Intrinsic value of Brixmor Property Group - BRX

Previous Close

$18.07

  Intrinsic Value

$2.40

stock screener

  Rating & Target

str. sell

-87%

Previous close

$18.07

 
Intrinsic value

$2.40

 
Up/down potential

-87%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as BRX.

We calculate the intrinsic value of BRX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.79
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  1,276
  1,330
  1,386
  1,447
  1,511
  1,578
  1,650
  1,725
  1,805
  1,889
  1,978
  2,071
  2,169
  2,273
  2,382
  2,497
  2,617
  2,744
  2,878
  3,018
  3,166
  3,321
  3,484
  3,656
  3,836
  4,025
  4,224
  4,433
  4,653
  4,884
  5,126
Variable operating expenses, $m
 
  879
  916
  956
  999
  1,043
  1,091
  1,140
  1,193
  1,249
  1,307
  1,369
  1,434
  1,502
  1,574
  1,650
  1,730
  1,814
  1,902
  1,995
  2,093
  2,195
  2,303
  2,416
  2,536
  2,661
  2,792
  2,930
  3,076
  3,228
  3,388
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  803
  879
  916
  956
  999
  1,043
  1,091
  1,140
  1,193
  1,249
  1,307
  1,369
  1,434
  1,502
  1,574
  1,650
  1,730
  1,814
  1,902
  1,995
  2,093
  2,195
  2,303
  2,416
  2,536
  2,661
  2,792
  2,930
  3,076
  3,228
  3,388
Operating income, $m
  473
  451
  470
  490
  512
  535
  559
  585
  612
  640
  670
  702
  735
  770
  807
  846
  887
  930
  976
  1,023
  1,073
  1,126
  1,181
  1,239
  1,300
  1,365
  1,432
  1,503
  1,577
  1,656
  1,738
EBITDA, $m
  860
  854
  891
  930
  971
  1,014
  1,060
  1,109
  1,160
  1,214
  1,271
  1,331
  1,394
  1,460
  1,530
  1,604
  1,682
  1,763
  1,849
  1,939
  2,034
  2,134
  2,239
  2,349
  2,465
  2,586
  2,714
  2,849
  2,990
  3,138
  3,294
Interest expense (income), $m
  228
  228
  238
  249
  260
  273
  286
  300
  315
  330
  347
  364
  382
  401
  421
  443
  465
  489
  513
  539
  567
  596
  626
  658
  691
  726
  763
  802
  843
  886
  931
Earnings before tax, $m
  278
  223
  233
  242
  252
  262
  273
  285
  297
  310
  324
  338
  353
  369
  386
  404
  422
  442
  462
  484
  506
  530
  555
  582
  609
  638
  669
  701
  735
  770
  807
Tax expense, $m
  0
  60
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  172
  181
  189
  198
  208
  218
Net income, $m
  276
  163
  170
  177
  184
  191
  199
  208
  217
  226
  236
  247
  258
  270
  282
  295
  308
  322
  337
  353
  370
  387
  405
  425
  445
  466
  488
  512
  536
  562
  589

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,320
  9,635
  10,047
  10,484
  10,947
  11,437
  11,955
  12,502
  13,079
  13,688
  14,330
  15,007
  15,719
  16,470
  17,260
  18,091
  18,966
  19,886
  20,854
  21,872
  22,942
  24,066
  25,249
  26,491
  27,797
  29,169
  30,611
  32,126
  33,717
  35,389
  37,145
Adjusted assets (=assets-cash), $m
  9,269
  9,635
  10,047
  10,484
  10,947
  11,437
  11,955
  12,502
  13,079
  13,688
  14,330
  15,007
  15,719
  16,470
  17,260
  18,091
  18,966
  19,886
  20,854
  21,872
  22,942
  24,066
  25,249
  26,491
  27,797
  29,169
  30,611
  32,126
  33,717
  35,389
  37,145
Revenue / Adjusted assets
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
Average production assets, $m
  8,947
  9,323
  9,722
  10,145
  10,593
  11,067
  11,568
  12,098
  12,656
  13,246
  13,867
  14,521
  15,211
  15,937
  16,702
  17,506
  18,353
  19,243
  20,180
  21,164
  22,200
  23,288
  24,432
  25,634
  26,898
  28,226
  29,621
  31,087
  32,626
  34,244
  35,943
Working capital, $m
  0
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
Total debt, $m
  5,839
  6,090
  6,374
  6,676
  6,996
  7,334
  7,691
  8,068
  8,467
  8,887
  9,330
  9,797
  10,288
  10,806
  11,351
  11,925
  12,529
  13,164
  13,831
  14,534
  15,272
  16,048
  16,864
  17,721
  18,622
  19,569
  20,564
  21,609
  22,707
  23,860
  25,072
Total liabilities, $m
  6,397
  6,648
  6,932
  7,234
  7,554
  7,892
  8,249
  8,626
  9,025
  9,445
  9,888
  10,355
  10,846
  11,364
  11,909
  12,483
  13,087
  13,722
  14,389
  15,092
  15,830
  16,606
  17,422
  18,279
  19,180
  20,127
  21,122
  22,167
  23,265
  24,418
  25,630
Total equity, $m
  2,923
  2,987
  3,115
  3,250
  3,394
  3,546
  3,706
  3,876
  4,055
  4,243
  4,442
  4,652
  4,873
  5,106
  5,351
  5,608
  5,879
  6,165
  6,465
  6,780
  7,112
  7,461
  7,827
  8,212
  8,617
  9,042
  9,489
  9,959
  10,452
  10,970
  11,515
Total liabilities and equity, $m
  9,320
  9,635
  10,047
  10,484
  10,948
  11,438
  11,955
  12,502
  13,080
  13,688
  14,330
  15,007
  15,719
  16,470
  17,260
  18,091
  18,966
  19,887
  20,854
  21,872
  22,942
  24,067
  25,249
  26,491
  27,797
  29,169
  30,611
  32,126
  33,717
  35,388
  37,145
Debt-to-equity ratio
  1.998
  2.040
  2.050
  2.050
  2.060
  2.070
  2.080
  2.080
  2.090
  2.090
  2.100
  2.110
  2.110
  2.120
  2.120
  2.130
  2.130
  2.140
  2.140
  2.140
  2.150
  2.150
  2.150
  2.160
  2.160
  2.160
  2.170
  2.170
  2.170
  2.170
  2.180
Adjusted equity ratio
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  276
  163
  170
  177
  184
  191
  199
  208
  217
  226
  236
  247
  258
  270
  282
  295
  308
  322
  337
  353
  370
  387
  405
  425
  445
  466
  488
  512
  536
  562
  589
Depreciation, amort., depletion, $m
  387
  404
  421
  439
  459
  479
  501
  524
  548
  573
  600
  629
  658
  690
  723
  758
  794
  833
  874
  916
  961
  1,008
  1,058
  1,110
  1,164
  1,222
  1,282
  1,346
  1,412
  1,482
  1,556
Funds from operations, $m
  528
  566
  591
  616
  642
  671
  700
  732
  765
  800
  837
  876
  916
  959
  1,005
  1,053
  1,103
  1,155
  1,211
  1,269
  1,331
  1,395
  1,463
  1,534
  1,609
  1,688
  1,771
  1,857
  1,949
  2,045
  2,145
Change in working capital, $m
  -39
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  567
  569
  593
  618
  645
  673
  703
  735
  768
  803
  840
  879
  920
  964
  1,009
  1,057
  1,108
  1,161
  1,216
  1,275
  1,337
  1,401
  1,470
  1,541
  1,616
  1,695
  1,779
  1,866
  1,957
  2,054
  2,155
Maintenance CAPEX, $m
  0
  -387
  -404
  -421
  -439
  -459
  -479
  -501
  -524
  -548
  -573
  -600
  -629
  -658
  -690
  -723
  -758
  -794
  -833
  -874
  -916
  -961
  -1,008
  -1,058
  -1,110
  -1,164
  -1,222
  -1,282
  -1,346
  -1,412
  -1,482
New CAPEX, $m
  -239
  -376
  -399
  -423
  -448
  -474
  -501
  -529
  -559
  -589
  -621
  -655
  -690
  -726
  -764
  -805
  -846
  -890
  -936
  -985
  -1,035
  -1,088
  -1,144
  -1,202
  -1,264
  -1,328
  -1,395
  -1,466
  -1,540
  -1,618
  -1,699
Cash from investing activities, $m
  -152
  -763
  -803
  -844
  -887
  -933
  -980
  -1,030
  -1,083
  -1,137
  -1,194
  -1,255
  -1,319
  -1,384
  -1,454
  -1,528
  -1,604
  -1,684
  -1,769
  -1,859
  -1,951
  -2,049
  -2,152
  -2,260
  -2,374
  -2,492
  -2,617
  -2,748
  -2,886
  -3,030
  -3,181
Free cash flow, $m
  415
  -195
  -210
  -226
  -242
  -259
  -277
  -295
  -314
  -334
  -354
  -376
  -398
  -421
  -445
  -470
  -497
  -524
  -553
  -583
  -615
  -648
  -683
  -719
  -757
  -797
  -838
  -882
  -928
  -976
  -1,027
Issuance/(repayment) of debt, $m
  -121
  251
  285
  302
  320
  338
  357
  377
  398
  420
  443
  467
  492
  518
  545
  574
  604
  635
  668
  702
  738
  776
  816
  857
  901
  947
  995
  1,045
  1,098
  1,153
  1,212
Issuance/(repurchase) of shares, $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -139
  251
  285
  302
  320
  338
  357
  377
  398
  420
  443
  467
  492
  518
  545
  574
  604
  635
  668
  702
  738
  776
  816
  857
  901
  947
  995
  1,045
  1,098
  1,153
  1,212
Total cash flow (excl. dividends), $m
  277
  56
  75
  76
  77
  79
  80
  82
  84
  86
  89
  91
  94
  97
  100
  103
  107
  111
  115
  119
  123
  128
  133
  139
  144
  150
  156
  163
  170
  177
  185
Retained Cash Flow (-), $m
  -53
  -115
  -128
  -136
  -144
  -152
  -161
  -170
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -271
  -285
  -300
  -315
  -332
  -349
  -366
  -385
  -405
  -425
  -447
  -470
  -493
  -518
  -544
Prev. year cash balance distribution, $m
 
  51
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -8
  -53
  -60
  -66
  -73
  -80
  -87
  -95
  -103
  -110
  -119
  -127
  -136
  -145
  -155
  -164
  -175
  -185
  -197
  -208
  -221
  -233
  -247
  -261
  -275
  -291
  -307
  -323
  -341
  -359
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  -7
  -43
  -43
  -42
  -40
  -38
  -35
  -32
  -28
  -25
  -21
  -18
  -15
  -12
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Brixmor Property Group Inc. is an internally managed real estate investment trust. The Company conducts its operations primarily through Brixmor Operating Partnership LP and subsidiaries (collectively, the Operating Partnership). As of December 31, 2016, it owned interests in 512 shopping centers (the Portfolio) with approximately 86 million square feet of gross leasable area (GLA), including 511 shopping centers and one shopping center held through an unconsolidated joint venture. With an average shopping center size of 167,982 square feet as of December 31, 2016, the Company's portfolio consisted predominantly of community and neighborhood shopping centers. As of December 31, 2016, the Company's properties were located in various states of the United States, such as Texas, Florida, California, New York, Illinois, Georgia, New Jersey, Ohio, North Carolina, Michigan, Connecticut, Tennessee, Kentucky, Colorado, Arizona, Delaware, West Virginia, Vermont, Maine, Oklahoma and New Mexico.

FINANCIAL RATIOS  of  Brixmor Property Group (BRX)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 4.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 16.8
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.2%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 199.8%
Total Debt to Equity 199.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 9.5%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 75.9%
Gross Margin - 3 Yr. Avg. 75.5%
EBITDA Margin 70%
EBITDA Margin - 3 Yr. Avg. 67.2%
Operating Margin 37.1%
Oper. Margin - 3 Yr. Avg. 33.9%
Pre-Tax Margin 21.8%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 21.6%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 106.9%

BRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRX stock intrinsic value calculation we used $1276 million for the last fiscal year's total revenue generated by Brixmor Property Group. The default revenue input number comes from 2016 income statement of Brixmor Property Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BRX stock valuation model: a) initial revenue growth rate of 4.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.4%, whose default value for BRX is calculated based on our internal credit rating of Brixmor Property Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Brixmor Property Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BRX stock the variable cost ratio is equal to 66.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BRX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Brixmor Property Group.

Corporate tax rate of 27% is the nominal tax rate for Brixmor Property Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BRX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BRX are equal to 701.2%.

Life of production assets of 23.1 years is the average useful life of capital assets used in Brixmor Property Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BRX is equal to -4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2923 million for Brixmor Property Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 305.103 million for Brixmor Property Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Brixmor Property Group at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Stocks That Fell to 3-Year Lows in the Week of December 8   [Dec-10-17 10:36AM  GuruFocus.com]
▶ Brixmor Property Group, Inc. to Host Earnings Call   [Oct-31-17 08:10AM  ACCESSWIRE]
▶ Brixmor reports 3Q results   [Oct-30-17 04:47PM  Associated Press]
▶ Cramer Remix: Why the auto slowdown thesis is kaput   [Sep-14-17 07:31PM  CNBC Videos]
▶ [$$] Brixmor May Have Regency Centers Beat   [Sep-13-17 11:25AM  Barrons.com]
▶ [$$] Amazon, Harvey Roil REITs   [Sep-05-17 02:37PM  Barrons.com]
▶ Brixmor Property Group Responds To Hurricane Harvey   [Sep-01-17 01:26PM  PR Newswire]
▶ Contrarian Play: Buy Strip Center REITs Over Malls   [Aug-14-17 11:54AM  Barrons.com]
▶ Brixmor reports 2Q results   [Jul-31-17 10:57PM  Associated Press]
▶ Amazon Proving The Power Of Bricks And Clicks   [Jun-16-17 09:16PM  Forbes]
▶ Brixmor Property Group Prices Offering Of Senior Notes   [May-31-17 04:32PM  PR Newswire]
▶ 6 Hot Unusual Volume Setups   [May-19-17 07:00AM  TheStreet.com]
▶ Brixmor reports 1Q results   [May-01-17 04:20PM  Associated Press]
▶ Brixmor Property Group Prices Offering Of Senior Notes   [Mar-01-17 05:03PM  PR Newswire]
▶ [$$] Seven REITs With Strong Earnings   [03:13PM  at Barrons.com]
▶ Should You Avoid Brookfield Infrastructure Partners L.P. (BIP)?   [Dec-15-16 05:58AM  at Insider Monkey]
Financial statements of BRX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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