Federal Realty Announces Senior Executive Team Realignment

Rhea-AI Summary

Federal Realty Investment Trust announced a senior executive team realignment. Jeffrey S. Berkes, President and Chief Operating Officer, will leave the company on December 31, 2024. CEO Don Wood will reassume the President position, while the COO role will not be backfilled. Wendy Seher (Eastern Region President and COO) and Jeff Kreshek (Western Region President and COO) will continue their roles reporting to Wood. Jan Sweetnam, Chief Investment Officer, will report directly to Wood as the company focuses on acquisitions and development. The acquisition team includes Barry Carty (SVP-East Coast) and newly promoted Bob Franz (VP-West Coast).

NORTH BETHESDA, Md., Nov. 15, 2024 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) announced today that Jeffrey S. Berkes, the Company's President and Chief Operating Officer, will be leaving the company effective December 31, 2024. Don Wood, Federal's Chief Executive Officer, commented, "Jeff has been my trusted partner and good friend here at Federal for the past 24 years and has been instrumental in growing the company and positioning the company as a leader in the industry. He's one of the finest professionals and human beings in our business. I'll surely miss working with him on a daily basis." Mr. Wood will reassume the additional position of President of the Company. The position of Chief Operating Officer will not be backfilled.

Wendy Seher, the Eastern Region President and Chief Operating Officer, a 22-year company veteran, and Jeff Kreshek, the Western Region President and Chief Operating Officer, a 13-year company veteran will continue in their senior operating roles at the Company and report directly to Mr. Wood.

Jan Sweetnam, Federal's Chief Investment Officer since 2022, will report directly to Mr. Wood as the company continues its increased focus on acquiring accretive, income-producing acquisitions and deploying capital into additional retail and residential development on its existing shopping center and mixed-use properties. Mr. Sweetnam's acquisition efforts are supported by a deep team headed up by 24-year company veteran Barry Carty, Senior Vice President-East Coast Acquisitions, and Bob Franz, the Company's newly promoted Vice President-West Coast Acquisitions based in Phoenix. Mr. Franz joined Federal in 2015 and has been responsible for sourcing and/or closing such high-profile West Coast acquisitions as Camelback Colonnade in Phoenix, Grossmont Center in San Diego, and the Primestor Portfolio in Los Angeles, among several other transactions.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as Northern and Southern California. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 102 properties include approximately 3,500 tenants, in 27 million commercial square feet, and approximately 3,100 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 57 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Investor Inquiries: Leah Andress Brady Vice President, Investor Relations 301.998.8265 lbrady@federalrealty.com

Media Inquiries: Brenda Pomar Senior Director, Corporate Communications 301.998.8316 bpomar@federalrealty.com

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SOURCE Federal Realty Investment Trust

FAQ

When is Jeffrey Berkes leaving Federal Realty (FRT)?

Jeffrey S. Berkes will leave Federal Realty Investment Trust (FRT) effective December 31, 2024.

Who will become the new President of Federal Realty (FRT)?

Don Wood, the current CEO, will reassume the additional position of President of Federal Realty.

Will Federal Realty (FRT) appoint a new Chief Operating Officer?

No, Federal Realty has announced that the Chief Operating Officer position will not be backfilled.

Who are the regional Presidents at Federal Realty (FRT)?

Wendy Seher serves as Eastern Region President and COO, while Jeff Kreshek serves as Western Region President and COO.