ROCKVILLE, Md., June 20, 2011 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced that Barry Carty has been promoted to vice president, East Coast acquisitions effective July 1, 2011. ?Previously, Mr. Carty was senior director, acquisitions for the Trust.
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In his new role, Mr. Carty will oversee all of the Trust's acquisition efforts on the East Coast, with responsibility for acquiring high-quality retail properties that meet Federal Realty's investment criteria. Mr. Carty will continue to be based out of the Trust's South Florida office, located in Boca Raton, Florida.
"Barry and I have worked closely together for more than ten years, and I have full confidence in his ability to be successful in his new role," commented Jeff Berkes, president ? Federal Realty West Coast. ?"His strong relationships, understanding of sellers' needs and ability to work through complex deal structures make him a tremendous asset for the Trust."
Mr. Carty joined Federal Realty in 2000 as a senior financial analyst, was promoted to director of acquisitions in 2003, and to senior director in 2007. He has been responsible for acquisitions in the Trust's mid-Atlantic region for the last eight years, and has over 15 years of financial analysis and acquisitions experience. Prior to joining the Trust, Mr. Carty was a senior real estate analyst at Holliday Fenoglio Fowler, L.P., a mortgage banking firm specializing in debt placement, equity, structured financing, property sales and loan servicing. His experience includes analysis, submission and closing of real estate loans and property sales, including due diligence and market research. Mr. Carty received a Bachelor of Science in Economics from the Wharton School of Business at the University of Pennsylvania. ?He is a programs committee member for ICSC in South Florida.
Federal Realty's investment strategy focuses on acquiring properties that provide evidence of strong re-leasing and/or redevelopment potential. The Trust seeks to acquire high-quality retail assets in affluent and densely populated areas with significant barriers to entry in its core markets along the East and West Coasts.? For more information and to review Federal Realty's acquisition criteria, please visit www.federalrealty.com/acquisitions.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.6 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 93.8% leased to national, regional, and local retailers as of March 31, 2011, with no single tenant accounting for more than approximately 2.6% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 43 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
Investor and Media Inquiries | ||
Janelle Stevenson | Gina Birdsall | |
Corporate Communications | Investor Relations | |
301/998-8185 | 301/998-8265 | |
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SOURCE Federal Realty Investment Trust
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