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TheStreet Open House

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

You’ve seen that most recently at Assembly, where we brought in AvalonBay to do the first phase of the apartments, because it is an unproven site. They are there locally and very, very confident with respect to what they are doing. We didn’t want to take that risk.

If you go 200 miles south to Mid-Pike Plaza, where we’ll be doing what I think will be one of the best projects nationally, we’re changing the name of Mid-Pike to Pike & Rose as we build it out. We’re going to do that first phase ourselves, but we won’t do all of it ourselves going forward for the same risk mitigating reasons.

And so, there is in this room are, is a real varied group of people. Some folks have been around a long time and who remember the story that I’ve told you. Most of you really haven’t been to this property, but you know when you evaluate Federal Realty and you evaluate the work that we do and when you evaluate our team you know that the West Coast and particularly Santana is the large part of the company.

So what we really wanted to do is to make sure that we got a group here today and real with the folks that did come, because you’ve got the big names and the big investors in Federal Realty, so I couldn’t be happier to have you here. Just frankly, we want to show off a little bit today. We don’t want to show off from the standpoint of, this is the most amazing financial success or whatever, but we do want to show up that you understand that 25% of the company is represented here on the West Coast; a fourth quarter of the company on the West Coast and growing.

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