Pros
Four-and-a-half years ago, I was looking for a real estate company that valued my eclectic background in Retail Property Management. I have spent the majority of my career in the real estate industry, but I was looking to join a public company that would allow me to further develop my skills and challenge me. I accepted a Property Management position with RPT because I thought it was a company that had attractive assets but was being significantly undervalued by Wall Street. I thought I could help change that. I have to admit that for my first four years here, I never felt like I was empowered to do my part in making the company stronger and more efficient. I felt that we suffered from inconsistency as it related to communication, performance and goals, and that employees weren’t being recognized for their contributions. However, I decided to stay put because of the quality of our portfolio: all open-air shopping centers located in top growth markets characterized by high household income and demand generators. I’m glad I stuck with it because... In June 2018, we hired a new CEO and CFO (among other new executives). It’s only been seven months, but I feel reinvigorated and empowered. Most importantly, I feel like my opinions matter and are valued. The new executive team has also done a great job of looking at our assets differently; in other words, not just as shopping centers. They recognize how we can unlock the true underlying potential of our assets by pursuing densification projects, upgrading the quality of our tenant mixes, renovating exteriors/interior and adding digital components. I am very impressed and have never been more excited for the future! Finally, an executive team that sees in RPT what I saw 4.5 years ago! Furthermore, while RPT has an organizational structure like most companies, what I admire is that all levels of management are approachable, personable and open to ideas. Because of this, I sometimes forget that I am working for a public company! The whole stigma that management doesn’t have time for its employees just isn’t true here anymore. The new CEO has really challenged me to find more efficient work processes and improve/strengthen Tenant/Landlord relationships. He has also implemented a number of quality-of-life changes such as the option to work from home at least once per week, more days off and better working conditions. And he knows who I am, which is something I couldn’t say about others who came before him.
Cons
Part of any new team review is to do away with inefficiencies. I feel that in the past, we weren’t necessarily motivated by those in command and as a result, our performance as a company suffered. I feel we lagged behind some of our peers and passed on opportunities we should have pursued. I very much welcomed the change in management given the almost defeated culture that permeated throughout this organization prior to summer 2018.
