Federal Realty Investment Trust Announces Major Renovation at San Jose’s Westgate Center

San Jose, CA (April 10, 2012) – Federal Realty Investment Trust today announced Westgate Mall is changing its name and embarking on an extensive renovation as it prepares to welcome Walmart Neighborhood Market. Westgate Center will be the new name for the 52-year-old, 645,000 square foot shopping center.  The renovation will brand the Westgate Center shopping experience as a one-stop destination offering family-friendly amenities and high quality retailers. The $13 million makeover will begin in Summer 2012 and is expected to be completed by Summer 2013.

Westgate Center is the primary shopping destination in its trade area with densely populated surrounding communities, a location on heavily traveled Saratoga and Hamilton Avenues, and close proximity to major freeways 280, 85 and 17. The Center is anchored by strong national tenants including Target, Nordstrom Rack, Burlington Coat Factory, Ross and Old Navy. “Recognizing that customer tastes and needs are ever changing, our leasing strategy is designed to keep our properties exciting, vibrant and successful. We’re already working on lease commitments with several ‘new-to-the-market’ tenants in conjunction with the renovation plans. With new tenants and a renovated center, we are confident Westgate Center will remain a dominant regional shopping destination,” said Jeff Kreshek, Federal Realty’s Vice President, West Coast Leasing.

Federal Realty has engaged LPA, Inc. as the Center’s renovation architect and April Philips Design Works for the landscape architecture design. The renovation plans will produce a vibrant community gathering destination with one-stop shopping convenience. Exterior renovations at the property will include all new monument signs at site entrances with lighting and landscaping, and an enhanced central plaza with café tables, fountains and landscaping.

New interior plans include a food court at the front door of the mall offering a variety of affordable dining options; a children’s soft play area; and several comfortably furnished common areas offering exciting and entertaining spaces. New flooring and lighting will be installed throughout the interior common areas.

Sustainable design and construction practices will be used such as:
·         Low VOC paints, sealants and adhesives
·         Recycled content materials (steel, sheet metal, plastics)
·         Light pollution reduction
·         Low water consumption landscaping and efficient irrigation
·         Low water use plumbing fixtures
·         Target of 50% of construction waste diverted from land fill
·         Construction materials will be manufactured or fabricated within 500 miles of the project

Federal Realty has owned the Center since 2004. The Center will remain open to serve the community throughout the renovation. Westgate Center is located at 1600 Saratoga Avenue in San Jose, CA. The Center is open Monday–Friday 10 a.m. – 9 p.m., Saturday 10 a.m. – 8 p.m. and Sunday 11 a.m. – 7 p.m.

About Westgate Center
Westgate Center, located in San Jose, California is a 645,000 sq ft community center offering a one-stop family destination for shopping, dining and entertainment. Westgate Center features over 50 shops and restaurants and is anchored by Target, Old Navy, Burlington Coat Factory, Nordstrom Rack and Ross. Westgate Center is a property of Federal Realty Investment Trustwww.federalrealty.com (NYSE:FRT), headquartered in Rockville, Maryland. For more information, please visithttp://www.shopwestgatecenter.com.

About Federal Realty
In 2012, Federal Realty celebrates 50 years of being a proven leader in the ownership, operation, and redevelopment of high quality retail real estate in the country’s best markets.   Federal Realty’s portfolio (excluding joint venture properties) contains approximately 19.3 million square feet located primarily in strategically selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 93.4% leased to national, regional, and local retailers as of December 31, 2011, with no single tenant accounting for more than approximately 2.5% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 44 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.  For more information, please visit www.federalrealty.com.

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