6/26/2019 | By Nareit Staff
InvenTrust Properties Corp., a public, non-listed REIT focused on grocery-anchored, open-air retail centers, has appointed Daniel J. (DJ) Busch as executive vice president, CFO and treasurer, effective Sept. 3.
Busch currently serves as managing director, retail, at Green Street Advisors.
Thomas McGuinness, president and CEO of InvenTrust, said Busch’s appointment is “yet another step toward improving our public company readiness.” He noted that Busch has conducted extensive analysis of the retail industry over the past decade, has a unique financial perspective, as well as significant familiarity with the real estate and retail industries.
“I am confident that his financial expertise and existing knowledge of our business will serve us well as we continue to execute our grocery-anchored portfolio and flexible balance sheet strategies, which will allow us to pursue a final liquidity event when market conditions are right,” McGuinness said.
For his part, Busch noted that InvenTrust has “positioned itself to be successful in the evolving retail real estate environment.”
InvenTrust has targeted grocery-based centers with the top grocers in the marketplace because they have the capital to invest in new technologies and services to better meet the needs of their customers, McGuinness explained.
“This investment by grocers will allow the brick and mortar store to adapt to new consumer trends and remain the focus of the communities in which they operate, driving foot traffic to the center,” McGuinness said. This business model helps with insulating InvenTrust from e-commerce trends that have negatively impacted apparel-focused power centers and malls, he added.
“InvenTrust remains an active partner with our tenants, and I am excited for the future of retail and InvenTrust,” McGuinness said.
Adam Jaworski, who has served as the interim principal financial officer since August 2018, will continue in his role as senior vice president, chief accounting officer.