Federal Realty Investment Trust appoints Jeffrey S. Berkes, former chief investment officer, to newly formed position of president, Federal Realty West Coast
June 14, 2011
– Federal Realty Investment Trust (NYSE: FRT) announced today the appointment of its long time Chief Investment Officer, Jeffrey S. Berkes, to the newly formed position of president, Federal Realty West Coast. In his new role, Mr. Berkes will be responsible for overseeing the leasing, operations and re-development of the Trust's existing 2.5 million square foot California portfolio, and will have access to the corporate capital and resources necessary to expand that platform through acquisitions and development. Mr. Berkes' promotion recognizes the expanding breadth and size of Federal Realty, and was initiated in order to make better and faster regional decisions with more direct, localized input and to promote greater growth in Federal Realty's western portfolio. Mr. Berkes is based in the Trust's West Coast Headquarters at Santana Row in San Jose, California and will report to the Trust's chief operating officer, Dawn M. Becker in Rockville, Maryland.
Mr. Berkes has been with the Trust for 13 years, most recently as its executive vice president and chief investment officer, where he oversaw the acquisition of over $1 billion of property in the Trust's core markets and was actively involved in strategic planning and development and execution of the Trust's business plan. Mr. Berkes will remain a member of the Trust's investment and executive committees. Prior to joining Federal Realty, Mr. Berkes worked for JMB, Heitman, and ITT Real Estate Services focused on sourcing, analyzing and underwriting real estate investments. Mr. Berkes is a graduate of University of Denver with a Bachelor of Sciences in Real Estate and Finance, and holds a Masters of Business Administration from The George Washington University in International Business. He lives in Menlo Park with his wife Meg, and their two children. Mr. Berkes is a member of The George Washington University Center for Real Estate and Urban Analysis Advisory Board and is an active member of the Urban Land Institute and International Council of Shopping Centers.
Senior management reporting to Mr. Berkes in his new role includes Jan W. Sweetnam, vice president – West Coast chief operating officer who is responsible for operations and development in the West Coast, and Jeff Kreshek, vice president - West Coast leasing with oversight for all aspects of leasing.
"The appointment of my long time friend and colleague to this position reflects Federal Realty's commitment to running our real estate as a local business," said Dawn M. Becker, Chief Operating Officer. "From Escondido to Third Street Promenade to Santana Row and every place in between, this change puts us in the best position to create shareholder value both in the near and longer term."
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.