INVESTOR PRESENTATION As of March 31, 2017 Retailer Disruption - PowerPoint PPT Presentation

INVESTOR PRESENTATION As of March 31, 2017

Retailer Disruption Positions BRX For Outperformance Tenant productivity and occupancy cost matter Attractive rent basis allows BRX to drive growth, while upgrading the quality and relevance of the tenancy • Productive tenant base – grocer sales of ~$550, 36% above average US grocer and with average occupancy costs below 2% • Well located, older assets with proven tenant demand Leasing demonstrates strong tenant demand – ~$39M of incremental ABR achieved in TTM • Proximity to consumer in established retail nodes with structural flexibility to accommodate retailer prototypes • Vibrant, diverse and growing core tenancy Primarily grocery and value oriented; one of the largest landlords to Kroger, TJX, Publix, Burlington and Ross Dress for Less • Strong open-to-buys with both existing and new retailers – 110+ national open-air retailers with robust store opening plans • Capturing increased market share in broader uses including entertainment, restaurants, fitness, etc. • Self-funded value creation through reinvestment Lower risk projects at highly accretive returns are self-funded through internally generated cash flow • $217M of projects in process with average expected NOI yields of ~10%; can drive the same value creation as up to 4x the amount of ground-up • development Targeted spend of $150 - $200M annually and identified pipeline of $1B+ to drive an additional 150 – 200bps of annual growth • Proven track record of outperformance in this environment Peer leading new lease rent spreads of 37% vs. peer average of 13%; highest ever 1Q volume with 1.9M SF of new and renewal leases executed • 80% of 2016 bankruptcy activity addressed through least and LOI at average rent spreads over 50% • Sustainable, growing cash flows should close multiple gap Supported by strong dividend coverage of 49% of FFO • 2

INVESTMENT OPPORTUNITY

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 4

Investment Opportunity PORTFOLIO QUICK FACTS  Second largest open-air retail landlord in the US 1 Number of shopping centers 510 GLA 86M SF  National, geographically diversified portfolio Average shopping center size 169K SF Percent billed 90.4%  Highly productive tenancy including grocers, value retailers and Percent leased 92.5% consumer oriented service providers Percent leased – Anchors (≥ 10K SF) 95.8% Percent leased – Small shops (< 10K SF) 84.8% Average ABR/SF $13.12  Strong embedded internal growth profile in what is owned and 1Q 2017 rent spread (new and renewal) 16.4% controlled Average grocer sales PSF 2 ~$550  Self-funded reinvestment pipeline with yields of ~10% VALUE CREATION OPPORTUNITY ($M) Net Number Estimated Costs 3 (active)  Proven access to capital and strengthening credit profile Redevelopment 11 $142.1 Anchor space repositioning 17 33.1  Attractive dividend yield New development 1 32.6 Outparcel development 7 9.6 Total 36 $217.4 HIGHLY VISIBLE INTERNAL GROWTH WITH LOWER RELATIVE RISK 5

Productive Retailers Relevant to Consumer Non-discretionary & value-oriented retail mix with strong service TOP RETAILERS BY ABR component % of % of ABR/ Credit Ratings Retailer Stores GLA ABR SF (S&P / Moody’s) • Well-suited for today’s consumer environment 69 5.3% 3.3% $6.95 BBB / Baa1 93 3.4% 3.2% 10.62 A+ / A2 Best-in-class retailers with significant growth plans 167 2.2% 2.0% 10.08 BB+ / Ba1 39 2.1% 1.8% 9.46 NR Strong tenant credit profile with meaningful diversification 28 4.1% 1.7% 4.72 AA / Aa2 29 1.8% 1.7% 10.49 BBB / Baa2 • 10 largest retailers account for only 18.3% of ABR 22 1.5% 1.4% 10.78 B+ / B1 • Largest tenant, Kroger, accounts for only 3.3% of ABR 21 1.7% 1.2% 7.93 BB / Ba3 32 1.0% 1.0% 11.18 A- / A3 Spots of weakness are points of opportunity 30 0.9% 1.0% 12.98 BBB+ / Baa1 TOP 10 530 24.0% 18.3% $8.57 • Kmart in-place ABR/SF of $4.33 46 1.8% 1.0% 6.20 BBB / - 30 0.8% 1.0% 14.50 B+ / B1 15 0.7% 0.9% 13.47 BBB- / Baa1 Proactive Tenant Management 19 2.1% 0.8% 4.33 CCC+ / Caa2 DECREASED 35 0.5% 0.8% 16.83 B / B2 EXPOSURE 32 0.8% 0.8% 10.96 - / B1 ABR 11 0.6% 0.8% 15.47 B+ / B2 27 0.7% 0.7% 12.39 BBB- / Baa2 32 0.5% 0.7% 14.71 B+ / B1 INCREASED EXPOSURE 11 1.1% 0.7% 7.43 BBB- / Baa2 TOP 20 788 33.6% 26.5% $8.86 ABR 6

Healthy Core Tenancy 110+ National open-air retailers with robust store opening plans Net New Store Openings by Retailer Type 1 Capturing market share ~Net New • As a top landlord to significant retailers, Brixmor is at the Retailer Type Representative Retailers Stores forefront of new store growth and expansion plans Accessories, Jewelry, Shoes DSW, Kay Jewelers 70 • Attractive rent basis provides opportunity to capture out- Apparel Citi Trends, South Moon 150 sized market share Apparel – Off Price TJ Maxx, Ross, Burlington 230 Cellular T-Mobile, Cricket 2,000 Dollar Store Dollar Tree, Five Below 1,650 Electronics & Appliance Various 80 Entertainment Various 10 Orangetheory, LA Fitness, Pure Fitness 760 Barre Diversifying tenant base General Merchandise Tuesday Morning, Kohls, Walmart 140 Grocer ALDI, Kroger, Sprouts 310 • Well-located, highly productive locations make Brximor’s Health & Personal Care Ulta, Bath & Body Works 250 centers attractive to new store concepts and an expanding list of tenant uses Hobby & Party Party City, Hobby Lobby 190 Home At Home, Floor & Décor 350 Pet PetSmart, Petco, Pet Supplies Plus 270 Restaurant Starbucks, Panera, MOD Pizza 2,730 Services Sport Clips, National Vision 430 Sporting Goods Dick’s, Academy Sports 100 Total ~9,700 7

Flexible Retail Format & Diversified Merchandise Mix Productive grocer anchors drive consumer traffic Broad cross-section of retailers focused on non- discretionary & value-oriented retail with strong complementary ~70% of shopping centers are grocery-anchored service component • 75% have an additional anchor Grocery Other (≤ 3%) 18% 13% • Average grocer sales of ~$550 PSF – 36% above the national average 1 Accessories, Jewelry, Shoes 3% • 90% of grocers have occupancy cost ratios below 3% Services Electronics & Appliances 3% 15% – 65% below 2% Hobby & Party 3% Other Value Fashion 4% Restaurants Off-Price Apparel 6% 13% Home 6% General Merchandise Health & Personal 8% Care 7% National retailers account for 65% Adaptable retail profile with only 5% of Flexible retail format, primarily grocery anchored 2 of portfolio ABR portfolio ABR at risk from eCommerce 75% 60% 65% Community / Defensive National Neighborhood 13% 35% 16% Power center Omnichannel Regional 11% Grocery-anchored 19% regional center Local 5% 1% At Risk Other All charts reflect percent of portfolio leased ABR. 8

Leasing Highlights Steady execution…with continued opportunity Small Shop Occupancy New & Renewal Lease Volume (K SF) Occupancy: 92.5%, up 10bps Y-O-Y • 84.8% Small shop occupancy: 84.8%, up 90bps Y-O-Y 1,852 83.9% • 83.2% 1,814 81.9% 1,797 Leasing volume: 1.9M SF of new and renewal leases executed in 1,780 • 1,762 80.0% 1Q 2017 1Q13 1Q14 1Q15 1Q16 1Q17 1Q13 1Q14 1Q15 1Q16 1Q17 Driving embedded rent growth and reducing options in new leases Reducing options provides for better control of space at end of % of New Leases with Rent Bumps % of New Leases with Options • lease term 94% 92% 54% 38% 38% 78% 2015 2016 TTM 2015 2016 TTM Sector leading productivity with disciplined use of leasing capital Peer leading new lease rent spreads of 36.7% • 1Q 2017 Comparable New Lease Rent Spread 1 1Q 2017 Total New Lease Volume (K SF) 1 36.7% 804 790 566 21.8% 17.9% 17.0% 288 185 166 7.6% 110 45 2.8% 0.2% BRX KIM DDR FRT REG WRI KRG RPAI BRX RPAI KIM FRT WRI DDR REG 9

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 4.4% Atlanta 3.8%  Senior level relationships with retail partners Los Angeles 3.0% Tampa 3.0%  Efficient execution through multiple deal portfolio Cincinnati 2.2% transactions and conforming leases Miami 1.8% % of ABR 10