Brixmor Property Group Inc. (NYSE: BRX)

Sector: Real Estate Industry: REIT - Retail CIK: 0001581068
Market Cap 5.35 Bn
P/B 3.11
P/E -43.54
P/S 4.92
ROIC (Qtr) 5.94
Div Yield % 1.04
Rev 1y % (Qtr) 7.71
Total Debt (Qtr) 5.49 Bn
Debt/Equity (Qtr) 1.83
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About

Brixmor Property Group Inc. (BRX) is a real estate investment trust (REIT) that specializes in the ownership and operation of open-air retail shopping centers in the United States. The company's mission is to generate consistent, sustainable growth in cash flow for its stockholders. Brixmor's business activities are centered on the acquisition, management, and leasing of a diverse portfolio of retail properties. As of 2023, the company's portfolio comprised 362 shopping centers, totaling approximately 64 million square feet of gross leasable area....

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Investment thesis

Bull case

  • Operating cash flow of 652.01M provides exceptional 24148.52x coverage of minority interest expenses 27000, showing strong core operations.
  • Operating cash flow of 652.01M provides strong 37.01x coverage of stock compensation 17.62M, indicating sustainable incentive practices.
  • Strong operating cash flow of 652.01M provides 5.79x coverage of SG&A expenses 112.67M, showing efficient operational cost management.
  • Cash position of 361.53M provides exceptional 13390x coverage of minority interest expenses 27000, indicating strong liquidity.
  • Operating cash flow of 652.01M exceeds receivables of 315.13M by 2.07x, demonstrating excellent collection efficiency.

Bear case

  • Operating cash flow of 652.01M barely covers its investment activities of (452.23M), with a coverage ratio of -1.44, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 652.01M provides thin coverage of dividend payments of (354.22M) with a -1.84 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Free cash flow of (88.64M) provides weak coverage of capital expenditures of 740.65M, with a -0.12 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of 610.92M show weak coverage of depreciation charges of 414.93M, with a 1.47 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of (88.64M) represents just -0.59x of debt issuance 150.10M, suggesting concerning reliance on leverage rather than internal cash generation for growth.

Consolidated Entities Breakdown of Revenue (2025)

Financing Receivable Portfolio Segment Breakdown of Revenue (2025)

Peer comparison

Companies in the REIT - Retail
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SPG Simon Property Group Inc. 62.65 Bn 27.30 11.19 26.32 Bn
2 O Realty Income Corp 15.99 Bn 61.56 15.32 28.37 Bn
3 KIM Kimco Realty Corp 14.22 Bn 20.86 8.63 8.35 Bn
4 REG Regency Centers Corp 14.06 Bn 27.37 9.05 4.98 Bn
5 PECO Phillips Edison & Company, Inc. 11.82 Bn 3,838.00 46.61 2.38 Bn
6 FRT Federal Realty Investment Trust 8.00 Bn 23.50 8.55 5.03 Bn
7 EPRT Essential Properties Realty Trust, Inc. 6.41 Bn 25.34 11.42 2.51 Bn
8 ADC Agree Realty Corp 5.53 Bn 44.48 15.36 3.29 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.15 1.13
EV to Cash from Ops. EV/CFO 38.93 22.52
EV to Debt EV to Debt 1.90 2.49
EV to EBIT EV/EBIT 41.26 42.49
EV to EBITDA EV/EBITDA 14.24 19.89
EV to Free Cash Flow [EV/FCF] EV/FCF 122.23 27.13
EV to Market Cap EV to Market Cap 1.96 461,431.31
EV to Revenue EV/Rev 9.62 13.31
Price to Book Value [P/B] P/B 3.11 3.17
Price to Earnings [P/E] P/E -43.54 177.24
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 1.09 0.69
Dividend Payout Ratio % Div Payout % (Qtr) 91.50 169.12
Dividend per Basic Share Div per Share (Qtr) 1.17 2.32
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) -406.23 -68.66
Interest Coverage Int. cover (Qtr) 2.72 2.52
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -14.45 -12.09
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -4.53 68.41
Dividend Growth (1y) % Div 1y % (Qtr) 6.24 13.80
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 10.02 224.52
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 7.85 0.11
EBIT Growth (1y) % EBIT 1y % (Qtr) 10.02 222.92
EBT Growth (1y) % EBT 1y % (Qtr) 13.84 290.94
EPS Growth (1y) % EPS 1y % (Qtr) 12.50 273.30
FCF Growth (1y) % FCF 1y % (Qtr) -295.11 -81.48
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 6.52 6.10
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.15 0.12
Cash Payout Ratio Cash Payout (Qtr) 0.25 0.14
Cash Ratio Cash Ratio 0.00 0.00
Current Ratio Current Ratio 0.00 0.00
Debt to Equity Ratio Debt/Equity (Qtr) 1.83 -2.59
Interest Cover Ratio Int Coverage (Qtr) 2.72 2.52
Times Interest Earned Times Interest Earned (Qtr) 2.72 2.52
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 74.80 78.58
EBIT Margin % EBIT Margin % (Qtr) 44.54 45.34
EBT Margin % EBT Margin % (Qtr) 28.16 25.50
Gross Margin % Gross Margin % (Qtr) 75.20 73.99
Net Profit Margin % Net Margin % (Qtr) 28.20 23.85