Cfo Thought Leader

Matt Ostrower remembers losing sleep over a decision that carried consequences for employees, lenders, and shareholders.At Site Centers, Ostrower tells us, the management team was confronting two challenges. Investor fears about the internet’s impact on retail real estate were depressing stock and bond valuations. Then Hurricane Maria struck Puerto Rico, leaving a portfolio of company assets out of commission for months.The immediate pressure was to reopen properties and navigate the crisis. But Ostrower says the team forced itself to “pull back” and consider how the company could emerge positioned for growth.Working with CEO David Lukes and capital markets leader Conor Fennerty, Ostrower says the team developed an answer that had not been executed repeatedly elsewhere: Separate the portfolio, create a liquid pool of assets for public-market investors, and establish a remaining company positioned for greater growth.Because the approach was untested, Ostrower says the team had no certainty about how investors