Leading Voices in Real Estate Don Wood | Federal Realty Investment Trust
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Dec 2, 2025 Don Wood, President and CEO of Federal Realty Investment Trust, shares his expertise in retail and mixed-use properties, having led the firm since 2002. He discusses the evolution of the REIT landscape, emphasizing the shift from public REITs to private equity and the strategic role of joint ventures. Don highlights the resilience of grocery-anchored centers post-COVID and the importance of creating appealing destinations. He also reflects on the value of a strong operating platform and the necessity of a diverse leasing team to enhance tenant mix.
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Santana Row: A Bet That Taught Discipline
- Federal's Santana Row was a huge early bet that dominated the company's West Coast efforts and taught capital-allocation lessons.
- Don admits the Santana Row bet was too large relative to company size and later prompted more disciplined allocation.
Office Needs Mixed-Use Amenities
- Post-COVID office demand favors fully amenitized, mixed-use environments where retail, dining, and residences create a compelling workplace.
- New office product inside well-amenitized retail destinations leased quickly because it delivered the desired experience.
Limited Supply Boosts Quality Premium
- Since 2008 there has been little new retail supply, so high-quality real estate commands strong pricing when demand rises.
- Public companies tend to own better-quality assets, which will re-differentiate performance over time.