ROCKVILLE, Md., Feb. 11, 2015 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today the promotions of two senior development professionals in an effort to consolidate and fortify its East Coast development and redevelopment organization.
Donald T. Briggs has been promoted to Executive Vice President—Development for the Trust, and will oversee the prioritization and resource allocation of all of the Trust's new and re-development efforts on the East Coast. Mr. Briggs is and will remain based in Federal Realty'sSomerville, Mass. office. Mr. Briggs has served in various roles at the Trust over the past 16 years and was most recently responsible for the design, planning and execution of the Trust's large mixed use initiatives at Assembly Row and Pike & Rose.
Secondly, John R. Tschiderer has been promoted to Senior Vice President—Development for the Trust; he oversees the planning, design and execution of dozens of value-enhancing redevelopment projects in both our mixed use and core shopping center portfolios throughout the East Coast. Mr. Tschiderer is and will remain based in Federal Realty's headquarters office in Rockville, Md. and will report to Mr. Briggs. Mr. Tschiderer has been with the Trust for 17 years and is responsible for such successful re-developments as Eastgate Shopping Center, Barracks Road Shopping Center, The Shops at Willow Lawn, and Congressional Plaza.
"Don and John have been my partners at Federal for a long time and an integral part of hundreds of millions of dollars of value creation over that time" said Donald C. Wood, Federal's President and Chief Executive Officer. "As our company executes on the most significant development pipeline in our history over the coming years, the consolidation of all of our extensive development talent under one development organization will allow us to better prioritize and use the deep bench of varying skillsets. It's a privilege to recognize these two extremely well-respected individuals with these new roles and titles."
In a related move involving its construction team, the Trust announced the promotion of George Stamatakos to Vice President—Construction. George joined the Trust 3 years ago to assume responsibility for construction at Pike & Rose in North Bethesda, Md., and has been critical to the successful launch of phase one of that very important, new mixed use community.
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 San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our 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 89 properties include over 2,600 tenants, in approximately 20.2 million square feet of retail space, and 1,500 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 47 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
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SOURCE Federal Realty Investment Trust