ROCKVILLE, Md., Oct. 9, 2012 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced that Harold Nafash has joined the Trust as senior director of acquisitions, northeast. Mr. Nafash will be based out of Hackensack, New Jersey, and will source and underwrite retail acquisitions in the Trust's core markets within the Northeast region, including metropolitan New York, Boston, and Philadelphia.
Mr. Nafash brings over 35 years of retail real estate acquisition, development and leasing experience in the Northeast region to Federal Realty. For 13 years he served as Director of Real Estate for Lowes Corporation in the Northeast, where he was responsible for the strategic planning and the execution of acquisitions, development and opening of over 230 Lowes stores throughout the Northeast. While with Lowes Corporation, Mr. Nafash originated and closed over $2 billion of acquisitions and development joint ventures as a lead investment professional. Prior to Lowes Corporation, Mr. Nafash worked for three years with Home Depot, Inc., as a Senior Real Estate Manager for the Northeast Division. Before joining Home Depot, Mr. Nafash held senior positions in retail real estate at Forest City Ratner and Melville Realty Company. Mr. Nafash holds a Bachelor of Science in Business from Fairleigh Dickinson University in New Jersey.
"We are confident that Harold's extensive experience and long term relationships with owners and operators throughout the Northeast will allow us to source high quality retail properties for the Trust," said Barry Carty, vice president - East Coast acquisitions for Federal Realty. "We will continue our focus on properties with great population and income demographics, in areas with significant barriers to entry, where we can create value through leasing, operations and redevelopment."
About Federal Realty
In 2012, Federal Realty celebrates 50 years of being a proven leader in the ownership, operation, and redevelopment of high quality retail real estate in the country's best markets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 19.2 million square feet located primarily in strategically selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, 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 94.2% leased to national, regional, and local retailers as of June 30, 2012, with no single tenant accounting for more than 2.5% 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 45 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. For more information, please visit www.federalrealty.com.
Safe Harbor Language
Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 16, 2012, and include the following:
Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 16, 2012.
Investor Relations Coordinator
SOURCE Federal Realty Investment Trust