Phillips Edison & Company Inc., an internally-managed real estate investment trust and one of the nation’s largest owners and operators of grocery-anchored shopping centers, will appoint current chief financial officer Devin Murphy to the role of president, effective August 15, 2019.
In conjunction with the transition, John Caulfield, currently senior vice president of finance, will assume the role of chief financial officer and treasurer, effective the same date.
“Devin and John are dynamic, highly capable leaders who have added tremendous value to the organization,” said Jeff Edison, chairman and chief executive officer of PECO. “These changes have been carefully planned and are designed to maximize each individual’s skillset and to create new opportunities to advance our strategic initiatives, including our commitment to the growth of our investment management business. Retaining and promoting top talent is paramount to our success and these well-deserved changes reflect the continued evolution of the company.”
In his role as president, Murphy will be responsible for PECO’s growth initiatives, which include expanding the investment management business and raising additional institutional and retail equity. Additionally, he will oversee the company’s current joint ventures with institutional investors, TPG Real Estate and The Northwestern Mutual Life Insurance Company.
Prior to joining PECO in 2013, Murphy served as vice chairman of investment banking at Morgan Stanley and as global head of real estate investment banking for Deutsche Bank Securities Inc.
Having worked for Murphy since joining PECO in 2014, Caulfield is already familiar with the company’s financial operations and reporting processes as well as its properties and capital markets initiatives, the company noted.
Before joining the company, Caulfield served as vice president – treasurer with CyrusOne Inc., a data center REIT, where he played a key role in the company’s IPO and the establishment of its capital structure and treasury function. Prior to that, he spent seven years with Cincinnati Bell where he held various positions in treasury, finance and accounting, including assistant treasurer and director of investor relations.
Phillips Edison & Company, formerly Phillips Edison Grocery Center REIT I Inc., is one of the nation’s largest owners and operators of grocery-anchored shopping centers. The offering was declared effective by the SEC in August 2010 and raised approximately $1.8 billion in investor equity before closing in February 2014, according to Summit Investment Research. The company’s portfolio was comprised of 340 shopping centers – 303 of which it owns directly – totaling approximately 24.4 million square feet located in 32 states, as of December 31, 2018.