Brixmor Property Group Inc.BRX

Brixmor Property Group Inc. Leases Disclosure

10-KFiled Feb 9, 20262 min read
Leases
The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease ROU asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of December 31, 2025 the Company is not including any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:
Year Ended December 31,
Supplemental Statements of Operations Information202520242023
Operating lease costs$6,807 $2,499 $5,645 
Variable lease costs256 394 468 
Total lease costs$7,063 $2,893 $6,113 
Year Ended December 31,
Supplemental Statements of Cash Flows Information202520242023
Operating cash outflows from operating leases$6,260 $5,778 $6,017 
ROU assets obtained in exchange for operating lease liabilities9,788 13,984 711 
ROU assets reduction due to dispositions, held for sale, and lease modifications— (6,581)(144)
Operating Lease LiabilitiesAs of
December 31, 2025
Future minimum operating lease payments:
20266,003 
20275,040 
20284,950 
20294,914 
20304,400 
Thereafter100,820 
Total future minimum operating lease payments126,127 
Less: imputed interest(78,776)
Operating lease liabilities$47,351 
As of December 31,
Supplemental Balance Sheets Information20252024
Operating lease liabilities(1)(2)
$47,351 $41,467 
ROU assets(1)(3)
44,114 38,784 
(1)As of December 31, 2025 and 2024, the weighted average remaining lease term was 26.1 years and 28.7 years, respectively, and the weighted average discount rate was 6.35% and 6.28%, respectively.
(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.
(3)These amounts are included in Other assets on the Company’s Consolidated Balance Sheets.

As of December 31, 2025, there were no material leases that have been executed but not yet commenced.

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 10, 2025
2023Feb 12, 2024
2022Feb 13, 2023
2021Feb 7, 2022
2020Feb 11, 2021
2019Feb 10, 2020

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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