Federal Realty to Install Solar Panels at Four New Jersey Properties
ROCKVILLE, Md., Oct. 11, 2011 /PRNewswire via COMTEX/ --
Federal Realty Investment Trust (NYSE: FRT) today announced commencement of the installation of solar panels on 400,000 square feet of roof space and 112,000 square feet of ground area at four of the Trust's New Jersey properties, pending final zoning approvals. Roof-mounted panels will be installed at Brick Plaza and Troy Hills Shopping Center while both roof and ground-mounted panels will be installed at Mercer Mall and Ellisburg Circle. Upon completion, the solar panels are expected to generate 4.2 megawatts of power, and will meet approximately 20% of the electric needs for tenants and common areas at those properties. Federal Realty utilized Safari Energy to design, engineer and construct the solar projects, as well as to assist in structuring and negotiating the agreements with tenants, local power companies and regulatory agencies.
"The current regulatory environment and an established solar marketplace in the state of New Jersey created a unique opportunity to capitalize on underutilized roof and ground areas at the properties," commented John Hendrickson, vice president and Northeast region chief operating officer. "The solar project furthers Federal Realty's commitment to sustainability, which includes transit-oriented mixed-use developments at Assembly Row and Mid Pike and the Trust's 'green box' tenant delivery, while providing a good return on investment."
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 18.6 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 1.0 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 93.4% leased to national, regional, and local retailers as of June 30, 2011, with no single tenant accounting for more than approximately 2.6% 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 44 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.
SOURCE Federal Realty Investment Trust