One of the reasons Federal Realty Investment Trust has performed so well over the years is the fact the REIT selectively "hand picked" its acquisitions, said Don Wood, the REIT's president. "This is a company that has acquired 18 million to 19 million square feet of real estate over 45 years and we've done that, really, on a one-off basis," he said. "We haven't purchased large portfolios that by definition have some good stuff, some bad stuff and some mediocre stuff. We've hand-picked the portfolio."

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