 5420 | 18062 | 1456 | 4793 | 20145 | 24938 | (8086) | 2000 | Jun-11 |
| Waterford Commons | Waterford, CT | 5437 | 46769 | 5389 | 5437 | 52158 | 57595 | (19978) | 2004 | Jun-11 |
| Center of Bonita Springs | Bonita Springs, FL | 10946 | 38467 | 1005 | 10946 | 39472 | 50418 | (3792) | 2014 | Apr-21 |
| Coastal Way - Coastal Landing | Brooksville, FL | 8840 | 34027 | 6302 | 8840 | 40329 | 49169 | (15262) | 2008 | Jun-11 |
| Clearwater Mall | Clearwater, FL | 15300 | 55060 | 5174 | 15300 | 60234 | 75534 | (20216) | 1973 | Jun-11 |
| Coconut Creek Plaza | Coconut Creek, FL | 7400 | 25600 | 5504 | 7400 | 31104 | 38504 | (12297) | 2005 | Jun-11 |
| Century Plaza Shopping Center | Deerfield Beach, FL | 3050 | 8688 | 4375 | 3050 | 13063 | 16113 | (4275) | 2006 | Jun-11 |
| Northgate Shopping Center | DeLand, FL | 3500 | 11008 | 3644 | 3500 | 14652 | 18152 | (4217) | 1993 | Jun-11 |
| Sun Plaza | Fort Walton Beach, FL | 4480 | 12658 | 2043 | 4480 | 14701 | 19181 | (7069) | 2004 | Jun-11 |
| Normandy Square | Jacksonville, FL | 1936 | 5567 | 1567 | 1936 | 7134 | 9070 | (3385) | 1996 | Jun-11 |
| Regency Park Shopping Center | Jacksonville, FL | 6240 | 15561 | 6212 | 6240 | 21773 | 28013 | (7826) | 1985 | Jun-11 |
| Ventura Downs | Kissimmee, FL | 3580 | 8237 | 5243 | 3580 | 13480 | 17060 | (3977) | 2018 | Jun-11 |
| Marketplace at Wycliffe | Lake Worth, FL | 7930 | 16228 | (490) | 7930 | 15738 | 23668 | (5013) | 2002 | Jun-11 |
| Venetian Isle Shopping Ctr | Lighthouse Point, FL | 8270 | 15030 | 1452 | 8270 | 16482 | 24752 | (6306) | 1992 | Jun-11 |
| Marco Town Center <sup>(6)</sup> | Marco Island, FL | 7235 | 27490 | 11897 | 7235 | 39387 | 46622 | (8407) | 2023 | Oct-13 |
| Mall at 163rd Street | Miami, FL | 9450 | 36810 | 2590 | 9450 | 39400 | 48850 | (12772) | 2007 | Jun-11 |
| Shops at Palm Lakes<sup>(6)</sup> | Miami, FL | 10896 | 17596 | 21832 | 10896 | 39428 | 50324 | (6282) | 2023 | Jun-11 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Gross Amount at Which Carried | Gross Amount at Which Carried | Gross Amount at Which Carried | | | |
| | | Initial Cost to Company<sup>(2)</sup> | Initial Cost to Company<sup>(2)</sup> | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | at the Close of the Period | at the Close of the Period | at the Close of the Period | | | |
| Description<sup>(1)</sup> | Description<sup>(1)</sup> | Land | Building & Improvements | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Land | Building & Improvements<sup>(4)</sup> | Total | Accumulated Depreciation | Year Built<sup>(5)</sup>  | Date Acquired |
| Freedom Square | Naples, FL | 4760 | 15328 | 10713 | 4735 | 26066 | 30801 | (5810) | 2021 | Jun-11 |
| Granada Shoppes | Naples, FL | 34061 | 69551 | 660 | 34061 | 70211 | 104272 | (4089) | 2011 | Dec-21 |
| Naples Plaza | Naples, FL | 9200 | 20738 | 10315 | 9200 | 31053 | 40253 | (12128) | 2013 | Jun-11 |
| Park Shore Plaza | Naples, FL | 7245 | 16555 | 21094 | 7245 | 37649 | 44894 | (14118) | 2017 | Jun-11 |
| Chelsea Place | New Port Richey, FL | 3303 | 9879 | 498 | 3303 | 10377 | 13680 | (3833) | 1992 | Oct-13 |
| Presidential Plaza West | North Lauderdale, FL | 2070 | 5634 | 2193 | 2070 | 7827 | 9897 | (2465) | 2006 | Jun-11 |
| Colonial Marketplace | Orlando, FL | 4230 | 20242 | 3148 | 4230 | 23390 | 27620 | (10054) | 1986 | Jun-11 |
| Conway Crossing | Orlando, FL | 3208 | 12496 | 551 | 3163 | 13092 | 16255 | (5066) | 2002 | Oct-13 |
| Hunter's Creek Plaza | Orlando, FL | 3589 | 6907 | 2485 | 3589 | 9392 | 12981 | (3297) | 1998 | Oct-13 |
| Pointe Orlando<sup>(6)</sup> | Orlando, FL | 6120 | 56697 | 53195 | 6120 | 109892 | 116012 | (29513) | 2023 | Jun-11 |
| Martin Downs Town Center | Palm City, FL | 1660 | 9945 | 219 | 1660 | 10164 | 11824 | (3064) | 1996 | Oct-13 |
| Martin Downs Village Center | Palm City, FL | 5319 | 28998 | 1651 | 5319 | 30649 | 35968 | (9997) | 1987 | Jun-11 |
| 23rd Street Station | Panama City, FL | 3120 | 9115 | 1560 | 3120 | 10675 | 13795 | (3007) | 1995 | Jun-11 |
| Panama City Square | Panama City, FL | 5690 | 15789 | 6253 | 5690 | 22042 | 27732 | (6095) | 1989 | Jun-11 |
| East Port Plaza<sup>(6)</sup> | Port St. Lucie, FL | 4099 | 22498 | 4838 | 4099 | 27336 | 31435 | (6819) | 2023 | Oct-13 |
| Shoppes of Victoria Square | Port St. Lucie, FL | 3450 | 6789 | 932 | 3450 | 7721 | 11171 | (3330) | 1990 | Jun-11 |
| Lake St. Charles | Riverview, FL | 2801 | 6966 | 404 | 2801 | 7370 | 10171 | (2309) | 1999 | Oct-13 |
| Cobblestone Village | Royal Palm Beach, FL | 2700 | 5473 | 636 | 2700 | 6109 | 8809 | (2006) | 2005 | Jun-11 |
| Beneva Village Shoppes | Sarasota, FL | 4013 | 19403 | 11145 | 4013 | 30548 | 34561 | (8359) | 2020 | Oct-13 |
| Sarasota Village | Sarasota, FL | 5190 | 12728 | 4170 | 5190 | 16898 | 22088 | (6311) | 1972 | Jun-11 |
| Atlantic Plaza | Satellite Beach, FL | 2630 | 11609 | 2920 | 2630 | 14529 | 17159 | (5257) | 2008 | Jun-11 |
| Seminole Plaza | Seminole, FL | 3870 | 8410 | 12325 | 3870 | 20735 | 24605 | (5424) | 2020 | Jun-11 |
| Cobblestone Village | St. Augustine, FL | 9850 | 34113 | 5653 | 9850 | 39766 | 49616 | (15505) | 2003 | Jun-11 |
| Dolphin Village | St. Pete Beach, FL | 9882 | 16220 | 3163 | 9882 | 19383 | 29265 | (5605) | 1990 | Oct-13 |
| Rutland Plaza | St. Petersburg, FL | 3880 | 8513 | 1570 | 3880 | 10083 | 13963 | (4220) | 2002 | Jun-11 |
| Tyrone Gardens<sup>(6)</sup> | St. Petersburg, FL | 5690 | 10456 | 5416 | 5690 | 15872 | 21562 | (5093) | 2023 | Jun-11 |
| Downtown Publix | Stuart, FL | 1770 | 12909 | 5268 | 1770 | 18177 | 19947 | (5722) | 2000 | Jun-11 |
| Sunrise Town Center | Sunrise, FL | 9166 | 10338 | (2396) | 7856 | 9252 | 17108 | (3464) | 1989 | Oct-13 |
| Carrollwood Center | Tampa, FL | 3749 | 15194 | 1032 | 3749 | 16226 | 19975 | (6358) | 2002 | Oct-13 |
| Ross Plaza | Tampa, FL | 2808 | 12205 | (311) | 2640 | 12062 | 14702 | (4147) | 1996 | Oct-13 |
| Tarpon Mall | Tarpon Springs, FL | 7800 | 14221 | 3965 | 7800 | 18186 | 25986 | (9065) | 2003 | Jun-11 |
| Venice Plaza | Venice, FL | 3245 | 14650 | 1340 | 3245 | 15990 | 19235 | (4391) | 1999 | Oct-13 |
| Venice Shopping Center | Venice, FL | 2555 | 6847 | 2150 | 2555 | 8997 | 11552 | (2585) | 2000 | Oct-13 |
| Venice Village | Venice, FL | 7157 | 26773 | 10472 | 7157 | 37245 | 44402 | (6272) | 2022 | Nov-17 |
| Mansell Crossing | Alpharetta, GA | 19840 | 34689 | (6895) | 15461 | 32173 | 47634 | (12643) | 1993 | Jun-11 |
| Northeast Plaza | Atlanta, GA | 6907 | 38776 | 3970 | 6907 | 42746 | 49653 | (14725) | 1952 | Jun-11 |
| Augusta West Plaza | Augusta, GA | 1070 | 8643 | (89) | 1070 | 8554 | 9624 | (3325) | 2006 | Jun-11 |
| Sweetwater Village | Austell, GA | 1080 | 3119 | 915 | 1080 | 4034 | 5114 | (2103) | 1985 | Jun-11 |
| Vineyards at Chateau Elan | Braselton, GA | 2202 | 14690 | 652 | 2202 | 15342 | 17544 | (5165) | 2002 | Oct-13 |
| Salem Road Station | Covington, GA | 670 | 11517 | 1058 | 670 | 12575 | 13245 | (4108) | 2000 | Oct-13 |
| Keith Bridge Commons | Cumming, GA | 1601 | 15162 | 890 | 1601 | 16052 | 17653 | (5263) | 2002 | Oct-13 |
| Northside | Dalton, GA | 1320 | 4220 | 472 | 1320 | 4692 | 6012 | (1435) | 2001 | Jun-11 |
| Cosby Station | Douglasville, GA | 2650 | 6660 | 845 | 2650 | 7505 | 10155 | (2921) | 1994 | Jun-11 |
| Park Plaza | Douglasville, GA | 1470 | 2870 | 1143 | 1470 | 4013 | 5483 | (1530) | 1986 | Jun-11 |
| Venture Pointe | Duluth, GA | 2460 | 7995 | 5745 | 2460 | 13740 | 16200 | (7527) | 1995 | Jun-11 |
| Banks Station | Fayetteville, GA | 3490 | 13060 | 1322 | 3490 | 14382 | 17872 | (6317) | 2006 | Jun-11 |
| Barrett Place | Kennesaw, GA | 6990 | 14370 | 164 | 6990 | 14534 | 21524 | (6023) | 1992 | Jun-11 |
| Shops of Huntcrest | Lawrenceville, GA | 2093 | 18230 | 171 | 2093 | 18401 | 20494 | (5812) | 2003 | Oct-13 |
| Mableton Walk | Mableton, GA | 1660 | 9467 | 1880 | 1645 | 11362 | 13007 | (4020) | 1994 | Jun-11 |
| The Village at Mableton<sup>(6)</sup> | Mableton, GA | 2040 | 6647 | 10549 | 2040 | 17196 | 19236 | (3820) | 2023 | Jun-11 |
| Eastlake Plaza | Marietta, GA | 2650 | 2774 | 1373 | 2650 | 4147 | 6797 | (1442) | 1982 | Jun-11 |
| New Chastain Corners | Marietta, GA | 3090 | 8243 | 2941 | 3090 | 11184 | 14274 | (4249) | 2004 | Jun-11 |
| Pavilions at Eastlake | Marietta, GA | 4770 | 12874 | 3431 | 4770 | 16305 | 21075 | (6552) | 1996 | Jun-11 |
| Creekwood Village | Rex, GA | 1400 | 4893 | 515 | 1400 | 5408 | 6808 | (2464) | 1990 | Jun-11 |
| Connexion | Roswell, GA | 2627 | 28074 | 432 | 2627 | 28506 | 31133 | (1392) | 2016 | Dec-21 |
| Holcomb Bridge Crossing | Roswell, GA | 1170 | 5633 | 4937 | 1170 | 10570 | 11740 | (4776) | 1988 | Jun-11 |
| Kings Market | Roswell, GA | 6758 | 33899 | 1559 | 6758 | 35458 | 42216 | (2085) | 2005 | Dec-21 |
| Victory Square | Savannah, GA | 6230 | 15043 | 1946 | 6080 | 17139 | 23219 | (5669) | 2007 | Jun-11 |
| Stockbridge Village | Stockbridge, GA | 6210 | 17734 | 2418 | 5872 | 20490 | 26362 | (8979) | 2008 | Jun-11 |
| Stone Mountain Festival | Stone Mountain, GA | 5740 | 17078 | (9286) | 3328 | 10204 | 13532 | (3490) | 2006 | Jun-11 |
| Wilmington Island | Wilmington Island, GA | 2630 | 8108 | 1244 | 2630 | 9352 | 11982 | (3281) | 1985 | Oct-13 |
| Haymarket Square | Des Moines, IA | 3360 | 10665 | 3651 | 3360 | 14316 | 17676 | (5589) | 1979 | Jun-11 |
| Annex of Arlington | Arlington Heights, IL | 4373 | 19431 | 9943 | 4373 | 29374 | 33747 | (11121) | 1999 | Jun-11 |
| Ridge Plaza | Arlington Heights, IL | 3720 | 11128 | 3651 | 3720 | 14779 | 18499 | (7526) | 2000 | Jun-11 |
| Southfield Plaza | Bridgeview, IL | 5880 | 18756 | 4572 | 5880 | 23328 | 29208 | (10184) | 2006 | Jun-11 |
| Commons of Chicago Ridge | Chicago Ridge, IL | 4310 | 39714 | 7028 | 4310 | 46742 | 51052 | (20481) | 1998 | Jun-11 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Gross Amount at Which Carried | Gross Amount at Which Carried | Gross Amount at Which Carried | | | |
| | | Initial Cost to Company<sup>(2)</sup> | Initial Cost to Company<sup>(2)</sup> | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | at the Close of the Period | at the Close of the Period | at the Close of the Period | | | |
| Description<sup>(1)</sup> | Description<sup>(1)</sup> | Land | Building & Improvements | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Land | Building & Improvements<sup>(4)</sup> | Total | Accumulated Depreciation | Year Built<sup>(5)</sup>  | Date Acquired |
| Rivercrest Shopping Center | Crestwood, IL | 11010 | 41063 | 11746 | 11010 | 52809 | 63819 | (19651) | 1992 | Jun-11 |
| The Commons of Crystal Lake | Crystal Lake, IL | 3660 | 32993 | 5185 | 3660 | 38178 | 41838 | (13814) | 1987 | Jun-11 |
| Elk Grove Town Center | Elk Grove Village, IL | 3730 | 19665 | (8183) | 2558 | 12654 | 15212 | (3887) | 1998 | Jun-11 |
| Elmhurst Crossing | Elmhurst, IL | 5816 | 81784 | 424 | 5816 | 82208 | 88024 | (2521) | 2005 | Apr-22 |
| The Quentin Collection | Kildeer, IL | 6002 | 27280 | 1387 | 6002 | 28667 | 34669 | (8949) | 2006 | Jun-11 |
| Butterfield Square | Libertyville, IL | 3430 | 13370 | 3103 | 3430 | 16473 | 19903 | (6197) | 1997 | Jun-11 |
| High Point Centre | Lombard, IL | 7510 | 21583 | 8943 | 7510 | 30526 | 38036 | (9166) | 2019 | Jun-11 |
| Long Meadow Commons | Mundelein, IL | 4700 | 11597 | 3433 | 4700 | 15030 | 19730 | (7558) | 1997 | Jun-11 |
| Westridge Court | Naperville, IL | 11150 | 75719 | 19172 | 10560 | 95481 | 106041 | (28556) | 1992 | Jun-11 |
| North Riverside Plaza | North Riverside, IL | 5117 | 57577 | 253 | 5117 | 57830 | 62947 | (2615) | 2007 | Apr-22 |
| Ravinia Plaza | Orland Park, IL | 2069 | 24288 | 381 | 2069 | 24669 | 26738 | (1176) | 1990 | Feb-22 |
| Rollins Crossing | Round Lake Beach, IL | 3040 | 23623 | 1710 | 3040 | 25333 | 28373 | (12818) | 1998 | Jun-11 |
| Tinley Park Plaza | Tinley Park, IL | 12250 | 22511 | 21559 | 12250 | 44070 | 56320 | (8830) | 2022 | Jun-11 |
| Meridian Village | Carmel, IN | 2290 | 7746 | 2694 | 2089 | 10641 | 12730 | (4556) | 1990 | Jun-11 |
| Columbus Center | Columbus, IN | 1480 | 14740 | 7284 | 1480 | 22024 | 23504 | (7078) | 1964 | Jun-11 |
| Market Centre | Goshen, IN | 2000 | 17032 | 11568 | 1765 | 28835 | 30600 | (7381) | 1994 | Jun-11 |
| Speedway Super Center | Speedway, IN | 8410 | 50006 | 23761 | 8410 | 73767 | 82177 | (24573) | 2022 | Jun-11 |
| Sagamore Park Centre | West Lafayette, IN | 2390 | 11150 | 2371 | 2390 | 13521 | 15911 | (5705) | 2018 | Jun-11 |
| Westchester Square | Lenexa, KS | 3250 | 14555 | 4049 | 3250 | 18604 | 21854 | (7181) | 1987 | Jun-11 |
| West Loop Shopping Center | Manhattan, KS | 2800 | 12622 | 5696 | 2800 | 18318 | 21118 | (7955) | 2013 | Jun-11 |
| North Dixie Plaza | Elizabethtown, KY | 2370 | 6119 | (916) | 2108 | 5465 | 7573 | (2146) | 1992 | Jun-11 |
| Florence Plaza - Florence Square | Florence, KY | 11014 | 53088 | 26737 | 11014 | 79825 | 90839 | (28877) | 2014 | Jun-11 |
| Jeffersontown Commons | Jeffersontown, KY | 3920 | 14866 | (167) | 3920 | 14699 | 18619 | (6078) | 1959 | Jun-11 |
| London Marketplace | London, KY | 1400 | 10362 | 5318 | 1400 | 15680 | 17080 | (4175) | 1994 | Jun-11 |
| Eastgate Shopping Center | Louisville, KY | 4300 | 13975 | 2938 | 4300 | 16913 | 21213 | (8236) | 2002 | Jun-11 |
| Plainview Village | Louisville, KY | 2600 | 10541 | 1656 | 2600 | 12197 | 14797 | (5126) | 1997 | Jun-11 |
| Stony Brook I & II | Louisville, KY | 3650 | 17970 | 2306 | 3650 | 20276 | 23926 | (8652) | 1988 | Jun-11 |
| Points West Plaza | Brockton, MA | 2200 | 10605 | 2312 | 2200 | 12917 | 15117 | (3702) | 1960 | Jun-11 |
| Burlington Square I, II & III | Burlington, MA | 4690 | 13122 | 2722 | 4690 | 15844 | 20534 | (5876) | 1992 | Jun-11 |
| Holyoke Shopping Center | Holyoke, MA | 3110 | 12097 | 1478 | 3110 | 13575 | 16685 | (6299) | 2000 | Jun-11 |
| WaterTower Plaza<sup>(6)</sup> | Leominster, MA | 10400 | 40312 | 7579 | 10400 | 47891 | 58291 | (15369) | 2023 | Jun-11 |
| Lunenberg Crossing | Lunenburg, MA | 930 | 1991 | 932 | 930 | 2923 | 3853 | (1212) | 1994 | Jun-11 |
| Lynn Marketplace | Lynn, MA | 3100 | 5678 | 4859 | 3100 | 10537 | 13637 | (2467) | 1968 | Jun-11 |
| Webster Square Shopping Center | Marshfield, MA | 5532 | 27284 | 1264 | 5532 | 28548 | 34080 | (8435) | 2005 | Jun-15 |
| Berkshire Crossing | Pittsfield, MA | 5210 | 39558 | (7562) | 2771 | 34435 | 37206 | (14690) | 1994 | Jun-11 |
| Westgate Plaza | Westfield, MA | 2494 | 9850 | 1489 | 2494 | 11339 | 13833 | (3129) | 1996 | Jun-11 |
| Perkins Farm Marketplace | Worcester, MA | 2150 | 17060 | 6239 | 2150 | 23299 | 25449 | (9522) | 1967 | Jun-11 |
| South Plaza Shopping Center | California, MD | 2174 | 23209 | 156 | 2174 | 23365 | 25539 | (6910) | 2005 | Oct-13 |
| Fox Run | Prince Frederick, MD | 3560 | 31431 | 21144 | 3396 | 52739 | 56135 | (13271) | 2022 | Jun-11 |
| Pine Tree Shopping Center | Portland, ME | 2860 | 19182 | 1989 | 2860 | 21171 | 24031 | (11932) | 1958 | Jun-11 |
| Arborland Center | Ann Arbor, MI | 20174 | 90938 | 1467 | 20174 | 92405 | 112579 | (25214) | 2000 | Mar-17 |
| Maple Village | Ann Arbor, MI | 3200 | 19108 | 31019 | 3200 | 50127 | 53327 | (13504) | 2020 | Jun-11 |
| Grand Crossing | Brighton, MI | 1780 | 7540 | 2144 | 1780 | 9684 | 11464 | (4402) | 2005 | Jun-11 |
| Farmington Crossroads | Farmington, MI | 1620 | 4542 | 1577 | 1620 | 6119 | 7739 | (2961) | 1986 | Jun-11 |
| Silver Pointe Shopping Center | Fenton, MI | 3840 | 12631 | 4770 | 3840 | 17401 | 21241 | (6830) | 1996 | Jun-11 |
| Cascade East | Grand Rapids, MI | 1280 | 5433 | 2734 | 1280 | 8167 | 9447 | (3251) | 1983 | Jun-11 |
| Delta Center | Lansing, MI | 1580 | 9616 | (1225) | 1518 | 8453 | 9971 | (3962) | 1985 | Jun-11 |
| Lakes Crossing | Muskegon, MI | 1440 | 13571 | 513 | 1200 | 14324 | 15524 | (6459) | 2008 | Jun-11 |
| Redford Plaza | Redford, MI | 7510 | 20174 | 7815 | 7510 | 27989 | 35499 | (10610) | 1992 | Jun-11 |
| Hampton Village Centre | Rochester Hills, MI | 5370 | 48930 | 16847 | 5370 | 65777 | 71147 | (23182) | 2004 | Jun-11 |
| Southfield Plaza | Southfield, MI | 1320 | 4085 | 3023 | 1320 | 7108 | 8428 | (3360) | 1970 | Jun-11 |
| 18 Ryan | Sterling Heights, MI | 3160 | 11304 | (329) | 3160 | 10975 | 14135 | (3627) | 1997 | Jun-11 |
| Delco Plaza | Sterling Heights, MI | 2860 | 7025 | 452 | 2860 | 7477 | 10337 | (3386) | 1996 | Jun-11 |
| West Ridge | Westland, MI | 1800 | 6640 | 4711 | 1800 | 11351 | 13151 | (5615) | 1989 | Jun-11 |
| Washtenaw Fountain Plaza | Ypsilanti, MI | 2030 | 7234 | 2146 | 2030 | 9380 | 11410 | (3291) | 2005 | Jun-11 |
| Southport Centre I - VI | Apple Valley, MN | 4960 | 18527 | 849 | 4602 | 19734 | 24336 | (6790) | 1985 | Jun-11 |
| Champlin Marketplace | Champlin, MN | 3985 | 11375 | 1438 | 3985 | 12813 | 16798 | (1199) | 2005 | Jun-21 |
| Burning Tree Plaza | Duluth, MN | 4790 | 16279 | 3488 | 4790 | 19767 | 24557 | (7070) | 1987 | Jun-11 |
| Westwind Plaza | Minnetonka, MN | 2630 | 12171 | 1915 | 2630 | 14086 | 16716 | (4667) | 2007 | Jun-11 |
| Richfield Hub | Richfield, MN | 7960 | 19907 | 262 | 7619 | 20510 | 28129 | (6701) | 1952 | Jun-11 |
| Roseville Center | Roseville, MN | 1620 | 8593 | 7480 | 1620 | 16073 | 17693 | (3826) | 2021 | Jun-11 |
| Marketplace @ 42 | Savage, MN | 5150 | 13221 | 4118 | 5100 | 17389 | 22489 | (6513) | 1999 | Jun-11 |
| Sun Ray Shopping Center | St. Paul, MN | 5250 | 21447 | 1197 | 4733 | 23161 | 27894 | (10188) | 1958 | Jun-11 |
| White Bear Hills Shopping Center | White Bear Lake, MN | 1790 | 6182 | 2131 | 1790 | 8313 | 10103 | (3592) | 1996 | Jun-11 |
| Ellisville Square | Ellisville, MO | 4144 | 8003 | 5043 | 4144 | 13046 | 17190 | (6057) | 1989 | Jun-11 |
| Watts Mill Plaza | Kansas City, MO | 2610 | 13868 | 1246 | 2610 | 15114 | 17724 | (5119) | 1997 | Jun-11 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Gross Amount at Which Carried | Gross Amount at Which Carried | Gross Amount at Which Carried | | | |
| | | Initial Cost to Company<sup>(2)</sup> | Initial Cost to Company<sup>(2)</sup> | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | at the Close of the Period | at the Close of the Period | at the Close of the Period | | | |
| Description<sup>(1)</sup> | Description<sup>(1)</sup> | Land | Building & Improvements | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Land | Building & Improvements<sup>(4)</sup> | Total | Accumulated Depreciation | Year Built<sup>(5)</sup>  | Date Acquired |
| Liberty Corners | Liberty, MO | 2530 | 8918 | 3666 | 2530 | 12584 | 15114 | (5319) | 1987 | Jun-11 |
| Maplewood Square | Maplewood, MO | 1450 | 4720 | 500 | 1450 | 5220 | 6670 | (1384) | 1998 | Jun-11 |
| Devonshire Place | Cary, NC | 940 | 4533 | 4845 | 940 | 9378 | 10318 | (4747) | 1996 | Jun-11 |
| McMullen Creek Market | Charlotte, NC | 10590 | 24266 | 8391 | 10590 | 32657 | 43247 | (12137) | 1988 | Jun-11 |
| The Commons at Chancellor Park | Charlotte, NC | 5240 | 20500 | 1937 | 5240 | 22437 | 27677 | (9479) | 1994 | Jun-11 |
| Garner Towne Square | Garner, NC | 6233 | 23681 | 3828 | 6233 | 27509 | 33742 | (7448) | 1997 | Oct-13 |
| Franklin Square | Gastonia, NC | 7060 | 29355 | 4762 | 7060 | 34117 | 41177 | (12700) | 1989 | Jun-11 |
| Wendover Place | Greensboro, NC | 15990 | 42299 | 4378 | 15881 | 46786 | 62667 | (18746) | 2000 | Jun-11 |
| University Commons | Greenville, NC | 5350 | 26253 | 3776 | 5350 | 30029 | 35379 | (11826) | 1996 | Jun-11 |
| Kinston Pointe | Kinston, NC | 2180 | 8540 | 522 | 2180 | 9062 | 11242 | (4763) | 2001 | Jun-11 |
| Roxboro Square | Roxboro, NC | 1550 | 8976 | 430 | 1550 | 9406 | 10956 | (5739) | 2005 | Jun-11 |
| Innes Street Market | Salisbury, NC | 12180 | 27462 | 481 | 10548 | 29575 | 40123 | (14291) | 2002 | Jun-11 |
| Crossroads | Statesville, NC | 6220 | 15300 | (20674) | 258 | 588 | 846 | (169) | 1997 | Jun-11 |
| New Centre Market | Wilmington, NC | 5730 | 15217 | 4556 | 5730 | 19773 | 25503 | (6471) | 1998 | Jun-11 |
| University Commons | Wilmington, NC | 6910 | 26611 | 3231 | 6910 | 29842 | 36752 | (11632) | 2007 | Jun-11 |
| Parkway Plaza | Winston-Salem, NC | 6910 | 17604 | 4358 | 6727 | 22145 | 28872 | (7628) | 2005 | Jun-11 |
| Stratford Commons | Winston-Salem, NC | 2770 | 9562 | 133 | 2770 | 9695 | 12465 | (3487) | 1995 | Jun-11 |
| Bedford Grove | Bedford, NH | 3400 | 19065 | 487 | 2368 | 20584 | 22952 | (5599) | 1989 | Jun-11 |
| Capitol Shopping Center | Concord, NH | 2160 | 11584 | 6610 | 2160 | 18194 | 20354 | (6134) | 2001 | Jun-11 |
| Willow Springs Plaza | Nashua, NH | 3490 | 20288 | (119) | 3490 | 20169 | 23659 | (7091) | 1990 | Jun-11 |
| Seacoast Shopping Center | Seabrook, NH | 2230 | 8967 | 975 | 2230 | 9942 | 12172 | (2615) | 1991 | Jun-11 |
| Tri-City Plaza | Somersworth, NH | 1900 | 10034 | 5832 | 1900 | 15866 | 17766 | (6247) | 1990 | Jun-11 |
| Laurel Square<sup>(6)</sup> | Brick, NJ | 5400 | 20998 | 6634 | 5400 | 27632 | 33032 | (7254) | 2023 | Jun-11 |
| the Shoppes at Cinnaminson | Cinnaminson, NJ | 6030 | 45605 | 4993 | 6030 | 50598 | 56628 | (19307) | 2010 | Jun-11 |
| Acme Clark | Clark, NJ | 2630 | 8351 | 140 | 2630 | 8491 | 11121 | (4260) | 2007 | Jun-11 |
| Collegetown Shopping Center | Glassboro, NJ | 1560 | 16336 | 24272 | 1560 | 40608 | 42168 | (9015) | 2021 | Jun-11 |
| Hamilton Plaza | Hamilton, NJ | 1580 | 8972 | 17961 | 1580 | 26933 | 28513 | (5225) | 1972 | Jun-11 |
| Bennetts Mills Plaza | Jackson, NJ | 3130 | 17126 | 1942 | 3130 | 19068 | 22198 | (7129) | 2002 | Jun-11 |
| Marlton Crossing | Marlton, NJ | 5950 | 45874 | 29231 | 5950 | 75105 | 81055 | (27327) | 2019 | Jun-11 |
| Middletown Plaza | Middletown, NJ | 5060 | 41800 | (151) | 5060 | 41649 | 46709 | (13699) | 2001 | Jun-11 |
| Larchmont Centre | Mount Laurel, NJ | 4421 | 14985 | 748 | 4421 | 15733 | 20154 | (4290) | 1985 | Jun-15 |
| Old Bridge Gateway | Old Bridge, NJ | 7200 | 37756 | 15369 | 7200 | 53125 | 60325 | (16023) | 2022 | Jun-11 |
| Morris Hills Shopping Center | Parsippany, NJ | 3970 | 29879 | 4055 | 3970 | 33934 | 37904 | (12160) | 1994 | Jun-11 |
| Rio Grande Plaza | Rio Grande, NJ | 1660 | 12627 | 2436 | 1660 | 15063 | 16723 | (5237) | 1997 | Jun-11 |
| Ocean Heights Plaza | Somers Point, NJ | 6110 | 34911 | 1585 | 6110 | 36496 | 42606 | (12537) | 2006 | Jun-11 |
| Springfield Place | Springfield, NJ | 1773 | 4577 | 2107 | 1773 | 6684 | 8457 | (2577) | 1965 | Jun-11 |
| Tinton Falls Plaza | Tinton Falls, NJ | 3080 | 12385 | 1580 | 3080 | 13965 | 17045 | (5259) | 2006 | Jun-11 |
| Cross Keys Commons | Turnersville, NJ | 5840 | 33347 | 4701 | 5726 | 38162 | 43888 | (13882) | 1989 | Jun-11 |
| Parkway Plaza | Carle Place, NY | 5790 | 19740 | 4367 | 5790 | 24107 | 29897 | (6882) | 1993 | Jun-11 |
| Suffolk Plaza | East Setauket, NY | 2780 | 12321 | 8869 | 2780 | 21190 | 23970 | (3701) | 1998 | Jun-11 |
| Three Village Shopping Center | East Setauket, NY | 5310 | 15849 | 988 | 5310 | 16837 | 22147 | (6034) | 1991 | Jun-11 |
| Stewart Plaza | Garden City, NY | 6040 | 21970 | 18147 | 6040 | 40117 | 46157 | (9117) | 2022 | Jun-11 |
| Dalewood I, II & III Shopping Center <sup>(6)</sup> | Hartsdale, NY | 6900 | 57804 | 9167 | 6900 | 66971 | 73871 | (19171) | 2023 | Jun-11 |
| Unity Plaza | East Fishkill, NY | 2100 | 14051 | 20 | 2100 | 14071 | 16171 | (5477) | 2005 | Jun-11 |
| Cayuga Mall | Ithaca, NY | 1180 | 11244 | 4679 | 1180 | 15923 | 17103 | (5080) | 1969 | Jun-11 |
| Kings Park Plaza | Kings Park, NY | 4790 | 11367 | 2352 | 4790 | 13719 | 18509 | (5065) | 1985 | Jun-11 |
| Village Square Shopping Center | Larchmont, NY | 1320 | 5137 | 958 | 1320 | 6095 | 7415 | (1965) | 1981 | Jun-11 |
| Falcaro's Plaza | Lawrence, NY | 3410 | 9678 | 5053 | 3410 | 14731 | 18141 | (4309) | 1972 | Jun-11 |
| Mamaroneck Centre | Mamaroneck, NY | 2198 | 1999 | 11719 | 2198 | 13718 | 15916 | (1591) | 2020 | Jun-11 |
| Sunshine Square | Medford, NY | 7350 | 24713 | 2640 | 7350 | 27353 | 34703 | (10395) | 2007 | Jun-11 |
| Wallkill Plaza | Middletown, NY | 1360 | 8410 | 1793 | 1360 | 10203 | 11563 | (4552) | 1986 | Jun-11 |
| Monroe ShopRite Plaza | Monroe, NY | 1840 | 16111 | 501 | 1840 | 16612 | 18452 | (7329) | 1985 | Jun-11 |
| Rockland Plaza | Nanuet, NY | 11097 | 60790 | 13730 | 11097 | 74520 | 85617 | (21288) | 2006 | Jun-11 |
| North Ridge Shopping Center | New Rochelle, NY | 4910 | 9612 | 3097 | 4910 | 12709 | 17619 | (3859) | 1971 | Jun-11 |
| Nesconset Shopping Center | Port Jefferson Station, NY | 5510 | 20473 | 7443 | 5510 | 27916 | 33426 | (8554) | 1961 | Jun-11 |
| Riverhead | Riverhead, NY | 6331 |  | 36162 | 3899 | 38594 | 42493 | (8319) | 2018 | Jun-11 |
| Roanoke Plaza | Riverhead, NY | 5050 | 15177 | 1512 | 5050 | 16689 | 21739 | (6093) | 2002 | Jun-11 |
| Rockville Centre | Rockville Centre, NY | 3590 | 6982 | 394 | 3590 | 7376 | 10966 | (2650) | 1975 | Jun-11 |
| College Plaza | Selden, NY | 8270 | 14267 | 10187 | 8270 | 24454 | 32724 | (8282) | 2013 | Jun-11 |
| Campus Plaza | Vestal, NY | 1170 | 16384 | 817 | 1170 | 17201 | 18371 | (7290) | 2003 | Jun-11 |
| Parkway Plaza | Vestal, NY | 2168 | 18651 | (267) | 2149 | 18403 | 20552 | (8568) | 1995 | Jun-11 |
| Shoppes at Vestal | Vestal, NY | 1340 | 14730 | 723 | 1340 | 15453 | 16793 | (4597) | 2000 | Jun-11 |
| Town Square Mall | Vestal, NY | 2520 | 41457 | 11525 | 2520 | 52982 | 55502 | (17598) | 1991 | Jun-11 |
| Highridge Plaza | Yonkers, NY | 6020 | 17358 | 2639 | 6020 | 19997 | 26017 | (6187) | 1977 | Jun-11 |
| Brunswick Town Center | Brunswick, OH | 2930 | 18561 | 2567 | 2930 | 21128 | 24058 | (7365) | 2004 | Jun-11 |
| Brentwood Plaza | Cincinnati, OH | 5090 | 20513 | 2542 | 5090 | 23055 | 28145 | (9767) | 2004 | Jun-11 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Gross Amount at Which Carried | Gross Amount at Which Carried | Gross Amount at Which Carried | | | |
| | | Initial Cost to Company<sup>(2)</sup> | Initial Cost to Company<sup>(2)</sup> | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | at the Close of the Period | at the Close of the Period | at the Close of the Period | | | |
| Description<sup>(1)</sup> | Description<sup>(1)</sup> | Land | Building & Improvements | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Land | Building & Improvements<sup>(4)</sup> | Total | Accumulated Depreciation | Year Built<sup>(5)</sup>  | Date Acquired |
| Delhi Shopping Center | Cincinnati, OH | 3690 | 8085 | 2251 | 3690 | 10336 | 14026 | (4418) | 1973 | Jun-11 |
| Harpers Station | Cincinnati, OH | 3987 | 27804 | 4246 | 3987 | 32050 | 36037 | (13178) | 1994 | Jun-11 |
| Western Hills Plaza | Cincinnati, OH | 8690 | 27664 | 15903 | 8690 | 43567 | 52257 | (11181) | 2021 | Jun-11 |
| Western Village | Cincinnati, OH | 3420 | 12817 | 1025 | 3420 | 13842 | 17262 | (6153) | 2005 | Jun-11 |
| Crown Point | Columbus, OH | 2120 | 14980 | 1506 | 2120 | 16486 | 18606 | (7974) | 1980 | Jun-11 |
| Greentree Shopping Center | Columbus, OH | 1920 | 12531 | 703 | 1920 | 13234 | 15154 | (6943) | 2005 | Jun-11 |
| South Towne Centre | Dayton, OH | 4990 | 43152 | 7511 | 4990 | 50663 | 55653 | (21886) | 1972 | Jun-11 |
| Southland Shopping Center | Middleburg Heights, OH | 5940 | 55360 | (7858) | 4659 | 48783 | 53442 | (19692) | 1951 | Jun-11 |
| The Shoppes at North Olmsted | North Olmsted, OH | 510 | 4151 | (67) | 510 | 4084 | 4594 | (2068) | 2002 | Jun-11 |
| Surrey Square Mall | Norwood, OH | 3900 | 18402 | 1368 | 3900 | 19770 | 23670 | (8026) | 2010 | Jun-11 |
| Miracle Mile Shopping Plaza | Toledo, OH | 1510 | 15792 | 3165 | 1411 | 19056 | 20467 | (9730) | 1955 | Jun-11 |
| Marketplace | Tulsa, OK | 5040 | 13249 | 2874 | 5040 | 16123 | 21163 | (8226) | 1992 | Jun-11 |
| Village West | Allentown, PA | 4180 | 23402 | 1369 | 4180 | 24771 | 28951 | (9482) | 1999 | Jun-11 |
| Park Hills Plaza | Altoona, PA | 4390 | 23218 | (20211) | 586 | 6811 | 7397 | (1355) | 1985 | Jun-11 |
| Bethel Park Shopping Center | Bethel Park, PA | 3060 | 18457 | 2138 | 3060 | 20595 | 23655 | (10071) | 1965 | Jun-11 |
| Lehigh Shopping Center | Bethlehem, PA | 6980 | 34900 | 5612 | 6980 | 40512 | 47492 | (18093) | 1955 | Jun-11 |
| Bristol Park | Bristol, PA | 3180 | 21530 | 563 | 3180 | 22093 | 25273 | (8136) | 1993 | Jun-11 |
| Chalfont Village Shopping Center | Chalfont, PA | 1040 | 3818 | (229) | 1040 | 3589 | 4629 | (1385) | 1989 | Jun-11 |
| New Britain Village Square | Chalfont, PA | 4250 | 24449 | 2560 | 4250 | 27009 | 31259 | (9100) | 1989 | Jun-11 |
| Collegeville Shopping Center | Collegeville, PA | 3410 | 7451 | 6761 | 3410 | 14212 | 17622 | (5312) | 2020 | Jun-11 |
| Plymouth Square Shopping Center <sup>(6)</sup> | Conshohocken, PA | 17001 | 44208 | 25886 | 17001 | 70094 | 87095 | (7014) | 2023 | May-19 |
| Whitemarsh Shopping Center | Conshohocken, PA | 3410 | 11753 | 6259 | 3410 | 18012 | 21422 | (5366) | 2002 | Jun-11 |
| Valley Fair | Devon, PA | 1810 | 8161 | (5681) | 1152 | 3138 | 4290 | (1277) | 2001 | Jun-11 |
| Dickson City Crossings<sup>(6)</sup> | Dickson City, PA | 4800 | 31423 | 4252 | 4800 | 35675 | 40475 | (13678) | 2023 | Jun-11 |
| Barn Plaza | Doylestown, PA | 8780 | 29183 | 2546 | 8780 | 31729 | 40509 | (14367) | 2002 | Jun-11 |
| Pilgrim Gardens | Drexel Hill, PA | 2090 | 5043 | 4937 | 2090 | 9980 | 12070 | (4761) | 1955 | Jun-11 |
| North Penn Market Place | Lansdale, PA | 3060 | 5253 | 1568 | 3060 | 6821 | 9881 | (2722) | 1977 | Jun-11 |
| Village at Newtown | Newtown, PA | 7690 | 37765 | 43366 | 7690 | 81131 | 88821 | (18772) | 2021 | Jun-11 |
| Ivyridge | Philadelphia, PA | 7100 | 21004 | (31) | 7100 | 20973 | 28073 | (6585) | 1963 | Jun-11 |
| Roosevelt Mall | Philadelphia, PA | 10970 | 89141 | 22096 | 10970 | 111237 | 122207 | (36279) | 2020 | Jun-11 |
| Shoppes at Valley Forge | Phoenixville, PA | 2010 | 13025 | 1989 | 2010 | 15014 | 17024 | (6945) | 2003 | Jun-11 |
| County Line Plaza | Souderton, PA | 910 | 8346 | 3441 | 910 | 11787 | 12697 | (4402) | 1971 | Jun-11 |
| 69th Street Plaza | Upper Darby, PA | 640 | 4362 | 999 | 640 | 5361 | 6001 | (1898) | 1994 | Jun-11 |
| Warminster Towne Center | Warminster, PA | 4310 | 35284 | 3422 | 4310 | 38706 | 43016 | (14083) | 1997 | Jun-11 |
| Shops at Prospect | West Hempfield, PA | 760 | 6532 | 744 | 760 | 7276 | 8036 | (2858) | 1994 | Jun-11 |
| Whitehall Square | Whitehall, PA | 4350 | 33067 | 1699 | 4350 | 34766 | 39116 | (12872) | 2006 | Jun-11 |
| Wilkes-Barre Township Marketplace | Wilkes-Barre, PA | 2180 | 17430 | 3582 | 2180 | 21012 | 23192 | (10757) | 2004 | Jun-11 |
| Belfair Towne Village | Bluffton, SC | 4265 | 31801 | 2850 | 4265 | 34651 | 38916 | (9978) | 2006 | Jun-11 |
| Milestone Plaza | Greenville, SC | 2563 | 15645 | 2935 | 2563 | 18580 | 21143 | (6281) | 1995 | Oct-13 |
| Circle Center | Hilton Head Island, SC | 3010 | 5832 | (1085) | 3010 | 4747 | 7757 | (1487) | 2000 | Jun-11 |
| Island Plaza | James Island, SC | 2940 | 9252 | 3708 | 2940 | 12960 | 15900 | (5824) | 1994 | Jun-11 |
| Festival Centre | North Charleston, SC | 3630 | 10512 | 4834 | 3630 | 15346 | 18976 | (7759) | 1987 | Jun-11 |
| Pawleys Island Plaza | Pawleys Island, SC | 5264 | 21804 | 347 | 5264 | 22151 | 27415 | (1272) | 2015 | Oct-21 |
| Fairview Corners I & II | Simpsonville, SC | 2370 | 17117 | 2366 | 2370 | 19483 | 21853 | (7587) | 2003 | Jun-11 |
| Hillcrest Market Place<sup>(6)</sup> | Spartanburg, SC | 4190 | 34825 | 12798 | 4190 | 47623 | 51813 | (15754) | 2023 | Jun-11 |
| Watson Glen Shopping Center | Franklin, TN | 5220 | 14990 | 1976 | 5220 | 16966 | 22186 | (6494) | 1988 | Jun-11 |
| Williamson Square | Franklin, TN | 7730 | 22789 | 6625 | 7730 | 29414 | 37144 | (13520) | 1988 | Jun-11 |
| Greeneville Commons | Greeneville, TN | 2880 | 13524 | 3488 | 2880 | 17012 | 19892 | (5768) | 2002 | Jun-11 |
| Kingston Overlook | Knoxville, TN | 2060 | 6743 | 699 | 2060 | 7442 | 9502 | (2107) | 1996 | Jun-11 |
| The Commons at Wolfcreek | Memphis, TN | 23239 | 58489 | 20496 | 23239 | 78985 | 102224 | (28540) | 2014 | Jun-11 |
| Georgetown Square | Murfreesboro, TN | 3716 | 8598 | 2495 | 3716 | 11093 | 14809 | (3848) | 2003 | Jun-11 |
| Nashboro Village | Nashville, TN | 2243 | 11662 | 275 | 2243 | 11937 | 14180 | (4648) | 1998 | Oct-13 |
| Parmer Crossing | Austin, TX | 5927 | 11282 | 1913 | 5927 | 13195 | 19122 | (5276) | 1989 | Jun-11 |
| Baytown Shopping Center | Baytown, TX | 3410 | 6776 | 3541 | 3410 | 10317 | 13727 | (6300) | 1987 | Jun-11 |
| El Camino | Bellaire, TX | 1320 | 3816 | 733 | 1320 | 4549 | 5869 | (1977) | 2008 | Jun-11 |
| Townshire | Bryan, TX | 1790 | 6399 | 831 | 1790 | 7230 | 9020 | (4327) | 2002 | Jun-11 |
| Central Station | College Station, TX | 4340 | 21704 | 2840 | 4340 | 24544 | 28884 | (8603) | 1976 | Jun-11 |
| Rock Prairie Crossing | College Station, TX | 2460 | 13618 | 99 | 2401 | 13776 | 16177 | (6596) | 2002 | Jun-11 |
| Carmel Village | Corpus Christi, TX | 1900 | 4536 | 5066 | 1900 | 9602 | 11502 | (2547) | 2019 | Jun-11 |
| Arboretum Village | Dallas, TX | 17154 | 33384 | 772 | 17154 | 34156 | 51310 | (1535) | 2014 | Jan-22 |
| Claremont Village | Dallas, TX | 1700 | 3035 | (1162) | 1700 | 1873 | 3573 | (735) | 1976 | Jun-11 |
| Kessler Plaza | Dallas, TX | 1390 | 3702 | 1647 | 1390 | 5349 | 6739 | (1498) | 1975 | Jun-11 |
| Stevens Park Village | Dallas, TX | 1270 | 3182 | 671 | 1270 | 3853 | 5123 | (2254) | 1974 | Jun-11 |
| Webb Royal Plaza | Dallas, TX | 2470 | 6576 | (70) | 2470 | 6506 | 8976 | (3357) | 1961 | Jun-11 |
| Wynnewood Village<sup>(6)</sup> | Dallas, TX | 16982 | 42953 | 31410 | 17200 | 74145 | 91345 | (21000) | 2023 | Jun-11 |
| Parktown | Deer Park, TX | 2790 | 7319 | 1176 | 2790 | 8495 | 11285 | (4363) | 1999 | Jun-11 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Gross Amount at Which Carried | Gross Amount at Which Carried | Gross Amount at Which Carried | | | |
| | | Initial Cost to Company<sup>(2)</sup> | Initial Cost to Company<sup>(2)</sup> | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | at the Close of the Period | at the Close of the Period | at the Close of the Period | | | |
| Description<sup>(1)</sup> | Description<sup>(1)</sup> | Land | Building & Improvements | Costs Capitalized Subsequent to Acquisition<sup>(3)</sup> | Land | Building & Improvements<sup>(4)</sup> | Total | Accumulated Depreciation | Year Built<sup>(5)</sup>  | Date Acquired |
| Ridglea Plaza | Fort Worth, TX | 2770 | 16178 | 190 | 2770 | 16368 | 19138 | (6653) | 1990 | Jun-11 |
| Trinity Commons | Fort Worth, TX | 5780 | 26317 | 2806 | 5780 | 29123 | 34903 | (12472) | 1998 | Jun-11 |
| Preston Ridge | Frisco, TX | 25820 | 127082 | 13005 | 25820 | 140087 | 165907 | (50065) | 2018 | Jun-11 |
| Village Plaza | Garland, TX | 3230 | 6786 | 2384 | 3230 | 9170 | 12400 | (3417) | 2002 | Jun-11 |
| Highland Village Town Center | Highland Village, TX | 3370 | 7439 | 529 | 3370 | 7968 | 11338 | (2729) | 1996 | Jun-11 |
| Bay Forest | Houston, TX | 1500 | 6557 | 525 | 1500 | 7082 | 8582 | (2887) | 2004 | Jun-11 |
| Beltway South | Houston, TX | 3340 | 9759 | 795 | 3340 | 10554 | 13894 | (5414) | 1998 | Jun-11 |
| Braes Heights | Houston, TX | 1700 | 15246 | 9422 | 1700 | 24668 | 26368 | (6287) | 2022 | Jun-11 |
| Braesgate | Houston, TX | 1570 | 2813 | 622 | 1570 | 3435 | 5005 | (1765) | 1997 | Jun-11 |
| Broadway | Houston, TX | 1720 | 5472 | 2605 | 1720 | 8077 | 9797 | (2917) | 2006 | Jun-11 |
| Clear Lake Camino South | Houston, TX | 3320 | 12136 | 1844 | 3320 | 13980 | 17300 | (5561) | 1964 | Jun-11 |
| Hearthstone Corners | Houston, TX | 5240 | 14208 | 1700 | 5240 | 15908 | 21148 | (5310) | 2019 | Jun-11 |
| Jester Village | Houston, TX | 1380 | 4623 | 9312 | 1380 | 13935 | 15315 | (2270) | 2022 | Jun-11 |
| Jones Plaza<sup>(6)</sup> | Houston, TX | 2110 | 11450 | 3529 | 2110 | 14979 | 17089 | (4102) | 2023 | Jun-11 |
| Jones Square | Houston, TX | 3210 | 10716 | 2186 | 3210 | 12902 | 16112 | (4823) | 1999 | Jun-11 |
| Maplewood | Houston, TX | 1790 | 5535 | 1702 | 1790 | 7237 | 9027 | (2724) | 2004 | Jun-11 |
| Merchants Park | Houston, TX | 6580 | 32200 | 3809 | 6580 | 36009 | 42589 | (15179) | 2009 | Jun-11 |
| Northgate | Houston, TX | 740 | 1707 | 436 | 740 | 2143 | 2883 | (685) | 1972 | Jun-11 |
| Northshore | Houston, TX | 5970 | 22827 | 4780 | 5970 | 27607 | 33577 | (11138) | 2001 | Jun-11 |
| Northtown Plaza | Houston, TX | 4990 | 18209 | 5047 | 4990 | 23256 | 28246 | (7374) | 1960 | Jun-11 |
| Orange Grove | Houston, TX | 3670 | 15758 | 2846 | 3670 | 18604 | 22274 | (8503) | 2005 | Jun-11 |
| Royal Oaks Village | Houston, TX | 4620 | 29536 | 1928 | 4620 | 31464 | 36084 | (11120) | 2001 | Jun-11 |
| Tanglewilde Center | Houston, TX | 1620 | 7437 | 1843 | 1620 | 9280 | 10900 | (3900) | 1998 | Jun-11 |
| West U Marketplace | Houston, TX | 8554 | 25511 | 41 | 8554 | 25552 | 34106 | (1016) | 2000 | Apr-22 |
| Westheimer Commons | Houston, TX | 5160 | 12866 | 4675 | 5160 | 17541 | 22701 | (8369) | 1984 | Jun-11 |
| Crossroads Centre - Pasadena | Pasadena, TX | 4660 | 11153 | 7056 | 4660 | 18209 | 22869 | (6699) | 1997 | Jun-11 |
| Spencer Square | Pasadena, TX | 5360 | 19464 | 681 | 4861 | 20644 | 25505 | (8463) | 1998 | Jun-11 |
| Pearland Plaza | Pearland, TX | 3020 | 9076 | 1989 | 3020 | 11065 | 14085 | (4632) | 1995 | Jun-11 |
| Market Plaza | Plano, TX | 6380 | 20529 | 1233 | 6380 | 21762 | 28142 | (8299) | 2002 | Jun-11 |
| Preston Park Village<sup>(6)</sup> | Plano, TX | 8506 | 81652 | 3966 | 8506 | 85618 | 94124 | (21228) | 2023 | Oct-13 |
| Keegan's Meadow | Stafford, TX | 3300 | 9947 | 1256 | 3300 | 11203 | 14503 | (4181) | 1999 | Jun-11 |
| Lake Pointe Village | Sugar Land, TX | 19827 | 65239 | (175) | 19827 | 65064 | 84891 | (2061) | 2010 | Jun-22 |
| Texas City Bay | Texas City, TX | 3780 | 17928 | 7584 | 3780 | 25512 | 29292 | (8575) | 2005 | Jun-11 |
| Windvale Center | The Woodlands, TX | 3460 | 9479 | (1846) | 3460 | 7633 | 11093 | (2202) | 2002 | Jun-11 |
| Culpeper Town Square | Culpeper, VA | 3200 | 9235 | 109 | 3200 | 9344 | 12544 | (3333) | 1999 | Jun-11 |
| Hanover Square | Mechanicsville, VA | 3540 | 16145 | 5609 | 3540 | 21754 | 25294 | (6784) | 1991 | Jun-11 |
| Tuckernuck Square | Richmond, VA | 2400 | 10241 | 1987 | 2400 | 12228 | 14628 | (4168) | 1981 | Jun-11 |
| Cave Spring Corners | Roanoke, VA | 3060 | 11284 | 704 | 3060 | 11988 | 15048 | (6336) | 2005 | Jun-11 |
| Hunting Hills | Roanoke, VA | 1150 | 7661 | 2323 | 1116 | 10018 | 11134 | (4936) | 1989 | Jun-11 |
| Hilltop Plaza | Virginia Beach, VA | 5170 | 21956 | 4089 | 5154 | 26061 | 31215 | (9788) | 2010 | Jun-11 |
| Rutland Plaza | Rutland, VT | 2130 | 20924 | (3912) | 1722 | 17420 | 19142 | (6596) | 1997 | Jun-11 |
| Spring Mall | Greenfield, WI | 2540 | 16383 | (11748) | 912 | 6263 | 7175 | (2560) | 2003 | Jun-11 |
| Mequon Pavilions | Mequon, WI | 7520 | 29714 | 11560 | 7520 | 41274 | 48794 | (14739) | 1967 | Jun-11 |
| Moorland Square Shopping Ctr | New Berlin, WI | 2080 | 9256 | 1529 | 2080 | 10785 | 12865 | (4509) | 1990 | Jun-11 |
| Paradise Pavilion | West Bend, WI | 1510 | 15704 | 1039 | 1510 | 16743 | 18253 | (8126) | 2000 | Jun-11 |
| Grand Central Plaza | Parkersburg, WV | 670 | 5704 | (239) | 670 | 5465 | 6135 | (1813) | 1986 | Jun-11 |
| Remaining portfolio | Various |  |  | 11008 |  | 11008 | 11008 | (439) |  |  |
|  |  | $1856358 | $7416750 | $1625243 | $1820358 | $9077993 | $10898351 | $(2996759) |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> As of December 31, 2022, all of the Company's shopping centers were unencumbered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The initial cost to the Company represents the original purchase price of the asset, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> The balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, assets written off, and/or provisions for impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Depreciation of the buildings and improvements are calculated over the estimated useful lives which can be up to forty years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> Year of most recent redevelopment or year built if no redevelopment has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> Indicates property is currently in redevelopment.

&nbsp;&nbsp;&nbsp;&nbsp;

As of December 31, 2022, the aggregate cost for federal income tax purposes was approximately $12.0 billion.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ending December 31,** | **Year Ending December 31,** | **Year Ending December 31,** |
| | **2022** | **2021** | **2020** |
| [a] Reconciliation of total real estate carrying value is as follows: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | $10428414 | $10163561 | $10123600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and improvements | 772025 | 579156 | 276321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate held for sale | (15852) | (23520) | (21927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of real estate | (5724) | (1898) | (19551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of property sold | (227529) | (211218) | (102688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-off of assets no longer in service | (52983) | (77667) | (92194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | $10898351 | $10428414 | $10163561 |
| [b] Reconciliation of accumulated depreciation as follows: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance at beginning of year | $2813329 | $2659448 | $2481250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation expense | 316789 | 314689 | 295645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property sold | (86688) | (75870) | (42658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-off of assets no longer in service | (46671) | (84938) | (74789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance at end of year | $2996759 | $2813329 | $2659448 |

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## Exhibit 10.3

**Exhibit 10.3**

**<u>DIRECTOR RESTRICTED STOCK AWARD AGREEMENT</u>**

THIS DIRECTOR RESTRICTED STOCK AWARD AGREEMENT (the "<u>Agreement</u>"), which is made effective as of the date set forth on the signature page (the "<u>Signature Page</u>") attached hereto (the "<u>Date of Grant</u>"), is between Brixmor Property Group Inc. (together with its successors and assigns, the "<u>Company</u>") and the participant identified on the Signature Page attached hereto (the "<u>Participant</u>").

<u>R E C I T A L S:</u>

WHEREAS, the Company has adopted the Brixmor Property Group, Inc. 2022 Omnibus Incentive Plan (the "<u>Plan</u>"), the terms of which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the restricted stock award provided for herein (the "<u>Restricted Stock Award</u>") to the Participant pursuant to the Plan and the terms set forth herein;

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Grant of Restricted Shares</u>. Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Participant a Restricted Stock Award consisting of a number of shares of Common Stock (the "<u>Shares</u>" and such Shares subject to the vesting and other restrictions contained in this Agreement, the "<u>Restricted Shares</u>") set forth on the Signature Page. The Restricted Shares shall vest and become nonforfeitable in accordance with Section 1(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Vesting of Restricted Shares</u>. Subject to the Participant's continued service as a member of the Board of Directors of the Company, all of the Restricted Shares shall vest and become nonforfeitable on the first anniversary of the date specified on the Signature Page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination of Services</u>. If the Participant's service as a member of the Board of Directors of the Company is terminated for any reason, the Restricted Shares shall, to the extent not then vested or previously forfeited, immediately become forfeited without any further action by the Company or the Participant, and without any payment of consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Book Entry; Certificates</u>. The Company shall recognize the Participant's ownership of Shares through uncertificated book entry. If elected by the Company, certificates evidencing the Shares may be issued by the Company and any such certificates shall be registered in the Participant's name on the stock transfer books of the Company promptly after the date hereof, but shall remain in the physical custody of the Company or its designee at all times prior to the later of (x) the vesting of unvested Restricted Shares pursuant to this Agreement and (y) the expiration of any transfer restrictions set forth in this Agreement or otherwise applicable to the Shares. As soon as practicable following such time, any certificates for the Shares shall be delivered to the Participant or to the Participant's legal guardian or representative along with the stock powers relating thereto. No certificates shall be issued for fractional Shares. To the extent required by the Company, the Participant shall deliver to the

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Company a stock power, duly endorsed in blank, relating to the Shares that have not previously vested. However, the Company shall not be liable to the Participant for damages relating to any delays in issuing the certificates (if any) to the Participant, any loss by the Participant of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Rights as a Stockholder</u>. The Participant shall be the record owner of the Shares until or unless such Shares are forfeited pursuant to the terms of this Agreement, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting rights with respect to the Restricted Shares and rights to dividends or other distributions; provided that the Shares shall be subject to the limitations on transfer and encumbrance set forth in Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Legend</u>. To the extent applicable, all book entries (or certificates, if any) representing the Shares delivered to the Participant as contemplated by Sections 1 and 3 above shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable federal or state laws, and the Company may cause notations to be made next to the book entries (or a legend or legends put on certificates, if any) to make appropriate reference to such restrictions. Any such book entry notations (or legends on certificates, if any) shall include a description to the effect of the restrictions set forth in Sections 1 and 6 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>No Right to Continued Service</u>. Neither the Plan nor this Agreement nor the Participant's receipt of the Shares hereunder shall impose any obligation on the Company or any Affiliate to continue the services or membership on the Board of Directors of the Participant. Further, the Company or any Affiliate (as applicable) may at any time terminate the services of such Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The unvested Restricted Shares may not, at any time prior to becoming vested pursuant to the terms of this Agreement, be Assigned and any such purported Assignment shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an Assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"Assign" or "Assignment" shall mean (in either the noun or the verb form, including with respect to the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether directly or indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Withholding</u>. The Participant may be required to pay to the Company or any Affiliate and the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Shares, their grant or vesting or any payment or transfer with respect to the Shares at the minimum applicable statutory rates, and to take such action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Securities Laws; Cooperation</u>. Upon the vesting of any Restricted Shares, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws, the Plan or with this Agreement. Participant further agrees to cooperate with the Company in taking any

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action reasonably necessary or advisable to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Notices</u>. Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Choice of Law; Jurisdiction; Venue</u>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Maryland applicable to contracts made and performed wholly within the State of Maryland, without giving effect to the conflict of laws provisions thereof. Any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of New York or the State of Maryland (or such other jurisdiction described above), and each of the Participant and the Company hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of the Participant and the Company hereby irrevocably waives (a) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Maryland or the State of New York (or such other jurisdiction described above), (b) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum and (c) any right to a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Shares Subject to Plan</u>. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Shares granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Amendment</u>. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially adversely affect the rights of the Participant hereunder without the consent of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[*Signatures on next page*.]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the date set forth on the Company's signature page.

**Participant**<br>**_____________________________**<br>Name:<br>

Acknowledged and Agreed:

**BRIXMOR PROPERTY GROUP INC.**<br>**____________________________**<br>Name:<br>Title:<br>Dated: _____________________<br>

**Restricted Shares&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;]**

## Exhibit 10.4

**Exhibit 10.4**

**BRIXMOR PROPERTY GROUP INC.<br>RESTRICTED STOCK UNIT AGREEMENT**<br> (TRSUs, PRSUs, and OPRSUs)

THIS RESTRICTED STOCK UNIT AGREEMENT (this "<u>Agreement</u>") dated as of the Effective Date set forth in the Award Certificate attached hereto (the "<u>Award Certificate</u>") is made by and between Brixmor Property Group Inc. (together with its Subsidiaries and any successors thereto, the "<u>Company</u>") and the Participant set forth in the Award Certificate. The Award Certificate is included with and made part of this Agreement. In this Agreement and each Award Certificate, unless the context otherwise requires, words and expressions shall have the meanings given to them in the Plan, except as herein defined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Achievement Percentage</u>" means the "Percentage of Award Earned" specified with respect to the threshold, target, above target and maximum levels for each Performance Component set forth in the Award Certificate, or a percentage determined using linear interpolation if actual performance falls between any two specified levels. In the event that actual performance does not meet the lowest level for any Performance Component (i.e., the threshold level), the "Achievement Percentage" with respect to such Performance Component shall be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Award</u>" means the award(s) as set forth in the Award Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Award Certificate</u>" means the certificate attached to this Agreement specifying the Participant, Effective Date, the Award, the applicable Performance Periods, and the applicable Performance Components for the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Board</u>" means the Board of Directors of Brixmor Property Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Brixmor TSR</u>" means the compound annual growth rate, expressed as a percentage and rounded to the nearest one decimal point, in the value of a share of Common Stock due to stock appreciation and dividends, assuming dividends are reinvested in Common Stock, over the Performance Period. For this purpose, the "<u>Beginning Stock Price</u>" means the price per share of Common Stock set forth in the Award Certificate (which is the closing price of the Common Stock on the NYSE as of the last trading day before the beginning of the Performance Period), and the "<u>Ending Stock Price</u>" shall be the closing sales price of the Common Stock on the last trading day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>CAGR of [FFO Per Share]</u>" means the compounded annual growth rate, expressed as a percentage and rounded to the nearest one decimal point, in the [NAREIT FFO Per Share] over the Performance Period, as reported in the Supplemental Disclosure Package. For this purpose, the "<u>Beginning [FFO Per Share]</u>" means the [NAREIT FFO Per Share] determined with respect to the calendar year that ends immediately prior to the beginning of the Performance Period, and the "[<u>Ending FFO Per Share]</u>" means the [NAREIT FFO Per Share] determined with respect to the calendar year that ends on the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>CAGR of [Same Property NOI]</u>" means the compounded annual growth rate, expressed as a percentage and rounded down to the nearest two decimal points, in [Same Property NOI] over the Performance Period, as reported in the Supplemental Disclosure

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Package. For this purpose, the "[Beginning Same Property NOI]" means an index value of 100, and the "[Ending Same Property NOI]" means the index value of 100, multiplied by the reported same property NOI growth rate in each year of the performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Common Stock</u>" means the common stock, par value $0.01 per share, of the Company (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Determination Date</u>" means for any Performance Period, the date on which the Committee determines the total number of Earned PRSUs, if any, and the total number of Earned OPRSUs, if any, with respect to such Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"<u>End Date</u>" means the applicable End Date with respect to an Award, as set forth in the Award Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"<u>Effective Date</u>" means the Effective Date set forth in the Award Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"<u>Fully Diluted Shares</u>" means the fully diluted share count of the Company, as reported in the Supplemental Disclosure Package for the most recent fiscal quarter, including for the avoidance of doubt, the number of outstanding OP Units not owned by the Company, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)["<u>Nareit FFO</u>" has the meaning set forth in the Supplemental Disclosure Package and shall be calculated in accordance therewith; <u>provided</u>, <u>however</u>, said amount shall be adjusted for (i) non-cash GAAP rental adjustments and (ii) items that impact FFO comparability.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)["<u>Nareit FFO Per Share</u>" means the per share amount obtained by dividing the NAREIT FFO by the Fully Diluted Shares.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"<u>OPRSU" or "Outperformance Restricted Stock Unit</u>" means a time-based restricted stock unit that may be granted pursuant to the Plan based on performance over the applicable Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"<u>Participant</u>" means the Eligible Person whose name is set forth in the Award Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"<u>Performance Component</u>" means the performance criteria applicable to the Award, as set forth in the Award Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)"<u>Performance Period</u>" means the applicable period set forth in the Award Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)"<u>Plan</u>" means the Brixmor Property Group Inc. 2022 Omnibus Incentive Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)"<u>PRSU" or "Performance Restricted Stock Unit</u>" means a performance-based restricted stock unit granted hereunder pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)"<u>Qualifying Termination</u>" means a termination of the Participant's employment (w) by the Company without Cause or while the Participant has a Disability (as such terms are defined in the Plan), (x) if the Participant's written employment agreement with the Company (or any Affiliate) includes a definition of "good reason" or "constructive termination," by the Participant for "good reason" or "constructive termination" (as defined in such written employment agreement), (y) which is a Retirement or (z) resulting from the Participant's death.

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In addition, (i) for purposes of the TRSUs, Retirement shall only constitute a Qualifying Termination if the Retirement occurs on a date that is a minimum of six (6) months following the Effective Date of this Award, (ii) for purposes of the OPRSUs, Retirement shall not constitute a Qualifying Termination and (iii) Retirement shall constitute a Qualifying Termination with respect to PRSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"<u>Relative TSR Percentile</u>" means the percentile ranking of the Brixmor TSR over the Performance Period relative to the total shareholder return of the constituent companies in the FTSE Nareit Equity Shopping Centers Index (or any successor or replacement index thereto or therefor) (the "Index") over the Performance Period (calculated in a manner consistent with the calculation of the Brixmor TSR pursuant to this Agreement). For purposes hereof, to the extent any constituent company in the Index is listed more than once due to that constituent company having multiple classes of stock included within the Index, only the class of stock most similar to a regular voting common stock shall be deemed to be included in the Index and any other classes of stock of that constituent company shall be deemed excluded from the Index in making the above determination. In addition, only those constituent companies that were included within the Index at the start of the performance period and remained publicly traded throughout the performance period shall be deemed included in the Index in making the above determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)"<u>Relative Weighting</u>" means, in respect of any Performance Component, the "Relative Weighting" set forth for such Performance Component in the Award Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)"<u>RSU" or "Restricted Stock Unit</u>" means a TRSU, PRSU, or OPRSU, either individually or in the aggregate, as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Retirement</u>" means the Participant's Termination of Employment with the Company, other than for Cause, following the date on which (i) the sum of the following equals or exceeds [65] years: (A) the number of years of the Participant's Employment with the Company and any predecessor company, and (B) the Participant's age on the Termination Date, (ii) the Participant has attained the age of [55] years old, and (iii) the number of years of the Participant's Employment with the Company and any predecessor company is at least [five (5)]. Notwithstanding the foregoing and the definition of Termination of Employment, for purposes of this Agreement and this definition of Retirement, Retirement shall not include a Participant's resignation from the Company when such resignation is given in connection with the Participant's prior acceptance (or planned or contemplated acceptance) of an employment or consulting position or arrangement with another person or company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)["<u>Same Property NOI</u>" has the meaning set forth in the Company's Supplemental Disclosure Package and shall be calculated in accordance therewith.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)"<u>Supplemental Disclosure Package</u>" means the supplemental disclosure materials the Company publicly files for each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ab)"<u>Target PRSUs</u>" means the number of "Target PRSUs" set forth in the Award Certificate with respect to the PRSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ac)"<u>Termination Date</u>" means the effective date of a Termination of Employment for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ad)"<u>Termination of Employment</u>" means a "separation from service" of the Participant from the Company, as defined under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ae) "<u>TRSU" or "Time Restricted Stock Unit</u>" means a time-based restricted stock unit granted hereunder pursuant to the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Awards; Calculation of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Grant of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company hereby grants to the Participant a number of TRSUs under the Award equal to the number of TRSUs set forth in the Award Certificate, which TRSUs shall be subject to the satisfaction of the service vesting conditions set forth in the Award Certificate and herein. The Participant may also be granted a multiple of the TRSUs granted under the Award (in the form of OPRSUs), as of the Determination Date, as provided for in Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Company hereby grants to the Participant the opportunity to earn a number of PRSUs under the Award equal to the ranges set forth in the Award Certificate (with a threshold, target, above target, and maximum number of PRSUs for the Award). The actual number of PRSUs earned under the Award (the "<u>Earned PRSUs</u>") shall be determined pursuant to <u>Section 2(b)</u>, and further, the Earned PRSUs shall be subject to the satisfaction of the service vesting conditions set forth in the Award Certificate and herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Calculation of Number of Earned PRSUs</u>. Following the last day of the Performance Period applicable to the PRSUs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The total number of Earned PRSUs under the Award shall be calculated by the Committee with respect to the Performance Component. The total number of Earned PRSUs shall be equal to the product of (A) the number of Target PRSUs for the Performance Component, <u>multiplied by</u> (B) the Achievement Percentage for the Performance Component. In the event that the Company's actual performance does not meet the threshold level for the Performance Component, no PRSUs shall be earned in respect of the Performance Component. The total number of Earned PRSUs shall in no event exceed the number of Maximum PRSUs set forth in the Award Certificate; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, in the event that the Brixmor TSR for the Performance Period is less than zero (i.e., is negative), then the total number of Earned PRSUs shall in no event exceed the number of Target PRSUs set forth in the Award Certificate. All PRSUs that do not become Earned PRSUs shall be forfeited automatically and without further action as of the Determination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The foregoing calculation shall be made no later than 75 days following the End Date, at which time the Company shall notify the Participant of the total number of Earned PRSUs (rounded down to the nearest whole PRSU).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Calculation of Number of Earned OPRSUs</u>. Following the last day of the Performance Period applicable to the OPRSUs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The total number of OPRSUs ("<u>Earned OPRSUs</u>") that may be granted as of the Determination Date to the Participant under the Award shall be calculated by the Committee with respect to each Performance Component. The total number of Earned OPRSUs that may be granted as of the Determination Date shall be equal to the product of (A) the total number of TRSUs set forth in the Award Certificate, <u>multiplied by</u> (B) the Multiplier applicable to the Performance Level Achieved for each Performance Component (after taking into account each Performance Component's Relative Weighting) as set forth in the Award Certificate. In the event that the Company's actual performance does not meet the threshold level for either of the Performance Components, no OPRSUs shall be granted in respect of that Performance Component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The foregoing calculation shall be made no later than 75 days following the End Date, at which time the Company shall notify the Participant of the total number of Earned OPRSUs (rounded down to the nearest whole OPRSU).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The calculation of the levels of achievement with respect to the Performance Components shall be adjusted from time to time by the Committee as it deems equitable and necessary in light of acquisitions, dispositions, non-routine or opportunistic expenses, transactions, or other extraordinary or other one-time events that impact the Company's operations or the measurement of any Performance Component including, without limitation, non-routine litigation and other legal expenses and loss on debt extinguishment. In addition, the Committee may make other adjustments as necessary to ensure that period to period results with respect to any Performance Component are computed on a consistent and equitable basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Vesting</u>. Subject to <u>Section 5</u>, the RSUs shall become vested as follows, subject to the Participant's continued Employment with the Company through the applicable date(s) (each, a "<u>Vesting Date</u>" and such RSU that vests, a "<u>Vested RSU</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)With respect to the TRSUs, one-third of the TRSUs shall vest on January 1<sup>st</sup> of each first, second, and third calendar years following the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to any Earned PRSUs or Earned OPRSUs, 50% of each such award shall become vested on the Determination Date, an additional 25% of each such award shall become vested on January 1, 20[ ], and an additional 25% of each such award shall become vested on January 1, 20[ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Issuance of Common Stock.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Settlement of Vested RSUs</u>. Shares of Common Stock underlying a Vested RSU shall be transferred to the Participant as soon as administratively practicable following the applicable Vesting Date, but in no event later than March 15<sup>th</sup> of the calendar year following the calendar year in which such Vesting Date occurs or, in the case of a Vesting Date resulting from a Qualifying Termination due to Retirement, no later than December 31 of the calendar year in which such Vesting Date occurs. No shares of Common Stock shall be issued to the Participant in respect of an RSU prior to the applicable Vesting Date. After an RSU becomes a Vested RSU, the Company shall promptly cause to be registered in the Participant's name or in the name of the executor or personal representative of the Participant's estate, as the case may be, one share of Common Stock in payment for each such Vested RSU. For purposes of this Agreement, the date on which Vested RSUs are converted into shares of Common Stock shall be referred to as the "<u>Settlement Date</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Fractional RSUs</u>. In the event the Participant is vested in a fractional portion of an RSU, such portion shall be rounded down to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Effects of Certain Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. Subject to <u>Section 5(b)</u>, in the event that the Participant's Employment with the Company is terminated, any unvested RSUs (including, for the avoidance of doubt, unvested TRSUs, unearned PRSUs, earned but unvested PRSUs, unearned and not-yet granted OPRSUs and earned but unvested OPRSUs) and any associated Dividend Equivalent Amount shall be forfeited automatically and without further action as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Qualifying Termination</u>. Notwithstanding <u>Section 5(a)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)With respect to the TRSUs, in the event of the Participant's Qualifying Termination prior to the vesting of all tranches of the TRSUs (i.e, prior to January 1<sup>st</sup> of the third calendar year following the Effective Date), all unvested TRSUs shall automatically and

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immediately vest as of the Termination Date. In such case, such number of TRSUs shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" meaning the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)With respect to the PRSUs, in the event of the Participant's Qualifying Termination prior to the completion of the Performance Period, a portion of the PRSUs which may be earned under the Award will become earned, with the actual number of Earned PRSUs determined based on actual performance through the end of the month immediately preceding the Termination Date, measured against the Performance Component based on actual performance through the end of the month immediately preceding the Termination Date. The number of Earned PRSUs calculated in accordance with this Section which become vested will be pro-rated based on the number of days in the Performance Period completed prior to the Termination Date, and such pro-rated number of Earned PRSUs (and any associated PRSU Dividend Equivalent Amount) shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" being the Termination Date. All other PRSUs and PRSU Dividend Equivalent Amounts shall be forfeited automatically and without further action as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)With respect to the PRSUs, in the event of the Participant's Qualifying Termination as of or after the completion of the Performance Period, but prior to the last Vesting Date applicable to the Earned PRSUs under the Award (i.e., prior to January 1, 20[ ]), all unvested Earned PRSUs shall automatically and immediately vest as of the Termination Date; provided, however, that if such Qualifying Termination occurs prior to the Determination Date, then the PRSUs shall remain outstanding until the Determination Date, the number of Earned PRSUs, if any, shall be determined in accordance with Section 2(b), and all Earned PRSUs shall automatically and immediately vest as of the Determination Date. In such case, such number of Earned PRSUs (and any associated PRSU Dividend Equivalent Amount) shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" being the Termination Date or the Determination Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)With respect to the OPRSUs, in the event of the Participant's Qualifying Termination prior to the completion of the Performance Period, a portion of the OPRSUs which may be earned and granted under the Award will become earned and granted no later than immediately prior to the Participant's Qualifying Termination, with the actual number of Earned OPRSUs determined based on actual performance through the end of the calendar quarter immediately preceding the Termination Date, measured against the Performance Component based on actual performance through the end of the calendar quarter immediately preceding the Termination Date. The number of Earned OPRSUs calculated in accordance with this Section which become vested will be pro-rated based on the number of days in the Performance Period completed prior to the Termination Date, and such pro-rated number of Earned OPRSUs (and any associated Dividend Equivalent Amount) shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" being the Termination Date. All other rights to earn and/or be granted OPRSUs or OPRSU Dividend Equivalent Amounts shall be forfeited automatically and without further action as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)With respect to the OPRSUs, in the event of the Participant's Qualifying Termination as of or after the completion of the Performance Period (but for purposes of this sentence, Qualifying Termination shall include Retirement), but prior to the last Vesting Date applicable to the Earned OPRSUs under the Award (i.e., January 1, 20[ ]), all unvested Earned OPRSUs shall automatically and immediately vest as of the Termination Date; provided, however, that if such Qualifying Termination occurs prior to the Determination Date, then the number of Earned OPRSUs, if any, shall be determined as of the Determination Date in accordance with Section 2(c), and all Earned OPRSUs, if any, shall be granted and shall automatically and immediately vest as of the Determination Date. In such case, such number of Earned OPRSUs (and any associated OPRSU Dividend Equivalent Amount) shall be deemed

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vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" being the Termination Date or the Determination Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination for Cause</u>. In the event of the Participant's termination of Employment for Cause, then the Award, the RSUs (whether or not earned or vested) and any associated Dividend Equivalent Amounts, and any shares underlying RSUs that have not yet been transferred to the Participant, shall be forfeited automatically and without further action as of the Termination Date. For the avoidance of doubt, in addition to the foregoing, in the event of the Participant's termination of Employment for Cause, the Participant shall forfeit any right to earn or to be granted any OPRSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Change in Control</u>. Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)With respect to the TRSUs, in the event of a Change in Control during the Participant's Employment and prior to the vesting of all tranches of the TRSUs (i.e, prior to January 1, 20[ ]), all unvested TRSUs shall automatically and immediately vest as of immediately prior to the consummation of the Change in Control. In such case, such number of TRSUs shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" meaning the date of the consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)With respect to the PRSUs, in the event of a Change in Control during the Participant's Employment and prior to the completion of the Performance Period, a portion of the PRSUs which may be earned under the Award will become earned as of immediately prior to the consummation of the Change in Control, with the actual number of Earned PRSUs determined based on actual performance through the end of the month immediately preceding the consummation of the Change in Control, measured against the Performance Component based on actual performance through the end of the month immediately preceding the consummation of the Change in Control. In such case, such number of Earned PRSUs (and any associated PRSU Dividend Equivalent Amount) shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" meaning the date of the consummation of the Change in Control, and all other PRSUs and PRSU Dividend Equivalent Amounts shall be forfeited automatically and without further action as of the date of the consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)With respect to the PRSUs, in the event of a Change in Control during the Participant's Employment and as of or after the completion of the Performance Period, but prior to the last Vesting Date applicable to the Earned PRSUs under the Award (i.e., prior to January 1, 20[ ]), all unvested Earned PRSUs shall automatically and immediately vest immediately prior to the consummation of the Change in Control; provided, however, that if such Change in Control occurs prior to the Determination Date, then the PRSUs shall remain outstanding until the Determination Date (which shall occur not later than the date immediately prior to the consummation of the Change in Control), the number of Earned PRSUs, if any, shall be determined in accordance with Section 2(b), and all Earned PRSUs shall automatically and immediately vest as of immediately prior to the Change in Control. In such case, such number of Earned PRSUs (and any associated PRSU Dividend Equivalent Amount) shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" being the date of the consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)With respect to the OPRSUs, in the event of a Change in Control during the Participant's Employment and prior to the completion of the Performance Period, a portion of the OPRSUs which may be earned and granted under the Award will become earned and granted as of immediately prior to the consummation of the Change in Control, with the actual number of Earned OPRSUs determined based on actual performance through the end of the calendar quarter immediately preceding the consummation of the Change in Control, measured against the Performance Component based on actual performance through the end of the calendar quarter

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immediately preceding the consummation of the Change in Control. In such case, such number of Earned OPRSUs (and any associated OPRSU Dividend Equivalent Amount) shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" meaning the date of the consummation of the Change in Control, and all other rights to earn and/or be granted OPRSUs shall be forfeited automatically and without further action as of the date of the consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)With respect to the OPRSUs, in the event of a Change in Control during the Participant's Employment and as of or after the completion of the Performance Period, but prior to the last Vesting Date applicable to the Earned OPRSUs under the Award (i.e., prior to January 1, 20[ ]), all unvested Earned OPRSUs shall automatically and immediately vest as of immediately prior to the consummation of the Change in Control; provided, however, that if such Change in Control occurs prior to the Determination Date, then the number of Earned OPRSUs, if any, shall be determined as of the Determination Date in accordance with Section 2(c) (which shall occur not later than the date immediately prior to the consummation of the Change in Control), and all Earned OPRSUs, if any, shall be granted and shall automatically and immediately vest immediately prior to the consummation of the Change in Control. In such case, such number of Earned OPRSUs (and any associated OPRSU Dividend Equivalent Amount) shall be deemed vested in full and settled pursuant to <u>Section 4(a)</u>, with the "Vesting Date" meaning the date of the consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Dividend Equivalent Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each TRSU shall have a dividend equivalent right associated with it with respect to any cash dividends on Common Stock that have a record date after the Effective Date and prior to the applicable Settlement Date for such TRSU (the "<u>TRSU Dividend Equivalent Amount</u>"). The TRSU Dividend Equivalent Amount shall be paid on or about the corresponding Common Stock cash dividend payment date, without regard to whether the TRSU is a Vested RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Earned PRSU shall have a dividend equivalent right associated with it with respect to any cash dividends on Common Stock that have a record date after the Effective Date and prior to the applicable Settlement Date for such Earned PRSU (the total accrued dividends for each earned PRSU, a "<u>PRSU Dividend Equivalent Amount</u>"). For the avoidance of doubt, no dividend equivalent right shall accrue in respect of a PRSU which is not earned based on the achievement of the Performance Component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The PRSU Dividend Equivalent Amount shall be calculated by crediting a hypothetical bookkeeping account for the Participant with an amount equal to the amount of cash dividends that would have been paid on the dividend payment date with respect to the number of shares of Common Stock underlying the unsettled Earned PRSUs (or PRSUs which become Earned PRSUs in accordance with this Agreement) if such shares had been outstanding on the dividend record date. The Participant's PRSU Dividend Equivalent Amount shall not be credited with interest or earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any PRSU Dividend Equivalent Amount: (i) shall be subject to the same terms and conditions applicable to the Earned PRSU to which the dividend equivalent right relates, including, without limitation, the restrictions on transfer and the forfeiture conditions contained in the Agreement; (ii) shall vest and be settled upon the same terms and at the same time of settlement as the Earned PRSUs to which they relate; and (iii) will be denominated and payable solely in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each Earned OPRSU shall have a dividend equivalent right associated with it with respect to any cash dividends on Common Stock that have a record date after the

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Determination Date and prior to the applicable Settlement Date for such Earned OPRSU (the "<u>OPRSU Dividend Equivalent Amount</u>" and together with the TRSU Dividend Equivalent Amount and the PRSU Dividend Equivalent Amount, the "<u>Dividend Equivalent Amounts</u>"). For the avoidance of doubt, no dividend equivalent right shall accrue in respect of an OPRSU which is not earned and granted based on the achievement of the applicable Performance Components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The OPRSU Dividend Equivalent Amount shall be calculated by crediting a hypothetical bookkeeping account for the Participant with an amount equal to the amount of cash dividends that would have been paid on the dividend payment date with respect to the number of shares of Common Stock underlying the unsettled Earned OPRSUs if such shares had been outstanding on the dividend record date. The Participant's OPRSU Dividend Equivalent Amount shall not be credited with interest or earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Any OPRSU Dividend Equivalent Amount: (i) shall be subject to the same terms and conditions applicable to the Earned OPRSU to which the dividend equivalent right relates, including, without limitation, the restrictions on transfer and the forfeiture conditions contained in the Agreement; (ii) shall vest and be settled upon the same terms and at the same time of settlement as the Earned OPRSUs to which they relate; and (iii) will be denominated and payable solely in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The payment of the Dividend Equivalent Amounts, if any, will be net of all applicable withholding taxes pursuant to <u>Section 7(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Administration</u>. The Committee shall administer the Award. At the end of the Performance Period (or, earlier, as provided in <u>Section 5</u>), the Committee shall calculate and approve the number of Earned PRSUs awarded to the Participant under the Award and shall calculate and approve the number of Earned OPRSUs to be granted to the Participant under the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Agreement Subject to Plan; Amendment</u>. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Awards and RSUs granted hereunder are subject to the Plan. The terms and provisions of the Plan are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The terms of the Agreement and the Award Certificate may be amended from time to time by the Committee in its sole discretion in any manner that it deems appropriate; <u>provided</u>, that any such amendment that would materially and adversely affect any right of the Participant shall not to that extent be effective without the consent of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Participant is Unsecured General Creditor</u>. The Participant and the Participant's heirs, successors, and assigns shall have no legal or equitable rights, interest, or claims in any specific property or assets of the Company. Assets of the Company shall not be held under any trust for the benefit of the Participant or the Participant's heirs, successors, or assigns, or held in any way as collateral security for the fulfilling of the obligations of the Company under the Agreement or the Plan. Any and all of the Company's assets shall be, and remain, the general unrestricted assets of the Company. The Company's sole obligation under this Agreement and in respect of the Award or the RSUs shall be merely that of an unfunded and unsecured promise of the Company to pay the Participant in the future, subject to the conditions and provisions of the Agreement and the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Transferability; No Assignment</u>. Neither the Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate, alienate, or convey in advance of actual receipt, the Award or the RSUs. No part of the RSUs or the shares of Common Stock delivered in respect of any vested RSUs, and/or amounts payable under this Agreement shall, prior to actual settlement or payment, be subject to seizure, attachment, garnishment, or sequestration for the payment of any debts, judgments, alimony, or separate maintenance owed by the Participant or any other person, be transferable by operation of law in the event of the Participant's or any other person's bankruptcy or insolvency, or be transferable to a spouse as a result of a property settlement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Right to Continued Employment</u>. Neither the Plan nor this Agreement nor the Participant's receipt of the Award hereunder (or shares of Common Stock issued in settlement of the Award) shall impose any obligation on the Company or any Affiliate to continue the Employment of the Participant. Further, the Company or any Affiliate (as applicable) may at any time terminate the Employment of such Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein or in any written employment agreement between the Participant and the Company (or any Affiliate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Limitation on Shareholder Rights</u>. The Participant shall have no rights as a shareholder of the Company, no dividend rights (subject to Dividend Equivalent Rights as set forth in <u>Section 6</u>), and no voting rights with respect to the RSUs and any shares of Common Stock underlying or issuable in respect of such RSUs until such shares of Common Stock are actually issued to and held of record by the Participant. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of the shares of Common Stock, except for the Dividend Equivalent Rights as set forth in <u>Section 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Regardless of any action the Company takes with respect to any or all federal, state, or local income tax, employment tax or other tax-related items ("<u>Tax Related Items</u>"), the Participant acknowledges that the ultimate liability for all Tax Related Items associated with the RSUs (and the Dividend Equivalent Rights associated therewith) is and remains the Participant's responsibility and that the Company: (A) makes no representations or undertakings regarding the treatment of any Tax Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant or vesting of the RSUs, the delivery of the shares of Common Stock, the subsequent sale of shares of Common Stock acquired at vesting, and the receipt of any Dividend Equivalent Rights; and (B) does not commit to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate the Participant's liability for Tax Related Items. Further, if Participant has relocated to a different jurisdiction between the date of grant and the date of any taxable event, the Participant acknowledges that the Company may be required to withhold or account for Tax Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prior to the relevant taxable event, the Participant shall pay or make adequate arrangements satisfactory to the Company, in its sole discretion, to satisfy all withholding and payment on account obligations for Tax Related Items of the Company. In this regard, the Participant authorizes the Company, in its sole discretion, to satisfy the obligations with regard to all Tax Related Items legally payable by the Participant with respect to the RSUs by withholding in shares of Common Stock otherwise issuable to the Participant, provided that the Company withholds only the amount of shares of Common Stock necessary to satisfy the minimum statutory withholding amount using the Fair Market Value of the shares of Common Stock on the Settlement Date. Notwithstanding the foregoing, for so long as Accounting Standards Update 2016-09 or a similar rule remains in effect, the Board or the Committee shall have full discretion to choose, or to allow a Participant to elect, to withhold a number of shares

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of Common Stock having an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum required statutory withholding amount(s) in such Participant's relevant tax jurisdictions) Participant shall pay to the Company any amount of Tax Related Items that the Company may be required to withhold as a result of the RSUs that are not satisfied by the previously described method. The Company may refuse to deliver the shares of Common Stock to the Participant if the Participant fails to comply with Participant's obligations in connection with the Tax Related Items as described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Intentionally Deleted.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Section 409A Compliance</u>. The Award, the RSUs, and the shares of Common Stock and amounts payable under this Agreement are intended either to be exempt from, or to comply with, the requirements of Section 409A, so as to prevent the inclusion in gross income of any benefits accrued hereunder in a taxable year prior to the taxable year or years in which such amount would otherwise be actually distributed or made available to the Participants. The Agreement shall be administered and interpreted to the extent possible in a manner consistent with that intent. Notwithstanding anything to the contrary in this Agreement, if the Participant is a "specified employee" within the meaning of Section 409A, no payments in respect of any Award or RSU that is "deferred compensation" subject to Section 409A and which would otherwise be payable upon the Participant's "separation from service" (as defined in Section 409A) shall be made to the Participant prior to the date that is six months after the date of the Participant's "separation from service" or, if earlier, the Participant's date of death. Following any applicable six-month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A that is also a business day. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties under Section 409A that may be imposed on or in respect of the Participant in connection with this Agreement, and the Company shall not be liable to the Participant or any other person for any payment made under this Plan that is determined to result in an additional tax, penalty, or interest under Section 409A, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Maryland applicable to contracts made and performed wholly within the State of Maryland, without giving effect to the conflict of law provisions thereof. Any suit, action, or proceeding with respect to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of New York or the State of Maryland, and each of the Participant and the Company hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. **EACH OF THE PARTICIPANT AND THE COMPANY HEREBY IRREVOCABLY WAIVES (I) ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK OR THE STATE OF MARYLAND, (II) ANY CLAIM THAT ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN ANY INCONVENIENT FORUM, AND (III) ANY RIGHT TO A JURY TRIAL.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

\* \* \* \* \*

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**BRIXMOR PROPERTY GROUP INC.<br>RESTRICTED STOCK UNIT AGREEMENT**

**AWARD CERTIFICATE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Brixmor Property Group Inc., a Maryland corporation (together with its Subsidiaries and their successors, the "<u>Company</u>"), and the Participant who is signatory hereto, hereby agree to the terms of this Award Certificate and the Brixmor Property Group Inc. Restricted Stock Unit Agreement (the "<u>Agreement</u>") to which it is attached. All capitalized terms used in this Award Certificate and not defined herein shall have the meanings assigned to them in the Company's 2022 Omnibus Incentive Plan (as amended from time to time, the "<u>Plan</u>") or the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Subject to the terms of this Award Certificate, the Agreement, and the Plan, the Company hereby grants to the Participant as of the Effective Date, the Award on the terms set forth below:

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| |
|:---|
| **General** |
| **Participant:** |
| **Effective Date:** |

---

---

| |
|:---|
| **Award – TRSUs** |
| **Number of TRSUs:** |

---

---

| |
|:---|
| **TRSU Modifier (OPRSUs)** |
| **Performance Period:** |
| **End Date:** |

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*Performance Components:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [CAGR of FFO Per Share] (Relative Weighting: [50]%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [CAGR of Same Property NOI] (Relative Weighting: [50]%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of OPRSUs determined based on one Performance Component shall be in addition to the OPRSUs determined based on the other Performance Component, and the number of OPRSUs determined based on each Performance Component shall be independent from the number based on the other Performance Component. For clarification, with respect to each Performance Component, there shall be no

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interpolation and the number of OPRSUs earned shall be based on the lowest level of achievement if results are between two levels of achievement.

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| | | | |
|:---|:---|:---|:---|
| **Level of Achievement** | **CAGR of [FFO Per Share] – Performance Level Achieved**<br>**([50]%)** | **CAGR of [Same Property NOI] – Performance Level Achieved**<br>**([50]%)** | **Multiplier of TRSU Award** |
| Below Threshold |  |  | [0x |
| Threshold |  |  | 0.5x |
| Target |  |  | 1.0x |
| Above Target |  |  | 1.5x |
| Maximum |  |  | 2.0x] |

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| | |
|:---|:---|
| **Award – PRSUs** | **Award – PRSUs** |
| **Threshold PRSUs:** | |
| **Target PRSUs:** | |
| **Above Target PRSUs:** | |
| **Maximum PRSUs:** | |
| **Performance Period:** | |
| **Determination Date:** | |
| **Beginning Stock Price:** | $[ ] per share [the closing price of the Company's Common Stock on the NYSE as of the last trading day before the beginning of the Performance Period] |

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*Performance Component:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Relative TSR Percentile (Relative Weighting: [100]%)

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| | | |
|:---|:---|:---|
| **Level of Achievement** | **Performance Level Achieved** | **Percentage of Award Earned** |
| Below Threshold | [<37.5<sup>th</sup> Percentile | [0% |
| Threshold | 37.5<sup>th</sup> Percentile | 50% |
| Target | 50<sup>th</sup> Percentile | 100% |
| Above Target | 62.5<sup>th</sup> Percentile | 150% |
| Maximum | ≥75<sup>th</sup> Percentile] | 200%] |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Award and any RSUs which may vest and/or be earned under the Award are subject to the terms and conditions set forth in this Award Certificate, the Plan, and the Agreement. All terms and provisions of the Plan and the Agreement, as the same may be

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amended from time to time, are incorporated and made part of this Award Certificate. If any provision of this Award Certificate is in conflict with the terms of the Plan or the Agreement, then the terms of the Plan or the Agreement, as applicable, shall govern. The Participant hereby expressly acknowledges receipt of a copy of the Plan and the Agreement.

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as of the date first above written.

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| | |
|:---|:---|
| **BRIXMOR PROPERTY GROUP INC.**<br>By:__________________________________<br>Name: <br>Title: Authorized Signatory | **PARTICIPANT<br>**<br>___________________________________<br>Name:  |

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## Exhibit 10.19

**Exhibit 10.19**

**AMENDMENT NO. 1 TO AMENDED AND RESTATED TERM LOAN AGREEMENT**

This **AMENDMENT NO. 1 TO AMENDED AND RESTATED TERM LOAN AGREEMENT**, dated as of July 7, 2022 (this "**Amendment No. 1**"), is by and among BRIXMOR OPERATING PARTNERSHIP LP, a Delaware limited partnership (the "**Borrower**"), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (the "**Administrative Agent**"). Reference is made to that certain Amended and Restated Term Loan Agreement, dated as of April 28, 2022 (the "**Credit Agreement**"), by and among the Borrower, the Lenders referenced therein and the Administrative Agent. Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit Agreement, as amended hereby.

**RECITALS**

**WHEREAS**, pursuant to Section 9.02(b) of the Credit Agreement, the Borrower and the Administrative Agent have agreed to amend the Credit Agreement to correct an obvious error as set forth herein.

**NOW, THEREFORE,** in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

**SECTION 1. AMENDMENTS TO CREDIT AGREEMENT.** As of the Amendment Effective Date (as defined in Section 2 hereof), the Sustainability Metric Grid set forth in the definition of "Applicable Rate" in Section 1.01 of the Credit Agreement is corrected to read as follows:

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| | | | |
|:---|:---|:---|:---|
| **RATINGS LEVEL** | **MOODY'S/**<br>**S&P APPLICABLE CREDIT RATING** | **TERM BENCHMARK – APPLICABLE RATE** | **ABR-**<br>**APPLICABLE**<br>**RATE** |
| **Level I Rating** | A3/A- or higher | 0.79% | 0% |
| **Level II Rating** | Baa1/BBB+ | 0.84% | 0% |
| **Level III Rating** | Baa2/BBB | 0.94% | 0% |
| **Level IV Rating** | Baa3/BBB- | 1.19% | 0.19% |
| **Level V Rating** | Below Baa3/BBB- or unrated | 1.59% | 0.59% |

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**SECTION 2. CONDITIONS TO EFFECTIVENESS**

This Amendment No. 1 shall become effective when the Borrower and the Administrative Agent shall have indicated their consent to this Amendment No. 1 by the execution and delivery of the signature pages hereto to the Administrative Agent (the date of satisfaction of such condition being referred to as the "**Amendment Effective Date**").

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**SECTION 3. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Reference to and Effect on the Credit Agreement and the Other Loan Documents**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;On and after the effective date of this Amendment No. 1, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like import referring to the Credit Agreement and each reference in the other Loan Documents to the "Credit Agreement", "thereunder", "thereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Except as specifically amended by this Amendment No. 1, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance of this Amendment No. 1 shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any of the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No. 1 shall constitute a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Headings**. Section and subsection headings in this Amendment No. 1 are included herein for convenience of reference only and shall not constitute a part of this Amendment No. 1 for any other purpose or be given any substantive effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Applicable Law**. THIS AMENDMENT NO. 1 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Counterparts; Effectiveness**. This Amendment No. 1 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of an executed counterpart of a signature page of this Amendment No. 1 by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page in accordance with Section 9.06(b) of the Credit Agreement shall be effective as delivery of a manually executed counterpart of this Amendment No. 1.

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment No. 1 to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

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| | |
|:---|:---|
| **BORROWER:** | **BRIXMOR OPERATING PARTNERSHIP LP**<br>By: Brixmor OP GP LLC, its General Partner<br>By: BPG Subsidiary LLC, its sole member<br>By: <u>/s/ Angela Aman</u> <br>&nbsp;&nbsp;&nbsp;&nbsp; Name: Angela Aman<br>&nbsp;&nbsp;&nbsp;&nbsp; Title: EVP, CFO and Treasurer |

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SIGNATURE PAGE TO BRIXMOR AMENDMENT NO. 1 TO A&R TERM LOAN AGREEMENT

------

**WELLS FARGO BANK, NATIONAL ASSOCIATION,**<br>as Administrative Agent<br>By: <u>/s/ Kristen Ray</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Kristen Ray<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director<br>

SIGNATURE PAGE TO BRIXMOR AMENDMENT NO. 1 TO A&R TERM LOAN AGREEMENT

## Exhibit 21.1

**Exhibit 21.1**

**BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES**

**LIST OF SUBSIDIARIES**

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| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| Arapahoe Crossings, L.P. | Delaware |
| Berkshire Crossing Shopping Center, LLC | Delaware |
| BPG Sub LLC | Delaware |
| BPG Sub TRS LLC | Delaware |
| BPG Subsidiary LLC | Delaware |
| Bradley Financing LLC | Delaware |
| Bradley Financing Partnership | Delaware |
| Bradley Operating LLC | Delaware |
| BRE Mariner Belfair II LLC | Delaware |
| BRE Mariner Belfair Town Village LLC | Delaware |
| BRE Mariner Carrollwood LLC | Delaware |
| BRE Mariner Chelsea Place LLC | Delaware |
| BRE Mariner Conway Crossing LLC | Delaware |
| BRE Mariner Dolphin Village LLC | Delaware |
| BRE Mariner Hunters Creek LLC | Delaware |
| BRE Mariner Lake St. Charles LLC | Delaware |
| BRE Mariner Marco Town Center LLC | Delaware |
| BRE Mariner Milestone Plaza LLC | Delaware |
| BRE Mariner Ross Plaza LLC | Delaware |
| BRE Mariner Shops of Huntcrest LLC | Delaware |
| BRE Mariner Sunrise Town Center LLC | Delaware |
| BRE Mariner Venice Plaza LLC | Delaware |
| BRE Mariner Venice Shopping Center LLC | Delaware |
| BRE Retail Management GP Holdings LLC | Delaware |
| BRE Retail Management Holdings LLC | Delaware |
| BRE Retail NP Festival Centre Owner LLC | Delaware |
| BRE Retail NP Memphis Commons Owner LLC | Delaware |
| BRE Retail NP Mezz 1 LLC | Delaware |
| BRE Retail NP Mezz Holdco LLC | Delaware |
| BRE Retail NP Owner 1 LLC | Delaware |
| BRE Retail Residual Circle Center Owner LLC | Delaware |
| BRE Retail Residual GP Holdings LLC | Delaware |
| BRE Retail Residual Greeneville Commons Owner LLC | Delaware |
| BRE Retail Residual LP Holdings LLC | Delaware |
| BRE Retail Residual Mezz 1 LLC | Delaware |
| BRE Retail Residual Mezz 2 LLC | Delaware |
| BRE Retail Residual Mezz 3 LLC | Delaware |
| BRE Retail Residual Mezz 4 LLC | Delaware |
| BRE Retail Residual Mezz Holdco LLC | Delaware |
| BRE Retail Residual MO Owner LLC | Delaware |
| BRE Retail Residual MO/SC Holdings Trust | Delaware |
| BRE Retail Residual NC GP Holdings LLC | Delaware |
| BRE Retail Residual NC LP Holdings LLC | Delaware |
| BRE Retail Residual NC Owner L.P. | Delaware |
| BRE Retail Residual North Penn Market Place Holdings LLC | Delaware |
| BRE Retail Residual North Penn Market Place Owner LLC | Delaware |
| BRE Retail Residual OP 4 GP Holdings LLC | Delaware |
| BRE Retail Residual OP 5 GP Holdings LLC | Delaware |
| BRE Retail Residual OP 7-A GP Holdings LLC | Delaware |
| BRE Retail Residual Owner 1 LLC | Delaware |
| BRE Retail Residual Owner 2 LLC | Delaware |
| BRE Retail Residual Owner 3 LLC | Delaware |

---

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---

| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| BRE Retail Residual Owner 4 LLC | Delaware |
| BRE Retail Residual Owner 5 LLC | Delaware |
| BRE Retail Residual Owner 6 LLC | Delaware |
| BRE Retail Residual Shoppes at Valley Forge Holdings LLC | Delaware |
| BRE Retail Residual Shoppes at Valley Forge Owner LLC | Delaware |
| BRE Retail Residual TRS LLC | Delaware |
| BRE Southeast Retail Mezz 1 LLC | Delaware |
| BRE Tarpon Keith Bridge Commons LLC | Delaware |
| BRE Tarpon Salem Road Station Holdings LLC | Delaware |
| BRE Tarpon Salem Road Station LLC | Delaware |
| BRE Tarpon South Plaza LLC | Delaware |
| BRE Tarpon Vineyards at Chateau Elan LLC | Delaware |
| BRE Tarpon Wilmington Island LLC | Delaware |
| BRE Throne Beneva Village Shops LLC | Delaware |
| BRE Throne East Port Plaza LLC | Delaware |
| BRE Throne Garner Towne Center Square LP | Delaware |
| BRE Throne Holdings LLC | Delaware |
| BRE Throne Martin Downs Town Center LLC | Delaware |
| BRE Throne Martin Downs Village Center LLC | Delaware |
| BRE Throne Martin Downs Village Shoppes LLC | Delaware |
| BRE Throne Nashboro Village LLC | Delaware |
| BRE Throne Plaza Rio Vista LLC | Delaware |
| BRE Throne Preston Park LLC | Delaware |
| BRE Throne Property Holdings LLC | Delaware |
| Brixmor 23rd Street Station Owner, LLC | Delaware |
| Brixmor Acquisition Company, LLC | Delaware |
| Brixmor Arbor Faire GP, LLC | Delaware |
| Brixmor Arbor Faire Owner, LP | Delaware |
| Brixmor Arboretum Village LLC | Delaware |
| Brixmor Arborland LLC | Delaware |
| Brixmor Atlantic Plaza, LLC | Delaware |
| Brixmor Augusta West Plaza, LLC | Delaware |
| Brixmor Banks Station, LLC | Delaware |
| Brixmor Berkshire Crossing LLC | Delaware |
| Brixmor Bethel Park, LLC | Delaware |
| Brixmor Bonita Springs LLC | Delaware |
| Brixmor Brea Gateway LLC | Delaware |
| Brixmor Broadway Faire, L.P. | Delaware |
| Brixmor Burlington Square LLC | Delaware |
| Brixmor Campus Village Parcel LLC | Delaware |
| Brixmor Capitol SC LLC | Delaware |
| Brixmor Cedar Plaza, LLC | Delaware |
| Brixmor Centennial SC LLC | Delaware |
| Brixmor Champlin LLC | Delaware |
| Brixmor Clark, LLC | Delaware |
| Brixmor Cobblestone Village Parcel LLC | Delaware |
| Brixmor Coconut Creek Owner, LLC | Delaware |
| Brixmor College Plaza LLC | Delaware |
| Brixmor ConneXion SC LLC | Delaware |
| Brixmor Courtyard at Georgetown LLC | Delaware |
| Brixmor Creekwood SC, LLC | Delaware |
| Brixmor Cross Keys Commons LLC | Delaware |
| Brixmor Crystal Lake LLC | Delaware |
| Brixmor Dickson City Parcel Owner LLC | Delaware |
| Brixmor East Lake Pavilions, LLC | Delaware |
| Brixmor Eastlake SC, LLC | Delaware |
| Brixmor Elmhurst Crossing LLC | Delaware |

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| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| Brixmor Employment Company, LLC | Delaware |
| Brixmor ERT, LLC | Delaware |
| Brixmor Exchange Property Owner IV, LLC | Delaware |
| Brixmor Fairview Corners LLC | Delaware |
| Brixmor Felicita Town Center LLC | Delaware |
| Brixmor GA America LLC | Delaware |
| Brixmor GA Apollo 1 LLC | Delaware |
| Brixmor GA Apollo 4 LLC | Delaware |
| Brixmor GA Apollo 5 LLC | Delaware |
| Brixmor GA Apollo 6 LLC | Delaware |
| Brixmor GA Apollo I Sub Holdings, LLC | Delaware |
| Brixmor GA Apollo I Sub LLC | Delaware |
| Brixmor GA Apollo I TX Holdings, LLC | Delaware |
| Brixmor GA Apollo II TX LLC | Delaware |
| Brixmor GA Apollo II TX LP | Delaware |
| Brixmor GA Apollo III Sub Holdings, LLC | Delaware |
| Brixmor GA Apollo III TX LLC | Delaware |
| Brixmor GA Apollo III TX LP | Delaware |
| Brixmor GA Apollo IV Sub LLC | Delaware |
| Brixmor GA Apollo Member LLC | Delaware |
| Brixmor GA Arlington Heights LLC | Delaware |
| Brixmor GA Coastal Landing (FL) LLC | Delaware |
| Brixmor GA Coastal Way LLC | Delaware |
| Brixmor GA Cobblestone Village at Royal Palm Beach, LLC | Florida |
| Brixmor GA Cobblestone Village at St. Augustine, LLC | Delaware |
| Brixmor GA Cobblestone Village at St. Augustine Parcel LLC | Delaware |
| Brixmor GA Cosby Station LLC | Delaware |
| Brixmor GA Delta Center (MI) LLC | Delaware |
| Brixmor GA Devonshire (NC) GP LLC | Delaware |
| Brixmor GA Devonshire (NC) LP | Delaware |
| Brixmor GA Elizabethtown LLC | Delaware |
| Brixmor GA Fashion Corner, LLC | Delaware |
| Brixmor GA Financing 1 LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Delaware |
| Brixmor GA Grand Central Plaza I LLC | Delaware |
| Brixmor GA Grand Central Plaza LLC | Delaware |
| Brixmor GA Grand Central Plaza LP | Delaware |
| Brixmor GA Haymarket Square LLC | Delaware |
| Brixmor GA Hilltop Plaza, LLC | Delaware |
| Brixmor GA Karam Shopping Center LLC | Delaware |
| Brixmor GA Kingston Overlook LLC | Delaware |
| Brixmor Lake Pointe Village LLC | Delaware |
| Brixmor GA London Marketplace, LLC | Delaware |
| Brixmor GA Lunenburg Crossing LLC | Delaware |
| Brixmor GA Marketplace Wycliffe, LLC | Delaware |
| Brixmor GA Member II LLC | Delaware |
| Brixmor GA Mount Houston TX LLC | Delaware |
| Brixmor GA Mount Houston TX LP | Delaware |
| Brixmor GA Non-Core TN LLC | Delaware |
| Brixmor GA Normandy Square, LLC | Delaware |
| Brixmor GA North Haven Crossing LLC | Delaware |
| Brixmor GA North Olmsted LLC | Delaware |
| Brixmor GA Panama City, LLC | Delaware |
| Brixmor GA Parkway Plaza GP, LLC | Delaware |
| Brixmor GA Parkway Plaza, LP | Delaware |
| Brixmor GA PUT Portfolio LLC | Delaware |
| Brixmor GA San Dimas GP, LLC | Delaware |
| Brixmor GA San Dimas, LP | Delaware |

---

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---

| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| Brixmor GA Seacoast Shopping Center LLC | Delaware |
| Brixmor GA Shops at Prospect GP LLC | Delaware |
| Brixmor GA Shops at Prospect LP | Delaware |
| Brixmor GA Shops at Prospect LP LLC | Delaware |
| Brixmor GA Southland Shopping Center LLC | Delaware |
| Brixmor GA Springdale Member LLC | Delaware |
| Brixmor GA Springdale/Mobile Limited Partnership | Alabama |
| Brixmor GA Stratford Commons GP, LLC | Delaware |
| Brixmor GA Stratford Commons, LP | Delaware |
| Brixmor GA Sub LLC | Delaware |
| Brixmor GA Tuckernuck Square, LLC | Delaware |
| Brixmor GA Turnpike Plaza LLC | Delaware |
| Brixmor GA Vail Ranch GP, LLC | Delaware |
| Brixmor GA Vail Ranch, LP | Delaware |
| Brixmor GA Washtenaw Fountain, LLC | Delaware |
| Brixmor GA Waterbury LLC | Delaware |
| Brixmor GA Waterford Commons LLC | Delaware |
| Brixmor GA Westminster LLC | Delaware |
| Brixmor GA Wilkes-Barre LP | Delaware |
| Brixmor GA Wilkes-Barre Member I LLC | Delaware |
| Brixmor GA Wilkes-Barre Member LLC | Delaware |
| Brixmor GA Wilkes-Barre Sub LLC | Delaware |
| Brixmor GA Willow Springs Plaza LLC | Delaware |
| Brixmor Granada Shoppes Leasehold LLC | Delaware |
| Brixmor Granada Shoppes LLC | Delaware |
| Brixmor Greentree SC, LLC | Delaware |
| Brixmor Hale Road LLC | Delaware |
| Brixmor Hamilton Plaza Owner, LLC | Delaware |
| Brixmor Hanover Square SC, LLC | Delaware |
| Brixmor Helena Plaza LLC | Delaware |
| Brixmor Heritage Square LLC | Delaware |
| Brixmor Heritage Square MGR LLC | Delaware |
| Brixmor Holdings 1 SPE, LLC | Delaware |
| Brixmor Holdings 10 SPE, LLC | Delaware |
| Brixmor Holdings 11 SPE, LLC | Delaware |
| Brixmor Holdings 12 SPE, LLC | Delaware |
| Brixmor Holdings 3 SPE, LLC | Delaware |
| Brixmor Holdings 6 SPE, LLC | Delaware |
| Brixmor Holdings 8 SPE, LLC | Delaware |
| Brixmor HTG SPE 5 LLC | Delaware |
| Brixmor III OP, LLC | Delaware |
| Brixmor Incap LLC | South Carolina |
| Brixmor Innes Street LP | Delaware |
| Brixmor Ivyridge SC, LLC | Delaware |
| Brixmor Junior Mezz Holding, LLC | Delaware |
| Brixmor King's Market LLC | Delaware |
| Brixmor Larchmont LLC | Delaware |
| Brixmor Laurel Square Owner, LLC | Delaware |
| Brixmor Lehigh SC LLC | Delaware |
| Brixmor LLC | Maryland |
| Brixmor Long Meadow LLC | Delaware |
| Brixmor Mableton Walk, LLC | Delaware |
| Brixmor Management Joint Venture 2 Holding, LLC | Delaware |
| Brixmor Management Joint Venture 2, LLC | Delaware |
| Brixmor Management Joint Venture 2, LP | Delaware |
| Brixmor Management Joint Venture LP | Delaware |
| Brixmor Management NY LLC | Delaware |

---

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| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| Brixmor Manchester I LLC | Delaware |
| Brixmor Manchester II LLC | Delaware |
| Brixmor Manchester III LLC | Delaware |
| Brixmor Marlton Plaza LLC | Delaware |
| Brixmor MergerSub LLC | Delaware |
| Brixmor Metro 580 SC, L.P. | Delaware |
| Brixmor Miami Gardens, LLC | Delaware |
| Brixmor Miami Gardens Outparcel Owner LLC | Delaware |
| Brixmor Middletown Plaza Owner, LLC | Delaware |
| Brixmor Middle Country Road LLC | Delaware |
| Brixmor Miracle Mile, LLC | Delaware |
| Brixmor Monroe Plaza, LLC | Delaware |
| Brixmor Montebello Plaza GP, LLC | Delaware |
| Brixmor Montebello Plaza, L.P. | Delaware |
| Brixmor Morris Hills LLC | Delaware |
| Brixmor Naples SC LLC | Delaware |
| Brixmor NC Property GP LLC | Delaware |
| Brixmor New Centre LP | Delaware |
| Brixmor New Chastain Corners SC, LLC | Delaware |
| Brixmor North Riverside Plaza LLC | Delaware |
| Brixmor North Riverside Plaza Leasehold LLC | Delaware |
| Brixmor Old Bridge LLC | Delaware |
| Brixmor OP GP LLC | Delaware |
| Brixmor OP Holdings 2, LLC | Delaware |
| Brixmor OP Holdings LLC | Delaware |
| Brixmor OP TRS LLC | Delaware |
| Brixmor Operating Partnership 16, LLC | Delaware |
| Brixmor Operating Partnership 2, LLC | Delaware |
| Brixmor Operating Partnership 4, L.P. | Delaware |
| Brixmor Operating Partnership 5, L.P. | Delaware |
| Brixmor Operating Partnership 7-A, LP | Delaware |
| Brixmor Operating Partnership, LLC | Delaware |
| Brixmor Operating Partnership LP | Delaware |
| Brixmor PA, LLC | Pennsylvania |
| Brixmor Paradise Pavilion, LLC | Delaware |
| Brixmor Park Shore Outparcel LLC | Delaware |
| Brixmor Park Shore SC LLC | Delaware |
| Brixmor Pawleys Island Plaza LLC | Delaware |
| Brixmor Plaza By The Sea LLC | Delaware |
| Brixmor Plymouth Square LLC | Delaware |
| Brixmor Preston Park LLC | Delaware |
| Brixmor Property Group Inc. | Maryland |
| Brixmor Property Owner II, LLC | Delaware |
| Brixmor Quentin Collection Parcel LLC | Delaware |
| Brixmor Ravinia Plaza LLC | Delaware |
| Brixmor Residual Arapahoe Crossings LLC | Delaware |
| Brixmor Residual Dickson City Crossings Member, LLC | Delaware |
| Brixmor Residual Dickson City Crossings, LLC | Delaware |
| Brixmor Residual Holding LLC | Delaware |
| Brixmor Residual Presidential Plaza, LLC | Delaware |
| Brixmor Residual Shoppes at Fox Run, LLC | Delaware |
| Brixmor Rivercrest LLC | Delaware |
| Brixmor Riverhead Development LLC | Delaware |
| Brixmor Roanoke Plaza LLC | Delaware |
| Brixmor Roosevelt Mall Owner, LLC | Delaware |
| Brixmor Rose Pavilion, L.P. | Delaware |
| Brixmor Royal Oaks GP LLC | Delaware |

---

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| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| Brixmor Royal Oaks L.P. | Delaware |
| Brixmor Seminole Plaza Owner, LLC | Delaware |
| Brixmor Senior Mezz Holding, LLC | Delaware |
| Brixmor Silver Pointe, LLC | Delaware |
| Brixmor Slater Street LLC | Delaware |
| Brixmor Southport Centre LLC | Delaware |
| Brixmor SPE 1 LLC | Delaware |
| Brixmor SPE 2 LLC | Delaware |
| Brixmor SPE 3 LLC | Delaware |
| Brixmor SPE 4 LP | Delaware |
| Brixmor SPE 5 LLC | Delaware |
| Brixmor SPE 6 LLC | Delaware |
| Brixmor SPE MGR 1 LLC | Delaware |
| Brixmor Spring Mall Limited Partnership | Delaware |
| Brixmor Spring Mall, LLC | Delaware |
| Brixmor STN LLC | Delaware |
| Brixmor Stockbridge Village, LLC | Delaware |
| Brixmor Stone Mountain, LLC | Delaware |
| Brixmor Sunshine Square LLC | Delaware |
| Brixmor Surrey Square Mall, LLC | Delaware |
| Brixmor Sweetwater Village, LLC | Delaware |
| Brixmor Tarpon Mall, LLC | Delaware |
| Brixmor Tinton Falls, LLC | Delaware |
| Brixmor Tri City Plaza LLC | Delaware |
| Brixmor Trinity Commons SPE Limited Partnership | Delaware |
| Brixmor Trinity Commons SPE MGR LLC | Delaware |
| Brixmor UC Greenville LP | Delaware |
| Brixmor Upland Town Square LLC | Delaware |
| Brixmor Venetian Isle LLC | Delaware |
| Brixmor Ventura Downs Owner, LLC | Delaware |
| Brixmor Venice Village Shoppes LLC | Delaware |
| Brixmor Victory Square, LLC | Delaware |
| Brixmor Warminster SPE LLC | Delaware |
| Brixmor Watson Glen LLC | Delaware |
| Brixmor Webster Square LLC | Delaware |
| Brixmor Wendover Place LP | Delaware |
| Brixmor West U Marketplace LLC | Delaware |
| Brixmor Williamson Square GP LLC | Delaware |
| Brixmor Wolfcreek I LLC | Delaware |
| Brixmor Wolfcreek II LLC | Delaware |
| Brixmor Wolfcreek III LLC | Delaware |
| Brixmor Wolfcreek IV LLC | Delaware |
| Brixmor Wolfcreek Outparcel Owner LLC | Delaware |
| Brixmor Wynnewood Parcel LLC | Delaware |
| Brixmor/IA 18 Mile & Ryan, LLC | Delaware |
| Brixmor/IA Bennetts Mills Plaza, LLC | Delaware |
| Brixmor/IA Brunswick Town Center, LLC | Delaware |
| Brixmor/IA Cayuga Plaza, LLC | Delaware |
| Brixmor/IA Central Station, LLC | Delaware |
| Brixmor/IA Clearwater Mall, LLC | Delaware |
| Brixmor/IA Colonial Marketplace, LLC | Delaware |
| Brixmor/IA Columbus Center, LLC | Delaware |
| Brixmor/IA Crossroads Center, LLC | Delaware |
| Brixmor/IA Delco Plaza, LLC | Delaware |
| Brixmor/IA Downtown Publix, LLC | Delaware |
| Brixmor/IA Georgetown Square, LLC | Delaware |
| Brixmor/IA Northeast Plaza, LLC | Delaware |

---

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---

| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| Brixmor/IA Points West SC, LLC | Delaware |
| Brixmor/IA Quentin Collection, LLC | Delaware |
| Brixmor/IA Regency Park SC, LLC | Delaware |
| Brixmor/IA Rutland Plaza, LLC | Delaware |
| Brixmor/IA Southfield (MI) SC, LLC | Delaware |
| Brixmor/IA Southfield Plaza, LLC | Delaware |
| Brixmor/IA Spencer Square, LLC | Delaware |
| Brixmor/IA Tinley Park Plaza, LLC | Delaware |
| Brixmor-Lakes Crossing, LLC | Delaware |
| BRX CT Renewables LLC | Delaware |
| BRX Mamaroneck Parcel LLC | Delaware |
| BRX NJ Renewables LLC | Delaware |
| BRX NY Renewables LLC | Delaware |
| BRX PA Renewables LLC | Delaware |
| CA New Plan Asset LLC | Delaware |
| CA New Plan Asset Partnership IV, L.P. | Delaware |
| CA New Plan Fixed Rate Partnership, L.P. | Delaware |
| CA New Plan Fixed Rate SPE LLC | Delaware |
| CA New Plan IV | Maryland |
| CA New Plan Sarasota Holdings SPE, LLC | Delaware |
| CA New Plan Sarasota, L.P. | Delaware |
| CA New Plan Texas Assets, L.P. | Delaware |
| CA New Plan Texas Assets, LLC | Delaware |
| CA New Plan V | Maryland |
| CA New Plan Venture Direct Investment Fund, LLC | Delaware |
| CA New Plan Venture Fund, LLC | Delaware |
| CA New Plan Venture Partner | Maryland |
| CA New Plan VI | Maryland |
| CA New Plan Victoria Holdings SPE, LLC | Delaware |
| CA New Plan Victoria, L.P. | Delaware |
| CA New Plan Villa Monaco Holdings SPE, LLC | Delaware |
| CA New Plan Villa Monaco, L.P. | Delaware |
| California Mezz 1, LLC | Delaware |
| California Mezz 2, LLC | Delaware |
| California Mezz Holdings, LLC | Delaware |
| California Property Owner I, LLC | Delaware |
| Campus Village IDOT LLC | Delaware |
| Campus Village Shopping Center Joint Venture | Maryland |
| Cedar Crest Associates L.P. | Pennsylvania |
| Cedar Crest GP, LLC | Delaware |
| Century Plaza Associates, L.P. | Delaware |
| Chalfont Plaza Associates, L.P. | Delaware |
| Chalfont Plaza LLC | Delaware |
| Collegeville Plaza Associates, L.P. | Delaware |
| Collegeville Plaza LLC | Delaware |
| Columbus Outparcel Owner, LLC | Delaware |
| County Line Plaza Realty Associates, L.P. | Delaware |
| County Line Plaza Realty LLC | Delaware |
| CP General Partner, LLC | Delaware |
| Culpeper Shopping Center Joint Venture | Maryland |
| CV GP L.P. | Delaware |
| CV GP LLC | Delaware |
| CW A & P Mamaroneck LLC | Delaware |
| CW Groton Square LLC | Delaware |
| CW Highridge Plaza LLC | Delaware |
| CW North Ridge Plaza LLC | Delaware |
| CW Park Hills Plaza GP LLC | Delaware |

---

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---

| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| CW Park Hills Plaza LP | Delaware |
| CW Parkway Plaza LLC | Delaware |
| CW Parkway Plaza Manager LLC | Delaware |
| CW Pilgrim Gardens GP LLC | Delaware |
| CW Pilgrim Gardens Holding GP LLC | Delaware |
| CW Pilgrim Gardens Holding LP | Delaware |
| CW Pilgrim Gardens LP | Delaware |
| CW Village Square LLC | Delaware |
| CWAR 14 LLC | Delaware |
| CWAR 15 LLC | Delaware |
| CWOP 2 Mansell Pad Site LLC | Delaware |
| DHHE, LLC | Delaware |
| ERP Australian Member, LLC | Delaware |
| ERP Hillcrest, LLC | Delaware |
| ERP Mingo Marketplace, LLC | Delaware |
| ERP New Britain GP, LLC | Delaware |
| ERP New Britain Holdings, LP | Delaware |
| ERP New Britain Mezz GP, LLC | Delaware |
| ERP New Britain Property Owner, L.P. | Delaware |
| ERT 163rd Street Mall, LLC | Delaware |
| ERT Development LLC | Delaware |
| Excel Realty Partners, L.P. | Delaware |
| Excel Realty Trust - NC | North Carolina |
| FDHE, LLC | Delaware |
| Fox Run Limited Partnership | Alabama |
| Fox Run LLC | Delaware |
| Glenmont Associates Limited Partnership | Pennsylvania |
| Glenmont LLC | Delaware |
| Grove Court Shopping Center LLC | Delaware |
| Harpers Corner Parcel LLC | Delaware |
| Heritage Hale Road LLC | Delaware |
| Heritage HR Manager LLC | Delaware |
| Heritage Property Investment Limited Partnership | Delaware |
| Heritage Realty Management, LLC | Delaware |
| Heritage Realty Special L.P., LLC | Delaware |
| Heritage Southwest GP LLC | Delaware |
| Heritage Southwest Limited Partnership | Delaware |
| Heritage SPE LLC | Delaware |
| Heritage SPE MGR LLC | Delaware |
| Heritage SPE MGR Manager, LLC | Delaware |
| HK New Plan Arvada Plaza, LLC | Delaware |
| HK New Plan Covered Sun, LLC | Delaware |
| HK New Plan ERP Property Holdings, LLC | Delaware |
| HK New Plan Exchange Property Holdings I, LLC | Delaware |
| HK New Plan Exchange Property Owner II, LP | Delaware |
| HK New Plan Lower Tier OH, LLC | Delaware |
| HK New Plan Macon Chapman TRS GP LLC | Delaware |
| HK New Plan Mid Tier OH, L.P. | Delaware |
| HK New Plan STH Mid Tier I, LLC | Delaware |
| HK New Plan STH Upper Tier I, LLC | Delaware |
| HK New Plan STH Upper Tier II Company | Maryland |
| KOP Perkins Farm Marketplace LLC | Delaware |
| KOP Vestal Venture LLC | Delaware |
| KR 69th Street GP LLC | Delaware |
| KR 69th Street, L.P. | Pennsylvania |
| KR Barn GP LLC | Delaware |
| KR Barn, L.P. | Pennsylvania |

---

------

---

| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| KR Best Associates GP LLC | Delaware |
| KR Best Associates, L.P. | Pennsylvania |
| KR Campus GP LLC | Delaware |
| KR Campus II GP LLC | Delaware |
| KR Collegetown LLC | Delaware |
| KR Collegetown Manager LLC | Delaware |
| KR Culpeper GP LLC | Delaware |
| KR Culpeper II GP LLC | Delaware |
| KR Fox Run GP LLC | Delaware |
| KR Holcomb LLC | Delaware |
| KR Holcomb Manager LLC | Delaware |
| KR Mableton LLC | Delaware |
| KR Mableton Manager LLC | Delaware |
| KR Morganton LP | Delaware |
| KR Morganton Manager LLC | Delaware |
| KR Park Plaza LLC | Delaware |
| KR Park Plaza Manager LLC | Delaware |
| KR Stratford LLC | Delaware |
| KR Stratford Manager LLC | Delaware |
| Kramont Operating Partnership, L.P. | Delaware |
| KRT Property Holdings LLC | Delaware |
| KRT Property Holdings Manager LLC | Delaware |
| Marlton Plaza Associates II, L.P. | Delaware |
| Marlton Plaza Associates, L.P. | Delaware |
| Marlton Plaza II LLC | Delaware |
| Montgomery CV Realty L.P. | Delaware |
| NC Properties #1, LLC | Delaware |
| NC Properties #2, LLC | Delaware |
| New Plan Australian Member, LLC | Delaware |
| New Plan Cinnaminson Urban Renewal, L.L.C. | New Jersey |
| New Plan Disbursing LLC | Delaware |
| New Plan DRP Trust | Maryland |
| New Plan ERP Limited Partner Company | Maryland |
| New Plan ERT Tyrone Gardens, LLC | Delaware |
| New Plan Florida Holdings, LLC | Delaware |
| New Plan Hampton Village, LLC | Delaware |
| New Plan of Arlington Heights, LLC | Delaware |
| New Plan of Cinnaminson GP, LLC | Delaware |
| New Plan of Cinnaminson LP | Delaware |
| New Plan of Michigan Member, LLC | Delaware |
| New Plan of West Ridge, LLC | Delaware |
| New Plan Pennsylvania Holdings, LLC | Delaware |
| New Plan Property Holding Company | Maryland |
| New Plan Realty Trust, LLC | Delaware |
| NewSem Tyrone Gardens Property Owner, LLC | Delaware |
| NewSem Tyrone Gardens, LLC | Delaware |
| Newtown Village Plaza Associates L.P. | Delaware |
| Newtown Village Plaza LLC | Delaware |
| Northeast Plaza Outparcel Owner LLC | Delaware |
| Orange Plaza LLC | Delaware |
| Orange Plaza Manager LLC | Delaware |
| Pointe Orlando Development Company | California |
| Rio Grande Associates | Pennsylvania |
| Rio Grande Plaza LLC | Delaware |
| Salmon Run Plaza LLC | Delaware |
| Springfield Parcel LLC | Delaware |
| Springfield Supermarket LLC | Delaware |

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| | |
|:---|:---|
| **Legal Entity Name** | **State of Formation** |
| Springfield Supermarket Manager LLC | Delaware |
| The Shoppes at Wycliffe Property Owners' Association, Inc. | Florida |
| Super LLC | Maryland |
| Vestal Campus Plaza LLC | Delaware |
| Vestal Parkway Plaza LLC | Delaware |
| Vestal Retail Holdings, L.L.C. | Delaware |
| Vestal Shoppes LLC | Delaware |
| Vestal Town Square LLC | Delaware |
| Vestal Town Square Manager LLC | Delaware |
| Village Plaza LLC | Delaware |
| Village Plaza Manager LLC | Delaware |
| Werk Road Acquisition LLC | Delaware |
| Williamson Square Associates Limited Partnership | Illinois |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement Nos. 333-256637 and 333-235277 on Forms S-3 and Registration Statement No. 333-191971 on Form S-8 of our reports dated February 13, 2023, relating to the consolidated financial statements and financial statement schedules of Brixmor Property Group Inc. and Subsidiaries, and the effectiveness of Brixmor Property Group Inc. and Subsidiaries' internal control over financial reporting, appearing in this Annual Report on Form 10-K of Brixmor Property Group Inc. and Subsidiaries for the year ended December 31, 2022.

/s/ DELOITTE & TOUCHE LLP

Philadelphia, Pennsylvania

February 13, 2023

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement Nos. 333-256637-01 and 333-235277-01 on Forms S-3 of our reports dated February 13, 2023, relating to the consolidated financial statements and financial statement schedules of Brixmor Operating Partnership LP and Subsidiaries, and the effectiveness of Brixmor Operating Partnership LP and Subsidiaries' internal control over financial reporting, appearing in this Annual Report on Form 10-K of Brixmor Operating Partnership LP and Subsidiaries for the year ended December 31, 2022.

/s/ DELOITTE & TOUCHE LLP

Philadelphia, Pennsylvania

February 13, 2023

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, James M. Taylor, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K for the period ended December 31, 2022 of Brixmor Property Group Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 13, 2023 | |
| | <u>/s/ James M. Taylor</u> |
| | Chief Executive Officer and President |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Angela Aman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K for the period ended December 31, 2022 of Brixmor Property Group Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 13, 2023 | |
| | <u>/s/ Angela Aman</u> |
| | Chief Financial Officer |
| | (Principal Financial Officer) |

---

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, James M. Taylor, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K for the period ended December 31, 2022 of Brixmor Operating Partnership LP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 13, 2023 | |
| | <u>/s/ James M. Taylor</u> |
| | Chief Executive Officer and President |
| | (Principal Executive Officer) |

---

## Exhibit 31.4

**Exhibit 31.4**

**CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF**

**THE SARBANES-OXLEY ACT OF 2002**

I, Angela Aman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K for the period ended December 31, 2022 of Brixmor Operating Partnership LP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 13, 2023 | |
| | <u>/s/ Angela Aman</u> |
| | Chief Financial Officer |
| | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Brixmor Property Group Inc. (the "Company") on Form 10-K for the period ended December 31, 2022 filed with the Securities and Exchange Commission on the date hereof (the "Report"), pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of the Company hereby certify, to such officers' knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

---

| | |
|:---|:---|
| Date: February 13, 2023 | |
| | <u>/s/ James M. Taylor</u> |
| | Chief Executive Officer and President |
| | (Principal Executive Officer) |
| | <u>/s/ Angela Aman</u> |
| | Chief Financial Officer |
| | (Principal Financial Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Brixmor Operating Partnership LP (the "Operating Partnership") on Form 10-K for the period ended December 31, 2022 filed with the Securities and Exchange Commission on the date hereof (the "Report"), pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of the Operating Partnership hereby certify, to such officers' knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership for the periods presented therein.

---

| | |
|:---|:---|
| Date: February 13, 2023 | |
| | <u>/s/ James M. Taylor</u> |
| | Chief Executive Officer and President |
| | (Principal Executive Officer) |
| | <u>/s/ Angela Aman</u> |
| | Chief Financial Officer |
| | (Principal Financial Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

**BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES**

**PROPERTY LIST**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 1 | Springdale | Mobile | AL | Mobile, AL | 2004 | 410401 | 85.8% | $4369 | $12.70 | Sam's Club\* | Bed Bath & Beyond, Big Lots, Burke's Outlet, Burlington Stores, Conn's HomePlus, Cost Plus World Market, Crunch Fitness, David's Bridal, Fresenius Medical Care, Marshalls, Shoe Station |  |
| 2 | Northmall Centre | Tucson | AZ | Tucson, AZ | 1996 | 165350 | 79.3% | 1825 | 13.92 | Sam's Club\* | Bookmans, CareMore, Defy-Tucson |  |
| 3 | Bakersfield Plaza | Bakersfield | CA | Bakersfield, CA | 1970 | 240068 | 97.8% | 3687 | 16.00 | Lassens Natural Foods & Vitamins | AMC, Burlington Stores, Five Below, In Shape Fitness, Ross Dress for Less | Hobby Lobby |
| 4 | Brea Gateway | Brea | CA | Los Angeles-Long Beach-Anaheim, CA | 1994 | 181819 | 100.0% | 4802 | 26.41 | Ralphs (Kroger) | Cost Plus World Market, HomeGoods, Rite Aid |  |
| 5 | Carmen Plaza | Camarillo | CA | Oxnard-Thousand Oaks-Ventura, CA | 2000 | 128369 | 95.1% | 3210 | 27.80 | TBA, Trader Joe's\* | CVS, Harbor Freight Tools, Pet Supplies Plus |  |
| 6 | Plaza Rio Vista | Cathedral | CA | Riverside-San Bernardino-Ontario, CA | 2005 | 75415 | 96.6% | 1465 | 22.51 | Stater Bros. |  |  |
| 7 | Cudahy Plaza | Cudahy | CA | Los Angeles-Long Beach-Anaheim, CA | 2021 | 123149 | 100.0% | 2794 | 22.69 |  | Big Lots, Burlington Stores, Chuze Fitness |  |
| 8 | The Davis Collection | Davis | CA | Sacramento-Roseville-Folsom, CA | 1964 | 105531 | 32.5% | 936 | 27.26 | Trader Joe's |  |  |
| 9 | Felicita Plaza | Escondido | CA | San Diego-Chula Vista-Carlsbad, CA | 2001 | 98594 | 100.0% | 1746 | 17.71 | Vons (Albertsons) | Chuze Fitness |  |
| 10 | Felicita Town Center | Escondido | CA | San Diego-Chula Vista-Carlsbad, CA | 1987 | 124670 | 99.8% | 3267 | 26.27 | Major Market, Trader Joe's | Rite Aid |  |
| 11 | Arbor - Broadway Faire<sup>(3)</sup> | Fresno | CA | Fresno, CA | 1995 | 255149 | 83.3% | 3264 | 15.35 | Smart & Final Extra! | PetSmart, The Home Depot | DICK's Sporting Goods |
| 12 | Lompoc Center | Lompoc | CA | Santa Maria-Santa Barbara, CA | 1960 | 166696 | 96.9% | 2207 | 13.66 | ALDI | Boot Barn, Five Below, Harbor Freight Tools, Marshalls, Michaels, Old Navy, Ulta |  |
| 13 | Briggsmore Plaza | Modesto | CA | Modesto, CA | 1998 | 89689 | 100.0% | 1300 | 14.90 | Grocery Outlet | American Freight, dd's Discounts (Ross) | In Shape Fitness |
| 14 | Montebello Plaza | Montebello | CA | Los Angeles-Long Beach-Anaheim, CA | 1974 | 284331 | 100.0% | 6550 | 23.22 | Albertsons | Best Buy, CVS, Five Below, Kohl's, Ross Dress for Less |  |
| 15 | California Oaks Center | Murrieta | CA | Riverside-San Bernardino-Ontario, CA | 1990 | 124481 | 98.4% | 2316 | 19.52 | Barons Market | Crunch Fitness, Dollar Tree |  |
| 16 | Pacoima Center | Pacoima | CA | Los Angeles-Long Beach-Anaheim, CA | 1995 | 202773 | 100.0% | 2468 | 12.17 | Food 4 Less (Kroger) | Ross Dress for Less, Target |  |
| 17 | Metro 580 | Pleasanton | CA | San Francisco-Oakland-Berkeley, CA | 1996 | 177573 | 93.4% | 2626 | 33.81 |  | Kohl's, Party City | Walmart |
| 18 | Rose Pavilion | Pleasanton | CA | San Francisco-Oakland-Berkeley, CA | 2019 | 329421 | 96.0% | 8834 | 27.99 | 99 Ranch Market, Trader Joe's | CVS, Macy's Home Store, Restoration Hardware, Total Wine & More |  |
| 19 | Puente Hills Town Center | Rowland Heights | CA | Los Angeles-Long Beach-Anaheim, CA | 1984 | 258685 | 91.1% | 6176 | 26.19 |  | Marshalls, Planet Fitness |  |
| 20 | Ocean View Plaza | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 1990 | 169963 | 100.0% | 5610 | 33.01 | Ralphs (Kroger), Trader Joe's | Crunch Fitness, CVS |  |
| 21 | Plaza By The Sea | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 1976 | 48697 | 100.0% | 1352 | 27.76 | Stater Bros. |  |  |
| 22 | Village at Mira Mesa<sup>(4)</sup> | San Diego | CA | San Diego-Chula Vista-Carlsbad, CA | 2023 | 432079 | 100.0% | 11324 | 27.04 | Sprouts Farmers Market, Vons (Albertsons) | BevMo, Burlington Stores, CVS, Marshalls, Michaels, Mira Mesa Lanes |  |
| 23 | San Dimas Plaza | San Dimas | CA | Los Angeles-Long Beach-Anaheim, CA | 1986 | 164757 | 98.8% | 3990 | 24.50 | Smart & Final Extra! | Harbor Freight Tools, T.J.Maxx |  |
| 24 | Bristol Plaza | Santa Ana | CA | Los Angeles-Long Beach-Anaheim, CA | 2003 | 111403 | 92.5% | 3463 | 34.36 | Trader Joe's | Petco, Rite Aid, Ross Dress for less |  |
| 25 | Gateway Plaza | Santa Fe Springs | CA | Los Angeles-Long Beach-Anaheim, CA | 2002 | 289268 | 100.0% | 3734 | 25.11 | El Super, Walmart Supercenter | Esporta Fitness, Ross Dress for Less | Target |
| 26 | Santa Paula Center | Santa Paula | CA | Oxnard-Thousand Oaks-Ventura, CA | 1995 | 191475 | 97.6% | 2439 | 13.35 | Vons (Albertsons) | Ace Hardware, Big Lots, CVS |  |
| 27 | Vail Ranch Center<sup>(4)</sup> | Temecula | CA | Riverside-San Bernardino-Ontario, CA | 2023 | 201682 | 99.5% | 3755 | 25.01 | Stater Bros. | Burlington Stores, Five Below, Rite Aid |  |
| 28 | Country Hills Shopping Center | Torrance | CA | Los Angeles-Long Beach-Anaheim, CA | 1977 | 53200 | 97.2% | 1139 | 22.03 | Ralphs (Kroger) |  |  |
| 29 | Upland Town Square | Upland | CA | Riverside-San Bernardino-Ontario, CA | 1994 | 100090 | 96.1% | 2235 | 23.23 | Sprouts Farmers Market |  |  |
| 30 | Gateway Plaza - Vallejo<sup>(4)</sup> | Vallejo | CA | Vallejo, CA | 2023 | 519324 | 99.6% | 11087 | 21.61 | Costco\* | Bed Bath & Beyond, Century Theatres, City Sports Club, DSW, Five Below, Marshalls, Michaels, OfficeMax, Party City, Petco, PetSmart, Ross Dress for Less, Ulta | Target |
| 31 | Arvada Plaza | Arvada | CO | Denver-Aurora-Lakewood, CO | 1994 | 95236 | 100.0% | 824 | 8.65 | King Soopers (Kroger) | Arc |  |
| 32 | Arapahoe Crossings | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 476988 | 99.4% | 7649 | 16.28 | King Soopers (Kroger) | 2nd & Charles, AMC Theatres, Big Lots, Burlington Stores, buybuy BABY, DICK'S Sporting Goods Warehouse Sale, Goldfish Swim School, Kohl's, Planet Fitness |  |
| 33 | Aurora Plaza | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 178013 | 100.0% | 2155 | 12.53 | King Soopers (Kroger) | Chuze Fitness, iGen |  |
| 34 | Villa Monaco | Denver | CO | Denver-Aurora-Lakewood, CO | 1978 | 122803 | 96.9% | 1975 | 16.83 |  | Chuze Fitness |  |
| 35 | Centennial Shopping Center | Englewood | CO | Denver-Aurora-Lakewood, CO | 2013 | 113830 | 95.3% | 1165 | 37.45 | King Soopers (Kroger) | Pet Supplies Plus |  |
| 36 | Superior Marketplace | Superior | CO | Boulder, CO | 1997 | 275919 | 86.9% | 4154 | 17.33 | Whole Foods Market, Costco\*, SuperTarget\* | Goldfish Swim School, Michaels, OfficeMax, PetSmart, Stickley Furniture, T.J.Maxx, Ulta |  |
| 37 | Westminster City Center<sup>(4)</sup> | Westminster | CO | Denver-Aurora-Lakewood, CO | 2023 | 331128 | 94.4% | 4602 | 14.72 |  | Barnes & Noble, buybuy BABY, David's Bridal, Five Below, Golf Galaxy, JOANN, Ross Dress for Less, Sierra Trading Post, Tile Shop, Ulta |  |
| 38 | The Shoppes at Fox Run | Glastonbury | CT | Hartford-East Hartford-Middletown, CT | 1974 | 106498 | 92.4% | 2674 | 27.17 | Whole Foods Market | Petco |  |
| 39 | Groton Square | Groton | CT | Norwich-New London, CT | 1987 | 196802 | 96.2% | 2471 | 13.05 | Super Stop & Shop (Ahold Delhaize) | Kohl's | Walmart |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 40 | Parkway Plaza | Hamden | CT | New Haven-Milford, CT | 2006 | 72353 | 95.2% | 1055 | 15.32 | PriceRite (Wakefern) |  | The Home Depot |
| 41 | The Manchester Collection | Manchester | CT | Hartford-East Hartford-Middletown, CT | 2001 | 327775 | 90.6% | 3471 | 11.69 | Walmart Supercenter\* | Bed Bath & Beyond, Cost Plus World Market, DICK'S Sporting Goods Warehouse Sale, DSW, Edge Fitness, Frontera Grill, Hobby Lobby, U.S. Furniture | Best Buy, The Home Depot, Walmart |
| 42 | Turnpike Plaza | Newington | CT | Hartford-East Hartford-Middletown, CT | 2004 | 149894 | 55.8% | 1580 | 18.88 | Price Chopper |  |  |
| 43 | North Haven Crossing | North Haven | CT | New Haven-Milford, CT | 1993 | 103365 | 97.7% | 1783 | 17.65 |  | Barnes & Noble, Dollar Tree, Five Below, HomeGoods, Lumber Liquidators, PetSmart |  |
| 44 | Christmas Tree Plaza | Orange | CT | New Haven-Milford, CT | 1996 | 133786 | 92.3% | 1460 | 11.82 |  | Christmas Tree Shops, Montana Nights Axe Throwing, U.S. Furniture |  |
| 45 | Stratford Square | Stratford | CT | Bridgeport-Stamford-Norwalk, CT | 1984 | 161075 | 100.0% | 2738 | 17.00 |  | Esporta Fitness, Five Below, Marshalls |  |
| 46 | Waterbury Plaza | Waterbury | CT | New Haven-Milford, CT | 2000 | 178786 | 88.9% | 2253 | 14.17 | Super Stop & Shop (Ahold Delhaize) | DLTR, Dollar Tree | Target |
| 47 | Waterford Commons | Waterford | CT | Norwich-New London, CT | 2004 | 243511 | 89.9% | 4143 | 19.74 |  | DICK'S Sporting Goods, DSW, Michaels, Party City, Tractor Supply Co., Ulta | Best Buy, Raymour & Flanigan |
| 48 | Center of Bonita Springs | Bonita Springs | FL | Cape Coral-Fort Myers, FL | 2014 | 281394 | 98.9% | 4067 | 14.99 | Publix | Anthony's Ladies Apparel, Bealls Outlet, Burlington Stores, Crunch Fitness, Naples Community Hospital, NewSouth Window Solutions, Old Time Pottery |  |
| 49 | Coastal Way - Coastal Landing | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 2008 | 374598 | 99.1% | 4380 | 14.20 |  | Bed Bath & Beyond, Belk, HomeGoods, Icon EV, Marshalls, Michaels, Office Depot, Petco, Ulta |  |
| 50 | Clearwater Mall | Clearwater | FL | Tampa-St. Petersburg-Clearwater, FL | 1973 | 300929 | 95.1% | 7054 | 24.65 | Costco\*, SuperTarget\* | Burlington Stores, David's Bridal, Five Below, Michaels, PetSmart, Ross Dress for Less, Total Music & Theatre Conservatory | Lowe's |
| 51 | Coconut Creek Plaza | Coconut Creek | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2005 | 264129 | 95.8% | 4035 | 16.15 | Publix | Big Lots, CareerSource Broward, Harvest Church, Off the Wall Trampoline, Planet Fitness, Wellmax Medical Center |  |
| 52 | Century Plaza Shopping Center | Deerfield Beach | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2006 | 90483 | 85.2% | 1948 | 25.27 |  | Broward County Library, CVS |  |
| 53 | Northgate Shopping Center | DeLand | FL | Deltona-Daytona Beach-Ormond Beach, FL | 1993 | 182054 | 100.0% | 1691 | 9.29 | Publix | Big Lots, Planet Fitness, Tractor Supply Co. |  |
| 54 | Sun Plaza | Fort Walton Beach | FL | Crestview-Fort Walton Beach-Destin, FL | 2004 | 158118 | 97.6% | 1907 | 12.36 | Publix | Bealls Outlet, Books-A-Million, Office Depot, T.J.Maxx |  |
| 55 | Normandy Square | Jacksonville | FL | Jacksonville, FL | 1996 | 90384 | 100.0% | 949 | 10.81 | Winn-Dixie (Southeastern Grocers) | Ace Hardware, Family Dollar |  |
| 56 | Regency Park Shopping Center | Jacksonville | FL | Jacksonville, FL | 1985 | 330567 | 96.4% | 2788 | 9.40 |  | American Signature Furniture, Bealls Outlet, Crunch Fitness, David's Bridal, Dollar Tree, Ollie's Bargain Outlet, Surplus Warehouse |  |
| 57 | Ventura Downs | Kissimmee | FL | Orlando-Kissimmee-Sanford, FL | 2018 | 98191 | 98.6% | 1949 | 20.14 |  | Dollar Tree, Esporta Fitness |  |
| 58 | Marketplace at Wycliffe | Lake Worth | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2002 | 135820 | 96.5% | 2656 | 20.63 | Walmart Neighborhood Market | Walgreens |  |
| 59 | Venetian Isle Shopping Ctr | Lighthouse Point | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 1992 | 183816 | 79.3% | 1748 | 12.42 | Publix | Daily Dealz, Dollar Tree, Petco, Staples |  |
| 60 | Marco Town Center<sup>(4)</sup> | Marco Island | FL | Naples-Marco Island, FL | 2023 | 109545 | 92.5% | 2744 | 27.09 | Publix |  |  |
| 61 | Mall at 163rd Street | Miami | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2007 | 342385 | 82.2% | 3464 | 12.63 | Walmart Supercenter\* | Citi Trends, Ross Dress for Less | The Home Depot |
| 62 | Shops at Palm Lakes<sup>(4)</sup> | Miami | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2023 | 231536 | 100.0% | 5195 | 24.52 | Fresco y Más (Southeastern Grocers) | dd's Discounts (Ross), LA Fitness, Miami Beach Healthcare Group, Ross Dress for Less |  |
| 63 | Freedom Square | Naples | FL | Naples-Marco Island, FL | 2021 | 193242 | 100.0% | 2825 | 14.62 | Publix | Burlington Stores, HomeGoods, Planet Fitness |  |
| 64 | Granada Shoppes | Naples | FL | Naples-Marco Island, FL | 2011 | 306981 | 100.0% | 5479 | 17.85 | Trader Joe's | Advance Auto Parts, Chuck E. Cheese's, Hobby Lobby, Marshalls, Tuesday Morning |  |
| 65 | Naples Plaza | Naples | FL | Naples-Marco Island, FL | 2013 | 201795 | 98.7% | 3865 | 19.75 | Publix | Marshalls, Office Depot, PGA TOUR Superstore |  |
| 66 | Park Shore Plaza | Naples | FL | Naples-Marco Island, FL | 2017 | 256948 | 100.0% | 5179 | 21.26 | The Fresh Market | Big Lots, Burlington Stores, HomeGoods, Party City, Saks OFF Fifth, Yard House |  |
| 67 | Chelsea Place | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 1992 | 81144 | 100.0% | 1146 | 14.12 | Publix | Zone Fitness Club |  |
| 68 | Presidential Plaza West | North Lauderdale | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2006 | 88441 | 100.0% | 1104 | 12.48 | Sedano's | Family Dollar |  |
| 69 | Colonial Marketplace | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1986 | 141069 | 100.0% | 2609 | 18.49 |  | Burlington Stores, LA Fitness | Target |
| 70 | Conway Crossing | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2002 | 76321 | 100.0% | 1193 | 15.63 | Publix |  |  |
| 71 | Hunter's Creek Plaza | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1998 | 74583 | 100.0% | 1359 | 18.22 | Seabra Foods | Office Depot |  |
| 72 | Pointe Orlando<sup>(4)</sup> | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2023 | 418282 | 90.5% | 10582 | 28.44 |  | Capital Grille, Cuba Libre, Hampton Social, Improv & Fat Fish Blue, Maggiano's Little Italy, Main Event, Regal Cinemas, Rodizio Grill, Sports & Social |  |
| 73 | Martin Downs Town Center | Palm City | FL | Port St. Lucie, FL | 1996 | 64546 | 100.0% | 851 | 13.18 | Publix |  |  |
| 74 | Martin Downs Village Center | Palm City | FL | Port St. Lucie, FL | 1987 | 162592 | 94.3% | 3046 | 20.43 |  | Coastal Care, Walgreens |  |
| 75 | 23rd Street Station | Panama City | FL | Panama City, FL | 1995 | 98827 | 92.4% | 1385 | 15.17 | Publix | Pet Supplies Plus |  |
| 76 | Panama City Square | Panama City | FL | Panama City, FL | 1989 | 298665 | 100.0% | 2804 | 9.39 | Walmart Supercenter | Big Lots, Harbor Freight Tools, HomeGoods, T.J.Maxx |  |
| 77 | East Port Plaza<sup>(4)</sup> | Port St. Lucie | FL | Port St. Lucie, FL | 2023 | 214489 | 91.5% | 2826 | 14.41 | Publix | Fortis Institute, Urban Air Adventure Park, Walgreens |  |
| 78 | Shoppes of Victoria Square | Port St. Lucie | FL | Port St. Lucie, FL | 1990 | 95186 | 98.9% | 1312 | 13.93 | Winn-Dixie (Southeastern Grocers) | Dollar Tree |  |
| 79 | Lake St. Charles | Riverview | FL | Tampa-St. Petersburg-Clearwater, FL | 1999 | 61015 | 100.0% | 758 | 13.29 | Winn-Dixie (Southeastern Grocers) |  |  |
| 80 | Cobblestone Village | Royal Palm Beach | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2005 | 39404 | 100.0% | 872 | 22.13 | SuperTarget\* | The Zoo Health Club |  |
| 81 | Beneva Village Shoppes | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 2020 | 144078 | 100.0% | 2870 | 19.92 | Publix | Archwell Health, Harbor Freight Tools, Pet Supermarket |  |
| 82 | Sarasota Village | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 1972 | 173184 | 100.0% | 2180 | 12.91 | Publix | Big Lots, Crunch Fitness, HomeGoods |  |
| 83 | Atlantic Plaza | Satellite Beach | FL | Palm Bay-Melbourne-Titusville, FL | 2008 | 126333 | 95.9% | 1768 | 14.59 | Publix | Home Centric, Planet Fitness |  |
| 84 | Seminole Plaza | Seminole | FL | Tampa-St. Petersburg-Clearwater, FL | 2020 | 156718 | 99.3% | 2141 | 13.75 | Sprouts Farmers Market | Bealls Outlet, Burlington Stores, T.J.Maxx |  |
| 85 | Cobblestone Village | St. Augustine | FL | Jacksonville, FL | 2003 | 274200 | 100.0% | 4422 | 16.13 | Publix | Bealls, Bed Bath & Beyond, Michaels, Party City, Petco |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 86 | Dolphin Village | St. Pete Beach | FL | Tampa-St. Petersburg-Clearwater, FL | 1990 | 135796 | 89.2% | 2182 | 18.02 | Publix | CVS, Dollar Tree |  |
| 87 | Rutland Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 149562 | 98.8% | 1405 | 9.51 | Winn-Dixie (Southeastern Grocers) | Bealls Outlet, Big Lots |  |
| 88 | Tyrone Gardens<sup>(4)</sup> | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2023 | 195214 | 84.5% | 2078 | 12.59 | Winn-Dixie (Southeastern Grocers) | Big Lots, Chuck E. Cheese's, Crunch Fitness |  |
| 89 | Downtown Publix | Stuart | FL | Port St. Lucie, FL | 2000 | 151246 | 85.6% | 1869 | 14.44 | Publix | Flooring USA |  |
| 90 | Sunrise Town Center | Sunrise | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 1989 | 110109 | 90.5% | 815 | 8.18 | Patel Brothers | Dollar Tree | Walmart |
| 91 | Carrollwood Center | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 92678 | 98.9% | 1792 | 19.55 | Publix | Rarehues |  |
| 92 | Ross Plaza | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 1996 | 84707 | 95.2% | 1367 | 16.95 |  | Dollar Tree, Lumber Liquidators, Ross Dress for Less |  |
| 93 | Tarpon Mall | Tarpon Springs | FL | Tampa-St. Petersburg-Clearwater, FL | 2003 | 145832 | 100.0% | 2545 | 17.45 | Publix | Petco, T.J.Maxx, Ulta |  |
| 94 | Venice Plaza | Venice | FL | North Port-Sarasota-Bradenton, FL | 1999 | 132345 | 98.8% | 1065 | 8.15 | Winn-Dixie (Southeastern Grocers) | Lumber Liquidators, Pet Supermarket, T.J.Maxx |  |
| 95 | Venice Shopping Center | Venice | FL | North Port-Sarasota-Bradenton, FL | 2000 | 109801 | 95.7% | 960 | 9.14 | Publix | American Freight Furniture |  |
| 96 | Venice Village | Venice | FL | North Port-Sarasota-Bradenton, FL | 2022 | 175342 | 95.5% | 3291 | 19.66 | Publix | JOANN, Planet Fitness |  |
| 97 | Mansell Crossing | Alpharetta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1993 | 280749 | 91.1% | 3495 | 18.35 |  | Barnes & Noble, DSW, Macy's Furniture Gallery, REI, T.J.Maxx | Burlington Stores, buybuy BABY, HomeGoods, Michaels, Ross Dress for Less, Studio Movie Grill |
| 98 | Northeast Plaza | Atlanta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1952 | 445042 | 87.0% | 4727 | 12.48 | City Farmers Market | Buckhead Fight Club, dd's Discounts (Ross), Happy Land Dresses, HippoHopp, NCG Cinemas |  |
| 99 | Augusta West Plaza | Augusta | GA | Augusta-Richmond County, GA-SC | 2006 | 170681 | 99.2% | 1437 | 8.49 |  | At Home, Dollar Tree, Hibachi Grill & Supreme Buffet, Octapharma |  |
| 100 | Sweetwater Village | Austell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1985 | 66197 | 100.0% | 580 | 8.76 | Food Depot | Family Dollar |  |
| 101 | Vineyards at Chateau Elan | Braselton | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2002 | 79047 | 100.0% | 1284 | 16.24 | Publix |  |  |
| 102 | Salem Road Station | Covington | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 67270 | 100.0% | 835 | 12.41 | Publix |  |  |
| 103 | Keith Bridge Commons | Cumming | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2002 | 94886 | 97.1% | 1321 | 14.34 | Kroger |  |  |
| 104 | Northside | Dalton | GA | Dalton, GA | 2001 | 78922 | 99.0% | 872 | 11.92 |  | America's Thirft Stores, Dollar Tree |  |
| 105 | Cosby Station | Douglasville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1994 | 77811 | 100.0% | 954 | 12.26 | Publix |  |  |
| 106 | Park Plaza | Douglasville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1986 | 46670 | 88.8% | 771 | 18.69 | Kroger\* |  |  |
| 107 | Venture Pointe | Duluth | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1995 | 155172 | 100.0% | 1773 | 11.43 | Costco\* | American Signature Furniture, Ollie's Bargain Outlet, Studio Movie Grill | Big Lots |
| 108 | Banks Station | Fayetteville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2006 | 178871 | 85.5% | 1454 | 11.17 | Food Depot | Staples |  |
| 109 | Barrett Place | Kennesaw | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1992 | 218818 | 100.0% | 2698 | 12.33 | ALDI | Best Buy, Duluth Trading, Georgia Furniture Mart, Michaels, OfficeMax, PetSmart |  |
| 110 | Shops of Huntcrest | Lawrenceville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2003 | 97040 | 94.6% | 1324 | 14.42 | Publix |  |  |
| 111 | Mableton Walk | Mableton | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1994 | 105884 | 93.7% | 1552 | 15.64 | Publix |  |  |
| 112 | The Village at Mableton<sup>(4)</sup> | Mableton | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2023 | 222161 | 95.9% | 2065 | 9.69 |  | Burlington Stores, Dashmart, dd's Discounts (Ross), Dollar Tree, Ollie's Bargain Outlet, Planet Fitness, Ross Dress for Less |  |
| 113 | Eastlake Plaza | Marietta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1982 | 56840 | 97.9% | 771 | 14.34 |  | Crunch Fitness |  |
| 114 | New Chastain Corners | Marietta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2004 | 113079 | 95.1% | 1376 | 12.80 | Kroger |  |  |
| 115 | Pavilions at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 144151 | 97.5% | 2149 | 15.30 | Kroger |  |  |
| 116 | Creekwood Village | Rex | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1990 | 69778 | 100.0% | 677 | 9.70 | Food Depot |  |  |
| 117 | ConneXion | Roswell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2016 | 107687 | 94.9% | 1983 | 19.40 |  | My Salon Suites |  |
| 118 | Holcomb Bridge Crossing | Roswell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1988 | 93420 | 92.7% | 1069 | 12.35 |  | PGA TOUR Superstore |  |
| 119 | Kings Market | Roswell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2005 | 275294 | 92.8% | 2895 | 11.33 | Publix | Ace Pickleball Club, Frontgate, SkyZone, TK Volleyball |  |
| 120 | Victory Square | Savannah | GA | Savannah, GA | 2007 | 119919 | 96.0% | 1693 | 14.71 | SuperTarget\* | Citi Trends, Dollar Tree, NCG Cinemas, Staples | The Home Depot |
| 121 | Stockbridge Village | Stockbridge | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2008 | 184185 | 98.3% | 3101 | 17.12 | Kroger |  |  |
| 122 | Stone Mountain Festival | Stone Mountain | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2006 | 135865 | 93.8% | 1592 | 12.49 |  | Conn's Home Plus, Harbor Freight, NCG Cinemas |  |
| 123 | Wilmington Island | Wilmington Island | GA | Savannah, GA | 1985 | 101462 | 97.2% | 1137 | 11.53 | Kroger |  |  |
| 124 | Haymarket Square | Des Moines | IA | Des Moines-West Des Moines, IA | 1979 | 269705 | 73.9% | 1657 | 8.32 |  | Big Lots, Genesis Health Club, Many Hands Thrift, Northern Tool + Equipment, Office Depot, Skechers |  |
| 125 | Annex of Arlington | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1999 | 199663 | 96.3% | 3785 | 19.69 | Trader Joe's | Chuck E. Cheese's, Kirkland's, Petco, Ulta |  |
| 126 | Ridge Plaza | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2000 | 151643 | 96.0% | 2209 | 15.17 |  | DashMart, XSport Fitness, Wholesalers Unlimited | Kohl's |
| 127 | Southfield Plaza | Bridgeview | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 196445 | 100.0% | 2465 | 12.55 | Shop & Save Market | Hobby Lobby, Octapharma, Planet Fitness, Walgreens |  |
| 128 | Commons of Chicago Ridge | Chicago Ridge | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 324977 | 97.7% | 4720 | 15.99 |  | KPot Korean BBQ & Hot Pot, Marshalls, Ross Dress for Less, The Home Depot, XSport Fitness |  |
| 129 | Rivercrest Shopping Center | Crestwood | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 541651 | 84.9% | 5718 | 13.27 |  | AMC Theatre, At Home, Burlington Stores, Five Below, Party City, PetSmart, Planet Fitness, Ross Dress for Less |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 130 | The Commons of Crystal Lake | Crystal Lake | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1987 | 273060 | 77.4% | 2228 | 10.54 | Jewel-Osco (Albertsons) | Burlington Stores | Hobby Lobby |
| 131 | Elk Grove Town Center | Elk Grove Village | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 47704 | 100.0% | 1001 | 22.00 |  | Dollar Tree |  |
| 132 | Elmhurst Crossing | Elmhurst | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2005 | 347503 | 100.0% | 4878 | 14.04 | Whole Foods Market | At Home, Kohl's, Petco, Shoe Carnival |  |
| 133 | The Quentin Collection | Kildeer | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 171530 | 76.8% | 1971 | 14.96 |  | Bear Paddle Swim School, Best Buy, Painted Tree Marketplace, PetSmart |  |
| 134 | Butterfield Square | Libertyville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 106683 | 86.3% | 1563 | 16.97 | Sunset Foods |  |  |
| 135 | High Point Centre | Lombard | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2019 | 240007 | 66.3% | 2078 | 13.06 |  | Altitude Trampoline Park, David's Bridal, JOANN, LA Fitness |  |
| 136 | Long Meadow Commons | Mundelein | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 118281 | 95.2% | 1788 | 16.73 | Jewel-Osco | Planet Fitness |  |
| 137 | Westridge Court<sup>(3)</sup> | Naperville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 682650 | 73.7% | 7547 | 15.25 | The Fresh Market | Bed Bath & Beyond, buybuy BABY, Cost Plus World Market, DICK'S Sporting Goods, Edge Fitness, Five Below, La-Z-Boy Furniture, Painted Tree Marketplace, Star Cinema Grille, Ulta |  |
| 138 | North Riverside Plaza | North Riverside | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2007 | 387873 | 96.2% | 4417 | 11.84 | Amazon Fresh | Best Buy, Burlington Stores, Kohl's, Michaels, Petco |  |
| 139 | Ravinia Plaza | Orland Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1990 | 101800 | 91.9% | 1716 | 18.33 | Whole Foods Market | Skechers |  |
| 140 | Rollins Crossing | Round Lake Beach | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 192913 | 93.8% | 1915 | 17.67 |  | Asian Grill Sushi Buffet, Esporta Fitness, Regal Cinemas |  |
| 141 | Tinley Park Plaza | Tinley Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2022 | 237973 | 79.5% | 3125 | 16.51 | Amazon Fresh | Burlington Stores, Planet Fitness, Tile Shop |  |
| 142 | Meridian Village | Carmel | IN | Indianapolis-Carmel-Anderson, IN | 1990 | 130769 | 100.0% | 1458 | 11.15 |  | Dollar Tree, Godby Home Furnishings, Ollie's Bargain Outlet |  |
| 143 | Columbus Center | Columbus | IN | Columbus, IN | 1964 | 143740 | 100.0% | 1993 | 13.87 |  | Burlington Stores, Five Below, OfficeMax, Pet Supplies Plus, T.J.Maxx, Ulta | Target |
| 144 | Market Centre | Goshen | IN | Elkhart-Goshen, IN | 1994 | 214067 | 94.7% | 2631 | 12.98 | Walmart Supercenter\* | Aaron's, Burlington Stores, JOANN, Ross Dress for Less, Staples |  |
| 145 | Speedway Super Center | Speedway | IN | Indianapolis-Carmel-Anderson, IN | 2022 | 591777 | 94.1% | 6697 | 12.24 | Kroger | Aaron's, Burlington Stores, Harbor Freight Tools, Healthnet, Kohl's, Oak Street Health Center, Ross Dress for Less, Sears Outlet, T.J.Maxx |  |
| 146 | Sagamore Park Centre | West Lafayette | IN | Lafayette-West Lafayette, IN | 2018 | 132027 | 100.0% | 1407 | 10.66 | Pay Less (Kroger) |  |  |
| 147 | Westchester Square | Lenexa | KS | Kansas City, MO-KS | 1987 | 161701 | 91.4% | 1538 | 10.40 | Hy-Vee |  |  |
| 148 | West Loop Shopping Center | Manhattan | KS | Manhattan, KS | 2013 | 214898 | 99.5% | 2129 | 15.99 | Dillons (Kroger) | Bellus Academy, JOANN, Marshalls |  |
| 149 | North Dixie Plaza | Elizabethtown | KY | Elizabethtown-Fort Knox, KY | 1992 | 130466 | 100.0% | 1122 | 8.60 |  | At Home, Staples |  |
| 150 | Florence Plaza - Florence Square<sup>(3)</sup> | Florence | KY | Cincinnati, OH-KY-IN | 2014 | 686741 | 94.8% | 8332 | 16.29 | Kroger | Aaron's, Barnes & Noble, Bob's Discount Furniture, Burlington Stores, David's Bridal, Five Below, Harbor Freight Tools, Hobby Lobby, HomeGoods, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less, Sierra Trading Post, Staples, T.J.Maxx |  |
| 151 | Jeffersontown Commons | Jeffersontown | KY | Louisville/Jefferson County, KY-IN | 1959 | 208388 | 80.4% | 1731 | 10.99 |  | Dollar Tree, King Pin Lanes |  |
| 152 | London Marketplace | London | KY | London, KY | 1994 | 165826 | 100.0% | 1609 | 9.70 | Kroger | Goody's, Kohl's, Marshalls, Planet Fitness |  |
| 153 | Eastgate Shopping Center | Louisville | KY | Louisville/Jefferson County, KY-IN | 2002 | 174842 | 100.0% | 2109 | 12.06 | Kroger | Petco |  |
| 154 | Plainview Village | Louisville | KY | Louisville/Jefferson County, KY-IN | 1997 | 158009 | 98.7% | 1849 | 12.46 | Kroger | Anytime Fitness |  |
| 155 | Stony Brook I & II | Louisville | KY | Louisville/Jefferson County, KY-IN | 1988 | 158940 | 99.1% | 2056 | 13.06 | Kroger Marketplace |  |  |
| 156 | Points West Plaza | Brockton | MA | Boston-Cambridge-Newton, MA-NH | 1960 | 141451 | 98.5% | 1172 | 8.41 | America's Food Basket | Citi Trends, Crunch Fitness, Jerusalem Discount Furniture |  |
| 157 | Burlington Square I, II & III | Burlington | MA | Boston-Cambridge-Newton, MA-NH | 1992 | 79698 | 84.4% | 2006 | 29.83 |  | Golf Galaxy, Staples | Duluth Trading Co. |
| 158 | Holyoke Shopping Center | Holyoke | MA | Springfield, MA | 2000 | 195995 | 92.0% | 1653 | 13.60 | Super Stop & Shop (Ahold Delhaize) | JOANN, Ocean State Job Lot |  |
| 159 | WaterTower Plaza<sup>(4)</sup> | Leominster | MA | Worcester, MA-CT | 2023 | 284757 | 96.6% | 3822 | 14.16 | TBA | Barnes & Noble, Michaels, Party City, Petco, Staples, The Paper Store, T.J.Maxx, Ulta |  |
| 160 | Lunenberg Crossing | Lunenburg | MA | Worcester, MA-CT | 1994 | 25515 | 100.0% | 390 | 15.29 | Hannaford Bros. (Ahold Delhaize)\* |  | Walmart |
| 161 | Lynn Marketplace | Lynn | MA | Boston-Cambridge-Newton, MA-NH | 1968 | 78046 | 90.7% | 1339 | 18.92 | Stop And Compare | Crunch Fitness, Rainbow Shops |  |
| 162 | Webster Square Shopping Center | Marshfield | MA | Boston-Cambridge-Newton, MA-NH | 2005 | 182756 | 98.0% | 2648 | 14.78 | Star Market (Albertsons) | Marshalls, Ocean State Job Lot, The Paper Store |  |
| 163 | Berkshire Crossing | Pittsfield | MA | Pittsfield, MA | 1994 | 188444 | 99.1% | 2978 | 15.95 | Market 32 | Barnes & Noble, Michaels, Staples, Ulta | The Home Depot, Walmart |
| 164 | Westgate Plaza | Westfield | MA | Springfield, MA | 1996 | 126093 | 95.5% | 1319 | 13.51 | ALDI | Five Below, Ocean State Job Lot, Staples, T.J.Maxx |  |
| 165 | Perkins Farm Marketplace | Worcester | MA | Worcester, MA-CT | 1967 | 205048 | 97.4% | 2491 | 20.05 | Super Stop & Shop (Ahold Delhaize) | Citi Trends, Crunch Fitness, Ollie's Bargain Outlet |  |
| 166 | South Plaza Shopping Center | California | MD | California-Lexington Park, MD | 2005 | 92335 | 100.0% | 1847 | 20.00 |  | Best Buy, Old Navy, Petco, Ross Dress for Less |  |
| 167 | Fox Run | Prince Frederick | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2022 | 279569 | 99.0% | 4405 | 16.39 | Giant Food (Ahold Delhaize) | Big Lots, Five Below, JOANN, Planet Fitness, Ross Dress for Less, Ulta |  |
| 168 | Pine Tree Shopping Center | Portland | ME | Portland-South Portland, ME | 1958 | 287533 | 95.5% | 1875 | 17.65 |  | Big Lots, Dollar Tree, JOANN, Lowe's, O'Reilly Auto Parts |  |
| 169 | Arborland Center | Ann Arbor | MI | Ann Arbor, MI | 2000 | 403536 | 95.8% | 7041 | 18.47 | Kroger | Bed Bath & Beyond, DSW, Gardner White Furniture, Marshalls, Michaels, Nordstrom Rack, Ulta |  |
| 170 | Maple Village | Ann Arbor | MI | Ann Arbor, MI | 2020 | 288528 | 97.9% | 4956 | 17.54 | Plum Market | Burlington Stores, Dunham's Sports, HomeGoods, LA Fitness, Sierra Trading Post, Ulta |  |
| 171 | Grand Crossing | Brighton | MI | Detroit-Warren-Dearborn, MI | 2005 | 85389 | 98.6% | 1039 | 12.34 | Busch's Fresh Food Market | Ace Hardware |  |
| 172 | Farmington Crossroads | Farmington | MI | Detroit-Warren-Dearborn, MI | 1986 | 79068 | 98.0% | 857 | 11.06 |  | Dollar Tree, Ollie's Bargain Outlet, True Value |  |
| 173 | Silver Pointe Shopping Center | Fenton | MI | Flint, MI | 1996 | 164632 | 100.0% | 2195 | 13.42 | VG's Food (SpartanNash) | Dunham's Sports, Glik's | Five Below, Michaels, Old Navy, T.J.Maxx |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 174 | Cascade East | Grand Rapids | MI | Grand Rapids-Kentwood, MI | 1983 | 99529 | 88.7% | 758 | 8.59 | D&W Fresh Market (SpartanNash) |  |  |
| 175 | Delta Center | Lansing | MI | Lansing-East Lansing, MI | 1985 | 160946 | 64.4% | 1176 | 11.34 |  | Bed Bath & Beyond, DXL Destination XL, Planet Fitness |  |
| 176 | Lakes Crossing | Muskegon | MI | Muskegon, MI | 2008 | 104600 | 96.2% | 1528 | 15.19 |  | JOANN, Party City, Shoe Carnival, Ulta | Kohl's |
| 177 | Redford Plaza | Redford | MI | Detroit-Warren-Dearborn, MI | 1992 | 304283 | 85.9% | 3074 | 11.76 | Prince Valley Market | Aaron's, Burlington Stores, Citi Trends, Dollar Tree, Lincoln Behavioral Services |  |
| 178 | Hampton Village Centre | Rochester Hills | MI | Detroit-Warren-Dearborn, MI | 2004 | 470276 | 90.8% | 6503 | 20.33 | TBA | DSW, Emagine Theatre, Five Below, Kohl's, Old Navy, Petco, T.J.Maxx, Ulta | Target |
| 179 | Southfield Plaza | Southfield | MI | Detroit-Warren-Dearborn, MI | 1970 | 101724 | 98.5% | 1236 | 12.34 |  | Citi Trends, Party City, Planet Fitness | Burlington Stores, Forman Mills |
| 180 | 18 Ryan | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1997 | 101564 | 100.0% | 948 | 9.33 | Dream Market | O'Reilly Auto Parts |  |
| 181 | Delco Plaza | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1996 | 154853 | 100.0% | 1111 | 7.17 |  | Amish Direct Furniture, Bed Bath & Beyond, Dunham's Mega Sports, Urban Air Adventure Park |  |
| 182 | West Ridge | Westland | MI | Detroit-Warren-Dearborn, MI | 1989 | 161314 | 86.5% | 1657 | 11.87 |  | Bed Bath & Beyond, Crunch Fitness, Party City Petco, Ross | Burlington Stores, Target |
| 183 | Washtenaw Fountain Plaza | Ypsilanti | MI | Ann Arbor, MI | 2005 | 122762 | 97.0% | 954 | 8.01 | Save-A-Lot | Big Lots, Dollar Tree, Planet Fitness |  |
| 184 | Southport Centre I - VI | Apple Valley | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1985 | 124260 | 99.0% | 2424 | 19.70 | SuperTarget\* | Best Buy, Dollar Tree, Walgreens |  |
| 185 | Champlin Marketplace | Champlin | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2005 | 91970 | 100.0% | 1287 | 13.99 | Cub Foods (United Natural Foods Inc.) |  |  |
| 186 | Burning Tree Plaza | Duluth | MN | Duluth, MN-WI | 1987 | 183105 | 97.1% | 2475 | 13.92 |  | Best Buy, David's Bridal, HomeGoods, JOANN, T.J.Maxx |  |
| 187 | Westwind Plaza | Minnetonka | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2007 | 91670 | 95.5% | 1941 | 23.12 | Cub Foods (United Natural Foods Inc.)\* | Bethesda Thrift, Goldfish Swim School |  |
| 188 | Richfield Hub | Richfield | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1952 | 213595 | 66.0% | 1639 | 11.62 |  | Marshalls, Michaels |  |
| 189 | Roseville Center | Roseville | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2021 | 82576 | 94.2% | 1042 | 19.58 | ALDI, Cub Foods (Jerry's Foods)\* | Dollar Tree |  |
| 190 | Marketplace @ 42 | Savage | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1999 | 118693 | 100.0% | 1988 | 16.75 | Fresh Thyme Farmers Market | Dollar Tree, Marshalls |  |
| 191 | Sun Ray Shopping Center | St. Paul | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1958 | 290897 | 81.4% | 2323 | 13.59 | Cub Foods (United Natural Foods Inc.) | BioLife Plasma Services, Planet Fitness |  |
| 192 | White Bear Hills Shopping Center | White Bear Lake | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1996 | 73065 | 100.0% | 1117 | 15.29 | Festival Foods | Dollar Tree |  |
| 193 | Ellisville Square | Ellisville | MO | St. Louis, MO-IL | 1989 | 137408 | 96.5% | 1710 | 13.21 | ALDI | Michaels, Party City, Petco, Tuesday Morning |  |
| 194 | Watts Mill Plaza | Kansas City | MO | Kansas City, MO-KS | 1997 | 161717 | 83.5% | 1320 | 9.78 | Price Chopper |  |  |
| 195 | Liberty Corners | Liberty | MO | Kansas City, MO-KS | 1987 | 124808 | 95.0% | 1113 | 9.39 | Price Chopper |  |  |
| 196 | Maplewood Square | Maplewood | MO | St. Louis, MO-IL | 1998 | 71590 | 95.4% | 470 | 6.88 | Schnucks |  |  |
| 197 | Devonshire Place | Cary | NC | Raleigh-Cary, NC | 1996 | 106680 | 100.0% | 1649 | 15.79 |  | Burlington Stores, Dollar Tree, Harbor Freight Tools, REI |  |
| 198 | McMullen Creek Market | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 1988 | 285424 | 94.8% | 4530 | 16.74 | Walmart Neighborhood Market | Burlington Stores, Dollar Tree, PopShelf, Staples |  |
| 199 | The Commons at Chancellor Park | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 1994 | 348604 | 100.0% | 2196 | 9.04 | Patel Brothers | Big Air Trampoline, Big Lots, Gabriel Brothers, The Home Depot, Value City Furniture |  |
| 200 | Garner Towne Square | Garner | NC | Raleigh-Cary, NC | 1997 | 180017 | 96.7% | 2527 | 14.52 | LIDL | Burn Boot Camp, Citi Trends, Harbor Freight Tools, OfficeMax, PetSmart | Target, The Home Depot |
| 201 | Franklin Square | Gastonia | NC | Charlotte-Concord-Gastonia, NC-SC | 1989 | 317824 | 94.7% | 3933 | 14.53 | Walmart Supercenter\* | Best Buy, Burke's Outlet, Dollar Tree, Five Below, Michaels, Partners in Primary Care, PopShelf, Ross Dress for Less, Skechers |  |
| 202 | Wendover Place | Greensboro | NC | Greensboro-High Point, NC | 2000 | 407244 | 99.7% | 6081 | 14.98 |  | Burlington Stores, Christmas Tree Shops, DICK'S Sporting Goods, Kohl's, Michaels, Old Navy, PetSmart, Rainbow Shops, Ross Dress for Less, Ulta | Target |
| 203 | University Commons | Greenville | NC | Greenville, NC | 1996 | 233153 | 98.6% | 3340 | 14.52 | Harris Teeter (Kroger) | Barnes & Noble, Petco, T.J.Maxx | Target |
| 204 | Kinston Pointe | Kinston | NC | Kinston, NC | 2001 | 250580 | 100.0% | 1162 | 4.64 | Walmart Supercenter | Dollar Tree |  |
| 205 | Roxboro Square | Roxboro | NC | Durham-Chapel Hill, NC | 2005 | 97226 | 97.1% | 1561 | 16.54 |  | Person County Health & Human Services |  |
| 206 | Innes Street Market | Salisbury | NC | Charlotte-Concord-Gastonia, NC-SC | 2002 | 349425 | 100.0% | 4326 | 12.38 | Food Lion (Ahold Delhaize) | Lowe's, Marshalls, Old Navy, PetSmart, Staples, Tinseltown |  |
| 207 | Crossroads | Statesville | NC | Charlotte-Concord-Gastonia, NC-SC | 1997 | 10702 | —% |  |  | Walmart Supercenter\* |  | Tractor Supply Co., Big Lots, Burkes Outlet |
| 208 | New Centre Market | Wilmington | NC | Wilmington, NC | 1998 | 143762 | 97.5% | 2087 | 15.31 |  | Burlington Stores, PetSmart, PopShelf, Sportsmans Warehouse | Target |
| 209 | University Commons | Wilmington | NC | Wilmington, NC | 2007 | 235345 | 98.4% | 3745 | 16.17 | Lowes Foods | HomeGoods, Skechers, T.J.Maxx |  |
| 210 | Parkway Plaza | Winston-Salem | NC | Winston-Salem, NC | 2005 | 279630 | 83.1% | 2594 | 11.98 | Super Compare Foods | Badcock Home Furniture, Citi Trends, Modern Home, Office Depot, O'Reilly Auto Parts |  |
| 211 | Stratford Commons | Winston-Salem | NC | Winston-Salem, NC | 1995 | 72308 | 100.0% | 958 | 13.25 | —% | Chef Store, Golf Galaxy, Mattress Firm |  |
| 212 | Bedford Grove | Bedford | NH | Manchester-Nashua, NH | 1989 | 103002 | 96.0% | 1798 | 19.24 |  | Bed Bath & Beyond, Boston Interiors |  |
| 213 | Capitol Shopping Center | Concord | NH | Concord, NH | 2001 | 194612 | 97.4% | 2515 | 14.02 | Market Basket (DeMoulas Supermarkets) | Burlington Stores, JOANN, Marshalls |  |
| 214 | Willow Springs Plaza | Nashua | NH | Manchester-Nashua, NH | 1990 | 131248 | 100.0% | 2540 | 21.10 | Patel Brothers | New Hampshire Liquor and Wine Outlet, Petco | The Home Depot |
| 215 | Seacoast Shopping Center | Seabrook | NH | Boston-Cambridge-Newton, MA-NH | 1991 | 89634 | 86.1% | 613 | 7.95 | —% | JOANN, The Zoo Health Club, Tractor Supply Co. | Ashley Furniture, Cardi's Furniture, Ocean State Job Lot |
| 216 | Tri-City Plaza | Somersworth | NH | Boston-Cambridge-Newton, MA-NH | 1990 | 151754 | 93.6% | 1568 | 11.03 | Market Basket (DeMoulas Supermarkets) | Staples, T.J.Maxx |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 217 | Laurel Square<sup>(4)</sup> | Brick | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2023 | 245984 | 94.7% | 2024 | 8.69 | Livoti's Old World Market | Ashley Homestore, At Home, Dollar Tree, Planet Fitness, Senior Helpers Town Square |  |
| 218 | The Shoppes at Cinnaminson | Cinnaminson | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2010 | 301211 | 95.5% | 4704 | 24.44 | ShopRite | Burlington Stores, Planet Fitness, Ross Dress For Less |  |
| 219 | Acme Clark | Clark | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 52812 | 100.0% | 1465 | 27.74 | Acme (Albertsons) |  |  |
| 220 | Collegetown Shopping Center | Glassboro | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2021 | 231459 | 100.0% | 3490 | 15.26 | LIDL | Big Lots, Esporta Fitness, Five Below, Ross Dress for Less, Ulta |  |
| 221 | Hamilton Plaza | Hamilton | NJ | Trenton-Princeton, NJ | 1972 | 149993 | 97.3% | 2099 | 14.38 | Grocery Outlet | 2nd Ave, Crab Du Jour, Dollar Tree, Family Dollar, Planet Fitness, Rothman Orthopaedic Institute |  |
| 222 | Bennetts Mills Plaza | Jackson | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 127230 | 96.2% | 1637 | 13.38 | Super Stop & Shop (Ahold Delhaize) | Pet Supplies Plus |  |
| 223 | Marlton Crossing | Marlton | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2019 | 337878 | 97.3% | 7454 | 22.79 | Sprouts Farmers Market | Burlington Stores, DSW, HomeGoods, Michaels, T.J. Maxx |  |
| 224 | Middletown Plaza | Middletown | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2001 | 201781 | 93.2% | 3545 | 19.10 |  | At Home, Petco |  |
| 225 | Larchmont Centre | Mount Laurel | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1985 | 103787 | 93.0% | 1250 | 30.18 | ShopRite |  |  |
| 226 | Old Bridge Gateway | Old Bridge | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2022 | 254548 | 100.0% | 4709 | 18.50 | Bhavani Food Market, TBA | Marshalls, Pep Boys, Petco, Robert Wood Johnson Fitness |  |
| 227 | Morris Hills Shopping Center | Parsippany | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1994 | 159561 | 96.1% | 2761 | 18.00 |  | Blink Fitness (Equinox), HomeGoods, Marshalls |  |
| 228 | Rio Grande Plaza | Rio Grande | NJ | Ocean City, NJ | 1997 | 136351 | 98.2% | 1778 | 13.27 | ShopRite\* | Burlington Stores, PetSmart, Planet Fitness, Skechers |  |
| 229 | Ocean Heights Plaza | Somers Point | NJ | Atlantic City-Hammonton, NJ | 2006 | 179199 | 96.4% | 3437 | 19.89 | ShopRite | Dollar Tree, Staples |  |
| 230 | Springfield Place | Springfield | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1965 | 36209 | 100.0% | 664 | 18.34 | ShopRite |  |  |
| 231 | Tinton Falls Plaza | Tinton Falls | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 87760 | 95.3% | 1455 | 17.40 |  | Dollar Tree, Jersey Strong | Uncle Giuseppe's |
| 232 | Cross Keys Commons | Turnersville | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 216205 | 98.3% | 3681 | 17.32 | Walmart Supercenter\* | Dollar Tree, Marshalls, Ross Dress for Less, Staples, Ulta |  |
| 233 | Parkway Plaza | Carle Place | NY | New York-Newark-Jersey City, NY-NJ-PA | 1993 | 89704 | 92.3% | 2681 | 32.38 | ALDI | T.J.Maxx |  |
| 234 | Suffolk Plaza | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1998 | 84316 | 94.1% | 1867 | 24.13 | BJ's Wholesale\*, TBA | Five Below | Kohl's, Walmart |
| 235 | Three Village Shopping Center | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1991 | 77458 | 92.4% | 2110 | 29.49 | Stop & Shop\*, Wild by Nature Market\* | Ace Hardware | Rite Aid |
| 236 | Stewart Plaza | Garden City | NY | New York-Newark-Jersey City, NY-NJ-PA | 2022 | 207893 | 100.0% | 4177 | 20.09 |  | Burlington Stores, Dollar Tree, Floor & Décor, Phenix Salon Suites |  |
| 237 | Dalewood I, II & III Shopping Center<sup>(4)</sup> | Hartsdale | NY | New York-Newark-Jersey City, NY-NJ-PA | 2023 | 196318 | 94.5% | 6810 | 37.51 | H-Mart | Barnes & Noble, Christmas Tree Shops, T.J.Maxx, Ulta |  |
| 238 | Unity Plaza | Hopewell Junction | NY | Poughkeepsie-Newburgh-Middletown, NY | 2005 | 67462 | 100.0% | 1426 | 21.14 | Acme (Albertsons) | True Value |  |
| 239 | Cayuga Mall | Ithaca | NY | Ithaca, NY | 1969 | 204405 | 94.5% | 1982 | 10.26 | ALDI | Big Lots, Dollar Tree, JOANN, Planet Fitness, True Value, VA Community Based Outpatient |  |
| 240 | Kings Park Plaza | Kings Park | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 72208 | 100.0% | 1630 | 22.57 | Key Food Marketplace | T.J.Maxx |  |
| 241 | Village Square Shopping Center | Larchmont | NY | New York-Newark-Jersey City, NY-NJ-PA | 1981 | 17000 | 100.0% | 628 | 36.94 | Trader Joe's |  |  |
| 242 | Falcaro's Plaza | Lawrence | NY | New York-Newark-Jersey City, NY-NJ-PA | 1972 | 61904 | 100.0% | 1552 | 25.07 | KolSave Market\* | Advance Auto Parts, Dollar Tree, Planet Fitness |  |
| 243 | Mamaroneck Centre | Mamaroneck | NY | New York-Newark-Jersey City, NY-NJ-PA | 2020 | 36470 | 100.0% | 1460 | 40.03 | North Shore Farms | CVS |  |
| 244 | Sunshine Square | Medford | NY | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 223322 | 97.6% | 3345 | 15.83 | Super Stop & Shop (Ahold Delhaize) | Lumber Liquidators, Planet Fitness, Savers |  |
| 245 | Wallkill Plaza | Middletown | NY | Poughkeepsie-Newburgh-Middletown, NY | 1986 | 209910 | 100.0% | 2367 | 11.62 |  | Big Lots, Citi Trends, David's Bridal, Hobby Lobby |  |
| 246 | Monroe ShopRite Plaza | Monroe | NY | Poughkeepsie-Newburgh-Middletown, NY | 1985 | 122007 | 100.0% | 2030 | 16.64 | ShopRite | Better Lifestyle Club, U.S. Post Office |  |
| 247 | Rockland Plaza | Nanuet | NY | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 262490 | 91.0% | 5866 | 26.51 | A Matter of Health | Barnes & Noble, Marshalls, Quality Furniture & Electronic, Ulta |  |
| 248 | North Ridge Shopping Center | New Rochelle | NY | New York-Newark-Jersey City, NY-NJ-PA | 1971 | 39743 | 96.3% | 1486 | 38.84 |  | Harmon Discount |  |
| 249 | Nesconset Shopping Center | Port Jefferson Station | NY | New York-Newark-Jersey City, NY-NJ-PA | 1961 | 129996 | 92.4% | 3224 | 26.84 |  | Dollar Tree, HomeGoods |  |
| 250 | Riverhead | Riverhead | NY | New York-Newark-Jersey City, NY-NJ-PA | 2018 | 120089 | 100.0% | 3017 | 25.12 | Costco\* | HomeSense, Marshalls, Petsmart, Ulta |  |
| 251 | Roanoke Plaza | Riverhead | NY | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 99131 | 100.0% | 2061 | 20.79 | Fine Fare | CVS, T.J.Maxx |  |
| 252 | Rockville Centre | Rockville Centre | NY | New York-Newark-Jersey City, NY-NJ-PA | 1975 | 44131 | 100.0% | 1284 | 29.10 |  | HomeGoods, Rite Aid |  |
| 253 | College Plaza | Selden | NY | New York-Newark-Jersey City, NY-NJ-PA | 2013 | 188214 | 92.7% | 3623 | 24.93 | ShopRite | Five Below, Wren Kitchens | Firestone |
| 254 | Campus Plaza | Vestal | NY | Binghamton, NY | 2003 | 160744 | 87.6% | 1861 | 13.22 |  | Olum's Furniture & Appliances, Staples |  |
| 255 | Parkway Plaza | Vestal | NY | Binghamton, NY | 1995 | 207154 | 100.0% | 2318 | 11.19 |  | DICK'S Sporting Goods Warehouse Sale, JOANN, Kohl's, PetSmart | Target |
| 256 | Shoppes at Vestal | Vestal | NY | Binghamton, NY | 2000 | 92328 | 93.9% | 1531 | 17.67 |  | HomeGoods, Michaels, Old Navy |  |
| 257 | Town Square Mall<sup>(3)</sup> | Vestal | NY | Binghamton, NY | 1991 | 291346 | 94.9% | 4775 | 17.27 | Sam's Club\*, Walmart Supercenter\* | AMC Vestal Town Square 9, Barnes & Noble, Burlington Stores, DICK'S Sporting Goods, Dollar Tree, DSW, GameStop, Starbucks, T.J.Maxx, Ulta |  |
| 258 | The Plaza at Salmon Run | Watertown | NY | Watertown-Fort Drum, NY | 1993 | 68761 | 94.1% | 743 | 11.48 | Hannaford Bros. (Ahold Delhaize) | Red Robin Gourmet Burger | Lowe's, Runnings |
| 259 | Highridge Plaza | Yonkers | NY | New York-Newark-Jersey City, NY-NJ-PA | 1977 | 88501 | 95.2% | 2798 | 33.22 | H-Mart |  |  |
| 260 | Brunswick Town Center | Brunswick | OH | Cleveland-Elyria, OH | 2004 | 143282 | 96.8% | 2133 | 15.95 | Giant Eagle |  | The Home Depot |
| 261 | Brentwood Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2004 | 227738 | 99.5% | 2789 | 18.22 | Kroger | Ace Hardware, Petco, Planet Fitness, Rainbow Shops |  |
| 262 | Delhi Shopping Center | Cincinnati | OH | Cincinnati, OH-KY-IN | 1973 | 165348 | 99.3% | 1549 | 9.44 | Kroger | Pet Supplies Plus, Salvation Army |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 263 | Harpers Station | Cincinnati | OH | Cincinnati, OH-KY-IN | 1994 | 253356 | 97.6% | 3846 | 15.55 | Fresh Thyme Farmers Market | Esporta Fitness, HomeGoods, Painted Tree Marketplace, Pet Supplies Plus, T.J.Maxx |  |
| 264 | Western Hills Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2021 | 240022 | 97.3% | 4943 | 21.97 |  | Michaels, Old Navy, PetSmart, Staples, T.J.Maxx, Ulta | Target |
| 265 | Western Village | Cincinnati | OH | Cincinnati, OH-KY-IN | 2005 | 115791 | 100.0% | 1311 | 37.30 | Kroger |  |  |
| 266 | Crown Point | Columbus | OH | Columbus, OH | 1980 | 144931 | 91.3% | 1381 | 10.43 | Kroger | Dollar Tree, Planet Fitness |  |
| 267 | Greentree Shopping Center | Columbus | OH | Columbus, OH | 2005 | 131573 | 86.4% | 1256 | 11.89 | Kroger |  |  |
| 268 | South Towne Centre | Dayton | OH | Dayton-Kettering, OH | 1972 | 333998 | 99.4% | 4722 | 14.85 | Health Foods Unlimited | Burlington Stores, Christmas Tree Shops, JOANN, Party City, Petsmart, Red Robin Gourmet Burger, Value City Furniture |  |
| 269 | Southland Shopping Center | Middleburg Heights | OH | Cleveland-Elyria, OH | 1951 | 582492 | 79.0% | 5561 | 12.09 | BJ's Wholesale Club\*, Giant Eagle, Marc's | Cleveland Furniture Bank, JOANN, Marshalls, Office Max, Party City, UFC Gym |  |
| 270 | The Shoppes at North Olmsted | North Olmsted | OH | Cleveland-Elyria, OH | 2002 | 70003 | 100.0% | 1194 | 17.06 |  | Ollie's Bargain Outlet, Sears Outlet |  |
| 271 | Surrey Square Mall | Norwood | OH | Cincinnati, OH-KY-IN | 2010 | 175140 | 96.6% | 2390 | 28.17 | Kroger | Advance Auto, Rainbow Shops |  |
| 272 | Miracle Mile Shopping Plaza | Toledo | OH | Toledo, OH | 1955 | 289105 | 83.5% | 1706 | 12.61 | Kroger | Big Lots, Crunch Fitness, Harbor Freight Tools |  |
| 273 | Marketplace | Tulsa | OK | Tulsa, OK | 1992 | 193276 | 100.0% | 2081 | 10.77 |  | Basset Home Furnishings, Boot Barn, Conn's, David's Bridal, PetSmart | Best Buy |
| 274 | Village West | Allentown | PA | Allentown-Bethlehem-Easton, PA-NJ | 1999 | 140474 | 91.1% | 2469 | 19.29 | Giant Food (Ahold Delhaize) | CVS, Dollar Tree |  |
| 275 | Park Hills Plaza | Altoona | PA | Altoona, PA | 1985 | 27683 | 100.0% | 871 | 34.18 | Weis Markets\* |  | Burlington Stores, Dunham's Sports, Harbor Freight Tools, Shoe Carnival, Urban Air Adventure Park |
| 276 | Bethel Park Shopping Center | Bethel Park | PA | Pittsburgh, PA | 1965 | 202349 | 98.3% | 2116 | 12.02 | Giant Eagle | Pep Boys, Walmart |  |
| 277 | Lehigh Shopping Center | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 1955 | 373766 | 97.4% | 4227 | 14.60 | Giant Food (Ahold Delhaize) | Aetna, Big Lots, Citi Trends, Dollar Tree, Mega Marshalls, PetSmart, Rite Aid, Staples, Wines & Spirits Shoppe |  |
| 278 | Bristol Park | Bristol | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1993 | 260953 | 91.6% | 2402 | 10.33 |  | Complete Liquidators, Dollar Tree, Family Dollar, Ollie's Bargain Outlet, RumbleOn |  |
| 279 | Chalfont Village Shopping Center | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 46051 | 59.5% | 315 | 11.49 |  |  |  |
| 280 | New Britain Village Square | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 143716 | 88.9% | 2455 | 19.21 | Giant Food (Ahold Delhaize) | Wine & Spirits Shoppe |  |
| 281 | Collegeville Shopping Center | Collegeville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2020 | 110430 | 83.4% | 1616 | 17.55 | Kimberton Whole Foods | Pep Boys, Rascal Fitness |  |
| 282 | Plymouth Square Shopping Center<sup>(4)</sup> | Conshohocken | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2023 | 234810 | 91.0% | 4732 | 22.15 | Weis Markets | Pet Supplies Plus, Planet Fitness, REI, Rite Aid |  |
| 283 | Whitemarsh Shopping Center | Conshohocken | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 76391 | 100.0% | 2208 | 28.90 | Giant Food (Ahold Delhaize) |  |  |
| 284 | Valley Fair | Devon | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2001 | 45086 | 62.6% | 577 | 20.45 | Hung Vuong Food Market\* |  |  |
| 285 | Dickson City Crossings<sup>(4)</sup> | Dickson City | PA | Scranton--Wilkes-Barre, PA | 2023 | 312355 | 98.2% | 3589 | 18.56 |  | Burlington Stores, Dollar Tree, Gabe's, JOANN, Party City, PetSmart, Sierra Trading Post, The Home Depot, T.J.Maxx |  |
| 286 | Barn Plaza | Doylestown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 237681 | 99.0% | 3695 | 15.70 |  | Kohl's, Marshalls, Regal Cinemas (5) |  |
| 287 | Pilgrim Gardens | Drexel Hill | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1955 | 75223 | 98.0% | 1371 | 18.60 |  | Dollar Tree, Ross Dress for Less, Tuesday Morning, U.S. Post Office |  |
| 288 | North Penn Market Place | Lansdale | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1977 | 58358 | 93.1% | 1035 | 20.41 | Weis Markets\* |  |  |
| 289 | Village at Newtown | Newtown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2021 | 224579 | 92.6% | 7210 | 36.12 | McCaffrey's | Ulta |  |
| 290 | Ivyridge | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1963 | 106348 | 100.0% | 3064 | 28.81 |  | Dollar Tree, Target, Wine & Spirits Shoppe |  |
| 291 | Roosevelt Mall | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2020 | 584460 | 96.3% | 9194 | 37.23 | Sprouts Farmers Market | LA Fitness, Macy's, Rainbow Shops, Ross Dress For Less |  |
| 292 | Shoppes at Valley Forge | Phoenixville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2003 | 176676 | 100.0% | 1266 | 7.17 | Redner's Warehouse Market | Big Lots, Staples |  |
| 293 | County Line Plaza | Souderton | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1971 | 154608 | 95.1% | 1696 | 11.53 | ALDI | Big Lots, Dollar Tree, Planet Fitness, Rite Aid |  |
| 294 | 69th Street Plaza | Upper Darby | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1994 | 41711 | 100.0% | 460 | 11.03 | Fresh Grocer (Wakefern)\* | EZ Bargains, Rent-A-Center, Super Dollar City |  |
| 295 | Warminster Towne Center | Warminster | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1997 | 237152 | 100.0% | 3885 | 17.77 | ShopRite | Harbor Freight Tools, Old Navy, Party City, PetSmart, Ross Dress for Less, Sportsman's Warehouse | Kohl's |
| 296 | Shops at Prospect | West Hempfield | PA | Lancaster, PA | 1994 | 63392 | 91.6% | 765 | 13.17 | Giant Food (Ahold Delhaize) | Penn State Health |  |
| 297 | Whitehall Square | Whitehall | PA | Allentown-Bethlehem-Easton, PA-NJ | 2006 | 315192 | 98.9% | 3329 | 10.68 | Redner's Warehouse Market | Dollar Tree, Gabe's, Mavis Discount Tires, PetSmart, Ross Dress for Less, Staples |  |
| 298 | Wilkes-Barre Township Marketplace | Wilkes-Barre | PA | Scranton--Wilkes-Barre, PA | 2004 | 306440 | 100.0% | 2665 | 35.20 | Walmart Supercenter | Chuck E. Cheese's, Cracker Barrel, Party City, Pet Supplies Plus |  |
| 299 | Belfair Towne Village | Bluffton | SC | Hilton Head Island-Bluffton, SC | 2006 | 166639 | 97.6% | 2777 | 17.07 | Kroger | K1 Speed |  |
| 300 | Milestone Plaza | Greenville | SC | Greenville-Anderson, SC | 1995 | 89721 | 98.5% | 1650 | 19.82 | Lowes Foods |  |  |
| 301 | Circle Center | Hilton Head Island | SC | Hilton Head Island-Bluffton, SC | 2000 | 65313 | 31.1% | 479 | 23.57 |  |  |  |
| 302 | Island Plaza | James Island | SC | Charleston-North Charleston, SC | 1994 | 173524 | 98.4% | 1751 | 10.47 | Food Lion (Ahold Delhaize) | Dollar Tree, Gold's Gym, Tuesday Morning |  |
| 303 | Festival Centre | North Charleston | SC | Charleston-North Charleston, SC | 1987 | 325347 | 75.7% | 2326 | 9.57 |  | Gold's Gym, New Spring Church, New York Beauty and Fashion, Sears Outlet |  |
| 304 | Pawleys Island Plaza | Pawleys Island | SC | Georgetown, SC | 2015 | 120095 | 96.4% | 1604 | 13.85 | Publix | Petco, T.J.Maxx, Tuesday Morning |  |
| 305 | Fairview Corners I & II | Simpsonville | SC | Greenville-Anderson, SC | 2003 | 131002 | 100.0% | 2501 | 19.09 |  | Ross Dress for Less, T.J.Maxx | Target |
| 306 | Hillcrest Market Place<sup>(4)</sup> | Spartanburg | SC | Spartanburg, SC | 2023 | 369759 | 94.3% | 4873 | 14.55 | Publix | Five Below, Hobby Lobby, Marshalls, NCG Cinemas, Petco, Ross Dress for Less |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 307 | Watson Glen Shopping Center | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1988 | 265948 | 99.5% | 3263 | 12.33 | ALDI | At Home, Big Lots, Carbon Athletics, DICK'S Sporting Goods Warehouse Sale |  |
| 308 | Williamson Square | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1988 | 331386 | 100.0% | 4404 | 13.29 |  | Family Leisure, Goldfish Swim School, Grace Church Nashville, Hobby Lobby, Painted Tree Marketplace, Planet Fitness |  |
| 309 | Greeneville Commons | Greeneville | TN | Greeneville, TN | 2002 | 224139 | 99.3% | 2052 | 9.42 | —% | Belk, Burkes Outlet, Five Below, Hobby Lobby, Marshalls, Ross Dress for Less |  |
| 310 | Kingston Overlook | Knoxville | TN | Knoxville, TN | 1996 | 119360 | 100.0% | 1004 | 8.41 |  | Badcock Home Furniture, Painted Tree Marketplace, Urban Air Adventure Park |  |
| 311 | The Commons at Wolfcreek<sup>(3)</sup> | Memphis | TN | Memphis, TN-MS-AR | 2014 | 649252 | 93.8% | 9762 | 17.06 |  | 2nd & Charles, Academy Sports + Outdoors, Best Buy, Big Lots, Burlington Stores, Dave & Busters, David's Bridal, DSW, Office Depot, Painted Tree Marketplace, PetSmart, T.J.Maxx | Target, The Home Depot |
| 312 | Georgetown Square | Murfreesboro | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2003 | 114117 | 93.7% | 1450 | 13.56 | Kroger | Aaron's |  |
| 313 | Nashboro Village | Nashville | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1998 | 86811 | 95.2% | 1056 | 12.78 | Kroger |  | Walgreens |
| 314 | Parmer Crossing | Austin | TX | Austin-Round Rock-Georgetown, TX | 1989 | 170605 | 96.7% | 2184 | 13.23 | Desi Brothers | Big Lots, Dollar Tree, Harbor Freight Tools, Mega Furniture, Planet Fitness |  |
| 315 | Baytown Shopping Center | Baytown | TX | Houston-The Woodlands-Sugar Land, TX | 1987 | 95941 | 100.0% | 1501 | 15.65 |  | 24 Hour Fitness |  |
| 316 | El Camino | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 2008 | 71651 | 98.5% | 702 | 9.95 | El Ahorro Supermarket | Dollar Tree, Family Dollar |  |
| 317 | Townshire | Bryan | TX | College Station-Bryan, TX | 2002 | 136887 | 88.8% | 967 | 7.95 |  | Tops Printing |  |
| 318 | Central Station | College Station | TX | College Station-Bryan, TX | 1976 | 178141 | 97.8% | 3217 | 18.90 |  | Dollar Tree, HomeGoods, Party City, Spec's Liquors | Kohl's |
| 319 | Rock Prairie Crossing | College Station | TX | College Station-Bryan, TX | 2002 | 118700 | 100.0% | 1479 | 28.09 | Kroger | CVS |  |
| 320 | Carmel Village | Corpus Christi | TX | Corpus Christi, TX | 2019 | 84667 | 95.3% | 1128 | 13.98 |  | Crunch Fitness, Dollar Tree, Tuesday Morning |  |
| 321 | Arboretum Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 2014 | 95354 | 95.2% | 2390 | 26.32 | Tom Thumb (Albertsons) | Ace Hardware, PetSmart |  |
| 322 | Claremont Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1976 | 66980 | 34.8% | 345 | 15.25 |  | Family Dollar |  |
| 323 | Kessler Plaza | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1975 | 68962 | 98.2% | 768 | 11.34 |  | Canales, Family Dollar |  |
| 324 | Stevens Park Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1974 | 45492 | 97.0% | 478 | 10.83 |  | Big Lots, O'Reilly Auto Parts |  |
| 325 | Webb Royal Plaza | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1961 | 108545 | 86.8% | 1161 | 12.96 | El Rio Grande Latin Market | Family Dollar |  |
| 326 | Wynnewood Village<sup>(4)</sup> | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 2023 | 464995 | 88.6% | 6450 | 15.98 | El Rancho, Kroger | Five Below, Kids Empire, LA Fitness, Mi Doctor, Ross Dress for Less, Skechers |  |
| 327 | Parktown | Deer Park | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 118221 | 96.4% | 1126 | 9.88 | Food Town | Burkes Outlet, Walgreens |  |
| 328 | Ridglea Plaza | Fort Worth | TX | Dallas-Fort Worth-Arlington, TX | 1990 | 170519 | 91.4% | 1873 | 12.01 | Tom Thumb (Albertsons) | Goody Goody Wine & Spirits, Overstock Furniture & Mattress |  |
| 329 | Trinity Commons | Fort Worth | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 197423 | 92.4% | 3835 | 21.03 | Tom Thumb (Albertsons) | DSW, Ulta |  |
| 330 | Preston Ridge | Frisco | TX | Dallas-Fort Worth-Arlington, TX | 2018 | 793217 | 92.7% | 16491 | 22.42 | SuperTarget\* | Best Buy, Big Lots, Boot Barn, DSW, Macy's Backstage, Marshalls, Nordstrom Rack, Old Navy, PopShelf, Ross Dress for Less, T.J.Maxx |  |
| 331 | Village Plaza | Garland | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 89444 | 100.0% | 1373 | 15.43 | Truong Nguyen Grocer |  |  |
| 332 | Highland Village Town Center | Highland Village | TX | Dallas-Fort Worth-Arlington, TX | 1996 | 101874 | 97.9% | 1202 | 12.36 |  | Painted Tree Marketplace, Planet Fitness |  |
| 333 | Bay Forest | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 71667 | 93.6% | 692 | 10.32 | Kroger |  |  |
| 334 | Beltway South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 107174 | 97.0% | 1048 | 30.96 | Kroger |  |  |
| 335 | Braes Heights | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2022 | 92179 | 92.5% | 2586 | 30.32 |  | CVS, I W Marks Jewelers, My Salon Suites |  |
| 336 | Braesgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 91982 | 96.3% | 705 | 7.96 | Food Town |  |  |
| 337 | Broadway | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2006 | 74988 | 100.0% | 964 | 13.36 | El Ahorro Supermarket | Blink Fitness (Equinox), Melrose Fashions |  |
| 338 | Clear Lake Camino South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1964 | 106058 | 90.6% | 1415 | 15.76 | ALDI | 24 Hour Fitness, Mr. Gatti's Pizza, Spec's Liquors |  |
| 339 | Hearthstone Corners | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2019 | 208147 | 97.2% | 2323 | 11.48 | El Rancho | Big Lots, Conn's |  |
| 340 | Jester Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2022 | 62665 | 94.7% | 1325 | 22.33 |  | 24 Hour Fitness |  |
| 341 | Jones Plaza<sup>(4)</sup> | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2023 | 111206 | 92.1% | 1195 | 11.67 | La Michoacana Supermarket | Aaron's, Fitness Connection |  |
| 342 | Jones Square | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 169786 | 98.4% | 1564 | 9.36 |  | Big Lots, Hobby Lobby, Octapharma |  |
| 343 | Maplewood | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 99177 | 100.0% | 1005 | 10.13 | Foodarama | Burke's Outlet, Kids Empire |  |
| 344 | Merchants Park | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2009 | 246451 | 100.0% | 3839 | 15.58 | Kroger | Big Lots, Petco, Planet Fitness, Ross Dress for Less, Tuesday Morning |  |
| 345 | Northgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 38724 | 100.0% | 606 | 15.65 | El Rancho\* | Firestone, TitleMax, WSS |  |
| 346 | Northshore | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 223954 | 91.7% | 2989 | 14.80 | Sellers Bros. | Conn's, Dollar Tree, Oak Street Health, Office Depot |  |
| 347 | Northtown Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1960 | 190666 | 91.3% | 2429 | 14.15 | El Rancho | 99 Cents Only, Crazy Boss Big Discount Store, dd's Discounts (Ross) |  |
| 348 | Orange Grove | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 184664 | 100.0% | 2240 | 12.65 |  | 24 Hour Fitness, Burlington Stores, Floor & Décor, WSS |  |
| 349 | Royal Oaks Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 146279 | 90.9% | 3280 | 24.67 | H-E-B |  |  |
| 350 | Tanglewilde Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 83343 | 97.9% | 1347 | 16.66 | ALDI | Dollar Tree, Party City, Salon In The Park |  |
| 351 | West U Marketplace | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2000 | 60136 | 100.0% | 1575 | 26.19 | Whole Foods Market |  |  |
| 352 | Westheimer Commons | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1984 | 245714 | 96.3% | 2394 | 10.11 | Fiesta Mart | King Dollar, Marshalls, Sanitas Medical Center |  |
| 353 | Crossroads Centre - Pasadena | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 146567 | 95.5% | 2074 | 15.81 | Kroger | LA Fitness |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | **City** | **State** | **Metropolitan Statistical Area** | **Year<br>Built** | **GLA** | **Percent Leased** | **ABR<br>(,000's)** | **ABR PSF**<sup>(1)</sup> | **Grocer**<sup>(2)</sup> | **Other Major Tenants** | **Non-Owned Major Tenants** |
| 354 | Spencer Square | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 181732 | 85.0% | 1651 | 10.69 | Kroger | Burkes Outlet |  |
| 355 | Pearland Plaza | Pearland | TX | Houston-The Woodlands-Sugar Land, TX | 1995 | 156491 | 94.2% | 1316 | 8.93 | Kroger | American Freight Furniture, Harbor Freight Tools, Walgreens |  |
| 356 | Market Plaza | Plano | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 142058 | 93.6% | 2904 | 22.79 | Central Market (H-E-B) |  |  |
| 357 | Preston Park Village<sup>(4)</sup> | Plano | TX | Dallas-Fort Worth-Arlington, TX | 2023 | 256385 | 85.2% | 5620 | 25.72 |  | Gap Factory Store, HomeGoods, Petco |  |
| 358 | Keegan's Meadow | Stafford | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 125293 | 96.0% | 1467 | 12.56 | El Rancho | Family Dollar |  |
| 359 | Lake Pointe Village | Sugar Land | TX | Houston-The Woodlands-Sugar Land, TX | 2010 | 162263 | 85.7% | 4018 | 28.88 | Whole Foods Market |  |  |
| 360 | Texas City Bay | Texas City | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 224842 | 92.6% | 2221 | 10.78 | Kroger | Conn's, Harbor Freight Tools, Planet Fitness |  |
| 361 | Windvale Center | The Woodlands | TX | Houston-The Woodlands-Sugar Land, TX | 2002 | 100688 | 26.1% | 665 | 25.29 |  |  |  |
| 362 | Culpeper Town Square | Culpeper | VA | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1999 | 132882 | 76.2% | 967 | 9.55 |  | Ollie's Bargain Outlet, Tractor Supply Co. |  |
| 363 | Hanover Square | Mechanicsville | VA | Richmond, VA | 1991 | 141569 | 97.5% | 2265 | 16.42 |  | Gold's Gym, Hobby Lobby | Kohl's |
| 364 | Tuckernuck Square | Richmond | VA | Richmond, VA | 1981 | 88220 | 93.7% | 1435 | 17.37 |  | 2nd & Charles, Chuck E. Cheese's |  |
| 365 | Cave Spring Corners | Roanoke | VA | Roanoke, VA | 2005 | 147133 | 95.6% | 1194 | 14.59 | Kroger | Hamrick's |  |
| 366 | Hunting Hills | Roanoke | VA | Roanoke, VA | 1989 | 166207 | 97.1% | 1439 | 8.92 |  | Dollar Tree, Kohl's, PetSmart |  |
| 367 | Hilltop Plaza | Virginia Beach | VA | Virginia Beach-Norfolk-Newport News, VA-NC | 2010 | 150105 | 99.8% | 3265 | 22.02 | Trader Joe's | JOANN, PetSmart, Ulta |  |
| 368 | Rutland Plaza | Rutland | VT | Rutland, VT | 1997 | 223314 | 90.0% | 1934 | 9.63 | Price Chopper | Dollar Tree, T.J.Maxx, Walmart |  |
| 369 | Spring Mall | Greenfield | WI | Milwaukee-Waukesha, WI | 2003 | 45920 | 31.3% | 144 | 10.01 |  |  | Walgreens |
| 370 | Mequon Pavilions | Mequon | WI | Milwaukee-Waukesha, WI | 1967 | 218744 | 97.3% | 3622 | 17.01 | Sendik's Food Market | Bed Bath & Beyond, Marshalls, The Tile Shop |  |
| 371 | Moorland Square Shopping Ctr | New Berlin | WI | Milwaukee-Waukesha, WI | 1990 | 98303 | 100.0% | 1034 | 10.52 | Pick 'n Save (Kroger) |  |  |
| 372 | Paradise Pavilion | West Bend | WI | Milwaukee-Waukesha, WI | 2000 | 203621 | 96.0% | 1487 | 7.61 |  | Hobby Lobby, Kohl's |  |
| 373 | Grand Central Plaza | Parkersburg | WV | Parkersburg-Vienna, WV | 1986 | 75344 | 44.8% | 527 | 15.61 |  | O'Reilly Auto Parts, Sportsman's Warehouse |  |
|  | **TOTAL PORTFOLIO** |  |  |  |  | **65990997** | **93.8%** | $**944490** | $**16.19** |  |  |  |

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<sup>&nbsp;&nbsp;&nbsp;&nbsp;(1)</sup> ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements

<sup>&nbsp;&nbsp;&nbsp;&nbsp;(2)</sup> \* Indicates grocer is not owned

<sup>&nbsp;&nbsp;&nbsp;&nbsp;(3)</sup> Property is listed as two individual properties on Company website for marketing purposes

<sup>&nbsp;&nbsp;&nbsp;&nbsp;(4)</sup> Indicates property is currently in redevelopment

<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>

<br>