Brixmor Property Group (BRX) Investor presentation summary

Retail market conditions

• New supply remains virtually nonexistent, development economics are prohibitive, and retail vacancy rates are at historic lows.

• Store openings outpaced closings for the last three years and were projected to do so again in 2024; retailer bankruptcies remained below the long-term trend.

ICSC takeaways

• Sentiment was positive, with high demand for open-air retail across specialty grocery, value apparel, health and wellness, and QSR; retailers focused on 2025–2026 opening plans.

• Limited space and market-share concerns heightened competition, supporting better rent growth over lease terms, reduced work scopes, and broader use and development flexibility.

• Mall-native retailers accelerated open-air expansion, while established retailers showed more flexibility on prototype sizes; retailers also discussed catalyst leases and selective new development in high-growth markets.

• The convention drew ~25,000 attendees, up ~5% YoY, and 950+ retail brands; the leasing team held over 700 meetings in two days.

Retailer feedback and leasing demand

• Retailers described store growth as a focus amid decelerating e-commerce and prohibitive last-mile costs, and cited difficulty finding available box space.

• Retailers said they were prepared to pay higher rent and reduce landlord costs to win competitive deals, while seeking more efficient delivery requirements to reduce buildout costs and speed openings.

• Demand remained high across merchandise categories, including restaurants, health and beauty, services, home decor, fitness, value apparel, general merchandise, and grocery; mix reflects TTM 1Q24 new lease ABR.