-- Significant recent acquisitions expected to enhance future growth
ROCKVILLE, Md., June 4 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the acquisition of Shoppers' World, a 166,200 square foot Whole Foods-anchored neighborhood shopping center located on U.S. 29 in Charlottesville, Virginia. Federal Realty acquired the highly visible shopping center in an off-market transaction from a private owner.
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The acquisition of the Shoppers' World shopping center further enhances Federal Realty's ownership in Charlottesville, Virginia, as the Trust now owns and operates 650,000 square feet of retail space, which includes Barracks Road Shopping Center, the premiere open-air retail center in Charlottesville located just two miles south of Shoppers' World.
Shoppers' World is anchored by Whole Foods, Advance Auto and Staples. In addition the property includes approximately 80,000 square feet of small shop space and two pad sites. Federal Realty anticipates increasing the value of the property over time through a combination of redevelopment and re-leasing activities.
"Over the last 18 months, in a very difficult acquisitions market, Federal Realty has acquired nearly $580 million of assets, several of which were sourced off-market directly from the sellers, and $95 million in acquisitions for our joint venture with Clarion Lion Properties Fund," said Jeff Berkes, executive vice president -- chief investment officer for Federal Realty. "These acquisitions provide the Trust with significant re-leasing and redevelopment opportunities as well as enhance Federal Realty's regional concentration in our core markets."
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 19.7 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 0.9 million square feet of retail space through its joint venture with Clarion Lion Properties Fund in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 96.6% leased to national, regional, and local retailers as of March 31, 2007, with no single tenant accounting for more than approximately 2.9% 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 39 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.
Investor and Media Inquiries
Andrew Blocher Vikki Kayne
Senior Vice President, Vice President,
Capital Markets & Investor Relations Marketing & Corporate
301/998-8166 Communications
ablocher@federalrealty.com 301/998-8178
vkayne@federalrealty.com
SOURCE Federal Realty Investment Trust
CONTACT: Andrew Blocher, Senior Vice President, Capital Markets &
Investor Relations, +1-301-998-8166, ablocher@federalrealty.com or Vikki Kayne
Vice President, Marketing & Corporate Communications, +1-301-998-8178,
vkayne@federalrealty.com
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