Brixmor was founded in 2003 and is headquarters in New York City. It is an internally managed REIT. Operating through Brixmor Operating Partnership LP, it owns one of the largest open-air retail portfolios in the US, with 354 shopping centers totaling over 63 million square feet (almost 6m m²).

In Q3 25, Brixmor executed 1.5 million square feet of new and renewal leases, with impressive rent spreads of 17.8% on comparable space, including 0.6 million square feet of new leases with a 30.5% rent spread. The company reached a total leased occupancy of 94.1%, with anchor occupancy at 95.4% and record small shop occupancy at 91.4%.

Brixmor reported a 4.0% increase in same property NOI and Nareit FFO of $172.3m. For 2025, Brixmor updated its NAREIT FFO per diluted share expectations to $2.23 - $2.25 and affirmed its same property NOI growth expectations of 3.9% - 4.3%.

Improved cash flow

Brixmor reported modest performance over FY 21-24, with a revenue CAGR of 3.7%, reaching $1.3bn in FY 24, driven by higher base rental rates, improved tenant occupancy and redevelopment. EBITDA rose at a CAGR of 4.5% to $840m, with margins expanding by 150bp to 65.4%.

FCF rose from $633m to $694m over FY 21-24. This improvement was aided by rising CFO, with cash and cash equivalent climbing from $297m to $378m. This led to improved gearing from 191.7% to 180.4%.

In comparison, Kimco Realty Corporation, a local peer, reported a higher revenue CAGR of 14.3% over FY 21-24, reaching $2.0bn in FY 24. EBITDA rose at a CAGR of 14.3% to $1.2bn, with margins contracting from 62.9% to 60.5%.

Optimistic analyst views

Over the past 12 months, the company's stock delivered negative returns of approximately 5.7%. In comparison, Kimco Realty's stock also delivered negative returns of around 15.6%. The company paid an annual dividend of $1.1 in FY 24, resulting in a dividend yield of 4.0%.

Brixmor is currently trading at a P/E of 26.5x, based on the FY 25 estimated EPS of $1.0, which is higher than its 3-year historical average of 22.5x but lower than Kimco Realty’s P/E of 27.7x. The company is currently trading at EV/EBITDA multiple of 14.4x, based on FY 25 estimated EBITDA of $926.9bn, which is lower than its 3-year historical average of 15.1x and Kimco Realty (14.7x).

Brixmor is monitored by the 18 analysts, with 15 having 'Buy' ratings and three having 'Hold' ratings for an average target price of $30.7, implying 16.3% upside potential over the current market price.

Consensus estimates an EBITDA CAGR of 5.9% to $1.0bn with margins expanding by 120bp to 67.5% in FY 27. However, analysts estimate a negative net profit CAGR of minus 0.6% to $333m. In comparison, they estimate an EBITDA CAGR of 7.2% and a net profit CAGR of 12.1% for Kimco Realty.

Overall, Brixmor's strategic leasing activities and strong occupancy rates have positioned the company for continued success in the competitive retail real estate market. With robust earnings growth, disciplined capital management, and improved cash flow, Brixmor is well-equipped to maintain its leadership and drive value creation. However, the company faces risks from industry competition, regulatory changes, market conditions, tenant concentration, development challenges, tenant bankruptcies, cybersecurity threats, accounting scandals and credit risk.