Brixmor Property Group Inc. BRX
Brixmor Property Group Inc. and subsidiaries (collectively, "BPG") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. BPG owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of grocery-anchored community and neighborhood shopping centers. As of December 31, 2025, our portfolio was comprised of 348 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas ("CBSAs") in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2025, our three largest tenants by annualized base rent ("ABR") were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc. In the opinion of our management, no material part of our business is dependent upon a single tenant, the loss of which would have a material adverse effect on us, and no single tenant or shopping center accounted for 5% or more of our consolidated revenues during 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.37B | $1.29B | $1.25B | $1.22B | $1.15B | $1.05B | $1.17B | $1.23B | $1.28B | — |
| SG&A | $112.7M | $116.4M | $117.1M | $117.2M | $105.5M | $98.3M | $102.3M | $93.6M | $92.2M | $92.2M |
| Total operating expenses | $888.6M | $826.0M | $817.2M | $779.5M | $732.3M | $734.0M | $755.0M | $822.8M | $827.9M | $801.8M |
| Interest expense | $224.7M | $216.0M | $190.7M | $192.4M | $194.8M | $200.0M | $189.8M | $215.0M | $226.7M | $226.7M |
| Pre-tax income | — | — | — | — | — | — | $274.8M | $366.3M | $295.4M | $277.7M |
| Net income | $386.2M | $339.3M | $305.1M | $354.2M | $270.2M | $121.2M | $274.8M | $366.3M | $300.4M | $278.1M |
| EPS, basic | 1.26 | 1.12 | 1.01 | 1.18 | 0.91 | 0.41 | 0.92 | 1.21 | 0.98 | 0.91 |
| EPS, diluted | 1.25 | 1.11 | 1.01 | 1.17 | 0.90 | 0.41 | 0.92 | 1.21 | 0.98 | 0.91 |
| Shares, diluted (wtd. avg.) | $307.9M | $304.0M | $302.4M | $301.7M | $298.8M | $297.9M | $299.3M | $302.3M | $305.3M | $305.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $334.4M | $377.6M | $866.0K | $21.3M | $297.7M | $370.1M | $21.5M | $50.8M | $110.8M | $102.9M |
| Receivables | $315.1M | $281.9M | $278.8M | $264.1M | $234.9M | $240.3M | $234.2M | $228.3M | $232.1M | $178.2M |
| Total assets | $9.13B | $8.91B | $8.33B | $8.44B | $8.38B | $8.34B | $8.14B | $8.24B | $9.15B | $9.32B |
| Long-term debt | $5.49B | $5.34B | — | — | — | — | — | — | — | — |
| Total liabilities | $6.12B | $5.92B | $5.48B | $5.57B | $5.66B | $5.66B | $5.40B | $5.41B | $6.25B | $6.39B |
| Total equity | $3.01B | $2.98B | $2.85B | $2.87B | $2.72B | $2.68B | $2.74B | $2.84B | $2.91B | $2.93B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $652.0M | $624.7M | $588.8M | $566.4M | $552.2M | $443.1M | $528.7M | $541.7M | $551.9M | $567.5M |
| Depreciation and amortisation | $414.9M | $381.4M | $362.3M | $344.7M | $327.2M | $335.6M | $332.4M | $352.2M | $375.0M | $387.3M |
| Stock-based compensation | $17.6M | $17.9M | $20.8M | $23.4M | $17.1M | $11.0M | $12.7M | $9.4M | $10.5M | $11.6M |
| Investing cash flow | -$452.2M | -$437.0M | -$163.1M | -$462.5M | -$331.0M | -$167.2M | -$172.1M | $669.6M | -$52.9M | -$141.9M |
| Financing cash flow | -$216.9M | $172.1M | -$428.1M | -$380.4M | -$293.6M | $72.7M | -$385.9M | -$1.27B | -$491.2M | -$433.7M |
| Buybacks | — | — | — | $0 | $0 | $25.0M | $14.6M | $104.7M | $5.9M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001581068-26-000007.
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