olivLaw · US equity research
Brixmor Property Group Inc. BRX
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Brixmor Property Group is one of the largest owners of open-air shopping centers in the United States, focused on centers anchored by grocers, which account for 81% of annualized base rent. The company runs a portfolio of 348 centers with about 63 million square feet of gross leasable area, and in 2026 it agreed to acquire Slate Grocery REIT in a transaction valued at about 2.34 billion USD.
At the close of 04 Nov 2026, Brixmor Property Group Inc. (BRX) stock was 30.23 USD (+2.79% on the day), with market capitalisation 9.3 bn USD, P/E 22.0 on diluted EPS of 1.38 USD over the last 12 months, dividend yield 4.07%, beta 0.51, 52-week range 24.67–32.69 USD. Latest reported quarter (Q3 2026): revenue of 359.6 m USD (+5.5% YoY), net income of 87.8 m USD (−6.9% YoY), diluted EPS 0.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 26.33 – 29.97
- above the upper band · %B 1.07 · band width 12.9%
- SMA 50 / 200
- 28.25 / 29.61
- mixed trend
- MACD (12, 26, 9)
- 0.44 / 0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.8% | −1.1% | +12.9 pp | — |
| 3 months | −2.2% | −0.5% | −1.8 pp | — |
| 6 months | −0.2% | +4.4% | −4.6 pp | — |
| Year to date | +15.3% | +12.3% | +3.0 pp | — |
| 1 year | +14.7% | +13.5% | +1.1 pp | +3.0% |
| 3 years | +39.1% | +76.4% | −37.4 pp | +12.5% |
| 5 years | +18.5% | +63.7% | −45.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 328.4 m | 337.5 m | 339.5 m | 340.8 m | 353.8 m | 354.8 m | 354.2 m | 359.6 m |
| Depreciation & amortisation | 103.3 m | 105.6 m | 103.3 m | 103.2 m | 102.8 m | 105.2 m | 110.3 m | 106.4 m |
| Interest expense | 55.4 m | 54.1 m | 54.4 m | 56.7 m | 59.5 m | 59.4 m | 60.9 m | 59.2 m |
| Net income | 83.4 m | 69.7 m | 85.1 m | 94.2 m | 137.1 m | 127.8 m | 73.5 m | 87.8 m |
| Diluted EPS | 0.27 ≈ | 0.23 | 0.28 | 0.31 | 0.45 ≈ | 0.41 | 0.24 | 0.28 |
| Operating cash flow | 155.2 m | 130.1 m | 181.5 m ≈ | 168.3 m ≈ | 172.2 m | 141.2 m | 203.7 m ≈ | 171.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 40-quarter history (min 10.4, median 20.9, max 53.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | −3.8% | −5.4% | −9.8% | +9.4% | +5.7% | +2.2% | +3.2% | +6.7% |
| Net income | 366.3 m | 274.8 m | 121.2 m | 270.2 m | 354.2 m | 305.1 m | 339.3 m | 386.2 m |
| Net income YoY | +21.9% | −25.0% | −55.9% | +123.0% | +31.1% | −13.9% | +11.2% | +13.8% |
| Diluted EPS | 1.21 | 0.92 | 0.41 | 0.90 | 1.17 | 1.01 | 1.11 | 1.25 |
| Diluted EPS YoY | +23.5% | −24.0% | −55.4% | +119.5% | +30.0% | −13.7% | +9.9% | +12.6% |
| net % | 29.7% | 23.5% | 11.5% | 23.4% | 29.1% | 24.5% | 26.4% | 28.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 334.4 m USD
- Financial debt
- 5.5 bn USD
- Net debt
- 5.2 bn USD
- Equity
- 3.0 bn USD
- Total assets
- 9.1 bn USD
- Debt / equity
- 1.83x
- Current ratio
- unavailable
- ROE
- 12.9%
- ROA
- 4.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 09 Feb 2026verified |
| Depreciation & amortisation | 335.6 m | 327.2 m | 344.7 m | 362.3 m | 381.4 m | 414.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Interest expense | 200.0 m | 194.8 m | 192.4 m | 190.7 m | 216.0 m | 224.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Net income | 121.2 m | 270.2 m | 354.2 m | 305.1 m | 339.3 m | 386.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Diluted EPS | 0.41 | 0.90 | 1.17 | 1.01 | 1.11 | 1.25 | SEC (XBRL)· 09 Feb 2026verified |
| Weighted average diluted shares | 297.9 m | 298.8 m | 301.7 m | 302.4 m | 304.0 m | 307.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Dividend per share | 0.50 | 0.89 | 0.98 | 1.05 | 1.11 | 1.17 | SEC (XBRL)· 09 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 368.7 m | 296.6 m | 16.5 m | 866.0 k | 377.6 m | 334.4 m | SEC (XBRL)· 09 Feb 2026verified |
| Total assets | 8.3 bn | 8.4 bn | 8.4 bn | 8.3 bn | 8.9 bn | 9.1 bn | SEC (XBRL)· 09 Feb 2026verified |
| Long-term debt | — | — | — | — | 5.3 bn | 5.5 bn | SEC (XBRL)· 09 Feb 2026verified |
| Total liabilities | 5.7 bn | 5.7 bn | 5.6 bn | 5.5 bn | 5.9 bn | 6.1 bn | SEC (XBRL)· 09 Feb 2026verified |
| Equity | 2.7 bn | 2.7 bn | 2.9 bn | 2.9 bn | 3.0 bn | 3.0 bn | SEC (XBRL)· 09 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 443.1 m | 552.2 m | 566.4 m | 588.8 m | 624.7 m | 652.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Investing cash flow | -167.2 m | -331.0 m | -462.5 m | -163.1 m | -437.0 m | -452.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | 72.7 m | -293.6 m | -380.4 m | -428.1 m | 172.1 m | -216.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Share repurchases | 25.0 m | 0 | 0 | — | — | — | SEC (XBRL)· 13 Feb 2023verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth40
- Valuation36
- Quality89
- Returns48
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.85 – 26.15 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)15.38 – 20.68 (Mid 17.64)
- Peers: P/B9.85 – 26.15 (Mid 15.68)32 companies used · median multiple 1.6x · quartiles 1.0x – 2.7xABR, ACRE, ADC, APLE, ARI, ARR, CDP, CMCT, CUBE, DLR, EPR, EPRT, ESS, EXR, FCPT, FSP, HST, IHT, ILPT, KIM, LINE, LTC, O, OLP, PINE, PLD, PSA, RYN, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 14.2% | 89 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.0% | 40 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 3.1x | 21 (vs peers) | 31% |
| P/E (TTM) · Valuation | 22.0x | 70 (vs peers) | 14% |
| Dividend yield · Returns | 4.1% | 49 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 89.4% | 44 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth40/100 · 1/1 factors with a value
- Quality· partial89/100 · 1/2 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation36/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Brixmor Property Group Inc. (BRX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 6.7%; net margin 30.0%; ROE 14.2%.
The estimated value range is 12.61–23.41 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 16.66 USD, the price of 30.23 USD leaves a potential of -44.9% (value / price − 1) and a margin of safety of -81.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 14.2%
- P/E (TTM): 22.0x
What contradicts it
- P/B: 3.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 181.9 bn | 106.2 | 4.0% | 12.7% | +35.6% | +19% / +178% |
| PLDPrologis, Inc. | 122.5 bn | 33.1 | 7.1% | 42.5% | +7.2% | +2% / +14% |
| EQIXEquinix Inc | 104.3 bn | 63.3 | 11.5% | 16.4% | +5.4% | +40% / +29% |
| AMTAmerican Tower Corporation | 90.4 bn | 27.3 | 90.6% | 30.7% | +5.1% | +7% / −7% |
| DLRDigital Realty Trust, Inc. | 65.0 bn | 48.3 | 6.2% | 21.7% | +10.0% | +15% / +33% |
| PSAPublic Storage | 64.0 bn | 34.9 | 16.0% | 37.8% | +2.7% | +25% / +32% |
| ORealty Income Corporation | 56.3 bn | 40.8 | 3.6% | 22.9% | +9.1% | +3% / +10% |
| VTRVentas, Inc. | 47.2 bn | 167.8 | 1.9% | 4.0% | +18.5% | +11% / +95% |
| CCICrown Castle Inc. | 39.2 bn | 48.6 | — | 20.1% | −4.4% | +1% / −21% |
| IRMIron Mountain Inc | 35.3 bn | 84.0 | — | 5.7% | +12.2% | +37% / +85% |
| EXRExtra Space Storage Inc. | 33.6 bn | 32.7 | 7.9% | 29.9% | +3.7% | +21% / +24% |
| VICIVICI Properties Inc. | 27.8 bn | 11.6 | 8.3% | 56.5% | +4.1% | −12% / −16% |
| VMRKVivmark Residential | 23.9 bn | 27.9 | 8.1% | — | +4.8% | +3% / +12% |
| SBACSba Communications Corporation | 20.7 bn | 21.1 | — | 34.5% | +5.1% | +1% / −21% |
| HSTHost Hotels & Resorts, Inc. | 17.9 bn | 17.5 | 15.8% | 16.5% | +7.6% | +48% / +49% |
| ESSEssex Property Trust, Inc. | 17.5 bn | 41.7 | 8.0% | 22.7% | +6.4% | +3% / +27% |
| KIMKimco Realty Corporation | 17.4 bn | 28.6 | 5.8% | 27.8% | +5.1% | +25% / +34% |
| CUBECubesmart | 10.4 bn | 32.3 | 11.8% | 28.7% | +5.3% | +23% / +15% |
| BRXBrixmor Property Group Inc. | 9.3 bn | 22.0 | 14.2% | 30.0% | +6.7% | +15% / +39% |
| ADCAgree Realty Corporation | 9.1 bn | 35.8 | 3.8% | 29.8% | +16.4% | −7% / +18% |
| LINELineage, Inc. | 8.8 bn | — | -2.0% | -3.1% | +0.3% | +8% / unavailable |
| EPRTEssential Properties Realty Trust, Inc. | 6.2 bn | 22.9 | 6.3% | 41.0% | +24.8% | −11% / +18% |
| RYNRayonier Inc. | 6.1 bn | 6.7 | 12.8% | 68.6% | −51.0% | −9% / −34% |
| EPREpr Properties | 4.7 bn | 16.8 | 12.7% | 38.8% | +2.9% | +16% / +36% |
| APLEApple Hospitality REIT, Inc. | 4.4 bn | 25.6 | 5.5% | 12.2% | −1.3% | +58% / +13% |
1- and 3-year price returns: for BRX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 17.95 Total return -37% · Per year -37% | 31.74 Total return 9% · Per year 9% | 47.82 Total return 63% · Per year 63% |
| 3 years | 17.26 Total return -33% · Per year -13% | 34.36 Total return 27% · Per year 8% | 56.86 Total return 105% · Per year 27% |
| 5 years | 16.59 Total return -30% · Per year -7% | 37.19 Total return 46% · Per year 8% | 67.60 Total return 154% · Per year 21% |
- Exit P/E± 8.59
- Net margin± 6.01
- Annual revenue growth± 4.96
- Annual dilution± 0.51
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Brixmor Property Group is one of the largest owners of open-air shopping centers in the United States, focused on centers anchored by grocers, which account for 81% of annualized base rent 1. The company runs a portfolio of 348 centers with about 63 million square feet of gross leasable area 1, and in 2026 it agreed to acquire Slate Grocery REIT in a transaction valued at about 2.34 billion USD 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Leverage and refinancinghigh
Total debt and debt maturities may require significant cash flow and expose the company to higher rates than current ones 1.
- Tenant distresshigh
If a significant number of tenants stop paying rent or file for bankruptcy, revenue and cash flow could fall 1.
- Slate transaction riskmedium
Completing the Slate Grocery REIT acquisition depends on unitholder approval and other conditions, and its effects remain uncertain 23.
- Asset impairmentmedium
Impairments could affect results in the period they are recorded, and the company has taken such charges before 1.
- Tariffs and supply chainslow
Trade tariffs and supply chain disruptions could raise costs for the company and its tenants 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Closing of the Slate Grocery REIT transaction and integration resultsQ1 2027
- Nareit FFO per share guidance and same property NOI growth2026
- Debt maturities and cost of financing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Brixmor Property Group Inc. is an internally managed corporation that has elected REIT tax status and conducts its operations through Brixmor Operating Partnership LP 1. Its main activity is owning and operating open-air shopping centers, especially community and neighborhood centers anchored by grocers 1. The shares are listed on the NYSE under the symbol BRX 1.
The strategy aims at internal growth through rent resets to market levels, which the company describes as below market, through repositioning and redevelopment reinvestments, and through selective acquisitions and dispositions 1. In 2025 the company reported a 38.7% rent spread on new leases 1. It also points to a flexible capital structure with investment grade ratings from all three major agencies 1.
Segments
Market context
Trends
- Robust demand for retail spacetailwind
Demand from non-discretionary and value-oriented retailers remains strong, and occupancy reached record levels in the third quarter of 2026 3. If this demand holds, rental income could keep growing 13.
- Cost of financingheadwind
Rate increases could raise refinancing costs and the cost of variable-rate borrowing, which is a sensitive area for the company 1. The effect on profitability would depend on interest rates when debt is refinanced 1.
- Trade tariffs and costsheadwind
Trade tariffs can raise costs for tenants who sell imported goods and affect material costs for redevelopment projects 1. If tenants cannot pass these costs on to customers, pressure on rents could increase 1.
- Consolidation through transactionsmixed
The Slate Grocery REIT deal, pursued through a joint venture with Everview Partners, could expand the grocery-anchored portfolio if it closes in the first quarter of 2027 23. The effect depends on Slate unitholder approval and closing conditions 2.
Competitive position
The company competes with other well-capitalized REITs and institutional funds for property acquisitions, which can raise prices and limit growth 1. In attracting tenants it competes with regional malls, outlet malls, other shopping centers and e-commerce 1.
- Other shopping center REITs
Compete for property acquisitions and retail tenants, per the company's filing 1.
- Institutional real estate investment funds
Can offer higher prices for acquisitions, per the company's risk factors 1.
- Regional and outlet shopping centers
Compete for attracting and keeping tenants 1.
- E-commerce
Can make other buying channels seem more convenient to consumers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Brixmor Seeing Continued Consumer Traffic, Tenant GrowthBloomberg Markets · 29 Jul 2026 · EN
The latest news item in our archive is from 29 Jul 2026; the newest SEC filing is from 26 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report26 Oct 2026
- Current report26 Oct 2026Results of operations · Financial statements and exhibits
- Current report28 Sept 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Current report05 May 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Quarterly report27 Apr 2026
- Current report27 Apr 2026Results of operations · Financial statements and exhibits
- Current report24 Apr 2026Shareholder vote
- Proxy statement11 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Brixmor Property Group Inc. · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Brixmor Property Group Inc. · 26 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Brixmor Property Group Inc. · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.