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Performance was driven by a 6.4% increase in same property NOI, supported by record renewal growth of 21% and new lease spreads of 42%.

Management attributes the strong leasing environment to historic lows in new supply and physical stores remaining the most cost-effective delivery channel for retailers.

The company is executing a strategy of 'densifying' existing assets, converting underutilized parking fields into high-return outparcels with a 16% incremental return.

Tenant credit quality is at an all-time high for the firm, with move-outs at historic lows and bad debt tracking below historical averages.

Strategic portfolio evolution is focused on elevating tenant mix, evidenced by adding first-to-portfolio premium brands like Pottery Barn and Williams-Sonoma.

Management views the current consumer as 'adapting versus collapsing,' with value-oriented grocers and off-price retailers benefiting from shifting spending patterns.

Full-year same property NOI guidance was raised to 4.75%โ€“5.5%, assuming base rent contribution accelerates as the year progresses.

Management anticipates a modest occupancy headwind in Q2 2026 due to planned box recaptures, with a return to a growth trajectory in the second half of the year.

The $67 million signed-but-not-commenced (SNOC) pipeline is expected to commence ratably, with $38 million projected to hit the P&L within 2026.

Guidance assumes revenues deemed uncollectible will remain between 75 and 100 basis points of total revenues despite current outperformance.

The company maintains a $700 million future reinvestment pipeline, providing multi-year visibility into accretive cash flow growth.

Raised $116 million via a forward ATM program to provide funding flexibility for a growing $160 million acquisition pipeline.

Proactively entered a $100 million interest rate hedge at 3.99% to mitigate Treasury market volatility ahead of a June bond maturity.

Successfully stabilized $78 million in projects at a 9% average incremental return, including the first large-format Target at Wynnewood Village.

Exposure to 'watch list' categories like drugstores and office supply remains minimal, representing approximately 80 basis points and halved exposure respectively.

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Management clarified that the Q2 occupancy dip is driven by a handful of anticipated box recaptures already factored into the improved guidance.

The SNOC pipeline includes long-term impactful leases, such as Publix, that will extend the spread between leased and billed occupancy into 2027.

New institutional capital is compressing cap rates, with high-profile deals occasionally reaching the high-4% range.

Brixmor remains disciplined, targeting assets where their operating platform can drive 9% to 10% unlevered IRRs through redevelopment and mark-to-market opportunities.

Management noted that two-thirds of Q1 leasing occurred after recent geopolitical conflicts began, showing no slowdown in retailer demand.

Small shop delinquencies have not increased, and record renewal spreads suggest tenant stores remain highly profitable despite inflationary pressures.

The decision to use the forward ATM was a tactical move to match-fund a growing acquisition pipeline while maintaining a 5.3x Debt/EBITDA ratio.

Management emphasized that while they can deleverage naturally through organic growth, equity provides the 'dry powder' to be opportunistic in the transaction market.

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