INVESTOR PRESENTATION As of December 31, 2016 Company Priorities - PowerPoint PPT Presentation

INVESTOR PRESENTATION As of December 31, 2016

Company Priorities Maximize asset value through proactive management and accretive reinvestment Focus on achieving critical mass in attractive retail nodes Facilitate strategic capital allocation with a simple, flexible balance sheet Leverage operational benefits of a fully integrated national platform Be local in leasing and managing centers Partner with successful retailers to achieve their growth strategies Merchandise centers to be relevant to the communities they serve Continue to invest in talent to support platform strength FOCUS ON CONSISTENT, SUSTAINABLE GROWTH IN CASH FLOW 2

Investment Opportunity PORTFOLIO QUICK FACTS  Second largest open-air retail landlord in the US 1 Number of shopping centers 512 GLA 86M SF  National, geographically diversified portfolio Average shopping center size 168K SF Percent billed 90.7%  Highly productive tenancy including grocers, value retailers and Percent leased 92.8% consumer oriented service providers Percent leased – Anchors (≥ 10K SF) 96.1% Percent leased – Small shops (< 10K SF) 85.1% Average ABR/SF $12.99  Strong embedded internal growth profile in what is owned and 2016 rent spread (new and renewal) 17% controlled Average grocer sales PSF 2 $559  Self-funded reinvestment pipeline with yields of ~10% VALUE CREATION OPPORTUNITY Number Expected (active) Cost ($M) Redevelopment 9 $113.1  Proven access to capital and strengthening credit profile Anchor space repositioning 16 34.9 New development 1 32.6  Attractive dividend yield Outparcel development 7 9.8 Total 33 $190.4 HIGHLY VISIBLE INTERNAL GROWTH WITH LOWER RELATIVE RISK 3

LEASING HIGHLIGHTS – 2016

Leasing Highlights – 2016 Record highs since IPO…with continued opportunity Occupancy: 92.8%, up 20bps Y-O-Y • Small Shop Occupancy Executed Lease Volume (K SF) Small shop occupancy: 85.1% • 85.1% 13,683 – Up 80bps Y-O-Y and first time above 85% 84.3% 13,362 13,098 82.6% Leasing volume: 13.7M SF of leases executed • 12,795 81.6% 2013 2014 2015 2016 2013 2014 2015 2016 Sector leading productivity 2016 New Lease Volume (K SF) 1 New lease volume of 3.4M SF • – More than 3x the peer group average 3,385 New leases account for 3.9% of portfolio GLA • 2,298 1,807 – 140bps higher than peer group average 780 671 672 543 335 Peer leading new lease rent spreads of 31.3% • Disciplined use of leasing capital BRX KIM DDR REG WRI KRG FRT RPAI • 2016 New Lease Rent Spread Peer Comparison 1 New ABR/SF vs. TIs/SF 1 31.3% 375% 2016 29.3% 26.7% 2015 26.0% 24.0% 20.6% 13.8% 217% 199% 173% 176% 150% 147% 134% 131% 100% BRX KIM WRI REG FRT DDR RPAI BRX WRI RPAI FRT KIM 5

Mining Value – New Perspective on Leasing Diversifying tenant base to enhance relevance and productivity Broadening outreach to growing retail segments • – Executed ~900K SF of new leases in 2016 with restaurants, theatres / entertainment and fitness -- up ~20% over the last three year average New retailers to the portfolio: Driving embedded rent bumps Reducing options in new leases Goal of increasing portfolio average to 1.5% by 2020 Provides for better control of space at end of lease term • • % of New Leases with Embedded Rent Bumps % of New Leases with Options 67% 92% 54% 38% 78% 71% 2014 2015 2016 2014 2015 2016 6

INVESTMENT OPPORTUNITY

Productive Retailers Relevant to Consumer Non-discretionary & value-oriented retail mix with strong service component TOP RETAILERS BY ABR % of % of Credit Ratings Retailer Stores GLA ABR (S&P / Moody’s) • Well-suited for today’s consumer environment 71 5.4% 3.3% BBB / Baa1 Best-in-class retailers with significant growth plans 94 3.4% 3.2% A+ / A2 168 2.2% 2.0% BB+ / Ba2 Strong tenant credit profile with meaningful diversification 39 2.1% 1.8% NR 28 4.1% 1.7% AA / Aa2 • 10 largest retailers account for only 18.4% of ABR 29 1.8% 1.7% BBB / Baa2 23 1.5% 1.5% B+ / B1 • Largest tenant, Kroger, accounts for only 3.3% of ABR 20 1.7% 1.2% BB- / Ba3 Spots of weakness are points of opportunity 30 0.9% 1.0% BBB+ / Baa1 46 1.8% 1.0% BBB / - • Kmart in-place ABR/SF of $4.41 TOP 10 534 24.9% 18.4% • Conn’s + hhgregg average in-place ABR/SF of $10.17 30 0.8% 1.0% B+ / B1 31 1.0% 1.0% A- / A3 16 0.8% 0.9% BBB- / Baa1 Proactive Tenant Management 21 2.4% 0.9% CCC+ / Caa2 32 0.8% 0.8% - / B1 DECREASED EXPOSURE 34 0.5% 0.8% B / B2 ABR 12 1.2% 0.8% BBB- / Baa2 28 0.7% 0.7% BBB- / Baa2 34 0.6% 0.7% B+ / B1 INCREASED EXPOSURE 12 0.6% 0.7% NR ABR TOP 20 798 34.3% 26.7% 8

Local Execution with Benefits of National Scale Comprehensive platform leverages national breadth with commitment to regional and local presence – Key landlord to ~5,600 national, regional and local tenants o Top landlord by GLA to Kroger and TJX 1 Operating model provides streamlined access for retailers – ~80 leasing deal makers focused on execution – National Accounts team + network of offices with regional and local Top Markets by ABR expertise New York 6.7% Philadelphia 5.9% Houston 4.9% National Accounts provides: Chicago 4.8%  Centralized, single point of contact Dallas 4.6% Atlanta 3.8%  Senior level relationships with retail partners Los Angeles 3.1% Tampa 3.0%  Efficient execution through multiple deal portfolio Cincinnati 2.2% transactions and conforming leases Miami 1.9% % of ABR 9

Long-Term Forward Growth Trajectory Opportunity: Become the leading open-air retail platform as measured by consistent, sustainable growth in cash flow driven by investing in what we already own and control Long-Term Forward Growth Targets Acquisitions / Capital Recycling Redevelopment 150 – 200bps Long-Term Same Property NOI Run Rate 250 – 300bps • Contractual rent steps Incremental spend of $150 • Releasing spreads – 200M at ~10% yields • Occupancy gains • Anchor space repositioning 10

Visible Drivers of Forward Internal Growth Mark-to-market opportunity: The quality bias: Small shop opportunity: • Historic underinvestment has resulted in below- • Basis matters • Substantial opportunity in higher ABR small shop market rent profile space • It’s not where ABR is, but where its going • Rent spreads averaged 31% on new leases or • Small shop occupancy 510bps below peer group 17% on a blended basis (new and renewal) in average TTM • Anchor expirations with no remaining options 90.2% $15.07 $14.72 provide opportunity to realize mark-to-market – 5.1M SF of anchor leases expire between 85.1% 2017-2020 with no remaining options at in- $12.99 place ABR/SF of $8.36 – Signed new anchor leases at $12.05 in TTM In Place ABR/SF New Lease New Lease BRX Peer Group ABR/SF Since IPO ABR/SF TTM Average 1 Lease Expiration Schedule % of Leased GLA Expiring Need for reinvestment: Expiring In-Place ABR/SF Small Shop Leased Change (bps) Where Reinvestment Completed TTM new Lease • Small shop occupancy at centers where a ABR/SF $15.07 16.00 1,030 60.0% redevelopment or repositioning has been 15.00 910 completed in the past 5 years has improved 50.0% 14.00 $12.70 $12.55 960bps since December 2012 $12.04 13.00 40.0% $11.75 580 $11.11 12.00 • Future redevelopments are catalysts for 30.0% 320 11.00 improvement: 20.0% 110 82 45 34 10.00 9.7% properties properties properties properties – Properties are 86.8% leased, 600bps 10.0% 9.00 12.5% 13.6% 14.5% 48.6% below portfolio average 0.0% 8.00 Small shop occupancy 1 year prior to completion vs. 2017 2018 2019 2020 2021+ – Small shops are 78.1% leased, 700bps At completion 1yr after 2yrs after 3yrs after 50% of leased GLA expires 2017 – 2020 below portfolio average completion completion completion 11

Competitive Advantage – Reinvestment & Value Creation • Realize sector leading returns on reinvestment • Create higher long-term growth potential in the balance of the center • Enhance merchandise mix and vitality of properties to make shopping centers more relevant to communities they serve • Total of 41 projects delivered in 2016 totaling $67M at an NOI yield of 12%; $190M of projects in-process with average expected NOI yields of ~11% Total Reinvestment as a % of Enterprise Value 1 Value creation at lower risk and lower capital investment relative to peer group $15.7B % Redevelopment 20% % Development $15 $13.2B $13.2B Enterprise Value Enterprise Value ($B) 16% $10.9B % Reinvestment $9.3B $9.1B $10 12% $7.0B $5.6B 8% 8.8% $3.8B $5 0.6% 4% 3.7% 3.3% 5.6% 2.4% 0.2% 0.1% 2.3% 3.3% 2.0% 2.8% 1.9% 1.7% 1.2% 0.9% 0.9% 0.8% $0 0% BRX Peer Average KIM FRT DDR REG WRI RPAI KRG Note: BRX redevelopment includes Redevelopment, Anchor Space Repositioning and Outparcel Development. Redevelopment Anchor Space Repositioning Outparcel Development • Larger scale, • Tenant driven, • Densification Marketplace @ 42 – Coastal Way – Coastal Landing – tenant driven minimal risk with minimal Minneapolis, MN Tampa, FL disruption • Project • Project timeframe ~2 timeframe ~11 • Project years months timeframe ~8 months Maple Village – Ann Arbor, MI 12