Debt Obligations

12 Months Ended

Dec. 31, 2025

As of December 31, 2025 and 2024, the Company had the following indebtedness outstanding:


	Carrying Value as of
	December 31, 2025		December 31, 2024		Stated Interest Rate(1)	Scheduled Maturity Date
Notes payable
Unsecured notes(2)	$	5,018,453	$	4,850,765	2.25% – 7.97%	2026 – 2035
Net unamortized premium	10,277		14,279
Net unamortized debt issuance costs	(23,797)		(20,718)
Total notes payable, net	$	5,004,933	$	4,844,326

Unsecured Credit Facility
Revolving Facility	$	—	$	—	4.65%	2029
Term Loan Facility(3)(4)	500,000		500,000		4.72%	2030
Net unamortized debt issuance costs	(10,180)		(4,575)
Total Unsecured Credit Facility and term loans	$	489,820	$	495,425

Total debt obligations, net	$	5,494,753	$	5,339,751

(1)Stated interest rates as of December 31, 2025 do not include the impact of the Company’s interest rate swap agreements (described below).

(2)The weighted average stated interest rate on the Company’s unsecured notes was 4.20% as of December 31, 2025.

(3)Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $300.0 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 4.08% (plus a spread, currently 85 basis points) through July 27, 2027.

(4)Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59% (plus a spread, currently 85 basis points) through July 27, 2027.

2025 Debt Transactions

On April 24, 2025, the Operating Partnership amended and restated its unsecured credit facility agreements (the "Unsecured Credit Facility"). The amended and restated agreements provide for (i) revolving loan commitments of $1.25 billion (the "Revolving Facility"), scheduled to mature on April 30, 2029 (extending the applicable scheduled maturity date from June 30, 2026) and (ii) a continuation of the existing $500.0 million term loan (the "Term Loan Facility"), scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027). The Revolving Facility includes two six-month maturity extension options, the exercise of which is subject to customary conditions and the payment of a fee on the extended commitments. The current interest rate applicable to the Revolving Facility was effectively lowered (for the margins based on the Operating Partnership's current credit ratings) to SOFR plus 77.5 basis points from SOFR plus 95 basis points and the current interest rate applicable to the Term Loan Facility was effectively lowered (for the margins based on the Operating Partnership's current credit ratings) to SOFR plus 85 basis points from SOFR plus 105 basis points, in each case, based on the elimination of a 10 basis point SOFR credit spread adjustment and the ability of the Company to obtain more favorable pricing in certain circumstances when the Company's leverage ratio meets defined targets. The total capacity under the Unsecured Credit Facility, as amended and restated on April 24, 2025, is $1.75 billion. In connection with the amended and restated Unsecured Credit Facility agreements, the Company recognized a $0.3 million loss on extinguishment of debt during the year ended December 31, 2025 due to the acceleration of unamortized debt issuance costs.

During the year ended December 31, 2025, the Operating Partnership repaid $632.3 million principal amount of the outstanding 3.850% Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes. The Operating Partnership funded the 2025 Notes repayment with available cash, proceeds from the Revolving Facility, and dispositions.

On March 4, 2025, the Operating Partnership issued $400.0 million aggregate principal amount of 5.200% Senior Notes due 2032 (the "2032 Notes") at 99.831% of par. The Operating Partnership intends to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness. The 2032 Notes bear interest at a rate of 5.200% per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2025. The 2032 Notes will mature on April 1, 2032.

On September 9, 2025, the Operating Partnership issued $400.0 million aggregate principal amount of 4.850% Senior Notes due 2033 (the "2033 Notes") at 99.849% of par. The Operating Partnership intends to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness. The 2033 Notes bear interest at a rate of 4.850% per annum, payable semi-annually on February 15 and August 15 of each year, commencing February 15, 2026. The 2033 Notes will mature on February 15, 2033.

2024 Debt Transactions

The Operating Partnership had an unsecured credit facility as amended and restated on April 28, 2022, which was comprised of a $1.25 billion revolving loan facility (the "prior Revolving Facility") and a $500.0 million term loan. During the year ended December 31, 2024, the Operating Partnership repaid $18.5 million, net of borrowings, under the prior Revolving Facility, with proceeds from dispositions and the issuance of the 2034 Notes (defined hereafter).

During the year ended December 31, 2024, the Operating Partnership repaid $300.4 million principal amount of the outstanding 3.650% Senior Notes due 2024 (the "2024 Notes"), representing all of the outstanding 2024 Notes, and $67.7 million principal amount of the 2025 Notes. The Operating Partnership funded the 2024 Notes and 2025 Notes repayments with proceeds from the issuance of the 2034 Notes, 2035 Notes (defined hereafter), and dispositions. In connection with the repayment of the 2025 Notes, the Company recognized a $0.6 million gain on extinguishment of debt during the year ended December 31, 2024.

On January 12, 2024, the Operating Partnership issued $400.0 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "2034 Notes") at 99.816% of par. The Operating Partnership intends to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness. The 2034 Notes bear interest at a rate of 5.500% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2034 Notes will mature on February 15, 2034.

On May 28, 2024, the Operating Partnership issued $400.0 million aggregate principal amount of 5.750% Senior Notes due 2035 (the "2035 Notes") at 99.222% of par. The Operating Partnership intends to use the remaining net proceeds for general corporate purposes, including the repayment of indebtedness. The 2035 Notes bear interest at a rate of 5.750% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2035 Notes will mature on February 15, 2035.

Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of December 31, 2025.

Debt Maturities

As of December 31, 2025 and 2024, the Company had accrued interest of $63.6 million and $62.8 million outstanding, respectively. As of December 31, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows:


Year ending December 31,
2026	607,542
2027	400,000
2028	357,708
2029	753,203
2030	1,300,000
Thereafter	2,100,000
Total debt maturities	5,518,453
Net unamortized premium	10,277
Net unamortized debt issuance costs	(33,977)
Total debt obligations, net	$	5,494,753

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $607.5 million outstanding principal balance of Senior Notes due 2026. The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy these scheduled debt maturities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Brixmor Property Group Inc. 10-K