HUNTINGTON, N.Y., Nov. 18, 2014 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the completion and electrification of its solar project at Huntington Square Shopping Center, located in East Northport, New York.
"This is our ninth property in the region to receive solar and our second on Long Island," commented John Hendrickson, Vice President and Northeast Region Chief Operating Officer. "In total, all nine will generate approximately 5.2 megawatts of power. This latest project creates green energy for Long Island and furthers Federal Realty's commitment to sustainability, while providing a good return on investment."
As part of the Trust's sustainability efforts within the region, Federal Realty has already completed solar installations at properties in Connecticut, Massachusetts and New Jersey. At Huntington Square and Melville Mall in Melville, New York, Long Island Power Authority and Federal Realty entered into an agreement for LIPA and PSE&G to purchase 100% of the power generated by the rooftop facilities. The project was assisted by the New York State Department of Public Service to ensure timely completion and expand renewable energy capabilities to Long Island.
"We would like to thank Governor Cuomo and the Long Island Department of Public Service for their commitment to clean, renewable energy," said Hendrickson. "Their support and assistance in completing this project demonstrates how public and private sectors can work together for the public good. We look forward to future opportunities to work together for a cleaner and greener Long Island."
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 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 0.8 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 95.6% leased to national, regional, and local retailers as of September 30, 2014, with no single tenant accounting for more than approximately 3.2% 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 47 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.
Marketing Manager, Northeast Region
SOURCE Federal Realty Investment Trust