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Stock Market & Financial Investment News

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February 21, 2013
12:42 EDTSWYSafeway CEO says REIT structure evaluated, doesn't find 'application' currently
In response to an analyst question on its Q4 earnings conference call, Safeway CEO Steve Burd acknowledged the company evaluated the value of doing a REIT, or Real Estate Investment Trust, "years ago" and "looked at it again" more recently. Burd said the company will likely address that at its upcoming investor conference, but added "we don't find general application for that with our current business." In response to a question about speculation regarding plans to divest its Canadian unit, Burd joked there has been speculation about selling an asset of Safeway "every year that I have been CEO." The CEO said the Canadian asset is "a very good business" but added that the company looks "at all kinds of ways to increase shareholder value."
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