SEC Form DEF 14A filed by Brixmor Property Group Inc.

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Preliminary Proxy Statement

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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

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Definitive Proxy Statement

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Definitive Additional Materials

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Soliciting Material Pursuant to § 240.14a-12

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Fee paid previously with preliminary materials

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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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March 11, 2026

Dear Fellow Stockholders:

Please join us for Brixmor Property Group Inc.’s Annual Meeting of Stockholders on Wednesday, April 22, 2026, at 9:00 a.m. (EDT). This year’s Annual Meeting will again be held in a virtual meeting format only. You will be able to attend the virtual Annual Meeting, vote, and submit questions by first registering at https://web.viewproxy.com/brixmor/2026 and then following the instructions that will be emailed to you. Please note that you must register no later than 11:59 p.m. (EDT) on April 20, 2026.

As in prior years, we are pleased to be furnishing our proxy materials to stockholders primarily over the Internet. We believe this process expedites the stockholders’ receipt of the materials, lowers the costs of the Annual Meeting, and conserves natural resources. A Notice of Internet Availability of Proxy Materials was sent to stockholders of record at the close of business on February 13, 2026. The notice contains instructions on how to access our proxy statement, 2025 annual report to stockholders, and Annual Report on Form 10-K for the year ended December 31, 2025, and how to vote online. If you would like to receive a printed copy of our proxy materials, please follow the instructions for requesting such materials included in the notice.

The matters to be acted upon at the Annual Meeting are described in detail in the accompanying notice of the Annual Meeting and the proxy statement. We may also report on other matters of current interest to our stockholders.

Please use this opportunity to contribute to our company by voting on the matters to come before this Annual Meeting. Stockholders who hold shares in their own name through our transfer agent, Computershare, can vote online or by telephone. To vote online or by telephone, follow the instructions contained on the following page. In addition, if you have requested or received a paper copy of the proxy materials, you can vote by completing, dating, signing, and returning the proxy card sent to you with the proxy materials. Voting online, by telephone, or by returning the proxy card does not deprive you of your right to attend the virtual Annual Meeting or to vote your shares at the virtual Annual Meeting. If you do attend the virtual Annual Meeting and wish to vote at that time, you may revoke your proxy at or prior to the virtual Annual Meeting.

Thank you for your continued support of Brixmor Property Group Inc.

Sincerely,

 

If at the close of business on February 13, 2026, you were a stockholder of record, you may authorize a proxy to vote in accordance with your instructions online, by telephone or, if you have requested or received a paper copy of the proxy materials by mail, or you may vote at the virtual Annual Meeting. For shares held through a broker, bank, or other nominee, you may authorize a proxy by submitting voting instructions to your broker, bank, or other nominee. To reduce our administrative and postage costs, we ask that you authorize a proxy online or by telephone, both of which are available 24 hours a day. You may revoke your proxies at the times and in the manners described on page 92 of the proxy statement.

If you hold your shares in street name, you may also submit voting instructions to your broker, bank, or other nominee. In most instances, you will be able to do this online, by telephone, or by mail. Please refer to information from your broker, bank, or other nominee on how to submit voting instructions.

 

 

 

This Notice of Annual Meeting and proxy statement are being distributed or made available, as the case may be, on or about March 11, 2026.

 

 

Our proxy statement, 2025 annual report to stockholders, and Annual Report on Form 10-K for the year ended December 31, 2025 will be available at https://web.viewproxy.com/brixmor/2026 beginning on or about March 11, 2026. As permitted by the Securities and Exchange Commission (the “SEC”), the Company is sending a Notice of Internet Availability of Proxy Materials (the “Notice”) to all stockholders of record. All stockholders will have the ability to access our proxy statement, 2025 annual report to stockholders, and Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 9, 2026, on a website referred to in the Notice or to request a printed set of these materials at no charge. Instructions on how to access these materials online or to request a printed copy may be found in the Notice.

In addition, any stockholders may request to receive proxy materials in printed form by mail or electronically by email on an ongoing basis. Choosing to receive future proxy materials by email will save the Company the cost of printing and mailing documents to stockholders and will reduce the environmental impact of future annual meetings. A stockholder’s election to receive proxy materials by email will remain in effect until terminated by the stockholder.

 

 

 

 

The following table provides information about the nine candidates who have been nominated for election to our Board of Directors. Additional information regarding each nominee’s specific experience, qualifications, attributes, and skills can be found under Proposal No. 1. Upon election, these directors will hold office until our next annual meeting of stockholders and until their successors are duly elected and qualify. These directors hold committee memberships and chair responsibilities as follows:

 

 

In 2025, we continued to capitalize on the resilience of open-air retail and the strength of our nationally diversified portfolio to deliver consistent and meaningful growth, while enhancing long-term shareholder value. Supported by healthy consumer demand and the durable appeal of non-discretionary and value-oriented retailers, as well as consumer-oriented service providers, our disciplined strategy enabled us to advance our value creation initiatives and reinforce our position as a leading owner and operator of open-air retail centers.

Through our accretive reinvestment program, we repositioned and remerchandised assets to create thriving retail environments for the communities we serve. These efforts, combined with continued robust leasing, have strengthened our tenant credit profile, improved traffic, and created vibrant environments that meet evolving consumer preferences.

We also executed on external growth opportunities, selectively acquiring high-quality, value-add properties that further cluster our portfolio in thriving markets and broaden our tenant profile with elevated brands, while continuing to dispose of assets where value had been maximized. Our proactive capital recycling strategy ensures portfolio optimization, capital efficiency, and promotes long-term growth.

Our operational success is underpinned by a strong balance sheet, significant liquidity, and financial flexibility, enabling us to execute our balanced business plan with confidence.

The year 2025 also marked an important leadership and succession transition for us, as our Board appointed Brian T. Finnegan as our Chief Executive Officer and President and a director of our Board, effective January 1, 2026, following the retirement of James M. Taylor Jr. During his nearly ten-year tenure as Chief Executive Officer, the Company focused on transforming the portfolio, repositioning the balance sheet, and creating thriving retail centers that are the “centers of the communities we serve”. We extend our sincere gratitude for Jim’s exceptional leadership, vision, and contributions that helped shape our success over the past decade. Brian’s over 20 years of experience, expansive industry relationships, and demonstrated track record of operational success will guide us confidently into the next chapter of growth.

LaCenterra at Cino Ranch | Houston, TX

 

 

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We define our operating metrics in the glossary of our Supplemental Disclosure for the quarter ended December 31, 2025, which is available on our website.

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Our Board is committed to strong corporate governance practices and to conducting business according to the highest ethical standards. We believe we have structured our corporate governance in a manner that closely aligns our interests with those of our stakeholders. We have been recognized consistently for our outstanding corporate governance by Green Street, ranking first in the REIT sector for corporate governance, and ISS, receiving and maintaining the highest score of 1 in ISS’s Governance QualityScore category continuously in 2025.

Our focus on strong corporate governance expands to our commitment to transparent, high-quality disclosure and consistent investor engagement. We value the outlook and opinions offered by our investors and believe that ongoing dialogue is an important component of our governance practices. Through a strategic, proactive outreach program, we discuss business and industry trends and market conditions, our operational strategy and performance, our CR initiatives, and our governance practices. We share the feedback we receive with our Board of Directors, providing them with valuable insight into stakeholder views about Brixmor.

In general, we engage with our investors through a mix of in-person and telephonic meetings, conferences, and property tours. In 2025, we had approximately 600 equity and fixed income investor touchpoints and connected with the majority of our actively managed investors. We supplement traditional outreach methods with videos and social media, providing additional avenues to showcase our ongoing portfolio transformation.

 

 

Additional information can be found on our website as indicated below.

Information on our website is not incorporated by reference herein and is not a part of this proxy statement.

 

Nine nominees will be proposed for election as directors at the Annual Meeting to hold office until our next annual meeting of stockholders and until their successors are duly elected and qualify. Our nominees were selected by the Board, based on the recommendation of the Nominating and Corporate Governance Committee. All nine nominees currently serve on our Board and eight of the nine qualify as independent directors. All of the nominees are willing to serve as directors but if any of them should decline or be unable to act as a director then the individuals designated in the proxy cards as proxies will exercise the discretionary authority provided to vote for the election of a substitute nominee selected by our Board, unless the Board alternatively acts to reduce the size of the Board or maintain a vacancy on the Board in accordance with our bylaws.

We believe that each of our director nominees possesses the professional and personal qualifications necessary for effective service as a director and, that together, our directors have a complementary balance of knowledge, experience, and capabilities that will best serve the Company and its stakeholders. We also believe that each nominee has a reputation for integrity, adherence to the highest ethical standards, sound business judgment, and willingness to represent the long-term interests of our stakeholders. The following chart provides a summary of the director nominees’ skills and core competencies.

 

* Beginning January 1, 2026.

 

 

The biographical description below includes the specific experience, qualifications, attributes, and skills that led to the conclusion by the Board that each director nominee should serve as a director. Beneficial ownership of equity securities of the director nominees is shown under “Ownership of Securities” below.

 

 

 

 

 

 

 

 

 

 

The business and affairs of the Company are managed under the direction of our Board, as provided by Maryland law, and the Company conducts its business through meetings of the Board and its three standing committees: the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee.

We have structured our corporate governance in a manner that we believe closely aligns our interests with those of our stockholders. Notable features of our corporate governance include:

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Our Board is 89% independent.

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Our Board has an independent Chair and a Presiding Independent Director;

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Our Board is not classified and each of our directors is subject to re-election annually, and we will not classify our Board in the future without the approval of our stockholders;

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Our directors may be removed by a vote of a majority of the votes entitled to be cast and our Board may not increase the vote required to remove a director without stockholder approval;

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We have opted out of the Maryland Unsolicited Takeover Act (known as MUTA) and the Maryland business combination and control share acquisition statutes, and in the future will not opt in without stockholder approval;

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We do not have a stockholder rights plan/poison pill, and we will not adopt a stockholder rights plan/poison pill in the future without stockholder approval;

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Our directors are elected by a vote of a majority of votes cast in uncontested elections, and in the event that an incumbent director fails to receive a majority of votes cast in an uncontested election, such incumbent director is required to submit his or her resignation to the Board, which will decide what action to take on the resignation, and the decision will be publicly disclosed;

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We have fully independent Audit, Compensation, and Nominating and Corporate Governance Committees, and our independent directors meet regularly in executive sessions without the presence of our corporate officers and/or non-independent directors;

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Our Board has an “ad hoc” investment committee which approves any individual transaction with a value between $50 million and $150 million (or $200 million for any transaction that involves multiple assets in a single transaction) (with full Board approval required for transactions above such limits);

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We maintain a program of continuing education on relevant topics for our directors in order to optimize their service on the Board;

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All members of our Audit Committee are “financial experts” as defined by applicable SEC regulations;

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We restrict the number of other public company boards that our directors can serve on to four, including our Board, and also restrict the number of public company board audit committees that our directors can serve on to three, including the Audit Committee of our Board, to mitigate risks of director overcommitments, and all of our directors are in compliance with these restrictions;

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The Nominating and Corporate Governance Committee annually evaluates each director’s prior service on and contributions to our Board, including consideration of each director’s job responsibilities, service on other public company boards, and leadership positions on such boards prior to recommending a director or nominee for election to our Board;

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We have adopted an insider trading policy (which is filed as an exhibit to our Annual Report on Form 10-K) governing the trading in our securities by directors, executive officers and certain other employees that is designed to promote compliance with insider trading laws, rules and regulations and applicable NYSE standards, and transactions by us in our own securities are monitored by internal and external legal counsel for compliance with applicable securities laws;

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Our executive officers and directors are prohibited from pledging or hedging our securities;

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We have adopted proxy access pursuant to which stockholders owning at least 3% of our common stock continuously for at least three years may nominate the greater of up to 20% of the Board or two directors; and

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Stockholders have the right to amend, alter, or repeal our bylaws, or adopt new bylaws, at a duly called meeting of stockholders by a vote of a majority of the votes entitled to be cast.

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We believe the quality, focus, and diversity of skills and experience on our Board have been a key driver of the Company’s success and that the strength of our Board is a competitive advantage. Our Nominating and Corporate Governance Committee believes that maintaining this advantage requires planning for Board refreshment and succession continually and strategically to allow us to target a mix of experience and fresh perspectives to support the Company’s long-term success.

The Nominating and Corporate Governance Committee considers, on an ongoing basis, whether the addition of new directors could further enhance the Board’s overall composition and effectiveness. We have not adopted arbitrary refreshment policies, like a mandatory retirement age or term limits, because the Board recognizes the importance of directors who have developed, through valuable experience and knowledge over time, an increasing insight into the Company and its operations. Instead, in considering Board refreshment and succession planning, the Nominating and Corporate Governance Committee considers, among other things, its assessment of the skills the Board currently needs and will need in the future, its assessment of the degree to which the current directors satisfy these skills, feedback from annual Board, committee and director evaluations (which address individual director contributions), director time commitments, and expectations of upcoming Board vacancies. The Nominating and Corporate Governance Committee also considers Board leadership as part of its refreshment and succession planning. These considerations are undertaken both in anticipation of vacancies and as part of the Committee’s ongoing evaluation of the Board as a whole. The Nominating and Corporate Governance Committee undertakes this review annually, as well as in connection with any changes to our Board. While there is no formal policy on the rotation of the members or chairs of the committees, the Nominating and Corporate Governance Committee considers and review the committee members and chairs annually.

 

 

Our Nominating and Corporate Governance Committee’s effective approach to refreshment has resulted in the appointments of  (i) Ms. Crosland as Chair of the Board, (ii) Ms. Lawrence as the chair of the Audit Committee, and (iii) Mr. Suarez, a global business leader with over 30 years of executive experience at Walmart International and Walmart, Inc., as a director, which addressed, among other things, the Board’s strategic goal of strengthening its retail expertise. In addition, the Board benefits from Mr. Finnegan’s fresh perspective as a new director and as our recently appointed Chief Executive Officer, informed by his extensive experience with the Company and industry.

In identifying Board candidates, the Nominating and Corporate Governance Committee solicits input from a variety of sources, including existing directors, senior management, and executive search firms, to identify candidates that will best contribute to the Board.

Under our Corporate Governance Guidelines and New York Stock Exchange (“NYSE”) rules, a director is not independent unless the Board affirmatively determines that he or she does not have a direct or indirect material relationship with the Company or any of its subsidiaries.

Our Corporate Governance Guidelines define independence in accordance with the independence definition in the NYSE corporate governance rules for listed companies. Our Corporate Governance Guidelines require the Board to review the independence of all directors at least annually.

In the event a director has a relationship with the Company that is relevant to his or her independence and is not addressed by the objective tests set forth in the NYSE independence definition, the Board will determine, considering all relevant facts and circumstances, whether such relationship is material.

The Nominating and Corporate Governance Committee undertook its annual review of director independence and made a recommendation to our Board regarding director independence. As a result of this review, our Board affirmatively determined that each of Messrs. Berman, Dickson, Hurwitz, Rahm, and Suarez and Mses. Bowerman, Crosland, and Lawrence is independent for purposes of all applicable NYSE standards, including with respect to committee service. Our Board has also determined that each of Messrs. Berman and Suarez and Mses. Crosland and Lawrence is “independent” for purposes of Section 10A(m)(3) of the Exchange Act related to audit committees, and each of Messrs. Dickson, Hurwitz and Rahm is “independent” for purposes of Section 10C(b) of the Exchange Act related to compensation committees.

In making its independence determinations, the Board considered and reviewed all information known to it (including information identified through annual directors’ questionnaires).

Our Board is led by the Chair, which is purposely separate from the Chief Executive Officer position. Accordingly, Ms. Crosland, an independent director, serves as Chair, while Mr. Finnegan serves as our Chief Executive Officer. Our Board believes that this structure is appropriate corporate governance for us at this time and best encourages the free and open dialogue of competing views while providing for strong checks and balances. Additionally, our independent Chair’s attention to Board and committee matters allows the Chief Executive Officer to focus more specifically on overseeing the Company’s day to day operations and long-term strategic planning. If in the future the Board, after considering relevant facts and

 

 

circumstances at that time, appoints the Chief Executive Officer as Chair, we will promptly publicly disclose such appointment.

The Chair has the power to call meetings of the Board or Board committees, to preside over meetings of the Board, and to call special meetings of stockholders and approve certain administrative matters related to any such special meetings of stockholders. The Chair regularly engages with the Chief Executive Officer, chairs of Board committees, and other members of the Board regarding issues related to Board structure.

The Nominating and Corporate Governance Committee annually reviews committee chair tenures and the composition of Board committees, but the Board does not maintain a formal mandatory rotation policy, as it believes the flexibility provided by this approach is currently in the best interests of the Company and its stockholders.

All directors are expected to make every effort to attend all meetings of the Board, meetings of the committees of which they are members, and the annual meeting of stockholders. During the year ended December 31, 2025, the Board held seven meetings. All of our directors attended at least 75% of the aggregate of the meetings of the Board and the Committees on which they serve, except for Mr. Taylor, who attended less than 75% of the total meetings of the Board as a result of his medical leave. All nine of our directors then on the Board attended the 2025 virtual Annual Meeting of Stockholders.

Our bylaws provide for proxy access, thereby giving our stockholders an even greater voice in director elections. A stockholder, or a group of up to 20 stockholders, owning at least 3% of the Company’s outstanding common stock continuously for at least three years, may include in our proxy materials director nominees constituting up to the greater of 20% of the number of directors on the Board or two directors, provided that the stockholder(s) and the nominees satisfy the eligibility requirements in our bylaws. There are no qualifying stockholder nominations for inclusion in this proxy statement.

 

 

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Ms. Crosland’s qualification is based on, among other things, her education as a certified public accountant, her more than 30 years of experience in real estate investment management, and her experience serving on private real estate company audit committees

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Mr. Suarez’s qualification is based on, among other things, his long career at Walmart International and Walmart Inc., including his service as Regional Chief Executive Officer and Chief Administration Officer, in which role he oversaw the preparation of financial statements and the accounting function

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Carries out the responsibilities and duties delegated to it by the Board, including oversight of our financial reporting policies, our internal controls, and our compliance with legal and regulatory requirements applicable to financial statements and accounting and financial reporting processes

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Selects our independent registered public accounting firm and reviews and evaluates its qualifications, performance, independence and compensation

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Reviews and pre-approves the audit and non-audit services and the payment of compensation to the independent registered public accounting firm

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Reviews reports and material written communications between management and the independent registered public accounting firm, including with respect to major issues regarding the Company’s internal controls

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Reviews and discusses with management and the independent registered public accounting firm our annual audited financial statements, including our critical audit matters, and quarterly financial statements prior to inclusion in our Annual Report on Form 10-K or other public dissemination in accordance with applicable rules and regulations of the SEC

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Reviews and oversees the Company’s risk management policies and procedures (see “Oversight of Risk Management” below) and reviews and discusses with management and the independent registered public accounting firm our guidelines and policies with respect to risk assessment and risk management

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Reviews and oversees the work of our internal audit function

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Reviews and oversees the Company’s information technology, cybersecurity and risk exposures, including risks related to the use of artificial intelligence technologies, and provides oversight of management’s preparedness for and response to cyber-attacks

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Oversees the Company’s policies and practices with respect to publicly disclosed non-GAAP measures

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Oversees the adequacy and effectiveness of the Company’s controls related to the reliability of the Company’s publicly disclosed quantitative environmental and social measures

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Reviews and approves, or makes recommendations to the Board, on the annual salary, bonus, equity-based incentives, and other benefits, direct and indirect, of the other executive officers

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Reviews and approves, or makes recommendations to the Board with respect to, all incentive compensation and equity-based plans and awards granted thereunder, including those plans that are subject to the approval of the Board and any plans that are not otherwise subject to the approval of the Company’s stockholders

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Establish and administer the Company’s “clawback” policy for compensation based on financial results of the Company, in accordance with NYSE rules, any applicable rules and regulations of the SEC and any other applicable laws regarding clawback policies

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Oversees the activities of the individuals responsible for administering all incentive compensation and equity-based compensation plans

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Reviews and monitors all employee retirement, profit sharing, and benefit plans of the Company

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Reviews the preparation of the Compensation Discussion and Analysis and determines whether or not to recommend to the Board that the Compensation Discussion and Analysis be included in our annual proxy statement or Annual Report on Form 10-K in accordance with applicable rules and regulations of the SEC

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Performs an annual risk review of the Company’s compensation policies and practices

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The charter of the Compensation Committee permits the committee to delegate any or all of its authority to one or more subcommittees and to delegate to one or more officers of the Company the authority to make awards to any non-Section 16 officer of the Company under the Company’s incentive-compensation or other equity-based plan, subject to compliance with the plan and the laws of the state of the Company’s jurisdiction.

The Compensation Committee has the authority under its charter to retain outside consultants or advisors, as it deems necessary or advisable.

In 2025, James M. Taylor Jr., our former Chief Executive Officer, participated in discussions and deliberations with the Compensation Committee regarding determinations of annual cash and equity incentive awards for our executive officers. Specifically, he made recommendations to the Compensation Committee regarding executive salaries, equity awards, performance targets used under our annual bonus plan, and amounts of annual cash incentive awards. Mr. Taylor did not participate in deliberations regarding his own compensation. With respect to 2025 bonuses, Mr. Finnegan made recommendations to the Compensation Committee.

 

 

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Oversees the Company’s activities relating to corporate social responsibility and sustainability matters and the external reporting thereof, and reviews and assists in developing the Company’s policies related to such matters

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Oversees the Company’s policies relating to human capital matters, such as employee engagement and culture

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The Chair assists in administering restrictions in the Corporate Governance Guidelines relating to limits on director time commitments, such as membership on other boards

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The Board oversees risk management related to us and our business and regularly receives detailed financial and operational updates from management. Oversight for certain specific risks falls under the responsibilities of our Board committees.

The Board has delegated to the Audit Committee the responsibility to review and oversee: (i) the Company’s guidelines and policies to identify, assess, manage, mitigate, and monitor significant business risks of the Company, including financial, operational, information

 

 

technology (including artificial intelligence technologies), cybersecurity, privacy, business continuity, legal, regulatory, and reputational risks; and (ii) management’s risk assessment, mitigation, and monitoring decisions, practices, and activities, including the steps management has taken to monitor and control the Company’s major financial risk exposures. The Audit Committee considers short-term, medium-term, and long-term risks in exercising its review and oversight responsibilities and considers the immediacy of the risk in assessing mitigation strategies.

The Audit Committee generally reassesses our risk profile annually or more frequently when circumstances warrant. The Audit Committee typically receives quarterly presentations that involve the participation of members of management from the finance, information technology, internal audit, and legal functions, as well as external experts as appropriate. The Company’s General Counsel, who is the Company’s Chief Compliance Officer and reports directly to the Chief Executive Officer, as well as other members of management with oversight of the Company’s public risk disclosures, participate in these presentations.

The Board has delegated to the Compensation Committee the responsibility to review and oversee risks related to our compensation program, including evaluating appropriate incentives relating to the compensation of our executives and employees. On an annual basis the Compensation Committee engages with senior management to evaluate potential risks related to compensation policies and practices applicable to all employees and the Company’s management of such risks.

The Nominating and Corporate Governance Committee focuses on risks associated with Board and management succession planning, corporate governance, Board effectiveness, and public policy matters, including political and charitable contributions. The Nominating and Corporate Governance Committee also supports the Board in identifying and overseeing risks associated with corporate responsibility, sustainability, and human capital matters.

Our Board and Board committees regularly receive presentations from management on risks to the business, including the risks described above. In addition, each of the Board committees regularly advise the full Board of their risk oversight activities.

We recognize the potential of artificial intelligence and seek to harness its benefits while remaining committed to its responsible and ethical use within our business. In support of this, we have adopted an Artificial Intelligence (AI) Policy (our “AI Policy”) that aims to provide guidance, rules and best practices for the responsible and ethical use of artificial intelligence by our employees and outlines the requirements that employees must follow when using artificial intelligence technologies, including the evaluation of security risks and the protection of confidential or proprietary data. We also evaluate the use of artificial intelligence by our vendors in relation to services that they provide to us as part of our AI Policy. In addition, our AI Development & Deployment Policy (together with the AI Policy, the “AI Policies”) outlines our approach to responsibly develop and deploy artificial intelligence technologies, sets forth oversight and reporting responsibilities and functions and establishes processes to address cybersecurity incidents resulting from the deployment of artificial intelligence technologies. Our AI Policies are intended to be flexible enough to keep pace with emerging opportunities, challenges and risks, as well as the evolving regulatory environment.

The Audit Committee reviews and oversees risks related to the use of artificial intelligence technologies as part of its overall information technology and cybersecurity oversight. As part of this oversight, the Audit Committee receives updates from management on artificial

 

 

intelligence-related developments to ensure alignment with the Company’s broader business strategy, which are also reported to the Board from time to time.

We are committed to cybersecurity and vigilantly protecting all Company resources and information from unauthorized access. We employ dedicated cybersecurity personnel, led by our Chief Information Officer, to focus on preventing, identifying, and detecting cybersecurity risks, including risks related to our third-party vendors. Our Chief Information Officer reports to our Chief Financial Officer. The Audit Committee, which consists solely of independent directors, is responsible for overseeing cybersecurity risks, and management provides the Audit Committee with updates on our cybersecurity program at least quarterly.

Please see our Annual Report on Form 10-K for the year ended December 31, 2025 for more information on our processes and procedures for addressing and managing cybersecurity risks. As of December 31, 2025, we have not had any known instances of material cybersecurity incidents, including third-party incidents, during any of the prior three fiscal years.

Our Nominating and Corporate Governance Committee oversees the Company’s political and charitable contributions. In order to facilitate informed decision-making and accountability with respect to the Company’s political and charitable contributions, the Nominating and Corporate Governance Committee has adopted Political and Charitable Contributions Guidelines that apply to contributions or expenditures of corporate funds to various political entities (including political candidates and parties and political action committees) and charitable organizations. Contributions exceeding certain thresholds set forth in these guidelines must be approved by the Nominating and Corporate Governance Committee and all contributions are required to be reported quarterly to the Nominating and Corporate Governance Committee. We did not make any contributions to political candidates, parties or political action committees in 2025.

We provide an orientation program to any new director, including briefings and materials on our strategy, business, industry, and governance policies and practices. We also provide continuing education for all directors, including through Board and committee presentations by third parties and opportunities to participate in external board education programs. As an example, during 2025, the Board received a presentation from the Telsey Advisory Group regarding the potential impact of tariffs on retailers.

Our commitment to good corporate governance is reflected in our Corporate Governance Guidelines. These Corporate Governance Guidelines are reviewed from time to time by the Board and, to the extent deemed appropriate in light of emerging practices, revised accordingly, upon recommendation to and approval by the Board.

Our Corporate Governance Guidelines, our Audit, Compensation, and Nominating and Corporate Governance Committee charters, and other corporate governance information are available on Leadership & Governance tab on the Investors section of our website at https://investors.brixmor.com/corporate-profile. Any stockholder may also request these documents in print, without charge, by contacting the Secretary at Brixmor Property Group Inc., 100 Park Avenue, New York, New York 10017.

 

 

Executive sessions, which are meetings of the non-management members of the Board, are regularly scheduled throughout the year. In addition, at least once a year, the independent directors meet in a private session that excludes management and any non-independent directors. In accordance with our Corporate Governance Guidelines, the independent directors have elected Mr. Rahm from among themselves to serve as the Presiding Independent Director to call and preside at executive sessions. The Audit and Compensation Committees also meet regularly in executive sessions.

The Board has implemented stock ownership guidelines, which are included in our Corporate Governance Guidelines referenced above. The Board may, in its sole discretion, grant exceptions to the guidelines outlined below.

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Our Chief Executive Officer, Chief Financial Officer, and each Executive Vice President are expected to own common stock or common stock equivalents equal in market value to a specified multiple of his or her annual base salary as outlined below:

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New officers that are subject to the ownership guidelines are expected to be in compliance by the fifth anniversary of their appointment to the position that results in application of the ownership guidelines

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Each of our named executive officers is currently in compliance with their respective ownership guideline.

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Each independent director is expected to own common stock or common stock equivalents equal in market value to five times the cash portion of such independent director’s annual Board fee for the preceding year (exclusive of committee or chair fees) within five years of joining the Board

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Each independent director that has served on the Board for five years is currently in compliance with their ownership guideline

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For purposes of the stock ownership guidelines applicable to both senior officers and independent directors, (i) restricted stock and (ii) earned restricted stock units, which are only subject to a time vesting requirement, count towards such requirement.

We have a Code of Business Conduct and Ethics that applies to all directors, officers, and employees of the Company and a Code of Conduct for Senior Financial Officers that applies to

 

 

our principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions. Each of these codes is available on our website at
https://investors.brixmor.com/leadership-governance/governance-documents-policies/default.aspx​

The Code of Business Conduct and Ethics sets forth our policies and expectations on a number of topics, including conflicts of interest, compliance with laws (including insider trading laws), use of our assets, business conduct, and fair dealing. The Code of Conduct for Senior Financial Officers satisfies the requirements for a code of ethics, as defined by Item 406 of Regulation S-K promulgated by the SEC. The Company will disclose within four business days any substantive changes in or any waivers of the Code of Business Conduct and Ethics or Code of Conduct for Senior Financial Officers granted to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, by posting such information on our website.

As described in our Code of Business Conduct and Ethics, the Company’s directors, officers, and employees are provided with three avenues through which they can report violations or suspected violations with respect to accounting or auditing matters: a toll-free phone number, in writing, or through a website. The toll-free phone number for directors, officers, and employees is available 24 hours a day, seven days a week. Directors, officers, and employees may report any violation of the Code of Business Conduct and Ethics that does not concern accounting or auditing matters either in writing or in person. Violations or suspected violations of the Code of Conduct for Senior Financial Officers must be reported to the Company’s General Counsel or the Chair of the Audit Committee of the Board of Directors and may be made through a toll-free phone number, in writing, or through a website. Directors, officers, and employees can choose to remain anonymous in reporting violations or suspected violations. In addition, we maintain a formal non-retaliation policy that prohibits action or retaliation against any director, officer, or employee who makes a report in good faith even if the facts alleged are not confirmed by subsequent investigation.

The Nominating and Corporate Governance Committee weighs the characteristics, experience, independence, and skills of potential candidates, and with respect to incumbent directors, their performance as a director, and recommends nominees for election as directors to the Board. In considering candidates for the Board, the Nominating and Corporate Governance Committee also assesses overall Board composition considerations, including the depth and breadth of director skill sets and areas of expertise (including expertise that could qualify a director as an “audit committee financial expert” under SEC rules), compliance with NYSE and SEC Board and Committee independence requirements, as applicable, and the size of the Board. In evaluating Board candidates, the Nominating and Corporate Governance Committee also considers each candidate’s other commitments, including job responsibilities, service on other public company boards, and leadership positions on such boards, for the purpose of determining whether the candidate can satisfy the time commitments necessary and appropriate for service on the Board.

As the application of these factors involves the exercise of judgment, the Nominating and Corporate Governance Committee does not have a standard set of fixed qualifications that is applicable to all director candidates, although the Nominating and Corporate Governance Committee does at a minimum assess each candidate’s strength of character, mature judgment, familiarity with our business and industry, independence of thought, and his or her

 

 

ability to work collegially with the other members of the Board. The Nominating and Corporate Governance Committee utilizes the same criteria for evaluating candidates regardless of the source of the candidate.

In identifying prospective director candidates, the Nominating and Corporate Governance Committee may seek referrals from other members of the Board, management, stockholders, and other sources. The Nominating and Corporate Governance Committee may also, but need not, retain a search firm to assist it in identifying candidates to serve as directors of the Company.

When considering director candidates, the Nominating and Corporate Governance Committee seeks individuals with backgrounds and qualities that, when combined with those of our incumbent directors, provide a blend of skills and experience to further enhance the Board’s effectiveness. In connection with its annual recommendation of a slate of nominees, the Nominating and Corporate Governance Committee may also assess the contributions of those directors recommended for re-election in the context of the Board and Board committee evaluation process (discussed in more detail below) and other perceived needs of the Board.

When considering whether the directors and nominees have the experience, qualifications, attributes, and skills, taken as a whole, to enable the Board to satisfy its oversight responsibilities effectively in light of the Company’s business, the Board focused primarily on the information contained in each of the Board member’s biographical information set forth above.

Each of the Company’s directors:

In addition, most of the Company’s directors possess experience in either (i) owning and/or managing publicly traded or privately held enterprises and (ii) advising and managing companies in various segments of the real estate industry.

In 2026, the director nomination process resulted in the Nominating and Corporate Governance Committee’s recommendation to the Board, and the Board’s nomination of, the nine incumbent directors named in this proxy statement and proposed for election by you at the upcoming Annual Meeting.

The Nominating and Corporate Governance Committee will consider director candidates recommended by stockholders. Any recommendation submitted to the Corporate Secretary should be in writing and should include any supporting material the stockholder considers appropriate in support of that recommendation, but must include information that would be required under the rules of the SEC to be included in a proxy statement soliciting proxies for the election of such candidate and a written consent of the candidate to serve as one of our

 

 

directors if elected. Stockholders wishing to propose a candidate for consideration may do so by submitting the above information to the attention of the Secretary, Brixmor Property Group Inc., 100 Park Avenue, New York, New York 10017. Stockholders must comply with the advance notification, timeliness, consent, information, and other requirements of our Bylaws regarding director nominations. All recommendations for nomination received by the Corporate Secretary will be presented to the Nominating and Corporate Governance Committee for its consideration. The foregoing requirements are also described under the caption “Stockholder Proposals for the 2027 Annual Meeting.” In addition, stockholders have proxy access rights pursuant to which stockholders owning at least 3% of our common stock for at least three years may nominate the greater of up to 20% of the number of directors on the Board or two directors. The deadline for submission of proxy access nominees is described under the caption “Proxy Access Nominees.”

Under the oversight of the Nominating and Corporate Governance Committee, we perform an annual evaluation of the Board, each of the standing Board committees, and individual directors. The annual evaluation is designed by the Nominating and Corporate Governance Committee to improve the effectiveness and performance of the Board and its committees. The evaluation process consists of written questionnaires relating to the Board and each of the standing committees, an interview of each director by the Chair of the Nominating and Corporate Governance Committee, and a discussion of the issues raised through the questionnaires and interview process at the Board and committee levels. The written questionnaires and the interview questions address a broad range of topics, including the functioning of the Board, Board culture, Board composition, individual director performance, Board development, and effectiveness of Board oversight of strategy and risk. Feedback resulting from these evaluations, which is presented to the Board by the Chair of the Nominating and Corporate Governance Committee, is used to refine Board and Board committee practices and improve Board, Board committee, and individual director performance. One of the recently implemented recommendations from this evaluation process was to hold one annual board meeting focused exclusively on long-term strategic planning. The evaluation process, including feedback on individual director performance, is also considered as part of the director nomination process.

All directors are invited to contact the CEO at any time to discuss any aspect of the Company’s business. Directors also have access to other members of executive and senior management, as well as to the Company’s broader employee base, throughout the year in Board and Board committee meetings and in other informal settings. For example, directors participate in a periodic director lunch series, where a member of the executive management team interviews a director regarding that director’s background, experience and other related topics. All employees are able to attend the interview either in person or by video conference broadcast to the entire Company, providing our employees with a unique understanding of the members of our Board. An informal lunch with employees in the office occurs following the interview which further allows interaction between our employees and Board members. In addition, from time to time, the Company holds a Board meeting in a market where the Company owns assets, which enables the Board to tour Company-owned assets and observe, among other things, acquisitions, asset transformation, and redevelopment projects. These tours are led by the Company’s regional and local leasing teams, providing opportunities for additional Board and employee interactions.

 

 

As described in the Corporate Governance Guidelines, stockholders and other interested parties who wish to communicate with a member or members of the Board, including the Chair, the Presiding Independent Director, the chair of the Audit, Compensation, or Nominating and Corporate Governance Committees, or to the non-management or independent directors as a group, may do so by addressing such communications or concerns to the Board of Directors or any such individual directors or group or committee of directors by either name or title and sending it by:

Such communications may be done confidentially or anonymously.

 

 

Set forth below is certain information regarding each of our current executive officers, other than Mr. Finnegan, whose biographical information is presented under “Director Nominees.”

 

 

The Board, with the assistance of the Nominating and Corporate Governance Committee, regularly reviews the Company’s senior management succession plan to ensure that personnel changes do not impact the Company’s ability to execute its business plan. The Company’s management succession plan addresses both short-term solutions for sudden and unexpected personnel changes and longer-term plans for developing the talent and leadership skills of our next generation of leaders so they are ready to assume senior management positions as they become available.

The effectiveness of the Company’s management succession plan was illustrated on multiple occasions in 2024 and 2025. In January 2024, following the departure of our former Chief Financial Officer, who was appointed chief executive officer of another company, Mr. Gallagher assumed the role on an interim basis, consistent with our management succession plan. Mr. Gallagher had served as our Chief Accounting Officer for seven years. As a result of Mr. Gallagher’s extensive leadership experience at the Company, and with the support of Mr. Taylor and the rest of the executive team, the Company continued to execute on its business plan without interruption during this period. Mr. Gallagher was subsequently appointed Chief Financial Officer.

In March 2024, our former Chief Executive Officer took a temporary medical leave of absence for approximately five weeks. Consistent with our management succession plan, Mr. Finnegan, who during his twenty years at the Company has served in key leadership roles, including as Chief Revenue Officer and Chief Operating Officer, was appointed Interim Chief Executive Officer. As a result of Mr. Finnegan’s extensive leadership experience and the support of the rest of the senior executive team, the Company continued to execute on its business plan without interruption during this period.

In October 2025, our former Chief Executive Officer took another temporary medical leave of absence before notifying the Board in November 2025 of his retirement effective January 1, 2026. Mr. Finnegan was again appointed Interim Chief Executive Officer during the former Chief Executive Officer’s medical leave, and was appointed Chief Executive Officer and President, effective January 1, 2026. As a result of Mr. Finnegan’s prior experience as Interim Chief Executive Officer, extensive leadership experience and the support of the rest of the senior executive team, the Company has continued to execute on its business plan without interruption during the former Chief Executive Officer’s medical leave and to date.

We believe that our ability to fill these roles internally with seasoned and talented executives is a product of the focus we have had on management succession planning and our efforts to build a deep bench of executive talent.

 

The Audit Committee has selected Deloitte & Touche LLP to serve as our independent registered public accounting firm for 2026. Deloitte & Touche LLP has served as our independent registered public accounting firm since May 2015.

Although ratification is not required by our Bylaws or otherwise, the Board is submitting the selection of Deloitte & Touche LLP to our stockholders for ratification because we value our stockholders’ views on the Company’s independent registered public accounting firm. If our stockholders fail to ratify the selection, it will be considered as notice to the Board and the Audit Committee to consider the selection of a different firm. Even if the selection is ratified, the Audit Committee, in its discretion, may select a different independent registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company.

Representatives of Deloitte & Touche LLP are expected to be present at the virtual Annual Meeting. They will also have the opportunity to make a statement if they desire to do so, and they are expected to be available to respond to appropriate questions.

The shares represented by your proxy will be voted for the ratification of the selection of Deloitte & Touche LLP unless you specify otherwise.

In connection with the audit of the 2025 financial statements, we entered into an agreement with Deloitte & Touche LLP that set forth the terms by which Deloitte & Touche LLP would perform audit services for the Company.

The following table presents fees billed for professional services rendered by Deloitte & Touche LLP for the audit of our financial statements for 2025 and 2024 and fees billed for other services rendered by Deloitte & Touche LLP for those periods:

​

(1)

Includes the aggregate fees billed in each of the last two fiscal years for professional services rendered by Deloitte & Touche LLP for the audit of the Company’s annual financial statements included in Forms 10-K and the review of quarterly financial statements included in Forms 10-Q, including fees related to the issuance of comfort letters and consents. The fees are for services that are normally provided by Deloitte & Touche LLP in connection with statutory or regulatory filings or engagements.

​

(2)

Includes the aggregate fees billed in each of the last two fiscal years for professional services rendered by Deloitte & Touche LLP for tax compliance, tax advice, and tax planning.

​

 

The Audit Committee considered whether providing the non-audit services shown in this table was compatible with maintaining Deloitte & Touche LLP’s independence and concluded that it was.

Consistent with SEC policies regarding auditor independence and the Audit Committee’s charter, the Audit Committee has responsibility for engaging, setting compensation for, and reviewing the performance of the independent registered public accounting firm. In exercising this responsibility, the Audit Committee pre-approves all audit and permitted non-audit services provided by the independent registered public accounting firm prior to each engagement.

 

 

The Audit Committee operates pursuant to a charter that is reviewed annually by the Audit Committee. Additionally, a brief description of the primary responsibilities of the Audit Committee is included in this proxy statement under the caption “The Board of Directors and Certain Governance Matters—Committee Membership—Audit Committee.” Under the Audit Committee charter, our management is responsible for the preparation, presentation, and integrity of our financial statements, the application of accounting and financial reporting principles, and internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. The independent registered public accounting firm is responsible for auditing our financial statements and expressing an opinion as to their conformity with accounting principles generally accepted in the United States of America.

In the performance of its oversight function, the Audit Committee reviewed and discussed the audited financial statements of the Company, including the critical audit matters described therein, with management and with the independent registered public accounting firm. The Audit Committee also discussed with the independent registered public accounting firm the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (the “PCAOB”) and the SEC. In addition, the Audit Committee received the written disclosures and the letter from the independent registered public accounting firm required by the PCAOB regarding the independent registered public accounting firm’s communications with the Audit Committee concerning independence, and discussed with the independent registered public accounting firm their independence.

Based upon the review and discussions described in the preceding paragraph, our Audit Committee recommended to the Board of Directors that the audited financial statements of the Company be included in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC.

Sandra A.J. Lawrence, Chair
Michael Berman
Sheryl M. Crosland
JP Suarez

 

 

In accordance with the requirements of Section 14A of the Exchange Act and the related rules of the SEC, we are including in these proxy materials a separate resolution, subject to stockholder vote, to approve, in a non-binding, advisory vote, the compensation paid to our named executive officers. While the results of the vote are non-binding and advisory in nature, the Board intends to carefully consider the results of this vote.

The text of the resolution in respect of Proposal No. 3 is as follows:

“RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables, and any related narrative discussion, is hereby APPROVED.”

In considering their vote, stockholders may wish to review with care the information on the Company’s compensation policies and decisions regarding the named executive officers presented in Compensation Discussion and Analysis on pages 44 to 58 as well as the discussion regarding the Compensation Committee on pages 27 to 28. We expect that we will conduct the next advisory vote on executive compensation at the 2027 annual meeting of stockholders.

 

 

In accordance with the requirements of Section 14A of the Exchange Act and the related rules of the SEC, we are including in these proxy materials a separate resolution, subject to stockholder vote, to recommend, in a non-binding advisory vote, whether a non-binding stockholder vote to approve the compensation paid to our named executive officers (that is, votes similar to the non-binding vote in Proposal No. 3 on page 42) should occur every one, two or three years. While the results of the vote are non-binding and advisory in nature, the Board intends to carefully consider the results of the vote.

In considering their vote, stockholders may wish to review with care the information presented in connection with Proposal No. 3 on page 42, the information on the Company’s compensation policies and decisions regarding the named executive officers presented in Compensation Discussion and Analysis on pages 44 to 58, as well as the discussion regarding the Compensation Committee on pages 27 to 28.

 

 

The Compensation Committee has discussed and reviewed the following Compensation Discussion and Analysis with management. Based upon this review and discussion, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this proxy statement and incorporated by reference into the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC.

William D. Rahm, Chair
Thomas W. Dickson
Daniel B. Hurwitz

 

•

James M. Taylor Jr., our former Chief Executive Officer(1)

​

•

Brian T. Finnegan, our Chief Executive Officer and President(1)

​

•

Mark T. Horgan, our Executive Vice President, Chief Investment Officer

​

•

Steven F. Siegel, our Executive Vice President, General Counsel and Secretary

​

•

Steven T. Gallagher, our Executive Vice President, Chief Financial Officer and Treasurer

​

(1)

Titles effective January 1, 2026. Prior to January 1, 2026, Mr. Finnegan was President, Chief Operating Officer, and interim Chief Executive Officer from October 2025 to December 2025.

​

Our executive compensation program is designed to attract, retain, and motivate executives who are capable of advancing our mission and strategy and ultimately maintain and grow our long-term equity value.

In 2025, stockholders showed support for our executive compensation program with 96.8% of the votes cast for the approval of the “say on pay” proposal at our 2025 Annual Meeting of Stockholders. This is consistent with the strong support we have received in recent years, with support levels in 2024, 2023 and 2022 at 96.6%, 96.5% and 97.3%, respectively.

 

 

 

Our target pay is heavily weighted towards performance-based and/or equity-based compensation. Performance-based and equity-based compensation for all named executive officers averages 80% of total target compensation.

(1)

Includes 2025 compensation of all named executive officers employed by the Company through December 31, 2025. Calculated assuming year-end salaries and bonus ranges were in effect for all of 2025. In addition, excludes compensation included in the “All Other Compensation” column of the “Summary Compensation Table.” For more information about this additional compensation, see “—Executive Compensation Tables—Summary Compensation Table” below.

​

 

 

Our annual bonus program features multiple metrics designed to reward performance. The financial metrics used are key indicators of the executive team’s effectiveness at leading the Company in the management of our properties (Same Property Net Operating Income or “SP NOI” or “Same Property NOI”) and our overall business (Nareit Funds From Operations or “Nareit FFO”).

The diagram below illustrates the achievement level of performance for our 2025 annual bonus plan (“Annual Bonus Plan”).

 

 

Our compensation philosophy is based on best governance practices and are designed to align executive compensation with long-term stockholder interests.
   

​	WHAT WE DO:				​
​		​	​	Structure our Board with experienced independent leadership including an independent Chair	​
​		​	​	Design our compensation program to reflect our culture of pay for performance, with more than three-quarters of named executive officer compensation being performance based	​
​		​	​	Undertake an annual review of compensation strategies and programs by the Compensation Committee, including our compensation risk profile	​
​		​	​	Utilize an independent compensation consultant to advise the Compensation Committee	​
​		​	​	Include CR goals as a component of each executive’s total bonus compensation	​
​		​	​	Subject cash and equity incentive compensation to clawback provisions more stringent than those required by the NYSE	​
​		​	​	Subject named executive officers, other Executive Vice Presidents and directors to robust stock ownership guidelines	​

​	WHAT WE DO NOT DO:				​
​		​	​	Offer excessive perquisites or special health and welfare plans to executives	​
​		​	​	Guarantee salary / bonus increases	​
​		​	​	Allow hedging or pledging of Company stock	​
​		​	​	Have single trigger cash severance payments in the event of a change-in-control	​
​		​	​	Provide excise tax gross-ups	​
​		​	​	Encourage unreasonable risk-taking through compensation	​
​		​	​	Time the disclosure of material non-public information for the purpose of impacting the value of executive compensation	​

 

 

Our primary executive compensation objectives are to:

•

Attract, retain, and motivate executives who are capable of advancing our mission and strategy and ultimately maintain and grow our long-term equity value

​

•

Reward executives in a manner aligned with our financial performance and individual goals; and

​

•

Align executives’ interests with the long-term interests of our equity owners through equity participation and ownership

​

To achieve our objectives, we deliver executive compensation through a combination of the following components: (1) base salary; (2) bonus; (3) LTI; (4) other employee benefits and perquisites; and (5) severance benefits.

Each year, the Compensation Committee considers the outcome of the stockholder advisory vote on executive compensation when making future decisions relating to the compensation of our named executive officers and our executive compensation program and policies. In 2025, stockholders showed support for our executive compensation programs, with 96.8% of the votes cast for the approval of the “say-on-pay” proposal at our 2025 Annual Meeting of Stockholders. The Compensation Committee believes that this support is attributable to the Compensation Committee’s commitment to the alignment of our named executive officers’ compensation with the Company’s performance.

Our stockholders have historically shown strong support for our policies and practices regarding executive compensation, as illustrated by the annual say-on-pay vote.

SEC rules require the vote on the frequency of stockholder votes on executive compensation to be held at least once every six years. This vote was previously held at the 2020 annual meeting of stockholders. Following such vote, the Board decided that Brixmor would hold an advisory vote on the compensation of named executive officers at each annual meeting of stockholders until the next required vote on the frequency of stockholder votes on executive compensation. This year, we will again hold a stockholder vote on the frequency of stockholder votes on executive compensation. Our Board is recommending that stockholders vote to continue to hold the advisory vote every year. For more information, see “Proposal No.4—Non-Binding Vote on Frequency of Stockholder Votes on Executive Compensation.”

 

 

Pursuant to NYSE and SEC rules, the Company maintains a clawback policy, pursuant to which the Company will seek repayment of cash and equity incentive compensation paid to executive officers under certain circumstances. As mandated by such rules, if the Company is required to prepare an accounting restatement of its GAAP financial statements, the Company will recover any incentive compensation received by any covered person during the fiscal years pertaining to the restatement that was in excess of the amount that otherwise would have been paid, giving effect to the restated results.

The Company clawback policy also applies to circumstances that are not required to be addressed by NYSE and SEC rules. The Company’s clawback policy continues to provide for discretionary recoupment of incentive compensation if the Compensation Committee determines that any covered person has committed fraud or intentional misconduct that either constitutes a violation of law or a material breach of specified Company policies or that could reasonably be expected to result in significant reputational or financial harm to the Company. In these cases, the Compensation Committee may recover up to 100% of any incentive compensation received by such covered person in the fiscal year during which such misconduct occurred.

In addition, if the Company restates or revises a non-GAAP financial measure, other than in connection with a restatement of its GAAP financial statements, due to material non-compliance with any financial reporting requirement under the federal securities laws or if such measure has been determined in the reasonable judgment of the Compensation Committee to have been materially misstated, the Company may recover any incentive compensation received by any covered person during the fiscal years pertaining to the restatement or revision that was in excess of the amount that otherwise would have been received after giving effect to the restated or revised results.

The Compensation Committee of our Board is responsible for determining the compensation of our Chief Executive Officer and our other named executive officers. At the beginning of each performance cycle, the Compensation Committee approves financial goals designed to align executive pay with company performance and stockholder interests, provide competitive pay opportunities dependent on company performance, retain talent, grow stockholder value, and mitigate material risk. The Compensation Committee has the authority to engage its own advisors to assist in carrying out its responsibilities and, as described below, utilized its compensation consultant to assist with decisions regarding 2025 compensation.

In 2025, Mr. Taylor, our former Chief Executive Officer, worked with the Compensation Committee in managing our executive compensation program and he attended meetings of

 

 

the Compensation Committee. He did not attend portions of meetings relating to his own compensation. Because of his daily involvement with the executive team, our Chief Executive Officer made recommendations to the Compensation Committee regarding 2025 compensation for the named executive officers other than himself.

Pay Governance serves as the Compensation Committee’s independent, third-party compensation consultant to provide advice on a range of compensation matters.

Pay Governance reports directly to the Compensation Committee and does not provide services to the Company’s management that are not under the Compensation Committee’s purview. Representatives of Pay Governance have attended meetings of the Compensation Committee and will continue to do so upon request. Prior to retaining Pay Governance, the Compensation Committee considered all factors relevant to Pay Governance’s independence from management, as required by the Compensation Committee’s charter.

The total potential compensation for each of our named executive officers is established based on the scope of his or her individual responsibilities and contributions to our performance, taking into account competitive market compensation paid for similar positions. Our Compensation Committee determines appropriate levels of total compensation for our named executive officers by applying their individual understanding, experiences, and judgments of the national marketplace of senior level real estate positions and related industry pay in both public and private companies that may compete for our executives, while also considering the relative importance of various positions at the Company given our business plan and organization compared with the business plans and organizations of our major competitors. The Compensation Committee also consults with its independent compensation consultant and considers compensation surveys prepared by Ferguson Partners for Nareit to confirm its assessment of appropriate market compensation for our named executive officers. Rather than using a designated peer group, the Compensation Committee, in consultation with Pay Governance, elected to use data from the Ferguson Partners survey as its benchmarking tool because it provided broader and more customizable data than a traditional peer group and allowed the Company to more accurately map compensation to a broader list of executive officer positions.

The latest Ferguson Partners survey contains information reported for each position, to the extent available, by 105 U.S. equity focused real estate investment trusts (“REITs”). Using data from the Ferguson Partners survey, the Compensation Committee reviews compensation of our named executive officers as compared to available executive officer data of two different peer sets: a set of REITs that primarily operate in the retail sector and a size-based set of REITs with market capitalizations between $7.5 billion and $20 billion. The Ferguson Partners survey included information for executive officer positions at 15 retail REITs, including Federal Realty Investment Trust, Kimco Realty Corp., Kite Realty Group Trust, and Regency Centers Corp., and 20 REITs with market capitalizations between $7.5 billion and $20 billion, including all of the foregoing retail peers, as well as other REITs such as Camden Property Trust, CubeSmart, NNN REIT, Inc., and W.P. Carey Inc. The Compensation Committee believes that REITs in these two data sets represent peer group companies with which the Company currently competes for executive talent and includes any Company that would be chosen in a specific selected peer group.

 

 

Our Compensation Committee compares the individual elements of our named executive officers’ compensation (base salary, total cash compensation, long-term incentive compensation and total remuneration) with those of executive officers having similar titles and responsibilities at the two peer sets in the Ferguson Partners survey.

The Committee evaluates this data for informational purposes when establishing competitive compensation levels for our named executive officers. However, market data is not the sole determinant of the Compensation Committee in setting named executive officer compensation. The Compensation Committee considers the performance, skills, experience, and the specific role of the named executive officer in the organization when making compensation decisions.

The Compensation Committee, in consultation with management, annually assesses the Company’s compensation policies and procedures with respect to risk and risk management. Based on this assessment, the Compensation Committee does not believe there are any risks from the Company’s compensation policies and practices that are reasonably likely to have a material adverse effect on the Company.

Base salary compensates our executives for performing the day-to-day requirements of their positions and provides them with cash income and stability with respect to a portion of their total compensation. We believe that the level of a named executive officer’s base salary should reflect that named executive officer’s performance, experience, breadth of responsibilities, salaries for similar positions within our industry, and any other factors relevant to that particular position. The minimum base salary payable to each named executive officer is set by the terms of an employment agreement entered into with each named executive officer, the material terms of which are summarized in the “Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Employment Agreements with Our Named Executive Officers” below. The compensation of each named executive officer is reviewed annually and is eligible for a discretionary annual merit increase. Base salaries may also be adjusted at other times to address competitive pressures or changes in job responsibilities. The following table reflects the base salaries of our named executive officers employed as of the end of 2025.

 

 

In order to motivate our named executive officers to achieve near-term performance goals by linking a significant portion of their cash compensation to realized performance, each named executive officer is eligible for annual cash incentive awards under the Annual Bonus Plan based on the achievement of corporate metric targets (75% of the bonus) and individual qualitative goals (25% of the bonus, 20% of which are CR-focused goals), each set at the beginning of the fiscal year, with the threshold, target, and maximum payout amounts based on a percentage of the named executive officer’s base salary. The named executive officers’ threshold, target, and maximum payout amounts at the end of 2025 were as follows:

In February 2025, the Compensation Committee determined that the two corporate metrics under the 2025 Annual Bonus Plan (75% of the bonus) would be SP NOI growth and Nareit FFO per share. SP NOI growth is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). SP NOI excludes lease termination fees, straight-line rental income, net, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, straight-line ground rent expense, net, income or expense associated with the captive insurance company, depreciation and amortization, impairment of real estate assets, general and administrative expense, and other income and expense (including interest expense and gain on sale of real estate assets). Nareit FFO per share is defined as net income (loss), calculated in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect Nareit FFO on the same basis. In addition, when setting the metrics for Nareit FFO per share achievement under the 2025 Annual Bonus Plan, the Compensation Committee provided that maximum, target, and threshold performance levels approved in 2025 for Nareit FFO were to be adjusted to exclude litigation and other non-routine legal expenses, and loss on debt extinguishment of debt, net. For 2025, no adjustments to Nareit FFO were made for these expenses, as maximum performance was achieved notwithstanding these items.

 

 

The following table shows the weighting assigned to each of the named executive officers for each fiscal 2025 Annual Bonus Plan performance metric.

* 20% of Individual goals are CR-focused goals.

The table below sets forth the original threshold, target, and maximum corporate metrics established by the Compensation Committee in January 2025 for the 2025 Annual Bonus Plan:

Mr. Finnegan’s accomplishments included:

•

Being appointed Chief Executive Officer and President and a member of the Board following service as interim Chief Executive Officer

​

•

Commencing record annual base rent on schedule and leading the execution of a record $70 million of new lease annualized base rent (“ABR”) at a record $23.32 per square foot

​

•

Achieving total occupancy of 95.1% and new portfolio high small shop leased occupancy of 92.2%

​

•

Improving merchandising and overall tenant credit quality, while attracting compelling new concepts to the portfolio

​

•

Reducing overall capital expenditures by 14% year-over-year while preserving first class property operations and aesthetics

​

•

Stabilizing $183 million of value-enhancing reinvestment projects, with $336 million of projects in the in-process reinvestment pipeline

​

•

Continuing property level sustainability improvements, including renewable energy projects and reductions in electrical consumption

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•

Hosting community engagement and social impact events, fostering Company, tenant and community connectivity at the property level

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Mr. Horgan’s accomplishments included:

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Leading the Investment Committee and driving disciplined capital allocation across redevelopment initiatives and property transactions

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•

Actively monitoring and evaluating the transactions market to quickly identify and pursue emerging opportunities

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•

Further clustering the Company’s portfolio in attractive retail submarkets through the execution of a record $417 million in acquisitions

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•

Harvesting $296 million of capital through non-core asset dispositions

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•

Continuing to integrate resilience and environmental risk in acquisitions and disposition underwriting

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Mr. Siegel’s accomplishments included:

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Directing the execution of over 1,200 new and renewal lease agreements representing 6 million square feet, while substantially reducing outside legal fees associated with leasing

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Overseeing the negotiation, diligence and documentation of over $700 million of capital recycling efforts

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Monitoring the legal aspects of reinvestment projects and capital markets transactions

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Achieving green lease provisions in over 94% of new leases executed in 2025

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Maintaining best-in-class corporate governance practices, as reflected in continued top-tier third-party recognition and scores

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Mr. Gallagher’s accomplishments included:

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Issuing $800 million aggregate principal amount of Senior Notes

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Ensuring ample financial capacity and flexibility by amending and restating the Company’s $1.75 billion unsecured credit facilities at lower pricing and renewing the Company’s share repurchase and at-the-market equity offering programs

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•

Advancing PowerBI capabilities, dashboards and analytical tools and increasing effective utilization of AI tools

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•

Enhancing asset management initiatives across the Company

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•

Expanding the potential investor base through approximately 600 investor touchpoints focusing on relationship building, clear communication of our investment thesis and transparent disclosure

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•

Publishing our seventh annual Corporate Responsibility Report

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•

Maintaining third-party CR-related ratings and recognition

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Mr. Taylor’s accomplishments included:

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Delivering strong operating metrics, including robust leasing spreads and contractual adjustments on rental rates, as well as record commencements, small shop occupancy and ABR per square foot

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•

Expanding the breadth of the tenant base, including first to portfolio leases with multiple retailers

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•

Acquiring $417 million of assets and generating $296 million of capital through property dispositions

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•

Ensuring ample financial capacity and flexibility, including amending and restating the Company’s $1.75 billion unsecured credit facilities

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Continuing proactive institutional investor outreach

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Conducting an employee engagement survey highlighting strong levels of employee satisfaction and pride and enhancing coaching and mentorship programs to support professional growth and development

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Based on this assessment the Compensation Committee determined that (i) each of Messrs. Horgan, Siegel, Gallagher and Taylor achieved maximum performance and Mr. Finnegan achieved between target and maximum performance and (ii) with respect to CR goals, each of Messrs. Finnegan, Horgan, Siegel, Gallagher and Taylor achieved between target and maximum performance.

Based on the assessments of the corporate metrics and the individual performance goals, the Compensation Committee approved the 2025 Annual Bonus Plan awards detailed in the following table:

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(1)

Combined Achievement Factor as a Percentage of Target is calculated by dividing the Actual 2025 Annual Bonus by the Target Bonus Potential.

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(2)

2025 Base Salary and Target Bonus Potential are presented based on Base Salary and Target Bonus as of December 31, 2025; however, Actual 2025 Annual Bonus is prorated based on the effective dates of salary increase or bonus range adjustments. Accordingly, Combined Achievement Factor as a Percentage of Target reflects such reported amount.

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The Company grants long-term incentive awards to align the Company’s executives with stockholder interests, support long-term value creation, and promote the retention and stability of our executive management team.

Under the current executive long-term incentive program, 60% of total equity awards received by the named executive officers are in the form of PRSUs with a three-year performance measurement period commencing at the beginning of the calendar year of grant (the “Performance Period”), based on relative total stockholder return (“TSR”) over such period. Performance over the Performance Period will be measured by the Compensation Committee after the completion of the Performance Period (the “Measurement Date”). Of the PRSUs that are earned, 50% will vest on the Measurement Date and 25% will vest on January 1 of each of the next two succeeding years.

 

 

The total number of PRSUs that can be earned is between 0% (for below threshold performance) and 200% (for maximum performance) of the target level, based on the Company’s TSR performance compared to the constituent companies in the FTSE Nareit Equity Shopping Centers Index. If the Company’s TSR during the measurement period is negative, the maximum number of PRSUs that may be earned (notwithstanding relative TSR achievement above the target level) is limited to the target level.

The threshold, target, above target, and maximum performance levels of relative TSR (measured on a compounded annual basis over the measurement period) are as follows:

To encourage retention, the remaining 40% of total equity awards received by the named executive officers are granted in the form of service-based restricted stock units (“Service RSUs”) that vest in three equal annual installments beginning on January 1 of the succeeding year. In order to incentivize and reward superior performance, the Service RSUs have an attached outperformance modifier, referred to as Outperformance RSUs that can increase the original Service RSU award based on the Company’s financial and operational outperformance over a specified measurement period. The number of Outperformance RSUs that may be earned is between 0.00 and 2.00 times the number of Service RSUs initially granted, based on the achievement of specified SP NOI and Nareit FFO per share growth hurdles; provided, however, commencing with the awards granted in 2024, in no event shall the number of Outperformance RSUs earned exceed 1.00 times the number of Service RSUs if the number of PRSUs earned during the measurement period did not equal or exceed target level. The Outperformance RSUs are assessed based on a three-year performance measurement period commencing in the calendar year of grant (i.e., the same measurement period as the PRSUs granted in that year). To the extent earned and granted, 50% of the Outperformance RSUs will vest on the Measurement Date and 25% will vest on January 1 of each of the next two succeeding years.

In 2025, the Compensation Committee determined to grant the named executive officers the number of PRSUs and Service RSUs detailed below.

 

 

Any Outperformance RSUs earned with respect to the 2025 Service RSUs will be earned and granted following the end of the measurement period on December 31, 2027, as described above.

In general, PRSUs are forfeited and Outperformance RSUs are not granted to the extent the applicable performance criteria are not achieved as of the end of the Performance Period or as of any termination of employment. Upon a qualifying termination (as defined in the award agreements), a portion of the PRSUs and Outperformance RSUs will be eligible to become earned in the case of PRSUs or earned and granted in the case of Outperformance RSUs, and vested, based on actual performance through the date of termination or good reason resignation and subject to proration based on the number of days during the applicable Performance Period that the executive was employed. The foregoing will also be applicable with respect to the PRSUs upon the executive’s retirement (as defined in the award agreements). Upon a change in control during any Performance Period, a portion of the PRSUs will become earned or Outperformance RSUs will be earned and granted based on actual performance through the date of the change in control. In addition, unvested Service RSUs are forfeited upon a voluntary termination of employment; however, upon a qualifying termination, all unvested Service RSUs will automatically and immediately vest as of the date of such qualifying termination.

Dividend equivalents will be paid currently on unvested Service RSUs. Dividend equivalents will accrue and be paid only on fully vested PRSUs at the time of vesting. Dividend equivalents will only be paid on Outperformance RSUs from and after the date they are fully vested.

The performance criteria for the 2023 PRSU awards, which Performance Period began on January 1, 2023 and ended on December 31, 2025, was the percentile ranking of the Company’s TSR over the Performance Period relative to the TSR of the REITs included in the FTSE Nareit Equity Shopping Centers Index over the entirety of the Performance Period (the “Percentile Ranking”). The threshold, target, above target, and maximum performance levels of relative TSR (measured on a compounded annual basis over the Performance Period) for the 2023 PRSU awards are described in the second table above. For the three year period ended December 31, 2025, the Company’s absolute TSR was positive and the Company’s Percentile Ranking was 69.4%, which resulted in an award payout of 177.5% of target. Of the PRSUs that were earned, 50% vested on February 4, 2026, 25% will vest on January 1, 2027 and 25% will vest on January 1, 2028.

The Performance Period for the 2023 Outperformance RSU awards began on January 1, 2023 and ended on December 31, 2025. The performance criteria was based on the achievement of specified SP NOI and Nareit FFO per share growth hurdles, which were considered at the time of grant not probable of being achieved. With respect to the SP NOI growth rate metric, for the three year period ended December 31, 2025, the Company achieved a compounded growth rate of 4.39%, which was above threshold level of 4.25% but below target level of 4.75%, and thus awards with respect to this metric were earned at the threshold level. Of the OPRSUs that were earned, 50% vested on February 4, 2026, 25% will vest on January 1, 2027 and 25% will vest on January 1, 2028. With respect to the Nareit FFO per share growth metric, for

 

 

the three-year period ended December 31, 2025, the Company failed to achieve threshold level, so no awards were earned with respect to this metric.

We provide our employees, including our named executive officers, with broad-based benefits that are intended to attract and retain employees while providing them with retirement and health and welfare security. These benefits include life and health benefits and vacation, holiday, and sick time. Our employees, including the named executive officers, are eligible to participate in a tax-qualified 401(k) plan. Employees may contribute to the 401(k) plan, on a pre-tax basis, between 0% and 50% of their annual pay, up to the maximum allowable amount permitted by the IRS, and we match 100% of the first 3% of the employee’s annual pay and an additional matched 50% of any employee contributions between 3% and 5% in order to encourage employee participation. Our employees, including our named executive officers, are able to receive supplemental long-term disability coverage, and medical and dental benefits. These employee benefits and perquisites are reflected in the “All Other Compensation” column of the “Summary Compensation Table” below and the accompanying footnote. The Board believes that providing modest perquisites is both customary among our peers and necessary for attracting and retaining talent.

The Board believes that severance arrangements are necessary to attract and retain the talent required for our long-term success, and views our severance arrangements as recruitment and retention devices that help secure the continued employment and dedication of our named executive officers, including when we are considering strategic alternatives. Pursuant to the terms of their employment agreements, each of our named executive officers has severance protection in the case of specified qualifying termination events. The severance payments under these agreements are contingent upon the affected executive’s compliance with specified post-termination restrictive covenants. See “Potential Payments Upon Termination or Change in Control” for descriptions of payments to be made under these agreements.

The Compensation Committee determined that the base salaries of the following named executive officers for 2026 will increase as follows:

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(1)

Mr. Finnegan’s base salary for 2026 was increased in connection with his appointment as the Company’s Chief Executive Officer effective January 1, 2026.

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