ROCKVILLE, Md., July 1, 2013 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced that Russ Joyner has joined the Trust as Vice President – General Manager of Assembly Row. In that role, Mr. Joyner will lead all aspects of management and operations at Assembly Row, the Trust's mixed use development project in Somerville, Massachusetts. Assembly Row is currently under construction and scheduled to open in mid-2014.
Mr. Joyner brings over 26 years of retail real estate management and operations experience with much of that time being spent leading high profile mixed-use projects. For nine years he served as President and General Manager of Miracle Mile Shops in Las Vegas where he oversaw all aspects of operations and management and led the transformation of that property into one of the most successful retail and entertainment centers in the country. Prior to his time at Miracle Mile Shops, Mr. Joyner was the Vice President and General Manager at Fashion Show Mall in Las Vegas and Hollywood & Highland, home to the Academy Awards, where he led the grand opening efforts.
Mr. Joyner holds a Bachelor of Science, Business Administration from the School of Management at Boston College in Boston, Massachusetts and served as Captain of the Boston College Football Team in 1982 when the team won the NCAA Division 1A Team of the Year.
"We are thrilled to have Russ join the Federal Realty and Assembly Row teams," said Don Briggs, President – Federal Realty Boston. "Throughout his career, Russ has demonstrated repeated successes in opening and operating high quality retail properties which will be a tremendous asset as we move Assembly Row from a development property to an operating property."
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 20 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 95.1% leased to national, regional, and local retailers as of March 31, 2013, with no single tenant accounting for more than approximately 3.2% 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.
About Assembly Row Assembly Row is a mixed use neighborhood under construction in Somerville, MA. Phase One of Assembly Row will open in 2014 and will include 30 nationally branded outlet shops, a variety of sit-down restaurants and cafes, a 12 screen AMC Theater, a new six-acre waterfront park complete with bike lanes and an amphitheater, and an MBTA transit stop on Boston's Orange Line. When fully built across 50 acres on the Mystic River, the Assembly Row neighborhood will feature a total of 500,000 square feet of outlet shops and restaurants, 1.75 million square feet of office space, a 200 room boutique hotel, 2100 residences, and a six acre waterfront park that features a children's area, sunken amphitheater, and events. In the heart of the neighborhood, urban commercial streets will be lined with wide sidewalks and interspersed with street side cafes, parks, outlet shops, restaurants, bike paths, and entertainment venues. Closer to downtown Boston than most of Boston, Assembly Row is accessible via two exits on and off I-93 and Assembly Station - a new Orange Line MBTA station. For more information please visit www.assemblyrow.com.
SOURCE Federal Realty Investment Trust