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In a recent update from Brixmor Property (NYSE:BRX) Group Inc., the real estate investment trust announced an extension and amendment to the employment agreement of its Executive Vice President and Chief Investment Officer, Mark T. Horgan. As per the 8-K filing with the Securities and Exchange Commission, the company has extended Mr. Horgan’s term of employment to May 19, 2028, from the original end date of May 20, 2025. According to InvestingPro data, Brixmor maintains a GOOD financial health score, suggesting strong operational performance under current management.
The amendment, effective as of February 5, 2025, includes an increase in Mr. Horgan’s base salary and his annual equity compensation level. Details of the specific figures for the salary and equity increase were not disclosed in the filing.
Brixmor Property Group is a New York-based REIT that operates in the commercial real estate sector, primarily focusing on the ownership and management of shopping centers. The company’s shares are traded on the New York Stock Exchange under the ticker BRX. With a market capitalization of $8.06 billion and an attractive dividend yield of 4.39%, Brixmor has consistently raised its dividend for four consecutive years, as highlighted in InvestingPro’s analysis.
The extension of the contract suggests a continued endorsement of Mr. Horgan’s role and performance within the company. The adjustment in compensation also reflects the organization’s commitment to aligning the interests of its executive team with those of its shareholders.
This move comes at a time when the real estate market is experiencing various challenges and opportunities, and Brixmor’s decision to maintain continuity in its executive leadership could be seen as a strategic effort to navigate the current market landscape effectively. With the company’s next earnings report due in just three days, investors can access comprehensive analysis and forecasts through InvestingPro’s detailed research reports, which include expert insights and key financial metrics for over 1,400 US stocks.
The information in this article is based on a press release statement.
In other recent news, Brixmor Property Group has been making substantial strides in its operations and financial performance. The company recently extended the employment agreement of Executive Vice President and Chief Investment Officer, Mark T. Horgan, until May 19, 2028, and increased his base salary and annual equity compensation. This move underscores Brixmor’s commitment to retaining its top leadership in a competitive real estate market.
In an earnings call, Brixmor boasted record occupancy levels in the third quarter of 2024, reporting a 4.1% growth in same property Net Operating Income (NOI) and raising its full-year funds from operations (FFO) guidance. The company also saw a 22% blended cash spread on new and renewal leases, and new small shop base rent reached a record $31 per square foot. Brixmor’s total liquidity was reported at $1.7 billion, with a debt to EBITDA ratio of 5.7x.
BMO Capital recently upgraded Brixmor’s stock rating from Market Perform to Outperform, citing an expected robust growth in FFO for 2025. This upgrade reflects a positive outlook on Brixmor’s financial growth, driven by strong retail sales and leasing activities, particularly in the third quarter of 2024. These recent developments indicate Brixmor’s continued momentum in the real estate investment trust industry.
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