NYSE:BRX

Stock Analysis Report

Executive Summary

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers.

Rewards

Trading at 47.4% below its fair value

Risk Analysis

Earnings are forecast to decline by an average of -0.5% per year for the next 3 years

Unstable dividend track record

Large one-off items impacting financial results



Snowflake Analysis

Average dividend payer and fair value.


Similar Companies

Share Price & News

How has Brixmor Property Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BRX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.5%

BRX

0.8%

US REITs

-1.2%

US Market


1 Year Return

25.6%

BRX

17.3%

US REITs

22.3%

US Market

Return vs Industry: BRX exceeded the US REITs industry which returned 17.9% over the past year.

Return vs Market: BRX exceeded the US Market which returned 24.7% over the past year.


Shareholder returns

BRXIndustryMarket
7 Day1.5%0.8%-1.2%
30 Day-2.1%3.4%1.6%
90 Day-1.7%1.5%8.8%
1 Year33.2%25.6%22.2%17.3%25.0%22.3%
3 Year5.3%-12.4%38.0%20.6%49.9%40.3%
5 Year1.6%-21.7%49.6%18.7%77.6%58.0%

Price Volatility Vs. Market

How volatile is Brixmor Property Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Brixmor Property Group undervalued compared to its fair value and its price relative to the market?

46.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BRX ($20.59) is trading below our estimate of fair value ($39.14)

Significantly Below Fair Value: BRX is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BRX is good value based on its PE Ratio (21.2x) compared to the REITs industry average (37.8x).

PE vs Market: BRX is poor value based on its PE Ratio (21.2x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: BRX's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BRX is overvalued based on its PB Ratio (2.2x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is Brixmor Property Group forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

-0.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BRX's earnings are forecast to decline over the next 3 years (-0.5% per year).

Earnings vs Market: BRX's earnings are forecast to decline over the next 3 years (-0.5% per year).

High Growth Earnings: BRX's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BRX's revenue (2.2% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: BRX's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BRX's Return on Equity is forecast to be low in 3 years time (8.5%).


Next Steps

Past Performance

How has Brixmor Property Group performed over the past 5 years?

23.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BRX has a large one-off gain of $51.1M impacting its September 30 2019 financial results.

Growing Profit Margin: BRX's current net profit margins (24.7%) are lower than last year (28.5%).


Past Earnings Growth Analysis

Earnings Trend: BRX's earnings have grown significantly by 23.8% per year over the past 5 years.

Accelerating Growth: BRX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BRX had negative earnings growth (-19.2%) over the past year, making it difficult to compare to the REITs industry average (8.1%).


Return on Equity

High ROE: BRX's Return on Equity (10.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Brixmor Property Group's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BRX has a high level of physical assets or inventory.

Debt Coverage by Assets: BRX's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: BRX's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if BRX has a sufficient allowance for bad loans.

Low Risk Liabilities: BRX reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if BRX has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BRX has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if BRX has an appropriate level of bad loans.


Next Steps

Dividend

What is Brixmor Property Group's current dividend yield, its reliability and sustainability?

5.42%

Current Dividend Yield


Dividend Yield vs Market

company5.4%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years5.5%

Current dividend yield vs market & industry

Notable Dividend: BRX's dividend (5.54%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: BRX's dividend (5.54%) is in the top 25% of dividend payers in the US market (3.66%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, BRX has been paying a dividend for less than 10 years.

Growing Dividend: BRX's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (60.5%), BRX's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BRX's dividends in 3 years are forecast to be thoroughly covered by earnings (0.2% payout ratio).


Next Steps

Management

What is the CEO of Brixmor Property Group's salary, the management and board of directors tenure and is there insider trading?

4.3yrs

Average management tenure


CEO

Jim Taylor (52yo)

3.7yrs

Tenure

US$5,050,709

Compensation

Mr. James M. Taylor Jr., also known as Jim, J.D. has been the Chief Executive Officer and President at Brixmor Property Group Inc. since May 20, 2016. He has several years of experience in the commercial r ...


CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD5.05M) is about average for companies of similar size in the US market ($USD6.46M).

Compensation vs Earnings: Jim's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.3yrs

Average Tenure

43yo

Average Age

Experienced Management: BRX's management team is considered experienced (4.3 years average tenure).


Board Age and Tenure

4.3yrs

Average Tenure

59yo

Average Age

Experienced Board: BRX's board of directors are considered experienced (4.3 years average tenure).


Insider Trading

Insider Buying: BRX insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$221,00015 Nov 19
Carolyn Singh
EntityIndividual
Role
Senior Key Executive
Executive VP & Chief Talent Officer
Shares10,000
Max PriceUS$22.10
BuyUS$138,75019 Aug 19
James Taylor
EntityIndividual
Role
Chief Executive Officer
CEO, President & Director
Shares7,500
Max PriceUS$18.50

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Steven Siegel (59yo)

    Executive VP

    • Tenure: 12.8yrs
    • Compensation: US$1.63m
  • Stacy Slater

    Senior Vice President of Investor Relations & Capital Markets

    • Tenure: 7yrs
  • Carolyn Singh (56yo)

    Executive VP & Chief Talent Officer

    • Tenure: 3yrs
  • Angela Aman (40yo)

    Executive VP

    • Tenure: 3.7yrs
    • Compensation: US$1.95m
  • Jim Taylor (52yo)

    CEO, President & Director

    • Tenure: 3.7yrs
    • Compensation: US$5.05m
  • Brian Finnegan (38yo)

    Executive Vice President of Leasing

    • Tenure: 5.2yrs
    • Compensation: US$1.55m
  • Matthew Berger

    Regional President of West

    • Tenure: 5.2yrs
  • Mark Horgan (43yo)

    Executive VP & Chief Investment Officer

    • Tenure: 3.7yrs
    • Compensation: US$1.91m
  • Haig Buchakjian

    Executive Vice President of Operations

    • Tenure: 5yrs
  • Steven Gallagher (37yo)

    Senior VP & Chief Accounting Officer

    • Tenure: 2.8yrs

Board Members

  • Gaby Greene-Sulzberger (59yo)

    Independent Director

    • Tenure: 4.6yrs
    • Compensation: US$170.40k
  • John Schreiber (73yo)

    Independent Chairman

    • Tenure: 6.3yrs
    • Compensation: US$160.90k
  • Tad Dickson (64yo)

    Independent Director

    • Tenure: 4.8yrs
    • Compensation: US$147.55k
  • Dan Hurwitz (55yo)

    Independent Director

    • Tenure: 3.9yrs
    • Compensation: US$152.90k
  • Michael Berman (61yo)

    Independent Director

    • Tenure: 6.3yrs
    • Compensation: US$165.05k
  • Billy Rahm (40yo)

    Presiding Independent Director

    • Compensation: US$160.05k
  • Jim Taylor (52yo)

    CEO, President & Director

    • Tenure: 3.7yrs
    • Compensation: US$5.05m
  • Sheryl Crosland (66yo)

    Independent Director

    • Tenure: 3.1yrs
    • Compensation: US$160.05k
  • Julie Bowerman (49yo)

    Independent Director

    • Tenure: 0.9yrs

Company Information

Brixmor Property Group Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Brixmor Property Group Inc.
  • Ticker: BRX
  • Exchange: NYSE
  • Founded: 2008
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: US$6.270b
  • Shares outstanding: 297.85m
  • Website: https://www.brixmor.com

Number of Employees


Location

  • Brixmor Property Group Inc.
  • 450 Lexington Avenue
  • New York
  • New York
  • 10017
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BRXNYSE (New York Stock Exchange)YesCommon StockUSUSDOct 2013
BXRDB (Deutsche Boerse AG)YesCommon StockDEEUROct 2013

Biography

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 409 retail centers comprise approximately 72 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/01/27 00:54
End of Day Share Price2020/01/24 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.