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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to_____
Commission File Number: 001-36160 (Brixmor Property Group Inc.)
Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP)

Brixmor Property Group Inc.
Brixmor Operating Partnership LP
(Exact Name of Registrant as Specified in Its Charter)
Maryland(Brixmor Property Group Inc.)45-2433192
Delaware(Brixmor Operating Partnership LP)80-0831163
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
100 Park Avenue, New York, New York 10017
(Address of Principal Executive Offices) (Zip Code)
212-869-3000
(Registrant’s Telephone Number, Including Area Code)
450 Lexington Avenue, New York, New York 10017
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBRXNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Brixmor Property Group Inc. Yes ☑ No ☐ Brixmor Operating Partnership LP Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Brixmor Property Group Inc. Yes ☑ No ☐ Brixmor Operating Partnership LP Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Brixmor Property Group Inc.Brixmor Operating Partnership LP
Large accelerated filer
☑
Non-accelerated filer ☐Large accelerated filer ☐Non-accelerated filer
☑
Smaller reporting company☐Accelerated filer ☐Smaller reporting company☐Accelerated filer ☐
Emerging growth company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Brixmor Property Group Inc. ☐ Brixmor Operating Partnership LP ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Brixmor Property Group Inc. Yes ☐ No ☑ Brixmor Operating Partnership LP Yes ☐ No ☑

(APPLICABLE ONLY TO CORPORATE ISSUERS)
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
As of October 1, 2024, Brixmor Property Group Inc. had 302,063,370 shares of common stock outstanding.


EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2024 of Brixmor Property Group Inc. and Brixmor Operating Partnership LP. Unless stated otherwise or the context otherwise requires, references to the "Parent Company" or "BPG" mean Brixmor Property Group Inc. and its consolidated subsidiaries, and references to the "Operating Partnership" mean Brixmor Operating Partnership LP and its consolidated subsidiaries. Unless the context otherwise requires, the terms "the Company," "Brixmor," "we," "our," and "us" mean the Parent Company and the Operating Partnership, collectively.
The Parent Company is a real estate investment trust ("REIT") that owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. As of September 30, 2024, the Parent Company beneficially owned, through its direct and indirect interest in BPG Sub and the General Partner, 100% of the outstanding partnership common units (the "OP Units") in the Operating Partnership.
The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report:

•Enhances investors’ understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole, in the same manner as management views and operates the business;
•Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
•Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
Management operates the Parent Company and the Operating Partnership as one business. Because the Operating Partnership is managed by the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, the Parent Company’s executive officers are the Operating Partnership’s executive officers, and although, as a partnership, the Operating Partnership does not have a board of directors, we refer to the Parent Company’s board of directors as the Operating Partnership’s board of directors.
We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company does not incur any material indebtedness. The Operating Partnership holds substantially all of our assets. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates all capital required by the Company’s business. Sources of this capital include the Operating Partnership’s operations and its direct or indirect incurrence of indebtedness.
Equity, capital, and non-controlling interests are the primary areas of difference between the unaudited Condensed Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership’s capital currently includes OP Units owned by the Parent Company through BPG Sub and the General Partner and has in the past, and may in the future, include OP Units owned by third parties. OP Units owned by third parties, if any, are accounted for outside of equity in non-controlling interests in the Parent Company’s financial statements.
The Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have material assets other than its indirect interest in the Operating Partnership. Therefore, while equity, capital, and non-controlling interests may differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are materially the same on their respective financial statements.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections of this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements (but combined footnotes), separate controls and procedures sections, separate certification of periodic report under Section 302 of the Sarbanes-Oxley Act of 2002, and separate certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.
i

TABLE OF CONTENTS
Item No.Page
Part I - FINANCIAL INFORMATION
1.
Financial Statements
Brixmor Property Group Inc. (unaudited)
Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023
Brixmor Operating Partnership LP (unaudited)
Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Changes in Capital for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023
Brixmor Property Group Inc. and Brixmor Operating Partnership LP (unaudited)
Notes to Condensed Consolidated Financial Statements
2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
3.
Quantitative and Qualitative Disclosures about Market Risk
4.
Controls and Procedures
Part II - OTHER INFORMATION
1.
Legal Proceedings
1A.
Risk Factors
2.
Unregistered Sales of Equity Securities and Use of Proceeds
3.
Defaults Upon Senior Securities
4.
Mine Safety Disclosures
5.
Other Information
6.
Exhibits



ii


Forward-Looking Statements

This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in our Form 10-K for the year ended December 31, 2023 and in this report, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC’s website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, and taxes. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.
iii

PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands, except share information)
September 30,
2024		December 31,
2023
Assets
Real estate
Land$1,791,843 $1,794,011 
Buildings and improvements9,373,627 9,201,876 
11,165,470 10,995,887 
Accumulated depreciation and amortization(3,372,860)(3,198,980)
Real estate, net7,792,610 7,796,907 
Cash and cash equivalents451,326 866 
Restricted cash1,121 18,038 
Marketable securities21,205 19,914 
Receivables, net260,571 278,775 
Deferred charges and prepaid expenses, net172,947 164,061 
Other assets50,037 54,155 
Total assets$8,749,817 $8,332,716 
Liabilities
Debt obligations, net$5,338,681 $4,933,525 
Accounts payable, accrued expenses and other liabilities530,560 548,890 
Total liabilities5,869,241 5,482,415 
Commitments and contingencies (Note 15)— — 
Equity
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 311,190,362 and 309,723,386
   shares issued and 302,063,370 and 300,596,394 shares outstanding
3,020 3,006 
Additional paid-in capital3,331,941 3,310,590 
Accumulated other comprehensive loss(759)(2,700)
Distributions in excess of net income(453,626)(460,595)
Total equity2,880,576 2,850,301 
Total liabilities and equity$8,749,817 $8,332,716 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


1

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues
Rental income$319,989 $307,118 $955,065 $927,440 
Other revenues693 196 1,547 1,111 
Total revenues320,682 307,314 956,612 928,551 
Operating expenses
Operating costs36,442 35,058 110,518 106,658 
Real estate taxes42,902 42,156 120,659 130,556 
Depreciation and amortization94,829 96,254 278,065 272,807 
Impairment of real estate assets5,863 — 11,143 17,836 
General and administrative30,250 29,182 88,430 86,868 
Total operating expenses210,286 202,650 608,815 614,725 
Other income (expense)
Dividends and interest5,289 273 15,798 345 
Interest expense(55,410)(47,364)(160,553)(143,529)
Gain on sale of real estate assets37,018 6,712 53,974 59,037 
Gain on extinguishment of debt, net273 6 554 4,356 
Other(726)(555)(1,700)(1,645)
Total other expense(13,556)(40,928)(91,927)(81,436)
Net income$96,840 $63,736 $255,870 $232,390 
Net income per common share:
Basic$0.32 $0.21 $0.84 $0.77 
Diluted$0.32 $0.21 $0.84 $0.77 
Weighted average shares:
Basic302,676 301,007 302,518 300,955 
Diluted303,608 302,511 303,377 302,447 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income$96,840 $63,736 $255,870 $232,390 
Other comprehensive income (loss)
Change in unrealized gain (loss) on interest rate swaps, net (Note 6)(13,484)962 1,549 3,019 
Change in unrealized gain on marketable securities348 127 392 322 
Total other comprehensive income (loss)(13,136)1,089 1,941 3,341 
Comprehensive income$83,704 $64,825 $257,811 $235,731 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


3

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited, in thousands, except per share data)
Common Stock
NumberAmountAdditional Paid-in Capital
Accumulated
Other
Comprehensive
Income (Loss)
Distributions in Excess of Net IncomeTotal
Beginning balance, January 1, 2023299,916 $2,999 $3,299,496 $8,851 $(446,336)$2,865,010 
Common stock dividends ($0.2600 per common share)
— — — — (79,298)(79,298)
Equity based compensation expense— — 4,518 — — 4,518 
Other comprehensive loss— — — (3,731)— (3,731)
Issuance of common stock632 6 (6)— — — 
Repurchases of common shares in conjunction with equity award plans— — (11,229)— — (11,229)
Net income— — — — 112,246 112,246 
Ending balance, March 31, 2023300,548 3,005 3,292,779 5,120 (413,388)2,887,516 
Common stock dividends ($0.2600 per common share)
— — — — (78,755)(78,755)
Equity based compensation expense— — 5,019 — — 5,019 
Other comprehensive income— — — 5,983 — 5,983 
Issuance of common stock45 1 — — — 1 
Net income— — — — 56,408 56,408 
Ending balance, June 30, 2023300,593 3,006 3,297,798 11,103 (435,735)2,876,172 
Common stock dividends ($0.2600 per common share)
— — — — (78,754)(78,754)
Equity based compensation expense— — 6,139 — — 6,139 
Other comprehensive income— — — 1,089 — 1,089 
Issuance of common stock3 — — — — — 
Repurchases of common shares in conjunction with equity award plans— — (2)— — (2)
Net income— — — — 63,736 63,736 
Ending balance, September 30, 2023300,596 $3,006 $3,303,935 $12,192 $(450,753)$2,868,380 
Beginning balance, January 1, 2024300,596 $3,006 $3,310,590 $(2,700)$(460,595)$2,850,301 
Common stock dividends ($0.2725 per common share)
— — — — (83,277)(83,277)
Equity based compensation expense— — 3,781 — — 3,781 
Other comprehensive income— — — 12,226 — 12,226 
Issuance of common stock703 7 (7)— — — 
Repurchases of common shares in conjunction with equity award plans— — (12,962)— — (12,962)
Net income— — — — 88,905 88,905 
Ending balance, March 31, 2024301,299 3,013 3,301,402 9,526 (454,967)2,858,974 
Common stock dividends ($0.2725 per common share)
— — — — (82,719)(82,719)
Equity based compensation expense— — 5,955 — — 5,955 
Other comprehensive income— — — 2,851 — 2,851 
Issuance of common stock46 — — — — — 
Net income— — — — 70,125 70,125 
Ending balance, June 30, 2024301,345 3,013 3,307,357 12,377 (467,561)2,855,186 
Common stock dividends ($0.2725 per common share)
— — — — (82,905)(82,905)
Equity based compensation expense— — 5,375 — — 5,375 
Other comprehensive loss— — — (13,136)— (13,136)
Issuance of common stock718 7 19,228 — — 19,235 
Repurchases of common shares in conjunction with equity award plans— — (19)— — (19)
Net income— — — — 96,840 96,840 
Ending balance, September 30, 2024302,063 $3,020 $3,331,941 $(759)$(453,626)$2,880,576 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended September 30,
20242023
Operating activities:
Net income$255,870 $232,390 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization278,065 272,807 
Accretion of debt premium and discount, net(2,148)(2,198)
Deferred financing cost amortization5,369 5,163 
Accretion of above- and below-market leases, net(7,271)(9,361)
Tenant inducement amortization and other1,937 3,205 
Impairment of real estate assets11,143 17,836 
Gain on sale of real estate assets(53,974)(59,037)
Equity based compensation 13,855 14,559 
Gain on extinguishment of debt, net(554)(4,356)
Changes in operating assets and liabilities:
Receivables, net13,671 (937)
Deferred charges and prepaid expenses(30,780)(37,619)
Other assets(642)(760)
Accounts payable, accrued expenses and other liabilities(15,027)21,820 
Net cash provided by operating activities469,514 453,512 
Investing activities:
Improvements to and investments in real estate assets(255,423)(254,426)
Acquisitions of real estate assets(81,862)(1,914)
Proceeds from sales of real estate assets141,901 162,194 
Purchase of marketable securities(26,064)(20,442)
Proceeds from sale of marketable securities25,264 21,566 
Net cash used in investing activities(196,184)(93,022)
Financing activities:
Repayment of borrowings under unsecured revolving credit facility(98,500)(480,000)
Proceeds from borrowings under unsecured revolving credit facility80,000 360,000 
Proceeds from unsecured notes and term loans796,152 200,000 
Repayment of borrowings under unsecured notes(367,449)(194,254)
Deferred financing and debt extinguishment costs(7,714)(700)
Proceeds from issuances of common shares19,280 — 
Distributions to common stockholders (248,576)(236,881)
Repurchases of common shares in conjunction with equity award plans(12,980)(11,231)
Net cash provided by (used in) financing activities160,213 (363,066)
Net change in cash, cash equivalents and restricted cash433,543 (2,576)
Cash, cash equivalents and restricted cash at beginning of period18,904 21,259 
Cash, cash equivalents and restricted cash at end of period$452,447 $18,683 
Reconciliation to consolidated balance sheets:
Cash and cash equivalents$451,326 $861 
Restricted cash1,121 17,822 
Cash, cash equivalents and restricted cash at end of period$452,447 $18,683 
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized of $2,887 and $2,987
$151,862 $144,271 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


5

BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands, except unit information)
September 30,
2024		December 31,
2023
Assets
Real estate
Land$1,791,843 $1,794,011 
Buildings and improvements9,373,627 9,201,876 
11,165,470 10,995,887 
Accumulated depreciation and amortization(3,372,860)(3,198,980)
Real estate, net7,792,610 7,796,907 
Cash and cash equivalents450,666 866 
Restricted cash1,121 18,038 
Marketable securities21,205 19,914 
Receivables, net260,571 278,775 
Deferred charges and prepaid expenses, net172,947 164,061 
Other assets50,037 54,155 
Total assets$8,749,157 $8,332,716 
Liabilities
Debt obligations, net$5,338,681 $4,933,525 
Accounts payable, accrued expenses and other liabilities530,560 548,911 
Total liabilities5,869,241 5,482,436 
Commitments and contingencies (Note 15)— — 
Capital
Partnership common units; 311,190,362 and 309,723,386 units issued and 302,063,370 and
   300,596,394 units outstanding
2,880,675 2,852,980 
Accumulated other comprehensive loss(759)(2,700)
Total capital2,879,916 2,850,280 
Total liabilities and capital$8,749,157 $8,332,716 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



6

BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues
Rental income$319,989 $307,118 $955,065 $927,440 
Other revenues693 196 1,547 1,111 
Total revenues320,682 307,314 956,612 928,551 
Operating expenses
Operating costs36,442 35,058 110,518 106,658 
Real estate taxes42,902 42,156 120,659 130,556 
Depreciation and amortization94,829 96,254 278,065 272,807 
Impairment of real estate assets5,863 — 11,143 17,836 
General and administrative30,250 29,182 88,430 86,868 
Total operating expenses210,286 202,650 608,815 614,725 
Other income (expense)
Dividends and interest5,289 273 15,798 345 
Interest expense(55,410)(47,364)(160,553)(143,529)
Gain on sale of real estate assets37,018 6,712 53,974 59,037 
Gain on extinguishment of debt, net273 6 554 4,356 
Other(726)(555)(1,700)(1,645)
Total other expense(13,556)(40,928)(91,927)(81,436)
Net income$96,840 $63,736 $255,870 $232,390 
Net income per common unit:
Basic$0.32 $0.21 $0.84 $0.77 
Diluted$0.32 $0.21 $0.84 $0.77 
Weighted average units:
Basic302,676 301,007 302,518 300,955 
Diluted303,608 302,511 303,377 302,447 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7

BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income$96,840 $63,736 $255,870 $232,390 
Other comprehensive income (loss)
Change in unrealized gain (loss) on interest rate swaps, net (Note 6)(13,484)962 1,549 3,019 
Change in unrealized gain on marketable securities348 127 392 322 
Total other comprehensive income (loss)(13,136)1,089 1,941 3,341 
Comprehensive income$83,704 $64,825 $257,811 $235,731 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8

BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(Unaudited, in thousands)
Partnership Common Units
Accumulated
Other
Comprehensive
Income (Loss)
Total
Beginning balance, January 1, 2023$2,855,232 $8,851 $2,864,083 
Distributions to partners(78,397)— (78,397)
Equity based compensation expense4,518 — 4,518 
Other comprehensive loss— (3,731)(3,731)
Repurchases of OP Units in conjunction with equity award plans(11,229)— (11,229)
Net income112,246 — 112,246 
Ending balance, March 31, 20232,882,370 5,120 2,887,490 
Distributions to partners(78,754)— (78,754)
Equity based compensation expense5,019 — 5,019 
Other comprehensive income— 5,983 5,983 
Issuance of OP Units1 — 1 
Net income56,408 — 56,408 
Ending balance, June 30, 20232,865,044 11,103 2,876,147 
Distributions to partners(78,752)— (78,752)
Equity based compensation expense6,139 — 6,139 
Other comprehensive income— 1,089 1,089 
Repurchases of OP Units in conjunction with equity award plans(2)— (2)
Net income63,736 — 63,736 
Ending balance, September 30, 2023$2,856,165 $12,192 $2,868,357 
Beginning balance, January 1, 2024$2,852,980 $(2,700)$2,850,280 
Distributions to partners(83,851)— (83,851)
Equity based compensation expense3,781 — 3,781 
Other comprehensive income— 12,226 12,226 
Repurchases of OP Units in conjunction with equity award plans(12,962)— (12,962)
Net income88,905 — 88,905 
Ending balance, March 31, 20242,848,853 9,526 2,858,379 
Distributions to partners(82,719)— (82,719)
Equity based compensation expense5,955 — 5,955 
Other comprehensive income— 2,851 2,851 
Net income70,125 — 70,125 
Ending balance, June 30, 20242,842,214 12,377 2,854,591 
Distributions to partners(82,970)— (82,970)
Equity based compensation expense5,375 — 5,375 
Other comprehensive loss— (13,136)(13,136)
Issuance of OP Units19,235 — 19,235 
Repurchases of OP Units in conjunction with equity award plans(19)— (19)
Net income96,840 — 96,840 
Ending balance, September 30, 2024$2,880,675 $(759)$2,879,916 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


9

BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended September 30,
20242023
Operating activities:
Net income$255,870 $232,390 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization278,065 272,807 
Accretion of debt premium and discount, net(2,148)(2,198)
Deferred financing cost amortization5,369 5,163 
Accretion of above- and below-market leases, net(7,271)(9,361)
Tenant inducement amortization and other1,937 3,205 
Impairment of real estate assets11,143 17,836 
Gain on sale of real estate assets(53,974)(59,037)
Equity based compensation 13,855 14,559 
Gain on extinguishment of debt, net(554)(4,356)
Changes in operating assets and liabilities:
Receivables, net13,671 (937)
Deferred charges and prepaid expenses(30,780)(37,619)
Other assets(642)(760)
Accounts payable, accrued expenses and other liabilities(15,027)21,820 
Net cash provided by operating activities469,514 453,512 
Investing activities:
Improvements to and investments in real estate assets(255,423)(254,426)
Acquisitions of real estate assets(81,862)(1,914)
Proceeds from sales of real estate assets141,901 162,194 
Purchase of marketable securities(26,064)(20,442)
Proceeds from sale of marketable securities25,264 21,566 
Net cash provided by used in investing activities(196,184)(93,022)
Financing activities:
Repayment of borrowings under unsecured revolving credit facility(98,500)(480,000)
Proceeds from borrowings under unsecured revolving credit facility80,000 360,000 
Proceeds from unsecured notes and term loans796,152 200,000 
Repayment of borrowings under unsecured notes(367,449)(194,254)
Deferred financing and debt extinguishment costs(7,714)(700)
Proceeds from issuances of OP Units19,280 — 
Partner distributions and repurchases of OP Units(262,216)(247,185)
Net cash provided by (used in) financing activities159,553 (362,139)
Net change in cash, cash equivalents and restricted cash432,883 (1,649)
Cash, cash equivalents and restricted cash at beginning of period18,904 20,332 
Cash, cash equivalents and restricted cash at end of period$451,787 $18,683 
Reconciliation to consolidated balance sheets:
Cash and cash equivalents$450,666 $861 
Restricted cash1,121 17,822 
Cash, cash equivalents and restricted cash at end of period$451,787 $18,683 
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized of $2,887 and $2,987
$151,862 $144,271 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



10

BRIXMOR PROPERTY GROUP INC. AND BRIXMOR OPERATING PARTNERSHIP LP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited, dollars in thousands, unless otherwise stated)

1. Nature of Business and Financial Statement Presentation
Description of Business
Brixmor Property Group Inc. and subsidiaries (collectively, the "Parent Company") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their consolidated subsidiaries (collectively, the "Company" or "Brixmor") owns and operates one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers. As of September 30, 2024, the Company’s portfolio was comprised of 360 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.

The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP").

Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the unaudited Condensed Consolidated Financial Statements for the periods presented have been included. The operating results for the periods presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and accompanying notes included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2024.

Principles of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated.

Income Taxes
The Parent Company has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain the Parent Company's REIT status. As a REIT, the Parent Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.

The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company.
11

If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent Company qualifies for taxation as a REIT, the Parent Company is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable.

The Parent Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a "TRS"), and the Parent Company may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to the Parent Company’s TRSs do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company.

The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of September 30, 2024 and December 31, 2023. Open tax years generally range from 2021 through 2023 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s unaudited Condensed Consolidated Statements of Operations.

New Accounting Pronouncements
Any recently issued accounting standards or pronouncements have been excluded as they either are not relevant to the Company, or they are not expected to have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company.

2. Acquisition of Real Estate
During the nine months ended September 30, 2024, the Company acquired the following assets, in separate transactions:
Description(1)
LocationMonth AcquiredGLA
Aggregate Purchase Price(2)
West CenterEast Setauket, NYApr-2442,594 $17,470 
The Fresh Market ShoppesHilton Head Island, SCJul-2486,398 23,848 
Land at King's MarketRoswell, GAJul-24N/A2,337 
Acton PlazaActon, MAAug-24137,572 38,207 
266,564 $81,862 
(1)No debt was assumed related to the listed acquisitions.
(2)Aggregate purchase price includes $0.7 million of transaction costs.

During the nine months ended September 30, 2023, the Company acquired the following asset:
Description(1)
LocationMonth AcquiredGLA
Aggregate Purchase Price(2)
Land at Aurora Plaza(3)
Aurora, COApr-23N/A$1,914 
— $1,914 
(1)No debt was assumed related to the listed acquisition.
(2)Aggregate purchase price includes $0.1 million of transaction costs.
(3)The Company terminated a ground lease and acquired the associated land parcel.









12

The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 and 2023, respectively, has been allocated as follows:

Nine Months Ended September 30,
Assets20242023
Land$23,451 $1,914 
Buildings42,039 — 
Building and tenant improvements4,312 — 
Above-market leases(1)
169 — 
In-place leases(2)
18,009 — 
Total assets acquired$87,980 $1,914 
Liabilities
Below-market leases(3)
$6,118 $— 
Total liabilities6,118 — 
Net assets acquired$81,862 $1,914 

(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the nine months ended September 30, 2024 was 5.3 years.
(2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the nine months ended September 30, 2024 was 4.5 years.
(3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the nine months ended September 30, 2024 was 14.4 years.

3. Dispositions and Assets Held for Sale
During the three months ended September 30, 2024, the Company disposed of two shopping centers, three partial shopping centers, and one land parcel for aggregate net proceeds of $72.6 million, resulting in aggregate gain of $37.0 million and aggregate impairment of $0.3 million. In addition, during the three months ended September 30, 2024, the Company resolved contingencies related to previously disposed assets, resulting in a net loss of less than $0.1 million. During the nine months ended September 30, 2024, the Company disposed of five shopping centers, four partial shopping centers, and two land parcels for aggregate net proceeds of $140.0 million, resulting in aggregate gain of $52.1 million and aggregate impairment of $0.5 million. In addition, during the nine months ended September 30, 2024, the Company received aggregate net proceeds of $1.9 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $1.9 million.

During the three months ended September 30, 2023, the Company disposed of one shopping center and one partial shopping center for aggregate net proceeds of $16.6 million, resulting in aggregate gain of $6.8 million. In addition, during the three months ended September 30, 2023, the Company resolved contingencies related to previously disposed assets, resulting in a net loss of $0.1 million. During the nine months ended September 30, 2023, the Company disposed of nine shopping centers and eight partial shopping centers for aggregate net proceeds of $161.9 million, resulting in aggregate gain of $58.9 million and aggregate impairment of $6.1 million. In addition, during the nine months ended September 30, 2023, the Company received aggregate net proceeds of $0.3 million related to a non-operating asset and resolved contingencies related to a previously disposed asset, resulting in net gain of $0.1 million.

As of September 30, 2024 and December 31, 2023, the Company had no properties held for sale.

There were no discontinued operations for the three and nine months ended September 30, 2024 and 2023 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.






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4. Real Estate
The Company’s components of Real estate, net consisted of the following:

September 30, 2024December 31, 2023
Land$1,791,843 $1,794,011 
Buildings and improvements:
Buildings and tenant improvements8,872,234 8,696,881 
Lease intangibles(1)
501,393 504,995 
11,165,470 10,995,887 
Accumulated depreciation and amortization(2)
(3,372,860)(3,198,980)
Total$7,792,610 $7,796,907 

(1)As of September 30, 2024 and December 31, 2023, Lease intangibles consisted of $454.9 million and $456.8 million, respectively, of in-place leases and $46.5 million and $48.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(2)As of September 30, 2024 and December 31, 2023, Accumulated depreciation and amortization included $440.9 million and $445.5 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of September 30, 2024 and December 31, 2023, the Company had intangible liabilities relating to below-market leases of $329.6 million and $329.8 million, respectively, and accumulated accretion of $248.9 million and $247.2 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

Below-market lease accretion income, net of above-market lease amortization for the three months ended September 30, 2024 and 2023 was $2.4 million and $3.3 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2024 and 2023 was $7.3 million and $9.4 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended September 30, 2024 and 2023 was $3.6 million and $4.5 million, respectively. Amortization expense associated with in-place lease value for the nine months ended September 30, 2024 and 2023 was $10.0 million and $12.9 million, respectively. These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:

Year ending December 31,
Below-market lease accretion (income), net of above-market lease amortization expense
In-place lease amortization expense
2024 (remaining three months)$(2,378)$3,503 
2025(8,518)11,745 
2026(7,515)8,718 
2027(6,388)6,705 
2028(5,832)4,696 

5. Impairments
Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value.







14

The Company recognized the following impairments during the three and nine months ended September 30, 2024:

Three Months Ended September 30, 2024
Property Name(1)
LocationGLAImpairment Charge
Southland Shopping Center - multi-tenant outparcelMiddleburg Heights, OH149,891 $5,611 
Land at Springdale(2)
Mobile, AL— 252 
149,891 $5,863 
Nine Months Ended September 30, 2024
Property Name(1)
LocationGLAImpairment Charge
Southland Shopping Center - multi-tenant outparcelMiddleburg Heights, OH149,891 $5,611 
Seacoast Shopping CenterSeabrook, NH89,634 5,062 
Land at Springdale(2)
Mobile, AL— 252 
Victory Square - Bridgestone Outparcel(2)
Savannah, GA6,702 218 
246,227 $11,143 
(1)The Company recognized an impairment charge based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the nine months ended September 30, 2024.

The Company did not recognize any impairments during the three months ended September 30, 2023. The Company recognized the following impairments during the nine months ended September 30, 2023:

Nine Months Ended September 30, 2023
Property Name(1)
LocationGLAImpairment Charge
The Quentin CollectionKildeer, IL171,530 $11,705 
Broadway Faire - Theater Box(2)
Fresno, CA39,983 2,102 
Elk Grove Town Center(2)
Elk Grove Village, IL61,609 1,796 
The Manchester Collection - Crossroads(2)
Manchester, CT14,867 1,155 
Spring Mall(2)
Greenfield, WI45,920 1,078 
333,909 $17,836 
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third party buyers in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the year ended December 31, 2023

The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired.

6. Financial Instruments – Derivatives and Hedging
The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes. In certain situations, the Company may enter into derivative financial instruments such as interest rate swap agreements and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by market interest rates.

Cash Flow Hedges of Interest Rate Risk
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount. The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt or future cash flows associated with forecasted fixed-rate debt issuances. During the nine months ended September 30, 2024, the Company did not enter into any new interest rate swap agreements,
15

terminated three outstanding interest rate swap agreements, and four interest rate swap agreements expired at maturity. During the year ended December 31, 2023, the Company entered into 10 interest rate swap agreements. The Company has elected to present its interest rate derivatives on its unaudited Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

In May 2024, the Company terminated three outstanding forward-starting interest rate swaps with an aggregate notional amount of $150.0 million for aggregate net proceeds of $7.3 million. The forward-starting swaps were designated as hedges against interest rate risk on the issuance of the 2034 Notes (defined hereafter) and the 2035 Notes (defined hereafter), and thus the Company ascribed gains of $1.5 million and $5.8 million, respectively, to the notes. The gains are included in Accumulated other comprehensive loss on the Company's unaudited Condensed Consolidated Balance Sheets and will be amortized over the earlier of the term of the respective derivative instruments, or the term of the underlying notes, as a reduction to Interest expense on the Company’s unaudited Condensed Consolidated Statements of Operations.

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2024 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $— $(804)
5/1/20237/26/20271 Month SOFR3.5950 %75,000 — (614)
5/1/20237/26/20271 Month SOFR3.5930 %25,000 — (204)
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (2,110)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (2,111)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (1,055)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (1,055)
$500,000 $— $(7,953)


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Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2023 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
6/1/20227/26/2024
1 Month SOFR(1)
2.5875 %$50,000 $710 $— 
6/1/20227/26/2024
1 Month SOFR(1)
2.5960 %50,000 707 — 
6/1/20227/26/2024
1 Month SOFR(1)
2.5860 %100,000 1,421 — 
6/1/20227/26/2024
1 Month SOFR(1)
2.5850 %100,000 1,421 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5890 %100,000 59 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5950 %75,000 34 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5930 %25,000 12 — 
7/26/20247/26/2027
1 Month SOFR(3)
4.0767 %100,000 — (2,073)
7/26/20247/26/2027
1 Month SOFR(3)
4.0770 %100,000 — (2,077)
7/26/20247/26/2027
1 Month SOFR(3)
4.0767 %50,000 — (1,038)
7/26/20247/26/2027
1 Month SOFR(3)
4.0770 %50,000 — (1,039)
6/14/20246/14/2034
Compound SOFR(4)
3.4400 %100,000 — (437)
6/14/20246/14/2034
Compound SOFR(4)
3.4370 %25,000 — (104)
6/14/20246/14/2034
Compound SOFR(4)
3.4400 %25,000 — (109)
$950,000 $4,364 $(6,877)

(1)Swapped variable rate includes a SOFR adjustment of 10 basis points.
(2)In April 2023, the Company entered into three interest rate swap agreements with an aggregate notional amount of $200.0 million. The interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility (defined hereafter) at 3.59%.
(3)In November 2023, the Company entered into four forward-starting interest rate swap agreements with an aggregate notional amount of $300.0 million. The forward-starting interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility at 4.08% beginning on the effective date.
(4)In December 2023, the Company entered into three forward-starting interest rate swap agreements with an aggregate notional amount of $150.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $150.0 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending June 2026. The forward-starting interest rate swaps were designated as cash flow hedges.

All of the Company's outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk. The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivative, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatility. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in Other comprehensive income (loss) on the Company's unaudited Condensed Consolidated Statements of Comprehensive Income and is reclassified into earnings as interest expense in the period that the hedged transaction affects earnings.

The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 is as follows:

Derivatives in Cash Flow Hedging Relationships
(Interest Rate Swaps)		Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Change in unrealized gain (loss) on interest rate swaps$(11,161)$3,932 $10,062 $9,906 
Accretion of interest rate swaps to interest expense(2,323)(2,970)(8,513)(6,887)
Change in unrealized gain (loss) on interest rate swaps, net$(13,484)$962 $1,549 $3,019 

The Company estimates that $0.2 million will be reclassified from Accumulated other comprehensive loss as a decrease to interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and nine months ended September 30, 2024 and 2023.
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Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk
The Company does not use derivatives for trading or speculative purposes. As of September 30, 2024 and December 31, 2023, the Company did not have any non-designated hedges.

Credit-risk-related Contingent Features
The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company was to be declared in default on its derivative contracts, it would be required to settle its obligations under such agreements at their termination value, including accrued interest.

7. Debt Obligations
As of September 30, 2024 and December 31, 2023, the Company had the following indebtedness outstanding:

Carrying Value as of
September 30,
2024		December 31,
2023
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$4,850,765 $4,418,805 
2.25% – 7.97%
2025 – 2035
Net unamortized premium14,980 20,974 
Net unamortized debt issuance costs(21,867)(17,680)
Total notes payable, net
$4,843,878 $4,422,099 
Unsecured Credit Facility
Revolving Facility(3)
$— $18,500 5.89%2026
Term Loan Facility(3)(4)(5)
500,000 500,000 6.23%2027
Net unamortized debt issuance costs
(5,197)(7,074)
Total Unsecured Credit Facility and term loans
$494,803 $511,426 
Total debt obligations, net
$5,338,681 $4,933,525 
(1)Stated interest rates as of September 30, 2024 do not include the impact of the Company’s interest rate swap agreements (described below).
(2)The weighted average stated interest rate on the Company’s unsecured notes was 4.01% as of September 30, 2024.
(3)The Company's Revolving Facility (defined hereafter) and Term Loan Facility include a sustainability metric incentive, which can reduce the applicable credit spread by up to two basis points.
(4)Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $300.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 4.08% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.
(5)Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.

2024 Debt Transactions
The Operating Partnership has an unsecured credit facility as amended and restated on April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of a $1.25 billion revolving loan facility (the "Revolving Facility") and a $500.0 million term loan (the "Term Loan Facility"). During the nine months ended September 30, 2024, the Operating Partnership repaid $18.5 million, net of borrowings, under the Revolving Facility, with proceeds from dispositions and the issuance of the 2034 Notes.

During the nine months ended September 30, 2024, the Operating Partnership repaid $300.4 million principal amount of the 3.650% Senior Notes due 2024 (the "2024 Notes"), representing all of the outstanding 2024 Notes, and $67.7 million principal amount of the 3.850% Senior Notes due 2025 (the "2025 Notes"), with $632.3 million aggregate principal amount of the 2025 Notes remaining outstanding. The Operating Partnership funded the 2024 Notes and 2025 Notes repayments with proceeds from the issuance of the 2034 Notes and 2035 Notes and dispositions. In connection with the repayment of the 2025 Notes, the Company recognized a $0.6 million gain on extinguishment of debt during the nine months ended September 30, 2024.

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On January 12, 2024, the Operating Partnership issued $400.0 million aggregate principal amount of Senior Notes due 2034 (the "2034 Notes") at 99.816% of par. The Operating Partnership intends to use the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2034 Notes bear interest at a rate of 5.500% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2034 Notes will mature on February 15, 2034.

On May 28, 2024, the Operating Partnership issued $400.0 million aggregate principal amount of Senior Notes due 2035 (the "2035 Notes") at 99.222% of par. The Operating Partnership intends to use the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2035 Notes bear interest at a rate of 5.750% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2035 Notes will mature on February 15, 2035.

Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of September 30, 2024.

Debt Maturities
As of September 30, 2024 and December 31, 2023, the Company had accrued interest of $45.6 million and $47.1 million outstanding, respectively. As of September 30, 2024, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2024 (remaining three months)$— 
2025632,312 
2026607,542 
2027900,000 
2028357,708 
Thereafter2,853,203 
Total debt maturities5,350,765 
Net unamortized premium14,980 
Net unamortized debt issuance costs(27,064)
Total debt obligations, net$5,338,681 

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $632.3 million outstanding principal balance on the 2025 Notes. The Company has sufficient cash and cash equivalents and liquidity to satisfy this scheduled debt maturity.

8. Fair Value Disclosures
All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:
September 30, 2024December 31, 2023
Carrying
Amounts		Fair
Value		Carrying
Amounts		Fair
Value
Notes payable$4,843,878 $4,783,670 $4,422,099 $4,155,332 
Unsecured Credit Facility494,803 500,000 511,426 518,500 
Total debt obligations, net$5,338,681 $5,283,670 $4,933,525 $4,673,832 
As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy).

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In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Based on the above criteria, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

Recurring Fair Value
The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Levels 1 and 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives.

The following table presents the placement in the fair value hierarchy of assets that are measured and recognized at fair value on a recurring basis:
Fair Value Measurements as of September 30, 2024
BalanceQuoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Marketable securities(1)
$21,205 $739 $20,466 $— 
Liabilities:
Interest rate derivatives$(7,953)$— $(7,953)$— 
Fair Value Measurements as of December 31, 2023
BalanceQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Marketable securities(1)
$19,914 $656 $19,258 $— 
Interest rate derivatives4,364 — 4,364 — 
Liabilities:
Interest rate derivatives$(6,877)$— $(6,877)$— 
(1)As of September 30, 2024 and December 31, 2023, marketable securities included $0.2 million of net unrealized gain and $0.2 million of net unrealized loss, respectively. As of September 30, 2024, the contractual maturities of the Company’s marketable securities were within the next five years.

Non-Recurring Fair Value
Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. Fair value is determined by offers from third party buyers, market comparable data, third party appraisals, or discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs that include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy.




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The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the nine months ended September 30, 2024 and year ended December 31, 2023, excluding the properties sold prior to September 30, 2024 or December 31, 2023, respectively:

Fair Value Measurements as of September 30, 2024
BalanceQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Impairment of Real Estate Assets
Assets:
Properties(1)(2)(3)
$6,548 $— $— $6,548 $10,673 
Fair Value Measurements as of December 31, 2023
BalanceQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Impairment of Real Estate Assets
Assets:
Properties(4)(5)
$14,987 $— $— $14,987 $11,705 

(1)Excludes properties disposed of prior to September 30, 2024.
(2)The carrying value of Seacoast Shopping Center, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the nine months ended September 30, 2024, is $5.7 million. The capitalization rate of 8.00% utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property.
(3)The carrying value of Southland Shopping Center - multi-tenant outparcel, which was remeasured to fair value based upon offers from third-party buyers during the nine months ended September 30, 2024, is $0.8 million.
(4)Excludes properties disposed of prior to December 31, 2023.
(5)The carrying value of The Quentin Collection, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the year ended December 31, 2023, is $15.0 million. The capitalization rate of 8.75% utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property.

9. Revenue Recognition
The Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g, Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay a portion of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties.

Additionally, certain leases may require variable lease payments associated with percentage rents, which are calculated based on underlying tenant sales. The Company recognized $1.3 million and $1.6 million of income based on percentage rents for the three months ended September 30, 2024 and 2023, respectively. The Company recognized $7.9 million and $7.3 million of income based on percentage rents for the nine months ended September 30, 2024 and 2023, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations.

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10. Leases
The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of September 30, 2024, the Company is not including any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:

Three Months Ended September 30,Nine Months Ended September 30,
Supplemental Statements of Operations Information2024202320242023
Operating lease costs$928 $1,410 $928 $4,227 
Variable lease costs66 88 318 350 
Total lease costs$994 $1,498 $1,246 $4,577 
Nine Months Ended September 30,
Supplemental Statements of Cash Flows Information20242023
Operating cash outflows from operating leases$4,252 $4,496 
ROU assets obtained in exchange for operating lease liabilities3,558 90 
ROU asset reduction due to dispositions, held for sale, and lease modifications(6,581)(144)
Operating Lease LiabilitiesAs of
September 30, 2024
Future minimum operating lease payments:
2024 (remaining three months)$1,423 
20255,647 
20264,776 
20272,893 
20282,052 
20291,975 
Thereafter29,044 
Total future minimum operating lease payments47,810 
Less: imputed interest(15,742)
Operating lease liabilities$32,068 
Supplemental Balance Sheets InformationAs of
September 30, 2024		As of December 31, 2023
Operating lease liabilities(1)(2)
$32,068 $36,105 
ROU assets(1)(3)
29,429 32,350 
(1)As of September 30, 2024 and December 31, 2023, the weighted average remaining lease term was 16.7 years and 16.0 years, respectively, and the weighted average discount rate was 4.73% and 4.48%, respectively.
(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.
(3)These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

As of September 30, 2024 there were no material leases that have been executed but not yet commenced.

22

11. Equity and Capital
ATM Program
In November 2022, the Company renewed its at-the-market equity offering program (the "ATM Program") through which the Company may sell, from time to time, up to an aggregate of $400.0 million of its common stock through sales agents. The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. The ATM Program is scheduled to expire on November 1, 2025, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers. During the nine months ended September 30, 2024, the Company issued 0.7 million shares of common stock under the ATM Program at an average price per share of $27.92 for total gross proceeds of $20.0 million, excluding commissions and fees. The Company incurred commissions and fees of $0.7 million in conjunction with the ATM Program for the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company did not issue any shares of common stock under the ATM Program. As of September 30, 2024, $380.0 million of common stock remained available for issuance under the ATM Program.

Share Repurchase Program
In November 2022, the Company renewed its share repurchase program (the "Repurchase Program") for up to $400.0 million of its common stock. The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by the Company's board of directors. During the nine months ended September 30, 2024 and 2023, the Company did not repurchase any shares of common stock. As of September 30, 2024, the Repurchase Program had $400.0 million of available repurchase capacity.

Common Stock
In connection with the vesting of restricted stock units ("RSUs") under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the nine months ended September 30, 2024 and 2023, the Company withheld 0.6 million and 0.5 million shares of its common stock, respectively.

Dividends and Distributions
During the three months ended September 30, 2024 and 2023, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.2725 per share/unit and $0.2600 per share/unit, respectively. During the nine months ended September 30, 2024 and 2023, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.8175 per share/unit and $0.7800 per share/unit, respectively. As of September 30, 2024 and December 31, 2023, the Company had declared but unpaid common stock dividends and OP Unit distributions of $86.0 million and $85.7 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

12. Stock Based Compensation
In February 2022, the Company's board of directors approved the 2022 Omnibus Incentive Plan (the "Plan") and in April 2022, the Company's stockholders approved the Plan. The Plan provides for a maximum of 10.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock, RSUs, OP Units, performance awards, and other stock-based awards. Prior to the approval of the Plan, awards were issued under the 2013 Omnibus Incentive Plan that the Company's board of directors approved in 2013.










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During the nine months ended September 30, 2024 and the year ended December 31, 2023, the Company granted RSUs to certain employees. The RSUs are divided into multiple tranches, which are all subject to service-based vesting conditions. Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units that can be earned. The number of units actually earned for each tranche is determined based on performance during a specified performance period. Tranches that only have a service-based component can only earn a target number of units. The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.8 million and 0.7 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively, with vesting periods ranging from one to five years. For the service-based and performance-based RSU's granted, fair value is based on the Company's grant date stock price or the grant date stock price adjusted for dividend or dividend equivalent rights, when applicable. For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:
AssumptionNine Months Ended September 30, 2024Year Ended,
December 31, 2023
Volatility
23.0% - 28.0%
32.0% - 52.0%
Weighted average risk-free interest rate
4.03% - 4.92%
3.79% - 5.18%
Weighted average common stock dividend yield
4.4% - 4.7%
4.3% - 4.8%

During the three months ended September 30, 2024 and 2023, the Company recognized $5.4 million and $6.1 million of equity compensation expense, respectively, of which $0.3 million and $0.4 million was capitalized, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized $15.1 million and $15.7 million of equity compensation expense, respectively, of which $1.3 million and $1.1 million was capitalized, respectively. These amounts are included in General and administrative expense on the Company’s unaudited Condensed Consolidated Statements of Operations. As of September 30, 2024, the Company had $18.8 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.0 years.
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13. Earnings per Share
Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per share data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Share:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted shares(167)(216)(418)(620)
Net income attributable to the Company’s common stockholders for basic earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average number shares outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average shares outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average shares outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 

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14. Earnings per Unit
Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully-diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per unit data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Unit:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted units(167)(216)(418)(620)
Net income attributable to the Operating Partnership’s common units for basic earnings per unit$96,673 $63,520 $255,452 $231,770 
Weighted average number common units outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Unit:
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit$96,673 $63,520 $255,452 $231,770 
Weighted average common units outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average common units outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.32 $0.21 $0.84 $0.77 

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15. Commitments and Contingencies
Legal Matters
The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results, or cash flows.

Environmental Matters
Under various federal, state, and local laws, ordinances, and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s properties or disposed of by the Company or its tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). The Company maintains a reserve for currently known environmental matters and does not believe they will have a material impact on the Company’s financial condition, operating results, or cash flows. During the three and nine months ended September 30, 2024 and 2023, the Company did not incur any material governmental fines resulting from environmental matters.

16. Related-Party Transactions
As of September 30, 2024 and December 31, 2023, there were no material receivables from or payables to related parties. During the three and nine months ended September 30, 2024 and 2023, the Company did not engage in any material related-party transactions.

17. Subsequent Events
In preparing the unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after September 30, 2024 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from September 30, 2024 through the date the financial statements were issued.
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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the accompanying notes thereto. Historical results and percentage relationships set forth in the unaudited Condensed Consolidated Financial Statements and accompanying notes, including trends which might appear, should not be taken as indicative of future operations.

Executive Summary
Our Company
Brixmor Property Group Inc. and subsidiaries (collectively, "BPG") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. BPG owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers. As of September 30, 2024, our portfolio was comprised of 360 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of September 30, 2024, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc. ("TJX"), The Kroger Co. ("Kroger"), and Burlington Stores, Inc. ("Burlington"). BPG has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws, commencing with our taxable year ended December 31, 2011, has maintained such requirements through our taxable year ended December 31, 2023, and intends to satisfy such requirements for subsequent taxable years.

Our primary objective is to maximize total returns to our stockholders through consistent, sustainable growth in cash flow. Our key strategies to achieve this objective include proactively managing our Portfolio to drive internal growth, pursuing value-enhancing reinvestment opportunities, and prudently executing on acquisition and disposition activity, while also maintaining a flexible capital structure positioned for growth. In addition, as we execute on our key strategies, we do so guided by our purpose-driven Corporate Responsibility strategy.

We believe the following set of competitive advantages positions us to successfully execute on our key strategies:

•Expansive Retailer Relationships – We believe that the scale of our asset base and our nationwide footprint represent competitive advantages in supporting the growth objectives of the nation’s largest and most successful retailers. We believe that we are one of the largest landlords by GLA to TJX, Kroger, and Burlington, as well as a key landlord to most major grocers and retail category leaders. We believe that our strong relationships with leading retailers afford us unique insight into their strategies and priority access to their expansion plans.

•Fully-Integrated Operating Platform – We manage a fully-integrated operating platform, leveraging our national scope and demonstrating our commitment to operating with a strong regional and local presence. We provide our tenants with dedicated service through both our national accounts leasing team based in New York and our network of three regional offices in Atlanta, Philadelphia, and San Diego, as well as our 11 leasing and property management satellite offices throughout the country. We believe that this structure enables us to obtain critical national market intelligence, while also benefiting from the regional and local expertise of our leasing and operations teams.

•Experienced Management – Senior members of our management team are seasoned real estate operators with extensive public company leadership experience. Our management team has deep industry knowledge and well-established relationships with retailers, brokers, and vendors through many years of operational and transactional experience, as well as significant capital markets capabilities and expertise in executing value-enhancing reinvestment opportunities.

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Factors That May Influence Our Future Results
We derive our rental income primarily from base rent and expense reimbursements paid by tenants to us under existing leases at each of our properties. Expense reimbursements primarily consist of payments made by tenants to us for a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties.

Our ability to maintain or increase rental income is primarily dependent on our ability to maintain or increase rental rates, renew expiring leases, and/or lease available space. Increases in our property operating expenses, including repairs and maintenance, landscaping, snow removal, security, ground rent related to properties for which we are the lessee, utilities, insurance, real estate taxes, and various other costs, to the extent they are not reimbursed by tenants or offset by increases in rental income, will adversely impact our overall performance.

See “Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q for the factors that could affect our rental income and/or property operating expenses.

Leasing Highlights
As of September 30, 2024, billed and leased occupancy were 91.9% and 95.6%, respectively, as compared to 90.0% and 93.9%, respectively, as of September 30, 2023.

The following table summarizes our executed leasing activity for the three months ended September 30, 2024 and 2023 (dollars in thousands, except for per square foot ("PSF") amounts):

For the Three Months Ended September 30, 2024
LeasesGLANew ABR PSFTenant Improvements and Allowances PSFThird Party Leasing Commissions PSF
Rent Spread(1)
New, renewal and option leases316 2,073,869 $17.43 $3.05 $2.08 15.9 %
New and renewal leases263 1,123,202 22.98 5.64 3.84 21.8 %
New leases110 561,826 22.67 8.88 7.68 31.8 %
Renewal leases153 561,376 23.29 2.39 — 18.1 %
Option leases53 950,667 10.86 — — 6.9 %
For the Three Months Ended September 30, 2023
LeasesGLANew ABR PSFTenant Improvements and Allowances PSFThird Party Leasing Commissions PSF
Rent Spread(1)
New, renewal and option leases427 2,733,476 $18.51 $4.29 $2.14 17.5 %
New and renewal leases368 1,748,987 21.57 6.71 3.34 22.3 %
New leases151 789,336 22.74 14.24 7.38 52.7 %
Renewal leases217 959,651 20.61 0.52 0.02 12.3 %
Option leases59 984,489 13.06 — — 8.2 %
(1)    Based on comparable leases only, which consist of new leases signed on units that were occupied within the prior 12 months and renewal or option leases signed with the same tenant in all or a portion of the same location or that include the expansion into space that was occupied within the prior 12 months.
Excludes leases executed for terms of less than one year.
ABR PSF includes the GLA of lessee-owned leasehold improvements.









29

The following table summarizes our executed leasing activity for the nine months ended September 30, 2024 and 2023 (dollars in thousands, except for PSF amounts):

For the Nine Months Ended September 30, 2024
LeasesGLANew ABR PSFTenant Improvements and Allowances PSFThird Party Leasing Commissions PSF
Rent Spread(1)
New, renewal and option leases1,050 7,044,014 $17.60 $3.41 $2.02 16.6 %
New and renewal leases885 3,880,223 22.29 6.20 3.66 23.1 %
New leases360 1,874,583 22.55 11.02 7.48 41.3 %
Renewal leases525 2,005,640 22.05 1.69 0.09 16.5 %
Option leases165 3,163,791 11.84 — — 7.1 %
For the Nine Months Ended September 30, 2023
LeasesGLANew ABR PSFTenant Improvements and Allowances PSFThird Party Leasing Commissions PSF
Rent Spread(1)
New, renewal and option leases1,251 7,489,943 $18.71 $4.80 $2.29 15.2 %
New and renewal leases1,074 4,588,215 22.36 7.83 3.75 19.2 %
New leases427 2,182,430 22.27 14.18 7.82 41.3 %
Renewal leases647 2,405,785 22.44 2.07 0.05 13.1 %
Option leases177 2,901,728 12.93 — — 8.4 %
(1)    Based on comparable leases only, which consist of new leases signed on units that were occupied within the prior 12 months and renewal or option leases signed with the same tenant in all or a portion of the same location or that include the expansion into space that was occupied within the prior 12 months.
Excludes leases executed for terms of less than one year.
ABR PSF includes the GLA of lessee-owned leasehold improvements.

Acquisition Activity
•During the nine months ended September 30, 2024, we acquired three shopping centers and one land parcel for an aggregate purchase price of $81.9 million, including any transaction costs and closing credits.

•During the nine months ended September 30, 2023, we acquired one land parcel for an aggregate purchase price of $1.9 million, including any transaction costs and closing credits.

Disposition Activity
•During the nine months ended September 30, 2024, we disposed of five shopping centers, four partial shopping centers, and two land parcels for aggregate net proceeds of $140.0 million, resulting in aggregate gain of $52.1 million and aggregate impairment of $0.5 million. In addition, during the nine months ended September 30, 2024, we received aggregate net proceeds of $1.9 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $1.9 million.

•During the nine months ended September 30, 2023, we disposed of nine shopping centers and eight partial shopping centers for aggregate net proceeds of $161.9 million, resulting in aggregate gain of $58.9 million and aggregate impairment of $6.1 million. In addition, during the nine months ended September 30, 2023, we received aggregate net proceeds of $0.3 million related to a non-operating asset and resolved contingencies related to a previously disposed asset, resulting in net gain of $0.1 million.

Results of Operations
The results of operations discussion is combined for BPG and the Operating Partnership because there are no material differences in the results of operations between the two reporting entities.


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Comparison of the Three Months Ended September 30, 2024 to the Three Months Ended September 30, 2023
Revenues (in thousands)
Three Months Ended September 30,
20242023$ Change
Revenues
Rental income$319,989 $307,118 $12,871 
Other revenues693 196 497 
Total revenues$320,682 $307,314 $13,368 

Rental income
The increase in rental income for the three months ended September 30, 2024 of $12.9 million, as compared to the corresponding period in 2023, was due to a $14.3 million increase for assets owned for the full period, partially offset by a $1.4 million decrease due to net transaction activity. The increase for assets owned for the full period was due to (i) an $11.1 million increase in base rent; (ii) a $5.1 million increase in expense reimbursements; (iii) a $3.0 million increase in straight-line rental income, net; and (iv) a $0.3 million increase in lease termination fees; partially offset by (v) a $4.2 million decrease in rental income associated with revenues deemed uncollectible; (vi) a $0.6 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements; (vii) a $0.3 million decrease in percentage rents; and (viii) a $0.1 million decrease in ancillary and other rental income. The $11.1 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 16.6% during the nine months ended September 30, 2024 and 15.3% during the year ended December 31, 2023, and an increase in weighted average billed occupancy.

Other revenues
The increase in other revenues for the three months ended September 30, 2024 of $0.5 million as compared to the corresponding period in 2023, was primarily due to an increase in tax increment financing income.

Operating Expenses (in thousands)
Three Months Ended September 30,
20242023$ Change
Operating expenses
Operating costs$36,442 $35,058 $1,384 
Real estate taxes42,902 42,156 746 
Depreciation and amortization94,829 96,254 (1,425)
Impairment of real estate assets5,863 — 5,863 
General and administrative30,250 29,182 1,068 
Total operating expenses$210,286 $202,650 $7,636 

Operating costs
The increase in operating costs for the three months ended September 30, 2024 of $1.4 million, as compared to the corresponding period in 2023, was due to a $2.0 million increase in operating costs for assets owned for the full period, primarily due to an increase in repairs and maintenance, partially offset by a $0.6 million decrease due to net transaction activity.

Real estate taxes
The increase in real estate taxes for the three months ended September 30, 2024 of $0.7 million, as compared to the corresponding period in 2023, was due to a $1.2 million increase in real estate taxes for assets owned for the full period, primarily due to a decrease in favorable adjustments related to prior year assessments and a decrease in real estate tax refunds, partially offset by a decrease in current year assessments and a $0.5 million decrease due to net transaction activity.
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Depreciation and amortization
The decrease in depreciation and amortization for the three months ended September 30, 2024 of $1.4 million, as compared to the corresponding period in 2023, was due to a $1.9 million decrease for assets owned for the full period, primarily due to a decrease in accelerated depreciation and amortization related to tenant move-outs, partially offset by an increase in capital expenditures and a $0.5 million increase due to net transaction activity.

Impairment of real estate assets
During the three months ended September 30, 2024, aggregate impairment of $5.9 million was recognized on one land parcel, as a result of disposition activity, and one operating property. Impairments recognized were due to changes in anticipated hold periods primarily in connection with our capital recycling program.

General and administrative
The increase in general and administrative costs of $1.1 million for the three months ended September 30, 2024, as compared to the corresponding period in 2023, was primarily due to one-time severance costs of $2.4 million associated with the realignment of the Company's regional operating structure, partially offset by a decrease in other net compensation costs.

During the three months ended September 30, 2024 and 2023, construction compensation costs of $4.5 million and $4.7 million, respectively, were capitalized to building and improvements and leasing legal costs of $0.8 million and $0.9 million, respectively, and leasing commission costs of $2.0 million and $1.9 million, respectively, were capitalized to deferred charges and prepaid expenses, net.

Other Income and Expenses (in thousands)
Three Months Ended September 30,
20242023$ Change
Other income (expense)
Dividends and interest$5,289 $273 $5,016 
Interest expense(55,410)(47,364)(8,046)
Gain on sale of real estate assets37,018 6,712 30,306 
Gain on extinguishment of debt, net273 6 267 
Other(726)(555)(171)
Total other expense$(13,556)$(40,928)$27,372 

Dividends and interest
The increase in dividends and interest for the three months ended September 30, 2024 of $5.0 million, as compared to the corresponding period in 2023 was primarily due to an increase in interest income associated with higher cash and cash equivalent balances and a higher weighted average interest rate return.

Interest expense
The increase in interest expense for the three months ended September 30, 2024 of $8.0 million, as compared to the corresponding period in 2023, was primarily due to higher overall debt obligations, in addition to a higher weighted average interest rate.

Gain on sale of real estate assets
During the three months ended September 30, 2024, two shopping centers and three partial shopping centers were disposed of resulting in aggregate gain of $37.0 million. In addition, during the three months ended September 30, 2024, we resolved contingencies related to previously disposed assets, resulting in net loss of less than $0.1 million. During the three months ended September 30, 2023, one shopping center and one partial shopping center were disposed of resulting in aggregate gain of $6.8 million. In addition, during the three months ended September 30, 2023, we resolved contingencies related to previously disposed assets, resulting in a net loss of $0.1 million.

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Gain on extinguishment of debt, net
During the three months ended September 30, 2024, we repurchased $37.7 million of the $670.0 million 3.85% Senior Notes due 2025 (the "2025 Notes") then outstanding, resulting in a $0.3 million gain on extinguishment of debt.

Other
Other expense remained generally consistent for the three months ended September 30, 2024, as compared to the corresponding period in 2023.

Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023
Revenues (in thousands)
Nine Months Ended September 30,
20242023$ Change
Revenues
Rental income$955,065 $927,440 $27,625 
Other revenues1,547 1,111 436 
Total revenues$956,612 $928,551 $28,061 

Rental income
The increase in rental income for the nine months ended September 30, 2024 of $27.6 million, as compared to the corresponding period in 2023, was due to a $36.3 million increase for assets owned for the full period, partially offset by a $8.7 million decrease due to net transaction activity. The increase for assets owned for the full period was due to (i) a $27.4 million increase in base rent; (ii) a $7.1 million increase in straight-line rental income, net; (iii) a $5.6 million increase in expense reimbursements; (iv) a $0.6 million increase in percentage rents; and (v) a $0.5 million increase in ancillary and other rental income; partially offset by (vi) a $2.2 million decrease in rental income associated with revenues deemed uncollectible; (vii) a $1.4 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements; and (viii) a $1.3 million decrease in lease termination fees. The $27.4 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 16.6% during the nine months ended September 30, 2024 and 15.3% during the year ended December 31, 2023, and an increase in weighted average billed occupancy.

Other revenues
The increase in other revenues for the nine months ended September 30, 2024 of $0.4 million as compared to the corresponding period in 2023, was primarily due to an increase in tax increment financing income.

Operating Expenses (in thousands)
Nine Months Ended September 30,
20242023$ Change
Operating expenses
Operating costs$110,518 $106,658 $3,860 
Real estate taxes120,659 130,556 (9,897)
Depreciation and amortization278,065 272,807 5,258 
Impairment of real estate assets11,143 17,836 (6,693)
General and administrative88,430 86,868 1,562 
Total operating expenses$608,815 $614,725 $(5,910)

Operating costs
The increase in operating costs for the nine months ended September 30, 2024 of $3.9 million, as compared to the corresponding period in 2023, was due to a $6.3 million increase in operating costs for assets owned for the full period, primarily due to an increase in repairs and maintenance, partially offset by a $2.4 million decrease due to net transaction activity.

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Real estate taxes
The decrease in real estate taxes for the nine months ended September 30, 2024 of $9.9 million, as compared to the corresponding period in 2023, was due to a $7.7 million decrease in real estate taxes for assets owned for the full period, primarily due to an increase in favorable adjustments related to prior year assessments and a decrease in current year assessments, in addition to a $2.2 million decrease due to net transaction activity, partially offset by a decrease in real estate tax refunds.
Depreciation and amortization
The increase in depreciation and amortization for the nine months ended September 30, 2024 of $5.3 million, as compared to the corresponding period in 2023, was due to a $6.7 million increase for assets owned for the full period, primarily due to an increase in capital expenditures, partially offset by a decrease in accelerated depreciation and amortization related to tenant move-outs and a $1.4 million decrease attributable to net transaction activity.

Impairment of real estate assets
During the nine months ended September 30, 2024, aggregate impairment of $11.1 million was recognized on one partial shopping center and one land parcel, as a result of disposition activity, and two operating properties. During the nine months ended September 30, 2023, aggregate impairment of $17.8 million was recognized on two shopping centers and two partial shopping centers, as a result of disposition activity, and one operating property. Impairments recognized were due to changes in anticipated hold periods primarily in connection with our capital recycling program.

General and administrative
The increase in general and administrative costs of $1.6 million for the nine months ended September 30, 2024, as compared to the corresponding period in 2023, was primarily due to an increase in net compensation costs, including one-time severance costs of $2.4 million associated with the realignment of the Company's regional operating structure, partially offset by a decrease in office rent expenses.

During the nine months ended September 30, 2024 and 2023, construction compensation costs of $14.4 million and $13.6 million, respectively, were capitalized to building and improvements and leasing legal costs of $2.5 million and $3.3 million, respectively, and leasing commission costs of $6.0 million and $5.9 million, respectively, were capitalized to deferred charges and prepaid expenses, net.

Other Income and Expenses (in thousands)
Nine Months Ended September 30,
20242023$ Change
Other income (expense)
Dividends and interest$15,798 $345 $15,453 
Interest expense(160,553)(143,529)(17,024)
Gain on sale of real estate assets53,974 59,037 (5,063)
Gain on extinguishment of debt, net554 4,356 (3,802)
Other(1,700)(1,645)(55)
Total other expense$(91,927)$(81,436)$(10,491)

Dividends and interest
The increase in dividends and interest for the nine months ended September 30, 2024 of $15.5 million, as compared to the corresponding period in 2023 was primarily due to an increase in interest income associated with higher cash and cash equivalent balances and a higher weighted average interest rate return.

Interest expense
The increase in interest expense for the nine months ended September 30, 2024 of $17.0 million, as compared to the corresponding period in 2023, was primarily due to higher overall debt obligations, in addition to a higher weighted average interest rate.


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Gain on sale of real estate assets
During the nine months ended September 30, 2024, five shopping centers, three partial shopping centers, and one land parcel were disposed of resulting in aggregate gain of $52.1 million. In addition, during the nine months ended September 30, 2024, we received aggregate net proceeds of $1.9 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $1.9 million. During the nine months ended September 30, 2023, seven shopping centers and six partial shopping centers were disposed of resulting in aggregate gain of $58.9 million. In addition, during the nine months ended September 30, 2023, we received aggregate net proceeds of $0.3 million related to a non-operating asset and resolved contingencies related to a previously disposed asset, resulting in aggregate gain of $0.1 million.

Gain on extinguishment of debt, net
During the nine months ended September 30, 2024, we repurchased $67.7 million of the $700.0 million 2025 Notes then outstanding, resulting in a $0.6 million gain on extinguishment of debt. During the nine months ended September 30, 2023, we repurchased $199.6 million of the $500.0 million 3.65% Senior Notes due 2024 then outstanding, resulting in a $4.4 million gain on extinguishment of debt.

Other
Other expense remained generally consistent for the nine months ended September 30, 2024 as compared to the corresponding period in 2023.

Liquidity and Capital Resources
We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months and beyond for all anticipated uses, including all scheduled payments on our outstanding debt, current and anticipated tenant and other capital improvements, stockholder distributions to maintain our qualification as a REIT, and other obligations associated with conducting our business.

Our primary expected sources and uses of capital are as follows:
Sources
•cash and cash equivalent balances;
•operating cash flow;
•available borrowings under the Unsecured Credit Facility (defined hereafter);
•issuance of long-term debt;
•dispositions; and
•issuance of equity securities.

Uses
•debt repayments;
•maintenance capital expenditures;
•leasing capital expenditures;
•dividend/distribution payments;
•value-enhancing reinvestment capital expenditures;
•acquisitions; and
•repurchases of equity securities.

We believe our capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We generate significant operating cash flow and have access to multiple forms of external capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives. We have investment grade credit ratings from all three major credit rating agencies. Our unsecured credit facility as amended and restated April 28, 2022 (the "Unsecured Credit Facility") is comprised of a $1.25 billion revolving loan
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facility (the "Revolving Facility") and a $500.0 million term loan facility (the "Term Loan Facility"). As of September 30, 2024, we had $1.70 billion of available liquidity, including $1.25 billion available under our Revolving Facility and $452.4 million of cash, cash equivalents and restricted cash. We intend to continue to enhance our financial and operational flexibility through periodic extensions of the duration of our debt.

Material Cash Requirements
Our expected material cash requirements for the twelve months ended September 30, 2025 and thereafter are comprised of (i) contractually obligated expenditures; (ii) other essential expenditures; and (iii) opportunistic expenditures.

Contractually Obligated Expenditures
The following table summarizes our debt maturities (excluding extension options), interest payment obligations, and obligations under non-cancelable operating leases (excluding renewal options), as of September 30, 2024 (dollars in millions):

Contractually Obligated ExpendituresTwelve
Months Ended
September 30, 2025		Thereafter
Debt maturities (1)
$632.3 $4,718.5 
Interest payments (1)(2)
205.8 887.0 
Operating leases5.7 42.1 
Total$843.8 $5,647.6 

(1)    Amounts presented do not assume the issuance of new debt upon maturity of existing debt.
(2)    Scheduled interest payments for variable rate loans are presented using rates (including the impact of interest rate swaps), as of September 30, 2024. See Item 7A. “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2023 for a further discussion of these and other factors that could impact interest payments.

Other Essential Expenditures
We incur certain essential expenditures in the ordinary course of business, such as common area expenses, utilities, insurance, real estate taxes, capital expenditures related to the maintenance of our properties, leasing capital expenditures, and corporate level expenses. The amount of common area expenses, utilities, and capital expenditures related to the maintenance of our properties that we incur depends on the scope of services that we provide, prevailing market rates, and the size and composition of our Portfolio. We carry comprehensive insurance to protect our Portfolio against various losses. The amount of insurance expense that we incur depends on the assessed values of our properties, prevailing market rates, and the size and composition of our Portfolio. We incur real estate taxes in the various jurisdictions in which we operate. The amount of real estate taxes that we incur depends on the assessed values of our properties, the tax rates assessed by various jurisdictions, and the size and composition of our Portfolio. Leasing capital expenditures represent tenant specific costs incurred to lease or renew space, including tenant improvements, tenant allowances, and external leasing commissions. The amount of leasing capital expenditures that we incur depends on the volume and nature of leasing activity. We incur corporate level expenses such as employee compensation costs, professional fees, corporate office rents, and other platform expenses. The amount of corporate level expenses that we incur depends on the size and composition of our Portfolio and platform and prevailing market wages and rates. Leases typically provide for the reimbursement of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties. However, costs that we incur generally do not decrease if revenue or occupancy decrease, and certain costs that we incur, such as corporate level expenses, are not typically reimbursed.









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In order to continue to qualify as a REIT for federal income tax purposes, we must meet several organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. We intend to continue to satisfy these requirements and maintain our REIT status. Our board of directors evaluates our dividend on a quarterly basis, taking into account a variety of relevant factors, including REIT taxable income. The following table summarizes our dividend activity for the third and fourth quarters of 2024:

Third
Quarter 2024		Fourth
Quarter 2024
Dividend declared per common share$0.2725 $0.2875 
Dividend declaration dateJuly 24, 2024October 23, 2024
Dividend record dateOctober 2, 2024January 3, 2025
Dividend payable dateOctober 15, 2024January 15, 2025

Opportunistic Expenditures
We also utilize cash for opportunistic expenditures such as value-enhancing reinvestment and acquisition activity.

The amount of value-enhancing reinvestment capital expenditures that we incur depends on a variety of factors that may change from period to period, such as the number, total expected cost, and nature of value-enhancing reinvestment projects that are underway. See “Improvements to and investments in real estate assets” below for further information regarding our in-process reinvestment projects and our pipeline of future redevelopment projects.

The amount of future acquisition expenditures depends on the availability of opportunities that further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. Our acquisition strategy focuses on buying assets with strong growth potential that are located in our existing markets and will allow us to leverage our operational platform and expertise to create value. Our acquisition activity may include acquisitions of open-air shopping centers or non-owned anchor spaces, retail buildings, and/or outparcels at, or adjacent to, our existing shopping centers.

Our cash flow activities are summarized as follows (dollars in thousands):
Brixmor Property Group Inc.
Nine Months Ended September 30,
20242023$ Change
Net cash provided by operating activities$469,514 $453,512 $16,002 
Net cash used in investing activities(196,184)(93,022)(103,162)
Net cash provided by (used in) financing activities160,213 (363,066)523,279 
Net change in cash, cash equivalents and restricted cash433,543 (2,576)436,119 
Cash, cash equivalents and restricted cash at beginning of period18,904 21,259 (2,355)
Cash, cash equivalents and restricted cash at end of period$452,447 $18,683 $433,764 

Brixmor Operating Partnership LP
Nine Months Ended September 30,
20242023$ Change
Net cash provided by operating activities$469,514 $453,512 $16,002 
Net cash used in investing activities(196,184)(93,022)(103,162)
Net cash provided by (used in) financing activities159,553 (362,139)521,692 
Net change in cash, cash equivalents and restricted cash432,883 (1,649)434,532 
Cash, cash equivalents and restricted cash at beginning of period18,904 20,332 (1,428)
Cash, cash equivalents and restricted cash at end of period$451,787 $18,683 $433,104 




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Operating Activities
Net cash provided by operating activities primarily consists of cash inflows from tenant rental payments and expense reimbursements and cash outflows for property operating costs, real estate taxes, general and administrative expenses, and interest expense.

During the nine months ended September 30, 2024, our net cash provided by operating activities increased $16.0 million as compared to the corresponding period in 2023. The increase was primarily due to (i) an increase in same property net operating income; and (ii) an increase in cash inflows for dividends and interest income; partially offset by (iii) a decrease in cash from net working capital; (iv) an increase in cash outflows for interest expense; (v) a decrease in net operating income due to net transaction activity and other non-same property net operating income; (vi) a decrease in lease termination fees; and (vii) an increase in cash outflows for general and administrative expense.

Investing Activities
Net cash used in investing activities is primarily impacted by the nature, timing, and magnitude of acquisition and disposition activity and improvements to and investments in our shopping centers, including capital expenditures associated with our value-enhancing reinvestment activity.

During the nine months ended September 30, 2024, our net cash used in investing activities increased $103.2 million as compared to the corresponding period in 2023. The increase was primarily due to (i) an increase of $80.0 million in acquisitions of real estate assets; (ii) a decrease of $20.3 million in net proceeds from sales of real estate assets; (iii) an increase of $1.9 million in purchases of marketable securities, net of sales; and (iv) an increase of $1.0 million in improvements to and investments in real estate assets.

Improvements to and investments in real estate assets
During the nine months ended September 30, 2024 and 2023, we expended $255.4 million and $254.4 million, respectively, on improvements to and investments in real estate assets. Included in these amounts are insurance proceeds of $4.5 million and $0.5 million, respectively, which were received during the nine months ended September 30, 2024 and 2023.

Maintenance capital expenditures represent costs to fund major replacements and betterments to our properties. Leasing related capital expenditures represent tenant specific costs incurred to lease or renew space, including tenant improvements, tenant allowances, and external leasing commissions. In addition, we evaluate our Portfolio on an ongoing basis to identify value-enhancing reinvestment opportunities. Such initiatives are tenant driven and focus on upgrading our centers with strong, best-in-class retailers and enhancing the overall merchandise mix and tenant quality of our Portfolio. As of September 30, 2024, we had 43 in-process anchor space repositioning, redevelopment, and outparcel development projects with an aggregate anticipated cost of $506.8 million, of which $246.4 million had been incurred as of September 30, 2024. In addition, we have identified a pipeline of future redevelopment projects aggregating approximately $700 million of potential capital investment, which we expect to execute over the coming years. We expect to fund these projects with cash and cash equivalents, net cash provided by operating activities, proceeds from sales of real estate assets, and/or proceeds from capital markets transactions.

Acquisitions of and proceeds from sales of real estate assets
We continue to evaluate the market for acquisition opportunities and we may acquire individual shopping centers or portfolios of shopping centers when we believe strategic opportunities exist, to further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. During the nine months ended September 30, 2024, we acquired three shopping centers and one land parcel for an aggregate purchase price of $81.9 million, including transaction costs and closing credits. During the nine months ended September 30, 2023, we acquired one land parcel for an aggregate purchase price of $1.9 million, including transaction costs and closing credits.

We may also dispose of properties when we believe value has been maximized, where there is downside risk, or where we have limited ability or desire to build critical mass in a particular submarket. During the nine months ended September 30, 2024, we disposed of five shopping centers, four partial shopping centers, and two land parcels for aggregate net proceeds of $140.0 million. In addition, during the nine months ended September 30, 2024, we received aggregate net proceeds of $1.9 million related to land at one shopping center previously seized through
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eminent domain and resolved contingencies related to previously disposed assets. During the nine months ended September 30, 2023, we disposed of nine shopping centers and eight partial shopping centers for aggregate net proceeds of $161.9 million. In addition, during the nine months ended September 30, 2023, we received aggregate net proceeds of $0.3 million related to a non-operating asset.

Financing Activities
Net cash provided by (used in) financing activities is primarily impacted by the nature, timing, and magnitude of issuances and repurchases of debt and equity securities, as well as borrowings or principal payments associated with our outstanding indebtedness, including our Unsecured Credit Facility, and distributions made to our common stockholders.

During the nine months ended September 30, 2024, our net cash provided by (used in) financing activities increased $523.3 million as compared to the corresponding period in 2023. The increase was primarily due to (i) a $524.4 million increase in debt borrowings, net of repayments; and (ii) a $19.3 million increase in issuances of common stock; partially offset by (iii) an $11.7 million increase in distributions to our common stockholders; (iv) a $7.0 million increase in deferred financing costs; and (v) a $1.7 million increase in repurchases of common stock.

Non-GAAP Performance Measures
We present the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. Our computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance.

Funds From Operations
Nareit FFO (defined hereafter) is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines funds from operations ("FFO") as net income (loss), calculated in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis.

Considering the nature of our business as a real estate owner and operator, we believe that Nareit FFO is useful to investors in measuring our operating and financial performance because the definition excludes items included in net income that do not relate to or are not indicative of our operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.













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Our reconciliation of net income to Nareit FFO for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands, except per share amounts):

 Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income$96,840 $63,736 $255,870 $232,390 
Depreciation and amortization related to real estate93,495 95,160 273,386 269,714 
Gain on sale of real estate assets(37,018)(6,712)(53,974)(59,037)
Impairment of real estate assets5,863 — 11,143 17,836 
Nareit FFO$159,180 $152,184 $486,425 $460,903 
Nareit FFO per diluted share$0.52 $0.50 $1.60 $1.52 
Weighted average diluted shares outstanding303,608 302,511 303,377 302,447 

Same Property Net Operating Income
Same property net operating income ("NOI") is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) lease termination fees, (ii) straight-line rental income, net, (iii) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (iv) straight-line ground rent expense, net, (v) income or expense associated with our captive insurance company, (vi) depreciation and amortization, (vii) impairment of real estate assets, (viii) general and administrative expense, and (ix) other income and expense (including interest expense and gain on sale of real estate assets).

Considering the nature of our business as a real estate owner and operator, we believe that NOI is useful to investors in measuring the operating performance of our portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of our properties, such as lease termination fees, straight-line rental income, net, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, income or expense associated with our captive insurance company, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). We believe that same property NOI is also useful to investors because it further eliminates disparities in NOI by only including NOI of properties owned for the entirety of both periods presented and excluding properties under development and completed new development properties that have been stabilized for less than one year and therefore provides a more consistent metric for comparing the operating performance of our real estate between periods.


















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Comparison of the Three and Nine Months Ended September 30, 2024 to the Three and Nine Months Ended September 30, 2023

Three Months Ended September 30,Nine Months Ended September 30,
20242023Change20242023Change
Number of properties352 352 — 350 350 — 
Percent billed91.9 %90.2 %1.7 %91.9 %90.1 %1.8 %
Percent leased95.6 %94.1 %1.5 %95.6 %94.1 %1.5 %
Revenues
Rental income$302,726 $290,894 $11,832 $901,770 $869,539 $32,231 
Other revenues693 196 497 1,547 1,111 436 
303,419 291,090 12,329 903,317 870,650 32,667 
Operating expenses
Operating costs(35,580)(33,295)(2,285)(107,362)(100,678)(6,684)
Real estate taxes(41,913)(40,683)(1,230)(117,902)(125,358)7,456 
(77,493)(73,978)(3,515)(225,264)(226,036)772 
Same property NOI$225,926 $217,112 $8,814 $678,053 $644,614 $33,439 

The following table provides a reconciliation of net income to same property NOI for the periods presented (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income$96,840 $63,736 $255,870 $232,390 
Adjustments:
Non-same property NOI(4,369)(4,780)(15,909)(19,895)
Lease termination fees(1,201)(934)(2,550)(3,879)
Straight-line rental income, net(8,133)(5,088)(23,669)(16,510)
Accretion of below-market leases, net of amortization of above-market leases and tenant inducements(1,701)(2,178)(5,235)(6,414)
Straight-line ground rent expense, net(8)(8)(19)(25)
Depreciation and amortization94,829 96,254 278,065 272,807 
Impairment of real estate assets5,863 — 11,143 17,836 
General and administrative30,250 29,182 88,430 86,868 
Total other expense13,556 40,928 91,927 81,436 
Same property NOI$225,926 $217,112 $678,053 $644,614 


Inflation
We continue to monitor the impacts of inflation on our operating and financial performance. Although recent inflationary pressures have begun to abate, inflation may increase in the future. With respect to our shopping centers, our long-term leases generally contain provisions designed to mitigate the adverse impact of inflation, including contractual rent escalations and requirements for tenants to pay a portion of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties, thereby reducing our exposure to increases in property operating expenses resulting from inflation; however, we have exposure to increases in certain non-reimbursable property operating expenses, including expenses incurred on vacant units. We believe that many of our existing rental rates are below current market rates for comparable space and that upon renewal or re-leasing, such rates may be increased to be consistent with, or closer to, current market rates, which may also offset certain non-reimbursed inflationary expense pressures. With respect to our outstanding indebtedness, we periodically evaluate our exposure to interest rate fluctuations, and have and may continue to enter into interest rate protection agreements that mitigate, but do not eliminate, the impact of changes in interest rates on our variable rate loans. With respect to general and administrative costs, we
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continually seek opportunities to offset inflationary cost pressures through routine evaluations of our spending levels and through ongoing efforts to utilize technology to enhance our operational efficiency.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes from the quantitative and qualitative disclosures about market risk disclosed in Item 7A of Part II of our annual report on Form 10-K for the year ended December 31, 2023.

Item 4. Controls and Procedures
Controls and Procedures (Brixmor Property Group Inc.)
Evaluation of Disclosure Controls and Procedures
BPG maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. BPG’s management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, BPG’s principal executive officer, James M. Taylor (who currently serves as Chief Executive Officer), and principal financial officer, Steven T. Gallagher (who currently serves as Executive Vice President, Chief Financial Officer and Treasurer), concluded that BPG’s disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control over Financial Reporting
There have been no changes in BPG’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, BPG’s internal control over financial reporting.

Controls and Procedures (Brixmor Operating Partnership LP)
Evaluation of Disclosure Controls and Procedures
The Operating Partnership maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. The Operating Partnership’s management, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, the Operating Partnership’s principal executive officer, James M. Taylor (who currently serves as Chief Executive Officer) and principal financial officer, Steven T. Gallagher (who currently serves as Executive Vice President, Chief Financial Officer and Treasurer) concluded that the Operating Partnership’s disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control over Financial Reporting
There have been no changes in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1.    Legal Proceedings
The information contained under the heading “Legal Matters” in Note 15 – Commitments and Contingencies to our unaudited Condensed Consolidated Financial Statements in this report is incorporated by reference into this Item 1.

Item 1A. Risk Factors
In addition to the other information in this Quarterly Report on Form 10-Q, the risks described in our Annual Report on Form 10-K filed for the year ended December 31, 2023, in Part I, Item 1A, Risk Factors, and in our other filings with the SEC should be carefully considered. These factors may materially affect our financial condition, operating results and cash flows. There have been no material changes to the risk factors relating to the Company disclosed in our Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended September 30, 2024, the Company did not repurchase any shares of its common stock. As of September 30, 2024, the Company's repurchase program had $400.0 million of available repurchase capacity.
Item 3. Defaults Upon Senior Securities
None.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
On September 9, 2024, Brian T. Finnegan, the Company's President, Chief Operating Officer adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. The plan covers sales of up to an aggregate of 30,000 shares of the Company's common stock at price and volume thresholds and during specified trading periods between January 2, 2025 and December 31, 2025, as set forth in the plan.

Except as discussed above, during the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits
The following documents are filed as exhibits to this report:
Incorporated by Reference
Exhibit
Number		Exhibit DescriptionFormFile No.Date of
Filing		Exhibit
Number		Filed
Herewith
Third Amended and Restated Bylaws of Brixmor Property Group Inc., dated as of July 24, 20248-K001-361607/30/20243.1
Amended and Restated Employment Agreement, dated July 24, 2024, by and between Brixmor Property Group Inc. and Brian T. Finnegan8-K001-361607/30/202410.1
Employment Agreement, dated July 24, 2024, by and between Brixmor Property Group Inc., and Steven T. Gallagher8-K001-361607/30/202410.2
Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002————x
Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002————x
Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002————x
Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002————x
Brixmor Property Group Inc. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002————x
Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002————x
101.INSXBRL Instance Document————x
101.SCHXBRL Taxonomy Extension Schema Document————x
101.CALXBRL Taxonomy Extension Calculation Linkbase Document————x
45

Incorporated by Reference
Exhibit
Number		Exhibit DescriptionFormFile No.Date of
Filing		Exhibit
Number		Filed
Herewith
101.DEFXBRL Taxonomy Extension Definition Linkbase Document————x
101.LABXBRL Taxonomy Extension Label Linkbase Document————x
101.PREXBRL Taxonomy Extension Presentation Linkbase Document————x
104Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101)x

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
46

SIGNATURES
    Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

BRIXMOR PROPERTY GROUP INC.
Date: October 28, 2024By:/s/ James M. Taylor
James M. Taylor
Chief Executive Officer
(Principal Executive Officer)
Date: October 28, 2024By:/s/ Steven T. Gallagher
Steven T. Gallagher
Chief Financial Officer
(Principal Financial Officer)
Date: October 28, 2024By:/s/ Kevin Brydzinski
Kevin Brydzinski
Chief Accounting Officer
(Principal Accounting Officer)
BRIXMOR OPERATING PARTNERSHIP LP
By:Brixmor OP GP LLC, its general partner
By:BPG Subsidiary LLC, its sole member
Date: October 28, 2024By:/s/ James M. Taylor
James M. Taylor
Chief Executive Officer
(Principal Executive Officer)
Date: October 28, 2024By:/s/ Steven T. Gallagher
Steven T. Gallagher
Chief Financial Officer
(Principal Financial Officer)
Date: October 28, 2024By:/s/ Kevin Brydzinski
Kevin Brydzinski
Chief Accounting Officer
(Principal Accounting Officer)

47

Exhibit 31.1

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002


I, James M. Taylor, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2024 of Brixmor Property Group Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 28, 2024
/s/ James M. Taylor
Chief Executive Officer
(Principal Executive Officer)



Exhibit 31.2

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002


I, Steven T. Gallagher, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2024 of Brixmor Property Group Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 28, 2024
/s/ Steven T. Gallagher
Chief Financial Officer
(Principal Financial Officer)




Exhibit 31.3

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002


I, James M. Taylor, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2024 of Brixmor Operating Partnership LP;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 28, 2024
/s/ James M. Taylor
Chief Executive Officer
(Principal Executive Officer)






Exhibit 31.4

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002


I, Steven T. Gallagher, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2024 of Brixmor Operating Partnership LP;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 28, 2024
/s/ Steven T. Gallagher
Chief Financial Officer
(Principal Financial Officer)





Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Brixmor Property Group Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 filed with the Securities and Exchange Commission on the date hereof (the “Report”), pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of the Company hereby certify, to such officers’ knowledge, that:
•The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable of the Securities Exchange Act of 1934, as amended; and

•The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

Date: October 28, 2024
/s/ James M. Taylor
Chief Executive Officer
(Principal Executive Officer)
/s/ Steven T. Gallagher
Chief Financial Officer
(Principal Financial Officer)





Exhibit 32.2

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Brixmor Operating Partnership LP (the “Operating Partnership”) on Form 10-Q for the period ended September 30, 2024 filed with the Securities and Exchange Commission on the date hereof (the “Report”), pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of the Operating Partnership hereby certify, to such officers’ knowledge, that:
•The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable of the Securities Exchange Act of 1934, as amended; and

•The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership for the periods presented therein.

Date: October 28, 2024
/s/ James M. Taylor
Chief Executive Officer
(Principal Executive Officer)
/s/ Steven T. Gallagher
Chief Financial Officer
(Principal Financial Officer)


v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 01, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-36160  
Entity Registrant Name Brixmor Property Group Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 45-2433192  
Entity Address, Address Line One 100 Park Avenue  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10017  
City Area Code 212  
Local Phone Number 869-3000  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol BRX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   302,063,370
Entity Central Index Key 0001581068  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Former Address    
Entity Information [Line Items]    
Entity Address, Address Line One 450 Lexington Avenue  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10017  
Brixmor Operating Partnership LP    
Entity Information [Line Items]    
Document Period End Date Sep. 30, 2024  
Entity File Number 333-256637-01  
Entity Registrant Name Brixmor Operating Partnership LP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 80-0831163  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001630031  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real estate    
Land $ 1,791,843 $ 1,794,011
Buildings and improvements 9,373,627 9,201,876
Real estate, gross 11,165,470 10,995,887
Accumulated depreciation and amortization (3,372,860) (3,198,980)
Real estate, net 7,792,610 7,796,907
Cash and cash equivalents 451,326 866
Restricted cash 1,121 18,038
Marketable securities 21,205 19,914
Receivables, net 260,571 278,775
Deferred charges and prepaid expenses, net 172,947 164,061
Other assets 50,037 54,155
Total assets 8,749,817 8,332,716
Liabilities    
Debt obligations, net 5,338,681 4,933,525
Accounts payable, accrued expenses and other liabilities 530,560 548,890
Total liabilities 5,869,241 5,482,415
Commitments and contingencies (Note 15) 0 0
Equity    
Common stock 3,020 3,006
Additional paid-in capital 3,331,941 3,310,590
Accumulated other comprehensive income (loss) (759) (2,700)
Distributions in excess of net income (453,626) (460,595)
Total equity 2,880,576 2,850,301
Total liabilities and equity 8,749,817 8,332,716
Brixmor Operating Partnership LP    
Real estate    
Land 1,791,843 1,794,011
Buildings and improvements 9,373,627 9,201,876
Real estate, gross 11,165,470 10,995,887
Accumulated depreciation and amortization (3,372,860) (3,198,980)
Real estate, net 7,792,610 7,796,907
Cash and cash equivalents 450,666 866
Restricted cash 1,121 18,038
Marketable securities 21,205 19,914
Receivables, net 260,571 278,775
Deferred charges and prepaid expenses, net 172,947 164,061
Other assets 50,037 54,155
Total assets 8,749,157 8,332,716
Liabilities    
Debt obligations, net 5,338,681 4,933,525
Accounts payable, accrued expenses and other liabilities 530,560 548,911
Total liabilities 5,869,241 5,482,436
Commitments and contingencies (Note 15) 0 0
Equity    
Common stock 2,880,675 2,852,980
Accumulated other comprehensive income (loss) (759) (2,700)
Total equity 2,879,916 2,850,280
Total liabilities and equity $ 8,749,157 $ 8,332,716
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,000,000,000 3,000,000,000
Common stock, shares issued (in shares) 311,190,362 309,723,386
Common stock, shares outstanding (in shares) 302,063,370 300,596,394
Brixmor Operating Partnership LP    
Common stock, shares issued (in shares) 311,190,362 309,723,386
Common stock, shares outstanding (in shares) 302,063,370 300,596,394
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Rental income $ 319,989 $ 307,118 $ 955,065 $ 927,440
Other revenues 693 196 1,547 1,111
Total revenues 320,682 307,314 956,612 928,551
Operating expenses        
Operating costs 36,442 35,058 110,518 106,658
Real estate taxes 42,902 42,156 120,659 130,556
Depreciation and amortization 94,829 96,254 278,065 272,807
Impairment of real estate assets 5,863 0 11,143 17,836
General and administrative 30,250 29,182 88,430 86,868
Total operating expenses 210,286 202,650 608,815 614,725
Other income (expense)        
Dividends and interest 5,289 273 15,798 345
Interest expense (55,410) (47,364) (160,553) (143,529)
Gain on sale of real estate assets 37,018 6,712 53,974 59,037
Gain on extinguishment of debt, net 273 6 554 4,356
Other (726) (555) (1,700) (1,645)
Total other expense (13,556) (40,928) (91,927) (81,436)
Net income $ 96,840 $ 63,736 $ 255,870 $ 232,390
Net income per common share:        
Basic (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Diluted (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Weighted average shares:        
Basic (in shares) 302,676 301,007 302,518 300,955
Diluted (in shares) 303,608 302,511 303,377 302,447
Brixmor Operating Partnership LP        
Revenues        
Rental income $ 319,989 $ 307,118 $ 955,065 $ 927,440
Other revenues 693 196 1,547 1,111
Total revenues 320,682 307,314 956,612 928,551
Operating expenses        
Operating costs 36,442 35,058 110,518 106,658
Real estate taxes 42,902 42,156 120,659 130,556
Depreciation and amortization 94,829 96,254 278,065 272,807
Impairment of real estate assets 5,863 0 11,143 17,836
General and administrative 30,250 29,182 88,430 86,868
Total operating expenses 210,286 202,650 608,815 614,725
Other income (expense)        
Dividends and interest 5,289 273 15,798 345
Interest expense (55,410) (47,364) (160,553) (143,529)
Gain on sale of real estate assets 37,018 6,712 53,974 59,037
Gain on extinguishment of debt, net 273 6 554 4,356
Other (726) (555) (1,700) (1,645)
Total other expense (13,556) (40,928) (91,927) (81,436)
Net income $ 96,840 $ 63,736 $ 255,870 $ 232,390
Net income per common share:        
Basic (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Diluted (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Weighted average shares:        
Basic (in shares) 302,676 301,007 302,518 300,955
Diluted (in shares) 303,608 302,511 303,377 302,447
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net income $ 96,840 $ 63,736 $ 255,870 $ 232,390
Other comprehensive income (loss)        
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) (13,484) 962 1,549 3,019
Change in unrealized gain on marketable securities 348 127 392 322
Other comprehensive income (loss) (13,136) 1,089 1,941 3,341
Comprehensive income 83,704 64,825 257,811 235,731
Brixmor Operating Partnership LP        
Net income 96,840 63,736 255,870 232,390
Other comprehensive income (loss)        
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) (13,484) 962 1,549 3,019
Change in unrealized gain on marketable securities 348 127 392 322
Other comprehensive income (loss) (13,136) 1,089 1,941 3,341
Comprehensive income $ 83,704 $ 64,825 $ 257,811 $ 235,731
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Brixmor Operating Partnership LP
Common Stock
Common Stock
Brixmor Operating Partnership LP
Additional Paid-in Capital
Additional Paid-in Capital
Brixmor Operating Partnership LP
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Brixmor Operating Partnership LP
Distributions in Excess of Net Income
Beginning balance (in shares) at Dec. 31, 2022     299,916            
Beginning balance at Dec. 31, 2022 $ 2,865,010 $ 2,864,083 $ 2,999 $ 2,855,232 $ 3,299,496   $ 8,851 $ 8,851 $ (446,336)
Increase (Decrease) in Equity [Roll Forward]                  
Common stock dividends (79,298) (78,397)   (78,397)         (79,298)
Equity based compensation expense 4,518 4,518   4,518 4,518        
Other comprehensive income (loss) (3,731) (3,731)         (3,731) (3,731)  
Issuance of common stock (in shares)     632            
Issuance of common stock 0   $ 6   (6)        
Repurchases of common shares in conjunction with equity award plans (11,229) (11,229)   (11,229) (11,229)        
Net income 112,246 112,246   112,246         112,246
Ending balance (in shares) at Mar. 31, 2023     300,548            
Ending balance at Mar. 31, 2023 2,887,516 2,887,490 $ 3,005 2,882,370 3,292,779   5,120 5,120 (413,388)
Beginning balance (in shares) at Dec. 31, 2022     299,916            
Beginning balance at Dec. 31, 2022 2,865,010 2,864,083 $ 2,999 2,855,232 3,299,496   8,851 8,851 (446,336)
Increase (Decrease) in Equity [Roll Forward]                  
Other comprehensive income (loss) 3,341 3,341              
Net income 232,390 232,390              
Ending balance (in shares) at Sep. 30, 2023     300,596            
Ending balance at Sep. 30, 2023 2,868,380 2,868,357 $ 3,006 2,856,165 3,303,935 $ 12,192 12,192   (450,753)
Beginning balance (in shares) at Mar. 31, 2023     300,548            
Beginning balance at Mar. 31, 2023 2,887,516 2,887,490 $ 3,005 2,882,370 3,292,779   5,120 5,120 (413,388)
Increase (Decrease) in Equity [Roll Forward]                  
Common stock dividends (78,755) (78,754)   (78,754)         (78,755)
Equity based compensation expense 5,019 5,019   5,019 5,019        
Other comprehensive income (loss) 5,983 5,983       5,983 5,983    
Issuance of common stock (in shares)     45            
Issuance of common stock 1 1 $ 1 1 0        
Net income 56,408 56,408   56,408         56,408
Ending balance (in shares) at Jun. 30, 2023     300,593            
Ending balance at Jun. 30, 2023 2,876,172 2,876,147 $ 3,006 2,865,044 3,297,798 11,103 11,103   (435,735)
Increase (Decrease) in Equity [Roll Forward]                  
Common stock dividends (78,754) (78,752)   (78,752)         (78,754)
Equity based compensation expense 6,139 6,139   6,139 6,139        
Other comprehensive income (loss) 1,089 1,089       1,089 1,089    
Issuance of common stock (in shares)     3            
Issuance of common stock 0   $ 0   0        
Repurchases of common shares in conjunction with equity award plans (2) (2)   (2) (2)        
Net income 63,736 63,736   63,736         63,736
Ending balance (in shares) at Sep. 30, 2023     300,596            
Ending balance at Sep. 30, 2023 2,868,380 2,868,357 $ 3,006 2,856,165 3,303,935 12,192 12,192   (450,753)
Beginning balance (in shares) at Dec. 31, 2023     300,596            
Beginning balance at Dec. 31, 2023 2,850,301 2,850,280 $ 3,006 2,852,980 3,310,590   (2,700) (2,700) (460,595)
Increase (Decrease) in Equity [Roll Forward]                  
Common stock dividends (83,277) (83,851)   (83,851)         (83,277)
Equity based compensation expense 3,781 3,781   3,781 3,781        
Other comprehensive income (loss) 12,226 12,226         12,226 12,226  
Issuance of common stock (in shares)     703            
Issuance of common stock 0   $ 7   (7)        
Repurchases of common shares in conjunction with equity award plans (12,962) (12,962)   (12,962) (12,962)        
Net income 88,905 88,905   88,905         88,905
Ending balance (in shares) at Mar. 31, 2024     301,299            
Ending balance at Mar. 31, 2024 2,858,974 2,858,379 $ 3,013 2,848,853 3,301,402   9,526 9,526 (454,967)
Beginning balance (in shares) at Dec. 31, 2023     300,596            
Beginning balance at Dec. 31, 2023 2,850,301 2,850,280 $ 3,006 2,852,980 3,310,590   (2,700) (2,700) (460,595)
Increase (Decrease) in Equity [Roll Forward]                  
Other comprehensive income (loss) 1,941 1,941              
Net income 255,870 255,870              
Ending balance (in shares) at Sep. 30, 2024     302,063            
Ending balance at Sep. 30, 2024 2,880,576 2,879,916 $ 3,020 2,880,675 3,331,941 (759) (759)   (453,626)
Beginning balance (in shares) at Mar. 31, 2024     301,299            
Beginning balance at Mar. 31, 2024 2,858,974 2,858,379 $ 3,013 2,848,853 3,301,402   9,526 $ 9,526 (454,967)
Increase (Decrease) in Equity [Roll Forward]                  
Common stock dividends (82,719) (82,719)   (82,719)         (82,719)
Equity based compensation expense 5,955 5,955   5,955 5,955        
Other comprehensive income (loss) 2,851 2,851       2,851 2,851    
Issuance of common stock (in shares)     46            
Issuance of common stock 0                
Net income 70,125 70,125   70,125         70,125
Ending balance (in shares) at Jun. 30, 2024     301,345            
Ending balance at Jun. 30, 2024 2,855,186 2,854,591 $ 3,013 2,842,214 3,307,357 12,377 12,377   (467,561)
Increase (Decrease) in Equity [Roll Forward]                  
Common stock dividends (82,905) (82,970)   (82,970)         (82,905)
Equity based compensation expense 5,375 5,375   5,375 5,375        
Other comprehensive income (loss) (13,136) (13,136)       (13,136) (13,136)    
Issuance of common stock (in shares)     718            
Issuance of common stock 19,235 19,235 $ 7 19,235 19,228        
Repurchases of common shares in conjunction with equity award plans (19) (19)   (19) (19)        
Net income 96,840 96,840   96,840         96,840
Ending balance (in shares) at Sep. 30, 2024     302,063            
Ending balance at Sep. 30, 2024 $ 2,880,576 $ 2,879,916 $ 3,020 $ 2,880,675 $ 3,331,941 $ (759) $ (759)   $ (453,626)
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]                
Dividends, per common share (usd per share) $ 0.2725 $ 0.2725 $ 0.2725 $ 0.2600 $ 0.2600 $ 0.2600 $ 0.8175 $ 0.7800
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Operating activities:              
Net income $ 96,840 $ 88,905 $ 63,736 $ 112,246 $ 255,870 $ 232,390  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         278,065 272,807  
Accretion of debt premium and discount, net         (2,148) (2,198)  
Deferred financing cost amortization         5,369 5,163  
Accretion of above- and below-market leases, net         (7,271) (9,361)  
Tenant inducement amortization and other         1,937 3,205  
Impairment of real estate assets 5,863       11,143 17,836  
Gain on sale of real estate assets         (53,974) (59,037)  
Equity based compensation         13,855 14,559  
Gain on extinguishment of debt, net         (554) (4,356)  
Changes in operating assets and liabilities:              
Receivables, net         13,671 (937)  
Deferred charges and prepaid expenses         (30,780) (37,619)  
Other assets         (642) (760)  
Accounts payable, accrued expenses and other liabilities         (15,027) 21,820  
Net cash provided by operating activities         469,514 453,512  
Investing activities:              
Improvements to and investments in real estate assets         (255,423) (254,426)  
Acquisitions of real estate assets         (81,862) (1,914)  
Proceeds from sales of real estate assets         141,901 162,194  
Purchase of marketable securities         (26,064) (20,442)  
Proceeds from sale of marketable securities         25,264 21,566  
Net cash used in investing activities         (196,184) (93,022)  
Financing activities:              
Repayment of borrowings under unsecured revolving credit facility         (98,500) (480,000)  
Proceeds from borrowings under unsecured revolving credit facility         80,000 360,000  
Proceeds from unsecured notes and term loans         796,152 200,000  
Repayment of borrowings under unsecured notes         (367,449) (194,254)  
Deferred financing and debt extinguishment costs         (7,714) (700)  
Proceeds from issuances of common shares         19,280 0  
Distributions to common stockholders         (248,576) (236,881)  
Repurchases of common shares in conjunction with equity award plans         (12,980) (11,231)  
Net cash provided by (used in) financing activities         160,213 (363,066)  
Net change in cash, cash equivalents and restricted cash         433,543 (2,576)  
Cash, cash equivalents and restricted cash at beginning of period   18,904   21,259 18,904 21,259 $ 21,259
Cash, cash equivalents and restricted cash at end of period 452,447   18,683   452,447 18,683 18,904
Reconciliation to consolidated balance sheets:              
Cash and cash equivalents 451,326   861   451,326 861 866
Restricted cash 1,121   17,822   1,121 17,822 18,038
Cash, cash equivalents and restricted cash at end of period 452,447   18,683   452,447 18,683 18,904
Supplemental disclosure of cash flow information:              
Cash paid for interest, net of amount capitalized of $2,887 and $2,987         151,862 144,271  
Brixmor Operating Partnership LP              
Operating activities:              
Net income 96,840 88,905 63,736 112,246 255,870 232,390  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         278,065 272,807  
Accretion of debt premium and discount, net         (2,148) (2,198)  
Deferred financing cost amortization         5,369 5,163  
Accretion of above- and below-market leases, net         (7,271) (9,361)  
Tenant inducement amortization and other         1,937 3,205  
Impairment of real estate assets         11,143 17,836  
Gain on sale of real estate assets         (53,974) (59,037)  
Equity based compensation         13,855 14,559  
Gain on extinguishment of debt, net         (554) (4,356)  
Changes in operating assets and liabilities:              
Receivables, net         13,671 (937)  
Deferred charges and prepaid expenses         (30,780) (37,619)  
Other assets         (642) (760)  
Accounts payable, accrued expenses and other liabilities         (15,027) 21,820  
Net cash provided by operating activities         469,514 453,512  
Investing activities:              
Improvements to and investments in real estate assets         (255,423) (254,426)  
Acquisitions of real estate assets         (81,862) (1,914)  
Proceeds from sales of real estate assets         141,901 162,194  
Purchase of marketable securities         (26,064) (20,442)  
Proceeds from sale of marketable securities         25,264 21,566  
Net cash used in investing activities         (196,184) (93,022)  
Financing activities:              
Repayment of borrowings under unsecured revolving credit facility         (98,500) (480,000)  
Proceeds from borrowings under unsecured revolving credit facility         80,000 360,000  
Proceeds from unsecured notes and term loans         796,152 200,000  
Repayment of borrowings under unsecured notes         (367,449) (194,254)  
Deferred financing and debt extinguishment costs         (7,714) (700)  
Proceeds from issuances of common shares         19,280 0  
Partner distributions and repurchases of OP Units         (262,216) (247,185)  
Net cash provided by (used in) financing activities         159,553 (362,139)  
Net change in cash, cash equivalents and restricted cash         432,883 (1,649)  
Cash, cash equivalents and restricted cash at beginning of period   $ 18,904   $ 20,332 18,904 20,332 20,332
Cash, cash equivalents and restricted cash at end of period 451,787   18,683   451,787 18,683 18,904
Reconciliation to consolidated balance sheets:              
Cash and cash equivalents 450,666   861   450,666 861 866
Restricted cash 1,121   17,822   1,121 17,822 18,038
Cash, cash equivalents and restricted cash at end of period $ 451,787   $ 18,683   451,787 18,683 $ 18,904
Supplemental disclosure of cash flow information:              
Cash paid for interest, net of amount capitalized of $2,887 and $2,987         $ 151,862 $ 144,271  
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Interest paid, capitalized $ 2,887 $ 2,987
Brixmor Operating Partnership LP    
Interest paid, capitalized $ 2,887 $ 2,987
v3.24.3
Nature of Business and Financial Statement Presentation
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Nature of Business and Financial Statement Presentation Nature of Business and Financial Statement Presentation
Description of Business
Brixmor Property Group Inc. and subsidiaries (collectively, the "Parent Company") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their consolidated subsidiaries (collectively, the "Company" or "Brixmor") owns and operates one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers. As of September 30, 2024, the Company’s portfolio was comprised of 360 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.

The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP").

Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the unaudited Condensed Consolidated Financial Statements for the periods presented have been included. The operating results for the periods presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and accompanying notes included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2024.

Principles of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated.

Income Taxes
The Parent Company has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain the Parent Company's REIT status. As a REIT, the Parent Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.

The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company.
If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent Company qualifies for taxation as a REIT, the Parent Company is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable.

The Parent Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a "TRS"), and the Parent Company may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to the Parent Company’s TRSs do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company.

The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of September 30, 2024 and December 31, 2023. Open tax years generally range from 2021 through 2023 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s unaudited Condensed Consolidated Statements of Operations.

New Accounting Pronouncements
Any recently issued accounting standards or pronouncements have been excluded as they either are not relevant to the Company, or they are not expected to have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company.
v3.24.3
Acquisition of Real Estate
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisition of Real Estate Acquisition of Real Estate
During the nine months ended September 30, 2024, the Company acquired the following assets, in separate transactions:
Description(1)
LocationMonth AcquiredGLA
Aggregate Purchase Price(2)
West CenterEast Setauket, NYApr-2442,594 $17,470 
The Fresh Market ShoppesHilton Head Island, SCJul-2486,398 23,848 
Land at King's MarketRoswell, GAJul-24N/A2,337 
Acton PlazaActon, MAAug-24137,572 38,207 
266,564 $81,862 
(1)No debt was assumed related to the listed acquisitions.
(2)Aggregate purchase price includes $0.7 million of transaction costs.

During the nine months ended September 30, 2023, the Company acquired the following asset:
Description(1)
LocationMonth AcquiredGLA
Aggregate Purchase Price(2)
Land at Aurora Plaza(3)
Aurora, COApr-23N/A$1,914 
— $1,914 
(1)No debt was assumed related to the listed acquisition.
(2)Aggregate purchase price includes $0.1 million of transaction costs.
(3)The Company terminated a ground lease and acquired the associated land parcel.
The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 and 2023, respectively, has been allocated as follows:

Nine Months Ended September 30,
Assets20242023
Land$23,451 $1,914 
Buildings42,039 — 
Building and tenant improvements4,312 — 
Above-market leases(1)
169 — 
In-place leases(2)
18,009 — 
Total assets acquired$87,980 $1,914 
Liabilities
Below-market leases(3)
$6,118 $— 
Total liabilities6,118 — 
Net assets acquired$81,862 $1,914 

(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the nine months ended September 30, 2024 was 5.3 years.
(2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the nine months ended September 30, 2024 was 4.5 years.
(3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the nine months ended September 30, 2024 was 14.4 years.
v3.24.3
Dispositions and Assets Held for Sale
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions and Assets Held for Sale Dispositions and Assets Held for Sale
During the three months ended September 30, 2024, the Company disposed of two shopping centers, three partial shopping centers, and one land parcel for aggregate net proceeds of $72.6 million, resulting in aggregate gain of $37.0 million and aggregate impairment of $0.3 million. In addition, during the three months ended September 30, 2024, the Company resolved contingencies related to previously disposed assets, resulting in a net loss of less than $0.1 million. During the nine months ended September 30, 2024, the Company disposed of five shopping centers, four partial shopping centers, and two land parcels for aggregate net proceeds of $140.0 million, resulting in aggregate gain of $52.1 million and aggregate impairment of $0.5 million. In addition, during the nine months ended September 30, 2024, the Company received aggregate net proceeds of $1.9 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $1.9 million.

During the three months ended September 30, 2023, the Company disposed of one shopping center and one partial shopping center for aggregate net proceeds of $16.6 million, resulting in aggregate gain of $6.8 million. In addition, during the three months ended September 30, 2023, the Company resolved contingencies related to previously disposed assets, resulting in a net loss of $0.1 million. During the nine months ended September 30, 2023, the Company disposed of nine shopping centers and eight partial shopping centers for aggregate net proceeds of $161.9 million, resulting in aggregate gain of $58.9 million and aggregate impairment of $6.1 million. In addition, during the nine months ended September 30, 2023, the Company received aggregate net proceeds of $0.3 million related to a non-operating asset and resolved contingencies related to a previously disposed asset, resulting in net gain of $0.1 million.

As of September 30, 2024 and December 31, 2023, the Company had no properties held for sale.
There were no discontinued operations for the three and nine months ended September 30, 2024 and 2023 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.
v3.24.3
Real Estate
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Real Estate Real Estate
The Company’s components of Real estate, net consisted of the following:

September 30, 2024December 31, 2023
Land$1,791,843 $1,794,011 
Buildings and improvements:
Buildings and tenant improvements8,872,234 8,696,881 
Lease intangibles(1)
501,393 504,995 
11,165,470 10,995,887 
Accumulated depreciation and amortization(2)
(3,372,860)(3,198,980)
Total$7,792,610 $7,796,907 

(1)As of September 30, 2024 and December 31, 2023, Lease intangibles consisted of $454.9 million and $456.8 million, respectively, of in-place leases and $46.5 million and $48.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(2)As of September 30, 2024 and December 31, 2023, Accumulated depreciation and amortization included $440.9 million and $445.5 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of September 30, 2024 and December 31, 2023, the Company had intangible liabilities relating to below-market leases of $329.6 million and $329.8 million, respectively, and accumulated accretion of $248.9 million and $247.2 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

Below-market lease accretion income, net of above-market lease amortization for the three months ended September 30, 2024 and 2023 was $2.4 million and $3.3 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2024 and 2023 was $7.3 million and $9.4 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended September 30, 2024 and 2023 was $3.6 million and $4.5 million, respectively. Amortization expense associated with in-place lease value for the nine months ended September 30, 2024 and 2023 was $10.0 million and $12.9 million, respectively. These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:

Year ending December 31,
Below-market lease accretion (income), net of above-market lease amortization expense
In-place lease amortization expense
2024 (remaining three months)$(2,378)$3,503 
2025(8,518)11,745 
2026(7,515)8,718 
2027(6,388)6,705 
2028(5,832)4,696 
v3.24.3
Impairments
 9 Months Ended
Sep. 30, 2024
Impairment of Real Estate [Abstract]  
Impairments Impairments
Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value.
The Company recognized the following impairments during the three and nine months ended September 30, 2024:

Three Months Ended September 30, 2024
Property Name(1)
LocationGLAImpairment Charge
Southland Shopping Center - multi-tenant outparcelMiddleburg Heights, OH149,891 $5,611 
Land at Springdale(2)
Mobile, AL— 252 
149,891 $5,863 
Nine Months Ended September 30, 2024
Property Name(1)
LocationGLAImpairment Charge
Southland Shopping Center - multi-tenant outparcelMiddleburg Heights, OH149,891 $5,611 
Seacoast Shopping CenterSeabrook, NH89,634 5,062 
Land at Springdale(2)
Mobile, AL— 252 
Victory Square - Bridgestone Outparcel(2)
Savannah, GA6,702 218 
246,227 $11,143 
(1)The Company recognized an impairment charge based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the nine months ended September 30, 2024.

The Company did not recognize any impairments during the three months ended September 30, 2023. The Company recognized the following impairments during the nine months ended September 30, 2023:

Nine Months Ended September 30, 2023
Property Name(1)
LocationGLAImpairment Charge
The Quentin CollectionKildeer, IL171,530 $11,705 
Broadway Faire - Theater Box(2)
Fresno, CA39,983 2,102 
Elk Grove Town Center(2)
Elk Grove Village, IL61,609 1,796 
The Manchester Collection - Crossroads(2)
Manchester, CT14,867 1,155 
Spring Mall(2)
Greenfield, WI45,920 1,078 
333,909 $17,836 
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third party buyers in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the year ended December 31, 2023

The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired.
v3.24.3
Financial Instruments - Derivatives and Hedging
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments - Derivatives and Hedging Financial Instruments – Derivatives and Hedging
The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes. In certain situations, the Company may enter into derivative financial instruments such as interest rate swap agreements and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by market interest rates.

Cash Flow Hedges of Interest Rate Risk
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount. The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt or future cash flows associated with forecasted fixed-rate debt issuances. During the nine months ended September 30, 2024, the Company did not enter into any new interest rate swap agreements,
terminated three outstanding interest rate swap agreements, and four interest rate swap agreements expired at maturity. During the year ended December 31, 2023, the Company entered into 10 interest rate swap agreements. The Company has elected to present its interest rate derivatives on its unaudited Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

In May 2024, the Company terminated three outstanding forward-starting interest rate swaps with an aggregate notional amount of $150.0 million for aggregate net proceeds of $7.3 million. The forward-starting swaps were designated as hedges against interest rate risk on the issuance of the 2034 Notes (defined hereafter) and the 2035 Notes (defined hereafter), and thus the Company ascribed gains of $1.5 million and $5.8 million, respectively, to the notes. The gains are included in Accumulated other comprehensive loss on the Company's unaudited Condensed Consolidated Balance Sheets and will be amortized over the earlier of the term of the respective derivative instruments, or the term of the underlying notes, as a reduction to Interest expense on the Company’s unaudited Condensed Consolidated Statements of Operations.

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2024 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $— $(804)
5/1/20237/26/20271 Month SOFR3.5950 %75,000 — (614)
5/1/20237/26/20271 Month SOFR3.5930 %25,000 — (204)
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (2,110)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (2,111)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (1,055)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (1,055)
$500,000 $— $(7,953)
Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2023 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
6/1/20227/26/2024
1 Month SOFR(1)
2.5875 %$50,000 $710 $— 
6/1/20227/26/2024
1 Month SOFR(1)
2.5960 %50,000 707 — 
6/1/20227/26/2024
1 Month SOFR(1)
2.5860 %100,000 1,421 — 
6/1/20227/26/2024
1 Month SOFR(1)
2.5850 %100,000 1,421 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5890 %100,000 59 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5950 %75,000 34 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5930 %25,000 12 — 
7/26/20247/26/2027
1 Month SOFR(3)
4.0767 %100,000 — (2,073)
7/26/20247/26/2027
1 Month SOFR(3)
4.0770 %100,000 — (2,077)
7/26/20247/26/2027
1 Month SOFR(3)
4.0767 %50,000 — (1,038)
7/26/20247/26/2027
1 Month SOFR(3)
4.0770 %50,000 — (1,039)
6/14/20246/14/2034
Compound SOFR(4)
3.4400 %100,000 — (437)
6/14/20246/14/2034
Compound SOFR(4)
3.4370 %25,000 — (104)
6/14/20246/14/2034
Compound SOFR(4)
3.4400 %25,000 — (109)
$950,000 $4,364 $(6,877)

(1)Swapped variable rate includes a SOFR adjustment of 10 basis points.
(2)In April 2023, the Company entered into three interest rate swap agreements with an aggregate notional amount of $200.0 million. The interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility (defined hereafter) at 3.59%.
(3)In November 2023, the Company entered into four forward-starting interest rate swap agreements with an aggregate notional amount of $300.0 million. The forward-starting interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility at 4.08% beginning on the effective date.
(4)In December 2023, the Company entered into three forward-starting interest rate swap agreements with an aggregate notional amount of $150.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $150.0 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending June 2026. The forward-starting interest rate swaps were designated as cash flow hedges.

All of the Company's outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk. The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivative, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatility. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in Other comprehensive income (loss) on the Company's unaudited Condensed Consolidated Statements of Comprehensive Income and is reclassified into earnings as interest expense in the period that the hedged transaction affects earnings.

The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 is as follows:

Derivatives in Cash Flow Hedging Relationships
(Interest Rate Swaps)		Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Change in unrealized gain (loss) on interest rate swaps$(11,161)$3,932 $10,062 $9,906 
Accretion of interest rate swaps to interest expense(2,323)(2,970)(8,513)(6,887)
Change in unrealized gain (loss) on interest rate swaps, net$(13,484)$962 $1,549 $3,019 

The Company estimates that $0.2 million will be reclassified from Accumulated other comprehensive loss as a decrease to interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the three and nine months ended September 30, 2024 and 2023.
Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk
The Company does not use derivatives for trading or speculative purposes. As of September 30, 2024 and December 31, 2023, the Company did not have any non-designated hedges.

Credit-risk-related Contingent Features
The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company was to be declared in default on its derivative contracts, it would be required to settle its obligations under such agreements at their termination value, including accrued interest.
v3.24.3
Debt Obligations
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
As of September 30, 2024 and December 31, 2023, the Company had the following indebtedness outstanding:

Carrying Value as of
September 30,
2024		December 31,
2023
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$4,850,765 $4,418,805 
2.25% – 7.97%
2025 – 2035
Net unamortized premium14,980 20,974 
Net unamortized debt issuance costs(21,867)(17,680)
Total notes payable, net
$4,843,878 $4,422,099 
Unsecured Credit Facility
Revolving Facility(3)
$— $18,500 5.89%2026
Term Loan Facility(3)(4)(5)
500,000 500,000 6.23%2027
Net unamortized debt issuance costs
(5,197)(7,074)
Total Unsecured Credit Facility and term loans
$494,803 $511,426 
Total debt obligations, net
$5,338,681 $4,933,525 
(1)Stated interest rates as of September 30, 2024 do not include the impact of the Company’s interest rate swap agreements (described below).
(2)The weighted average stated interest rate on the Company’s unsecured notes was 4.01% as of September 30, 2024.
(3)The Company's Revolving Facility (defined hereafter) and Term Loan Facility include a sustainability metric incentive, which can reduce the applicable credit spread by up to two basis points.
(4)Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $300.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 4.08% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.
(5)Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.

2024 Debt Transactions
The Operating Partnership has an unsecured credit facility as amended and restated on April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of a $1.25 billion revolving loan facility (the "Revolving Facility") and a $500.0 million term loan (the "Term Loan Facility"). During the nine months ended September 30, 2024, the Operating Partnership repaid $18.5 million, net of borrowings, under the Revolving Facility, with proceeds from dispositions and the issuance of the 2034 Notes.

During the nine months ended September 30, 2024, the Operating Partnership repaid $300.4 million principal amount of the 3.650% Senior Notes due 2024 (the "2024 Notes"), representing all of the outstanding 2024 Notes, and $67.7 million principal amount of the 3.850% Senior Notes due 2025 (the "2025 Notes"), with $632.3 million aggregate principal amount of the 2025 Notes remaining outstanding. The Operating Partnership funded the 2024 Notes and 2025 Notes repayments with proceeds from the issuance of the 2034 Notes and 2035 Notes and dispositions. In connection with the repayment of the 2025 Notes, the Company recognized a $0.6 million gain on extinguishment of debt during the nine months ended September 30, 2024.
On January 12, 2024, the Operating Partnership issued $400.0 million aggregate principal amount of Senior Notes due 2034 (the "2034 Notes") at 99.816% of par. The Operating Partnership intends to use the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2034 Notes bear interest at a rate of 5.500% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2034 Notes will mature on February 15, 2034.

On May 28, 2024, the Operating Partnership issued $400.0 million aggregate principal amount of Senior Notes due 2035 (the "2035 Notes") at 99.222% of par. The Operating Partnership intends to use the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2035 Notes bear interest at a rate of 5.750% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2035 Notes will mature on February 15, 2035.

Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of September 30, 2024.

Debt Maturities
As of September 30, 2024 and December 31, 2023, the Company had accrued interest of $45.6 million and $47.1 million outstanding, respectively. As of September 30, 2024, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2024 (remaining three months)$— 
2025632,312 
2026607,542 
2027900,000 
2028357,708 
Thereafter2,853,203 
Total debt maturities5,350,765 
Net unamortized premium14,980 
Net unamortized debt issuance costs(27,064)
Total debt obligations, net$5,338,681 

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $632.3 million outstanding principal balance on the 2025 Notes. The Company has sufficient cash and cash equivalents and liquidity to satisfy this scheduled debt maturity.
v3.24.3
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:
September 30, 2024December 31, 2023
Carrying
Amounts		Fair
Value		Carrying
Amounts		Fair
Value
Notes payable$4,843,878 $4,783,670 $4,422,099 $4,155,332 
Unsecured Credit Facility494,803 500,000 511,426 518,500 
Total debt obligations, net$5,338,681 $5,283,670 $4,933,525 $4,673,832 
As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy).
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Based on the above criteria, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

Recurring Fair Value
The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Levels 1 and 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives.

The following table presents the placement in the fair value hierarchy of assets that are measured and recognized at fair value on a recurring basis:
Fair Value Measurements as of September 30, 2024
BalanceQuoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Marketable securities(1)
$21,205 $739 $20,466 $— 
Liabilities:
Interest rate derivatives$(7,953)$— $(7,953)$— 
Fair Value Measurements as of December 31, 2023
BalanceQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Marketable securities(1)
$19,914 $656 $19,258 $— 
Interest rate derivatives4,364 — 4,364 — 
Liabilities:
Interest rate derivatives$(6,877)$— $(6,877)$— 
(1)As of September 30, 2024 and December 31, 2023, marketable securities included $0.2 million of net unrealized gain and $0.2 million of net unrealized loss, respectively. As of September 30, 2024, the contractual maturities of the Company’s marketable securities were within the next five years.

Non-Recurring Fair Value
Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. Fair value is determined by offers from third party buyers, market comparable data, third party appraisals, or discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs that include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy.
The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the nine months ended September 30, 2024 and year ended December 31, 2023, excluding the properties sold prior to September 30, 2024 or December 31, 2023, respectively:

Fair Value Measurements as of September 30, 2024
BalanceQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Impairment of Real Estate Assets
Assets:
Properties(1)(2)(3)
$6,548 $— $— $6,548 $10,673 
Fair Value Measurements as of December 31, 2023
BalanceQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Impairment of Real Estate Assets
Assets:
Properties(4)(5)
$14,987 $— $— $14,987 $11,705 

(1)Excludes properties disposed of prior to September 30, 2024.
(2)The carrying value of Seacoast Shopping Center, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the nine months ended September 30, 2024, is $5.7 million. The capitalization rate of 8.00% utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property.
(3)The carrying value of Southland Shopping Center - multi-tenant outparcel, which was remeasured to fair value based upon offers from third-party buyers during the nine months ended September 30, 2024, is $0.8 million.
(4)Excludes properties disposed of prior to December 31, 2023.
(5)The carrying value of The Quentin Collection, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the year ended December 31, 2023, is $15.0 million. The capitalization rate of 8.75% utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property.
v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g, Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay a portion of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties.

Additionally, certain leases may require variable lease payments associated with percentage rents, which are calculated based on underlying tenant sales. The Company recognized $1.3 million and $1.6 million of income based on percentage rents for the three months ended September 30, 2024 and 2023, respectively. The Company recognized $7.9 million and $7.3 million of income based on percentage rents for the nine months ended September 30, 2024 and 2023, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations.
v3.24.3
Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of September 30, 2024, the Company is not including any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:

Three Months Ended September 30,Nine Months Ended September 30,
Supplemental Statements of Operations Information2024202320242023
Operating lease costs$928 $1,410 $928 $4,227 
Variable lease costs66 88 318 350 
Total lease costs$994 $1,498 $1,246 $4,577 
Nine Months Ended September 30,
Supplemental Statements of Cash Flows Information20242023
Operating cash outflows from operating leases$4,252 $4,496 
ROU assets obtained in exchange for operating lease liabilities3,558 90 
ROU asset reduction due to dispositions, held for sale, and lease modifications(6,581)(144)
Operating Lease LiabilitiesAs of
September 30, 2024
Future minimum operating lease payments:
2024 (remaining three months)$1,423 
20255,647 
20264,776 
20272,893 
20282,052 
20291,975 
Thereafter29,044 
Total future minimum operating lease payments47,810 
Less: imputed interest(15,742)
Operating lease liabilities$32,068 
Supplemental Balance Sheets InformationAs of
September 30, 2024		As of December 31, 2023
Operating lease liabilities(1)(2)
$32,068 $36,105 
ROU assets(1)(3)
29,429 32,350 
(1)As of September 30, 2024 and December 31, 2023, the weighted average remaining lease term was 16.7 years and 16.0 years, respectively, and the weighted average discount rate was 4.73% and 4.48%, respectively.
(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.
(3)These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

As of September 30, 2024 there were no material leases that have been executed but not yet commenced.
v3.24.3
Equity and Capital
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity and Capital Equity and Capital
ATM Program
In November 2022, the Company renewed its at-the-market equity offering program (the "ATM Program") through which the Company may sell, from time to time, up to an aggregate of $400.0 million of its common stock through sales agents. The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. The ATM Program is scheduled to expire on November 1, 2025, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers. During the nine months ended September 30, 2024, the Company issued 0.7 million shares of common stock under the ATM Program at an average price per share of $27.92 for total gross proceeds of $20.0 million, excluding commissions and fees. The Company incurred commissions and fees of $0.7 million in conjunction with the ATM Program for the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company did not issue any shares of common stock under the ATM Program. As of September 30, 2024, $380.0 million of common stock remained available for issuance under the ATM Program.

Share Repurchase Program
In November 2022, the Company renewed its share repurchase program (the "Repurchase Program") for up to $400.0 million of its common stock. The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by the Company's board of directors. During the nine months ended September 30, 2024 and 2023, the Company did not repurchase any shares of common stock. As of September 30, 2024, the Repurchase Program had $400.0 million of available repurchase capacity.

Common Stock
In connection with the vesting of restricted stock units ("RSUs") under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the nine months ended September 30, 2024 and 2023, the Company withheld 0.6 million and 0.5 million shares of its common stock, respectively.

Dividends and Distributions
During the three months ended September 30, 2024 and 2023, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.2725 per share/unit and $0.2600 per share/unit, respectively. During the nine months ended September 30, 2024 and 2023, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.8175 per share/unit and $0.7800 per share/unit, respectively. As of September 30, 2024 and December 31, 2023, the Company had declared but unpaid common stock dividends and OP Unit distributions of $86.0 million and $85.7 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.
v3.24.3
Stock Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
In February 2022, the Company's board of directors approved the 2022 Omnibus Incentive Plan (the "Plan") and in April 2022, the Company's stockholders approved the Plan. The Plan provides for a maximum of 10.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock, RSUs, OP Units, performance awards, and other stock-based awards. Prior to the approval of the Plan, awards were issued under the 2013 Omnibus Incentive Plan that the Company's board of directors approved in 2013.
During the nine months ended September 30, 2024 and the year ended December 31, 2023, the Company granted RSUs to certain employees. The RSUs are divided into multiple tranches, which are all subject to service-based vesting conditions. Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units that can be earned. The number of units actually earned for each tranche is determined based on performance during a specified performance period. Tranches that only have a service-based component can only earn a target number of units. The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.8 million and 0.7 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively, with vesting periods ranging from one to five years. For the service-based and performance-based RSU's granted, fair value is based on the Company's grant date stock price or the grant date stock price adjusted for dividend or dividend equivalent rights, when applicable. For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:
AssumptionNine Months Ended September 30, 2024Year Ended,
December 31, 2023
Volatility
23.0% - 28.0%
32.0% - 52.0%
Weighted average risk-free interest rate
4.03% - 4.92%
3.79% - 5.18%
Weighted average common stock dividend yield
4.4% - 4.7%
4.3% - 4.8%

During the three months ended September 30, 2024 and 2023, the Company recognized $5.4 million and $6.1 million of equity compensation expense, respectively, of which $0.3 million and $0.4 million was capitalized, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized $15.1 million and $15.7 million of equity compensation expense, respectively, of which $1.3 million and $1.1 million was capitalized, respectively. These amounts are included in General and administrative expense on the Company’s unaudited Condensed Consolidated Statements of Operations. As of September 30, 2024, the Company had $18.8 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.0 years.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per share data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Share:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted shares(167)(216)(418)(620)
Net income attributable to the Company’s common stockholders for basic earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average number shares outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average shares outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average shares outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
v3.24.3
Earnings per Unit
 9 Months Ended
Sep. 30, 2024
Schedule of Earnings per Share [Line Items]  
Earnings per Unit Earnings per Share
Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per share data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Share:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted shares(167)(216)(418)(620)
Net income attributable to the Company’s common stockholders for basic earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average number shares outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average shares outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average shares outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
Brixmor Operating Partnership LP  
Schedule of Earnings per Share [Line Items]  
Earnings per Unit Earnings per Unit
Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully-diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per unit data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Unit:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted units(167)(216)(418)(620)
Net income attributable to the Operating Partnership’s common units for basic earnings per unit$96,673 $63,520 $255,452 $231,770 
Weighted average number common units outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Unit:
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit$96,673 $63,520 $255,452 $231,770 
Weighted average common units outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average common units outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.32 $0.21 $0.84 $0.77 
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results, or cash flows.

Environmental Matters
Under various federal, state, and local laws, ordinances, and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s properties or disposed of by the Company or its tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). The Company maintains a reserve for currently known environmental matters and does not believe they will have a material impact on the Company’s financial condition, operating results, or cash flows. During the three and nine months ended September 30, 2024 and 2023, the Company did not incur any material governmental fines resulting from environmental matters.
v3.24.3
Related-Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
As of September 30, 2024 and December 31, 2023, there were no material receivables from or payables to related parties. During the three and nine months ended September 30, 2024 and 2023, the Company did not engage in any material related-party transactions.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsIn preparing the unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after September 30, 2024 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from September 30, 2024 through the date the financial statements were issued
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On September 9, 2024, Brian T. Finnegan, the Company's President, Chief Operating Officer adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. The plan covers sales of up to an aggregate of 30,000 shares of the Company's common stock at price and volume thresholds and during specified trading periods between January 2, 2025 and December 31, 2025, as set forth in the plan.

Except as discussed above, during the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Brian T. Finnegan [Member]    
Trading Arrangements, by Individual    
Name Brian T. Finnegan  
Title Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 9, 2024  
Expiration Date December 31, 2025  
Arrangement Duration 363 days  
Aggregate Available 30,000 30,000
v3.24.3
Nature of Business and Financial Statement Presentation (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the unaudited Condensed Consolidated Financial Statements for the periods presented have been included. The operating results for the periods presented are not necessarily indicative of the results that may be expected for a full fiscal year. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and accompanying notes included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2024.
Principles of Consolidation
Principles of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated.
Income Taxes
Income Taxes
The Parent Company has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain the Parent Company's REIT status. As a REIT, the Parent Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.

The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company.
If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent Company qualifies for taxation as a REIT, the Parent Company is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable.

The Parent Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a "TRS"), and the Parent Company may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to the Parent Company’s TRSs do not materially impact the unaudited Condensed Consolidated Financial Statements of the Company.

The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s unaudited Condensed Consolidated Financial Statements as of September 30, 2024 and December 31, 2023. Open tax years generally range from 2021 through 2023 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s unaudited Condensed Consolidated Statements of Operations.
New Accounting Pronouncements
New Accounting Pronouncements
Any recently issued accounting standards or pronouncements have been excluded as they either are not relevant to the Company, or they are not expected to have a material impact on the unaudited Condensed Consolidated Financial Statements of the Company.
v3.24.3
Acquisition of Real Estate (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisition
During the nine months ended September 30, 2024, the Company acquired the following assets, in separate transactions:
Description(1)
LocationMonth AcquiredGLA
Aggregate Purchase Price(2)
West CenterEast Setauket, NYApr-2442,594 $17,470 
The Fresh Market ShoppesHilton Head Island, SCJul-2486,398 23,848 
Land at King's MarketRoswell, GAJul-24N/A2,337 
Acton PlazaActon, MAAug-24137,572 38,207 
266,564 $81,862 
(1)No debt was assumed related to the listed acquisitions.
(2)Aggregate purchase price includes $0.7 million of transaction costs.

During the nine months ended September 30, 2023, the Company acquired the following asset:
Description(1)
LocationMonth AcquiredGLA
Aggregate Purchase Price(2)
Land at Aurora Plaza(3)
Aurora, COApr-23N/A$1,914 
— $1,914 
(1)No debt was assumed related to the listed acquisition.
(2)Aggregate purchase price includes $0.1 million of transaction costs.
(3)The Company terminated a ground lease and acquired the associated land parcel.
The aggregate purchase price of the assets acquired during the nine months ended September 30, 2024 and 2023, respectively, has been allocated as follows:

Nine Months Ended September 30,
Assets20242023
Land$23,451 $1,914 
Buildings42,039 — 
Building and tenant improvements4,312 — 
Above-market leases(1)
169 — 
In-place leases(2)
18,009 — 
Total assets acquired$87,980 $1,914 
Liabilities
Below-market leases(3)
$6,118 $— 
Total liabilities6,118 — 
Net assets acquired$81,862 $1,914 

(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the nine months ended September 30, 2024 was 5.3 years.
(2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the nine months ended September 30, 2024 was 4.5 years.
(3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the nine months ended September 30, 2024 was 14.4 years.
v3.24.3
Real Estate (Tables)
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Schedule of Real Estate Properties
The Company’s components of Real estate, net consisted of the following:

September 30, 2024December 31, 2023
Land$1,791,843 $1,794,011 
Buildings and improvements:
Buildings and tenant improvements8,872,234 8,696,881 
Lease intangibles(1)
501,393 504,995 
11,165,470 10,995,887 
Accumulated depreciation and amortization(2)
(3,372,860)(3,198,980)
Total$7,792,610 $7,796,907 

(1)As of September 30, 2024 and December 31, 2023, Lease intangibles consisted of $454.9 million and $456.8 million, respectively, of in-place leases and $46.5 million and $48.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(2)As of September 30, 2024 and December 31, 2023, Accumulated depreciation and amortization included $440.9 million and $445.5 million, respectively, of accumulated amortization related to Lease intangibles.
Schedule of Expected Net Amortization Expense Associated with Intangible Assets and Liabilities The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:
Year ending December 31,
Below-market lease accretion (income), net of above-market lease amortization expense
In-place lease amortization expense
2024 (remaining three months)$(2,378)$3,503 
2025(8,518)11,745 
2026(7,515)8,718 
2027(6,388)6,705 
2028(5,832)4,696 
v3.24.3
Impairments (Tables)
 9 Months Ended
Sep. 30, 2024
Impairment of Real Estate [Abstract]  
Schedule of Impairments
The Company recognized the following impairments during the three and nine months ended September 30, 2024:

Three Months Ended September 30, 2024
Property Name(1)
LocationGLAImpairment Charge
Southland Shopping Center - multi-tenant outparcelMiddleburg Heights, OH149,891 $5,611 
Land at Springdale(2)
Mobile, AL— 252 
149,891 $5,863 
Nine Months Ended September 30, 2024
Property Name(1)
LocationGLAImpairment Charge
Southland Shopping Center - multi-tenant outparcelMiddleburg Heights, OH149,891 $5,611 
Seacoast Shopping CenterSeabrook, NH89,634 5,062 
Land at Springdale(2)
Mobile, AL— 252 
Victory Square - Bridgestone Outparcel(2)
Savannah, GA6,702 218 
246,227 $11,143 
(1)The Company recognized an impairment charge based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the nine months ended September 30, 2024.

The Company did not recognize any impairments during the three months ended September 30, 2023. The Company recognized the following impairments during the nine months ended September 30, 2023:

Nine Months Ended September 30, 2023
Property Name(1)
LocationGLAImpairment Charge
The Quentin CollectionKildeer, IL171,530 $11,705 
Broadway Faire - Theater Box(2)
Fresno, CA39,983 2,102 
Elk Grove Town Center(2)
Elk Grove Village, IL61,609 1,796 
The Manchester Collection - Crossroads(2)
Manchester, CT14,867 1,155 
Spring Mall(2)
Greenfield, WI45,920 1,078 
333,909 $17,836 
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third party buyers in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the year ended December 31, 2023
v3.24.3
Financial Instruments - Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2024 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $— $(804)
5/1/20237/26/20271 Month SOFR3.5950 %75,000 — (614)
5/1/20237/26/20271 Month SOFR3.5930 %25,000 — (204)
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (2,110)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (2,111)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (1,055)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (1,055)
$500,000 $— $(7,953)
Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2023 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
6/1/20227/26/2024
1 Month SOFR(1)
2.5875 %$50,000 $710 $— 
6/1/20227/26/2024
1 Month SOFR(1)
2.5960 %50,000 707 — 
6/1/20227/26/2024
1 Month SOFR(1)
2.5860 %100,000 1,421 — 
6/1/20227/26/2024
1 Month SOFR(1)
2.5850 %100,000 1,421 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5890 %100,000 59 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5950 %75,000 34 — 
5/1/20237/26/2027
1 Month SOFR(2)
3.5930 %25,000 12 — 
7/26/20247/26/2027
1 Month SOFR(3)
4.0767 %100,000 — (2,073)
7/26/20247/26/2027
1 Month SOFR(3)
4.0770 %100,000 — (2,077)
7/26/20247/26/2027
1 Month SOFR(3)
4.0767 %50,000 — (1,038)
7/26/20247/26/2027
1 Month SOFR(3)
4.0770 %50,000 — (1,039)
6/14/20246/14/2034
Compound SOFR(4)
3.4400 %100,000 — (437)
6/14/20246/14/2034
Compound SOFR(4)
3.4370 %25,000 — (104)
6/14/20246/14/2034
Compound SOFR(4)
3.4400 %25,000 — (109)
$950,000 $4,364 $(6,877)

(1)Swapped variable rate includes a SOFR adjustment of 10 basis points.
(2)In April 2023, the Company entered into three interest rate swap agreements with an aggregate notional amount of $200.0 million. The interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility (defined hereafter) at 3.59%.
(3)In November 2023, the Company entered into four forward-starting interest rate swap agreements with an aggregate notional amount of $300.0 million. The forward-starting interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility at 4.08% beginning on the effective date.
(4)In December 2023, the Company entered into three forward-starting interest rate swap agreements with an aggregate notional amount of $150.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $150.0 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending June 2026. The forward-starting interest rate swaps were designated as cash flow hedges.
Schedule of Derivatives in Cash Flow Hedging Relationships
The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 is as follows:

Derivatives in Cash Flow Hedging Relationships
(Interest Rate Swaps)		Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Change in unrealized gain (loss) on interest rate swaps$(11,161)$3,932 $10,062 $9,906 
Accretion of interest rate swaps to interest expense(2,323)(2,970)(8,513)(6,887)
Change in unrealized gain (loss) on interest rate swaps, net$(13,484)$962 $1,549 $3,019 
v3.24.3
Debt Obligations (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
As of September 30, 2024 and December 31, 2023, the Company had the following indebtedness outstanding:

Carrying Value as of
September 30,
2024		December 31,
2023
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$4,850,765 $4,418,805 
2.25% – 7.97%
2025 – 2035
Net unamortized premium14,980 20,974 
Net unamortized debt issuance costs(21,867)(17,680)
Total notes payable, net
$4,843,878 $4,422,099 
Unsecured Credit Facility
Revolving Facility(3)
$— $18,500 5.89%2026
Term Loan Facility(3)(4)(5)
500,000 500,000 6.23%2027
Net unamortized debt issuance costs
(5,197)(7,074)
Total Unsecured Credit Facility and term loans
$494,803 $511,426 
Total debt obligations, net
$5,338,681 $4,933,525 
(1)Stated interest rates as of September 30, 2024 do not include the impact of the Company’s interest rate swap agreements (described below).
(2)The weighted average stated interest rate on the Company’s unsecured notes was 4.01% as of September 30, 2024.
(3)The Company's Revolving Facility (defined hereafter) and Term Loan Facility include a sustainability metric incentive, which can reduce the applicable credit spread by up to two basis points.
(4)Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $300.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 4.08% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.
(5)Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.
Schedule of Maturities of Long-Term Debt
As of September 30, 2024 and December 31, 2023, the Company had accrued interest of $45.6 million and $47.1 million outstanding, respectively. As of September 30, 2024, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2024 (remaining three months)$— 
2025632,312 
2026607,542 
2027900,000 
2028357,708 
Thereafter2,853,203 
Total debt maturities5,350,765 
Net unamortized premium14,980 
Net unamortized debt issuance costs(27,064)
Total debt obligations, net$5,338,681 
v3.24.3
Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule Of Fair Value Debt Obligation
All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:
September 30, 2024December 31, 2023
Carrying
Amounts		Fair
Value		Carrying
Amounts		Fair
Value
Notes payable$4,843,878 $4,783,670 $4,422,099 $4,155,332 
Unsecured Credit Facility494,803 500,000 511,426 518,500 
Total debt obligations, net$5,338,681 $5,283,670 $4,933,525 $4,673,832 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the placement in the fair value hierarchy of assets that are measured and recognized at fair value on a recurring basis:
Fair Value Measurements as of September 30, 2024
BalanceQuoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Marketable securities(1)
$21,205 $739 $20,466 $— 
Liabilities:
Interest rate derivatives$(7,953)$— $(7,953)$— 
Fair Value Measurements as of December 31, 2023
BalanceQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Marketable securities(1)
$19,914 $656 $19,258 $— 
Interest rate derivatives4,364 — 4,364 — 
Liabilities:
Interest rate derivatives$(6,877)$— $(6,877)$— 
(1)As of September 30, 2024 and December 31, 2023, marketable securities included $0.2 million of net unrealized gain and $0.2 million of net unrealized loss, respectively. As of September 30, 2024, the contractual maturities of the Company’s marketable securities were within the next five years.
The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the nine months ended September 30, 2024 and year ended December 31, 2023, excluding the properties sold prior to September 30, 2024 or December 31, 2023, respectively:

Fair Value Measurements as of September 30, 2024
BalanceQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Impairment of Real Estate Assets
Assets:
Properties(1)(2)(3)
$6,548 $— $— $6,548 $10,673 
Fair Value Measurements as of December 31, 2023
BalanceQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Impairment of Real Estate Assets
Assets:
Properties(4)(5)
$14,987 $— $— $14,987 $11,705 

(1)Excludes properties disposed of prior to September 30, 2024.
(2)The carrying value of Seacoast Shopping Center, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the nine months ended September 30, 2024, is $5.7 million. The capitalization rate of 8.00% utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property.
(3)The carrying value of Southland Shopping Center - multi-tenant outparcel, which was remeasured to fair value based upon offers from third-party buyers during the nine months ended September 30, 2024, is $0.8 million.
(4)Excludes properties disposed of prior to December 31, 2023.
(5)The carrying value of The Quentin Collection, which was remeasured to fair value based on an income approach valuation using the direct capitalization method during the year ended December 31, 2023, is $15.0 million. The capitalization rate of 8.75% utilized in the analysis was based upon unobservable inputs that the Company believes to be within a reasonable range of current market rates for the property.
v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Operating Leases The following tables present additional information pertaining to the Company’s operating leases:
Three Months Ended September 30,Nine Months Ended September 30,
Supplemental Statements of Operations Information2024202320242023
Operating lease costs$928 $1,410 $928 $4,227 
Variable lease costs66 88 318 350 
Total lease costs$994 $1,498 $1,246 $4,577 
Nine Months Ended September 30,
Supplemental Statements of Cash Flows Information20242023
Operating cash outflows from operating leases$4,252 $4,496 
ROU assets obtained in exchange for operating lease liabilities3,558 90 
ROU asset reduction due to dispositions, held for sale, and lease modifications(6,581)(144)
Operating Lease LiabilitiesAs of
September 30, 2024
Future minimum operating lease payments:
2024 (remaining three months)$1,423 
20255,647 
20264,776 
20272,893 
20282,052 
20291,975 
Thereafter29,044 
Total future minimum operating lease payments47,810 
Less: imputed interest(15,742)
Operating lease liabilities$32,068 
Supplemental Balance Sheets InformationAs of
September 30, 2024		As of December 31, 2023
Operating lease liabilities(1)(2)
$32,068 $36,105 
ROU assets(1)(3)
29,429 32,350 
(1)As of September 30, 2024 and December 31, 2023, the weighted average remaining lease term was 16.7 years and 16.0 years, respectively, and the weighted average discount rate was 4.73% and 4.48%, respectively.
(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.
(3)These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.
v3.24.3
Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule Of Fair Value Assumptions For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:
AssumptionNine Months Ended September 30, 2024Year Ended,
December 31, 2023
Volatility
23.0% - 28.0%
32.0% - 52.0%
Weighted average risk-free interest rate
4.03% - 4.92%
3.79% - 5.18%
Weighted average common stock dividend yield
4.4% - 4.7%
4.3% - 4.8%
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Unit, Basic and Diluted
The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per share data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Share:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted shares(167)(216)(418)(620)
Net income attributable to the Company’s common stockholders for basic earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average number shares outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average shares outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average shares outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
v3.24.3
Earnings per Unit (Tables)
 9 Months Ended
Sep. 30, 2024
Schedule of Earnings per Share [Line Items]  
Schedule of Earnings Per Unit, Basic and Diluted
The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per share data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Share:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted shares(167)(216)(418)(620)
Net income attributable to the Company’s common stockholders for basic earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average number shares outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$96,673 $63,520 $255,452 $231,770 
Weighted average shares outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average shares outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.32 $0.21 $0.84 $0.77 
Brixmor Operating Partnership LP  
Schedule of Earnings per Share [Line Items]  
Schedule of Earnings Per Unit, Basic and Diluted
The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per unit data):
Three Months
Ended September 30,		Nine Months
Ended September 30,
2024202320242023
Computation of Basic Earnings Per Unit:
Net income$96,840 $63,736 $255,870 $232,390 
Non-forfeitable dividends on unvested restricted units(167)(216)(418)(620)
Net income attributable to the Operating Partnership’s common units for basic earnings per unit$96,673 $63,520 $255,452 $231,770 
Weighted average number common units outstanding – basic302,676 301,007 302,518 300,955 
Basic earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.32 $0.21 $0.84 $0.77 
Computation of Diluted Earnings Per Unit:
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit$96,673 $63,520 $255,452 $231,770 
Weighted average common units outstanding – basic302,676 301,007 302,518 300,955 
Effect of dilutive securities:
Equity awards932 1,504 859 1,492 
Weighted average common units outstanding – diluted303,608 302,511 303,377 302,447 
Diluted earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.32 $0.21 $0.84 $0.77 
v3.24.3
Nature of Business and Financial Statement Presentation (Details)
Sep. 30, 2024
ft²
Property
Sep. 30, 2023
ft²
Nture of Oerations and Financial Statements Presentation [Line Items]    
GLA 266,564 0
Shopping Center    
Nture of Oerations and Financial Statements Presentation [Line Items]    
Number of real estate properties | Property 360  
GLA 63,000,000  
Parent Company | Brixmor OP GP LLC | BPG Sub    
Nture of Oerations and Financial Statements Presentation [Line Items]    
Ownership percentage 100.00%  
v3.24.3
Acquisition of Real Estate (Properties Acquired) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
ft²
Sep. 30, 2023
USD ($)
ft²
Asset Acquisition [Line Items]    
GLA | ft² 266,564 0
Aggregate Purchase Price $ 81,862 $ 1,914
Transaction costs $ 700 100
West Center    
Asset Acquisition [Line Items]    
GLA | ft² 42,594  
Aggregate Purchase Price $ 17,470  
The Fresh Market Shoppes    
Asset Acquisition [Line Items]    
GLA | ft² 86,398  
Aggregate Purchase Price $ 23,848  
Land at King's Market    
Asset Acquisition [Line Items]    
Aggregate Purchase Price $ 2,337  
Acton Plaza    
Asset Acquisition [Line Items]    
GLA | ft² 137,572  
Aggregate Purchase Price $ 38,207  
Land at Aurora Plaza    
Asset Acquisition [Line Items]    
Aggregate Purchase Price   $ 1,914
v3.24.3
Acquisition of Real Estate (Purchase Price) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Assets [Abstract]    
Total assets acquired $ 81,862 $ 1,914
Above market leases    
Liabilities [Abstract]    
Useful life (in years) 5 years 3 months 18 days  
Leases, acquired-in-place    
Liabilities [Abstract]    
Useful life (in years) 4 years 6 months  
Below market leases    
Liabilities [Abstract]    
Useful life (in years) 14 years 4 months 24 days  
Acquired Properties    
Assets [Abstract]    
Land $ 23,451 1,914
Buildings 42,039 0
Building and tenant improvements 4,312 0
Above-market leases 169 0
In-place leases 18,009 0
Total assets acquired 87,980 1,914
Liabilities [Abstract]    
Below-market lease 6,118 0
Total liabilities 6,118 0
Net assets acquired $ 81,862 $ 1,914
v3.24.3
Dispositions and Assets Held for Sale (Narrative) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
shopping_Center
derivative_instrument
Sep. 30, 2023
USD ($)
shopping_Center
derivative_instrument
Sep. 30, 2024
USD ($)
derivative_instrument
shopping_Center
Sep. 30, 2023
USD ($)
shopping_Center
derivative_instrument
Dec. 31, 2023
derivative_instrument
Schedule of Acquisitions and Dispositions [Line Items]          
Gain on sale     $ 53,974 $ 59,037  
Disposed of by Sale          
Schedule of Acquisitions and Dispositions [Line Items]          
Number of Shopping centers sold 2 1 5 9  
Number of partial shopping centers sold | shopping_Center 3 1 4 8  
Number of land partial shopping centers sold | shopping_Center 1   2    
Impairment of real estate, discontinued operations $ 300   $ 500 $ 6,100  
Number of shopping centers previously sold | shopping_Center     1    
Disposed of by Sale | Previously Disposed Assets          
Schedule of Acquisitions and Dispositions [Line Items]          
Gain on sale 100 $ 100 $ 1,900 100  
Disposed of by Sale | Partial Properties          
Schedule of Acquisitions and Dispositions [Line Items]          
Proceeds from sale of property 72,600 16,600 140,000 161,900  
Gain on sale $ 37,000 $ 6,800 52,100 58,900  
Disposed of by Sale | Non Operating Member | Previously Disposed Assets          
Schedule of Acquisitions and Dispositions [Line Items]          
Proceeds from sale of property     $ 1,900 $ 300  
Held-for-sale          
Schedule of Acquisitions and Dispositions [Line Items]          
Number of real estate properties | derivative_instrument 0   0   0
v3.24.3
Real Estate (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Real Estate Owned, Disclosure of Detailed Components [Abstract]          
Land $ 1,791,843   $ 1,791,843   $ 1,794,011
Buildings and tenant improvements 8,872,234   8,872,234   8,696,881
Lease intangibles 501,393   501,393   504,995
Real estate, gross 11,165,470   11,165,470   10,995,887
Accumulated depreciation and amortization (3,372,860)   (3,372,860)   (3,198,980)
Total 7,792,610   7,792,610   7,796,907
Accumulated amortization 440,900   440,900   445,500
Intangible liabilities relating to below-market leases 329,600   329,600   329,800
Accumulated amortization on below-market leases 248,900   248,900   247,200
Below-market lease intangible amortization 2,400 $ 3,300 7,300 $ 9,400  
Amortization of intangible assets 3,600 $ 4,500 10,000 $ 12,900  
Below-market lease accretion (income), net of above-market lease amortization expense          
2024 (remaining three months) (2,378)   (2,378)    
2025 (8,518)   (8,518)    
2026 (7,515)   (7,515)    
2027 (6,388)   (6,388)    
2028 (5,832)   (5,832)    
In-place lease amortization expense          
2024 (remaining three months) 3,503   3,503    
2025 11,745   11,745    
2026 8,718   8,718    
2027 6,705   6,705    
2028 4,696   4,696    
Leases, acquired-in-place          
Real Estate Owned, Disclosure of Detailed Components [Abstract]          
In-place lease value 454,900   454,900   456,800
Above market leases          
Real Estate Owned, Disclosure of Detailed Components [Abstract]          
Above market leases $ 46,500   $ 46,500   $ 48,200
v3.24.3
Impairments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
ft²
Sep. 30, 2024
USD ($)
ft²
Sep. 30, 2023
USD ($)
ft²
Real Estate Properties [Line Items]      
GLA | ft² 149,891 246,227 333,909
Impairment Charge | $ $ 5,863 $ 11,143 $ 17,836
Southland Shopping Center - multi-tenant outparcel      
Real Estate Properties [Line Items]      
GLA | ft² 149,891 149,891  
Impairment Charge | $ $ 5,611 $ 5,611  
Land at Springdale      
Real Estate Properties [Line Items]      
GLA | ft² 0 0  
Impairment Charge | $ $ 252 $ 252  
Seacoast Shopping Center, Seabrook, NH      
Real Estate Properties [Line Items]      
GLA | ft²   89,634  
Impairment Charge | $   $ 5,062  
Victory Square, Savannah, GA      
Real Estate Properties [Line Items]      
GLA | ft²   6,702  
Impairment Charge | $   $ 218  
The Quentin Collection      
Real Estate Properties [Line Items]      
GLA | ft²     171,530
Impairment Charge | $     $ 11,705
Broadway Faire - Theater Box      
Real Estate Properties [Line Items]      
GLA | ft²     39,983
Impairment Charge | $     $ 2,102
Elk Grove Town Center      
Real Estate Properties [Line Items]      
GLA | ft²     61,609
Impairment Charge | $     $ 1,796
The Manchester Collection - Crossroads      
Real Estate Properties [Line Items]      
GLA | ft²     14,867
Impairment Charge | $     $ 1,155
Spring Mall      
Real Estate Properties [Line Items]      
GLA | ft²     45,920
Impairment Charge | $     $ 1,078
v3.24.3
Financial Instruments - Derivatives and Hedging (Narrative) (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
agreement
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
agreement
derivative_instrument
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
agreement
Nov. 30, 2023
USD ($)
agreement
Apr. 30, 2023
USD ($)
derivative_instrument
Debt Instrument [Line Items]                
Number of Instruments | agreement   3   3   10    
Amount expected to be reclassified from accumulated other comprehensive income (loss) in the next twelve months       $ 200,000        
Senior Notes Due 2035                
Debt Instrument [Line Items]                
Notional amount $ 150,000,000              
Proceeds from issuance of senior long-term debt 7,300,000              
Gain (loss) on derivative 5,800,000              
Senior Notes Due 2034                
Debt Instrument [Line Items]                
Gain (loss) on derivative $ 1,500,000              
Interest Rate Swap                
Debt Instrument [Line Items]                
Number of Instruments   4   4     4 3
Notional amount   $ 500,000,000   $ 500,000,000   $ 950,000,000 $ 300,000,000 $ 200,000,000
Interest Rate Swap | Designated as Hedging Instrument                
Debt Instrument [Line Items]                
Number of instruments entered | derivative_instrument       0        
Gain (loss) on derivative   $ 0 $ 0 $ 0 $ 0      
v3.24.3
Financial Instruments - Derivatives and Hedging (Statement of Financial Position, Fair Value) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2024
USD ($)
agreement
Dec. 31, 2023
USD ($)
agreement
Nov. 30, 2023
USD ($)
agreement
Apr. 30, 2023
USD ($)
derivative_instrument
Derivative [Line Items]          
Number of instruments | agreement   3 10    
Interest Rate Swap          
Derivative [Line Items]          
Notional amount   $ 500,000 $ 950,000 $ 300,000 $ 200,000
Assets     4,364    
Liabilities     $ (6,877)    
Stated spread rate 10.00%        
Number of instruments   4   4 3
Derivative, variable interest rate       4.08% 3.59%
Interest Rate Swap | SOFR 2.5875%          
Derivative [Line Items]          
Fixed Rate     2.5875%    
Notional amount     $ 50,000    
Assets     710    
Liabilities     $ 0    
Interest Rate Swap | SOFR 2.5960%          
Derivative [Line Items]          
Fixed Rate     2.596%    
Notional amount     $ 50,000    
Assets     707    
Liabilities     $ 0    
Interest Rate Swap | SOFR 2.5860%          
Derivative [Line Items]          
Fixed Rate     2.586%    
Notional amount     $ 100,000    
Assets     1,421    
Liabilities     $ 0    
Interest Rate Swap | SOFR 2.5850%          
Derivative [Line Items]          
Fixed Rate     2.585%    
Notional amount     $ 100,000    
Assets     1,421    
Liabilities     $ 0    
Interest Rate Swap | SOFR 3.5890%          
Derivative [Line Items]          
Fixed Rate   3.589% 3.589%    
Notional amount   $ 100,000 $ 100,000    
Assets   0 59    
Liabilities   $ (804) $ 0    
Interest Rate Swap | SOFR 3.5950%          
Derivative [Line Items]          
Fixed Rate   3.595% 3.595%    
Notional amount   $ 75,000 $ 75,000    
Assets   0 34    
Liabilities   $ (614) $ 0    
Interest Rate Swap | SOFR 3.5930%          
Derivative [Line Items]          
Fixed Rate   3.593% 3.593%    
Notional amount   $ 25,000 $ 25,000    
Assets   0 12    
Liabilities   $ (204) $ 0    
Interest Rate Swap | SOFR 4.0767%, Instrument 1          
Derivative [Line Items]          
Fixed Rate   4.0767% 4.0767%    
Notional amount   $ 100,000 $ 100,000    
Assets   0 0    
Liabilities   $ (2,110) $ (2,073)    
Interest Rate Swap | SOFR 4.0770%, Instrument 1          
Derivative [Line Items]          
Fixed Rate   4.077% 4.077%    
Notional amount   $ 100,000 $ 100,000    
Assets   0 0    
Liabilities   $ (2,111) $ (2,077)    
Interest Rate Swap | SOFR 4.0767%, Instrument 2          
Derivative [Line Items]          
Fixed Rate   4.0767% 4.0767%    
Notional amount   $ 50,000 $ 50,000    
Assets   0 0    
Liabilities   $ (1,055) $ (1,038)    
Interest Rate Swap | SOFR 4.0770% Instrument 2          
Derivative [Line Items]          
Fixed Rate   4.077% 4.077%    
Notional amount   $ 50,000 $ 50,000    
Assets   0 0    
Liabilities   (1,055) $ (1,039)    
Interest Rate Swap | SOFR 3.4400%, Instrument 1          
Derivative [Line Items]          
Fixed Rate     3.44%    
Notional amount     $ 100,000    
Assets     0    
Liabilities     $ (437)    
Interest Rate Swap | SOFR 3.4370%          
Derivative [Line Items]          
Fixed Rate     3.437%    
Notional amount     $ 25,000    
Assets     0    
Liabilities     $ (104)    
Interest Rate Swap | SOFR 3.4400%, Instrument 2          
Derivative [Line Items]          
Fixed Rate     3.44%    
Notional amount     $ 25,000    
Assets     0    
Liabilities     (109)    
Interest Rate Swaption          
Derivative [Line Items]          
Notional amount     $ 150,000    
Number of instruments | agreement     3    
Long-term debt     $ 150,000    
Interest rate derivatives | Fair Value, Measurements, Recurring          
Derivative [Line Items]          
Assets     4,364    
Liabilities   7,953 6,877    
Interest rate derivatives | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring          
Derivative [Line Items]          
Assets   0 4,364    
Liabilities   $ (7,953) $ 6,877    
v3.24.3
Financial Instruments - Derivatives and Hedging (Cash Flow Hedging Relationship) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Change in unrealized gain (loss) on interest rate swaps $ (11,161) $ 3,932 $ 10,062 $ 9,906
Accretion of interest rate swaps to interest expense (2,323) (2,970) (8,513) (6,887)
Change in unrealized gain (loss) on interest rate swaps, net $ (13,484) $ 962 $ 1,549 $ 3,019
v3.24.3
Debt Obligations (Schedule of Debt) (Details)
$ in Thousands
 1 Months Ended 9 Months Ended
Jul. 26, 2024
USD ($)
derivative_instrument
May 01, 2023
USD ($)
derivative_instrument
May 31, 2023
Sep. 30, 2024
USD ($)
agreement
Sep. 30, 2023
Dec. 31, 2023
USD ($)
agreement
Nov. 30, 2023
agreement
Apr. 30, 2023
derivative_instrument
Apr. 28, 2022
USD ($)
Debt Instrument [Line Items]                  
Long-term debt       $ 5,350,765          
Net unamortized debt issuance costs       (27,064)          
Total debt obligations       $ 5,338,681   $ 4,933,525      
Number of Instruments | agreement       3   10      
Interest Rate Swap                  
Debt Instrument [Line Items]                  
Stated spread rate         10.00%        
Number of Instruments       4     4 3  
Revolving Credit Facility and Term Loan Facility                  
Debt Instrument [Line Items]                  
Stated spread rate       0.02%          
Unsecured Debt                  
Debt Instrument [Line Items]                  
Long-term debt       $ 4,850,765   $ 4,418,805      
Net unamortized premium       14,980   20,974      
Net unamortized debt issuance costs       (21,867)   (17,680)      
Long-term debt       $ 4,843,878   4,422,099      
Weighted average fixed interest rate       4.01%          
Unsecured Debt | Unsecured Credit Facility                  
Debt Instrument [Line Items]                  
Long-term debt       $ 0   18,500      
Stated percentage       5.89%          
Unsecured Debt | Term Loan | Unsecured $500M Term Loan                  
Debt Instrument [Line Items]                  
Long-term debt       $ 500,000   500,000      
Stated percentage       6.23%          
Term loan face amount                 $ 500,000
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan                  
Debt Instrument [Line Items]                  
Term loan face amount $ 300,000                
Effective percentage 4.08%                
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan | Through July 26, 2024                  
Debt Instrument [Line Items]                  
Stated spread rate 0.93% 0.93%              
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan | Through July 26, 2024 | Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Stated spread rate 0.10%                
Unsecured Debt | Term Loan | Unsecured $300 Million Term Loan | Interest Rate Swap                  
Debt Instrument [Line Items]                  
Number of Instruments | derivative_instrument 4                
Unsecured Debt | Term Loan | Unsecured $200M Term Loan | Interest Rate Swap                  
Debt Instrument [Line Items]                  
Stated spread rate     0.10%            
Number of Instruments | derivative_instrument   3              
Term loan face amount   $ 200,000              
Effective percentage   3.59%              
Unsecured Debt | Unsecured Credit Facility and Term Loan                  
Debt Instrument [Line Items]                  
Net unamortized debt issuance costs       $ (5,197)   (7,074)      
Long-term debt       $ 494,803   $ 511,426      
Unsecured Debt | Minimum                  
Debt Instrument [Line Items]                  
Stated percentage       2.25%          
Unsecured Debt | Maximum                  
Debt Instrument [Line Items]                  
Stated percentage       7.97%          
v3.24.3
Debt Obligations (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
May 28, 2024
Jan. 12, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Apr. 28, 2022
Debt Instrument [Line Items]                
Gain on extinguishment of debt, net     $ 273 $ 6 $ 554 $ 4,356    
Interest payable     45,600   45,600   $ 47,100  
Long-term debt     5,350,765   5,350,765      
Unsecured Debt                
Debt Instrument [Line Items]                
Long-term debt     4,843,878   4,843,878   4,422,099  
Long-term debt     4,850,765   4,850,765   4,418,805  
Senior Notes Due 2034                
Debt Instrument [Line Items]                
Repayments of debt         $ 300,400      
Stated spread rate         3.65%      
Senior Notes Due 2025                
Debt Instrument [Line Items]                
Term loan face amount     67,700   $ 67,700      
Stated spread rate         3.85%      
Long-term debt     632,300   $ 632,300      
Long-term debt     $ 632,300   $ 632,300      
Senior Notes Due 2034                
Debt Instrument [Line Items]                
Term loan face amount   $ 400,000            
Stated spread rate   99.816%            
Stated percentage   5.50%            
Senior Notes Due 2035                
Debt Instrument [Line Items]                
Term loan face amount $ 400,000              
Stated spread rate 99.222%              
Stated percentage 5.75%              
Unsecured Credit Facility | Unsecured Debt                
Debt Instrument [Line Items]                
Stated percentage     5.89%   5.89%      
Long-term debt     $ 0   $ 0   18,500  
Term Loan | Unsecured $500M Term Loan | Unsecured Debt                
Debt Instrument [Line Items]                
Term loan face amount               $ 500,000
Stated percentage     6.23%   6.23%      
Long-term debt     $ 500,000   $ 500,000   $ 500,000  
Brixmor Operating Partnership LP                
Debt Instrument [Line Items]                
Gain on extinguishment of debt, net     $ 273 $ 6 554 $ 4,356    
Brixmor Operating Partnership LP | Unsecured Credit Facility | Senior Notes Due 2034 | Unsecured Debt                
Debt Instrument [Line Items]                
Term loan face amount               $ 1,250,000
Repayments of debt         $ 18,500      
v3.24.3
Debt Obligations (Maturities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Future expected/scheduled maturities of outstanding debt and capital lease    
2024 (remaining three months) $ 0  
2025 632,312  
2026 607,542  
2027 900,000  
2028 357,708  
Thereafter 2,853,203  
Total debt maturities 5,350,765  
Net unamortized premium 14,980  
Net unamortized debt issuance costs (27,064)  
Total debt obligations, net $ 5,338,681 $ 4,933,525
v3.24.3
Fair Value Disclosures (Debt Obligations) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Estimated fair value of the Company's debt obligations compared to their carrying amounts    
Total debt obligations, net $ 5,338,681 $ 4,933,525
Carrying Amount    
Estimated fair value of the Company's debt obligations compared to their carrying amounts    
Notes payable 4,843,878 4,422,099
Unsecured Credit Facility 494,803 511,426
Total debt obligations, net 5,338,681 4,933,525
Fair Value    
Estimated fair value of the Company's debt obligations compared to their carrying amounts    
Notes payable 4,783,670 4,155,332
Unsecured Credit Facility 500,000 518,500
Total debt obligations $ 5,283,670 $ 4,673,832
v3.24.3
Fair Value Disclosures (Measurements) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, unrealized losses $ 200 $ 200
Fair Value, Measurements, Recurring | Marketable Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 21,205 19,914
Fair Value, Measurements, Recurring | Interest rate derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets   4,364
Liabilities (7,953) (6,877)
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 739 656
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets   0
Liabilities 0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Marketable Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 20,466 19,258
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0 4,364
Liabilities 7,953 (6,877)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Marketable Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets   0
Liabilities $ 0 $ 0
v3.24.3
Fair Value Disclosures (Remeasured to Fair Value Impairment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impairment of real estate assets $ 5,863 $ 11,143 $ 17,836  
Real estate, fair value, capitalization rate   8.00%   8.75%
The Manchester Collection        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Real estate investment, fair value 5,700 $ 5,700   $ 15,000
Southland Shopping Center - multi-tenant outparcel        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Real estate investment, fair value 800 800    
Real estate, net | Fair Value, Measurements, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Assets 6,548 6,548   14,987
Impairment of real estate assets   10,673   11,705
Real estate, net | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Assets 0 0   0
Real estate, net | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Assets 0 0   0
Real estate, net | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Assets $ 6,548 $ 6,548   $ 14,987
v3.24.3
Revenue Recognition (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Revenue performance obligation term (less than)     1 year  
Revenue performance obligation term (more than)     25 years  
Rental income based on percentage rents $ 1.3 $ 1.6 $ 7.9 $ 7.3
Minimum        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Operating lease, renewal terms (or more) 1 month   1 month  
Maximum        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Operating lease, renewal terms (or more) 5 years   5 years  
v3.24.3
Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Lease, Cost [Abstract]          
Operating lease costs $ 928 $ 1,410 $ 928 $ 4,227  
Variable lease costs 66 88 318 350  
Total lease costs 994 $ 1,498 1,246 4,577  
Operating cash outflows from operating leases     4,252 4,496  
ROU assets obtained in exchange for operating lease liabilities     3,558 90  
ROU asset reduction due to dispositions, held for sale, and lease modifications     (6,581) $ (144)  
Operating Lease Liabilities          
2024 (remaining three months) 1,423   1,423    
2025 5,647   5,647    
2026 4,776   4,776    
2027 2,893   2,893    
2028 2,052   2,052    
2029 1,975   1,975    
Thereafter 29,044   29,044    
Total future minimum operating lease payments 47,810   47,810    
Less: imputed interest $ (15,742)   $ (15,742)    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other Liabilities Other Liabilities Other Liabilities Other Liabilities  
Operating lease liabilities $ 32,068   $ 32,068   $ 36,105
ROU asset $ 29,429   $ 29,429   $ 32,350
Weighted average remaining lease term 16 years 8 months 12 days   16 years 8 months 12 days   16 years
Weighted average discount rate 4.73%   4.73%   4.48%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets   Other assets
Lessee, Lease, Description [Line Items]          
Additional term of contract     100 years    
Minimum          
Lessee, Lease, Description [Line Items]          
Term of contract 1 year   1 year    
Maximum          
Lessee, Lease, Description [Line Items]          
Term of contract 50 years   50 years    
v3.24.3
Equity and Capital (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Nov. 30, 2022
Schedule of Shareholders' Equity [Line Items]                    
Available repurchase amount $ 400.0           $ 400.0      
Dividends, per common share (usd per share) $ 0.2725 $ 0.2725 $ 0.2725 $ 0.2600 $ 0.2600 $ 0.2600 $ 0.8175 $ 0.7800    
Accounts Payable and Accrued Liabilities                    
Schedule of Shareholders' Equity [Line Items]                    
Dividends payable $ 86.0           $ 86.0   $ 85.7  
ATM Program                    
Schedule of Shareholders' Equity [Line Items]                    
Sale of stock, number of shares issued in transaction             700,000 0    
Average price per share (USD per share) $ 27.92           $ 27.92      
Sale of stock, consideration received on transaction             $ 20.0      
Incurred commissions and fees             0.7      
Common stock, capital shares reserved for future issuance, amount $ 380.0           $ 380.0      
Common Stock                    
Schedule of Shareholders' Equity [Line Items]                    
At-the-market equity offering program                   $ 400.0
Stock repurchased during period (in shares)             0 0    
Common Stock | RSUs                    
Schedule of Shareholders' Equity [Line Items]                    
Stock repurchased during period (in shares)             600,000 500,000    
Common Stock | Maximum                    
Schedule of Shareholders' Equity [Line Items]                    
Share repurchase program, authorized amount                   $ 400.0
v3.24.3
Stock Based Compensation (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized 10,000,000.0   10,000,000.0    
Grants in period (in shares)     800,000   700,000
Equity based compensation, net $ 5.4 $ 6.1 $ 15.1 $ 15.7  
Amount capitalized (0.3) $ (0.4) (1.3) $ (1.1)  
Compensation cost not yet recognized $ 18.8   $ 18.8    
Weighted average remaining contractual term     2 years    
Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Service period     1 year    
Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Service period     5 years    
v3.24.3
Stock Based Compensation (Assumptions) (Details)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility rate 23.00% 32.00%
Risk free interest rate 4.03% 3.79%
Expected dividend rate 4.40% 4.30%
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility rate 28.00% 52.00%
Risk free interest rate 4.92% 5.18%
Expected dividend rate 4.70% 4.80%
v3.24.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share, Basic [Abstract]        
Net income $ 96,840 $ 63,736 $ 255,870 $ 232,390
Non-forfeitable dividends on unvested restricted shares (167) (216) (418) (620)
Net income attributable to the Company’s common stockholders for basic earnings per share $ 96,673 $ 63,520 $ 255,452 $ 231,770
Weighted average number shares outstanding – basic (in shares) 302,676 301,007 302,518 300,955
Net income per share (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Computation of Diluted Earnings Per Share:        
Net income attributable to the Company’s common stockholders for diluted earnings per share $ 96,673 $ 63,520 $ 255,452 $ 231,770
Equity awards (in shares) 932 1,504 859 1,492
Weighted average shares outstanding - diluted (in shares) 303,608 302,511 303,377 302,447
Net income per share (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
v3.24.3
Earnings per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Schedule of Earnings per Share [Line Items]        
Net income $ 96,840 $ 63,736 $ 255,870 $ 232,390
Non-forfeitable dividends on unvested restricted shares (167) (216) (418) (620)
Net income attributable to the Company’s common stockholders for basic earnings per share $ 96,673 $ 63,520 $ 255,452 $ 231,770
Weighted average number shares outstanding – basic (in shares) 302,676 301,007 302,518 300,955
Net income per unit (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Net income attributable to the Company’s common stockholders for diluted earnings per share $ 96,673 $ 63,520 $ 255,452 $ 231,770
Equity awards (in shares) 932 1,504 859 1,492
Weighted average shares outstanding - diluted (in shares) 303,608 302,511 303,377 302,447
Net income per unit (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Brixmor Operating Partnership LP        
Schedule of Earnings per Share [Line Items]        
Net income $ 96,840 $ 63,736 $ 255,870 $ 232,390
Non-forfeitable dividends on unvested restricted shares (167) (216) (418) (620)
Net income attributable to the Company’s common stockholders for basic earnings per share $ 96,673 $ 63,520 $ 255,452 $ 231,770
Weighted average number shares outstanding – basic (in shares) 302,676 301,007 302,518 300,955
Net income per unit (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
Net income attributable to the Company’s common stockholders for diluted earnings per share $ 96,673 $ 63,520 $ 255,452 $ 231,770
Equity awards (in shares) 932 1,504 859 1,492
Weighted average shares outstanding - diluted (in shares) 303,608 302,511 303,377 302,447
Net income per unit (usd per share) $ 0.32 $ 0.21 $ 0.84 $ 0.77
v3.24.3
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Environmental Matters        
Loss Contingencies [Line Items]        
Litigation settlement $ 0 $ 0 $ 0 $ 0
v3.24.3
Related-Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Receivables, net $ 260,571   $ 260,571   $ 278,775
Related Party          
Related Party Transaction [Line Items]          
Receivables, net 0   0   $ 0
Related party transactions $ 0 $ 0 $ 0 $ 0  
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