- The Washington Times - Tuesday, March 12, 2002

Federal Realty Investment Trust is reorganizing its business to focus on acquiring and redeveloping community and neighborhood shopping centers.
The Rockville real estate investment trust no longer will develop mixed-use retail projects like Bethesda Row, Pentagon Row and Santana Row in California.
Although the existing projects will remain in Federal Realty's portfolio, the 40-year-old company plans to focus on its core business of developing neighborhood centers, anchored by supermarkets, drugstores or other retailers that provide daily consumer necessities.
"We believe that a plan focused on efficiently deploying capital to necessity-based shopping centers at locations with superior or improving demographics will produce consistently improving results," said Donald C. Wood, president and chief operating officer.
In addition, Mr. Wood will become chief executive officer of the company when Steven J. Guttman, the current chairman and CEO, retires in March 2003. Mr. Guttman will remain chairman.

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