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Brian T. Finnegan, President and Chief Operating Officer of Brixmor Property Group Inc. (NYSE:BRX), recently sold 30,000 shares of the company’s common stock. The shares were sold at a weighted average price of $27.62, resulting in a total transaction value of $828,600. This sale was executed under a Rule 10b5-1 trading plan that Finnegan adopted on August 31, 2023.
In addition to the sale, the filing reported multiple transactions related to the acquisition and disposition of shares to satisfy tax withholding obligations. These transactions involved restricted stock units (RSUs) that converted into common stock on a one-for-one basis. The transactions included shares surrendered to cover tax liabilities, with a total dollar value of $827,683, based on a price per share of $27.84. The company maintains a solid financial profile with a "GOOD" Financial Health score and has consistently raised its dividend for four consecutive years, currently yielding 4.17%.
Following these transactions, Finnegan's direct ownership of Brixmor Property Group's common stock stands at 230,561 shares. The company, with a market capitalization of $8.3 billion, has demonstrated strong profitability with a 75.3% gross profit margin in the last twelve months.
In other recent news, Brixmor Property Group has been making significant strides in its financial performance. The company reported remarkable financial and operational performance in Q3 of 2024, hitting record occupancy levels and executing numerous new and renewal leases. Brixmor's same property Net Operating Income (NOI) grew by 4.1%, and the full-year funds from operations (FFO) guidance were raised. In addition, BMO Capital upgraded Brixmor's stock rating to Outperform based on expectations of robust FFO growth for 2025.
The company's financial position is described as strong, supported by a robust balance sheet. Brixmor's anchor occupancy was reported at 95.6% with small shop occupancy at 97.7%. The company also reported a 22% blended cash spread on 1.1 million square feet of new and renewal leases.
Looking ahead, Brixmor anticipates same property NOI growth to exceed 4% in 2025. The company is implementing a clustering strategy in key markets, including Florida, Carolinas, Northeast, California, and Texas. These recent developments showcase Brixmor Property Group's strategic focus on essential retail and its proactive approach to space management.
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