Brixmor Property Names Daniel Hurwitz As Interim CEO; Reiterates 2015 Outlook

(RTTNews) - Brixmor Property Group Inc. (BRX) said it has named Daniel Hurwitz, former CEO of DDR Corp. and the founder and CEO of Raider Hill Advisors, LLC, as interim chief executive officer with immediate effect. Hurwitz will also be appointed to serve on the company's board of directors.

Further, Brixmor Property said that CEO Michael Carroll, President and Chief Financial Officer Michael Pappagallo, and Chief Accounting Officer Steven Splain, along with an accounting employee, have resigned, effective immediately. Carroll has also stepped down from board of directors.

The company noted that the management changes follow the completion of an Audit Committee review that began after it received information in late December 2015 through its established compliance processes.

The review led the Board to conclude that specific company accounting and financial reporting personnel, in certain instances, were smoothing income items, both up and down, between reporting periods in an effort to achieve consistent quarterly same property net operating income. The company said it does not expect to restate historical GAAP financial reports.

Looking ahead, Brixmor said it expects to meet its previously announced guidance for 2015 FFO attributable to stockholders and non-controlling interests convertible into common stock per share diluted of $1.96 to $1.98.

In addition, the company's board has declared a quarterly cash dividend of $0.245 per common share, equivalent to $0.98 per annum, for the first quarter of 2016. This is the same quarterly cash dividend amount paid last quarter.

The dividend is payable on April 15, 2016 to stockholders of record on April 5, 2016, representing an ex-dividend date of April 1, 2016.

Brixmor is rescheduling its 2015 fourth-quarter earnings announcement, originally scheduled for today, February 8, 2016. The company now expects to release full year 2015 fourth-quarter results and 2016 guidance on Monday, February 29, 2016.