Download PDF

1. Company Snapshot

1.a. Company Description


Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness.">

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 established trade areas.The Company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers.


Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness.

Show Full description

1.b. Last Insights on BRX

Brixmor Property Group's recent performance is driven by favorable market conditions, including limited retail real estate supply and strong rent growth. The company's strategic acquisitions have been accretive, fueling robust FFO and NOI expansion. Additionally, Brixmor has successfully backfilled vacated spaces with higher-quality tenants at significantly higher rents, boosting NOI and value. Its resilient grocery-anchored portfolio and strong leasing activity have positioned the company for ongoing growth, supported by a solid balance sheet and secure 4.3% dividend yield.

1.c. Company Highlights

2. Brixmor Property Group's Q3 2025 Earnings: Strong Leasing and Reinvestment Drive Growth

Brixmor Property Group reported a robust financial performance in Q3 2025, with NAREIT FFO of $0.56 per share, in line with expectations. The company's same-property NOI growth was 4%, driven by a record $22 million of new ABR commenced during the quarter. Revenues were bolstered by collectible revenue contributing 80 basis points to growth. The earnings release highlighted the company's strong leasing activity, with 1.5 million square feet of new and renewal leases executed at a blended cash spread of 18%.

Publication Date: Nov -02

📋 Highlights
  • Outstanding Leasing Performance: Executed 1.5M sq ft of new/renewal leases at 18% blended cash spread, with new leases at a record $25.85/sq ft and small shop occupancy hitting 91.4%.
  • Value-Enhancing Reinvestment: Stabilized 8 projects totaling $46M at 11% average incremental yield, including a second Publix project in Hilton Head, SC.
  • Strategic Acquisition & Liquidity: Closed $223M LaCenterra acquisition; $1.6B liquidity ($400M from 2025 bond issuance) funds growth, alongside a 7% dividend increase to $1.23/share.
  • Strong ABR & Pipeline Growth: Commenced record $22M ABR and executed $16M in new leases; $60M signed pipeline at $22.30/sq ft (21% above portfolio average), with 80% expected to commence by 2026.
  • Improved Credit & Guidance: Reduced exposure to high-risk tenants (e.g., Big Lots), maintained strong tenant credit quality; updated FFO guidance to $2.23–$2.25/share, with 4% same-property NOI growth.

Leasing and Reinvestment

The company's leasing results were a key highlight, with new leases signed at a record rate of $25.85 per square foot. Small shop occupancy hit a record 91.4%, with further room to grow as the reinvestment program continues. The signed, but not yet commenced pipeline remains above $60 million, despite commencing a record $22 million of ABR during the quarter. Steven Gallagher noted that the blended annualized rent per square foot on the signed, but not yet commenced pool is $22.30 per square foot, approximately 21% above the portfolio average.

Acquisition and Disposition Strategy

Brixmor continued to execute on its acquisition strategy, closing on the $223 million acquisition of LaCenterra at Cinco Ranch in suburban Houston. Mark Horgan, Executive Vice President and Chief Investment Officer, discussed the opportunity set for future acquisitions, noting that the market remains competitive and that the company is seeing new entrants and capital seeking exposure to open-air retail. The company will continue to sell assets that have maximized value and reinvest in places with more compelling growth opportunities.

Valuation and Outlook

With a P/E Ratio of 24.17 and a Dividend Yield of 4.4%, the market appears to be pricing in a relatively stable growth profile for Brixmor. Analysts estimate next year's revenue growth at 4.7%, which is slightly higher than the company's historical growth rate. Given the company's strong leasing activity and reinvestment program, it is well-positioned to drive future growth. The company's ROE of 11.22% and ROIC of 71.91% indicate a strong ability to generate returns on equity and invested capital.

Future Prospects

Brian Finnegan expressed optimism about the leasing environment, noting that the pipeline today is higher than it was a year ago despite the fact that the company has signed 10% more in GLA this year. The company has a long-standing relationship with Publix and has completed several redevelopment projects with them, with a pipeline of future projects expected to drive further growth. The company's focus on driving high unlevered IRRs and its willingness to consider lower-yielding assets with significant value-add opportunities should continue to drive growth.

3. NewsRoom

Card image cap

Doves Take The Wheel

Nov -30

Source: seekingalpha.com

Card image cap

Ceredex Value Advisors LLC Has $11.61 Million Position in Brixmor Property Group Inc. $BRX

Nov -29

Source: defenseworld.net

Card image cap

BRIXMOR PROPERTY GROUP PROVIDES CEO UPDATE

Nov -24

Source: prnewswire.com

Card image cap

Hawks In The House

Nov -16

Source: seekingalpha.com

Card image cap

Shopping Center REITs Arbitrage Public To Private Asset Pricing Spread

Nov -05

Source: seekingalpha.com

Card image cap

Brixmor Property Group Inc. $BRX Stock Position Decreased by Cwm LLC

Nov -01

Source: defenseworld.net

Card image cap

Brixmor: New Leases Driving Acceleration In Results

Oct -31

Source: seekingalpha.com

Card image cap

Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Brixmor Property Group Inc. $BRX

Oct -30

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Rental

Expected Growth: 4.83%

Brixmor Property Group Inc.'s 4.83% rental growth is driven by increasing demand for retail space, strategic property renovations, and effective lease negotiations. Additionally, the company's focus on omni-channel retailing, experiential retail, and essential retail categories has attracted high-quality tenants, contributing to rental income growth.

Other

Expected Growth: 4.83%

Brixmor Property Group's 4.83% growth is driven by increasing same-property net operating income, strategic acquisitions, and redevelopment of existing assets. Additionally, the company's focus on grocery-anchored centers and strong relationships with national retailers contribute to its growth. Effective cost management and a solid balance sheet also support its expansion.

7. Detailed Products

Retail Properties

Brixmor Property Group Inc. owns and operates a diverse portfolio of retail properties, including shopping centers, strip centers, and mixed-use developments.

Grocery-Anchored Centers

Brixmor's portfolio includes grocery-anchored centers, featuring leading grocery store chains as anchors, surrounded by a mix of retail, dining, and service providers.

Power Centers

Brixmor's power centers feature a mix of big-box retailers, restaurants, and entertainment options, drawing large crowds and driving foot traffic.

Mixed-Use Developments

Brixmor develops and operates mixed-use projects, combining retail, office, residential, and entertainment spaces, creating vibrant, walkable communities.

Property Management Services

Brixmor offers comprehensive property management services, including leasing, marketing, and operational support, to optimize property performance.

Development and Redevelopment Services

Brixmor's development and redevelopment services focus on revitalizing and repositioning properties, enhancing their value and appeal.

8. Brixmor Property Group Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Brixmor Property Group Inc. operates in the retail real estate industry, where substitutes are limited. However, the rise of e-commerce and changing consumer behavior pose a moderate threat to the company's business model.

Bargaining Power Of Customers

As a real estate investment trust (REIT), Brixmor Property Group Inc. has a diversified tenant base, which reduces the bargaining power of individual customers. Additionally, the company's properties are primarily located in suburban areas, which limits the negotiating power of tenants.

Bargaining Power Of Suppliers

Brixmor Property Group Inc. has a diverse supplier base, which reduces the bargaining power of individual suppliers. The company's scale and size also give it negotiating power in procurement.

Threat Of New Entrants

The barriers to entry in the retail real estate industry are relatively high, given the significant capital requirements and regulatory hurdles. This limits the threat of new entrants to Brixmor Property Group Inc.'s business.

Intensity Of Rivalry

The retail real estate industry is highly competitive, with several large REITs and private companies competing for tenants and market share. Brixmor Property Group Inc. faces intense competition from peers such as Simon Property Group and Realty Income.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 63.38%
Debt Cost 3.98%
Equity Weight 36.62%
Equity Cost 11.51%
WACC 6.74%
Leverage 173.09%

11. Quality Control: Brixmor Property Group Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Brixmor Property Group

A-Score: 6.6/10

Value: 4.2

Growth: 5.2

Quality: 7.9

Yield: 8.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Regency Centers

A-Score: 6.2/10

Value: 2.9

Growth: 4.3

Quality: 6.7

Yield: 8.0

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Agree Realty

A-Score: 5.9/10

Value: 2.8

Growth: 4.8

Quality: 6.7

Yield: 7.0

Momentum: 4.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Kite Realty Trust

A-Score: 5.8/10

Value: 4.1

Growth: 5.9

Quality: 4.8

Yield: 8.0

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Tanger Factory Outlet

A-Score: 5.8/10

Value: 2.6

Growth: 4.6

Quality: 6.6

Yield: 7.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Kimco Realty

A-Score: 5.7/10

Value: 3.3

Growth: 3.3

Quality: 6.5

Yield: 8.0

Momentum: 4.0

Volatility: 9.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

25.19$

Current Price

25.19$

Potential

-0.00%

Expected Cash-Flows