RD Management Enhances Leadership Team

RD Management LLC (RD), a leading owner and operator since 1968 of a diverse portfolio of real estate assets located throughout the United States and Puerto Rico, with over 170 properties across multiple asset classes, announced today that it has enhanced and strengthened its management team with the addition of Michael Carroll as Co-Chief Executive Officer and John Hayes as Chief Financial Officer. RD is announcing these additions to the management team to support its go-forward business plan, seeking to build on the Company’s rich 55-year history and positioning the Company for the future by investing in operations, governance, and organizational structure to continue to be a preferred partner for retailers and institutional capital.

Richard Birdoff, who has worked for the Company for over 30 years and led the company since 2015, will become the Executive Chairman and, with Mr. Carroll, Co-Chief Executive Officer. As leader of the Company, Mr. Birdoff guided transformation of its portfolio through asset sales and development projects and navigated challenging global financial conditions as well as the extended impact of the COVID-19 pandemic on the real estate and shopping center industry.

Mr. Carroll, with over 30 years of experience in the shopping center industry, is an established real estate veteran with expansive retailer relationships. Mr. Carroll becomes the first person outside of the founding families to co-lead RD. He has led four separate strategic alternative undertakings that have resulted in successful institutional capital investments within the retail real estate space. With private equity capital, he founded in 2017 ShopOne Centers REIT, a private real estate investment trust focused on grocery-anchored shopping centers. Previously, he was the Chief Executive Officer of Centro Property Group, the largest open air shopping center owner in the United States. He played an integral role in Centro’s restructuring efforts between 2007 and the time of its sale, including multiple lender negotiations related to the extension of $2.3 billion of bridge term loan and related debt. At the same time, he successfully led efforts to integrate the Company’s three major U.S. public company acquisitions under a single national platform. Under Mr. Carroll’s leadership, Centro was acquired by the Blackstone Group in June 2011 for $9 billion and completed its Initial Public Offering as Brixmor in October 2013. The Brixmor IPO is the largest in shopping center history.

John Hayes, who has vast experience in the retail real estate industry, joins RD after spending 16 plus years as Chief Financial Officer with Urstadt Biddle Properties Inc., a public company based in Greenwich, Connecticut. At Urstadt, Mr. Hayes oversaw a portfolio of 77 properties that comprised approximately 5.3 million square feet and led the recent merger of Urstadt with Regency Centers. After a short transition, Mr. Hayes will replace Isana Radchik, who is retiring in July after a long and successful 35-year career at RD.