One-glance verdict
Within fair range
$33.17 our estimate vs market $30.26
Wall Street consensus: $33.37 (0.6% higher than our fair-value estimate)
9% below our estimate
Fundamentals snapshot
Brixmor Property Group Inc.
BRX · NYQ · Real Estate · REIT - Retail
Current price
$30.26
52-week range
$24.66 - $32.86
Market cap
$9.29B
Balance sheet
Stretched
2.24x Stretched
Net debt $5.21B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 6.7% last year.
- Reward Returns 14.2% on equity, ahead of 83% of its peers.
- Risk Forward P/E (27.6x) is higher than trailing (21.9x) - earnings are expected to drop.
- Risk Net debt grew 2.8% over 3 years.
What this company does
Brixmor Property Group Inc.
Brixmor Property Group owns and runs lots of outdoor shopping malls across the country. Their main income comes from collecting rent from all the different stores inside these malls, much like a landlord. This matters because it means their earnings are usually pretty predictable, as most leases are for multiple years.
How the company got here
Brixmor Property Group was established in 2011, emerging from a portfolio of shopping centers previously owned by Centro Properties Group. It became a publicly traded company in 2013 after an initial public offering. The company's history includes a period of accounting scrutiny and a leadership change in 2015, followed by a renewed focus on leasing, redevelopment, and improving the quality of its properties. The Blackstone Group, a private equity firm, was instrumental in acquiring and rebranding the assets that formed Brixmor before selling its stake in 2016. Brixmor's strategy has centered on growing cash flow from its existing real estate rather than aggressive expansion.
What it actually does
Brixmor Property Group owns and operates open-air shopping centers across the United States. Think of them as the landlords for many of the stores you visit regularly, especially those in neighborhood and community centers. They lease out space to a variety of retailers, from large national chains to smaller local businesses. Brixmor's main job is to maintain these properties, attract and keep good tenants (the businesses that rent the stores), and ensure the centers are attractive and functional for shoppers. They make money primarily by collecting rent from these retail tenants.
Shopping Centers
This is Brixmor's core business. They own and manage a large collection of open-air shopping centers, which are essentially outdoor malls or strip malls. These centers are often anchored by grocery stores or other essential retailers that draw consistent foot traffic, meaning lots of people visiting regularly. Brixmor leases out the individual store spaces within these centers to a wide range of businesses, including supermarkets, pharmacies, clothing stores, restaurants, and service providers like gyms or salons. The revenue from these leases is the primary source of income for Brixmor. As of late 2024, Brixmor owned around 360 shopping centers totaling about 64 million square feet of retail space.
What management is betting on now
Brixmor's management is focused on maximizing the value of its existing shopping center portfolio. A key strategy is 'reinvestment,' which involves making improvements and upgrades to their properties. This can include redeveloping parts of the centers to attract new, in-demand tenants or enhancing the overall shopping experience. By strategically investing in their centers, Brixmor aims to increase the rent they can charge (known as 'rent growth') and keep their properties well-occupied. They are also focused on acquiring complementary properties that fit their strategy and enhance their presence in key markets, aiming for steady, long-term growth in their net operating income (the profit generated from their properties after operating expenses).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
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Net income
$87.75M
Diluted EPS
0.28
Operating cash flow
$171.10M
Free cash flow
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Sources
Revenue
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Net income
$73.51M
Diluted EPS
0.24
Operating cash flow
$203.68M
Free cash flow
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Sources
Revenue
—
Net income
$127.75M
Diluted EPS
0.41
Operating cash flow
$141.18M
Free cash flow
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Sources
Revenue
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Net income
$137.12M
Diluted EPS
0.43
Operating cash flow
$172.20M
Free cash flow
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Sources
Revenue
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Net income
$94.23M
Diluted EPS
0.31
Operating cash flow
$168.27M
Free cash flow
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Sources
Revenue
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Net income
$85.14M
Diluted EPS
0.28
Operating cash flow
$181.45M
Free cash flow
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Sources
Revenue
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Net income
$69.73M
Diluted EPS
0.23
Operating cash flow
$130.09M
Free cash flow
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Sources
Revenue
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Net income
$83.40M
Diluted EPS
0.27
Operating cash flow
$155.17M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $33.17 vs current price $30.26
Wall Street consensus is the average analyst price target: $33.37 (0.6% higher than our fair-value estimate).
Our most-likely fair value is $33.17 a share — about 9.6% away from today's price of $30.26, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $5.2B. Interest coverage 2.2x.
Net debt
$5.21B
Interest coverage
2.24x
Brixmor Property Group Inc.'s profit covers its interest bill about 2.2 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
BRX
BASELINE
Brixmor Property Group Inc.
Total debt $5.38B Interest coverage 2.24x This is the baseline the peer rows are being compared against.
Total debt $8.59B Interest coverage 2.17x -3% vs BRX Has roughly the same debt cushion as BRX.
Total debt $5.13B Interest coverage 2.82x +26% vs BRX Carries about 1.3x more debt cushion than BRX.
Total debt $4.97B Interest coverage 2.50x +12% vs BRX Has roughly the same debt cushion as BRX.
Total debt $2.52B Interest coverage 1.93x -14% vs BRX Has roughly the same debt cushion as BRX.
Total debt $2.84B Interest coverage 1.47x -34% vs BRX Carries about 1.5x less debt cushion than BRX.
What you should know
The case for and against BRX
3 Rewards
2 Risks
Rewards
-
Revenue grew 6.7% last year.
-
Returns 14.2% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Forward P/E (27.6x) is higher than trailing (21.9x) - earnings are expected to drop.
-
Net debt grew 2.8% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
21.93x
Forward P/E
27.55x
P/B
3.08x
P/S
6.53x
EV/EBITDA
15.41x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
75.3%
Operating margin
37.5%
Net margin
30.0%
ROE
14.2%
ROA
3.7%
Health
Liquidity and balance-sheet strength
Debt / equity
1.76x
Current ratio
0.60x
Quick ratio
0.58x
Total debt
$5.38B
Total cash
$164.43M
Growth
How the business has been compounding
Revenue TTM
$1.42B
Revenue 5Y CAGR
4.0%
EPS TTM
1.38
EPS 5Y CAGR
2.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$688.16M
Free CF TTM
$652.01M
FCF margin
45.8%
Dividend
Shareholder payout
Yield
4.4%
Payout ratio
89.1%
Last ex-div date
2027-01-05