-Acquisition expands Federal Realty's presence in South Florida target market-
ROCKVILLE, Md., Sept. 8 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the acquisition of Courtyard Shops, a 127,000 square foot Publix-anchored neighborhood shopping center located in Wellington, Florida, an affluent community in central Palm Beach County, Florida. Federal Realty acquired the property from an institutional owner for $37.9 million.
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Courtyard Shops boasts average household incomes in excess of $115,000 within a 3-mile radius of the property, a highly productive Publix store, and potential for strong going-forward NOI growth. In addition, the property benefits from significant barriers to new competition due to considerable portions of Wellington being protected as an equestrian preserve established to keep the community's character intact as Wellington is world-famous for its equestrian events and polo clubs.
"The acquisition of Courtyard Shops demonstrates our selective focus with respect to our expansion into South Florida," said Jeff Berkes, executive vice president and chief investment officer for Federal Realty. "Courtyard Shops is an institutional-quality neighborhood shopping center in a highly-educated and affluent trade area that complements the Trust's existing core portfolio."
Courtyard Shops was built in 1990 and expanded in 1998 and is anchored by a 49,000 square foot Publix supermarket. Publix, the largest and fastest-growing employee-owned supermarket chain in the United States, is the dominant grocer in South Florida.
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 18.5 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 95.8% leased to national, regional, and local retailers as of June 30, 2008, with no single tenant accounting for more than approximately 2.7% 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 41 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.
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SOURCE Federal Realty Investment Trust -0- 09/08/2008 /CONTACT: Gina Birdsall, Investor Relations, +1-301-998-8265, email@example.com, or Janelle Stevenson, Corporate Communications, +1-301-998-8185, firstname.lastname@example.org, both of Federal Realty Investment Trust/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, email@example.com/ /Web site: http://www.federalrealty.com / (FRT) CO: Federal Realty Investment Trust; Courtyard Shops ST: Maryland, Florida IN: RLT FIN REA SU: TNM RLE KG-WB -- NEM036 -- 5108 09/08/2008 08:00 EDT http://www.prnewswire.com