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

And what we’ve done in the last 18 months is to make sure that we put a dedicated team and we would be centralized a little bit. So Jeff Berkes, who you’ll meet, has taken over the role as President of the West Coast. He has built a team, most folks who have been here already, he pulled them together; he has added folks like Jeff Kreshek who are going to meet as Head of Leasing.

And working with the Jan Sweetnam who some of you have met, with Randy Paul on Development; you’re going to see that there is a real West Coast operation that is extremely confident and is extremely responsible if you will for growing this part of Federal Realty’s business and we didn’t know anyway to really do that better than to try to get you out here, so that you can walk the property with them, you can ask them whatever you want, it’s not filtered through me, it won’t be filtered through Andy Blocher; please use this day to get to know these folks and to access for yourself, whether we’ve got a competent group of people here in order for you to feel this West Coast region.

What we have at Santana Row is not a development project. The place has been opened 10 years now and what you are going to walk through is one of the most stable shopping centers in the portfolio. I am going to show you some numbers; I am going to talk about some numbers in terms of the property. This is as you know the thing opened at about a about a 3.5 cap or something like that, so it certainly wasn’t going to make a lot of money.

The question was, well okay, if you did it in the right location, if you can get through that for two or three of truly disaster from a capital loss perspective, then would the value of the real estate, would the area that we build in, with the product that we build, we will be able to overcome those first two, three, four, five years of planning, construction and opening.

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