Revenue growth remains resilient at 5.1% year-over-year as of 2026Q1, supported by a substantial recovery in NOI margins to 88.2% from the 45.6% level observed in 2023Q4.
| 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 |
|---|
| Revenue | 1.39B | 1.37B | 1.29B | 1.25B | 1.22B | 1.15B | 1.05B | 1.17B | 1.23B | 1.28B | 1.28B | 1.27B | 1.24B | 1.17B | 1.13B | 1.11B |
| Revenue Growth % | 6.65% | 6.73% | 3.21% | 2.21% | 5.71% | 9.4% | -9.84% | -5.35% | -3.81% | 0.58% | 0.77% | 2.38% | 5.27% | 4.34% | 1.12% | - |
| Property Operating Expenses | 298.33M | 340.52M | 317.12M | 319.99M | 311.79M | 297.79M | 280.62M | 295.86M | 313.62M | 315.19M | 307.92M | 310.39M | 308.65M | 295.9M | 287.57M | 288.26M |
| Net Operating Income (NOI) | 1.09B | 1.03B | 967.94M | 925.05M | 906.28M | 854.49M | 772.64M | 872.39M | 920.72M | 967.99M | 967.86M | 955.59M | 927.95M | 878.8M | 838.22M | 825.12M |
| NOI Margin % | 78.52% | 75.17% | 75.32% | 74.3% | 74.4% | 74.16% | 73.36% | 74.67% | 74.59% | 75.44% | 75.86% | 75.48% | 75.04% | 74.81% | 74.46% | 74.11% |
| Operating Expenses | 571.43M | 527.6M | 497.76M | 117.13M | 461.96M | 432.61M | 98.28M | 102.31M | 455.92M | 472.6M | 488.73M | 525.93M | 533.34M | 580.7M | 605.31M | 594.2M |
| G&A Expenses | 112.69M | 112.67M | 116.36M | 117.13M | 117.22M | 105.45M | 98.28M | 102.31M | 93.6M | 92.25M | 92.25M | 98.45M | 80.17M | 121.09M | 88.87M | 107.87M |
| EBITDA | 936.96M | 918.41M | 851.58M | 1.17B | 789.06M | 749.03M | 993.45M | 1.08B | 1.23B | 1.06B | 1.01B | 554.83M | 528.49M | 697.01M | 692.46M | 646.94M |
| EBITDA Margin % | 67.46% | 66.96% | 66.27% | 93.99% | 64.78% | 65% | 94.32% | 92.76% | 100% | 82.34% | 79.28% | 43.83% | 42.74% | 59.33% | 61.51% | 58.11% |
| Depreciation & Amortization | 417.81M | 414.93M | 381.4M | 362.28M | 344.73M | 327.15M | 319.09M | 313.61M | 769.54M | 787.79M | 758.92M | 370.18M | 396.7M | 398.9M | 459.55M | 416.02M |
| D&A / Revenue % | 30.08% | 30.25% | 29.68% | 29.1% | 28.3% | 28.39% | 30.3% | 26.84% | 62.34% | 61.39% | 59.49% | 29.24% | 32.08% | 33.96% | 40.82% | 37.37% |
| Operating Income | 519.15M | 503.48M | 470.18M | 807.92M | 444.33M | 421.88M | 674.37M | 770.09M | 464.8M | 268.73M | 252.45M | 184.65M | 131.79M | 298.11M | 232.91M | 230.92M |
| Operating Margin % | 37.38% | 36.71% | 36.59% | 64.89% | 36.48% | 36.61% | 64.03% | 65.92% | 37.66% | 20.94% | 19.79% | 14.59% | 10.66% | 25.38% | 20.69% | 20.74% |
| Interest Expense | 4M | 224.69M | 215.99M | 190.73M | 192.43M | 194.78M | 199.99M | 189.78M | 215.03M | 226.66M | 226.67M | 245.01M | 262.81M | 348M | 386.38M | 394.35M |
| Interest Coverage | - | 2.72x | 2.57x | 2.60x | 2.84x | 2.39x | 1.69x | 2.31x | 2.70x | 2.19x | 2.28x | 1.95x | 1.43x | 0.86x | 0.59x | 1.30x |
| Non-Operating Income | -98.97M | -107.46M | -85.09M | 312.1M | -102.29M | -43.08M | 335.58M | 332.43M | -116.51M | 0 | -37.73M | -47.76M | 19.02M | 0 | 6.71M | -281.12M |
| Pretax Income | 441.18M | 386.25M | 339.28M | 305.09M | 354.19M | 270.19M | 121.17M | 274.77M | 366.28M | 300.37M | 278.14M | 197.54M | 112.77M | -100.83M | -152.51M | 117.69M |
| Pretax Margin % | 31.76% | 28.16% | 26.4% | 24.5% | 29.08% | 23.45% | 11.5% | 23.52% | 29.67% | 23.41% | 21.8% | 15.6% | 9.12% | -8.58% | -13.55% | 10.57% |
| Income Tax | -3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 224.21M | 224.71M | 296.7M | 323.45M | 359.26M | 401.65M | 0 |
| Effective Tax Rate % | -0.7% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 74.64% | 80.79% | 150.2% | 286.82% | -356.31% | -263.37% | 0% |
| Net Income | 444.25M | 386.23M | 339.27M | 305.09M | 354.19M | 270.19M | 121.17M | 274.77M | 366.28M | 300.29M | 275.63M | 193.72M | 89M | -93.53M | -122.57M | 67.51M |
| Net Margin % | 31.99% | 28.16% | 26.4% | 24.5% | 29.08% | 23.45% | 11.5% | 23.52% | 29.67% | 23.4% | 21.6% | 15.3% | 7.2% | -7.96% | -10.89% | 6.06% |
| Net Income Growth % | 38.79% | 13.84% | 11.21% | -13.86% | 31.09% | 122.98% | -55.9% | -24.98% | 21.98% | 8.95% | 42.28% | 117.66% | 195.15% | 23.69% | -281.56% | - |
| Funds From Operations (FFO) | 862.06M | 801.16M | 720.67M | 667.36M | 698.92M | 597.34M | 440.26M | 588.38M | 1.14B | 1.09B | 1.03B | 563.9M | 485.7M | 305.37M | 336.99M | 483.53M |
| FFO Margin % | 62.07% | 58.41% | 56.08% | 53.6% | 57.38% | 51.84% | 41.8% | 50.36% | 92.02% | 84.8% | 81.09% | 44.54% | 39.28% | 26% | 29.93% | 43.43% |
| FFO Growth % | 80.88% | 11.17% | 7.99% | -4.52% | 17.01% | 35.68% | -25.17% | -48.2% | 4.39% | 5.17% | 83.46% | 16.1% | 59.06% | -9.38% | -30.31% | - |
| FFO per Share | 2.80 | 2.60 | 2.37 | 2.21 | 2.32 | 2.00 | 1.48 | 1.97 | 3.76 | 3.56 | 3.39 | 1.85 | 1.99 | 1.62 | 1.51 | 2.16 |
| FFO Payout Ratio % | 30.71% | 44.21% | 45.96% | 47.24% | 41.44% | 43.06% | 38.7% | 56.92% | 29.35% | 29.17% | 28.53% | 47.58% | 35.65% | 15.54% | 5.7% | 0.03% |
| EPS (Diluted) | 1.44 | 1.25 | 1.11 | 1.01 | 1.17 | 0.25 | -0.25 | 0.29 | 1.21 | 0.98 | 0.90 | 0.64 | 0.36 | -0.49 | -0.55 | 0.30 |
| EPS Growth % | 37.14% | 12.61% | 9.9% | -13.68% | 368% | 200% | -186.21% | -76.03% | 23.47% | 8.89% | 40.63% | 77.78% | 173.47% | 10.91% | -283.33% | - |
| EPS (Basic) | - | 1.26 | 1.12 | 1.01 | 1.18 | 0.25 | -0.25 | 0.29 | 1.21 | 0.99 | 0.91 | 0.65 | 0.37 | -0.50 | -0.55 | 0.30 |
| Diluted Shares Outstanding | 307.68M | 307.87M | 304.04M | 302.38M | 301.74M | 298.83M | 297.9M | 299.33M | 302.34M | 305.28M | 305.06M | 305.02M | 244.59M | 188.99M | 223.49M | 223.49M |
Redevelopment yield compression
According to the latest quarterly data, Brixmor achieved a 5.1% year-over-year revenue increase in 2026Q1, suggesting that the company's strategy of capturing mark-to-market rent spreads within its grocery-anchored portfolio remains a primary driver of top-line expansion despite a maturing retail environment.
The consistent revenue growth appears to be supported by the successful execution of re-leasing space at higher rates, effectively leveraging the foot traffic generated by essential anchors. Investors should monitor whether this trajectory can persist as the portfolio reaches higher occupancy levels, which may eventually limit the available upside from further rent adjustments.
As reported in financial statements, the company's NOI margin reached 88.2% in 2026Q1, a significant recovery from the 45.6% observed in 2023Q4, indicating that property-level operating efficiencies have improved substantially as the company successfully managed its cost structure and tenant reimbursement recoveries.
The sharp improvement in NOI margins suggests that management has effectively mitigated the impact of rising property taxes and insurance costs through disciplined triple-net lease structures. However, the sustainability of these elevated margins warrants further investigation, as they may be influenced by the timing of non-recurring recoveries or specific accounting adjustments.
Based on reported figures, FFO per share climbed to $0.76 in 2026Q1, representing a 32.9% growth rate that highlights the company's ability to translate property-level NOI gains into meaningful earnings for shareholders while maintaining a relatively stable dividend yield of approximately 1.1%.
The acceleration in FFO growth appears to reflect the successful completion of redevelopment projects that are now contributing to the bottom line. Analysts should remain cautious regarding the potential for future dilution if the company relies on equity issuance to fund its ongoing capital-intensive redevelopment pipeline.
As indicated by the divergence between net income of $127.8M and FFO of $233.0M in 2026Q1, GAAP accounting significantly understates the company's true earnings power due to the heavy non-cash depreciation charges inherent in the REIT business model.
The persistent gap between GAAP net income and FFO confirms that investors should prioritize FFO as the primary metric for assessing operational performance. The substantial depreciation expense suggests that the company's reported earnings are heavily impacted by historical asset costs that do not reflect the current economic value or cash-generating capacity of the portfolio.
Quick answers to the most common questions about buying BRX stock.
For fiscal year 2025, Brixmor Property Group Inc. (BRX) reported total revenue of $1.37B. This represents a 23.2% increase compared to $1.11B in 2011.
Brixmor Property Group Inc. (BRX) is profitable, generating $386.2M in net income for the fiscal year ending 2025 with a net profit margin of 28.2%.
Brixmor Property Group Inc. (BRX) reported an operating income of $503.5M, resulting in an operating profit margin of 36.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Brixmor Property Group Inc. (BRX) generated $1.03B in gross profit for the year, representing a gross profit margin of 75.2%. This demonstrates the company's core pricing power and production efficiency.