NEW YORK (TheStreet) -- Wednesday marked the first day of trading for Brixmor Property Group under its symbol BRX. CEO Michael Carroll told TheStreet's Debra Borchardt Brixmor is the landlord for multiple big-name retailers, including Wal-Mart (WMT), Kroger (KR) and TJX Companies (TJX), all of which Carroll calls "best in class."
The company does carry a debt load of $6.3 billion, but he said Brixmor is using the IPO proceeds to deleverage. The IPO offering size increased at the last minute due to strong demand from institutional investors.
One concern that Borchardt voiced is the dividend, which may be priced for perfection -- meaning everything has to go as planned for the payout to remain unchanged.
But Carroll said he was not worried about the dividend being slashed and added that Brixmor expects plenty of future growth. It is focused on internal growth, but he suggested the entire country was in a broad-based recovery.
He added that some retailers want to downsize and become more efficient, while others such as Kroger want to expand to drive higher sales.
Carroll concluded that whatever is best for the retailer is ultimately best for his company since it allows for charging more rent if the retailer is maximizing sales.
-- Written by Bret Kenwell in Petoskey, Mich.