Devonshire REIT Restructuring Balance Sheet, CEO Says

Michael Carroll, CEO of Devonshire REIT, Inc., joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.

Devonshire is a private REIT that owns, operates and develops shopping centers in the Midwest, Great Lakes and Southeastern regions of the United States.

Carroll, who was appointed CEO in May, highlighted his priorities for the short and medium terms.

“The real opportunity we have is to try to recapitalize the company and restructure the balance sheet to give us more flexibility so we can grow going forward,” he said.

Carroll noted that new development in its main markets has been constrained. “Good, core, grocery-anchored shopping centers are performing very well, and that’s where we are going to continue to focus,” he said.

As for retail industry trends, Carroll pointed to an increase in activity from retailers moving into open-air shopping centers, particularly within the burgeoning off-price retail segment. Carroll said he is also witnessing continued format expansion and segmentation in the grocery segment.