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BRX customers relationship map

Brixmor (BRX) — Tenant Map and What It Means for Investors

Brixmor (NYSE: BRX) operates and monetizes a national portfolio of open‑air shopping centers by leasing space to grocery, value and service‑oriented retailers and collecting rental income as its primary revenue stream. The company drives value through long‑dated anchor leases, active redevelopment to densify centers, and selective acquisitions/dispositions that rotate capital into higher‑return assets. For relationship analysis and underwriting, focus on anchor concentration, lease term length, and geographic scale — these are the levers that determine cash‑flow durability and re‑development optionality. For more context on the platform and data access, visit https://nullexposure.com/.

How Brixmor’s operating model translates to revenue

Brixmor’s income is substantially rental — rental income accounted for the vast majority of reported revenues — and the portfolio is overwhelmingly U.S. grocery‑anchored, open‑air centers located in top CBSAs. Long original terms for anchors (often 10–20 years) create predictable cash flow while in‑place redevelopment and re‑tenanting programs create upside to ABR (annualized base rent) and occupancy metrics. According to BRX’s 2025 Form 10‑K, total rental income for 2025 was reported in the company’s revenue line, with leased occupancy of 95.1% overall and 92.2% for smaller spaces.

  • Key company‑level signals: long‑term anchor leases, U.S. national footprint, rental income is material to revenue, management states no single tenant accounted for ≥5% of consolidated revenues in 2025 (limiting single‑tenant revenue concentration).

For a concise platform view and more datasets, see https://nullexposure.com/.

What the tenant roll looks like — exhaustive relationship summaries

Below is an itemized, plain‑English list of every customer/tenant or related counterparty mentioned in the data set, with a one‑to‑two sentence description and the source citation.

  • The TJX Companies (TJX): Listed as one of BRX’s three largest tenants by ABR at year‑end 2025 and repeatedly cited as a national off‑price anchor across centers. (BRX 2025 10‑K; PR Newswire investor release, Mar 2026)

  • The Kroger Co. (KR): Identified among BRX’s largest tenants by annualized base rent and a frequent grocery anchor in the portfolio. (BRX 2025 10‑K; PR Newswire & Yahoo Finance releases, 2025–2026)

  • Burlington Stores (BURL): Cited as one of the top three tenants by ABR and used in redevelopment projects as a large retail anchor. (BRX 2025 10‑K; Q4 2025 earnings commentary)

  • Ahold Delhaize: Appears in BRX’s top‑20 retailer tabulation, indicating portfolio exposure to supermarket banners in completed reporting. (BRX 2025 10‑K)

  • Albertson’s Companies: Included in the top‑20 retailer list, reflecting grocery exposure among BRX’s tenant mix. (BRX 2025 10‑K)

  • Amazon.com / Whole Foods Market: Listed among top retailers in reporting tables, and Amazon Fresh has specific development footprints (a 38,000 sq ft shell referenced in project filings). (BRX 2025 10‑K; TheRealDeal reporting, 2026)

  • Barnes & Noble: Appears among top‑20 retailer mentions in BRX’s 2025 filing, representing book/experience retail tenancy. (BRX 2025 10‑K)

  • Best Buy (BBY): Named as an anchor tenant at Chino Spectrum Towne Center and listed across acquisition/development press coverage. (ShoppingCenterBusiness; TheRealDeal, Jan 2026)

  • Kohl’s (KSS): Cited among tenants at acquired centers and in tenant lists for redevelopments. (BRX 2025 10‑K; multiple news reports, 2026)

  • Ross Stores (ROST): Repeatedly referenced as a key national off‑price operator in BRX centers. (BRX 2025 10‑K; PR Newswire & Yahoo Finance 2025–2026)

  • L.A. Fitness International, LLC: Appears in BRX’s top‑20 retailer tabulation as a service operator in the portfolio. (BRX 2025 10‑K)

  • Sprouts Farmers Market / SFM: Cited as a grocer BRX executed leases with during the year. (Q4 2025 earnings call transcript)

  • PETCO Animal Supplies: Included in top‑20 retailer listings, representing pet category exposure. (BRX 2025 10‑K)

  • PetSmart, Inc.: Listed among national specialty retail tenants in reporting tables. (BRX 2025 10‑K)

  • The Michaels Companies: Appears in top‑20 retailer lists as a specialty crafts tenant. (BRX 2025 10‑K)

  • Publix Super Markets: Frequently named as a grocer partner and cited in the company’s pipeline and lease execution discussions. (BRX 2025 10‑K; earnings call transcripts, 2025–2026)

  • Five Below (FIVE): Included among tenants at newly acquired or redeveloped centers like Chino Spectrum. (ShoppingCenterBusiness; TheRealDeal, 2026)

  • Dollar Tree Stores: Appears in the top‑20 retailer table, reflecting discount retail exposure. (BRX 2025 10‑K)

  • DICK’s Sporting Goods: Listed in BRX’s top‑20 retailer tabulation. (BRX 2025 10‑K)

  • Ulta Beauty (ULTA): Frequently referenced as a first‑to‑portfolio add and part of densification projects (e.g., Roosevelt Mall, Davis Collection). (Earnings call transcripts, Q4 2025 & Q1 2026; ShoppingCenterBusiness)

  • The TJX Companies (as Marshalls and others): Marshalls and other TJX banners anchor multiple centers; TJX is cited across filings and press releases as a primary national operator. (BRX 2025 10‑K; PR Newswire, Mar 2026)

  • SCORE Development LLC: Identified as the buyer of Westchester Square Shopping Center from BRX in Dec 2025 for $20.5M. (MarketScreener, May 2026)

  • Block Real Estate Services, LLC: Co‑buyer of Westchester Square from BRX in the same disposition. (MarketScreener, May 2026)

  • Shake Shack (SHAK): Mentioned as a restaurant addition in a Roosevelt Mall redevelopment phase. (Q1 2026 earnings call transcript)

  • Target (TGT): BRX delivered its first large‑format Target in Wynnewood Village and cited Target openings among transformational projects. (Q1 2026 earnings commentary; InsiderMonkey)

  • Wal‑Mart / Walmart Supercenter / Sam’s Club (WMT): Named as shadow anchors or complementary anchors in acquisitions such as Chino Spectrum Towne Center. (TheRealDeal; StockTitan reporting, 2026)

  • BevMo / BevMo!: Listed among tenants at Chino Spectrum Towne Center. (ShoppingCenterBusiness; StockTitan, 2026)

  • H‑Mart: Identified as a newly opened grocery anchor at Chino Spectrum after acquisition. (ShoppingCenterBusiness; TheRealDeal, Jan 2026)

  • King Soopers (Kroger banner): Mentioned as a highly productive grocery anchor at Broomfield Town Center in Denver. (StockTitan, 2026)

  • Nordstrom Rack (JWN): Added in redevelopment projects like the Davis Collection and cited as an anchor at Chino Spectrum. (InsiderMonkey Q4 2025; ShoppingCenterBusiness)

  • Skechers (SKX): Noted among tenants at Chino Spectrum Towne Center. (StockTitan, Mar 2026)

  • Trader Joe’s: Referenced in project-level redevelopment context such as the Davis Collection. (InsiderMonkey Q4 2025)

  • Kirkland’s (KIRK): Local store openings at BRX centers reported in press coverage (Park Shore Plaza example). (NaplesNews, 2017 archive cited)

  • Chipotle (CMG): Named as one of BRX’s top restaurant tenants within the restaurant exposure segment. (Q1 2026 earnings call transcript)

  • Darden (DRI): Cited as a top restaurant operator within BRX centers. (Q1 2026 earnings call transcript)

  • L.L.Bean: Identified as a first‑to‑portfolio tenant add during the quarter. (Q1 2026 earnings commentary)

  • Pottery Barn / Williams‑Sonoma (WSM): Added first‑to‑portfolio locations and referenced among higher‑end tenant additions. (Q1 2026 commentary)

  • Rowan: Named as a first‑to‑portfolio tenant added during the quarter. (Q1 2026 earnings call transcript)

  • Teso Life: Cited as a first‑to‑portfolio tenant added during the quarter. (Q1 2026 earnings commentary)

  • Amazon Fresh: Specifically referenced as a 2021 lease for a 38,000‑sq‑ft grocery shell tied to a development project. (TheRealDeal, Apr 2026)

  • Big Y: Included among grocers with new leases executed during the year. (Q4 2025 earnings call transcript)

  • J. Crew Factory: Named in the Davis Collection redevelopment tenant list. (Q4 2025 earnings call transcript)

  • Mendocino Farms: Included in redevelopment tenant lists for the Davis Collection. (Q4 2025 earnings transcript)

  • Urban Plates: Listed among food and service tenants in redevelopment descriptions. (Q4 2025 earnings transcript)

  • Sephora: Cited as a higher‑end tenant category with initial location additions. (Q4 2025 earnings transcript)

  • Warby Parker (WRBY): Identified as a higher‑end tenant BRX added first locations for. (Q4 2025 earnings transcript)

  • Capital Grill: Opened within a BRX project and cited as a restaurant tenant. (Q4 2025 earnings transcript)

  • Party City (PRTY): Mentioned in the context of site control and optionality during redevelopment. (Q4 2025 earnings transcript)

This list incorporates every relationship referenced in the results dataset and ties each item to the originating public filing or press coverage.

Interpreting concentration, contract posture, criticality and maturity

  • Contracting posture: BRX’s anchor base is skewed to long‑term leases (10–20 years for anchors; 5–10 for smaller tenants) which supports predictable ABR and straight‑line rent recognition (company disclosure in 2025 10‑K).
  • Concentration: Management states no single tenant or property accounted for ≥5% of consolidated revenues in 2025, which is a de‑risking signal even as a handful of national anchors (TJX, Kroger, Burlington) collectively represent meaningful ABR.
  • Criticality: Grocery and off‑price anchors drive foot traffic and cash flow; grocery anchors like Kroger, Publix and Trader Joe’s are operationally critical to center performance.
  • Maturity: Portfolio occupancy is high (95.1% overall), and the company is in an active development/re‑tenanting phase with a meaningful redevelopment pipeline referenced in earnings commentary.

Bottom line for investors

  • Durable cash flow is supported by long anchor lease terms and a diversified roster of national grocers and value retailers.
  • Upside exists from redevelopment and densification projects that add first‑to‑portfolio locations (Ulta, Williams‑Sonoma, Nordstrom Rack).
  • Key monitoring points: execution of redevelopment pipeline, lease rollover timing for major anchors, and how acquisition/disposition activity (e.g., Westchester Square sale) affects portfolio composition.

For data products and deeper customer‑level mapping on BRX and peers, visit https://nullexposure.com/.

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