Takeaways from BRX Non-Deal Roadshow

研报英文原文证据摘录

Takeaways from BRX Non-Deal Roadshow

June 11, 2026

◼ Fundamentals: The fundamentals for open-air shopping centers remain

constructive, with BRX citing a combination of historically low new supply, healthy

retailer demand, and resilient consumer spending as key drivers of their optimistic

outlook. BRX continues to benefit from a portfolio heavily weighted toward grocery

anchored, value-oriented, and daily needs retail, which management believes

positions the company well across a variety of economic environments.

Management described retailer activity as broad based with particular strength

from grocers, discount retailers, QSRs, and service-oriented tenants. Technology

is also becoming increasingly important in evaluating demand trends with BRX

highlighting the use of traffic analytics, tenant sales data, and insights from

Placer.ai to better understand tenant performance and identify opportunities, both

at existing assets in the portfolio as well as potential acquisition targets

◼ Management highlighted that renewal and new lease spreads have consistently

been in the mid-teens or better over the past few years and that elevated spreads

should persist given the gap between in place vs. market rents. Lease economics

have improved as well, with contractual rent bumps on new & renewal deals now

averaging ~2.5% compared with <1% pre-pandemic. Occupancy costs remain

healthy, providing additional room for capturing future mark-to-market

opportunities amid solid retailer sales volumes. BRX continues to prioritize tenant

quality over simply maximizing occupancy as management stressed that they do

not "manage for occupancy" but instead focus on long term value creation and

cash flow durability.

◼ Supply: Management views the favorable supply backdrop as a strong tailwind