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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.

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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's Strong Q4 2025 Earnings: A Reflection of Operational Excellence

Brixmor Property Group's fourth quarter 2025 earnings report was impressive, with same-property NOI growth of 4.2% for the year and FFO per share of $2.25, up 5.6% year-over-year. The company's actual EPS came out at $0.58, beating estimates of $0.57. The strong performance was driven by a combination of factors, including a robust tenant lineup, disciplined execution, and a balance sheet in its strongest position ever. The company's guidance for 2026 is equally optimistic, with expected same-property NOI growth of 4.5% to 5.5%, driven by over 450 basis points of expected base rent contribution.

Publication Date: Feb -15

📋 Highlights
  • Strong NOI & FFO Growth: Achieved 4.2% same-property NOI growth and $2.25 FFO/share (up 5.6% YoY) in 2025.
  • 2026 Guidance: Targeting 4.5–5.5% same-store NOI growth and $2.33–$2.37 NAREIT FFO/share (4.4% growth at midpoint).
  • Capital Recycling: $420M in acquisitions and $170M in dispositions in 2025, with bad debt guidance at 75–100 bps (upgraded portfolio quality).
  • Balanced Balance Sheet: Net debt/EBITDA of 5.4x (strongest position ever) and 14% lower CapEx (down to record low levels).

Operational Highlights

The company's operational performance was a key driver of its strong earnings report. Brixmor's management team has been focused on reinvesting in and aggressively operating its assets, which is expected to drive growth. The company has taken a more aggressive approach to term fees, which contributed to Q4 results, and expects to continue being opportunistic in this area. As CEO Brian Finnegan noted, the company's portfolio transformation and disciplined execution position it well for growth.

Growth Prospects

Brixmor is well-positioned for growth, with a growing pipeline and a focus on creating outsized value. The company is focused on finding assets within its footprint where it can drive outsized ROIC opportunities, and recent acquisitions, such as the Lifestyle Center in Houston and Chino in LA, fit this strategy. The company's disposition pipeline is also seeing strong demand, allowing it to exit assets at better-than-expected cap rates and recycle proceeds into accretive redevelopment projects or acquisitions.

Valuation

Based on the current stock price, the company's P/E Ratio is 23.3, and the P/B Ratio is 2.99. The EV/EBITDA ratio is 9.17, indicating a relatively reasonable valuation. The Dividend Yield is 3.99%, making it an attractive income-generating stock. With a Net Debt to EBITDA of -0.35, the company's balance sheet is positioned well, providing flexibility for future growth opportunities.

Outlook

Analysts estimate next year's revenue growth at 4.1%, which is slightly lower than the company's expected same-property NOI growth. The company's bad debt outlook for this year is favorable, with limited exposure to pharmacies or theaters, and trends show no uptick in delinquencies or move-outs. With a strong operational performance, a solid balance sheet, and a focus on creating value, Brixmor is well-positioned for continued success.

3. NewsRoom

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Serotonin Centers Opens Naperville Location at Block 59, Marking Brand's Entry into the Chicago Market

Feb -12

Source: globenewswire.com

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Brixmor Property Group Inc. (BRX) Q4 2025 Earnings Call Transcript

Feb -10

Source: seekingalpha.com

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Brixmor (BRX) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates

Feb -09

Source: zacks.com

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Brixmor Property (BRX) Q4 FFO and Revenues Top Estimates

Feb -09

Source: zacks.com

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BRIXMOR PROPERTY GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Feb -09

Source: prnewswire.com

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Property Type Round-Up From REITWorld 2025

Feb -03

Source: seekingalpha.com

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BRIXMOR PROPERTY GROUP ANNOUNCES TAX REPORTING INFORMATION FOR 2025 DISTRIBUTIONS

Jan -20

Source: prnewswire.com

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Brixmor Property: Buy While Market Is Overlooking Robust Growth

Jan -13

Source: seekingalpha.com

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: 6.4/10

Value: 4.1

Growth: 5.1

Quality: 7.7

Yield: 8.0

Momentum: 4.0

Volatility: 9.7

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Kite Realty Trust

A-Score: 6.2/10

Value: 5.1

Growth: 5.8

Quality: 5.9

Yield: 8.0

Momentum: 3.5

Volatility: 9.0

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Regency Centers

A-Score: 6.2/10

Value: 3.0

Growth: 4.3

Quality: 6.8

Yield: 8.0

Momentum: 5.0

Volatility: 10.0

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Agree Realty

A-Score: 6.2/10

Value: 3.0

Growth: 4.7

Quality: 6.9

Yield: 7.0

Momentum: 5.5

Volatility: 10.0

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Tanger Factory Outlet

A-Score: 5.8/10

Value: 2.6

Growth: 4.7

Quality: 6.7

Yield: 7.0

Momentum: 5.0

Volatility: 9.0

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Kimco Realty

A-Score: 5.6/10

Value: 4.0

Growth: 3.3

Quality: 6.0

Yield: 8.0

Momentum: 3.0

Volatility: 9.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

29.29$

Current Price

29.29$

Potential

-0.00%

Expected Cash-Flows