Brixmor Property Group Inc. (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates open-air retail shopping centers across the United States. Revenue comes primarily from base rent and tenant reimbursements collected under leases signed with retailers occupying space across its portfolio. As of December 31, 2025, Brixmor's portfolio comprised 348 shopping centers totaling approximately 63 million square feet of gross leasable area (GLA), making it one of the largest publicly traded open-air retail portfolios by GLA in the U.S. The portfolio was 95.1% leased and 91.6% billed as of that date (FY2025 10-K, filed 2026-02-09). Shopping centers are primarily anchored by non-discretionary and value-oriented retailers. BPG is structured as an internally managed corporation, conducting substantially all operations through Brixmor Operating Partnership LP, and has elected REIT tax status.

Revenue model

Rental income from multi-tenant retail leases, including base rent and tenant reimbursements for operating expenses such as taxes, insurance, and maintenance. Net operating income (NOI) is the primary operating performance metric disclosed in the FY2025 10-K.

Products and services

Open-air community and neighborhood shopping centers, primarily grocery-anchored, totaling approximately 63 million square feet of GLA across 348 properties as of December 31, 2025.

Customers and end markets

Retail tenants, anchored by non-discretionary and value-oriented retailers as well as grocery chains. Properties are located within established trade areas in the top 50 Core-Based Statistical Areas (CBSAs) in the U.S.

Value-chain role

Property owner and operator. Brixmor acquires, owns, leases, and manages open-air retail centers, handling property operations, leasing, and redevelopment internally.

Geographic exposure

United States only, with portfolio concentrated in the top 50 Core-Based Statistical Areas (CBSAs) as of December 31, 2025.

Source: SEC 10-K, filed 2026-02-09

Industry: Real Estate Investment Trusts Peers: Agree Realty Corp SPIRIT REALTY CAPITAL, INC. NNN REIT Inc Site Centers Corp Federal Realty Investment Trust Kite Realty Group Trust Phillips Edison & Co Inc Realty Income Corp Regency Centers Corp