Federal Realty Remains Squarely Focused on Retail

Donald Wood, president and CEO of Federal Realty Investment Trust (NYSE: FRT), participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.

Wood observed that about 17 percent of Federal Realty’s income stream is generated by its office and residential assets. That ratio could increase to about 21 percent, “but we’re still growing our retail platform too,” he noted.

As the entire base of the company expands there will be a modest increase in the non-retail portion of the portfolio, but “make no mistake, we’re a retail company,” Wood stressed.

Wood also commented on the CocoWalk Shopping Center in Coconut Grove, Florida. The development, which will have a “true mixed-use component,” he noted, is expected to be operational by the start of 2020.

Meanwhile, Wood said the biggest change he’s seen in his 20 years at Federal Realty is the increased sophistication of the consumer due to greater access to information. “It’s changed the REIT industry,” he observed.