Brixmor Property Group (BRX)
NYSE:BRX
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Brixmor Property
(NYSE:BRX)
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Rating:75Outperform
Price Target:
$34.00
â–²(9.96% Upside)
Action:Reiterated
Date:05/06/26
BRX scores well on fundamentals and recent operating momentum, led by strong margins/cash generation and a positive earnings call with raised 2026 guidance. The score is tempered by elevated leverage for a retail REIT and a mixed near-term technical picture despite a constructive longer-term trend; valuation and dividend support the overall profile.
Positive Factors
Cash Generation
Consistent, rising operating cash flow demonstrates durable internal funding for dividends, reinvestment and debt service. With OCF roughly matching FCF and coverage near ~1.06x in recent periods, the company has structural cash-generative capacity to support operations and strategic projects over coming quarters.
Negative Factors
Elevated Leverage
Meaningful leverage increases refinancing and interest-rate sensitivity for a retail REIT. High debt metrics amplify earnings volatility and constrain financial flexibility for acquisitions or opportunistic investments, making the company more exposed to higher rates or tighter credit conditions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistent, rising operating cash flow demonstrates durable internal funding for dividends, reinvestment and debt service. With OCF roughly matching FCF and coverage near ~1.06x in recent periods, the company has structural cash-generative capacity to support operations and strategic projects over coming quarters.
Read all positive factors
Brixmor Property (BRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.21B
Dividend Yield4.41%
Average Volume (3M)2.47M
Price to Earnings (P/E)17.3
Beta (1Y)0.60
Revenue Growth5.92%
EPS Growth37.44%
CountryUS
Employees453
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.46
Shares Outstanding306,836,600
10 Day Avg. Volume2,386,110
30 Day Avg. Volume2,471,050
Financial Highlights & Ratios
PEG Ratio1.67
Price to Book (P/B)2.68
Price to Sales (P/S)5.87
P/FCF Ratio12.35
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue10.46
Enterprise Value/Gross Profit17.40
Enterprise Value/Ebitda13.30
Forecast
1Y Price Target
$33.15Price Target Upside7.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)1.07
Revenue Forecast (FY)$1.43B
Brixmor Property Business Overview & Revenue Model
Company Description
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 395 retail centers comprise approximately 69 million square feet of prime retail space in esta...
How the Company Makes Money
Brixmor primarily makes money by leasing space in its open-air shopping centers to retail tenants. Its key revenue stream is rental income under commercial lease agreements, which generally includes base rent and may also include contractual rent ...
Brixmor Property Earnings Call Summary
Earnings Call Date:Apr 27, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 27, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operating and financial picture: strong same-property NOI growth (+6.4% YoY), solid FFO performance ($0.58 in Q1) and upgraded full-year guidance, robust leasing spreads (27% blended, 42% new), improving occupancy and traffic trends, and a healthy, accretive reinvestment pipeline with attractive incremental returns (9% stabilized projects, 10% pipeline avg., 16% outparcels). Near-term risks include modest Q2 occupancy headwinds from box recaptures, a timing gap between signed and commenced leases (370 bps SNOC spread) and a highly competitive acquisition market with cap rate compression. On balance, highlights materially outweigh the lowlights.Positive Updates
Same Property NOI Growth
Same property NOI increased 6.4% year-over-year in Q1, driven by base rent stacking (+410 basis points) and other income contributions (+120 basis points). Company raised full-year same property NOI guidance to 4.75%–5.5%.
Negative Updates
Anticipated Q2 Occupancy Headwinds
Management expects modest occupancy headwinds in Q2 due to a handful of anticipated box recaptures. Timing of re-leasing and downtime may create near-term volatility in occupancy despite management calling the impact 'modest.'
Read all updates
Q1-2026 Updates
Positive
Negative
Same Property NOI Growth
Same property NOI increased 6.4% year-over-year in Q1, driven by base rent stacking (+410 basis points) and other income contributions (+120 basis points). Company raised full-year same property NOI guidance to 4.75%–5.5%.
Read all positive updates
Company Guidance
Brixmor raised its 2026 outlook, increasing same‑property NOI guidance to 4.75%–5.50% and FFO guidance to $2.34–$2.37 per share (Q1 NAREIT FFO was $0.58), and reiterated revenues‑deemed‑uncollectible guidance of 75–100 bps of total revenues while noting same‑property NOI and FFO growth of roughly 5% at the midpoint; management expects base rent contribution to accelerate. Key pipeline and operating metrics: signed‑but‑not‑commenced (SNOC) pipeline of $67M (record $24/sqft, 25% above in‑place ABR) with a 370‑bp spread between leased and billed occupancy and ~ $38M of SNOC ABR expected to commence ratably in 2026. Reinvestment activity included $78M stabilized at a 9% average incremental return, an active pipeline at a ~10% average incremental return plus ~$700M in a future pipeline, and a record six outparcels at a 16% incremental return. Balance sheet actions supporting the plan: roughly $115–116M raised via forward ATM, a $100M interest hedge at 3.99%, $1.8B total available liquidity (including $425M cash and $1.25B revolver capacity) and debt/EBITDA of 5.3x.Brixmor Property Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
63
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 1.37B | 1.29B | 1.25B | 1.22B | 1.15B |
| Gross Profit | 834.77M | 1.03B | 967.94M | 925.05M | 906.28M | 854.49M |
| EBITDA | 1.09B | 1.03B | 936.67M | 858.10M | 891.35M | 792.12M |
| Net Income | 444.25M | 386.23M | 339.27M | 305.09M | 354.19M | 270.19M |
Balance Sheet | ||||||
| Total Assets | 9.10B | 9.13B | 8.91B | 8.33B | 8.44B | 8.38B |
| Cash, Cash Equivalents and Short-Term Investments | 344.41M | 361.53M | 397.92M | 20.78M | 16.49M | 296.63M |
| Total Debt | 5.68B | 5.87B | 5.34B | 4.93B | 5.08B | 5.21B |
| Total Liabilities | 6.07B | 6.12B | 5.92B | 5.48B | 5.57B | 5.66B |
| Stockholders Equity | 3.04B | 3.01B | 2.98B | 2.85B | 2.87B | 2.72B |
Cash Flow | ||||||
| Free Cash Flow | 663.11M | 652.01M | 624.69M | 588.79M | 566.38M | 552.24M |
| Operating Cash Flow | 663.11M | 652.01M | 624.69M | 588.79M | 566.38M | 552.24M |
| Investing Cash Flow | -353.39M | -452.23M | -437.02M | -163.08M | -462.45M | -331.00M |
| Financing Cash Flow | 7.42M | -216.94M | 172.12M | -428.07M | -380.41M | -293.58M |
Brixmor Property Technical Analysis
Positive
30.92
Price Trends
29.58
Positive
28.49
Positive
27.27
Positive
Market Momentum
-0.01
Positive
50.72
Neutral
44.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRX, the sentiment is Positive. The current price of 30.92 is above the 20-day moving average (MA) of 29.98, above the 50-day MA of 29.58, and above the 200-day MA of 27.27, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 50.72 is Neutral, neither overbought nor oversold. The STOCH value of 44.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BRX.
Brixmor Property Risk Analysis
Brixmor Property disclosed 32 risk factors in its most recent earnings report. Brixmor Property reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Brixmor Property Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $9.99B | 14.36 | 15.55% | 4.38% | 7.43% | 65.72% | |
75 Outperform | $9.21B | 17.30 | 14.86% | 4.41% | 5.92% | 37.44% | |
71 Outperform | $8.43B | 21.14 | 8.81% | 6.04% | 5.77% | -4.61% | |
70 Outperform | $5.55B | 38.49 | 5.05% | 3.52% | 9.06% | 59.27% | |
68 Neutral | $5.29B | 110.80 | 9.22% | 4.55% | -3.59% | 1197.42% | |
67 Neutral | $9.10B | 36.30 | 3.65% | 4.28% | 17.67% | 3.73% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
BRX
Brixmor Property
29.86
6.15
25.91%
ADC
Agree Realty
75.61
3.78
5.27%
NNN
NNN REIT
44.84
6.05
15.58%
KRG
Kite Realty Group
26.17
5.53
26.81%
FRT
Federal Realty
114.84
25.10
27.96%
PECO
Phillips Edison & Company
39.58
6.43
19.41%
Brixmor Property Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Brixmor Property Completes $400 Million Senior Notes Offering
Positive
May 5, 2026
On May 5, 2026, Brixmor Operating Partnership LP completed a $400 million offering of 5.375% senior notes due June 15, 2036, issued as unsecured, unsubordinated obligations that rank pari passu with its other unsecured debt and are not guaranteed ...
Executive/Board ChangesShareholder Meetings
Brixmor Property Stockholders Confirm Board, Auditor and Pay Practices
Positive
Apr 24, 2026
On April 22, 2026, Brixmor Property Group Inc. held its annual meeting of stockholders, at which investors elected nine directors to serve until the 2027 annual meeting, signaling continuity in the company’s board leadership and governance s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.