INVESTOR PRESENTATION As of June 30, 2017 Investment Opportunity - PowerPoint PPT Presentation

INVESTOR PRESENTATION As of June 30, 2017

Investment Opportunity PORTFOLIO QUICK FACTS  Largest open-air retail landlord in the US by GLA Number of shopping centers 507 GLA 85M SF  National, geographically diversified portfolio Average shopping center size 169K SF Percent billed 89.9%  Highly productive core tenancy including grocers, value retailers and Percent leased 92.0% consumer oriented service providers Percent leased – Anchors (≥ 10K SF) 95.0% Percent leased – Small shops (< 10K SF) 85.0% Average ABR PSF $13.21  Strong embedded internal growth potential in what is owned and 2Q 2017 rent spread (new and renewal) 16.8% controlled Average grocer sales PSF 1 ~$550  Self-funded reinvestment pipeline with yields of ~10% ONE OF THE LARGEST LANDLORDS TO:  Proven access to capital and flexible balance sheet  Attractive, well-covered dividend yield HIGHLY VISIBLE INTERNAL GROWTH WITH LOWER RELATIVE RISK 2

Company Priorities Realize inherent value through proactive management and accretive reinvestment Be local and merchandise centers to be relevant to the communities they serve Partner with successful retailers to achieve their growth strategies Leverage operational benefits of a fully integrated national platform Support prudent capital allocation and recycling with a simple, flexible balance sheet Continue to attract and retain the very best talent FOCUS ON CONSISTENT, SUSTAINABLE GROWTH IN CASH FLOW 3

Why Is BRX Positioned To Outperform? Occupancy cost and tenant productivity 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 PSF, 36% above average US grocer, with average occupancy costs below 2% 1 Significant operating platform enhancements effectuated over the last twelve months • Enhanced leasing model and alignment of national accounts coverage with regional leasing “owners” • Improved property operating standards and expanded reinvestment and capital recycling capabilities and pipeline Proven track record of operational outperformance in this environment • ~$42M of new incremental ABR created over TTM • ~90% of 2016 bankruptcy activity addressed through lease and LOI at average rent spreads of 27% • Peer leading new lease productivity in TTM: new lease spreads of 35% vs. peer average of 19%; new lease volume of 3.2M SF vs. peer average of 1.1M SF Outsized embedded reinvestment potential • $258M of in process projects with average expected NOI yields of ~10% – Can drive the same value creation as up to 4x the amount of ground-up development • Identified pipeline of over $1B with targeted spend of $150 - $200M annually to drive an additional 150 – 200bps of annual growth Vibrant, diverse and growing core tenancy • Primarily grocery and value oriented; one of the largest landlords to retailers including Kroger, TJX, Publix, Burlington and Ross • Strong open-to-buys from both existing and new retailers • Capturing increased market share in broader uses including entertainment, restaurant, fitness, etc. 4

A Sustainable Model For Growth Opportunity: Be 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 Reinvestment 150 – 200bps Long-Term Same Property NOI Run Rate 250 – 300bps • Contractual rent growth • Incremental spend of $150 – • Harvest low IRR assets • Releasing spreads 200M at ~10% yields • Capital source at NAV • Acquisitions drive additional growth and reinvestment opportunities 5

Visible Drivers Of Forward Internal Growth Sector leading leasing Driving growth in small shops: • Small shop occupancy at centers where a redevelopment or repositioning New Lease Productivity – TTM 1 has been completed in the past 5 years has improved 600 – 800bps New Lease GLA (K SF) – Generating $21M of incremental ABR from these small shop spaces New Lease Spreads 35% 4,500 0 • Future redevelopments are catalysts for improvement: 4,000 0 – Small shops are 81.2% leased, 380bps below portfolio average 3,500 25% 0 23% 3,000 21% 20% 0 2,500 0 14% Small Shop Leased Change (bps) Where Reinvestment Completed 2,000 10% 0 1,500 1,100 0 1,000 830 0 500 258 625 734 932 1,440 3,062 3,239 - - 530 RPAI WRI FRT REG DDR KIM BRX 300 104 84 48 31 properties properties properties properties Small shop occupancy 1 year prior to completion vs. At completion 1yr after 2yrs after 3yrs after New ABR Created TTM 2 completion completion completion New ABR Created ($M) 4.4% 60 0 % of Portfolio ABR Driving embedded rent growth: 3.9% 0 50 3.3% 0 3.1% 94% of new leases executed YTD include rent bumps averaging 2.2% vs. • 0 2.7% 40 1.7% in 2015 $42 2.5% 0 $39 30 0 $29 % of New Leases with Rent Bumps New Lease Average Rent Bumps 0 20 0 2.2% 94% $17 92% 2.0% $16 0 10 $12 1.7% 0 78% - - RPAI FRT DDR REG KIM BRX 2015 2016 YTD 2015 2016 YTD 6

Visible Drivers Of Forward Internal Growth (cont’d) Basis matters: Visibility on future rollover growth: • It’s not where ABR is, but where its going Historic under-investment and under-management has resulted in below- • market rent profile $15.14 $14.82 Significant mark-to-market opportunity • – 4.4M SF of anchor leases expiring between 2017 – 2020 with no remaining $13.21 options at ABR PSF of $8.25 – 2Q17 new anchor leases signed at ABR PSF of $12.13 In Place ABR PSF New Lease ABR PSF New Lease ABR PSF Since IPO TTM Near-term Rollover Growth Potential TTM New Lease ABR PSF $15.14 50.0% $16.00 Tailwinds from forward leasing: 45.0% $15.00 40.0% $14.00 $12.70 35.0% $12.20 $13.00 $11.83 30.0% $11.71 $33M of ABR From Leases Signed But Not Yet Commenced 25.0% $12.00 20.0% $11.00 ($M) 15.0% $10.00 Commencing in period 10.0% Previously commenced $9.00 $2 3.5% 11.9% 13.9% 14.9% 5.0% $7 $31 0.0% $8.00 2017 2018 2019 2020 $24 $24 % of Leased GLA Expiring ABR PSF at Expiration 73% 2H 2017 1H 2018 2H 2018 Expected Commencement 7

Vibrant, Diverse & Growing Core Tenancy We cover 150+ national open-air retailers with plans to open over 12,500 new stores Broad cross-section of retailers focused on non-discretionary & Executing leases with thriving retailers value-oriented retail with strong complementary service component Percent of new lease ABR executed by merchandise mix - TTM (by ABR) Grocery Other (≤ 3%) 17% Services 20% 13% Other (≤ 3%) Dollar Store 3% 12% Services Restaurants 16% 17% Accessories, Jewelry, Shoes 3% Entertainment 3% Hobby & Party 4% Other Value Fashion 4% Other Value Fashion 4% Pet 4% Health & Restaurants Off-Price Apparel 6% Personal Care Off-Price Apparel 5% 13% 14% General Cellular 5% Home 7% Grocery 8% Home Merchandise 8% Health & Personal 7% Care 7% Productive grocer anchors drive National retailers account for 65% of Flexible retail format, primarily grocery anchored (by ABR) 2 consumer traffic portfolio ABR 75% ~70% of shopping centers are grocery-anchored Community / 65% Neighborhood National • 76% have an additional anchor 13% Power center • Average grocer sales of ~$550 PSF – 36% 16% Regional above the national average 1 10% Grocery-anchored • Average occupancy costs below 2% 1 regional center 19% 2% Local Other 8

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 PSF (S&P / Moody’s) • Well-suited for today’s consumer environment 68 5.2% 3.2% $6.98 BBB / Baa1 92 3.4% 3.2% 10.65 A+ / A2 Best-in-class retailers with significant growth plans 166 2.2% 2.0% 10.08 BB+ / Ba1 38 2.1% 1.7% 9.48 NR Strong tenant credit profile with meaningful diversification 29 1.8% 1.7% 10.50 BBB/ Baa2 26 3.8% 1.5% 4.46 AA / Aa2 • 10 largest retailers account for only 18.0% of ABR 22 1.5% 1.4% 10.74 B+ / B1 • Largest tenant, Kroger, accounts for only 3.2% of ABR 22 1.8% 1.3% 8.02 BB / Ba2 32 1.0% 1.0% 11.18 A- / A3 30 0.9% 1.0% 12.98 BBB+ / Baa1 TOP 10 525 23.7% 18.0% $8.60 46 1.8% 1.0% 6.27 BBB / - Proactive Tenant Management 30 0.8% 1.0% 14.50 B+ / B1 DECREASED 15 0.7% 0.9% 13.47 BBB- / Baa1 EXPOSURE 36 0.6% 0.8% 16.96 B / B2 12 0.6% 0.8% 15.84 B+ / B2 19 2.1% 0.8% 4.33 CCC+ / Caa2 32 0.8% 0.8% 11.00 - / B1 INCREASED 14 0.6% 0.8% 13.77 NR EXPOSURE 33 0.6% 0.7% 14.72 B+ / Ba3 27 0.7% 0.7% 12.39 B+ / B1 TOP 20 789 33.0% 26.3% $9.05 9

Capitalizing On Evolving Retailer Business Models Retail closures Capturing market share Innovation • Partnering with retailers to support new • Helping retailers launch new concepts store growth and expansion plans and adding new-to-portfolio tenants Outperformance in releasing recaptured space • ~90% of 2016 bankruptcies resolved at average rent spreads of 27% Broadening merchandise mix Outparcel initiative – Progress has reduced impact of 2016 bankruptcies on 2017 same property • Expanding outreach to growing retail • Adding density to centers with NOI from 40bps to 25bps segments and wide breadth of tenant innovative concepts and uses uses • Proactively managing 2017 bankruptcies – 2017 bankrupt tenants account for ~950K SF of GLA and 1.3% of portfolio ABR – Expected impact of ~60bps on 2017 same property NOI growth 10