Distributions of $191.4M consumed 1.80x the $53.9M of AFFO generated in 2026Q3, a sharp inversion from 0.51x one quarter earlier that suggests external capital may be needed to fund the dividend.
Brixmor Property Group Inc. (BRX) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 688.16M | 652.01M | 624.69M | 588.79M | 566.38M | 552.24M | 443.1M | 528.67M | 541.69M | 551.94M | 567.2M | 534.02M | 479.21M | 331.99M | 268.85M | 173.84M |
| Operating CF Growth % | 33.43% | 4.37% | 6.1% | 3.96% | 2.56% | 24.63% | -16.19% | -2.4% | -1.86% | -2.69% | 6.21% | 11.44% | 44.34% | 23.49% | 54.65% | - |
| Operating CF / Revenue % | 48.38% | 47.54% | 48.61% | 47.29% | 46.5% | 47.93% | 42.07% | 45.25% | 43.88% | 43.01% | 44.46% | 42.18% | 38.75% | 28.26% | 23.88% | 15.61% |
| Net Income | 426.28M | 386.25M | 339.28M | 305.09M | 354.19M | 270.19M | 121.17M | 274.77M | 366.28M | 300.37M | 278.14M | 197.54M | 132.85M | -118.88M | -160.71M | 106.05M |
| Depreciation & Amortization | 424.71M | 414.93M | 381.4M | 362.28M | 344.73M | 327.15M | 319.09M | 313.61M | 352.25M | 345.39M | 349.57M | 370.18M | 396.7M | 398.9M | 459.55M | 416.02M |
| Stock-Based Compensation | 14.4M | 17.62M | 17.94M | 20.78M | 23.41M | 17.09M | 10.95M | 12.66M | 9.38M | 10.48M | 11.57M | 23.33M | 9.45M | 36.4M | -687K | 0 |
| Other Non-Cash Items | -132.69M | -112.49M | -71.88M | -56.93M | -109.66M | -45.87M | 23.14M | -17.12M | -137.89M | -29.64M | -33.52M | -25.45M | -29.66M | 46.23M | 108K | -324.68M |
| Working Capital Changes | -44.95M | -54.3M | -42.05M | -42.42M | -46.29M | -16.32M | -31.25M | -55.25M | -48.33M | -74.65M | -38.56M | -41.6M | -30.13M | -30.65M | -28.73M | -23.54M |
| Cash from Investing | -279.03M | -452.23M | -437.02M | -163.08M | -462.45M | -331M | -167.25M | -172.06M | 669.6M | -52.87M | -151.61M | -189.07M | -200.83M | -86.37M | -118.7M | -1.41B |
| Acquisitions (Net) | -152.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.37M | -2.85M | 0 | 454K | 568K | 144K | -1.34B |
| Purchase of Investments | -23.7M | -15.54M | -30.08M | -21.35M | -25.29M | -17.48M | -22.57M | -37.78M | -33.1M | -28.26M | -46.33M | -24.28M | -23.12M | -12.74M | -22.12M | -23.94M |
| Sale of Investments | 31.79M | 14.79M | 30.04M | 23.44M | 23.07M | 16.45M | 21.11M | 50.29M | 30.88M | 25.62M | 43.65M | 21.44M | 25.2M | 15.54M | 19.61M | 20.51M |
| Other Investing | -15.06M | -451.49M | -436.99M | -165.17M | -460.23M | -329.98M | -165.79M | -184.58M | 671.82M | -62.6M | -136.36M | -187.91M | -203.36M | -89.74M | -116.34M | -66.64M |
| Cash from Financing | -602.16M | -216.94M | 172.12M | -428.07M | -380.41M | -293.58M | 72.71M | -385.85M | -1.27B | -491.16M | -433.71M | -336.02M | -331.7M | -234.81M | -204.65M | 1.13B |
| Dividends Paid | -374.29M | -354.22M | -331.2M | -315.29M | -289.63M | -257.23M | -170.4M | -334.89M | -333.41M | -317.39M | -295.2M | -268.28M | -173.15M | -47.44M | -19.21M | -137K |
| Common Dividends | -374.29M | -354.22M | -331.2M | -315.29M | -289.63M | -257.23M | -170.4M | -334.89M | -333.41M | -317.39M | -295.2M | -268.28M | -173.15M | -47.44M | -19.21M | -137K |
| Debt Issuance (Net) | -1.69M | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Share Repurchases | -16.66M | -449K | 0 | 0 | 0 | 0 | -25.01M | -14.56M | -104.7M | -5.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.8M | -16.4M | -21.53M | -12.03M | -18.88M | -39.23M | -38.28M | -9.02M | -58.48M | -15.25M | -24.7M | -37.97M | -71.61M | -54.22M | -15.1M | 484.87M |
| Net Change in Cash | -193.03M | -17.16M | 359.79M | -2.35M | -276.48M | -72.34M | 348.56M | -29.24M | -60.01M | 7.91M | -18.13M | 8.93M | -53.32M | 10.82M | -54.51M | -98.72M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 186.12M | 378.69M | 18.9M | 21.26M | 297.74M | 370.09M | 21.52M | 50.77M | 110.78M | 102.87M | 69.53M | 60.59M | 113.92M | 103.1M | 157.61M | 304.52M |
| Cash at End | 183.48M | 361.53M | 378.69M | 18.9M | 21.26M | 297.74M | 370.09M | 21.52M | 50.77M | 110.78M | 51.4M | 69.53M | 60.59M | 113.92M | 103.1M | 205.81M |
| Free Cash Flow | 568.76M | 652.01M | 624.69M | 588.79M | 566.38M | 552.24M | 443.1M | 528.67M | 541.69M | 551.95M | 567.49M | 524M | 479.21M | 331.99M | 268.85M | 173.84M |
| FCF Growth % | -10.43% | 4.37% | 6.1% | 3.96% | 2.56% | 24.63% | -16.19% | -2.4% | -1.86% | -2.74% | 8.3% | 9.35% | 44.34% | 23.49% | 54.65% | - |
| FCF / Revenue % | 39.99% | 47.54% | 48.61% | 47.29% | 46.5% | 47.93% | 42.07% | 45.25% | 43.88% | 43.01% | 44.48% | 41.39% | 38.75% | 28.26% | 23.88% | 15.61% |
Quick answers to the most common questions about buying BRX stock.
Brixmor Property Group Inc. (BRX) generated $652.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brixmor Property Group Inc. (BRX) generated $652.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Brixmor Property Group Inc. (BRX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Brixmor Property Group Inc. (BRX) returned $354.2M to shareholders via cash dividends and spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
AFFO dividend coverage inversion
Metrics are mathematically derived from official filings.
AFFO Coverage Inverts Sharply
Brixmor's dividend consumed 1.80 times AFFO in 2026Q3, a sharp reversal from 0.51 one quarter earlier, as distributable cash fell to $53.9 million while distributions rose to $191.4 million, according to Brixmor's reported cash flow figures.
The swing from a retained AFFO buffer of roughly $36.8 million in 2026Q2 to a $137.5 million shortfall in 2026Q3 suggests the dividend is no longer being funded from internally generated distributable cash in the most recent period. AFFO data is only disclosed for these two quarters, so the sustainability of this coverage gap cannot be assessed from the supplied series and warrants monitoring against subsequent filings.
FFO Lags Operating Cash Flow
Operating cash flow of $171.1 million exceeded FFO of $106.4 million in 2026Q3, an inversion from earlier periods when FFO ran ahead of operating cash flow, per Brixmor's quarterly cash flow statement, and suggesting cash conversion quality shifted materially.
Through 2025Q1-2026Q1, FFO consistently exceeded operating cash flow — for instance $233.0 million versus $141.2 million in 2026Q1 — so the 2026Q3 relationship running the other way may indicate that non-cash FFO add-backs are no longer the principal driver of reported cash generation. Combined with the 46.1% year-over-year FFO decline noted elsewhere, this pattern appears consistent with weakening earnings quality rather than a one-off timing artifact, though the underlying cash flow line items would need confirmation.
Depreciation Erases GAAP Earnings
Brixmor reported GAAP net income of just $7.0 thousand in 2026Q3 against FFO of $106.4 million, an FFO-to-net-income ratio of negative 24,442, underscoring depreciation's overwhelming distortion of reported earnings, as disclosed in recent SEC filings.
The near-zero GAAP result alongside nine prior quarters of positive net income ranging from $69.7 million to $137.1 million implies that property depreciation and non-cash items, rather than operating deterioration alone, dominate the gap between accounting and cash-based earnings. Investors should therefore anchor valuation and coverage work on FFO and AFFO, while recognizing that the same depreciation shielding that flatters FFO relative to net income does not affect AFFO after recurring capital items are deducted.
Distribution Gap Invites External Capital
Distributions of $191.4 million in 2026Q3 far outpaced the $53.9 million of AFFO generated internally, leaving a coverage gap that appears to require external capital, while stock-based compensation added $3.8 million of non-cash dilution, per Brixmor's reported figures.
Dividend payments stepped up from a steady $82-$96 million quarterly range through 2024-2025 to $94.6 million in 2026Q2 and $191.4 million in 2026Q3, while AFFO fell by more than half sequentially, a combination that may indicate the company is drawing on balance sheet liquidity or capital markets to fund distributions. Because the supplied data contains no explicit debt issuance or ATM activity, the precise funding source remains an open question that investors should verify against financing sections of the filings.
Capex Pattern Obscures True Outlays
Property capital expenditure of $52.5 million in 2026Q3 followed a negative $52.5 million print in 2026Q2 with zero recorded across eight earlier quarters, an irregular pattern that warrants investigation into how maintenance and leasing costs are captured.
The sign reversal and the long run of reported zero capex suggest either data capture limitations or capitalization practices that shift recurring leasing commissions, tenant improvements, and construction salaries onto the balance sheet, which would understate true maintenance spending and overstate AFFO. If significant recurring outlays are being capitalized rather than expensed, the apparent AFFO cushion in earlier periods — such as the $36.8 million retained in 2026Q2 — may be overstated, and the true dividend coverage margin warrants further investigation.