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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to_____
Commission File Number: 001-36160 (Brixmor Property Group)
Commission File Number: 333-256637-01 (Brixmor Operating Partnership LP)

Brixmor Property Group Inc.
Brixmor Operating Partnership LP
(Exact Name of Registrant as Specified in Its Charter)
Maryland(Brixmor Property Group Inc.)45-2433192
Delaware(Brixmor Operating Partnership LP)80-0831163
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
450 Lexington Avenue, New York, New York 10017
(Address of Principal Executive Offices) (Zip Code)
212-869-3000
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBRXNew York Stock Exchange

Indicate 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.
Brixmor Property Group Inc. Yes No Brixmor Operating Partnership LP Yes No

Indicate 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).
Brixmor Property Group Inc. Yes No Brixmor Operating Partnership LP Yes No

Indicate 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.
Brixmor Property Group Inc.Brixmor Operating Partnership LP
Large accelerated filer
Non-accelerated filer Large accelerated filer Non-accelerated filer
Smaller reporting companyAccelerated filer Smaller reporting companyAccelerated filer
Emerging growth companyEmerging growth company
If 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.
Brixmor Property Group Inc. Brixmor Operating Partnership LP

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Brixmor Property Group Inc. Yes No Brixmor Operating Partnership LP Yes No

(APPLICABLE ONLY TO CORPORATE ISSUERS)
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
As of October 1, 2021, Brixmor Property Group Inc. had 296,988,445 shares of common stock outstanding.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2021 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.
The 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 owner of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. As of September 30, 2021, 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.
The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report:

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;
Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
Management 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.
We 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.
Equity, 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 in capital in the Operating Partnership’s financial statements and outside of equity in non-controlling interests in the Parent Company’s financial statements.
The Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have material assets other than its indirect investment 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.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in 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.
i


TABLE OF CONTENTS
Item No.Page
Part I - FINANCIAL INFORMATION
1.
Financial Statements
Brixmor Property Group Inc. (unaudited)
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020
Brixmor Operating Partnership LP (unaudited)
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Changes in Capital for the Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020
Brixmor Property Group Inc. and Brixmor Operating Partnership LP (unaudited)
Notes to Condensed Consolidated Financial Statements
2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
3.
Quantitative and Qualitative Disclosures about Market Risk
4.
Controls and Procedures
Part II - OTHER INFORMATION
1.
Legal Proceedings
1A.
Risk Factors
2.
Unregistered Sales of Equity Securities and Use of Proceeds
3.
Defaults Upon Senior Securities
4.
Mine Safety Disclosures
5.
Other Information
6.
Exhibits



ii



Forward-Looking Statements

This 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. 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 sections entitled “Risk Factors” in our Form 10-K for the year ended December 31, 2020 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 http://www.sec.gov.

Currently, one of the most significant factors that could cause actual outcomes or results to differ materially from those indicated in these statements is the adverse effect of the current pandemic of the novel coronavirus (“COVID-19”) on the financial condition, operating results and cash flows of the Company, the Company’s tenants, the real estate market, the financial markets and the global economy. The COVID-19 pandemic has impacted us and our tenants significantly, and the extent to which it continues to impact us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, treatment developments, public adoption rates of COVID-19 vaccines, including booster shots, and their effectiveness against emerging variants of COVID-19, such as the Delta variant, the direct and indirect economic effects of the pandemic and containment measures, and potential sustained changes in consumer behavior, among others.

Additional factors that could cause actual outcomes or results to differ materially from those indicated in the forward-looking statements include (1) changes in national, regional and local economies, due to global events such as international trade disputes, a foreign debt crisis, foreign currency volatility, or domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation and unemployment or limited growth in consumer income; (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; (3) competition from other available properties and e-commerce, and the attractiveness of properties in our Portfolio to our tenants; (4) ongoing 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 expense reimbursements; (5) in the case of percentage rents, the sales volume 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, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, including COVID-19, civil unrest, terrorist acts or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes. 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. Moreover, investors are cautioned to interpret many of the risks identified under the section entitled “Risk Factors” in our Form 10-K for the year ended December 31, 2020 as being heightened as a result of the COVID-19 pandemic. 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.
iii


PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands, except share information)
September 30,
2021
December 31,
2020
Assets
Real estate
Land$1,736,876 $1,740,263 
Buildings and improvements8,507,220 8,423,298 
10,244,096 10,163,561 
Accumulated depreciation and amortization(2,785,227)(2,659,448)
Real estate, net7,458,869 7,504,113 
Cash and cash equivalents397,198 368,675 
Restricted cash7,166 1,412 
Marketable securities20,769 19,548 
Receivables, net229,421 240,323 
Deferred charges and prepaid expenses, net147,014 139,260 
Real estate assets held for sale42,011 18,014 
Other assets48,665 50,802 
Total assets$8,351,113 $8,342,147 
Liabilities
Debt obligations, net$5,163,375 $5,167,330 
Accounts payable, accrued expenses and other liabilities495,229 494,116 
Total liabilities5,658,604 5,661,446 
Commitments and contingencies (Note 15)  
Equity
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 306,115,437 and 305,621,403
   shares issued and 296,988,445 and 296,494,411 shares outstanding
2,970 2,965 
Additional paid-in capital3,220,183 3,213,990 
Accumulated other comprehensive loss(17,588)(28,058)
Distributions in excess of net income(513,056)(508,196)
Total equity2,692,509 2,680,701 
Total liabilities and equity$8,351,113 $8,342,147 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


1


W
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenues
Rental income$290,013 $253,799 $853,407 $781,635 
Other revenues173 136 3,549 2,221 
Total revenues290,186 253,935 856,956 783,856 
Operating expenses
Operating costs32,774 24,794 92,914 80,286 
Real estate taxes39,763 42,124 124,908 126,796 
Depreciation and amortization81,724 87,488 246,356 251,334 
Impairment of real estate assets 5,746 1,898 16,306 
General and administrative25,309 27,748 76,415 74,781 
Total operating expenses179,570 187,900 542,491 549,503 
Other income (expense)
Dividends and interest51 109 242 335 
Interest expense(48,918)(50,991)(147,601)(148,197)
Gain on sale of real estate assets11,122 13,621 49,489 23,218 
Loss on extinguishment of debt, net(27,116)(50)(28,345)(10,441)
Other390 (780)694 (2,499)
Total other expense(64,471)(38,091)(125,521)(137,584)
Net income$46,145 $27,944 $188,944 $96,769 
Net income per common share:
Basic$0.15 $0.09 $0.63 $0.32 
Diluted$0.15 $0.09 $0.63 $0.32 
Weighted average shares:
Basic297,188 296,562 297,165 296,982 
Diluted298,269 296,862 298,209 297,317 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income$46,145 $27,944 $188,944 $96,769 
Other comprehensive income (loss)
Change in unrealized gain (loss) on interest rate swaps, net (Note 6)2,141 2,928 10,639 (21,785)
Change in unrealized gain (loss) on marketable securities(16)(64)(169)131 
Total other comprehensive income (loss)2,125 2,864 10,470 (21,654)
Comprehensive income$48,270 $30,808 $199,414 $75,115 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



3


BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited, in thousands, except per share data)
Common Stock
NumberAmountAdditional Paid-in Capital
Accumulated
Other
Comprehensive
Loss
Distributions in Excess of Net IncomeTotal
Beginning balance, January 1, 2020297,857 $2,979 $3,230,625 $(9,543)$(480,204)$2,743,857 
Common stock dividends ($0.285 per common share)
— — — — (85,018)(85,018)
Equity based compensation expense— — 2,842 — — 2,842 
Other comprehensive loss— — — (23,699)— (23,699)
Issuance of common stock242 2 — — — 2 
Repurchases of common stock(1,650)(17)(24,990)— — (25,007)
Share-based awards retained for taxes— — (3,405)— — (3,405)
Net income— — — — 59,781 59,781 
Ending balance, March 31, 2020296,449 2,964 3,205,072 (33,242)(505,441)2,669,353 
Common stock dividends— — — — (3)(3)
Equity based compensation expense— — 2,162 — — 2,162 
Other comprehensive loss— — — (819)— (819)
Issuance of common stock32 1 — — — 1 
Share-based awards retained for taxes— — (118)— — (118)
Net income— — — — 9,044 9,044 
Ending balance, June 30, 2020296,481 2,965 3,207,116 (34,061)(496,400)2,679,620 
Equity based compensation expense— — 3,468 — — 3,468 
Other comprehensive income— — — 2,864 — 2,864 
Issuance of common stock1  — — —  
Share-based awards retained for taxes— — (5)— — (5)
Net income— — — — 27,944 27,944 
Ending balance, September 30, 2020296,482 $2,965 $3,210,579 $(31,197)$(468,456)$2,713,891 
Beginning balance, January 1, 2021296,494 $2,965 $3,213,990 $(28,058)$(508,196)$2,680,701 
Common stock dividends ($0.215 per common share)
— — — — (65,120)(65,120)
Equity based compensation expense— — 2,792 — — 2,792 
Other comprehensive income— — — 5,572 — 5,572 
Issuance of common stock452 4 (4)— —  
Share-based awards retained for taxes— — (5,113)— — (5,113)
Net income— — — — 52,371 52,371 
Ending balance, March 31, 2021296,946 2,969 3,211,665 (22,486)(520,945)2,671,203 
Common stock dividends ($0.215 per common share)
— — — — (64,344)(64,344)
Equity based compensation expense— — 4,543 — — 4,543 
Other comprehensive income— — — 2,773 — 2,773 
Issuance of common stock32 1 (1)— —  
Share-based awards retained for taxes— — (259)— — (259)
Net income— — — — 90,428 90,428 
Ending balance, June 30, 2021296,978 2,970 3,215,948 (19,713)(494,861)2,704,344 
Common stock dividends ($0.215 per common share)
— — — — (64,340)(64,340)
Equity based compensation expense— — 4,331 — — 4,331 
Other comprehensive income— — — 2,125 — 2,125 
Issuance of common stock10   — —  
Share-based awards retained for taxes— — (96)— — (96)
Net income— — — — 46,145 46,145 
Ending balance, September 30, 2021296,988 $2,970 $3,220,183 $(17,588)$(513,056)$2,692,509 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4


BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended September 30,
20212020
Operating activities:
Net income$188,944 $96,769 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization246,356 251,334 
Accretion of debt premium and discount, net(2,146)(424)
Deferred financing cost amortization5,638 5,550 
Accretion of above- and below-market leases, net(9,931)(12,351)
Tenant inducement amortization and other3,999 2,696 
Impairment of real estate assets1,898 16,306 
Gain on sale of real estate assets(49,489)(23,218)
Equity based compensation 10,818 7,807 
Loss on extinguishment of debt, net28,345 10,441 
Changes in operating assets and liabilities:
Receivables, net8,964 (15,907)
Deferred charges and prepaid expenses(26,784)(22,797)
Other assets(268)(298)
Accounts payable, accrued expenses and other liabilities18,536 7,724 
Net cash provided by operating activities424,880 323,632 
Investing activities:
Improvements to and investments in real estate assets(212,374)(217,940)
Acquisitions of real estate assets(66,716)(3,425)
Proceeds from sales of real estate assets124,437 82,922 
Purchase of marketable securities(16,906)(19,944)
Proceeds from sale of marketable securities15,446 18,133 
Net cash used in investing activities(156,113)(140,254)
Financing activities:
Repayment of secured debt obligations (7,000)
Repayment of borrowings under unsecured revolving credit facility (653,000)
Proceeds from borrowings under unsecured revolving credit facility 646,000 
Proceeds from unsecured notes847,735 820,396 
Repayment of borrowings under unsecured term loans and notes(850,000)(183,151)
Deferred financing and debt extinguishment costs(33,577)(17,994)
Distributions to common stockholders (193,180)(170,397)
Repurchases of common shares (25,007)
Repurchases of common shares in conjunction with equity award plans(5,468)(3,528)
Net cash provided by (used in) financing activities(234,490)406,319 
Net change in cash, cash equivalents and restricted cash34,277 589,697 
Cash, cash equivalents and restricted cash at beginning of period370,087 21,523 
Cash, cash equivalents and restricted cash at end of period$404,364 $611,220 
Reconciliation to consolidated balance sheets:
Cash and cash equivalents$397,198 $609,812 
Restricted cash7,166 1,408 
Cash, cash equivalents and restricted cash at end of period$404,364 $611,220 
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized of $2,836 and $3,333
$145,358 $135,006 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited, in thousands, except unit information)
September 30,
2021
December 31,
2020
Assets
Real estate
Land$1,736,876 $1,740,263 
Buildings and improvements8,507,220 8,423,298 
10,244,096 10,163,561 
Accumulated depreciation and amortization(2,785,227)(2,659,448)
Real estate, net7,458,869 7,504,113 
Cash and cash equivalents387,185 358,661 
Restricted cash7,166 1,412 
Marketable securities20,769 19,548 
Receivables, net229,421 240,323 
Deferred charges and prepaid expenses, net147,014 139,260 
Real estate assets held for sale42,011 18,014 
Other assets48,665 50,802 
Total assets$8,341,100 $8,332,133 
Liabilities
Debt obligations, net$5,163,375 $5,167,330 
Accounts payable, accrued expenses and other liabilities495,229 494,116 
Total liabilities5,658,604 5,661,446 
Commitments and contingencies (Note 15)  
Capital
Partnership common units; 306,115,437 and 305,621,403 units issued and 296,988,445 and
   296,494,411 units outstanding
2,700,085 2,698,746 
Accumulated other comprehensive loss(17,589)(28,059)
Total capital2,682,496 2,670,687 
Total liabilities and capital$8,341,100 $8,332,133 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenues
Rental income$290,013 $253,799 $853,407 $781,635 
Other revenues173 136 3,549 2,221 
Total revenues290,186 253,935 856,956 783,856 
Operating expenses
Operating costs32,774 24,794 92,914 80,286 
Real estate taxes39,763 42,124 124,908 126,796 
Depreciation and amortization81,724 87,488 246,356 251,334 
Impairment of real estate assets 5,746 1,898 16,306 
General and administrative25,309 27,748 76,415 74,781 
Total operating expenses179,570 187,900 542,491 549,503 
Other income (expense)
Dividends and interest51 109 242 335 
Interest expense(48,918)(50,991)(147,601)(148,197)
Gain on sale of real estate assets11,122 13,621 49,489 23,218 
Loss on extinguishment of debt, net(27,116)(50)(28,345)(10,441)
Other390 (780)694 (2,499)
Total other expense(64,471)(38,091)(125,521)(137,584)
Net income$46,145 $27,944 $188,944 $96,769 
Net income per common unit:
Basic$0.15 $0.09 $0.63 $0.32 
Diluted$0.15 $0.09 $0.63 $0.32 
Weighted average units:
Basic297,188 296,562 297,165 296,982 
Diluted298,269 296,862 298,209 297,317 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income$46,145 $27,944 $188,944 $96,769 
Other comprehensive income (loss)
Change in unrealized gain (loss) on interest rate swaps, net (Note 6)2,141 2,928 10,639 (21,785)
Change in unrealized gain (loss) on marketable securities(16)(64)(169)131 
Total other comprehensive income (loss)2,125 2,864 10,470 (21,654)
Comprehensive income$48,270 $30,808 $199,414 $75,115 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8


BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(Unaudited, in thousands)
Partnership Common Units
Accumulated
Other
Comprehensive
Loss
Total
Beginning balance, January 1, 2020$2,753,385 $(9,544)$2,743,841 
Distributions to partners(85,017)— (85,017)
Equity based compensation expense2,842 — 2,842 
Other comprehensive loss— (23,699)(23,699)
Issuance of OP Units2 — 2 
Repurchases of OP Units(25,007)— (25,007)
Share-based awards retained for taxes(3,405)— (3,405)
Net income59,781 — 59,781 
Ending balance, March 31, 20202,702,581 (33,243)2,669,338 
Distributions to partners(10,002)— (10,002)
Equity based compensation expense2,162 — 2,162 
Other comprehensive loss— (819)(819)
Issuance of OP Units1 — 1 
Share-based awards retained for taxes(118)— (118)
Net income9,044 — 9,044 
Ending balance, June 30, 20202,703,668 (34,062)2,669,606 
Equity based compensation expense3,468 — 3,468 
Other comprehensive income— 2,864 2,864 
Issuance of OP Units —  
Share-based awards retained for taxes(5)— (5)
Net income27,944 — 27,944 
Ending balance, September 30, 2020$2,735,075 $(31,198)$2,703,877 
Beginning balance, January 1, 2021$2,698,746 $(28,059)$2,670,687 
Distributions to partners(65,120)— (65,120)
Equity based compensation expense2,792 — 2,792 
Other comprehensive income— 5,572 5,572 
Issuance of OP Units —  
Share-based awards retained for taxes(5,113)— (5,113)
Net income52,371 — 52,371 
Ending balance, March 31, 20212,683,676 (22,487)2,661,189 
Distributions to partners(64,344)— (64,344)
Equity based compensation expense4,543 — 4,543 
Other comprehensive income— 2,773 2,773 
Issuance of OP Units —  
Share-based awards retained for taxes(259)— (259)
Net income90,428 — 90,428 
Ending balance, June 30, 20212,714,044 (19,714)2,694,330 
Distributions to partners(64,339)— (64,339)
Equity based compensation expense4,331 — 4,331 
Other comprehensive income— 2,125 2,125 
Issuance of OP Units —  
Share-based awards retained for taxes(96)— (96)
Net income46,145 — 46,145 
Ending balance, September 30, 2021$2,700,085 $(17,589)$2,682,496 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9


BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended September 30,
20212020
Operating activities:
Net income$188,944 $96,769 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization246,356 251,334 
Accretion of debt premium and discount, net(2,146)(424)
Deferred financing cost amortization5,638 5,550 
Accretion of above- and below-market leases, net(9,931)(12,351)
Tenant inducement amortization and other3,999 2,696 
Impairment of real estate assets1,898 16,306 
Gain on sale of real estate assets(49,489)(23,218)
Equity based compensation 10,818 7,807 
Loss on extinguishment of debt, net28,345 10,441 
Changes in operating assets and liabilities:
Receivables, net8,964 (15,907)
Deferred charges and prepaid expenses(26,784)(22,797)
Other assets(268)(298)
Accounts payable, accrued expenses and other liabilities18,536 7,724 
Net cash provided by operating activities424,880 323,632 
Investing activities:
Improvements to and investments in real estate assets(212,374)(217,940)
Acquisitions of real estate assets(66,716)(3,425)
Proceeds from sales of real estate assets124,437 82,922 
Purchase of marketable securities(16,906)(19,944)
Proceeds from sale of marketable securities15,446 18,133 
Net cash used in investing activities(156,113)(140,254)
Financing activities:
Repayment of secured debt obligations (7,000)
Repayment of borrowings under unsecured revolving credit facility (653,000)
Proceeds from borrowings under unsecured revolving credit facility 646,000 
Proceeds from unsecured notes847,735 820,396 
Repayment of borrowings under unsecured term loans and notes(850,000)(183,151)
Deferred financing and debt extinguishment costs(33,577)(17,994)
Partner distributions and repurchases of OP Units(198,647)(208,930)
Net cash provided by (used in) financing activities(234,489)396,321 
Net change in cash, cash equivalents and restricted cash34,278 579,699 
Cash, cash equivalents and restricted cash at beginning of period