At a glance
Brixmor Property is worth $8.72B, about 23 times its fiscal 2025 earnings. It pays a 4.37% dividend yield, raised every year for at least 5 years, and returned $1.02B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.9% over the past year with dividends reinvested and +8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.6% in the 2020 crash (S&P 500: 33.7%) and 31.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 22 months after the lows.
The business in plain English
Brixmor Property Group is a real estate investment trust (REIT): a company that owns income-producing property and must pay out most of its taxable income as dividends. It owns and runs open-air shopping centers across the US. Most are community and neighborhood centers anchored by a grocery store. As of December 31, 2025, it had 348 centers with about 62.7 million square feet to lease. That makes it one of the largest portfolios of its kind among publicly traded companies.
Most of its income comes from rent. Its tenants are mainly grocers, discount retailers and service businesses that shoppers visit for everyday needs. The three largest by annualized base rent (the yearly rent in signed leases) were TJX Companies, Kroger and Burlington Stores. No single tenant or center supplied 5% or more of 2025 revenue. Rent grows through built-in increases, filling empty space and resetting old leases to market rates. On comparable space, new leases signed in 2025 carried rents 38.7% above the old ones.
Brixmor's annual report gives no revenue split by segment or region. It does show where the rent comes from. As of December 31, 2025, 81% of annualized base rent came from grocery-anchored centers and 72% from the 50 largest US metro areas. During 2025 it acquired $420.6 million of properties and raised $289.2 million in net proceeds from property sales.
Price history
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BRX +9.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was —, and net income was $87.8M (-6.9%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 12.8% watch |
|---|---|
| Return on assets (FY2025) | 4.2% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $121.2M | — |
| FY2021 | — | $270.2M | — |
| FY2022 | — | $354.2M | — |
| FY2023 | — | $305.1M | — |
| FY2024 | — | $339.3M | — |
| FY2025 | — | $386.2M | — |
Valuation snapshot
| Market value | $8.72B |
|---|---|
| P/E ratio | 22.7 |
| Dividend yield | 4.37% |
Rank among 1514 US companies
Market value at each year end
Brixmor Property’s market value went from $7.43B at the end of 2016 to $8.72B on Oct 28, 2026, up 17%; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.72B | +8.6% |
| 2025 | $8.03B | -4.6% |
| 2024 | $8.41B | +20.2% |
| 2023 | $6.99B | +2.9% |
| 2022 | $6.80B | -9.9% |
| 2021 | $7.55B | +53.8% |
| 2020 | $4.91B | -23.8% |
| 2019 | $6.44B | +46.1% |
| 2018 | $4.40B | -22.6% |
| 2017 | $5.69B | -23.4% |
| 2016 | $7.43B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BRX price data to Oct 28, 2026 | +13.2% | +9.9% | +17.7% | +8.5% | +6.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.2% |
| 2025 | -1.7% |
| 2024 | +25.1% |
| 2023 | +7.7% |
| 2022 | -6.9% |
| 2021 | +60.4% |
| 2020 | -19.5% |
| 2019 | +56.9% |
| 2018 | -15.9% |
| 2017 | -19.6% |
| 2016 | -1.7% |
| 2015 | +7.9% |
| 2014 | +26.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.9% over that stretch · deepest drop along the way 57.6%, back to its old high 10.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.2% over that stretch · deepest drop along the way 31.6%, back to its old high 21.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (20 read): 0 open-market purchases and 2 sales ($500K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Michael B Berman Director | sell | $267K |
| Feb 12, 2026 | Julie Bowerman Director | sell | $232K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 9.52% | Mar 31, 2026 |
| Vanguard Capital Management | 5.31% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Dec 31, 2025 |
ETFs with the most weight in BRX
| DDIV First Trust Dorsey Wright Momentum & Dividend ETF | 3.95% |
| PSR Invesco Active U.S. Real Estate Fund | 3.64% |
| DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF | 2.28% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.05% |
| VRAI Virtus Real Asset Income ETF | 1.18% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 0.76% |
| FRI First Trust S&P REIT Index Fund | 0.7% |
| IYRI NEOS Real Estate High Income ETF | 0.6% |
What could go wrong
- Retailer distress and tenant bankruptcies. If many tenants struggle or go bankrupt, rent can go unpaid. If a center's anchor, its main draw such as a grocer, leaves, other tenants may gain the right to cut rent or end leases.
- Expiring leases and competition for tenants. As of December 31, 2025, leases on about 8.1% of leased space were set to expire in 2026. Competition from malls and online shopping could mean lower rents, concessions or costly upgrades to keep tenants.
- Redevelopment projects could cost more or earn less. As of December 31, 2025, Brixmor had 33 upgrade and redevelopment projects underway with expected costs of $336.4 million. Permit delays, cost overruns, construction delays or weak leasing could shrink the returns it expects.
- Significant debt and refinancing risk. Total debt was about $5.3 billion as of September 30, 2026, versus $3.0 billion of shareholder equity. Refinancing at higher rates or a credit-rating downgrade could raise interest costs and leave less cash for dividends.
- Inflation, interest rates and tariffs. Higher rates raise borrowing costs for Brixmor and its tenants and could feed a recession that hurts consumer spending. Tariffs can raise tenants' costs on imported goods and Brixmor's steel and lumber costs for redevelopment.
- REIT tax status and stock dividends. Brixmor must meet strict REIT rules to avoid being taxed as a regular corporation. A failure could bring a large tax bill. It may pay dividends in stock, which can be taxed with no cash received.
Recent events
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Other company announcement
For income and retirement investors
Brixmor has raised its regular dividend five years in a row, from $0.50 per share in 2020 to $1.17 in 2025. That is about 18.5% a year, though most of the increase came in 2021. Dividends took 93.3% of 2025 net income. That would be high for most companies but is common for REITs, whose earnings are reduced by depreciation, a non-cash expense. The yield was 4.37% as of October 28, 2026. Brixmor made no share repurchases from 2021 through 2025, though it renewed a $400.0 million repurchase program in 2025. Its share count rose about 3% from February 2022 to October 2026.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 57.6% between February 21 and March 23, 2020, and took about 11 months to recover. In the 2022 bear market they fell 31.6% and took about 22 months to recover. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Brixmor Property Group make money?
Brixmor makes money by renting space in open-air shopping centers to retailers and service businesses. As of December 31, 2025, it owned 348 centers with about 62.7 million square feet. Most are anchored by grocery stores and value-focused retailers. Grocery-anchored centers produced 81% of its annualized base rent. Rent rises through built-in increases, re-leasing space at higher rates and upgrading centers. During 2025, it finished 27 upgrade projects costing $183.3 million. They add property income each year equal to about 10% of that cost.
Does Brixmor raise its dividend every year?
It has for five straight years, through 2025. Regular dividends per share rose from $0.50 in 2020 to $0.885 in 2021, $0.98 in 2022, $1.0525 in 2023, $1.105 in 2024 and $1.17 in 2025. That is growth of about 18.5% a year, though most of it came from the jump between 2020 and 2021. A five-year streak is short next to long-time dividend raisers, and future increases are not guaranteed.
What is Brixmor's dividend yield?
The dividend yield was 4.37% as of October 28, 2026. Brixmor paid $1.17 per share in regular dividends for 2025, about $360.4 million in total. As a REIT, it must pay out most of its taxable income, which is one reason REIT yields tend to run higher than those of many stocks. REIT dividends are usually taxed as ordinary income rather than at the lower rate for qualified dividends, which matters in a taxable account.
Who are Brixmor's biggest tenants?
As of December 31, 2025, Brixmor's three largest tenants by annualized base rent (yearly contracted rent) were The TJX Companies, Kroger and Burlington Stores. The company says no single tenant or shopping center made up 5% or more of its revenue in 2025. It also says losing any one tenant would not seriously harm the business. Its centers are mostly anchored by grocers, discount retailers and service providers that shoppers visit for everyday needs. Tenant bankruptcies remain a risk.
How much debt does Brixmor have?
Brixmor had about $5.3 billion of total debt as of September 30, 2026. That compares with $9.0 billion of total assets and $3.0 billion of shareholder equity. Cash and investments came to $164.4 million. As of December 31, 2025, all three major credit rating agencies rated it investment grade, a sign of lower default risk. It also had $1.61 billion of cash and unused credit available, against $607.5 million of debt due in 2026. Borrowing is normal for REITs, but refinancing at higher interest rates can squeeze cash flow.