FFO conversion remains robust with an FFO-to-net-income ratio of 1.11 in 2026Q1, although the consistent reporting of zero CapEx suggests that maintenance expenditures may be capitalized rather than expensed.
| 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 | 663.11M | 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 % | 25.23% | 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 % | 47.74% | 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 | 444.25M | 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 | 400.93M | 398.05M | 370.23M | 349.51M | 332.57M | 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 | 15.89M | 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 | -188.52M | -95.61M | -60.71M | -44.16M | -97.5M | -45.87M | 23.14M | -17.12M | -137.89M | -29.64M | -33.23M | -25.45M | -29.66M | 46.23M | 108K | -324.68M |
| Working Capital Changes | -9.47M | -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 | -353.39M | -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) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.37M | -2.85M | 0 | 454K | 568K | 144K | -1.34B |
| Purchase of Investments | -12.09M | -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 | 11.49M | 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 | -352.79M | -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 | 7.42M | -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 | -264.76M | -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 | -264.76M | -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) | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Share Repurchases | -16.78M | -449K | 0 | 0 | 0 | 0 | -25.01M | -14.56M | -104.7M | -5.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -126.22M | -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 | 317.14M | -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 | 361.53M | 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 | 424.57M | 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 | 663.11M | 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 % | 5.88% | 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 % | 47.74% | 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% |
Redevelopment yield compression
As indicated by the consistent divergence between net income and FFO, with 2026Q1 net income of $127.8M compared to $233.0M in FFO, GAAP accounting significantly understates the company's true earnings capacity due to the heavy non-cash depreciation charges inherent in the retail REIT business model.
The persistent gap between GAAP net income and FFO highlights why investors must prioritize cash-based metrics over traditional accounting earnings. This structural distortion suggests that the company's ability to generate distributable cash is substantially higher than what standard income statements imply, warranting a focus on FFO as the primary gauge of performance.
Based on reported financial data, the ratio of FFO to net income has remained consistently above 1.0, reaching 1.11 in 2026Q1, which suggests that the company's operating cash flow is effectively capturing the underlying value generated by its grocery-anchored portfolio without excessive reliance on non-recurring accounting adjustments.
The stability of the FFO-to-net-income conversion ratio indicates a high quality of earnings that is less susceptible to the volatility often seen in less mature retail portfolios. Investors should monitor this conversion metric to ensure that future growth in FFO continues to be supported by actual property-level cash generation rather than accounting shifts.
As reported in recent filings, the dividend payout ratio relative to AFFO has remained disciplined, hovering between 0.37 and 0.51 over the last two years, which suggests a significant buffer for dividend sustainability and potential reinvestment into the company's ongoing redevelopment pipeline.
The low payout ratio implies that Brixmor retains a substantial portion of its distributable cash flow, providing the financial flexibility to fund capital-intensive projects without immediate recourse to external equity markets. This conservative distribution policy appears to prioritize long-term asset enhancement over aggressive short-term yield, which may mitigate risks during periods of economic uncertainty.
According to the provided cash flow data, the reported CapEx is consistently zero, which warrants further investigation as it likely indicates that maintenance costs are being capitalized or otherwise excluded from the primary cash flow statement, potentially masking the true recurring costs of maintaining the portfolio.
The absence of reported CapEx in the provided data is an analytical red flag that suggests a potential disconnect between reported FFO and true AFFO. Analysts should scrutinize the company's supplemental disclosures to determine the extent to which recurring maintenance and leasing commissions are being capitalized, as this could lead to an overestimation of the company's actual free cash flow available for distribution.
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.