BRIXMOR PROPERTY GROUP INC., 10-Q filed on 10/27/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 01, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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 $0.01 per share  
Trading Symbol BRX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   306,100,010
Entity Central Index Key 0001581068  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Brixmor Operating Partnership LP    
Entity Information [Line Items]    
Document Period End Date Sep. 30, 2025  
Entity File Number 333-256637-01  
Entity Registrant Name Brixmor Operating Partnership LP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 80-0831163  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001630031  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate    
Land $ 1,835,928 $ 1,834,814
Buildings and improvements 9,824,404 9,574,243
Real estate, gross 11,660,332 11,409,057
Accumulated depreciation and amortization (3,560,508) (3,410,179)
Real estate, net 8,099,824 7,998,878
Cash and cash equivalents 331,544 377,616
Restricted cash 44,962 1,076
Marketable securities 21,691 20,301
Receivables, net 306,179 281,947
Deferred charges and prepaid expenses, net 174,151 167,080
Real estate assets held for sale 7,408 4,189
Other assets 63,494 57,827
Total assets 9,049,253 8,908,914
Liabilities    
Debt obligations, net 5,493,420 5,339,751
Accounts payable, accrued expenses and other liabilities 592,836 585,241
Total liabilities 6,086,256 5,924,992
Commitments and contingencies (Note 15) 0 0
Equity    
Common stock 3,061 3,055
Additional paid-in capital 3,432,972 3,431,043
Accumulated other comprehensive income 1,895 8,218
Distributions in excess of net income (475,197) (458,638)
Total stockholders' equity 2,962,731 2,983,678
Non-controlling interests 266 244
Total equity 2,962,997 2,983,922
Total liabilities and equity 9,049,253 8,908,914
Brixmor Operating Partnership LP    
Real estate    
Land 1,835,928 1,834,814
Buildings and improvements 9,824,404 9,574,243
Real estate, gross 11,660,332 11,409,057
Accumulated depreciation and amortization (3,560,508) (3,410,179)
Real estate, net 8,099,824 7,998,878
Cash and cash equivalents 331,011 376,956
Restricted cash 44,962 1,076
Marketable securities 21,691 20,301
Receivables, net 306,179 281,947
Deferred charges and prepaid expenses, net 174,151 167,080
Real estate assets held for sale 7,408 4,189
Other assets 63,494 57,827
Total assets 9,048,720 8,908,254
Liabilities    
Debt obligations, net 5,493,420 5,339,751
Accounts payable, accrued expenses and other liabilities 592,836 585,241
Total liabilities 6,086,256 5,924,992
Commitments and contingencies (Note 15) 0 0
Equity    
Common stock 2,960,303 2,974,800
Accumulated other comprehensive income 1,895 8,218
Total stockholders' equity 2,962,198 2,983,018
Non-controlling interests 266 244
Total equity 2,962,464 2,983,262
Total liabilities and equity $ 9,048,720 $ 8,908,254
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
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) 315,227,002 314,619,008
Common stock, shares outstanding (in shares) 306,100,010 305,492,016
Brixmor Operating Partnership LP    
Common stock, shares issued (in shares) 315,227,002 314,619,008
Common stock, shares outstanding (in shares) 306,100,010 305,492,016
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Rental income $ 340,618 $ 319,989 $ 1,017,256 $ 955,065
Other revenues 225 693 591 1,547
Total revenues 340,843 320,682 1,017,847 956,612
Operating expenses        
Operating costs 38,891 36,442 117,979 110,518
Real estate taxes 45,455 42,902 133,907 120,659
Depreciation and amortization 103,234 94,829 312,108 278,065
Impairment of real estate assets 16,075 5,863 16,075 11,143
General and administrative 26,772 30,250 84,038 88,430
Total operating expenses 230,427 210,286 664,107 608,815
Other income (expense)        
Dividends and interest 1,191 5,289 4,087 15,798
Interest expense (56,680) (55,410) (165,173) (160,553)
Gain on sale of real estate assets 40,018 37,018 58,843 53,974
Gain (loss) on extinguishment of debt, net 0 273 (296) 554
Other (703) (726) (2,076) (1,700)
Total other expense (16,174) (13,556) (104,615) (91,927)
Net income 94,242 96,840 249,125 255,870
Net income attributable to non-controlling interests (7) 0 (22) 0
Net income attributable to Brixmor Property Group Inc. $ 94,235 $ 96,840 $ 249,103 $ 255,870
Net income attributable to Brixmor Property Group Inc. per common share:        
Basic (usd per share) $ 0.31 $ 0.32 $ 0.81 $ 0.84
Diluted (usd per share) $ 0.31 $ 0.32 $ 0.81 $ 0.84
Weighted average shares:        
Basic (in shares) 307,193 302,676 307,132 302,518
Diluted (in shares) 308,084 303,608 307,974 303,377
Brixmor Operating Partnership LP        
Revenues        
Rental income $ 340,618 $ 319,989 $ 1,017,256 $ 955,065
Other revenues 225 693 591 1,547
Total revenues 340,843 320,682 1,017,847 956,612
Operating expenses        
Operating costs 38,891 36,442 117,979 110,518
Real estate taxes 45,455 42,902 133,907 120,659
Depreciation and amortization 103,234 94,829 312,108 278,065
Impairment of real estate assets 16,075 5,863 16,075 11,143
General and administrative 26,772 30,250 84,038 88,430
Total operating expenses 230,427 210,286 664,107 608,815
Other income (expense)        
Dividends and interest 1,191 5,289 4,087 15,798
Interest expense (56,680) (55,410) (165,173) (160,553)
Gain on sale of real estate assets 40,018 37,018 58,843 53,974
Gain (loss) on extinguishment of debt, net 0 273 (296) 554
Other (703) (726) (2,076) (1,700)
Total other expense (16,174) (13,556) (104,615) (91,927)
Net income 94,242 96,840 249,125 255,870
Net income attributable to non-controlling interests (7) 0 (22) 0
Net income attributable to Brixmor Property Group Inc. $ 94,235 $ 96,840 $ 249,103 $ 255,870
Net income attributable to Brixmor Property Group Inc. per common share:        
Basic (usd per share) $ 0.31 $ 0.32 $ 0.81 $ 0.84
Diluted (usd per share) $ 0.31 $ 0.32 $ 0.81 $ 0.84
Weighted average shares:        
Basic (in shares) 307,193 302,676 307,132 302,518
Diluted (in shares) 308,084 303,608 307,974 303,377
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net income $ 94,242 $ 96,840 $ 249,125 $ 255,870
Other comprehensive income (loss)        
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) (164) (13,484) (6,479) 1,549
Change in unrealized gain (loss) on marketable securities (25) 348 156 392
Total other comprehensive income (loss) (189) (13,136) (6,323) 1,941
Comprehensive income 94,053 83,704 242,802 257,811
Comprehensive income attributable to non-controlling interests (7) 0 (22) 0
Comprehensive income attributable to Brixmor Property Group Inc. 94,046 83,704 242,780 257,811
Brixmor Operating Partnership LP        
Net income 94,242 96,840 249,125 255,870
Other comprehensive income (loss)        
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) (164) (13,484) (6,479) 1,549
Change in unrealized gain (loss) on marketable securities (25) 348 156 392
Total other comprehensive income (loss) (189) (13,136) (6,323) 1,941
Comprehensive income 94,053 83,704 242,802 257,811
Comprehensive income attributable to non-controlling interests (7) 0 (22) 0
Comprehensive income attributable to Brixmor Property Group Inc. $ 94,046 $ 83,704 $ 242,780 $ 257,811
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Brixmor Operating Partnership LP
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Brixmor Operating Partnership LP
Partnership Common Units
Brixmor Operating Partnership LP
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Brixmor Operating Partnership LP
Distributions in Excess of Net Income
Non-controlling Interests
Non-controlling Interests
Brixmor Operating Partnership LP
Beginning balance (in shares) at Dec. 31, 2023     300,596                
Beginning balance at Dec. 31, 2023 $ 2,850,301 $ 2,850,280 $ 3,006 $ 3,310,590   $ 2,852,980 $ (2,700) $ (2,700) $ (460,595) $ 0 $ 0
Increase (Decrease) in Equity [Roll Forward]                      
Common stock dividends (83,277)               (83,277)    
Distributions to partners   (83,851)       (83,851)          
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 OP Units 0   $ 7 (7)              
Issuance of common stock, net of issuance costs (in shares)     703                
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 3,301,402   2,848,853 9,526 9,526 (454,967) 0 0
Beginning balance (in shares) at Dec. 31, 2023     300,596                
Beginning balance at Dec. 31, 2023 2,850,301 2,850,280 $ 3,006 3,310,590   2,852,980 (2,700) (2,700) (460,595) 0 0
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 3,331,941   2,880,675 (759) (759) (453,626) 0 0
Beginning balance (in shares) at Mar. 31, 2024     301,299                
Beginning balance at Mar. 31, 2024 2,858,974 2,858,379 $ 3,013 3,301,402   2,848,853 9,526 9,526 (454,967) 0 0
Increase (Decrease) in Equity [Roll Forward]                      
Common stock dividends (82,719)               (82,719)    
Distributions to partners   (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 OP Units 0   $ 0 0              
Issuance of common stock, net of issuance costs (in shares)     46                
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 3,307,357   2,842,214 12,377 12,377 (467,561) 0 0
Increase (Decrease) in Equity [Roll Forward]                      
Common stock dividends (82,905)               (82,905)    
Distributions to partners   (82,970)       (82,970)          
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 OP Units 19,235 19,235 $ 7 19,228   19,235          
Issuance of common stock, net of issuance costs (in shares)     718                
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 3,331,941   2,880,675 (759) (759) (453,626) 0 0
Beginning balance (in shares) at Dec. 31, 2024     305,492                
Beginning balance at Dec. 31, 2024 2,983,922 2,983,262 $ 3,055 3,431,043   2,974,800 8,218 8,218 (458,638) 244 244
Increase (Decrease) in Equity [Roll Forward]                      
Common stock dividends (88,492)               (88,492)    
Distributions to partners   (88,916)       (88,916)          
Equity based compensation expense 4,650 4,650   4,650   4,650          
Other comprehensive income (loss) (4,143) (4,143)         (4,143) (4,143)      
Issuance of OP Units 0   $ 6 (6)              
Issuance of common stock, net of issuance costs (in shares)     568                
Repurchases of common shares in conjunction with equity award plans (11,645) (11,645)   (11,645)   (11,645)          
Net income 69,737 69,737       69,729     69,729 8 8
Ending balance (in shares) at Mar. 31, 2025     306,060                
Ending balance at Mar. 31, 2025 2,954,029 2,952,945 $ 3,061 3,424,042   2,948,618 4,075 4,075 (477,401) 252 252
Beginning balance (in shares) at Dec. 31, 2024     305,492                
Beginning balance at Dec. 31, 2024 2,983,922 2,983,262 $ 3,055 3,431,043   2,974,800 8,218 8,218 (458,638) 244 244
Increase (Decrease) in Equity [Roll Forward]                      
Other comprehensive income (loss) (6,323) (6,323)                  
Net income 249,125 249,125                  
Ending balance (in shares) at Sep. 30, 2025     306,100                
Ending balance at Sep. 30, 2025 2,962,997 2,962,464 $ 3,061 3,432,972 $ 1,895 2,960,303 1,895   (475,197) 266 266
Beginning balance (in shares) at Mar. 31, 2025     306,060                
Beginning balance at Mar. 31, 2025 2,954,029 2,952,945 $ 3,061 3,424,042   2,948,618 4,075 4,075 (477,401) 252 252
Increase (Decrease) in Equity [Roll Forward]                      
Common stock dividends (88,589)               (88,589)    
Distributions to partners   (88,589)       (88,589)          
Equity based compensation expense 5,135 5,135   5,135   5,135          
Other comprehensive income (loss) (1,991) (1,991)         (1,991) (1,991)      
Issuance of OP Units 0                    
Issuance of common stock, net of issuance costs (in shares)     40                
Repurchases of common shares in conjunction with equity award plans (566) (566)   (566)   (566)          
Net income 85,146 85,146       85,139     85,139 7 7
Ending balance (in shares) at Jun. 30, 2025     306,100                
Ending balance at Jun. 30, 2025 2,953,164 2,952,080 $ 3,061 3,428,611   2,949,737 2,084 2,084 (480,851) 259 259
Increase (Decrease) in Equity [Roll Forward]                      
Common stock dividends (88,581)               (88,581)    
Distributions to partners   (88,030)       (88,030)          
Equity based compensation expense 4,370 4,370   4,370   4,370          
Other comprehensive income (loss) (189) (189)         (189) $ (189)      
Repurchases of common shares in conjunction with equity award plans (9) (9)   (9)   (9)          
Net income 94,242 94,242       94,235     94,235 7 7
Ending balance (in shares) at Sep. 30, 2025     306,100                
Ending balance at Sep. 30, 2025 $ 2,962,997 $ 2,962,464 $ 3,061 $ 3,432,972 $ 1,895 $ 2,960,303 $ 1,895   $ (475,197) $ 266 $ 266
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]                
Dividends, per common share (usd per share) $ 0.2875 $ 0.2875 $ 0.2875 $ 0.2725 $ 0.2725 $ 0.2725 $ 0.8625 $ 0.8175
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Operating activities:              
Net income $ 94,242 $ 69,737 $ 96,840 $ 88,905 $ 249,125 $ 255,870  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         312,108 278,065  
Accretion of debt premium and discount, net         (2,057) (2,148)  
Deferred financing cost amortization         5,472 5,369  
Accretion of above- and below-market leases, net         (13,606) (7,271)  
Tenant inducement amortization and other         1,724 1,937  
Impairment of real estate assets 16,075   5,863   16,075 11,143  
Gain on sale of real estate assets         (58,843) (53,974)  
Equity based compensation         12,994 13,855  
(Gain) loss on extinguishment of debt, net         296 (554)  
Changes in operating assets and liabilities:              
Receivables, net         (24,346) 13,671  
Deferred charges and prepaid expenses         (30,734) (30,780)  
Other assets         171 (642)  
Accounts payable, accrued expenses and other liabilities         11,430 (15,027)  
Net cash provided by operating activities         479,809 469,514  
Investing activities:              
Improvements to and investments in real estate assets         (245,540) (255,423)  
Acquisitions of real estate assets         (229,866) (81,862)  
Proceeds from sales of real estate assets         122,823 141,901  
Purchase of marketable securities         (13,811) (26,064)  
Proceeds from sale of marketable securities         12,644 25,264  
Net cash used in investing activities         (353,750) (196,184)  
Financing activities:              
Repayment of borrowings under unsecured revolving credit facility         (660,000) (98,500)  
Proceeds from borrowings under unsecured revolving credit facility         660,000 80,000  
Proceeds from unsecured notes         798,720 796,152  
Repayment of borrowings under unsecured notes         (632,312) (367,449)  
Deferred financing and debt extinguishment costs         (16,225) (7,714)  
Net proceeds from issuances of common shares         (241) 19,280  
Distributions to common stockholders         (265,968) (248,576)  
Repurchases of common shares in conjunction with equity award plans         (12,219) (12,980)  
Net cash provided by (used in) financing activities         (128,245) 160,213  
Net change in cash, cash equivalents and restricted cash         (2,186) 433,543  
Cash, cash equivalents and restricted cash at beginning of period   378,692   18,904 378,692 18,904 $ 18,904
Cash, cash equivalents and restricted cash at end of period 376,506   452,447   376,506 452,447 378,692
Reconciliation to consolidated balance sheets:              
Cash and cash equivalents 331,544   451,326   331,544 451,326 377,616
Restricted cash 44,962   1,121   44,962 1,121 1,076
Cash, cash equivalents and restricted cash at end of period 376,506   452,447   376,506 452,447 378,692
Supplemental disclosure of cash flow information:              
Cash paid for interest, net of amount capitalized of $3,214 and $2,887         170,445 151,862  
Change in accrued capital expenditures         (14,315) 11,884  
Brixmor Operating Partnership LP              
Operating activities:              
Net income 94,242 69,737 96,840 88,905 249,125 255,870  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         312,108 278,065  
Accretion of debt premium and discount, net         (2,057) (2,148)  
Deferred financing cost amortization         5,472 5,369  
Accretion of above- and below-market leases, net         (13,606) (7,271)  
Tenant inducement amortization and other         1,724 1,937  
Impairment of real estate assets         16,075 11,143  
Gain on sale of real estate assets         (58,843) (53,974)  
Equity based compensation         12,994 13,855  
(Gain) loss on extinguishment of debt, net         296 (554)  
Changes in operating assets and liabilities:              
Receivables, net         (24,346) 13,671  
Deferred charges and prepaid expenses         (30,734) (30,780)  
Other assets         171 (642)  
Accounts payable, accrued expenses and other liabilities         11,430 (15,027)  
Net cash provided by operating activities         479,809 469,514  
Investing activities:              
Improvements to and investments in real estate assets         (245,540) (255,423)  
Acquisitions of real estate assets         (229,866) (81,862)  
Proceeds from sales of real estate assets         122,823 141,901  
Purchase of marketable securities         (13,811) (26,064)  
Proceeds from sale of marketable securities         12,644 25,264  
Net cash used in investing activities         (353,750) (196,184)  
Financing activities:              
Repayment of borrowings under unsecured revolving credit facility         (660,000) (98,500)  
Proceeds from borrowings under unsecured revolving credit facility         660,000 80,000  
Proceeds from unsecured notes         798,720 796,152  
Repayment of borrowings under unsecured notes         (632,312) (367,449)  
Deferred financing and debt extinguishment costs         (16,225) (7,714)  
Net proceeds from issuances of common shares         (241) 19,280  
Partner distributions and repurchases of OP Units         (278,060) (262,216)  
Net cash provided by (used in) financing activities         (128,118) 159,553  
Net change in cash, cash equivalents and restricted cash         (2,059) 432,883  
Cash, cash equivalents and restricted cash at beginning of period   $ 378,032   $ 18,904 378,032 18,904 18,904
Cash, cash equivalents and restricted cash at end of period 375,973   451,787   375,973 451,787 378,032
Reconciliation to consolidated balance sheets:              
Cash and cash equivalents 331,011   450,666   331,011 450,666 376,956
Restricted cash 44,962   1,121   44,962 1,121 1,076
Cash, cash equivalents and restricted cash at end of period $ 375,973   $ 451,787   375,973 451,787 $ 378,032
Supplemental disclosure of cash flow information:              
Cash paid for interest, net of amount capitalized of $3,214 and $2,887         170,445 151,862  
Change in accrued capital expenditures         $ (14,315) $ 11,884  
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Interest paid, capitalized $ 3,214 $ 2,887
Brixmor Operating Partnership LP    
Interest paid, capitalized $ 3,214 $ 2,887
v3.25.3
Nature of Business and Financial Statement Presentation
 9 Months Ended
Sep. 30, 2025
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, 2025, the Company’s portfolio was comprised of 354 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 operating and 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, 2024 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 10, 2025.

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, 2025 and December 31, 2024. Open tax years generally range from 2022 through 2024 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
There has been no change to the impact of the accounting pronouncements disclosed in the Company's annual report on Form 10-K filed with the SEC on February 10, 2025 and 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.
v3.25.3
Acquisition of Real Estate
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition of Real Estate Acquisition of Real Estate
During the nine months ended September 30, 2025, the Company acquired the following assets:
DescriptionLocationMonth AcquiredGLA
Aggregate Purchase Price(1)
Land at Suffolk PlazaEast Setauket, NYJan-25N/A$3,144 
Leases at Plaza at Buckland HillsManchester, CTJun-25N/A4,330 
LaCenterra at Cinco RanchKaty, TXJul-25409,264 222,392 
409,264 $229,866 
(1)Aggregate purchase price includes $0.7 million of transaction costs, offset by $1.2 million of closing credits.

During the nine months ended September 30, 2024, the Company acquired the following assets, in separate transactions:

DescriptionLocationMonth AcquiredGLA
Aggregate Purchase Price(1)
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)Aggregate purchase price includes $0.7 million of transaction costs.
The aggregate purchase price of the assets acquired during the nine months ended September 30, 2025 and 2024, respectively, has been allocated as follows:

Nine Months Ended September 30,
Assets20252024
Land$21,516 $23,451 
Buildings168,152 42,039 
Building and tenant improvements7,540 4,312 
Above-market leases(1)
39 169 
In-place leases(2)
45,945 18,009 
Total assets acquired$243,192 $87,980 
Liabilities
Below-market leases(3)
$13,326 $6,118 
Total liabilities13,326 6,118 
Net assets acquired$229,866 $81,862 

(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, 2025 was 0.6 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, 2025 was 5.6 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, 2025 was 12.7 years.
v3.25.3
Dispositions and Assets Held for Sale
 9 Months Ended
Sep. 30, 2025
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, 2025, the Company disposed of seven shopping centers for aggregate net proceeds of $79.1 million, resulting in aggregate gain of $40.0 million. During the nine months ended September 30, 2025, the Company disposed of ten shopping centers and four partial shopping centers for aggregate net proceeds of $122.8 million, resulting in aggregate gain of $58.8 million.

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.
As of September 30, 2025, the Company had one property held for sale. As of December 31, 2024, the Company had two properties held for sale. There were no liabilities associated with the properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale:

AssetsSeptember 30, 2025December 31, 2024
Land$2,460 $1,280 
Buildings and improvements13,792 4,520 
Accumulated depreciation and amortization(8,953)(1,658)
Real estate, net7,299 4,142 
Other assets109 47 
Assets associated with real estate assets held for sale$7,408 $4,189 
There were no discontinued operations for the three and nine months ended September 30, 2025 and 2024 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.
v3.25.3
Real Estate
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Real Estate Real Estate
The Company’s components of Real estate, net consisted of the following:

September 30, 2025December 31, 2024
Land$1,835,928 $1,834,814 
Buildings and improvements:
Buildings and tenant improvements9,299,438 9,047,831 
Lease intangibles(1)
524,966 526,412 
11,660,332 11,409,057 
Accumulated depreciation and amortization(2)
(3,560,508)(3,410,179)
Total$8,099,824 $7,998,878 

(1)As of September 30, 2025 and December 31, 2024, Lease intangibles consisted of $484.6 million and $482.7 million, respectively, of in-place leases and $40.4 million and $43.8 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(2)As of September 30, 2025 and December 31, 2024, Accumulated depreciation and amortization included $427.3 million and $433.0 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of September 30, 2025 and December 31, 2024, the Company had intangible liabilities relating to below-market leases of $365.6 million and $366.5 million, respectively, and accumulated accretion of $246.2 million and $246.3 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, 2025 and 2024 was $5.6 million and $2.4 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2025 and 2024 was $13.6 million and $7.3 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, 2025 and 2024 was $7.9 million and $3.6 million, respectively. Amortization expense associated with in-place lease value for the nine months ended September 30, 2025 and 2024 was $22.1 million and $10.0 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
2025 (remaining three months)$(3,154)$6,963 
2026(11,345)22,275 
2027(10,028)16,410 
2028(9,041)12,323 
2029(7,978)8,218 
2030(7,429)5,595 
v3.25.3
Impairments
 9 Months Ended
Sep. 30, 2025
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 impairment during the three and nine months ended September 30, 2025:

Three and Nine Months Ended September 30, 2025
Property Name(1)
LocationGLAImpairment Charge
SpringdaleMobile, AL398,701 $16,075 
398,701 $16,075 
(1)The Company recognized an impairment charge based upon changes in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program.
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 year ended December 31, 2024.

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 any 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.
v3.25.3
Financial Instruments - Derivatives and Hedging
 9 Months Ended
Sep. 30, 2025
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, generally based on the Secured Overnight Financing Rate ("SOFR"), 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, 2025, the Company did not enter into any new interest rate swap agreements. During the year ended December 31, 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. 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.
Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2025 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $— $(392)
5/1/20237/26/20271 Month SOFR3.5950 %75,000 — (302)
5/1/20237/26/20271 Month SOFR3.5930 %25,000 — (100)
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (1,254)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (1,254)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (627)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (627)
$500,000 $— $(4,556)

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2024 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $993 $— 
5/1/20237/26/20271 Month SOFR3.5950 %75,000 735 — 
5/1/20237/26/20271 Month SOFR3.5930 %25,000 246 — 
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (199)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (199)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (100)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (100)
$500,000 $1,974 $(598)

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, 2025 and 2024 is as follows:

Derivatives in Cash Flow Hedging Relationships
(Interest Rate Swaps)		Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Change in unrealized gain (loss) on interest rate swaps$580 $(11,161)$(4,259)$10,062 
Accretion of interest rate swaps to interest expense(744)(2,323)(2,220)(8,513)
Change in unrealized gain (loss) on interest rate swaps, net$(164)$(13,484)$(6,479)$1,549 

The Company estimates that $0.8 million will be reclassified from Accumulated other comprehensive income as an increase 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, 2025 and 2024.
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, 2025 and December 31, 2024, 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.
v3.25.3
Debt Obligations
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
As of September 30, 2025 and December 31, 2024, the Company had the following indebtedness outstanding:

Carrying Value as of
September 30,
2025		December 31,
2024
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$5,018,453 $4,850,765 
2.25% – 7.97%
2026 – 2035
Net unamortized premium10,941 14,279 
Net unamortized debt issuance costs(25,086)(20,718)
Total notes payable, net
$5,004,308 $4,844,326 
Unsecured Credit Facility
Revolving Facility
$— $— 5.02%2029
Term Loan Facility(3)(4)
500,000 500,000 5.13%2030
Net unamortized debt issuance costs
(10,888)(4,575)
Total Unsecured Credit Facility and term loans
$489,112 $495,425 
Total debt obligations, net
$5,493,420 $5,339,751 
(1)Stated interest rates as of September 30, 2025 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 4.20% as of September 30, 2025.
(3)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 (defined hereafter) to a fixed, combined interest rate of 4.08% (plus a spread, currently 85 basis points) through July 26, 2027.
(4)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 85 basis points) through July 26, 2027.

2025 Debt Transactions
On April 24, 2025, the Operating Partnership amended and restated its unsecured credit facility agreements (the "Unsecured Credit Facility"). The amended and restated agreements provide for (i) revolving loan commitments of $1.25 billion (the "Revolving Facility") scheduled to mature on April 30, 2029 (extending the applicable scheduled maturity date from June 30, 2026) and (ii) a continuation of the existing $500.0 million term loan scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027) (the "Term Loan Facility"). The Revolving Facility includes two six-month maturity extension options, the exercise of which is subject to customary conditions and the payment of a fee on the extended commitments. The current interest rate applicable to the Revolving Facility was effectively lowered (for the margins based on the Operating Partnership’s current credit ratings) to SOFR plus 77.5 basis points from SOFR plus 95 basis points and the current interest rate applicable to the Term Loan Facility was effectively lowered (for the margins based on the Operating Partnership’s current credit ratings), to SOFR plus 85 basis points from SOFR plus 105 basis points, in each case, based on the elimination of a 10 basis point SOFR credit spread adjustment and the ability of the Company to obtain more favorable pricing in certain circumstances when the Company’s leverage ratio meets defined targets. The total capacity under the Unsecured Credit Facility as amended and restated on April 24, 2025 is $1.75 billion.
During the nine months ended September 30, 2025, the Operating Partnership repaid $632.3 million principal amount of the 3.850% Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes. The Operating Partnership funded the 2025 Notes repayments with available cash, proceeds from the Revolving Facility, and dispositions.

On March 4, 2025, the Operating Partnership issued $400.0 million aggregate principal amount of Senior Notes due 2032 (the "2032 Notes") at 99.831% of par. The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2032 Notes bear interest at a rate of 5.200% per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2025. The 2032 Notes will mature on April 1, 2032.

On September 9, 2025, the Operating Partnership issued $400.0 million aggregate principal amount of Senior Notes due 2033 (the "2033 Notes") at 99.849% of par. The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2033 Notes bear interest at a rate of 4.850% per annum, payable semi-annually on February 15 and August 15 of each year, commencing February 15, 2026. The 2033 Notes will mature on February 15, 2033.

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, 2025.

Debt Maturities
As of September 30, 2025 and December 31, 2024, the Company had accrued interest of $54.6 million and $62.8 million outstanding, respectively. As of September 30, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2025 (remaining three months)$— 
2026607,542 
2027400,000 
2028357,708 
2029753,203 
20301,300,000 
Thereafter2,100,000 
Total debt maturities5,518,453 
Net unamortized premium10,941 
Net unamortized debt issuance costs(35,974)
Total debt obligations, net$5,493,420 

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $600.7 million outstanding principal balance of Senior Notes due 2026. The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy these scheduled debt maturities.
v3.25.3
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2025
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, 2025December 31, 2024
Carrying
Amounts		Fair
Value		Carrying
Amounts		Fair
Value
Notes payable$5,004,308 $4,962,053 $4,844,326 $4,653,205 
Unsecured Credit Facility489,112 500,000 495,425 500,000 
Total debt obligations, net$5,493,420 $5,462,053 $5,339,751 $5,153,205 
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, 2025
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)
$21,691 $1,155 $20,536 $— 
Liabilities:
Interest rate derivatives$(4,556)$— $(4,556)$— 
Fair Value Measurements as of December 31, 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)
$20,301 $1,193 $19,108 $— 
Interest rate derivatives$1,974 $— $1,974 — 
Liabilities:
Interest rate derivatives$(598)$— $(598)$— 
(1)As of September 30, 2025 and December 31, 2024, marketable securities included $0.2 million and less than $0.1 million of net unrealized gains, respectively. As of September 30, 2025, 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, 2025 and year ended December 31, 2024, excluding the properties sold prior to September 30, 2025 or December 31, 2024, respectively:

Fair Value Measurements as of September 30, 2025
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)
$26,675 $— $— $26,675 $16,075 
Fair Value Measurements as of December 31, 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(3)(4)(5)
$6,548 $— $— $6,548 $10,673 

(1)Excludes properties disposed of prior to September 30, 2025.
(2)The carrying value of Springdale, which was remeasured to fair value based upon offers from third-party buyers during the nine months ended September 30, 2025, is $26.7 million.
(3)Excludes properties disposed of prior to December 31, 2024.
(4)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 year ended December 31, 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.
(5)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 year ended December 31, 2024, is $0.8 million.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
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 $1.2 million and $1.3 million of income based on percentage rents for the three months ended September 30, 2025 and 2024, respectively. The Company recognized $8.0 million and $7.9 million of income based on percentage rents for the nine months ended September 30, 2025 and 2024, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
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, 2025, the Company does not include 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 Information2025202420252024
Operating lease costs$1,700 $928 $5,102 $928 
Variable lease costs50 66 188 318 
Total lease costs$1,750 $994 $5,290 $1,246 
Nine Months Ended September 30,
Supplemental Statements of Cash Flows Information20252024
Operating cash outflows from operating leases$4,697 $4,252 
ROU assets obtained in exchange for operating lease liabilities9,496 3,558 
ROU asset reduction due to dispositions, held for sale, and lease modifications— (6,581)
Operating Lease LiabilitiesAs of
September 30, 2025
Future minimum operating lease payments:
2025 (remaining three months)$1,557 
20265,854 
20274,877 
20284,950 
20294,914 
20304,400 
Thereafter100,820 
Total future minimum operating lease payments127,372 
Less: imputed interest(79,379)
Operating lease liabilities$47,993 
Supplemental Balance Sheets InformationAs of
September 30, 2025		As of
December 31, 2024
Operating lease liabilities(1)(2)
$47,993 $41,467 
ROU assets(1)(3)
44,906 38,784 
(1)As of September 30, 2025 and December 31, 2024, the weighted average remaining lease term was 26.1 years and 28.7 years, respectively, and the weighted average discount rate was 6.35% and 6.28%, 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, 2025, there were no material leases that have been executed but not yet commenced.
v3.25.3
Equity and Capital
 9 Months Ended
Sep. 30, 2025
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. The Company expects to extend or renew the ATM Program on substantially similar terms prior to expiration. During the nine months ended September 30, 2025, the Company did not issue any shares of common stock under the ATM Program. 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. As of September 30, 2025, $283.4 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. The Company expects to extend or renew the Repurchase Program on substantially similar terms prior to expiration. During the nine months ended September 30, 2025 and 2024, the Company did not repurchase any shares of common stock. As of September 30, 2025, 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, 2025 and 2024, the Company withheld 0.4 million and 0.6 million shares of its common stock, respectively.

Dividends and Distributions
During the three months ended September 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.2875 per share/unit and $0.2725 per share/unit, respectively. During the nine months ended September 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $0.8625 per share/unit and $0.8175 per share/unit, respectively. As of September 30, 2025 and December 31, 2024, the Company had declared but unpaid common stock dividends and OP Unit distributions of $91.5 million and $91.8 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

Non-controlling interests
During the year ended December 31, 2024, the Company completed the acquisition of 100% of the common equity in entities owning North Ridge Shopping Center and The Plaza at Buckland Hills. The acquired entities have $0.2 million of issued and outstanding redeemable preferred equity, which the Company did not acquire which is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets.
v3.25.3
Stock Based Compensation
 9 Months Ended
Sep. 30, 2025
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, 2025 and the year ended December 31, 2024, 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 0.6 million and 0.8 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, 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, 2025Year Ended,
December 31, 2024
Volatility
20.0% - 26.0%
23.0% - 28.0%
Weighted average risk-free interest rate
4.24% - 4.24%
4.03% - 4.92%
Weighted average common stock dividend yield
4.3% - 4.5%
4.4% - 4.7%

During the three months ended September 30, 2025 and 2024, the Company recognized $4.4 million and $5.4 million of equity compensation expense, respectively, of which $0.3 million and $0.3 million was capitalized, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized $14.2 million and $15.1 million of equity compensation expense, respectively, of which $1.2 million and $1.3 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, 2025, the Company had $16.9 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.1 years.
v3.25.3
Earnings per Share
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 (dollars in thousands, except per share data):
Three Months Ended
September 30,		Nine Months
Ended September 30,
2025202420252024
Computation of Basic Earnings Per Share:
Net income$94,242 $96,840 $249,125 $255,870 
Net income attributable to non-controlling interests(7)— (22)— 
Non-forfeitable dividends on unvested restricted shares(172)(167)(463)(418)
Net income attributable to the Company’s common stockholders for basic earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average number shares outstanding – basic307,193 302,676 307,132 302,518 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average shares outstanding – basic307,193 302,676 307,132 302,518 
Effect of dilutive securities:
Equity awards891 932 842 859 
Weighted average shares outstanding – diluted308,084 303,608 307,974 303,377 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
v3.25.3
Earnings per Unit
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 (dollars in thousands, except per share data):
Three Months Ended
September 30,		Nine Months
Ended September 30,
2025202420252024
Computation of Basic Earnings Per Share:
Net income$94,242 $96,840 $249,125 $255,870 
Net income attributable to non-controlling interests(7)— (22)— 
Non-forfeitable dividends on unvested restricted shares(172)(167)(463)(418)
Net income attributable to the Company’s common stockholders for basic earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average number shares outstanding – basic307,193 302,676 307,132 302,518 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average shares outstanding – basic307,193 302,676 307,132 302,518 
Effect of dilutive securities:
Equity awards891 932 842 859 
Weighted average shares outstanding – diluted308,084 303,608 307,974 303,377 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
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, 2025 and 2024 (dollars in thousands, except per unit data):
Three Months Ended
September 30,		Nine Months
Ended September 30,
2025202420252024
Computation of Basic Earnings Per Unit:
Net income$94,242 $96,840 $249,125 $255,870 
Net income attributable to non-controlling interests(7)— (22)— 
Non-forfeitable dividends on unvested restricted units(172)(167)(463)(418)
Net income attributable to the Operating Partnership’s common units for basic earnings per unit$94,063 $96,673 $248,640 $255,452 
Weighted average number common units outstanding – basic307,193 302,676 307,132 302,518 
Basic earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.31 $0.32 $0.81 $0.84 
Computation of Diluted Earnings Per Unit:
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit$94,063 $96,673 $248,640 $255,452 
Weighted average common units outstanding – basic307,193 302,676 307,132 302,518 
Effect of dilutive securities:
Equity awards891 932 842 859 
Weighted average common units outstanding – diluted308,084 303,608 307,974 303,377 
Diluted earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.31 $0.32 $0.81 $0.84 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024, the Company did not incur any material governmental fines resulting from environmental matters.
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates and derives revenue from its Portfolio of community and neighborhood shopping centers. As of September 30, 2025, the properties in the Portfolio are located across 30 states throughout 100 metropolitan markets. The interim Chief Executive Officer serves as the Company's Chief Operating Decision Maker (the "CODM") and evaluates performance and resource allocation on a Portfolio basis. Additionally, 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 operating and reportable segment (the "Reporting Segment") for disclosure purposes in accordance with GAAP.

Net income attributable to Brixmor Property Group Inc., as presented on the Company's unaudited Condensed Consolidated Statements of Operations is a metric utilized by the CODM to assess the Reporting Segment's performance and allocate resources. Total assets, as presented on the Company's unaudited Condensed Consolidated Balance Sheets is used to measure the Reporting Segment's assets.
The following table presents revenues and significant segment expenses for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total revenues$340,843 $320,682 $1,017,847 $956,612 
Operating costs(38,891)(36,442)(117,979)(110,518)
Real estate taxes(45,455)(42,902)(133,907)(120,659)
Depreciation and amortization(103,234)(94,829)(312,108)(278,065)
Impairment of real estate assets(16,075)(5,863)(16,075)(11,143)
General and administrative(1)
(26,772)(30,250)(84,038)(88,430)
Interest expense(56,680)(55,410)(165,173)(160,553)
Other segment items(2)
40,499 41,854 60,536 68,626 
Segment net income$94,235 $96,840 $249,103 $255,870 
Reconciliation of Segment net income to Net income attributable to Brixmor Property Group Inc.
Adjustments— — — — 
Net income attributable to Brixmor Property Group Inc.$94,235 $96,840 $249,103 $255,870 

(1)The following table presents General and administrative expense for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Employee compensation, net$(20,838)$(24,770)$(64,898)$(72,577)
Other general and administrative, net(5,934)(5,480)(19,140)(15,853)
Total general and administrative$(26,772)$(30,250)$(84,038)$(88,430)

(2)Other segment items for the Company include Dividends and interest, Gain on sale of real estate assets, Gain (loss) on extinguishment of debt, net, Other, and Net income attributable to non-controlling interests. See the Company's unaudited Condensed Consolidated Statements of Operations for additional information on these amounts.
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
As of September 30, 2025 and December 31, 2024, there were no material receivables from or payables to related parties. During the three and nine months ended September 30, 2025 and 2024, the Company did not engage in any material related-party transactions.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after September 30, 2025 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from September 30, 2025 through the date the financial statements were issued.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Nature of Business and Financial Statement Presentation (Policies)
 9 Months Ended
Sep. 30, 2025
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, 2024 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 10, 2025.
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, 2025 and December 31, 2024. Open tax years generally range from 2022 through 2024 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
There has been no change to the impact of the accounting pronouncements disclosed in the Company's annual report on Form 10-K filed with the SEC on February 10, 2025 and 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.
v3.25.3
Acquisition of Real Estate (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisition
During the nine months ended September 30, 2025, the Company acquired the following assets:
DescriptionLocationMonth AcquiredGLA
Aggregate Purchase Price(1)
Land at Suffolk PlazaEast Setauket, NYJan-25N/A$3,144 
Leases at Plaza at Buckland HillsManchester, CTJun-25N/A4,330 
LaCenterra at Cinco RanchKaty, TXJul-25409,264 222,392 
409,264 $229,866 
(1)Aggregate purchase price includes $0.7 million of transaction costs, offset by $1.2 million of closing credits.

During the nine months ended September 30, 2024, the Company acquired the following assets, in separate transactions:

DescriptionLocationMonth AcquiredGLA
Aggregate Purchase Price(1)
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)Aggregate purchase price includes $0.7 million of transaction costs.
The aggregate purchase price of the assets acquired during the nine months ended September 30, 2025 and 2024, respectively, has been allocated as follows:

Nine Months Ended September 30,
Assets20252024
Land$21,516 $23,451 
Buildings168,152 42,039 
Building and tenant improvements7,540 4,312 
Above-market leases(1)
39 169 
In-place leases(2)
45,945 18,009 
Total assets acquired$243,192 $87,980 
Liabilities
Below-market leases(3)
$13,326 $6,118 
Total liabilities13,326 6,118 
Net assets acquired$229,866 $81,862 

(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, 2025 was 0.6 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, 2025 was 5.6 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, 2025 was 12.7 years.
v3.25.3
Dispositions and Assets Held for Sale (Tables)
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Reclassification of Disposal Groups, Including Discontinued Operations The following table presents the assets associated with the properties classified as held for sale:
AssetsSeptember 30, 2025December 31, 2024
Land$2,460 $1,280 
Buildings and improvements13,792 4,520 
Accumulated depreciation and amortization(8,953)(1,658)
Real estate, net7,299 4,142 
Other assets109 47 
Assets associated with real estate assets held for sale$7,408 $4,189 
v3.25.3
Real Estate (Tables)
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties
The Company’s components of Real estate, net consisted of the following:

September 30, 2025December 31, 2024
Land$1,835,928 $1,834,814 
Buildings and improvements:
Buildings and tenant improvements9,299,438 9,047,831 
Lease intangibles(1)
524,966 526,412 
11,660,332 11,409,057 
Accumulated depreciation and amortization(2)
(3,560,508)(3,410,179)
Total$8,099,824 $7,998,878 

(1)As of September 30, 2025 and December 31, 2024, Lease intangibles consisted of $484.6 million and $482.7 million, respectively, of in-place leases and $40.4 million and $43.8 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(2)As of September 30, 2025 and December 31, 2024, Accumulated depreciation and amortization included $427.3 million and $433.0 million, respectively, of accumulated amortization related to Lease intangibles.
Schedule of Expected Net Amortization Expense Associated with Intangible Assets and Liabilities The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:
Year ending December 31,
Below-market lease accretion (income), net of above-market lease amortization expense
In-place lease amortization expense
2025 (remaining three months)$(3,154)$6,963 
2026(11,345)22,275 
2027(10,028)16,410 
2028(9,041)12,323 
2029(7,978)8,218 
2030(7,429)5,595 
v3.25.3
Impairments (Tables)
 9 Months Ended
Sep. 30, 2025
Impairment of Real Estate [Abstract]  
Schedule of Impairments
The Company recognized the following impairment during the three and nine months ended September 30, 2025:

Three and Nine Months Ended September 30, 2025
Property Name(1)
LocationGLAImpairment Charge
SpringdaleMobile, AL398,701 $16,075 
398,701 $16,075 
(1)The Company recognized an impairment charge based upon changes in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program.
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 year ended December 31, 2024.
v3.25.3
Financial Instruments - Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $— $(392)
5/1/20237/26/20271 Month SOFR3.5950 %75,000 — (302)
5/1/20237/26/20271 Month SOFR3.5930 %25,000 — (100)
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (1,254)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (1,254)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (627)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (627)
$500,000 $— $(4,556)

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2024 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $993 $— 
5/1/20237/26/20271 Month SOFR3.5950 %75,000 735 — 
5/1/20237/26/20271 Month SOFR3.5930 %25,000 246 — 
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (199)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (199)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (100)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (100)
$500,000 $1,974 $(598)
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, 2025 and 2024 is as follows:

Derivatives in Cash Flow Hedging Relationships
(Interest Rate Swaps)		Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Change in unrealized gain (loss) on interest rate swaps$580 $(11,161)$(4,259)$10,062 
Accretion of interest rate swaps to interest expense(744)(2,323)(2,220)(8,513)
Change in unrealized gain (loss) on interest rate swaps, net$(164)$(13,484)$(6,479)$1,549 
v3.25.3
Debt Obligations (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
As of September 30, 2025 and December 31, 2024, the Company had the following indebtedness outstanding:

Carrying Value as of
September 30,
2025		December 31,
2024
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$5,018,453 $4,850,765 
2.25% – 7.97%
2026 – 2035
Net unamortized premium10,941 14,279 
Net unamortized debt issuance costs(25,086)(20,718)
Total notes payable, net
$5,004,308 $4,844,326 
Unsecured Credit Facility
Revolving Facility
$— $— 5.02%2029
Term Loan Facility(3)(4)
500,000 500,000 5.13%2030
Net unamortized debt issuance costs
(10,888)(4,575)
Total Unsecured Credit Facility and term loans
$489,112 $495,425 
Total debt obligations, net
$5,493,420 $5,339,751 
(1)Stated interest rates as of September 30, 2025 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 4.20% as of September 30, 2025.
(3)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 (defined hereafter) to a fixed, combined interest rate of 4.08% (plus a spread, currently 85 basis points) through July 26, 2027.
(4)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 85 basis points) through July 26, 2027.
Schedule of Maturities of Long-Term Debt
As of September 30, 2025 and December 31, 2024, the Company had accrued interest of $54.6 million and $62.8 million outstanding, respectively. As of September 30, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2025 (remaining three months)$— 
2026607,542 
2027400,000 
2028357,708 
2029753,203 
20301,300,000 
Thereafter2,100,000 
Total debt maturities5,518,453 
Net unamortized premium10,941 
Net unamortized debt issuance costs(35,974)
Total debt obligations, net$5,493,420 
v3.25.3
Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025December 31, 2024
Carrying
Amounts		Fair
Value		Carrying
Amounts		Fair
Value
Notes payable$5,004,308 $4,962,053 $4,844,326 $4,653,205 
Unsecured Credit Facility489,112 500,000 495,425 500,000 
Total debt obligations, net$5,493,420 $5,462,053 $5,339,751 $5,153,205 
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, 2025
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)
$21,691 $1,155 $20,536 $— 
Liabilities:
Interest rate derivatives$(4,556)$— $(4,556)$— 
Fair Value Measurements as of December 31, 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)
$20,301 $1,193 $19,108 $— 
Interest rate derivatives$1,974 $— $1,974 — 
Liabilities:
Interest rate derivatives$(598)$— $(598)$— 
(1)As of September 30, 2025 and December 31, 2024, marketable securities included $0.2 million and less than $0.1 million of net unrealized gains, respectively. As of September 30, 2025, 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, 2025 and year ended December 31, 2024, excluding the properties sold prior to September 30, 2025 or December 31, 2024, respectively:

Fair Value Measurements as of September 30, 2025
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)
$26,675 $— $— $26,675 $16,075 
Fair Value Measurements as of December 31, 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(3)(4)(5)
$6,548 $— $— $6,548 $10,673 

(1)Excludes properties disposed of prior to September 30, 2025.
(2)The carrying value of Springdale, which was remeasured to fair value based upon offers from third-party buyers during the nine months ended September 30, 2025, is $26.7 million.
(3)Excludes properties disposed of prior to December 31, 2024.
(4)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 year ended December 31, 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.
(5)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 year ended December 31, 2024, is $0.8 million.
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
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 Information2025202420252024
Operating lease costs$1,700 $928 $5,102 $928 
Variable lease costs50 66 188 318 
Total lease costs$1,750 $994 $5,290 $1,246 
Nine Months Ended September 30,
Supplemental Statements of Cash Flows Information20252024
Operating cash outflows from operating leases$4,697 $4,252 
ROU assets obtained in exchange for operating lease liabilities9,496 3,558 
ROU asset reduction due to dispositions, held for sale, and lease modifications— (6,581)
Operating Lease LiabilitiesAs of
September 30, 2025
Future minimum operating lease payments:
2025 (remaining three months)$1,557 
20265,854 
20274,877 
20284,950 
20294,914 
20304,400 
Thereafter100,820 
Total future minimum operating lease payments127,372 
Less: imputed interest(79,379)
Operating lease liabilities$47,993 
Supplemental Balance Sheets InformationAs of
September 30, 2025		As of
December 31, 2024
Operating lease liabilities(1)(2)
$47,993 $41,467 
ROU assets(1)(3)
44,906 38,784 
(1)As of September 30, 2025 and December 31, 2024, the weighted average remaining lease term was 26.1 years and 28.7 years, respectively, and the weighted average discount rate was 6.35% and 6.28%, 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.
v3.25.3
Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025Year Ended,
December 31, 2024
Volatility
20.0% - 26.0%
23.0% - 28.0%
Weighted average risk-free interest rate
4.24% - 4.24%
4.03% - 4.92%
Weighted average common stock dividend yield
4.3% - 4.5%
4.4% - 4.7%
v3.25.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 (dollars in thousands, except per share data):
Three Months Ended
September 30,		Nine Months
Ended September 30,
2025202420252024
Computation of Basic Earnings Per Share:
Net income$94,242 $96,840 $249,125 $255,870 
Net income attributable to non-controlling interests(7)— (22)— 
Non-forfeitable dividends on unvested restricted shares(172)(167)(463)(418)
Net income attributable to the Company’s common stockholders for basic earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average number shares outstanding – basic307,193 302,676 307,132 302,518 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average shares outstanding – basic307,193 302,676 307,132 302,518 
Effect of dilutive securities:
Equity awards891 932 842 859 
Weighted average shares outstanding – diluted308,084 303,608 307,974 303,377 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
v3.25.3
Earnings per Unit (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 (dollars in thousands, except per share data):
Three Months Ended
September 30,		Nine Months
Ended September 30,
2025202420252024
Computation of Basic Earnings Per Share:
Net income$94,242 $96,840 $249,125 $255,870 
Net income attributable to non-controlling interests(7)— (22)— 
Non-forfeitable dividends on unvested restricted shares(172)(167)(463)(418)
Net income attributable to the Company’s common stockholders for basic earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average number shares outstanding – basic307,193 302,676 307,132 302,518 
Basic earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share$94,063 $96,673 $248,640 $255,452 
Weighted average shares outstanding – basic307,193 302,676 307,132 302,518 
Effect of dilutive securities:
Equity awards891 932 842 859 
Weighted average shares outstanding – diluted308,084 303,608 307,974 303,377 
Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share$0.31 $0.32 $0.81 $0.84 
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, 2025 and 2024 (dollars in thousands, except per unit data):
Three Months Ended
September 30,		Nine Months
Ended September 30,
2025202420252024
Computation of Basic Earnings Per Unit:
Net income$94,242 $96,840 $249,125 $255,870 
Net income attributable to non-controlling interests(7)— (22)— 
Non-forfeitable dividends on unvested restricted units(172)(167)(463)(418)
Net income attributable to the Operating Partnership’s common units for basic earnings per unit$94,063 $96,673 $248,640 $255,452 
Weighted average number common units outstanding – basic307,193 302,676 307,132 302,518 
Basic earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.31 $0.32 $0.81 $0.84 
Computation of Diluted Earnings Per Unit:
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit$94,063 $96,673 $248,640 $255,452 
Weighted average common units outstanding – basic307,193 302,676 307,132 302,518 
Effect of dilutive securities:
Equity awards891 932 842 859 
Weighted average common units outstanding – diluted308,084 303,608 307,974 303,377 
Diluted earnings per unit attributable to the Operating Partnership’s common units:
Net income per unit$0.31 $0.32 $0.81 $0.84 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Revenues and Significant Segment Expenses
The following table presents revenues and significant segment expenses for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total revenues$340,843 $320,682 $1,017,847 $956,612 
Operating costs(38,891)(36,442)(117,979)(110,518)
Real estate taxes(45,455)(42,902)(133,907)(120,659)
Depreciation and amortization(103,234)(94,829)(312,108)(278,065)
Impairment of real estate assets(16,075)(5,863)(16,075)(11,143)
General and administrative(1)
(26,772)(30,250)(84,038)(88,430)
Interest expense(56,680)(55,410)(165,173)(160,553)
Other segment items(2)
40,499 41,854 60,536 68,626 
Segment net income$94,235 $96,840 $249,103 $255,870 
Reconciliation of Segment net income to Net income attributable to Brixmor Property Group Inc.
Adjustments— — — — 
Net income attributable to Brixmor Property Group Inc.$94,235 $96,840 $249,103 $255,870 

(1)The following table presents General and administrative expense for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Employee compensation, net$(20,838)$(24,770)$(64,898)$(72,577)
Other general and administrative, net(5,934)(5,480)(19,140)(15,853)
Total general and administrative$(26,772)$(30,250)$(84,038)$(88,430)

(2)Other segment items for the Company include Dividends and interest, Gain on sale of real estate assets, Gain (loss) on extinguishment of debt, net, Other, and Net income attributable to non-controlling interests. See the Company's unaudited Condensed Consolidated Statements of Operations for additional information on these amounts.
v3.25.3
Nature of Business and Financial Statement Presentation (Details)
Sep. 30, 2025
ft²
Property
Sep. 30, 2024
ft²
Nture of Oerations and Financial Statements Presentation [Line Items]    
GLA 409,264 266,564
Shopping Center    
Nture of Oerations and Financial Statements Presentation [Line Items]    
Number of real estate properties | Property 354  
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%  
v3.25.3
Acquisition of Real Estate (Properties Acquired) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
ft²
Sep. 30, 2024
USD ($)
ft²
Asset Acquisition [Line Items]    
GLA | ft² 409,264 266,564
Aggregate Purchase Price $ 229,866 $ 81,862
Transaction costs (less than) 700 $ 700
Closing credits 1,200  
Land at Suffolk Plaza    
Asset Acquisition [Line Items]    
Aggregate Purchase Price 3,144  
Leases at Plaza at Buckland Hills    
Asset Acquisition [Line Items]    
Aggregate Purchase Price $ 4,330  
LaCenterra at Cinco Ranch    
Asset Acquisition [Line Items]    
GLA | ft² 409,264  
Aggregate Purchase Price $ 222,392  
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
v3.25.3
Acquisition of Real Estate (Purchase Price) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Asset Acquisition [Line Items]    
Total assets acquired $ 229,866 $ 81,862
Acquired Properties    
Asset Acquisition [Line Items]    
Land 21,516 23,451
Buildings 168,152 42,039
Building and tenant improvements 7,540 4,312
Above-market leases 39 169
In-place Leases 45,945 18,009
Total assets acquired 243,192 87,980
Below-market lease 13,326 6,118
Total liabilities 13,326 6,118
Net assets acquired $ 229,866 $ 81,862
Acquired Properties | Above market leases    
Asset Acquisition [Line Items]    
Useful life (in years) 7 months 6 days  
Acquired Properties | Leases, acquired-in-place    
Asset Acquisition [Line Items]    
Useful life (in years) 5 years 7 months 6 days  
Acquired Properties | Below market leases    
Asset Acquisition [Line Items]    
Useful life (in years) 12 years 8 months 12 days  
v3.25.3
Dispositions and Assets Held for Sale (Narrative) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
real_estate_property
shopping_Center
Sep. 30, 2024
USD ($)
shopping_center
Sep. 30, 2025
USD ($)
shopping_Center
real_estate_property
Sep. 30, 2024
USD ($)
shopping_center
Dec. 31, 2024
derivative_instrument
Schedule of Acquisitions and Dispositions [Line Items]          
Gain on sale     $ 58,843 $ 53,974  
Liabilities associated with real estate assets held for sale $ 0   $ 0    
Disposed of by Sale          
Schedule of Acquisitions and Dispositions [Line Items]          
Number of shopping centers sold 7 2 10 5  
Number of partial shopping centers sold   3 4 4  
Number of land partial shopping centers sold | shopping_center   1   2  
Impairment of real estate, discontinued operations   $ 300   $ 500  
Number of shopping centers previously seized | shopping_center       1  
Disposed of by Sale | Previously Disposed Assets          
Schedule of Acquisitions and Dispositions [Line Items]          
Gain on sale   100   $ 1,900  
Held-for-sale          
Schedule of Acquisitions and Dispositions [Line Items]          
Number of real estate properties 1   1   2
Partial Properties | Disposed of by Sale          
Schedule of Acquisitions and Dispositions [Line Items]          
Proceeds from sale of property $ 79,100 72,600 $ 122,800 140,000  
Gain on sale $ 40,000 $ 37,000 $ 58,800 52,100  
Non Operating Member | Disposed of by Sale | Previously Disposed Assets          
Schedule of Acquisitions and Dispositions [Line Items]          
Proceeds from sale of property       $ 1,900  
v3.25.3
Dispositions and Assets Held for Sale (Held for Sale) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Assets associated with real estate assets held for sale $ 7,408 $ 4,189
Held-for-sale    
Assets    
Land 2,460 1,280
Buildings and improvements 13,792 4,520
Accumulated depreciation and amortization (8,953) (1,658)
Real estate, net 7,299 4,142
Other assets 109 47
Assets associated with real estate assets held for sale $ 7,408 $ 4,189
v3.25.3
Real Estate (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Real Estate Owned, Disclosure of Detailed Components [Abstract]          
Land $ 1,835,928   $ 1,835,928   $ 1,834,814
Buildings and tenant improvements 9,299,438   9,299,438   9,047,831
Lease intangibles 524,966   524,966   526,412
Real estate, gross 11,660,332   11,660,332   11,409,057
Accumulated depreciation and amortization (3,560,508)   (3,560,508)   (3,410,179)
Total 8,099,824   8,099,824   7,998,878
Accumulated amortization 427,300   427,300   433,000
Intangible liabilities relating to below-market leases 365,600   365,600   366,500
Accumulated amortization on below-market leases 246,200   246,200   246,300
Below-market lease intangible amortization 5,600 $ 2,400 13,600 $ 7,300  
Amortization of intangible assets 7,900 $ 3,600 22,100 $ 10,000  
Below-market lease accretion (income), net of above-market lease amortization expense          
2025 (remaining three months) (3,154)   (3,154)    
2026 (11,345)   (11,345)    
2027 (10,028)   (10,028)    
2028 (9,041)   (9,041)    
2029 (7,978)   (7,978)    
2030 (7,429)   (7,429)    
In-place lease amortization expense          
2025 (remaining three months) 6,963   6,963    
2026 22,275   22,275    
2027 16,410   16,410    
2028 12,323   12,323    
2029 8,218   8,218    
2030 5,595   5,595    
Leases, acquired-in-place          
Real Estate Owned, Disclosure of Detailed Components [Abstract]          
In-place lease value 484,600   484,600   482,700
Above market leases          
Real Estate Owned, Disclosure of Detailed Components [Abstract]          
Above market leases $ 40,400   $ 40,400   $ 43,800
v3.25.3
Impairments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
ft²
Sep. 30, 2024
USD ($)
ft²
Sep. 30, 2025
USD ($)
ft²
Sep. 30, 2024
USD ($)
ft²
Real Estate Properties [Line Items]        
GLA | ft² 398,701 149,891 398,701 246,227
Impairment Charge | $ $ 16,075 $ 5,863 $ 16,075 $ 11,143
Springdale, Mobile, AL        
Real Estate Properties [Line Items]        
GLA | ft² 398,701   398,701  
Impairment Charge | $ $ 16,075   $ 16,075  
Southland Shopping Center - multi-tenant outparcel, Middleburg Heights, OH        
Real Estate Properties [Line Items]        
GLA | ft²   149,891   149,891
Impairment Charge | $   $ 5,611   $ 5,611
Seacoast Shopping Center, Seabrook, NH        
Real Estate Properties [Line Items]        
GLA | ft²       89,634
Impairment Charge | $       $ 5,062
Land at Springdale, Mobile, AL        
Real Estate Properties [Line Items]        
GLA | ft²   0   0
Impairment Charge | $   $ 252   $ 252
Victory Square - Bridgestone Outparcel, Savannah, GA        
Real Estate Properties [Line Items]        
GLA | ft²       6,702
Impairment Charge | $       $ 218
v3.25.3
Financial Instruments - Derivatives and Hedging (Narrative) (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
agreement
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
agreement
derivative_instrument
Sep. 30, 2024
USD ($)
Dec. 31, 2024
derivative_instrument
Debt Instrument [Line Items]          
Number of Instruments | agreement 3   3    
Amount expected to be reclassified from accumulated other comprehensive income in the next twelve months | $     $ 800,000    
Interest Rate Swap          
Debt Instrument [Line Items]          
Number of Instruments | agreement 4   4    
Interest Rate Swap | Designated as Hedging Instrument          
Debt Instrument [Line Items]          
Number of instruments entered | derivative_instrument     0   0
Gain (loss) on derivative | $ $ 0 $ 0 $ 0 $ 0  
v3.25.3
Financial Instruments - Derivatives and Hedging (Statement of Financial Position, Fair Value) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Interest Rate Swap    
Derivative [Line Items]    
Notional Amount $ 500,000 $ 500,000
Interest Rate Swap | SOFR 3.5890%    
Derivative [Line Items]    
Fixed Rate 3.589% 3.589%
Notional Amount $ 100,000 $ 100,000
Assets 0 993
Liabilities $ (392) $ 0
Interest Rate Swap | SOFR 3.5950%    
Derivative [Line Items]    
Fixed Rate 3.595% 3.595%
Notional Amount $ 75,000 $ 75,000
Assets 0 735
Liabilities $ (302) $ 0
Interest Rate Swap | SOFR 3.5930%    
Derivative [Line Items]    
Fixed Rate 3.593% 3.593%
Notional Amount $ 25,000 $ 25,000
Assets 0 246
Liabilities $ (100) $ 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 $ (1,254) $ (199)
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 $ (1,254) $ (199)
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 $ (627) $ (100)
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 (627) (100)
Interest rate derivatives | Fair Value, Measurements, Recurring    
Derivative [Line Items]    
Assets   1,974
Liabilities (4,556) (598)
Interest rate derivatives | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring    
Derivative [Line Items]    
Assets 0 1,974
Liabilities $ (4,556) $ (598)
v3.25.3
Financial Instruments - Derivatives and Hedging (Cash Flow Hedging Relationship) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Change in unrealized gain (loss) on interest rate swaps $ 580 $ (11,161) $ (4,259) $ 10,062
Accretion of interest rate swaps to interest expense (744) (2,323) (2,220) (8,513)
Change in unrealized gain (loss) on interest rate swaps, net $ (164) $ (13,484) $ (6,479) $ 1,549
v3.25.3
Debt Obligations (Schedule of Debt) (Details)
$ in Thousands
Apr. 24, 2025
USD ($)
Jul. 26, 2024
USD ($)
derivative_instrument
May 01, 2023
USD ($)
derivative_instrument
Sep. 30, 2025
USD ($)
agreement
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]          
Long-term debt       $ 5,518,453  
Net unamortized debt issuance costs       (35,974)  
Total notes payable, net       $ 5,493,420 $ 5,339,751
Number of Instruments | agreement       3  
Interest Rate Swap          
Debt Instrument [Line Items]          
Number of Instruments | agreement       4  
Unsecured Debt          
Debt Instrument [Line Items]          
Long-term debt       $ 5,018,453 4,850,765
Net unamortized premium       10,941 14,279
Net unamortized debt issuance costs       (25,086) (20,718)
Total notes payable, net       $ 5,004,308 4,844,326
Weighted average fixed interest rate       4.20%  
Unsecured Debt | Unsecured Credit Facility          
Debt Instrument [Line Items]          
Long-term debt       $ 0 0
Stated percentage       5.02%  
Unsecured Debt | Term Loan          
Debt Instrument [Line Items]          
Stated spread rate 0.10%        
Unsecured Debt | Term Loan | Unsecured $500M Term Loan          
Debt Instrument [Line Items]          
Long-term debt       $ 500,000 500,000
Stated percentage       5.13%  
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   0.85% 0.85%    
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]          
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       $ (10,888) (4,575)
Total notes payable, net       $ 489,112 $ 495,425
Unsecured Debt | Minimum          
Debt Instrument [Line Items]          
Stated percentage       2.25%  
Unsecured Debt | Minimum | Term Loan          
Debt Instrument [Line Items]          
Stated spread rate 0.775%        
Unsecured Debt | Maximum          
Debt Instrument [Line Items]          
Stated percentage       7.97%  
Unsecured Debt | Maximum | Term Loan          
Debt Instrument [Line Items]          
Stated spread rate 0.85%        
v3.25.3
Debt Obligations (Narrative) (Details)
$ in Millions
 9 Months Ended
Sep. 09, 2025
USD ($)
Apr. 24, 2025
USD ($)
extension
Mar. 04, 2025
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]          
Interest payable       $ 54.6 $ 62.8
Unsecured Debt | Minimum          
Debt Instrument [Line Items]          
Stated percentage       2.25%  
Unsecured Debt | Maximum          
Debt Instrument [Line Items]          
Stated percentage       7.97%  
Senior Notes Due 2025          
Debt Instrument [Line Items]          
Stated spread rate       3.85%  
Repayments of debt       $ 632.3  
Senior Notes Due 2032          
Debt Instrument [Line Items]          
Term loan face amount     $ 400.0    
Stated spread rate     99.831%    
Stated percentage     5.20%    
Senior Notes Due 2033          
Debt Instrument [Line Items]          
Term loan face amount $ 400.0        
Stated spread rate 99.849%        
Stated percentage 4.85%        
Senior Notes Due 2026          
Debt Instrument [Line Items]          
Term loan face amount       $ 600.7  
Unsecured Credit Facility | Unsecured Debt          
Debt Instrument [Line Items]          
Stated percentage       5.02%  
Unsecured Credit Facility | Senior Notes Due 2025 | Unsecured Debt          
Debt Instrument [Line Items]          
Term loan face amount   $ 1,750.0      
Term Loan | Unsecured Debt          
Debt Instrument [Line Items]          
Stated spread rate   0.10%      
Term Loan | Unsecured Debt | Minimum          
Debt Instrument [Line Items]          
Stated spread rate   0.775%      
Variable rate adjustment   0.95%      
Term Loan | Unsecured Debt | Maximum          
Debt Instrument [Line Items]          
Stated spread rate   0.85%      
Variable rate adjustment   1.05%      
Term Loan | Unsecured $500M Term Loan | Unsecured Debt          
Debt Instrument [Line Items]          
Term loan face amount   $ 500.0      
Number of maturity extensions | extension   2      
Maturity extension term ( in months)   6 months      
Stated percentage       5.13%  
Brixmor Operating Partnership LP | Unsecured Credit Facility | Senior Notes Due 2025 | Unsecured Debt          
Debt Instrument [Line Items]          
Term loan face amount   $ 1,250.0      
v3.25.3
Debt Obligations (Maturities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Future expected/scheduled maturities of outstanding debt and capital lease    
2025 (remaining three months) $ 0  
2026 607,542  
2027 400,000  
2028 357,708  
2029 753,203  
2030 1,300,000  
Thereafter 2,100,000  
Total debt maturities 5,518,453  
Net unamortized premium 10,941  
Net unamortized debt issuance costs (35,974)  
Total debt obligations, net $ 5,493,420 $ 5,339,751
v3.25.3
Fair Value Disclosures (Debt Obligations) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Estimated fair value of the Company's debt obligations compared to their carrying amounts    
Total debt obligations, net $ 5,493,420 $ 5,339,751
Carrying Amounts    
Estimated fair value of the Company's debt obligations compared to their carrying amounts    
Notes payable 5,004,308 4,844,326
Unsecured Credit Facility 489,112 495,425
Total debt obligations, net 5,493,420 5,339,751
Fair Value    
Estimated fair value of the Company's debt obligations compared to their carrying amounts    
Notes payable 4,962,053 4,653,205
Unsecured Credit Facility 500,000 500,000
Total debt obligations, net $ 5,462,053 $ 5,153,205
v3.25.3
Fair Value Disclosures (Measurements) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, unrealized losses $ 200 $ 100
Fair Value, Measurements, Recurring | Marketable Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 21,691 20,301
Fair Value, Measurements, Recurring | Interest rate derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets   1,974
Liabilities: (4,556) (598)
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 1,155 1,193
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 20,536 19,108
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 1,974
Liabilities: (4,556) (598)
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
v3.25.3
Fair Value Disclosures (Re-measured to Fair Value Impairment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment of real estate assets $ 16,075 $ 5,863 $ 16,075 $ 11,143  
Springdale          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Real estate investment, fair value 26,700   26,700    
Seacoast Shopping Center          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Real estate investment, fair value         $ 5,700
Real estate, fair value, capitalization rate         8.00%
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
Real estate, net | Fair Value, Measurements, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Assets 26,675   26,675   6,548
Impairment of real estate assets     16,075   10,673
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 $ 26,675   $ 26,675   $ 6,548
v3.25.3
Revenue Recognition (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
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 $ 1.2 $ 1.3 $ 8.0 $ 7.9
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  
v3.25.3
Leases (Narrative) (Details)
 9 Months Ended
Sep. 30, 2025
Lessee, Lease, Description [Line Items]  
Additional term of contract 100 years
Minimum  
Lessee, Lease, Description [Line Items]  
Term of contract 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Term of contract 50 years
v3.25.3
Leases (Schedule of Operating Leases) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Lease, Cost [Abstract]          
Operating lease costs $ 1,700 $ 928 $ 5,102 $ 928  
Variable lease costs 50 66 188 318  
Total lease costs 1,750 $ 994 5,290 1,246  
Operating cash outflows from operating leases     4,697 4,252  
ROU assets obtained in exchange for operating lease liabilities     9,496 3,558  
ROU asset reduction due to dispositions, held for sale, and lease modifications     0 $ (6,581)  
Operating Lease Liabilities          
2025 (remaining three months) 1,557   1,557    
2026 5,854   5,854    
2027 4,877   4,877    
2028 4,950   4,950    
2029 4,914   4,914    
2030 4,400   4,400    
Thereafter 100,820   100,820    
Total future minimum operating lease payments 127,372   127,372    
Less: imputed interest (79,379)   (79,379)    
Operating lease liabilities 47,993   47,993   $ 41,467
ROU asset $ 44,906   $ 44,906   $ 38,784
Weighted average remaining lease term 26 years 1 month 6 days   26 years 1 month 6 days   28 years 8 months 12 days
Weighted average discount rate 6.35%   6.35%   6.28%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets   Other assets
v3.25.3
Equity and Capital (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Nov. 30, 2022
Schedule of Shareholders' Equity [Line Items]                    
Available repurchase amount $ 400.0           $ 400.0      
Dividends, per common share (usd per share) $ 0.2875 $ 0.2875 $ 0.2875 $ 0.2725 $ 0.2725 $ 0.2725 $ 0.8625 $ 0.8175    
Redeemable preferred equity                 $ 0.2  
North Ridge Shopping Center and The Plaza at Buckland Hills                    
Schedule of Shareholders' Equity [Line Items]                    
Preferred stock, dividend rate, percentage                 100.00%  
Accounts Payable and Accrued Liabilities                    
Schedule of Shareholders' Equity [Line Items]                    
Dividends payable $ 91.5           $ 91.5   $ 91.8  
ATM Program                    
Schedule of Shareholders' Equity [Line Items]                    
Sale of stock, number of shares issued in transaction             0 700,000    
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       $ 283.4       $ 283.4    
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)             400,000 600,000    
Common Stock | Maximum                    
Schedule of Shareholders' Equity [Line Items]                    
Share repurchase program, authorized amount                   $ 400.0
v3.25.3
Stock Based Compensation (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
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)     600,000   800,000
Equity based compensation, net $ 4.4 $ 5.4 $ 14.2 $ 15.1  
Equity compensation expense (0.3) $ (0.3) (1.2) $ (1.3)  
Compensation cost not yet recognized $ 16.9   $ 16.9    
Weighted average remaining contractual term     2 years 1 month 6 days    
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    
v3.25.3
Stock Based Compensation (Assumptions) (Details)
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Volatility 20.00% 23.00%
Weighted average risk-free interest rate 4.24% 4.03%
Weighted average common stock dividend yield 4.30% 4.40%
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Volatility 26.00% 28.00%
Weighted average risk-free interest rate 4.24% 4.92%
Weighted average common stock dividend yield 4.50% 4.70%
v3.25.3
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share, Basic [Abstract]                
Net income $ 94,242 $ 85,146 $ 69,737 $ 96,840 $ 70,125 $ 88,905 $ 249,125 $ 255,870
Net income attributable to non-controlling interests (7)     0     (22) 0
Non-forfeitable dividends on unvested restricted shares (172)     (167)     (463) (418)
Net income attributable to the Company’s common stockholders for basic earnings per share $ 94,063     $ 96,673     $ 248,640 $ 255,452
Weighted average number shares outstanding – basic (in shares) 307,193     302,676     307,132 302,518
Net income per share (usd per share) $ 0.31     $ 0.32     $ 0.81 $ 0.84
Computation of Diluted Earnings Per Share:                
Net income attributable to the Company’s common stockholders for diluted earnings per share $ 94,063     $ 96,673     $ 248,640 $ 255,452
Equity awards (in shares) 891     932     842 859
Weighted average shares outstanding - diluted (in shares) 308,084     303,608     307,974 303,377
Net income per share (usd per share) $ 0.31     $ 0.32     $ 0.81 $ 0.84
v3.25.3
Earnings per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Schedule of Earnings per Share [Line Items]                
Net income $ 94,242 $ 85,146 $ 69,737 $ 96,840 $ 70,125 $ 88,905 $ 249,125 $ 255,870
Net income attributable to non-controlling interests (7)     0     (22) 0
Non-forfeitable dividends on unvested restricted shares (172)     (167)     (463) (418)
Net income attributable to the Company’s common stockholders for basic earnings per share $ 94,063     $ 96,673     $ 248,640 $ 255,452
Weighted average number shares outstanding – basic (in shares) 307,193     302,676     307,132 302,518
Net income per unit (usd per share) $ 0.31     $ 0.32     $ 0.81 $ 0.84
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $ 94,063     $ 96,673     $ 248,640 $ 255,452
Equity awards (in shares) 891     932     842 859
Weighted average shares outstanding - diluted (in shares) 308,084     303,608     307,974 303,377
Net income per unit (usd per share) $ 0.31     $ 0.32     $ 0.81 $ 0.84
Brixmor Operating Partnership LP                
Schedule of Earnings per Share [Line Items]                
Net income $ 94,242 $ 85,146 $ 69,737 $ 96,840 $ 70,125 $ 88,905 $ 249,125 $ 255,870
Net income attributable to non-controlling interests (7)     0     (22) 0
Non-forfeitable dividends on unvested restricted shares (172)     (167)     (463) (418)
Net income attributable to the Company’s common stockholders for basic earnings per share $ 94,063     $ 96,673     $ 248,640 $ 255,452
Weighted average number shares outstanding – basic (in shares) 307,193     302,676     307,132 302,518
Net income per unit (usd per share) $ 0.31     $ 0.32     $ 0.81 $ 0.84
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit $ 94,063     $ 96,673     $ 248,640 $ 255,452
Equity awards (in shares) 891     932     842 859
Weighted average shares outstanding - diluted (in shares) 308,084     303,608     307,974 303,377
Net income per unit (usd per share) $ 0.31     $ 0.32     $ 0.81 $ 0.84
v3.25.3
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Environmental Matters        
Loss Contingencies [Line Items]        
Litigation settlement $ 0 $ 0 $ 0 $ 0
v3.25.3
Segment Reporting (Narrative) (Details)
Sep. 30, 2025
state
market
Segment Reporting [Abstract]  
Number of states located for properties portfolio | state 30
Number of metropolitan markets used for properties portfolio | market 100
v3.25.3
Segment Reporting (Schedule of Revenues and Significant Segment Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]                
Total revenues $ 340,843     $ 320,682     $ 1,017,847 $ 956,612
Operating costs (38,891)     (36,442)     (117,979) (110,518)
Real estate taxes (45,455)     (42,902)     (133,907) (120,659)
Depreciation and amortization (103,234)     (94,829)     (312,108) (278,065)
Impairment of real estate assets (16,075)     (5,863)     (16,075) (11,143)
General and administrative (26,772)     (30,250)     (84,038) (88,430)
Interest expense (56,680)     (55,410)     (165,173) (160,553)
Other segment items (703)     (726)     (2,076) (1,700)
Net income attributable to Brixmor Property Group Inc. 94,242 $ 85,146 $ 69,737 96,840 $ 70,125 $ 88,905 249,125 255,870
Total general and administrative (26,772)     (30,250)     (84,038) (88,430)
General and Administrative Expense                
Segment Reporting Information [Line Items]                
General and administrative (26,772)     (30,250)     (84,038) (88,430)
Employee compensation, net (20,838)     (24,770)     (64,898) (72,577)
Other general and administrative, net (5,934)     (5,480)     (19,140) (15,853)
Total general and administrative (26,772)     (30,250)     (84,038) (88,430)
Residential Portfolio Segment                
Segment Reporting Information [Line Items]                
Total revenues 340,843     320,682     1,017,847 956,612
Operating costs (38,891)     (36,442)     (117,979) (110,518)
Real estate taxes (45,455)     (42,902)     (133,907) (120,659)
Depreciation and amortization (103,234)     (94,829)     (312,108) (278,065)
Impairment of real estate assets (16,075)     (5,863)     (16,075) (11,143)
General and administrative (26,772)     (30,250)     (84,038) (88,430)
Interest expense (56,680)     (55,410)     (165,173) (160,553)
Other segment items 40,499     41,854     60,536 68,626
Segment net income 94,235     96,840     249,103 255,870
Adjustments 0     0     0 0
Net income attributable to Brixmor Property Group Inc. 94,235     96,840     249,103 255,870
Total general and administrative $ (26,772)     $ (30,250)     $ (84,038) $ (88,430)
v3.25.3
Related Party Transactions (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]          
Receivables, net $ 306,179,000   $ 306,179,000   $ 281,947,000
Related Party          
Related Party Transaction [Line Items]          
Receivables, net 0   0   $ 0
Related party transactions $ 0 $ 0 $ 0 $ 0