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Brixmor Property
(NYSE:BRX)
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Rating:74Outperform
Price Target:
$31.00
â–²(5.51% Upside)
Action:Reiterated
Date:09/28/26
BRX scores well primarily on strong profitability and cash-flow quality, reinforced by a positive earnings call with raised 2026 NOI/FFO guidance and strong leasing fundamentals. The score is held back by historically elevated leverage and currently weak technical momentum (below key moving averages with negative MACD), while valuation and dividend yield provide moderate support.
Positive Factors
Cash Generation
Strong and steadily rising operating cash flow, combined with reported free cash flow matching earnings, indicates effective conversion of property income into cash. That supports reinvestment, debt service, and shareholder distributions while reducing reliance on external funding for ongoing operations.
Negative Factors
Elevated Leverage
Persistently high leverage increases BRX's sensitivity to refinancing conditions and property-level volatility. It can constrain financial flexibility, raise the importance of stable operating cash flow, and limit the company's ability to fund acquisitions or redevelopment without additional capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Strong and steadily rising operating cash flow, combined with reported free cash flow matching earnings, indicates effective conversion of property income into cash. That supports reinvestment, debt service, and shareholder distributions while reducing reliance on external funding for ongoing operations.
Read all positive factors
Brixmor Property (BRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.40B
Dividend Yield4.49%
Average Volume (3M)3.26M
Price to Earnings (P/E)19.3
Beta (1Y)0.54
Revenue Growth5.13%
EPS Growth28.20%
CountryUS
Employees463
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.42
Shares Outstanding306,872,300
10 Day Avg. Volume2,720,853
30 Day Avg. Volume3,257,183
Financial Highlights & Ratios
PEG Ratio1.66
Price to Book (P/B)2.68
Price to Sales (P/S)5.87
P/FCF Ratio12.35
Enterprise Value/Market Cap1.80
Enterprise Value/Revenue10.75
Enterprise Value/Gross Profit17.87
Enterprise Value/Ebitda13.90
Forecast
1Y Price Target
$34.14Price Target Upside16.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)1.05
Revenue Forecast (FY)$1.43B
Brixmor Property Business Overview & Revenue Model
Company Description
Brixmor (NYSE: BRX) is a prominent real estate investment trust (REIT) specializing in the ownership and management of a high-caliber, nationwide collection of open-air retail centers. Its extensive portfolio comprises 395 properties, collectively...
How the Company Makes Money
Brixmor primarily makes money by leasing space in its shopping centers to tenants and collecting contractual rent. Its core revenue streams include (1) base minimum rent paid by tenants under lease agreements and (2) additional rent and recoveries...
Brixmor Property Earnings Call Summary
Earnings Call Date:Jul 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 26, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational picture: strong same-property NOI (5.8%), robust leasing with high new/renewal spreads, record signed-but-not-commenced and reinvestment pipelines, improved balance sheet metrics and an upgraded S&P outlook. The main negatives were timing and recognition issues (straight-line rent reversals, recapture-driven temporary occupancy declines and back‑loaded commencement of signed rents) and a modest widening of uncollectible revenue guidance. Overall, the positives (sustained NOI growth, raised guidance, large high-yield reinvestment pipeline and balance sheet improvements) materially outweigh the timing and one-time recognition headwinds.Positive Updates
Strong Same-Property NOI Growth
Same-property NOI increased 5.8% in Q2 2026, driven in part by a 440 basis point contribution from base rent and broad strength across collections and expense recoveries.
Negative Updates
Sequential Occupancy Decline and Recaptures
Total leased occupancy declined 30 basis points sequentially to 94.8% due to proactive move-outs and recaptures at redevelopment assets; these recaptures created near-term vacancy though management noted high re-leasing spreads (over 40%) on many recaptured boxes.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Same-Property NOI Growth
Same-property NOI increased 5.8% in Q2 2026, driven in part by a 440 basis point contribution from base rent and broad strength across collections and expense recoveries.
Read all positive updates
Company Guidance
Management raised 2026 guidance, now targeting same‑property NOI growth of 5.0%–5.75% and NAREIT FFO of $2.35–$2.37 per share, citing strong operations (Q2 same‑property NOI 5.8%, with a 440 bp contribution from base rent) and improved collections (expected revenue deemed uncollectible 60–85 bps of total revenues); they noted Q2 NAREIT FFO of $0.58, noncash rental income should normalize for the rest of the year, and cited visibility from a record $71M of signed‑but‑not‑commenced annualized base rent, ~$350M of active reinvestments at an expected ~10% incremental yield (>$700M future pipeline), 1.4M sq ft of Q2 new/renewal leases at a blended cash spread of 19% (new +31%, renewals +16%) with 2.8% embedded rent growth, total leased occupancy of 94.8% (small‑shop record ~92.6%), and balance‑sheet strength (S&P outlook revised to positive, repayment of $600M maturity, issuance of $400M 5.375% notes with ~5.22% effective yield after hedge, 5.3x leverage and $1.5B liquidity).Brixmor Property Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
63
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.40B | 1.37B | 1.29B | 1.25B | 1.22B | 1.15B |
| Gross Profit | 844.41M | 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 | 432.76M | 386.23M | 339.27M | 305.09M | 354.19M | 270.19M |
Balance Sheet | ||||||
| Total Assets | 9.01B | 9.13B | 8.91B | 8.33B | 8.44B | 8.38B |
| Cash, Cash Equivalents and Short-Term Investments | 194.39M | 361.53M | 397.92M | 20.78M | 16.49M | 296.63M |
| Total Debt | 5.33B | 5.87B | 5.34B | 4.93B | 5.08B | 5.21B |
| Total Liabilities | 6.00B | 6.12B | 5.92B | 5.48B | 5.57B | 5.66B |
| Stockholders Equity | 3.02B | 3.01B | 2.98B | 2.85B | 2.87B | 2.72B |
Cash Flow | ||||||
| Free Cash Flow | 632.81M | 652.01M | 624.69M | 588.79M | 566.38M | 552.24M |
| Operating Cash Flow | 685.33M | 652.01M | 624.69M | 588.79M | 566.38M | 552.24M |
| Investing Cash Flow | -409.59M | -452.23M | -437.02M | -163.08M | -462.45M | -331.00M |
| Financing Cash Flow | -195.49M | -216.94M | 172.12M | -428.07M | -380.41M | -293.58M |
Brixmor Property Technical Analysis
Neutral
29.38
Price Trends
28.29
Negative
29.63
Negative
28.86
Negative
Market Momentum
-0.28
Negative
49.44
Neutral
66.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRX, the sentiment is Neutral. The current price of 29.38 is above the 20-day moving average (MA) of 27.39, above the 50-day MA of 28.29, and above the 200-day MA of 28.86, indicating a neutral trend. The MACD of -0.28 indicates Negative momentum. The RSI at 49.44 is Neutral, neither overbought nor oversold. The STOCH value of 66.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $8.40B | 19.28 | 14.39% | 4.49% | 5.13% | 28.20% | |
74 Outperform | $13.26B | 20.51 | 9.59% | 4.17% | 8.36% | 38.21% | |
73 Outperform | $15.22B | 25.49 | 5.84% | 4.67% | 3.82% | 2.94% | |
68 Neutral | $5.33B | 32.86 | 6.24% | 3.47% | 8.07% | 106.29% | |
67 Neutral | $9.16B | 20.91 | 13.28% | 4.34% | 8.04% | 25.59% | |
66 Neutral | $4.89B | 15.07 | 11.27% | 5.35% | -5.84% | 395.39% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
BRX
Brixmor Property
27.38
1.25
4.78%
KIM
Kimco Realty
22.69
1.69
8.06%
REG
Regency Centers
72.41
3.06
4.41%
KRG
Kite Realty Group
24.41
3.00
14.02%
FRT
Federal Realty
104.77
9.31
9.75%
PECO
Phillips Edison & Company
37.79
4.57
13.77%
Brixmor Property Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Brixmor Property Forms Major Joint Venture for Slate Acquisition
Positive
Sep 28, 2026
On September 27, 2026, a new joint venture formed by Brixmor Operating Partnership LP and funds affiliated with Everview Partners agreed to acquire Slate Grocery REIT in a transaction valued at $2.34 billion. Under the structure, Brixmor will effe...
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.