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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-Q\n\n☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from_____ to_____\n\nCommission File Number: 001-36160 (Brixmor Property Group Inc.)\n\nCommission File Number: 333-256637-01 (Brixmor Operating Partnership LP)\n\nBrixmor Property Group Inc.\n\nBrixmor Operating Partnership LP\n\n(Exact Name of Registrant as Specified in Its Charter)\n\nMaryland(Brixmor Property Group Inc.)45-2433192\n\nDelaware(Brixmor Operating Partnership LP)80-0831163\n\n(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)\n\n100 Park Avenue, New York, New York 10017\n\n(Address of Principal Executive Offices) (Zip Code)\n\n212-869-3000\n\n(Registrant’s Telephone Number, Including Area Code)\n\nN/A\n\n(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, par value $0.01 per shareBRXNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nBrixmor Property Group Inc. Yes ☑ No ☐ Brixmor Operating Partnership LP Yes ☑ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nBrixmor Property Group Inc. Yes ☑ No ☐ Brixmor Operating Partnership LP Yes ☑ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nBrixmor Property Group Inc.Brixmor Operating Partnership LP\n\nLarge accelerated filer\n☑\nNon-accelerated filer ☐Large accelerated filer ☐Non-accelerated filer\n☑\n\nSmaller reporting company☐Accelerated filer ☐Smaller reporting company☐Accelerated filer ☐\n\nEmerging growth company☐Emerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\nBrixmor Property Group Inc. ☐ Brixmor Operating Partnership LP ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nBrixmor Property Group Inc. Yes ☐ No ☑ Brixmor Operating Partnership LP Yes ☐ No ☑\n\n(APPLICABLE ONLY TO CORPORATE ISSUERS)\n\nIndicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.\n\nAs of April 1, 2026, Brixmor Property Group Inc. had 306,836,617 shares of common stock outstanding.\n\nEXPLANATORY NOTE\n\nThis report combines the quarterly reports on Form 10-Q for the period ended March 31, 2026 of Brixmor Property Group Inc. and Brixmor Operating Partnership LP. Unless stated otherwise or the context otherwise requires, references to the \"Parent Company\" or \"BPG\" mean Brixmor Property Group Inc. and its consolidated subsidiaries, and references to the \"Operating Partnership\" mean Brixmor Operating Partnership LP and its consolidated subsidiaries. Unless the context otherwise requires, the terms \"the Company,\" \"Brixmor,\" \"we,\" \"our,\" and \"us\" mean the Parent Company and the Operating Partnership, collectively.\n\nThe Parent Company is a real estate investment trust (\"REIT\") that 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. As of March 31, 2026, the Parent Company beneficially owned, through its direct and indirect interest in BPG Sub and the General Partner, 100% of the outstanding partnership common units (the \"OP Units\") in the Operating Partnership.\n\nThe Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report:\n\n•enhances investors’ understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole, in the same manner as management views and operates the business;\n\n•eliminates duplicative disclosure and provides a more streamlined and readable presentation; and\n\n•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.\n\nManagement operates the Parent Company and the Operating Partnership as one business. Because the Operating Partnership is managed by the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, the Parent Company’s executive officers are the Operating Partnership’s executive officers, and although, as a partnership, the Operating Partnership does not have a board of directors, we refer to the Parent Company’s board of directors as the Operating Partnership’s board of directors.\n\nWe believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company does not incur any material indebtedness. The Operating Partnership holds substantially all of our assets. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates all capital required by the Company’s business. Sources of this capital include the Operating Partnership’s operations and its direct or indirect incurrence of indebtedness.\n\nEquity, capital, and non-controlling interests are the primary areas of difference between the unaudited Condensed Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership’s capital currently includes OP Units owned by the Parent Company through BPG Sub and the General Partner and has in the past, and may in the future, include OP Units owned by third parties. OP Units owned by third parties, if any, are accounted for outside of stockholders' equity in non-controlling interests in the Parent Company’s financial statements.\n\nThe Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have material assets other than its indirect interest in the Operating Partnership. Therefore, while equity, capital, and non-controlling interests may differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are materially the same on their respective financial statements.\n\nIn order to highlight the differences between the Parent Company and the Operating Partnership, there are sections of this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements (but combined footnotes), separate controls and procedures sections, separate certification of periodic report under Section 302 of the Sarbanes-Oxley Act of 2002, and separate certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.\n\ni\n\nTABLE OF CONTENTS\n\nItem No.Page\n\nPart I - FINANCIAL INFORMATION\n\n1.\nFinancial Statements\n\n[1](#icadefa25bee041bfa23e8a73d38e6486_19)\n\nBrixmor Property Group Inc. (unaudited)\n\nCondensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025\n\n[1](#icadefa25bee041bfa23e8a73d38e6486_22)\n\nCondensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025\n\n[2](#icadefa25bee041bfa23e8a73d38e6486_25)\n\nCondensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025\n\n[3](#icadefa25bee041bfa23e8a73d38e6486_28)\n\nCondensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025\n\n[4](#icadefa25bee041bfa23e8a73d38e6486_31)\n\nCondensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025\n\n[5](#icadefa25bee041bfa23e8a73d38e6486_34)\n\nBrixmor Operating Partnership LP (unaudited)\n\nCondensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025\n\n[6](#icadefa25bee041bfa23e8a73d38e6486_37)\n\nCondensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025\n\n[7](#icadefa25bee041bfa23e8a73d38e6486_40)\n\nCondensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025\n\n[8](#icadefa25bee041bfa23e8a73d38e6486_43)\n\nCondensed Consolidated Statements of Changes in Capital for the Three Months Ended March 31, 2026 and 2025\n\n[9](#icadefa25bee041bfa23e8a73d38e6486_46)\n\nCondensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025\n\n[10](#icadefa25bee041bfa23e8a73d38e6486_49)\n\nBrixmor Property Group Inc. and Brixmor Operating Partnership LP (unaudited)\n\nNotes to Condensed Consolidated Financial Statements\n\n[11](#icadefa25bee041bfa23e8a73d38e6486_52)\n\n2.\nManagement’s Discussion and Analysis of Financial Condition and Results of Operations\n\n[28](#icadefa25bee041bfa23e8a73d38e6486_112)\n\n3.\nQuantitative and Qualitative Disclosures about Market Risk\n\n[39](#icadefa25bee041bfa23e8a73d38e6486_115)\n\n4.\nControls and Procedures\n\n[39](#icadefa25bee041bfa23e8a73d38e6486_118)\n\nPart II - OTHER INFORMATION\n\n1.\nLegal Proceedings\n\n[40](#icadefa25bee041bfa23e8a73d38e6486_124)\n\n1A.\nRisk Factors\n\n[40](#icadefa25bee041bfa23e8a73d38e6486_127)\n\n2.\nUnregistered Sales of Equity Securities and Use of Proceeds\n\n[40](#icadefa25bee041bfa23e8a73d38e6486_130)\n\n3.\nDefaults Upon Senior Securities\n\n[40](#icadefa25bee041bfa23e8a73d38e6486_133)\n\n4.\nMine Safety Disclosures\n\n[40](#icadefa25bee041bfa23e8a73d38e6486_136)\n\n5.\nOther Information\n\n[40](#icadefa25bee041bfa23e8a73d38e6486_139)\n\n6.\nExhibits\n\n[41](#icadefa25bee041bfa23e8a73d38e6486_142)\n\nii\n\nForward-Looking Statements\n\nThis report 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 1934 (the \"Exchange Act\"). These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our 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,\" \"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. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled \"Risk Factors\" in our Form 10-K for the year ended December 31, 2025 and in this report, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the \"SEC\"), which are accessible on the SEC’s website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international geopolitical conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (10) cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.\n\niii\n\nPART I - FINANCIAL INFORMATION"}