Federal Realty Closes $300 Million Unsecured Credit Facility
ROCKVILLE, Md., July 31 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the closing of a new $300 million unsecured revolving credit facility to replace its existing $300 million unsecured revolving credit facility which was scheduled to mature on October 7, 2006. The new credit facility is priced at LIBOR plus 42.5 basis points based on the Trust's current unsecured credit rating.
"The significant over subscription for participation in our new line of credit and the market-leading terms we obtained reflect the strong support of the lending community for Federal Realty's business and balance sheet strategies," commented Larry Finger, Federal Realty's executive vice president and chief financial officer.
Wachovia acted as the Sole Lead Arranger and Administrative Agent for the new facility. Titled Agents include EuroHypo AG, New York Branch, as the Syndication Agent, SunTrust Bank, PNC Bank, and US Bank as Co-Documentation Agents, and Sovereign Bank, JPMorgan Chase, Citibank, and Chevy Chase Bank as Managing Agents. Other participating institutions include Comerica, Royal Bank of Canada, Bank of America, Chang Hwa Commercial Bank, and First Commercial Bank.
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 17.5 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 0.7 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 96.2% leased to national, regional, and local retailers as of March 31, 2006, 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 38 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.
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SOURCE Federal Realty Investment Trust