Brixmor is a REIT that owns and operates one of the largest open-air retail shopping center portfolios in the U.S., with 348 shopping centers totaling roughly 63 million square feet of gross leasable area. About 81% of annualized base rent comes from grocery-anchored centers, with top tenants including TJX Companies, Kroger, and Burlington Stores. Brixmor's centers are community and neighborhood shopping centers focused on non-discretionary and value-oriented retail — grocers, off-price apparel, health and wellness, quick-service restaurants, and local services. Brixmor leases space to tenants under multi-year leases, collecting fixed base rent with annual escalators and recovering the majority of operating costs through tenant expense reimbursements (CAM). Growth is driven by three main levers: re-leasing below-market in-place rents to market rates as leases expire (new leases in 2025 were signed at a 38.7% spread over expiring rents), reinvesting capital to reposition centers by replacing underperforming anchors with grocers and traffic-driving tenants (generating ~10% incremental NOI yields), and recycling capital by selling mature assets and redeploying proceeds into higher-growth properties. As a REIT, Brixmor distributes most of its taxable income as dividends and pays no federal income tax on distributed earnings.