This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Federal Realty's CEO Hosts Investor/Analyst Day (Transcript)

So with that, to start today's presentation, I’ll turn it over Don.

Don Wood

Thanks Andy. I am going to talk on this, because I don't want to stand back there. I would rather be out here and talk to you guys. First of all, I cannot thank enough for making the trip all the way out here from San Francisco or from Newport Beach, but particularly the East Coast people for making this trip.

You know it’s been 10 years ago when Santana opened. It opened on November 7, 2002 and I wouldn't have a job if Santana Row didn't almost burned down three months earlier and I don't know how many of you know that, but this property started out in a real auspicious way with a major fire on one of the buildings that you will see next to this building actually, and you will see it on the tour as we walk through.

Hopefully, you will see the site that went through the fire. But, this property I talked to a group of analysts and investors on November 7, 2002 and I said that Santana Row was a mistake. And that didn't go over well with my boss and it was pretty contentious and frankly it wound up with us making change in the company.

Santana Row was a mistake, and the reason it was a mistake, basically telling people what everybody already knew. It’s the same as the sky is blue and that is not the property itself, but that the company took basically $600 million, $650 million bet, all by itself in a time that, you know, the company’s total market cap was about $1.8 billion.

So a third of the company bet that way. It was a mistake. It doesn’t matter, whether it was going to turn out good, turn out bad, catch on fire, not catch on fire, whatever. And I believe it then and I believe it to this day, is why, when we go into development, particularly mixed use development and due projects, every time since risk has been mitigated in one way or another.

2 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.01 1.05%
FB $99.75 -4.15%
GOOG $682.74 -0.12%
TSLA $147.99 -8.99%
YHOO $27.05 -3.29%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs