INVESTOR PRESENTATION

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1 INVESTOR PRESENTATION As of September 3, 217

2 Investment Opportunity One of the largest open-air retail landlords in the US PORTFOLIO QUICK FACTS Number of shopping centers 498 National, geographically diversified portfolio GLA Average shopping center size 84M SF 169K SF Percent billed 89.6% Highly productive core tenancy including grocers, value retailers and consumer oriented service providers Percent leased 91.6% Percent leased Anchors ( 1K SF) 94.7% Percent leased Small shops (< 1K SF) 84.4% Strong embedded internal growth potential in what is owned and controlled Average ABR PSF $ Q 217 rent spread (new and renewal) 12.7% Average grocer sales PSF 1 ~$55 Self-funded reinvestment pipeline with yields of ~1% ONE OF THE LARGEST LANDLORDS TO: Proven access to capital and flexible balance sheet Attractive, well-covered dividend yield HIGHLY VISIBLE INTERNAL GROWTH WITH LOWER RELATIVE RISK 2

3 Company Priorities Realize inherent value through proactive management and accretive reinvestment Be local and merchandise centers to be relevant to the communities they serve Partner with successful retailers to achieve their growth strategies Leverage operational benefits of a fully integrated national platform Support prudent capital allocation and recycling with a simple, flexible balance sheet Continue to attract and retain the very best talent FOCUS ON CONSISTENT, SUSTAINABLE GROWTH IN CASH FLOW 3

4 Why Is BRX Positioned To Outperform? Occupancy cost and tenant productivity matter Attractive rent basis allows BRX to drive growth, while upgrading the quality and relevance of the tenancy Productive tenant base grocer sales of ~$55 PSF, 36% above average US grocer, with average occupancy costs below 2% 1 Fully integrated operating platform Enhanced leasing model and alignment of national accounts coverage with regional leasing owners Improved property operating standards and expanded reinvestment and capital recycling capabilities and pipeline Proven track record of operational outperformance in this environment ~$41M of new incremental ABR created over TTM ~9% of 216 bankruptcy activity addressed through lease and LOI with average rent spreads for executed new leases over 25% ~65% of 217 bankruptcy activity addressed through lease and LOI with average rent spreads for executed new leases over 35% Peer leading new lease productivity in TTM: new lease spreads of 33% vs. peer average of 2%; new lease volume of 3.1M SF vs. peer average of 1.1M SF Outsized embedded reinvestment potential $283M of in process projects with average expected NOI yields of ~9% Ability to drive the same value creation as up to 4x the investment in ground-up development Identified pipeline of over $1B, with targeted spend of $15 - $2M annually to drive an additional 15 2bps of annual growth Vibrant, diverse and growing core tenancy Primarily grocery and value oriented One of the largest landlords to retailers including Kroger, TJX, Publix, Burlington, Party City, LA Fitness, Ross Dress for Less and Dollar Tree Strong open-to-buys from both existing and new retailers Capturing increased market share in broader uses including entertainment, restaurant, fitness, etc. 4

5 A Sustainable Model For Growth Opportunity: Be the leading open-air retail platform as measured by consistent, sustainable growth in cash flow driven by investing in what we already own and control Long-Term Forward Growth Targets Acquisitions / Capital Recycling Reinvestment 15 2bps Long-Term Same Property NOI Run Rate 25bps Contractual rent growth Releasing spreads Spend of $15 2M per annum at ~1% yields Harvest low IRR assets Source capital at NAV Acquisitions drive additional growth and reinvestment opportunities 5

6 Visible Drivers Of Forward Internal Growth Sector leading leasing New Lease Productivity TTM 1 Driving growth in small shops: Small shop occupancy at centers where a redevelopment or repositioning has been completed in the past 5 years has improved 6-8bps 4,5 New Lease GLA (K SF) New Lease Spreads 29% 33% Generating $19M of incremental ABR Future redevelopments are catalysts for improvement: 4, 3,5 3, 21% 24% 21% Small shops are 78.1% leased, 63bps below portfolio average 2,5 2, 1,5 15% 7% Small Shop Leased Change (bps) Where Reinvestment Completed 1, ,73 1,434 2,98 3, , RPAI WRI FRT REG DDR KIM BRX New ABR Created TTM properties At completion properties Small shop occupancy 1 year prior to completion vs. 1yr after completion 47 properties 2yrs after completion 26 properties 3yrs after completion 6 5 New ABR Created ($M) % of Portfolio ABR 3.8% 4.% 4.3% Driving embedded rent growth: 4 3.% 2.7% 2.6% $4 $41 95% of new leases executed YTD include rent bumps averaging 2.1% vs. 1.7% in $33 % of New Leases with Rent Bumps New Lease Average Rent Bumps 1 - $11 $16 $17 RPAI FRT DDR REG KIM BRX - 78% 92% 95% 1.7% 2.% 2.1% YTD YTD 6

7 Visible Drivers Of Forward Internal Growth (continued) Basis matters: Visibility on future rollover growth: It s not where ABR is, but where its going $14.93 $15.44 Historic under-investment and under-management has resulted in belowmarket rent profile Significant mark-to-market opportunity $ M SF of anchor leases expiring through 22 with no remaining options at ABR PSF at expiration of $8.27 TTM new anchor leases signed at ABR PSF of $12.28 In Place ABR PSF New Lease ABR PSF Since IPO New Lease ABR PSF TTM Near-term Rollover Growth Potential Tailwinds from forward leasing: 5.% 45.% 4.% TTM New Lease ABR PSF $15.44 $16. $15. $33M of ABR From Leases Signed But Not Yet Commenced 35.% 3.% 25.% $12.58 $12.71 $11.81 $11.87 $14. $13. $12. ($M) 2.% 15.% $11. Commencing in period Previously commenced $6 $4 $29 1.% 5.%.% 1.4% 1.7% 13.9% 14.9% $1. $9. $8. $1 $23 % of Leased GLA Expiring ABR PSF at Expiration 4% $13 7% $13 87% 4Q 217 1H 218 2H Expected Commencement 7

8 Vibrant, Diverse & Growing Core Tenancy We cover 2+ national open-air retailers with plans to open over 13,5 new stores Broad cross-section of retailers focused on non-discretionary & value-oriented retail with strong complementary service component (by ABR) Services 16% Restaurants 13% Grocery 17% Health & Personal Care 7% General Merchandise 7% Other ( 3%) 13% Accessories, Jewelry, Shoes 3% Dollar Store 3% Hobby & Party 4% Other Value Fashion 4% Home 6% Off-Price Apparel 6% Executing leases with thriving retailers Percent of new lease ABR executed by merchandise mix - TTM Restaurants 17% Health & Personal Care 14% Home 8% Grocery 8% Services 18% Pet 3% General Merchandise 3% Other Value Fashion 4% Entertainment 4% Cellular 5% Other ( 3%) 9% Off-Price Apparel 7% Productive grocery anchors drive consumer traffic National retailers account for 65% of portfolio ABR Flexible retail format, primarily grocery anchored (by ABR) 2 ~7% of shopping centers are grocery-anchored 75% have an additional anchor Average grocer sales of ~$55 PSF 36% above the national average 1 Average occupancy costs below 2% 1 65% National 19% Local 16% Regional 75% Community / Neighborhood 13% Power center 1% Grocery-anchored regional center 2% Other 8

9 Productive Retailers Relevant To Consumer Non-discretionary & value-oriented retail mix with strong service component Well-suited for today s consumer environment Best-in-class retailers with significant growth plans Strong tenant credit profile with meaningful diversification 1 largest retailers account for only 17.8% of ABR Largest tenant, Kroger, accounts for only 3.2% of ABR Retailer Stores TOP RETAILERS BY ABR % of GLA % of ABR ABR PSF Credit Ratings (S&P / Moody s) % 3.2% $7.3 BBB / Baa % 3.2% 1.63 A+ / A % 1.9% 1.28 BB+ / Ba % 1.8% 9.48 NR % 1.5% 1.1 BBB/ Baa % 1.4% 4.41 AA / Aa % 1.3% 1.68 B+ / B % 1.3% 8.2 BB / Ba % 1.1% 1.92 A- / A3 31.9% 1.1% BBB / Baa1 TOP % 17.8% $8.59 Proactive Tenant Management % 1.% 6.41 BBB / % 1.% B / B1 DECREASED EXPOSURE 37.6%.9% B / B2 15.7%.9% BBB- / Baa1 32.8%.8% / B %.8% 4.14 CCC+ / Caa2 11.6%.8% B+ / B2 INCREASED EXPOSURE 14.6%.8% NR 35.6%.8% B+ / Ba3 27.7%.7% B+ / B1 TOP % 26.3% $9.4 9

Capitalizing On Evolving Retailer Business Models Capturing market share Innovation Retail closures Partnering with retailers to support new store growth and expansion plans Helping retailers launch

10 Capitalizing On Evolving Retailer Business Models Capturing market share Innovation Retail closures Partnering with retailers to support new store growth and expansion plans Helping retailers launch new concepts and adding new-to-portfolio tenants Outperformance in releasing recaptured space ~9% of 216 bankruptcy activity addressed through lease or LOI with average rent spreads for executed new leases over 25% ~65% of 217 bankruptcy activity addressed through lease or LOI with average rent spreads for executed new leases over 35% Broadening merchandise mix Expanding outreach to growing retail segments and wide breadth of tenant uses Outparcel initiative Adding density to centers with innovative concepts and uses 1

Industry Leading Value Creation Potential Significant untapped potential to drive

under-management Low risk / high yield redevelopment potential Identified pipeline of

Enhancing merchandise mix and vitality of properties to make shopping centers more

accretive to long-term growth 25+ outparcel opportunities Value Creation Opportunity

- 14% Completed YTD 16 $27 14% Redevelopment Larger scale, tenant driven Project

driven, minimal risk Project time-frame 9 12 months Highridge Plaza New York, NY

11 Industry Leading Value Creation Potential Significant untapped potential to drive growth through additional reinvestment Historic portfolio-wide under-investment and under-management Low risk / high yield redevelopment potential Identified pipeline of ~$1B+ Target spend of $15 2M annually Driving sector leading returns on reinvestment Enhancing merchandise mix and vitality of properties to make shopping centers more relevant to communities they serve Pre-leased, lower risk, and at higher returns accretive to long-term growth 25+ outparcel opportunities Value Creation Opportunity ($M) Number Projects Net Estimated Costs 1 Expected NOI Yield 1,2 In process 43 $283 9% - 14% Completed YTD 16 $27 14% Redevelopment Larger scale, tenant driven Project time-frame months Maple Village Ann Arbor, MI Anchor Space Repositioning Tenant driven, minimal risk Project time-frame 9 12 months Highridge Plaza New York, NY Outparcel Development Densification with minimal disruption Project time-frame 6 12 months Pilgrim Gardens Philadelphia, PA 11

12 Industry Leading Value Creation Potential (continued) Attractive redevelopment pipeline drives significant value creation and growth potential at lower risk Lower relative risk in reinvestment: Capital investment in assets and markets where the platform has significant institutional knowledge to leverage Proven locations, short time-frames, pre-leased prior to breaking ground Higher relative returns on reinvestment versus ground-up development provide opportunity to commit significantly lower amounts of capital to achieve comparable value creation upside BRX Redevelopment Representative Ground-up Development Representative Redevelopment vs. Ground-up Development Total investment $2M $8M 1/4 the amount invested Yield 1% 7% Residual cap-rate 6.% 6.% Value creation $133M $133M Risk of value destruction Same value creation Residual cap-rate 6% - 8% 6% - 8% Value creation $5 - $133M ($1) - $133M Brixmor s reinvestment opportunity stands apart within the shopping center sector based on scale, value-creation and velocity 12

Representative Redevelopment Projects Rose Pavilion (San Francisco, CA) Redevelopment of former CVS and existing retail space with a

expansion of existing Fitness 19 Shopping center upgrades Net estimated costs of $17.

6K SF Burlington Stores, a 27K SF Saks OFF Fifth, a 19K SF Party City, and an 8K SF Kirkland s Construction of additional small shop

9M; expected NOI yield of 11% 1,2 After Before High Point Centre (Chicago, IL) Redevelopment of 4K SF with a 34K SF LA Fitness and

5M; expected NOI yield of 9% 1,2 Rendering Marlton Crossing (Philadelphia, PA) Redevelop and rightsize existing Burlington Stores to

13 Representative Redevelopment Projects Rose Pavilion (San Francisco, CA) Redevelopment of former CVS and existing retail space with a 29K SF Total Wine & More and a 13K SF Trader Joe s Remerchandise former Toscana Furniture with an 8K SF Pet Supplies Plus and expansion of existing Fitness 19 Shopping center upgrades Net estimated costs of $17.4M; expected NOI yield of 1% 1,2 Rendering Park Shore Plaza (Naples, FL) Redevelopment of former Kmart and YouFit Health Club with a 6K SF Burlington Stores, a 27K SF Saks OFF Fifth, a 19K SF Party City, and an 8K SF Kirkland s Construction of additional small shop space including restaurant outparcels with potential for outdoor patio areas Shopping center upgrades Net estimated costs of $23.9M; expected NOI yield of 11% 1,2 After Before High Point Centre (Chicago, IL) Redevelopment of 4K SF with a 34K SF LA Fitness and 2K SF of small shop space Construction of a 5K SF outparcel Shopping center upgrades Net estimated costs of $1.5M; expected NOI yield of 9% 1,2 Rendering Marlton Crossing (Philadelphia, PA) Redevelop and rightsize existing Burlington Stores to 51K SF Addition of a 33K SF Sprouts Farmers Market and remerchandise former Champps with a 1K SF Chickie & Pete s Shopping center upgrades Net estimated costs of $9.7M; expected NOI yield of 7% 1,2 Rendering 13

Capital Recycling Opportunity Low hold-irr assets: DISPOSITIONS Limited long-term organic growth

than ultimate realizable value Submarkets: That are not compelling for incremental investment With

controlled at compelling risk-adjusted returns Create higher growth potential in the balance of the

markets and achieving critical mass to leverage market position Utilize operating expertise to

concentration through acquisitions of adjacent properties or outparcels Dispositions Acquisitions

14 Capital Recycling Opportunity Low hold-irr assets: DISPOSITIONS Limited long-term organic growth potential Minimal value creation opportunities Low human capital-irr assets: Value of time spent > than ultimate realizable value Submarkets: That are not compelling for incremental investment With limited ability to build critical mass REINVESTMENT ACQUISITIONS Reinvest in assets owned and controlled at compelling risk-adjusted returns Create higher growth potential in the balance of the center Enhance merchandise mix and vitality of shopping centers Highly selective focus on existing markets and achieving critical mass to leverage market position Utilize operating expertise to acquire assets that have been undermanaged or have unrealized value creation potential Increase concentration through acquisitions of adjacent properties or outparcels Dispositions Acquisitions Fitchburg Ridge Fitchburg, WI Perry Marketplace Perry, GA Arborland Center Ann Arbor, MI Felicita Town Center Escondido, CA 14

15 Simple, Flexible Balance Sheet Over the last 18 months raised over $5B of unsecured debt to provide maximum flexibility and capacity to fund future growth Maturity Profile Unencumbered Asset Base Capital Structure Composition Leverage Increased weighted average tenor and laddered maturity schedule Replaced secured debt with unsecured alternatives Reduced reliance on the bank debt market Continued to reduce leverage through operating cash flow growth and disciplined capital recycling Debt Statistics Leverage & Coverage Ratios Credit Ratings Weighted avg. stated interest rate 3.8% Net principal debt to Adjusted EBITDA 6.5x Fitch BBB- Stable Weighted avg. maturity 5.4 years Fixed / Variable 96% / 4% Net principal debt to Cash Adjusted EBITDA 6.8x Moody s Baa3 Stable Unencumbered ABR 79.1% Fixed charge coverage 3.5x S&P BBB- Stable 15

16 Simple, Flexible Balance Sheet (continued) Capitalization ($M) 9/3/17 Interest Rate Debt Maturities Equity Market Capitalization 1 $5,733 $1, Revolving Credit Facility Term Loans 2 1,61 2.5% $87 Unsecured Notes 3, % $75 $659 $686 $7 Secured Mortgages % $6 $68 Total Principal Debt $5, % Add: Net Unamortized Premium 3 ($M) $5 $5 $5 $411 Less: Deferred Financing Fees (34) Total Debt $5, % $25 $21 Less: Cash, Cash Equivalents and Restricted Cash (142) Net Debt $5,572 Total Market Capitalization $11,34 $9 $ Wtd. Avg. Interest Rate % % % % % % % % % % % Secured Mortgages Term Loans Revolving Credit Facility Unsecured Notes 16

17 ADDITIONAL INFORMATION

18 Guidance Highlights Nareit FFO growth Reduced top end of 217 range due to: Revised same property NOI growth expectations Disposition activity completed in 3Q17 Expected 218 non-cash GAAP rental adjustments to be significantly lower than 217 3Q17 is appropriate run rate Same property NOI growth Revised range due to: Additional occupancy drag in 4Q17 from expansion of forward redevelopment pipeline and proactive vacancies created to facilitate remerchandising 217 GUIDANCE (dollars in millions, except per share amounts) Updated Prior Nareit FFO per diluted share 1, 2 $2.5 - $2.9 $2.5 - $2.12 Key Underlying Assumptions Same property NOI growth % % Straight-line rental income, amortization of above- and below-market rent and tenant inducements and straight-line ground rent expense $44 - $46 $44 - $46 General and administrative expenses 1, 3 $88 - $92 $88 - $92 GAAP interest expense 2 $227 - $229 $228 - $23 Value enhancing capital expenditures $11 - $135 $11 - $135 Delays in rent commencement dates on certain fully executed leases Includes expected financial impact from hurricane activity 18

19 REITs General Info & Fundamentals What is a REIT? A REIT, or Real Estate Investment Trust, is a company that owns, operates or finances income-producing real estate. Modeled after mutual funds, REITs give all investors access to the benefits of real estate investment along with the advantages of investing in a publicly traded stock. How to qualify as a REIT 1,2 : Invest at least 75% of total assets in real estate Derive at least 75% of gross income from real estate investments Must have a minimum of 1 shareholders and no more than 5% of shares held by five or fewer individuals Distribute at least 9% of taxable income to shareholders annually through dividends o Nearly all REITs pay at least 1% to avoid taxation o Allows shareholders to share in a REITs cash flow growth Key Metrics & Terminology 1 Earnings Metrics Nareit FFO Most commonly accepted and reported measure of REIT operating performance Nareit FFO = Net income + Depreciation and Amortization -/+ gains/losses on depreciable property sales + JV adjustments Operating Metrics Same Property NOI Used to compare company s core operations Typically includes properties that have had stable operations for at least one year thereby excluding noise from development, redevelopment or other value-add investment impacts Tenant Improvements Upon initiation of a new or renewal lease, landlords may offer potential tenants a build-out package to renovate or update the space to the tenant s needs Valuation Metrics Net Asset Value (NAV) Total market value of a property, and all other real estate related income streams plus current assets and, if any, the development pipeline and land bank, less total debt and preferred equity. To arrive at an estimated market value for the underlying real estate, the next four quarters of expected property NOI are capitalized using an appropriate cap rate which encapsulates growth, asset quality and risk. For valuation purposes, an investor can look at the current discount or premium that a stock is trading at relative to estimated NAV and can also compare the NAV premium/discounts or absolute cap rates of peer companies. An as of today or liquidation metric, NAV has its fair share of shortcomings in that it typically excludes the expected value of future accretive investment opportunities as well as G&A impacts. 19

20 FOOTNOTES & SOURCES

21 Footnotes and Sources Page 2 Page 4 Page 6 Page 8 Investment Opportunity 1. Based on a combination of most recent tenant reported information and management estimates. Why is BRX Positioned To Outperform? 1. Based on a combination of most recent tenant reported information and management estimates. Visible Drivers Of Forward Internal Growth 1. Data based on company filings as of 3Q 217. Leasing spreads based on comparable leases/spaces only. FRT and REG comparable leases include those in which there was a former tenant. All other comparable leases include only those in which there was a former tenant within the prior year. 2. Data based on company filings as of 3Q 217. Includes new, renewal and option leases executed in TTM and calculated as new ABR less old or prior ABR for comparable leases plus new ABR for non-comparable leases. FRT excludes options. Excludes WRI as data is not provided in company filings. Vibrant, Diverse & Growing Core Tenancy 1. Based on a combination of most recent tenant reported information and management estimates. 2. Community Centers include properties with total GLA between 125K - 4K SF. Neighborhood Centers include properties with total GLA less than 125K SF. Grocery-Anchored Regional Centers include properties greater than 25K SF with small shop spaces accounting for less than 3% of total property GLA, and that have a traditional or specialty grocer at the property (either owned or non-owned). Power Centers include properties greater than 25K SF with small shop spaces accounting for less than 3% of total property GLA, and that do not have a traditional or specialty grocer at the property (either owned or non-owned). Other includes lifestyle centers, unanchored strip centers, and single tenant centers. Page 11 Industry Leading Value Creation Potential 1. Represents gross project costs less any project specific credits (lease termination income or other ancillary credits). 2. NOI yield is calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net of any project specific credits (i.e. lease termination income or other ancillary credits). Page 13 Redevelopment: Representative Projects 1. Net estimated costs represents gross project costs less any project specific credits (lease termination income or other ancillary credits). 2. NOI yield is calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net of any project specific credits (i.e. lease termination income or other ancillary credits). Page 16 Simple, Flexible Balance Sheet (continued) 1. Equity market capitalization based on September 3, 217 closing price of $ Effective November 1, 216, $21, of the Term Loan Facility Tranche A is swapped from one-month Libor to a fixed rate of.8165% (plus a spread of 135bps) through July 31,218; $2, of the Term Loan Facility - $6M is swapped from one-month Libor to fixed at a combined rate of.818% (plus a spread of 14bps) through July 31, 218, and the remaining $4, is swapped form one-month Libor to a fixed rate of.878% (plus a spread of 14bps) through March 18, 219; the $5, Term Loan Facility Tranche B is swapped from one-month Libor to a fixed rate of 1.113% (plus a spread of 135bps) through July 3, 221; and, effective July 28, 217, $9, of the Term Loan Facility - $3M is swapped from one-month Libor to a fixed rate of.8165% (plus a spread of 19bps) through July 31, 218. Page 18 Guidance Highlights 1. Does not include any expectations of additional one-time items, including, but not limited to, litigation, investigative and other non-routine legal expenses. 2. Does not include any expectations of additional deleveraging activity. 3. Reflects actual litigation and other non-routine legal expenses recognized year-to-date. Page 19 REITs General Info & Fundamentals 1. Source: RBC Capital Markets. 2. Source: Nareit. 21

22 Disclaimer Safe Harbor Language This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These statements include, but are not limited to, statements related to the Company s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as outlook, believes, expects, potential, continues, may, will, should, seeks, approximately, projects, predicts, intends, plans, estimates, anticipates or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled Risk Factors in the Company s Annual Report on Form 1-K for the year ended December 31, 216, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC s website at Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. 22

INVESTOR PRESENTATION

INVESTOR PRESENTATION As of March 31, 2016 Investment Opportunity Second largest open air retail landlord in the US and 9 th largest in the world 1 PORTFOLIO QUICK FACTS Number of shopping centers 518