12/6/2016 | By Sarah Borchersen-Keto
Thomas McGuinness, president and CEO of InvenTrust Properties Corp., joined REIT.com for a CEO Spotlight video interview at REITWorld 2016: NAREIT’s Annual Convention for All Things REIT at the JW Marriott Phoenix Desert Ridge.
InvenTrust is a public non-listed REIT that focuses on open air retail centers.
McGuinness said the company has pursued a divestment strategy for the last two years. It includes the spinning off of its Xenia Hotels & Resorts, Inc. (NYSE: XHR) lodging platform and the spinning off of its Highlands REIT, Inc. subsidiary. The company also sold a student housing portfolio for more than $1 billion.
Most of InvenTrust’s markets are in the South, where population growth is occurring more rapidly than elsewhere, McGuinness said. The company is focusing on acquiring multi-tenant properties, including power centers and grocery-anchored community shopping centers, McGuinness said.
McGuiness also commented on the state of the retail market.
“We think the fundamentals on retail are incredible,” he said. New development is limited, while “retailers are doing a better job on embracing the internet and using their stores as distribution facilities,” McGuinness added.