Brixmor Property Group Inc. (NYSE: BRX) announced today that upon consummation of the recently announced sale of Brixmor's common stock by certain selling stockholders affiliated with Blackstone Real Estate Partners, William J. Stein, one of the two remaining Blackstone directors, will resign from the Company's board of directors. As a result, the number of directors on the Company's Board will decrease from ten members to nine, with Jonathan D. Gray the remaining representative of Blackstone.
James Taylor, Chief Executive Officer and President, commented, "On behalf of Brixmor, we thank Bill for his service over the past five years and the important counsel and wisdom he has provided as a member of our Board. With this change and consistent with our commitment to best-in-class corporate governance, seven of our nine directors will be independent and together provide Brixmor a strong mix of real estate, retail and financial expertise."
Mr. Taylor continued, "Blackstone has been an invaluable sponsor since 2011, when Brixmor became a Blackstone portfolio company, investing in the platform and laying the strong foundation upon which our business was built. Since taking the Company public in 2013, they have continued to be a supportive partner through their role on our Board, and, through systematic secondary offerings, have enhanced liquidity for our public shareholders. Today, we have an established, fully integrated platform with demonstrated access to capital and an attractive independent business plan driven by growth embedded in the assets that we own and control."
About Brixmor Property Group
Brixmor, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company's more than 500 retail centers comprise 86 million square feet in market-dominant locations across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as service and entertainment users. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing repositioning and redevelopment projects. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.
