Samuel J. Gorlitz, co-founder of Federal Realty, dies at 89
Rockville, MD - Sam J. Gorlitz, co-founder of Federal Realty Investment Trust (NYSE:FRT), died Friday, January 5, 2007.
Gorlitz was best known for revolutionizing the shopping center industry by founding Federal Realty Investment Trust in 1962, one of the industry's earliest retail Real Estate Investment Trusts. He established the Trust with three properties in the metropolitan DC area including Congressional Plaza in Rockville Maryland. Today, Federal Realty is one of the largest retail landlords in the D.C. area, and has a portfolio of 18.6 million square feet of retail space in major metropolitan markets throughout the US.
“Sam Gorlitz was truly a pioneering figure in the real estate industry,” said Don Wood, President and Chief Executive Officer of Federal Realty Investment Trust. “By founding Federal Realty, one of the industry's first retail REITs 45 years ago, he earned a deserved reputation as a visionary. Federal Realty continues to adhere to many of the operating principles that Sam and other members of the Federal Realty management team established over 40 years ago. He has left a strong imprint on the company and the community and today we consider ourselves stewards of his legacy.”
In May 1979, Mr. Gorlitz retired from full-time employment at Federal Realty and remained a member of the Board of Trustees until his retirement in 1999. That same year, Federal Realty dedicated one of its properties to Mr. Gorlitz, renaming the Park & Shop center in Washington, D.C. to Sam's Park & Shop. Federal Realty felt this tribute to Mr. Gorlitz was an honorable way to thank him for his contribution to the company and the industry.
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 strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 0.7 million square feet of retail space through its joint venture with Clarion Lion Properties Fund in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 97.3% leased to national, regional, and local retailers as of September 30, 2006, with no single tenant accounting for more than approximately 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 39 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.