UPDATE: UBS Downgrades Brixmor Property (BRX) to Neutral

March 6, 2014 7:41 AM EST Send to a Friend
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Price: $23.62 +0.90%

Rating Summary:
    9 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 14 | New: 40
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(Updated - March 6, 2014 11:05 AM EST)

UBS downgraded Brixmor Property (NYSE: BRX) from Buy to Neutral.

Analyst Ross T. Nussbaum commented: Since going public in early 4Q, BRX has executed on its "bread-n-butter" business plan laid out during its roadshow and the shares have clearly responded to its solid progress, up 9% since the IPO on 10/30/13 (+660 basis points vs RMZ) and now trading at a premium to current NAV, erasing the 7% discount at IPO. Though above average internal growth of 4% is still in the cards for BRX via occupancy gains and the MTM of rents, the pending Blackstone lock-up expiration in early May (~77% effective ownership), elevated leverage vs peers (~45% debt to GAV) and limited external growth plans remain concerns. As such, we are downgrading the shares to Neutral from Buy."

For an analyst ratings summary and ratings history on Brixmor Property click here. For more ratings news on Brixmor Property click here.

Shares of Brixmor Property closed at $21.80 yesterday.


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