Brixmor Property Group Inc. (NYSE:BRX) Q4 2022 Earnings Call Transcript

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Angela Aman: Yes, again it’s really tough I think for us as we move into next year. We feel like we’ve more than adequately capture the impact of potential bankruptcy activity in the NOI guidance we’ve given and importantly in that base rent guidance we’ve given. Exactly how that plays out from a trajectory standpoint, in terms of space recapture or other impacts of bankruptcy is a little bit harder to say. But I do think it’s fair to expect that there is some seasonal decline as we move into the fourth-quarter. From some of the announced bankruptcy activity we’ve already had there’s likely a few spaces that we’re recapturing, as well as the for Bed Bath and Beyond spaces that Jim mentioned in his remarks. And I’ll let Brian sort of touch on our enthusiasm about those recaptures.

Brian Finnegan: Yes, as Jim mentioned in his opening remarks, we’ve been really encouraged by what we’ve seen so-far, just from anchor demand in general, but particularly for these spaces. I mean to have for these effectively spoken for, out-of-the gate that spreads are close to 60%. You’re seeing in that size range just a significant amount of demand, if you think about just the store opening plans for tenants in that size range, you look at Burlington Stores, Ross, TJX, all with over 100 store openings, the likes of all the Sprouts also with significant open to buys. And then, even if you split some of that space with the Five Below, PopShelf, Skechers the World, there’s just a significant amount of demand for that space. And to Angela’s point, we may see some occupancy headwinds in the start of the year, but based off of what’s already in the pipeline plus the demand that we have for this space, we feel-good about the long-term trajectory.

Juan Sanabria: Thanks. And then just a more macro question. I mean, there’s questions as to where the macro direction headed in the strength of the consumer or not? I was just curious, if you’ve seen any diminution in any demand from any pockets of retailers, not sure if it’s more services or goods oriented or by geography to 0.2 at all, for if everything is just at a humming along and then really nothing to report in terms of a potential slowdown.

Jim Taylor: We continue to be impressed by the strength and resilience of the open-air format. And we continue to see growth in average weekly traffic levels, both over the prior year as well importantly over the pre pandemic levels. And from a tenant demand perspective, the breadth of demand continues to grow. And so much so that, we actually have tenants anticipating space recapture from weaker tenants and willing to expect the time and the dollars then are in the LOIs and leases, should we be able to recapture the spaces. So it remains a pretty healthy environment for us from a demand perspective and real-time, we continue to see good traffic and as I mentioned, growing breadth of demand from categories of retailers.

Operator: The next question comes from Ki Bin Kim with Truist. Please proceed.

Ki Bin Kim: Thanks, good morning. Going to your guidance, can you – are you able to provide interest expense guidance and G&A?

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