BRIXMOR PROPERTY GROUP INC. BofA NY Global Real Estate Conference 2026

Yeah, sure. Samir, thanks for having us. Good seeing all of you today. Joining with me here are Mark Horgan, our Chief Investment Officer, Steven Gallagher, our Chief Financial Officer, and Stacy Slater, our Head of Capital Markets, IR, and Strategy. Thanks again for being here today. Look, from our standpoint, the strategy continues to be accretive reinvestment in our portfolio. My focus for the last 18 months in coming into the seat is not a shift in the strategy. We spent 10 years transforming the portfolio. It is really to accelerate everything that we have been doing. It has been a tremendous environment for open-air retail. Our retailers are performing. Traffic continues to go up at our shopping centers and across the sector. But in particular, the work that we have done to our portfolio has really allowed us to capitalize on that environment.

We are signing rents at the highest level that we ever have. We are continued to deliver growth at the top of the sector, and we are delivering that more efficiently with lower CapEx, with retailers taking on more of that work. What we show all of you is the visibility on that growth that is really unparalleled in what we own and control today. We are not banking on external growth to grow. We have a signed-but-not-commenced pipeline of $70 million that is contractually obligated. It has been around that level for the past couple of years because we continue to backfill it as we have been commencing $15 million to $20 million a quarter. As we look out, our plan is to continue to do what we can to accelerate that.

We have invested $1.5 billion in the portfolio to date, but we are even more excited about the opportunity set that we have going forward. We have got $1 billion in reinvestment just in our active and future pipelines that we show all of you. Projects like the half a dozen that we have with Publix in Florida. Things like in metro New York, suburban Philadelphia, suburban Houston as well. The pipeline continues to be strong. While external growth is really additive to what we do, we have found opportunities to put the platform to work. Close to half the acquisition activity that we have done as a public company has been in the last two years.

There is a common theme across all of those acquisitions in that they have a growth profile that aligns with the growth profile of the portfolio that we have today, and they are in markets that we know very well. We were very excited about what we see within the space in terms of how our tenants continue to perform, but even more excited about how we are positioned to capitalize on that going forward.

I think it is that, Samir, if you look at where we've kind of taken rents in a couple of different ways. Just in operations alone, we've taken rents from $12.50 to $19 across the portfolio. We're signing those at $25 today. We're at three years running of renewal growth that's in the mid-teens. Our retailers are able to pay higher rents because they're performing in our shopping centers. We think there's continued room to run there from just a rent growth perspective in the existing portfolio. It's really continuing to capitalize on that, whether that's the 3.5 million square feet of space that's expiring, anchor space in the next three years that we control at rents that are $11, and we're signing those at 18. Or whether that's in our existing bumps in the portfolio, which were a record at 2.8%.

That's in the initial operation to continue to drive rate in the portfolio and do that more efficiently. I mentioned reinvestment. Getting those projects started. We've been delivering larger projects across the country recently. You think about Davis, California, Block 59 in suburban Chicago or in Orlando, the projects that we have in suburban Philadelphia, bringing those forward and getting those commenced. You will see us start to bring a number of those Publix projects online next year and in the years to follow. You should expect a steady cadence of that future reinvestment pipeline coming on to the active pipeline as well. An area that I'm sure we'll touch on, we have been very forward-thinking in terms of our deployment of technology. For us, it's very result-oriented. What's the time that we're saving? What's the value that we're creating?

I mentioned a few things in our first earnings call earlier in the year. Areas like legal leasing, things that Mark is doing in terms of property underwriting as we're looking at acquisitions, and then tenant health across the portfolio, which we're seeing even more improvement there as well. That's been a big focus for us, too.

I'd say AI and data across the portfolio.

Absolutely. Look, we cut our outside legal expenses in half. If you think about the time it takes to review a lease, the time it takes to dig into a lease clause to figure out what you need to do to reinvest in that. We've shaved that time down dramatically. So one of the things we measure is time to open, from when we have that first conversation to when we get those tenants open. We've cut our time in legal by 15% over the past two years. So that's something where we're seeing real tangible efforts. If you're able to take that time and have that individual now work on a few more leases, just think of how many days of rent you're able to pull forward.