Federal Realty Investment Trust Announces Senior Management Promotions
ROCKVILLE, Md., Feb. 10, 2012 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the promotion of Patrick Inaba to vice president, construction and tenant services and Michael Kelleher to vice president, asset management.
"Both Pat and Mike have done a great job of utilizing their extensive knowledge and experience while working with the existing leasing and operations teams to create significant value for Federal Realty over their tenures," commented Dawn Becker, executive vice president and chief operating officer of Federal Realty. "In addition to Mike's asset management role he has transformed Federal Realty's national specialty leasing program and tripled the associated revenue over the past three years. Pat has increased the level of service and professionalism to tenant services, allowing us to control tenant coordination costs while maintaining the quality standards of our properties that Federal Realty is known for."
Patrick Inaba has been with Federal Realty since 2006 serving as sr. director, tenant services. In his role he manages the design, permitting construction and delivery of tenant spaces throughout the Trust's portfolio. With an annual construction budget of approximately $20 million, Pat and his team fulfill the design, planning, entitlement and build out requirements associated with the roughly 300 leases signed each year for anchor as well as shop space.
Prior to joining Federal Realty, Patrick had 15 years experience in the positions of group vice president, Tenant Services at The Mills Corporation and director, Design and Construction for the Diedrich Coffee Corporation. Patrick is an instructor of Tenant Coordination for the ICSC JTR School of professional development, holds a Bachelor of Arts in Economics from the University of California Irvine, holds a SCDP designation and is a member of the International Council of Shopping Centers.
Since joining the Trust in 2007, Mr. Kelleher's asset management portfolio has grown from 1.7 million square feet in Massachusetts, to 3.7 million square feet and now encompasses the Trust's assets in Massachusetts, Connecticut, Illinois and Florida. In 2009 Mike took on the oversight and management of Federal Realty's specialty leasing program, which includes the leasing of vacant space on a temporary basis, sponsorships, corporate partnerships and programming across the entire portfolio. Recent partnerships include multi property deals with Zip Car and Car Charging, Inc. and sponsorships with Cadillac and CBS Outdoor.
Mike had almost 20 years of experience in management, sales, and marketing prior to joining the Trust. He previously served as vice president and general manager with the Rouse Company, and later General Growth Properties, at Faneuil Hall Marketplace, an historic festival marketplace in downtown Boston. During his time there, Mr. Kelleher oversaw the $30 million renovation of the historic property and led the operations, leasing, specialty leasing, marketing and the celebration of the property's 25th anniversary.
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 19.3 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 93.3% leased to national, regional, and local retailers as of September 30, 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 44 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.
SOURCE Federal Realty Investment Trust