UPDATE: Stifel Initiates Coverage on Brixmor Property Group with Neutral Rating as Shares are Trading In-Line

In a report published Monday, Stifel analyst Nathan Isbee initiated coverage on Brixmor Property Group BRX with a Neutral rating. In the report, Stifel noted, “We are initiating coverage of Brixmor Property Group Inc. (BRX) with a Hold rating, as the shares are trading in line with our $20 NAV estimate at a 7% cap rate. Brixmor is the former U.S. shopping center portfolio of Centro Properties. Blackstone purchased Centro in 2011 and changed the name to Brixmor - ‘bricks and mortar'. Brixmor is a rollup of three shopping center REITs purchased by Centro: Kramont Realty Trust in 2005, Heritage Property Investment Trust in 2006, and New Plan Excel Realty Trust in 2007. Brixmor owns the largest ‘wholly-owned' shopping center portfolio in the U.S., 521 centers and one JV. Roughly, 71% of the properties are grocery-anchored with well above average sales, providing a level of stability to the portfolio, in our view.” Brixmor Property Group closed on Friday at $20.19.