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Arphra AIPlain-English read on Brixmor Property Group Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.15B | $1.22B | $1.25B | $1.29B | $1.37B | $1.43B | $1.49B | $1.56B | $1.63B |
| Cost of revenue | $297.79M | $311.79M | $319.99M | $317.12M | $340.52M | $355.86M | $376.61M | $392.33M | $408.02M |
| Gross profit | $854.49M | $906.28M | $925.05M | $967.94M | $1.03B | $1.1B | $1.09B | $1.16B | $1.19B |
| Gross margin | +74.16% | +74.40% | +74.30% | +75.32% | +75.17% | +76.89% | +72.73% | +74.76% | +73.41% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $105.45M | $117.23M | $117.13M | $116.36M | $112.67M | $128.9M | $133.88M | $140.57M | $144.25M |
| Total operating expenses | $432.61M | $461.96M | $117.13M | $497.76M | $527.6M | $405.21M | $428.79M | $436.48M | $482.98M |
| Operating income | $421.88M | $444.33M | $807.92M | $470.18M | $503.48M | $649.44M | $687.14M | $700.72M | $745.81M |
| Operating margin | +36.61% | +36.48% | +64.89% | +36.59% | +36.71% | +45.49% | +46.00% | +44.97% | +45.90% |
| EBITDA | $792.12M | $891.35M | $858.1M | $936.67M | $1.03B | $1.02B | $1.06B | $1.14B | $1.21B |
| EBIT | $464.96M | $546.62M | $495.82M | $555.27M | $610.94M | $593.64M | $636.68M | $678.51M | $704.05M |
| Below the line | |||||||||
| Interest expense | $194.78M | $192.43M | $190.73M | $215.99M | $224.69M | $227.03M | $237.26M | $246.86M | $261.77M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$151.69M | -$90.13M | -$502.83M | -$130.9M | -$117.23M | — | — | — | — |
| Pre-tax income | $270.19M | $354.19M | $305.09M | $339.28M | $386.26M | $373.89M | $395.21M | $414.91M | $418.72M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Earnings | |||||||||
| Net income | $270.19M | $354.19M | $305.09M | $339.27M | $386.23M | $374.02M | $384.33M | $410.24M | $435.98M |
| Net income · continuing ops | $270.19M | $354.19M | $305.09M | $339.28M | $386.26M | $370.99M | $398.54M | $422.46M | $435.02M |
| Net margin | +23.45% | +29.08% | +24.50% | +26.40% | +28.16% | +26.20% | +25.73% | +26.33% | +26.83% |
| EPS · basic | $0.25 | $1.18 | $1.01 | $1.12 | $1.26 | $1.13 | $1.10 | $1.22 | $1.04 |
| EPS · diluted | $0.25 | $1.17 | $1.01 | $1.11 | $1.25 | $1.13 | $1.11 | $1.21 | $1.05 |
| EPS · low estimate | — | — | — | — | — | $1.12 | $1.09 | $1.06 | $1.03 |
| EPS · high estimate | — | — | — | — | — | $1.13 | $1.12 | $1.33 | $1.07 |
| Shares · basic | 297.41M | 299.94M | 300.98M | 303.13M | 307.18M | 308.26M | 309.03M | 308.81M | 310.11M |
| Shares · diluted | 298.84M | 301.74M | 302.38M | 304.04M | 307.87M | 306.21M | 305.62M | 307.44M | 307.38M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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