Brixmor Property Group (BRX): 2Q26 First Take: Vacancy up in 2Q as indicated, FFO guide up to consensus, ‘27 tailwinds from SNO pipeline

Research evidence excerpt

Brixmor Property Group (BRX): 2Q26 First Take: Vacancy up in 2Q as indicated, FFO guide up to consensus, ‘27 tailwinds from SNO pipeline

Goldman Sachs Brixmor Property Group (BRX)

Exhibit 5: BRX leasing spreads remain high, at +15.7% in the

TTM through 2Q26

Reported TTM total leasing spreads, including new and previous

rent PSF

$24 20%

$20

16%

Rate $16 12% Change

$12

Rental 8% Percent

TTM $8

TTM

4%

$4

$0 0%

1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q26

New Old Spread

Source: Company data, Goldman Sachs Global Investment Research

n Bad debt: 2Q26 revenues deemed uncollectible tracked at 48bps of revenues (vs. GS

estimate of 52bps), compared to the FY guidance range of 60-85bps. We believe the

risk of future tenant bankruptcies is top of mind for investors, and are very

encouraged with the YTD 2026 outcome. On the earnings call we will look for more

color on expectations for FY26, including what BRX already has good visibility into

versus is a general placeholder. Additionally, we are interested to hear about BRX’s

watchlist broadly, how it has changed over the last quarter, and how it compares y/y.

External growth: In 2Q26, BRX completed $164.3mn of acquisitions across four

shopping centers and generated ~$15.1mn of proceeds from the sale of two assets. We

are interested to hear management’s latest read on the transaction market, including

what drove the pickup in 2Q deal activity, whether recent acquisitions are expected to

be accretive to 2026 FFO, how they are being funded, expectations for 2H26 acquisition

activity, initial cap rates achieved in 2Q, and whether management is seeing any signs of

cap-rate compression.

Regarding redevelopments: during 2Q, BRX stabilized $5.4mn of reinvestment projects