Brixmor Property Group Inc. BRX

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
57/100
Moderate

Ranked against 37 peers in REIT - Retail

About Brixmor Property Group Inc.

Brixmor Property Group Inc. is a real estate investment trust that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 354 retail centers comprise approximately 63 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 … Full BRX analysis →

Key strengths

  • Stable NOI Performance NOI stability is excellent (score 1.00), suggesting reliable rent streams.

Key risks

  • Weak AFFO Coverage AFFO generation is weak (score 0.39), threatening dividend sustainability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Moderate
70
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where BRX ranks in REIT - Retail

Brixmor Property Group Inc. ranks #14 of 33 scored companies in REIT - Retail by moat score — the top 42%. The widest moat in the group is NNN REIT, Inc. (NNN) at 79/100.

# Company Moat score Rating
10 Regency Centers Corporation REG 61/100 Moderate
11 Tanger Inc. SKT 61/100 Moderate
12 Regency Centers Corporation - 6 REGCP 61/100 Moderate
13 Realty Income Corporation O 60/100 Moderate
14 Brixmor Property Group Inc. BRX 57/100 Moderate
15 Federal Realty Investment Trust FRT 55/100 Moderate
16 Kimco Realty Corporation (HC) KIM 52/100 Moderate
17 Alexander & Baldwin, Inc. ALEX 50/100 Moderate
18 Saul Centers, Inc. BFS 46/100 Developing

See every Real Estate Investment Trusts company ranked by moat score →

How BRX scores on the REIT Specialized defenses

Rent Pricing Power

Score 70 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 44 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 49 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 62 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 44 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 76 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding BRX's moat

What is Brixmor Property Group Inc.'s moat score?

Brixmor Property Group Inc. (BRX) scores 57 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #14 of 33 scored companies in REIT - Retail, the top 42%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 37 companies in REIT - Retail. Its strongest defense is Portfolio Quality & Diversification (76/100) and its weakest is AFFO Strength (44/100).

How does Brixmor Property Group Inc. compare with other REIT - Retail companies?

Brixmor Property Group Inc. ranks #14 of 33 scored companies in REIT - Retail by moat score. The widest moat in REIT - Retail is NNN REIT, Inc. (NNN) at 79/100. The companies ranked closest are Realty Income Corporation (O) at 60 just above it and Federal Realty Investment Trust (FRT) at 55 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 37 companies in REIT - Retail. The defenses are then weighted to produce the overall score out of 100.

Why is Brixmor Property Group Inc. scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Brixmor Property Group Inc.?

The REIT Specialized template measures 6 defenses, and BRX scores: Rent Pricing Power (70), AFFO Strength (44), Balance Sheet & Cost of Capital (49), Capital Recycling & Growth (62), Operational Efficiency (44), Portfolio Quality & Diversification (76). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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