$BRX

Brixmor Property Group Inc.

CIK:0001581068|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental income	$ 353,892	$ 339,397	$ 708,229	$ 676,638
Other revenues	307	95	789	366
Total revenues	354,199	339,492	709,018	677,004
Operating expenses
Operating costs	44,227	39,877	86,141	79,088
Real estate taxes	44,279	43,559	89,682	88,452
Depreciation and amortization	110,258	103,277	215,460	208,874
Impairment of real estate assets	5,974	0	5,974	0
General and administrative	27,858	29,093	56,050	57,266
Total operating expenses	232,596	215,806	453,307	433,680
Other income (expense)
Dividends and interest	3,912	1,190	7,117	2,896
Interest expense	(60,898)	(54,409)	(120,290)	(108,493)
Gain on sale of real estate assets	9,820	15,755	61,917	18,825
Loss on extinguishment of debt, net	0	(296)	0	(296)
Other	(775)	(780)	(3,036)	(1,373)
Total other expense	(47,941)	(38,540)	(54,292)	(88,441)
Net income	73,662	85,146	201,419	154,883
Net income attributable to non-controlling interests	(151)	(7)	(158)	(15)
Net income attributable to Brixmor Property Group Inc.	$ 73,511	$ 85,139	$ 201,261	$ 154,868
Net income attributable to Brixmor Property Group Inc. per common share:
Basic (usd per share)	$ 0.24	$ 0.28	$ 0.65	$ 0.50
Diluted (usd per share)	$ 0.24	$ 0.28	$ 0.65	$ 0.50
Weighted average shares:
Basic (in shares)	307,183	306,975	307,115	306,923
Diluted (in shares)	307,920	307,609	307,695	307,547
Brixmor Operating Partnership LP
Revenues
Rental income	$ 353,892	$ 339,397	$ 708,229	$ 676,638
Other revenues	307	95	789	366
Total revenues	354,199	339,492	709,018	677,004
Operating expenses
Operating costs	44,227	39,877	86,141	79,088
Real estate taxes	44,279	43,559	89,682	88,452
Depreciation and amortization	110,258	103,277	215,460	208,874
Impairment of real estate assets	5,974	0	5,974	0
General and administrative	27,858	29,093	56,050	57,266
Total operating expenses	232,596	215,806	453,307	433,680
Other income (expense)
Dividends and interest	3,912	1,190	7,117	2,896
Interest expense	(60,898)	(54,409)	(120,290)	(108,493)
Gain on sale of real estate assets	9,820	15,755	61,917	18,825
Loss on extinguishment of debt, net	0	(296)	0	(296)
Other	(775)	(780)	(3,036)	(1,373)
Total other expense	(47,941)	(38,540)	(54,292)	(88,441)
Net income	73,662	85,146	201,419	154,883
Net income attributable to non-controlling interests	(7)	(7)	(14)	(15)
Net income attributable to Brixmor Property Group Inc.	73,655	85,139	201,405	154,868
Redeemable preferred return	(144)	0	(144)	0
Net income available to Brixmor Operating Partnership LP common unitholders	$ 73,511	$ 85,139	$ 201,261	$ 154,868
Net income attributable to Brixmor Property Group Inc. per common share:
Basic (usd per share)	$ 0.24	$ 0.28	$ 0.65	$ 0.50
Diluted (usd per share)	$ 0.24	$ 0.28	$ 0.65	$ 0.50
Weighted average shares:
Basic (in shares)	307,183	306,975	307,115	306,923
Diluted (in shares)	307,920	307,609	307,695	307,547

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating activities:
Net income	$ 73,662	$ 127,757	$ 85,146	$ 69,737	$ 201,419	$ 154,883
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					215,460	208,874
Accretion of debt premium and discount, net					(1,337)	(1,379)
Deferred financing cost amortization					3,988	3,581
Accretion of above- and below-market leases, net					(8,979)	(7,987)
Tenant inducement amortization and other					1,165	1,268
Impairment of real estate assets					5,974	0
Gain on sale of real estate assets					(61,917)	(18,825)
Equity based compensation					5,977	8,910
Loss on extinguishment of debt, net					0	296
Changes in operating assets and liabilities:
Receivables, net					5,742	(1,771)
Deferred charges and prepaid expenses					(19,296)	(20,779)
Other assets					316	146
Accounts payable, accrued expenses and other liabilities					(3,652)	(15,675)
Net cash provided by operating activities					344,860	311,542
Investing activities:
Improvements to and investments in real estate assets					(123,497)	(171,333)
Acquisitions of real estate assets					(103,227)	(7,474)
Deposits on acquisitions of real estate assets					0	(15,000)
Proceeds from sales of real estate assets					122,803	43,715
Purchase of marketable securities					(12,478)	(5,574)
Proceeds from sale of marketable securities					10,060	6,686
Net cash used in investing activities					(106,339)	(148,980)
Financing activities:
Repayment of borrowings under unsecured revolving credit facility					0	(407,000)
Proceeds from borrowings under unsecured revolving credit facility					0	407,000
Proceeds from unsecured notes					398,512	399,324
Repayment of borrowings under unsecured notes					(600,000)	(632,312)
Deferred financing and debt extinguishment costs					(4,127)	(12,332)
Net proceeds from issuances of common shares					(127)	(143)
Redeemable non-controlling interests issuance costs					(330)	0
Distributions to common stockholders					(191,449)	(177,711)
Repurchases of common shares in conjunction with equity award plans					(16,411)	(12,210)
Net cash used in financing activities					(413,932)	(435,384)
Net change in cash, cash equivalents and restricted cash					(175,411)	(272,822)
Cash, cash equivalents and restricted cash at beginning of period		361,530		378,692	361,530	378,692	$ 378,692
Cash, cash equivalents and restricted cash at end of period	186,119		105,870		186,119	105,870	361,530
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	170,889		104,973		170,889	104,973	334,422
Restricted cash	15,230		897		15,230	897	27,108
Cash, cash equivalents and restricted cash at end of period	186,119		105,870		186,119	105,870	361,530
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized of $1,232 and $2,223					108,332	110,573
Change in accrued capital expenditures					(2,744)	(14,989)
Fair value of secured mortgage assumed for acquisition of real estate assets					30,500	0
Redeemable non-controlling interests issued for acquisition of real estate assets					30,499	0
Brixmor Operating Partnership LP
Operating activities:
Net income	73,662	127,757	85,146	69,737	201,419	154,883
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					215,460	208,874
Accretion of debt premium and discount, net					(1,337)	(1,379)
Deferred financing cost amortization					3,988	3,581
Accretion of above- and below-market leases, net					(8,979)	(7,987)
Tenant inducement amortization and other					1,165	1,268
Impairment of real estate assets					5,974	0
Gain on sale of real estate assets					(61,917)	(18,825)
Equity based compensation					5,977	8,910
Loss on extinguishment of debt, net					0	296
Changes in operating assets and liabilities:
Receivables, net					5,742	(1,771)
Deferred charges and prepaid expenses					(19,296)	(20,779)
Other assets					316	146
Accounts payable, accrued expenses and other liabilities					(3,652)	(15,675)
Net cash provided by operating activities					344,860	311,542
Investing activities:
Improvements to and investments in real estate assets					(123,497)	(171,333)
Acquisitions of real estate assets					(103,227)	(7,474)
Deposits on acquisitions of real estate assets					0	(15,000)
Proceeds from sales of real estate assets					122,803	43,715
Purchase of marketable securities					(12,478)	(5,574)
Proceeds from sale of marketable securities					10,060	6,686
Net cash used in investing activities					(106,339)	(148,980)
Financing activities:
Repayment of borrowings under unsecured revolving credit facility					0	(407,000)
Proceeds from borrowings under unsecured revolving credit facility					0	407,000
Proceeds from unsecured notes					398,512	399,324
Repayment of borrowings under unsecured notes					(600,000)	(632,312)
Deferred financing and debt extinguishment costs					(4,127)	(12,332)
Net proceeds from issuances of common shares					(127)	(143)
Redeemable non-controlling interests issuance costs					(330)	0
Partner distributions and repurchases of OP Units					(207,858)	(190,345)
Net cash used in financing activities					(413,930)	(435,808)
Net change in cash, cash equivalents and restricted cash					(175,409)	(273,246)
Cash, cash equivalents and restricted cash at beginning of period		$ 360,996		$ 378,032	360,996	378,032	378,032
Cash, cash equivalents and restricted cash at end of period	185,587		104,786		185,587	104,786	360,996
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	170,357		103,889		170,357	103,889	333,888
Restricted cash	15,230		897		15,230	897	27,108
Cash, cash equivalents and restricted cash at end of period	$ 185,587		$ 104,786		185,587	104,786	360,996
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized of $1,232 and $2,223					108,332	110,573
Change in accrued capital expenditures					(2,744)	(14,989)
Fair value of secured mortgage assumed for acquisition of real estate assets					30,500	0
Redeemable preferred units issued for acquisition of real estate assets					$ 30,499	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate
Land	$ 1,864,583	$ 1,849,779
Buildings and improvements	10,055,235	9,937,718
Real estate, gross	11,919,818	11,787,497
Accumulated depreciation and amortization	(3,708,299)	(3,588,646)
Real estate, net	8,211,519	8,198,851
Cash and cash equivalents	170,889	334,422
Restricted cash	15,230	27,108
Marketable securities	23,504	21,283
Receivables, net	305,579	315,128
Deferred charges and prepaid expenses, net	173,752	169,326
Real estate assets held for sale	0	4,551
Other assets	106,239	62,468
Total assets	9,006,712	9,133,137
Liabilities
Debt obligations, net	5,322,423	5,494,753
Accounts payable, accrued expenses and other liabilities	631,703	628,328
Total liabilities	5,954,126	6,123,081
Commitments and contingencies (Note 14)	0	0
Redeemable non-controlling interests	30,643	0
Equity
Common stock	3,068	3,061
Additional paid-in capital	3,427,652	3,437,853
Accumulated other comprehensive income	12,140	1,722
Distributions in excess of net income	(421,159)	(432,822)
Total stockholders' equity	3,021,701	3,009,814
Non-controlling interests	242	242
Total equity	3,021,943	3,010,056
Total liabilities and equity	9,006,712	9,133,137
Brixmor Operating Partnership LP
Real estate
Land	1,864,583	1,849,779
Buildings and improvements	10,055,235	9,937,718
Real estate, gross	11,919,818	11,787,497
Accumulated depreciation and amortization	(3,708,299)	(3,588,646)
Real estate, net	8,211,519	8,198,851
Cash and cash equivalents	170,357	333,888
Restricted cash	15,230	27,108
Marketable securities	23,504	21,283
Receivables, net	305,579	315,128
Deferred charges and prepaid expenses, net	173,752	169,326
Real estate assets held for sale	0	4,551
Other assets	106,239	62,468
Total assets	9,006,180	9,132,603
Liabilities
Debt obligations, net	5,322,423	5,494,753
Accounts payable, accrued expenses and other liabilities	631,703	628,328
Total liabilities	5,954,126	6,123,081
Commitments and contingencies (Note 14)	0	0
Redeemable non-controlling interests	30,643	0
Equity
Common stock	3,009,029	3,007,558
Accumulated other comprehensive income	12,140	1,722
Total stockholders' equity	3,021,169	3,009,280
Non-controlling interests	242	242
Total equity	3,021,411	3,009,522
Total liabilities and equity	$ 9,006,180	$ 9,132,603