BRX NYSE Russell 1000 Earnings call
Brixmor Property Group (BRX) · Q2 2026 results and valuation
Share price: $30.26 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 28 Jul 2026 and 28 Apr 2026
Net income down 42.5% on the previous quarter, guidance raised. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−42.5%
Net income vs Q1 2026
Guidance raised
Net income 73.5M vs 127.8M
Revenue −0.2%
Against the same quarter last year (Q2 2025) it is −13.7% — part of the move on last quarter is seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
The company reported leverage of 5.3x on a quarter annualized basis and liquidity of $1.5 billion, including $115 million, which provides the current…
Valuation
Is Brixmor Property Group undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 4.0% growth a year (3-year revenue growth), the model's fair value is $2.45 a share — the stock trades 1137% above it. Today's price assumes 16.2% growth a year.
Current price
$30.26
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.2% for 10 yrs
Fair value / share
$2.45
Buy below
$1.83
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
Revenue guidance improved as revenue deemed uncollectible is now expected to be 60 to 85 basis points of total revenues.
Source quote
“The increase primarily reflects the improved expectations from revenue deemed uncollectible, which we now expect to be 60 to 85 basis points of total revenues reflecting the strength...”
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New
I would highlight that the deal on call de station did include…
Source quote
“I would highlight that the deal on call de station did include ...over time and that there are assets where we believe we can put our platform to work to drive value through rent mark-to-market densification and redevelopment. We're really excited about that 1 from a future growth perspective.”
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Guidance ↑
BRX increased its 2026 expectations for both same property NOI due to first half execution and visibility from leasing and reinvestment pipelines.
Source quote
“Given the strength of first half execution and the visibility we have from our leasing and reinvestment pipelines, we increased our 2026 expectations for both same property NOI...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Also I wanted to say, Jim definitely would be missed condolences to the company and to his family.”
“And I obviously, Jim will be missed, but it looks like the company is in good hands.”
“And I think importantly, what that does is while it does ultimately result in maybe us accelerating straight line, it's really deferring the liability to the tenant of them taking...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 354.2M | 354.8M | −0.2% | 339.5M | +4.3% |
| Net income | 73.5M | 127.8M | −42.5% | 85.1M | −13.7% |
| EPS | 0.24 | 0.41 | −41.5% | 0.28 | −14.3% |
| P/E today 19.3 | 22.5 | 20.1 | +2.4 | 23.9 | −1.4 |
Topics
Most discussed now
- New Brixmor Property is still doing some of those across the portfolio, but really finding new ways to activate its common areas…
- Further information regarding Brixmor Property's use of these measures and reconciliations of these measures to its GAAP results are…
- Of all, Brixmor Property did hit record another record in small shop occupancy growth, 92.6% and it still sees room...
- To base rent, performance was strong across virtually every component of NOI, reflecting favorable collections, strong expense recoveries...
- Taken together, this quarter's results demonstrate that growth is not driven by a single factor, but rather by healthy underlying...
Faded since Q1 2026
- Fading These secular tailwinds are attracting institutional capital into Brixmor Property's sector at the highest pace in decades.
- Fading New supply remains at historic lows, and demand from high-quality retailers for well-located space is as strong as Brixmor Property has...
- Fading Revenues deemed uncollectible contributed 30 basis points to growth as Brixmor Property continues to benefit from the improving underlying…
- Fading Turning to its forward outlook, Brixmor Property increased its same property NOI growth guidance to 4.75% to 5.5% and its FFO...
Latest announcements
Official filings, newest first.
- Material agreement; Director or officer change; Regulation FD disclosure; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K