Form 4: Brixmor Property Group EVP, Chief Investment Officer Mark Horgan Reports Changes in Beneficial Ownership

Mark Horgan, EVP and Chief Investment Officer of Brixmor Property Group Inc., reports acquisition and disposal of common stock and restricted stock units related to vesting and tax obligations.

Summary

• On February 5, 2025, Mark Horgan, EVP and Chief Investment Officer of Brixmor Property Group Inc., reported changes in beneficial ownership.
• Horgan acquired 20,685 shares of common stock and 20,688 restricted stock units (RSUs).
• He also acquired 10,344 shares of common stock and 10,348 outperformance RSUs.
• Additionally, Horgan acquired 23,095 RSUs that vest ratably over three years beginning January 1, 2026.
• Horgan disposed of 10,560 shares of common stock at $25.98 per share and 5,281 shares of common stock at $25.98 per share to cover tax withholding obligations.
• Following these transactions, Horgan beneficially owns 347,857 shares of common stock, 20,688 RSUs, 10,348 outperformance RSUs, and 23,095 RSUs.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of shares and RSUs suggests confidence, while the disposal is a routine tax-related transaction. Overall, it reflects standard executive compensation practices.

Positives

• Acquisition of common stock and RSUs indicates confidence in the company's future performance.

Negatives

• Disposal of shares to cover tax obligations, while routine, slightly reduces Horgan's overall holdings.

Risks

• The vesting of RSUs is subject to continued employment and the achievement of performance criteria, which introduces some uncertainty.

Future Outlook

The report details future vesting dates for RSUs, indicating a continued alignment of executive compensation with long-term company performance.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track management's sentiment and alignment with shareholder interests.

Comparison to Industry Standards

• Comparing Horgan's holdings and transactions to those of executives at similar REITs like Simon Property Group (SPG) or Public Storage (PSA) can provide context on the scale of his investment in Brixmor relative to peers.
• Analyzing the vesting schedules of RSUs against industry norms for executive compensation packages in the REIT sector can reveal whether Brixmor's practices are competitive.
• Comparing the tax withholding practices to industry standards can reveal if the company is in line with its peers.

Stakeholder Impact

• The transactions provide transparency to shareholders regarding executive compensation and alignment of interests.
• Employees may be impacted by the company's performance, which affects the vesting of performance-based RSUs.

Key Dates