Brixmor Property Group Inc. (BRX) 10-Year Financial Performance & Capital Metrics

BRX • • REIT / Real Estate

Real EstateRetail REITsOpen-Air Shopping CentersNational Open-Air Retail

AboutBrixmor (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.Show more

Revenue $1.29B +3.2%
FFO $721M +8.0%
FFO/Share 2.37 +7.4%
FFO Payout 45.96% -2.7%
FFO per Share 2.37 +7.4%
NOI Margin 75.32% +1.4%
FFO Margin 56.08% +4.6%
ROE 11.63% +8.9%
ROA 3.94% +8.2%
Debt/Assets 59.94% +1.2%
Net Debt/EBITDA 5.83 +38.2%
Book Value/Share 9.81 +4.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 6.5% TTM
✓Sustainable FFO payout ratio of 46.0%
✓High NOI margin of 75.3%
✓Healthy dividend yield of 4.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.39%

5Y1.92%

3Y3.7%

TTM5.75%

Profit (Net Income) CAGR

10Y14.32%

5Y4.31%

3Y7.89%

TTM1.2%

EPS CAGR

10Y11.92%

5Y30.79%

3Y64.36%

TTM0.93%

ROCE

10Y Avg6.39%

5Y Avg7.26%

3Y Avg7.32%

Latest6.1%

Peer Comparison

National Open-Air Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KRGKite Realty Group Trust	5.05B	23.34	1261.62	2.29%	16.34%	4.26%	5.5%	0.95
AKRAcadia Realty Trust	2.75B	20.96	110.32	6.2%	4.44%	0.66%	5.11%	0.66
BRXBrixmor Property Group Inc.	7.98B	26.07	23.49	3.21%	24.7%	11.22%	7.83%	1.79
WSRWhitestone REIT	719.38M	14.10	19.58	5.13%	27.99%	9.98%	8.09%	1.42
SITCSITE Centers Corp.	328.94M	6.27	0.64	-38.7%	72.14%	12.2%	17.04%	0.58

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.27B	1.28B	1.28B	1.23B	1.17B	1.05B	1.15B	1.22B	1.25B	1.29B
Revenue Growth %	0.02%	0.01%	0.01%	-0.04%	-0.05%	-0.1%	0.09%	0.06%	0.02%	0.03%
Property Operating Expenses	310.39M	307.92M	315.19M	313.62M	295.86M	280.62M	297.79M	311.79M	319.99M	317.12M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	525.93M	488.73M	472.6M	455.92M	102.31M	98.28M	432.61M	461.96M	117.13M	497.76M
G&A Expenses	98.45M	92.25M	92.25M	93.6M	102.31M	98.28M	105.45M	117.22M	117.13M	116.36M
EBITDA+	554.83M	1.01B	1.06B	1.23B	1.08B	993.45M	749.03M	789.06M	1.17B	851.58M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	370.18M	758.92M	787.79M	769.54M	313.61M	319.09M	327.15M	344.73M	362.28M	381.4M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	184.65M	252.45M	268.73M	464.8M	770.09M	674.37M	421.88M	444.33M	807.92M	470.18M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	245.01M	226.67M	226.66M	215.03M	189.78M	199.99M	194.78M	192.43M	190.73M	215.99M
Interest Coverage	0.75x	1.11x	1.19x	2.16x	4.06x	3.37x	2.17x	2.31x	4.24x	2.18x
Non-Operating Income	-47.76M	-37.73M	0	-116.51M	332.43M	335.58M	-43.08M	-102.29M	312.1M	-85.09M
Pretax Income+	197.54M	278.14M	300.37M	366.28M	274.77M	121.17M	270.19M	354.19M	305.09M	339.28M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	296.7M	224.71M	224.21M	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	193.72M	275.63M	300.29M	366.28M	274.77M	121.17M	270.19M	354.19M	305.09M	339.27M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.18%	0.42%	0.09%	0.22%	-0.25%	-0.56%	1.23%	0.31%	-0.14%	0.11%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.16%	0.83%	0.05%	0.04%	-0.48%	-0.25%	0.36%	0.17%	-0.05%	0.08%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.64	0.90	0.98	1.21	0.29	-0.25	0.25	0.54	1.01	1.11
EPS Growth %	0.78%	0.41%	0.09%	0.23%	-0.76%	-1.86%	2%	1.16%	0.87%	0.1%
EPS (Basic)	0.65	0.91	0.99	1.21	0.29	-0.25	0.25	0.54	1.01	1.12
Diluted Shares Outstanding	305.02M	305.06M	305.28M	302.34M	299.33M	297.9M	298.83M	301.74M	302.38M	304.04M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	9.5B	9.32B	9.15B	8.24B	8.14B	8.34B	8.38B	8.44B	8.33B	8.91B
Asset Growth %	-0.02%	-0.02%	-0.02%	-0.1%	-0.01%	0.02%	0%	0.01%	-0.01%	0.07%
Real Estate & Other Assets+	9.18B	9.01B	8.78B	7.93B	7.85B	156.06M	164.01M	171.43M	7.92B	8.13B
PP&E (Net)	8.78B	8.64B	8.4B	7.64B	0	7.48B	7.58B	7.86B	32.35M	0
Investment Securities	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	0	0
Total Current Assets+	314.48M	306.66M	370.89M	312.21M	295.99M	628.42M	548.75M	295.84M	317.59M	685.13M
Cash & Equivalents	69.53M	51.4M	56.94M	41.74M	19.1M	368.68M	296.63M	16.49M	866K	377.62M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	41.46M	51.47M	80.92M	11.92M	24.6M	19.43M	17.24M	15.21M	18.04M	5.26M
Intangible Assets	271.08M	203.93M	163M	107.61M	0	58.75M	63.32M	77.51M	59.49M	93.41M
Total Liabilities	6.58B	6.39B	6.25B	5.41B	5.4B	5.66B	5.66B	5.57B	5.48B	5.92B
Total Debt+	5.97B	5.84B	5.68B	4.89B	4.86B	5.23B	5.21B	5.08B	4.93B	5.34B
Net Debt	5.9B	5.79B	5.62B	4.84B	4.84B	4.87B	4.91B	5.06B	4.93B	4.96B
Long-Term Debt	5.97B	5.84B	5.68B	4.89B	4.21B	5.17B	5.16B	5.04B	4.63B	4.84B
Short-Term Borrowings	0	0	0	0	1000K	1000K	1000K	0	1000K	1000K
Capital Lease Obligations	268.6M	223.5M	181.8M	126.8M	0	38.6M	33.71M	39.92M	118.7M	41.47M
Total Current Liabilities+	3.12B	2.78B	2.15B	520.46M	1.19B	370.12M	379.92M	398.7M	736.6M	1.08B
Accounts Payable	0	0	0	0	0	275.89M	292.93M	317.1M	337.61M	331.18M
Deferred Revenue	-256.4M	-249.54M	-301.91M	-305.79M	0	0	0	0	0	0
Other Liabilities	268.6M	223.5M	181.8M	-1.44B	0	85.4M	80.9M	96.8M	112.64M	0
Total Equity+	2.92B	2.93B	8.66B	7.8B	2.74B	2.68B	2.72B	2.87B	2.85B	2.98B
Equity Growth %	-0.02%	0%	1.96%	-0.1%	-0.65%	-0.02%	0.01%	0.05%	-0.01%	0.05%
Shareholders Equity	2.87B	2.92B	2.91B	2.84B	2.74B	2.68B	2.72B	2.87B	2.85B	2.98B
Minority Interest	50.52M	4.28M	5.75B	4.96B	0	0	0	0	0	244K
Common Stock	2.99M	3.04M	3.05M	2.98M	2.98M	2.96M	2.97M	3M	3.01M	3.06M
Additional Paid-in Capital	3.27B	3.32B	3.33B	3.23B	3.23B	3.21B	3.23B	3.3B	3.31B	3.43B
Retained Earnings	-400.94M	-426.55M	-449.38M	-416.19M	-480.2M	0	0	0	-460.6M	-458.64M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.03%	0.03%	0.04%	0.03%	0.01%	0.03%	0.04%	0.04%	0.04%
Return on Equity (ROE)	0.07%	0.09%	0.05%	0.04%	0.05%	0.04%	0.1%	0.13%	0.11%	0.12%
Debt / Assets	0.63%	0.63%	0.62%	0.59%	0.6%	0.63%	0.62%	0.6%	0.59%	0.6%
Debt / Equity	2.05x	1.99x	0.66x	0.63x	1.77x	1.95x	1.92x	1.77x	1.73x	1.79x
Net Debt / EBITDA	10.64x	5.72x	5.32x	3.92x	4.47x	4.90x	6.56x	6.41x	4.22x	5.83x
Book Value per Share	9.57	9.60	28.35	25.79	9.17	9.00	9.10	9.49	9.43	9.81

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	534.02M	567.2M	551.94M	541.69M	528.67M	443.1M	552.24M	566.38M	588.79M	624.69M
Operating CF Growth %	0.11%	0.06%	-0.03%	-0.02%	-0.02%	-0.16%	0.25%	0.03%	0.04%	0.06%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	197.54M	278.14M	300.37M	366.28M	274.77M	121.17M	270.19M	354.19M	305.09M	339.28M
Depreciation & Amortization	370.18M	349.57M	345.39M	352.25M	313.61M	319.09M	327.15M	332.57M	349.51M	370.23M
Stock-Based Compensation	23.33M	11.57M	10.48M	9.38M	12.66M	10.95M	17.09M	23.41M	20.78M	17.94M
Other Non-Cash Items	-25.45M	-33.23M	-29.64M	-137.89M	-17.12M	23.14M	-45.87M	-97.5M	-44.16M	-60.71M
Working Capital Changes	-41.6M	-38.56M	-74.65M	-48.33M	-55.25M	-31.25M	-16.32M	-46.29M	-42.42M	-42.05M
Cash from Investing+	-189.07M	-151.61M	-52.87M	669.6M	-172.06M	-167.25M	-331M	-462.45M	-163.08M	-437.02M
Acquisitions (Net)	0	-2.85M	12.37M	0	0	0	0	0	0	0
Purchase of Investments	-24.28M	-46.33M	-28.26M	-33.1M	-37.78M	-22.57M	-17.48M	-25.29M	-21.35M	-30.08M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-187.91M	-136.36M	-62.6M	671.82M	-184.58M	-165.79M	-329.98M	-460.23M	-165.17M	-436.99M
Cash from Financing+	-336.02M	-433.71M	-491.16M	-1.27B	-385.85M	72.71M	-293.58M	-380.41M	-428.07M	172.12M
Dividends Paid	-268.28M	-295.2M	-317.39M	-333.41M	-334.89M	-170.4M	-257.23M	-289.63M	-315.29M	-331.2M
Common Dividends	-268.28M	-295.2M	-317.39M	-333.41M	-334.89M	-170.4M	-257.23M	-289.63M	-315.29M	-331.2M
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K
Share Repurchases	0	0	-5.87M	-104.7M	-14.56M	-25.01M	0	0	0	0
Other Financing	-37.97M	-24.7M	-15.25M	-58.48M	-9.02M	-38.28M	-39.23M	-18.88M	-12.03M	-21.53M
Net Change in Cash+	8.93M	-18.13M	7.91M	-60.01M	-29.24M	348.56M	-72.34M	-276.48M	-2.35M	359.79M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	60.59M	69.53M	102.87M	110.78M	50.77M	21.52M	370.09M	297.74M	21.26M	18.9M
Cash at End	69.53M	51.4M	110.78M	50.77M	21.52M	370.09M	297.74M	21.26M	18.9M	378.69M
Free Cash Flow+	524M	567.49M	551.95M	541.69M	528.67M	443.1M	552.24M	566.38M	588.79M	624.69M
FCF Growth %	0.09%	0.08%	-0.03%	-0.02%	-0.02%	-0.16%	0.25%	0.03%	0.04%	0.06%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.85	3.39	3.56	3.76	1.97	1.48	2	2.32	2.21	2.37
FFO Payout Ratio	47.58%	28.53%	29.17%	29.35%	56.92%	38.7%	43.06%	41.44%	47.24%	45.96%
NOI Margin	75.48%	75.86%	75.44%	74.59%	74.67%	73.36%	74.16%	74.4%	74.3%	75.32%
Net Debt / EBITDA	10.64x	5.72x	5.32x	3.92x	4.47x	4.90x	6.56x	6.41x	4.22x	5.83x
Debt / Assets	62.9%	62.65%	62.01%	59.28%	59.7%	62.74%	62.2%	60.16%	59.21%	59.94%
Interest Coverage	0.75x	1.11x	1.19x	2.16x	4.06x	3.37x	2.17x	2.31x	4.24x	2.18x
Book Value / Share	9.57	9.6	28.35	25.79	9.17	9	9.1	9.49	9.43	9.81
Revenue Growth	2.38%	0.77%	0.58%	-3.81%	-5.35%	-9.84%	9.4%	5.71%	2.21%	3.21%

Frequently Asked Questions

Valuation & Price

Brixmor Property Group Inc. (BRX) has a price-to-earnings (P/E) ratio of 23.5x. This is roughly in line with market averages.

Growth & Financials

Brixmor Property Group Inc. (BRX) reported $1.35B in revenue for fiscal year 2024. This represents a 21% increase from $1.11B in 2011.

Brixmor Property Group Inc. (BRX) grew revenue by 3.2% over the past year. Growth has been modest.

Yes, Brixmor Property Group Inc. (BRX) is profitable, generating $332.5M in net income for fiscal year 2024 (26.4% net margin).

Dividend & Returns

Yes, Brixmor Property Group Inc. (BRX) pays a dividend with a yield of 4.18%. This makes it attractive for income-focused investors.

Brixmor Property Group Inc. (BRX) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

Industry Metrics

Brixmor Property Group Inc. (BRX) generated Funds From Operations (FFO) of $744.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Brixmor Property Group Inc. (BRX) offers a 4.18% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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