A Business at a Glance
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Brixmor Property Group Inc.
BRX
$10.0B
Mkt Cap
$32.44
+1.47%
Brixmor Property Group Inc. (BRX) has a current P/E ratio of 26.0, compared to its historical median P/E of 19.2. The stock is currently considered Expensive based on its historical valuation range.
Brixmor Property Group Inc. (BRX) has a 5-year average return on invested capital (ROIC) of 9.1%. This is below average and may indicate limited pricing power.
Brixmor Property Group Inc. (BRX) has a market capitalization of $10.0B. It is classified as a mid-cap stock.
Yes, Brixmor Property Group Inc. (BRX) pays a dividend with a trailing twelve-month yield of 3.61%.
Based on historical P/E analysis, Brixmor Property Group Inc. (BRX) appears expensive. The current P/E of 26.0 is 35% above its historical median of 19.2. The estimated fair value CAGR (P/E method) is 6.7%.
Brixmor Property Group Inc. (BRX) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Brixmor Property Group Inc. (BRX) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Brixmor Property Group is an internally-managed REIT that owns and operates one of the largest publicly traded open-air retail portfolios in the United States, comprising 348 shopping centers with approximately 63 million square feet of gross leasable area as of December 31, 2025. The portfolio is primarily composed of grocery-anchored community and neighborhood shopping centers located in established trade areas within the top 50 Core-Based Statistical Areas, with 81% of annualized base rent derived from grocery-anchored centers and 72% of ABR in top 50 U.S. CBSAs. The company's shopping centers are anchored by non-discretionary and value-oriented retailers as well as consumer-oriented service providers, with no single tenant accounting for more than 5% of consolidated revenues. Brixmor generates revenue through base rent from long-term leases, with an average annualized base rent per square foot of $18.77 as of year-end 2025, and operates with a leased occupancy rate of 95.1% and billed occupancy of 91.6%. The company's business model emphasizes disciplined capital allocation, including selective acquisitions of value-add assets, disposition of lower-growth properties, and reinvestment in redevelopment projects that enhance tenant quality and drive rent growth, supported by a flexible balance sheet with $1.6 billion of available liquidity.
【Strong rent commencement momentum】 Management expects significant tailwinds from the stacking of 2025 rent commencements and a substantial signed-but-not-yet-commenced pipeline, with approximately $38 million anticipated to commence ratably throughout 2026. Base rent growth is expected to accelerate as the year progresses, with more than 450 basis points of expected base rent contribution to same-property NOI growth. The company anticipates occupancy headwinds in the second quarter due to anticipated box recaptures, but expects to return to a growth trajectory in the second half of 2026. Management remains disciplined in capital allocation, focused on acquiring assets where the platform can create value and that are accretive to long-term growth, while continuing to recycle capital into higher-growth opportunities and reinvestment projects that deliver compelling returns.
| Metric | Target | Period |
|---|---|---|
| Same-property NOI growth | 4.75%-5.5% | FY2026 |
| FFO per share | $2.34-$2.37 | FY2026 |
| Revenues deemed uncollectible | 75 to 100 basis points of total revenues | FY2026 |
| Signed-but-not-commenced ABR commencements | approximately $38 million | FY2026 |
Same-property NOI growth (FY2026): “we increased our same-property NOI growth guidance to 4.75%-5.5%”
FFO per share (FY2026): “our FFO guidance to $2.34-$2.37 per share”
Revenues deemed uncollectible (FY2026): “we continue to expect revenues deemed uncollectible of 75 to 100 basis points of total revenues”
Signed-but-not-commenced ABR commencements (FY2026): “We anticipate approximately $38 million of that signed-but-not-commenced ABR to commence ratably throughout 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.4B | 1.3B | 1.2B | 1.2B | 1.1B |
| Net Income | 444M | 386M | 339M | 305M | 354M | 269M |
| EPS | $1.45 | $1.25 | $1.11 | $1.01 | $1.17 | $0.90 |
| Free Cash Flow | 246M | 231M | 331M | 587M | 157M | 293M |
| ROIC | 0.0% | 7.6% | 8.6% | 9.8% | 10.4% | 9.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.81 | 1.83 | 1.79 | 0.72 | 0.84 | 1.03 |
| Dividends/Share | $0.00 | $1.17 | $1.11 | $1.05 | $0.98 | $0.89 |
| Operating Income | 0 | 614M | 558M | 498M | 549M | 465M |
| Operating Margin | 0.0% | 44.8% | 43.5% | 40.1% | 45.1% | 40.6% |
| ROE | 14.6% | 12.9% | 11.6% | 10.7% | 12.7% | 10.0% |
| Shares Outstanding | 307M | 309M | 306M | 302M | 303M | 299M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.2B | 1.3B | 1.3B | 1.3B | 1.2B | 1.2B | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.4B | 1.4B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 80M | 98M | 92M | 92M | 94M | 102M | 98M | 105M | 117M | 117M | 116M | 113M | 113M |
| EBIT | 356M | 443M | 505M | 529M | 584M | 467M | 325M | 465M | 549M | 498M | 558M | 614M | 0 |
| Op. Margin | 28.8% | 35.0% | 39.6% | 41.3% | 47.3% | 40.0% | 30.9% | 40.6% | 45.1% | 40.1% | 43.5% | 44.8% | 0.0% |
| Net Income | 89M | 194M | 275M | 300M | 366M | 275M | 121M | 269M | 354M | 305M | 339M | 386M | 444M |
| Net Margin | 7.2% | 15.3% | 21.6% | 23.4% | 29.7% | 23.6% | 11.5% | 23.5% | 29.1% | 24.5% | 26.4% | 28.2% | 32.0% |
| Non-Recurring | 0 | 1.0M | 5.2M | 40M | 53M | 24M | 20M | 1.9M | 5.7M | 18M | 11M | 20M | 20M |
| Returns on Capital | |||||||||||||
| ROIC | 4.0% | 4.9% | 7.2% | 9.5% | 10.4% | 8.8% | 6.3% | 9.2% | 10.4% | 9.8% | 8.6% | 7.6% | 0.0% |
| ROE | 3.4% | 6.7% | 9.5% | 10.3% | 12.8% | 9.8% | 4.5% | 10.0% | 12.7% | 10.7% | 11.6% | 12.9% | 14.6% |
| ROA | 0.9% | 2.0% | 2.9% | 3.3% | 4.2% | 3.4% | 1.5% | 3.2% | 4.2% | 3.6% | 3.9% | 4.3% | 4.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 479M | 524M | 567M | 552M | 542M | 529M | 443M | 552M | 566M | 589M | 625M | 652M | 663M |
| Free Cash Flow | 479M | 472M | 521M | 361M | 500M | 482M | 410M | 293M | 157M | 587M | 331M | 231M | 246M |
| Owner Earnings | 27M | 83M | 169M | 166M | 180M | 184M | 97M | 208M | 198M | 206M | 225M | 219M | 233M |
| CapEx | 0 | 52M | 47M | 190M | 42M | 47M | 33M | 259M | 410M | 2.3M | 294M | 421M | 417M |
| Maint. CapEx | 442M | 418M | 387M | 375M | 352M | 332M | 336M | 327M | 345M | 362M | 381M | 415M | 415M |
| Growth CapEx | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65M | 0 | 0 | 5.7M | 2.9M |
| D&A | 442M | 418M | 387M | 375M | 352M | 332M | 336M | 327M | 345M | 362M | 381M | 415M | 415M |
| CapEx/OCF | N/A | 9.8% | 8.3% | 34.5% | 3.2% | 15.1% | 0.8% | 46.9% | 72.3% | 0.4% | 47.0% | 64.5% | 63.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 173M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 5.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 5.9M | 105M | 15M | 25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.0% | 0.1% | 0.2% | 3.3% | 0.3% | 0.7% | N/A | N/A | 5.0% | N/A | N/A | 0.0% |
| Stock-Based Comp | 9.5M | 23M | 12M | 10M | 9.4M | 13M | 11M | 17M | 23M | 21M | 18M | 18M | 16M |
| Debt Repayment | 0 | 0 | 0 | 0 | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 5.9B | 5.9B | 2.2B | 2.9B | 2.5B | 2.4B | 2.2B | 2.5B | 2.4B | 2.0B | 4.9B | 5.1B | 5.2B |
| Cash & Equiv. | 61M | 70M | 51M | 57M | 42M | 19M | 369M | 297M | 16M | 866K | 378M | 334M | 344M |
| Long-Term Debt | 0 | 0 | 2.3B | 3.0B | 2.5B | 2.5B | 2.6B | 2.8B | 2.4B | 2.1B | 5.3B | 5.5B | 5.5B |
| Debt/Equity | 2.07 | 2.08 | 0.80 | 1.04 | 0.89 | 0.90 | 0.96 | 1.03 | 0.84 | 0.72 | 1.79 | 1.83 | 1.81 |
| Interest Coverage | 1.4 | 1.8 | 2.2 | 2.3 | 2.7 | 2.5 | 1.6 | 2.4 | 2.9 | 2.6 | 2.6 | 2.7 | 2.7 |
| Equity | 2.9B | 2.9B | 2.9B | 2.9B | 2.8B | 2.7B | 2.7B | 2.7B | 2.9B | 2.9B | 3.0B | 3.0B | 3.0B |
| Total Assets | 9.7B | 9.5B | 9.3B | 9.2B | 8.2B | 8.1B | 8.3B | 8.4B | 8.4B | 8.3B | 8.9B | 9.1B | 9.1B |
| Total Liabilities | 6.7B | 6.6B | 6.4B | 6.2B | 5.4B | 5.4B | 5.7B | 5.7B | 5.6B | 5.5B | 5.9B | 6.1B | 6.1B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 679M | 603M | 554M | 569M | 520M | 537M | 494M | 495M | 535M | 549M | 585M | 628M | 570M |
| Per Share Data | |||||||||||||
| EPS | 0.36 | 0.65 | 0.91 | 0.98 | 1.21 | 0.92 | 0.41 | 0.90 | 1.17 | 1.01 | 1.11 | 1.25 | 1.45 |
| Owner EPS | 0.11 | 0.28 | 0.56 | 0.54 | 0.59 | 0.61 | 0.33 | 0.69 | 0.65 | 0.68 | 0.74 | 0.71 | 0.76 |
| Book Value | 11.76 | 9.64 | 9.66 | 9.49 | 9.37 | 9.19 | 9.10 | 9.08 | 9.46 | 9.44 | 9.76 | 9.74 | 9.90 |
| Cash Flow/Share | 1.94 | 1.76 | 1.87 | 1.80 | 1.79 | 1.77 | 1.50 | 1.84 | 1.87 | 1.95 | 2.04 | 2.11 | 2.80 |
| Dividends/Share | 0.83 | 0.92 | 1.00 | 1.06 | 1.11 | 1.13 | 0.50 | 0.89 | 0.98 | 1.05 | 1.11 | 1.17 | 0.00 |
| Shares Out. | 246.8M | 297.8M | 302.7M | 306.4M | 302.7M | 298.7M | 294.5M | 299.4M | 302.7M | 302.1M | 305.7M | 309.0M | 306.8M |
| Valuation | |||||||||||||
| P/E Ratio | 40.5 | 23.9 | 16.5 | 12.4 | 8.6 | 17.6 | 31.6 | 22.8 | 16.3 | 21.2 | 23.5 | 20.8 | 22.4 |
| P/FCF | 7.5 | 9.8 | 8.7 | 10.3 | 6.3 | 10.0 | 9.3 | 21.0 | 36.9 | 11.0 | 24.1 | 34.7 | 40.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 21.6 | N/A |
| Price/Book | 1.2 | 1.6 | 1.6 | 1.3 | 1.1 | 1.8 | 1.4 | 2.3 | 2.0 | 2.3 | 2.7 | 2.7 | 3.3 |
| Price/Sales | 2.6 | 3.5 | 3.8 | 3.1 | 2.7 | 3.5 | 3.0 | 4.6 | 4.8 | 4.7 | 5.5 | 5.8 | 7.2 |
| FCF Yield | 13.3% | 10.2% | 11.4% | 9.7% | 15.9% | 10.0% | 10.7% | 4.8% | 2.7% | 9.1% | 4.1% | 2.9% | 2.5% |
| Market Cap | 3.6B | 4.6B | 4.5B | 3.7B | 3.2B | 4.8B | 3.8B | 6.2B | 5.8B | 6.5B | 8.0B | 8.0B | 10.0B |
| Avg. Price | 12.92 | 14.76 | 15.93 | 12.91 | 11.16 | 13.80 | 10.84 | 17.82 | 19.44 | 19.27 | 23.07 | 25.57 | 32.44 |
| Year-End Price | 14.58 | 15.52 | 15.02 | 12.19 | 10.42 | 16.15 | 12.97 | 20.55 | 19.12 | 21.41 | 26.09 | 25.99 | 32.44 |
Brixmor Property Group Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Brixmor Property Group Inc. trades at 26.0x trailing earnings, compared to its 15-year median P/E of 19.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 15.7x vs a median of 10.7x. The company's 5-year average ROIC is 9.1%. Total shareholder yield (dividends) is 3.6%. At current prices, the estimated annualized return to fair value is -0.0%.
Brixmor Property Group Inc. (BRX) has a net profit margin of 28.2%. This is a strong margin indicating high profitability.
Brixmor Property Group Inc. (BRX) generated $231 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Brixmor Property Group Inc. (BRX) has a debt-to-equity ratio of 1.83. This indicates higher leverage, which may increase financial risk.
Brixmor Property Group Inc. (BRX) reported earnings per share (EPS) of $1.25 in its most recent fiscal year.
Brixmor Property Group Inc. (BRX) has a return on equity (ROE) of 12.9%. This indicates moderate shareholder returns.
The Ledger Terminal provides 14 years of financial data for Brixmor Property Group Inc. (BRX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Brixmor Property Group Inc. (BRX) has a book value per share of $9.74, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects significant tailwinds from the stacking of 2025 rent commencements and a substantial signed-but-not-yet-commenced pipeline, with approximately $38 million anticipated to commence ratably throughout 2026. Base rent growth is expected to accelerate as the year progresses, with more than 450 basis points of expected base rent contribution to same-property NOI growth. The company anticipates occupancy headwinds in the second quarter due to anticipated box recaptures, but expects to return to a growth trajectory in the second half of 2026. Management remains disciplined in capital allocation, focused on acquiring assets where the platform can create value and that are accretive to long-term growth, while continuing to recycle capital into higher-growth opportunities and reinvestment projects that deliver compelling returns.
Based on recent SEC filings and earnings calls, Brixmor Property Group Inc. (BRX) has provided the following forward guidance: Same-property NOI growth: 4.75%-5.5% (FY2026); FFO per share: $2.34-$2.37 (FY2026); Revenues deemed uncollectible: 75 to 100 basis points of total revenues (FY2026); Signed-but-not-commenced ABR commencements: approximately $38 million (FY2026).