Beaudin, 50, was also promoted to chief operating officer effective immediately.

Robertson, 43, will serve as chief financial officer starting March 1. Robertson will replace CFO Tom Herzog who will resign on that date.

Beaudin previously served as executive vice president and chief property operating officer. Robertson previously was an executive vice president and chief investment officer.

The real estate investment trust said the promotions are part of the its efforts to consolidate senior management to reduce spending. The co-president roles are newly created.

Shares of the company dropped 84 cents, or 11.4 percent, to $6.50 in afternoon trading amid a broader market downturn. The stock has ranged from $6.30 to $43.67 over the past year.