Steven T. Gallagher
About Steven T. Gallagher
Executive Vice President, Chief Financial Officer and Treasurer of Brixmor Property Group (BRX), age 43; executive officer since 2024; B.S. from DeSales University . Promoted to CFO on July 24, 2024 after serving as SVP, Chief Accounting Officer and Interim CFO/Treasurer (Jan–Jul 2024) and SVP, Chief Accounting Officer (Mar 2017–Jan 2024) . 2024 accomplishments included reducing debt/EBITDA to 5.7x with a Moody’s ratings upgrade, issuing $800.0M senior notes, raising $117M via ATM equity program, and advancing data/automation initiatives, for which individual goals were assessed at maximum performance . BRX’s 2024 say‑on‑pay approval was 96.6%, indicating strong shareholder support for the compensation program .
Past Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Brixmor Property Group | EVP, CFO & Treasurer | Jul 2024–present | Promoted to CFO/Treasurer; executive officer since 2024 . |
| Brixmor Property Group | SVP, Chief Accounting Officer; Interim CFO/Treasurer | Jan 2024–Jul 2024 | Interim CFO/Treasurer in addition to CAO . |
| Brixmor Property Group | SVP, Chief Accounting Officer | Mar 2017–Jan 2024 | Led corporate accounting . |
| Netrality Properties (REIT) | Chief Accounting Officer | 2015–Mar 2017 | REIT focused on network‑neutral interconnection and colocation facilities . |
| CubeSmart (NYSE) | Controller | Prior to 2015 | NYSE‑listed self‑storage REIT . |
External Roles
None disclosed in the extracted documents.
Fixed Compensation
| Component (2024) | Value |
|---|---|
| Base Salary | $475,000 |
| Target Bonus (% of Base) | 100% |
| Target Bonus Potential | $475,000 |
| Actual Annual Bonus | $523,545 |
| Combined Achievement Factor | 1.10% (per proxy table) |
| All Other Compensation – Total | $48,989 |
| • Insurance Costs | $27,581 |
| • Company 401(k) Match | $12,075 |
| • Medical Screening | $9,333 |
Performance Compensation
Annual Bonus Design (2024)
| Metric | Weighting | Threshold | Target | Maximum | Actual/Payout Notes |
|---|---|---|---|---|---|
| Same Property NOI Growth | 37.5% | 2.75% | 3.25% | 4.00% | Combined achievement factor result for Gallagher: 1.10% (per table); individual goals assessed at maximum . |
| Nareit FFO per Share | 37.5% | $2.06 | $2.09 | $2.12 | Combined achievement factor result for Gallagher: 1.10% (per table); individual goals assessed at maximum . |
| Individual Goals (incl. ESG) | 25% | — | — | — | Maximum performance (ESG excluded for 2024 because he became NEO after ESG goals were set; ESG to be included in 2025) . |
Long‑Term Incentives (2024 Grants)
| Award | Grant Date | Target (#) | Max (#) | Grant Date Fair Value ($) |
|---|---|---|---|---|
| Performance RSUs (PRSUs) | 01/31/2024 | 8,020 | 16,040 | $196,009 |
| Service‑based RSUs | 01/31/2024 | 5,348 | 5,348 | $120,009 |
| Service‑based RSUs (additional) | 01/31/2024 | 8,912 | 8,912 | $199,985 |
• Program mechanics: BRX uses PRSUs based on three‑year relative total shareholder return (TSR); service‑based RSUs include an outperformance modifier; multi‑year vesting aids retention .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Shares Beneficially Owned (as of Feb 14, 2025) | 48,578 (less than 1% of outstanding) |
| Shares Outstanding (reference) | 306,040,394 |
| Stock Ownership Guidelines (Senior Officers) | CFO: 4x base salary; CEO/President: 6x; Other NEOs: 3x; Other EVPs: 1.5x |
| Compliance Status | Each named executive officer was in compliance with guidelines (as of 2023/2024 proxy disclosures) . |
| Hedging/Pledging Policy | Pledging or hedging of BRX stock by directors and executive officers prohibited . |
Employment Terms
| Item | Detail |
|---|---|
| Executive Officer Status | Executive officer since 2024 |
| Promotion to CFO/Treasurer | Effective July 24, 2024 |
| Prior BRX Roles | SVP, Chief Accounting Officer; Interim CFO/Treasurer in 2024 |
Compensation Committee: William D. Rahm (Chair), Thomas W. Dickson, Daniel B. Hurwitz; CD&A included in the proxy . Say‑on‑pay support was 96.6% in 2024 .
Performance & Track Record (2024 Highlights)
- Decreased debt to EBITDA to 5.7x and achieved a Moody’s ratings upgrade .
- Issued $800.0M of senior notes, managed liquidity, and raised $117M via ATM equity program .
- Drove progress in data integration/automation, capital expenditure review rigor, and ESG data quality; achieved maximum performance on individual goals .
Investment Implications
- Alignment: A high share of at‑risk pay with PRSUs tied to three‑year relative TSR and multi‑year RSU vesting supports pay‑for‑performance and retention . Strong 96.6% say‑on‑pay support reduces governance overhang .
- Ownership and trading risk: Beneficial ownership is less than 1% and BRX prohibits hedging/pledging for insiders, reducing adverse alignment and collateral‑driven selling risk .
- Execution signals: 2024 capital markets and balance sheet actions (5.7x debt/EBITDA, $800M notes, $117M ATM) and maximum individual goal achievement indicate active financial stewardship during the CFO transition year .