Katie Reinsmidt learned about CBL & Associates Properties Inc. from the outside in before deciding to join the business herself about 13 years ago.
Reinsmidt was an associate analyst for broker A.G. Edwards & Sons in St. Louis where her coverage included real estate investment trusts such as Chattanooga-based CBL, one of the nation's largest mall and shopping center developers.
"I got to know about it pretty well," says Reinsmidt, recently named an executive vice president and chief investment officer for the company. "I knew about CBL's history, mission and values."
At A.G. Edwards, she recalls, she was already dealing with the CBL management team.
"It was the one company I considered coming to work for," says Reinsmidt, who was born and raised in St. Louis. "I respected the management team."
As CIO, Reinsmidt, 38, is responsible for formulating and executing CBL's investment strategy, overseeing the acquisition and disposition team as well as the company's investor outreach and communications.
In 2014, the developer and operator of Hamilton Place mall and Northgate Mall in Chattanooga unveiled plans to sell 25 of its shopping malls, about a quarter of its nationwide holdings, in an effort to upgrade its remaining properties and boost income.
CBL divided its mall holdings into three tiers, and the 25 units it identified for sale were generally the least-performing, according to the company. CBL aims to upgrade the remainder of its portfolio and generate more income from its upper-tier properties.
Reinsmidt says there have been 18 deals so far and the remainder of the properties, which don't include Hamilton Place or Northgate, are expected to be sold this year.
"All of them were generally good assets," she says. But, they were determined to be "stable" rather than growing and were in smaller markets, Reinsmidt says.
"It has allowed us to have a focus on high growth and high opportunity," says the married University of Missouri-St. Louis graduate.
CBL has used the money from the sales for redevelopment and expansion opportunities.
For example, in January, CBL announced it has closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL malls, providing the company with control of these locations for future redevelopment.
One of the department stores is located at Hamilton Place while the auto center at Northgate Mall is included as well.
"Things like that are exciting," Reinsmidt says. "The mall industry is evolving. Consumers want something different than five or 10 years ago."