InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust formerly known as Inland American Real Estate Trust, appointed Michael Podboy to serve as executive vice president – chief financial officer, chief investment officer and treasurer. He currently serves as executive vice president – chief investment officer of InvenTrust.
Podboy’s appointment follows the resignation of Jack Potts as InvenTrust’s executive vice president – chief financial officer and treasurer. All actions were effective on November 23rd.
Podboy has served in his current role since InvenTrust initiated its self-management transactions on March 2014. Since 2007, he has taken a leading role in more than $10 billion of transactions at InvenTrust, which include platform transactions, property level acquisitions and dispositions, and alternative investments.
Prior to joining the company, Podboy worked in the field of public accounting and was a senior manager in the real estate division for KPMG LLP, where he served as a certified public accountant.
Thomas McGuinness, InvenTrust’s president and chief executive officer, said, “We are fortunate to have Michael to step into the role of chief financial officer. Michael has a deep understanding of our company and the industry, and we look forward to leveraging his expertise to support our business plan while prudently managing our balance sheet and liquidity.”
“I am excited about the expanded role,” said Michael Podboy. “I look forward to continuing to work closely with Tom and the team to further improve our balance sheet and portfolio to enhance shareholder value.”
McGuinness continued, “We are deeply grateful to Jack for all of his contributions to InvenTrust. He has been an integral part of InvenTrust’s leadership since the company commenced its self-management transactions. We wish him every success in the future.”
In other InvenTrust news, The DI Wire reported yesterday that MacKenzie Realty Capital Inc., a non-traded business development company, made a tender offer for 1 million shares of company common stock at $2.10 per share.
InvenTrust is a self-managed real estate investment trust, and as of September 30, 2015, it owned 128 multi-tenant retail properties (including 18 joint venture assets), comprising 15.9 million square feet of retail space in 24 states. In addition, its student housing business, University House Communities, has 16 properties (including 1 joint venture asset) with 9,600 beds, excluding properties in development. InvenTrust also owns 5.8 million square feet of non-core, office and industrial buildings.