Why Brixmor Property Group Stock Rose 10% Today
Shares of real estate investment trust (REIT) Brixmor Property Group (NYSE: BRX) rose as much as 10% on April 28. Although the rally lost some steam toward the market's close, it ended the day with a high-single-digit gain. There was no particular news about Brixmor, but there were a couple of bigger-picture events taking shape that had an impact on the price.
Brixmor owns around 400 shopping centers, many of which house the types of stores people visit regularly. That includes things like grocery stores, pharmacies, pet stores, and dollar stores. But the portfolio also includes a lot of other businesses, like restaurants and clothing stores. Mixed in are a significant number of small, local merchants. Although many of the stores that lease space in Brixmor's properties are still open, the government's efforts to contain the spread of COVID-19 have forced a significant portion to shut down because they're considered nonessential.
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Source Fool.com