Brixmor Property Group Inc. (NYSE: BRX) priced a $400 million aggregate principal amount of 5.375% senior notes due 2036 on April 30 2026. The notes were issued at 99.628% of par and are expected to close on May 5 2026, with semi‑annual interest payments beginning December 15 2026.
Proceeds will be used for general corporate purposes, including the potential repayment of the company’s 4.125% senior notes due 2026. The new debt provides additional liquidity while keeping Brixmor’s net principal debt to adjusted EBITDA within its target range of below 6×.
Brixmor’s liquidity position is strong, with $1.8 billion in available liquidity as of March 31 2026, comprising $425 million in cash and $1.25 billion on its revolving credit facility. The new notes give the company flexibility to fund capital expenditures, pursue acquisitions, and refinance maturing debt, supporting a debt‑to‑EBITDA ratio of 5.3× on an annualized basis.
CEO Brian Finnegan said the company’s increased 2026 outlook reflects "the strength of our platform, the durability of our underlying cash flows, and the unparalleled visibility on growth in what continues to be a positive environment for grocery‑anchored open‑air shopping centers." CFO Steve Gallagher noted that the company entered a $200 million interest‑rate hedge at 3.99% ahead of a June bond maturity, citing recent Treasury market volatility, and that the signed‑but‑not‑commenced pipeline ended the quarter at $67 million, a 10% year‑over‑year increase.
The timing of the offering follows a Q1 2026 earnings report that beat expectations, with EPS of $0.41 versus a consensus of $0.25 and revenue of $354.82 million versus $350.21 million. The strong results reinforce management’s confidence in the company’s growth trajectory and support the decision to raise additional capital.
By issuing the senior notes, Brixmor strengthens its balance sheet, preserves flexibility for future opportunities, and maintains a disciplined capital structure in a market that remains favorable for grocery‑anchored retail assets.
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