Brixmor Property's top executives exit after accounting review

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[February 08, 2016]  (Reuters) - Shopping center operator Brixmor Property Group Inc said three of its top officers, including its chief executive, had resigned after an internal accounting review showed discrepancies in the company's financial statements.

The company said on Monday that its quarterly statements had been tampered with to show consistent growth in same-property net operating income.

"The board is disappointed to have learned of the conduct and lack of appropriate management supervision uncovered as a result of the Audit Committee review," Chairman John Schreiber said in a statement.

Brixmor said it would not have to restate its historical financial statements as the impact of the discrepancies was not material to the results. The matter will not hurt the company's compliance with the covenants of its debt agreements, it said.

Brixmor was taken public in 2013 by Blackstone Group LP. The private equity firm currently holds a 36.24 percent stake in the company and is its largest shareholder, according to Reuters data.

Brixmor said it had reported the matter to the U.S. Securities and Exchange Commission.

The New York-based company named Raider Hill Advisors LLC founder Daniel Hurwitz its interim chief executive.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza and Kirti Pandey)

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