"Today's closing on the land exchange is one more step in the steady progress that we continue to make towards our vision for Assembly Square," said Don Briggs, senior vice president -- development for Federal Realty. "I thank everyone who has contributed to our success, including the executives at IKEA for sharing our vision, Mayor Curtatone of Somerville, Congressman Capuano, Senator Kerry and the Patrick administration."
Federal Realty entered into an agreement in February 2007 with IKEA to swap the land parcels, in order to best utilize the waterfront land for the future plans for Assembly on the Mystic. The completion of the exchange represents another milestone in transforming Assembly Square into a vibrant, mixed-use, transit oriented urban village, embodying the principles of sustainable smart growth. In addition, the exchange positions IKEA on an interior location with high visibility and easy access to I-93. Federal Realty has completed the site preparation for IKEA on the inland site and has begun infrastructure work including the construction of Assembly Square Drive.
Somerville Mayor Joseph Curtatone commented, "The Patrick administration has been very supportive of Assembly on the Mystic, providing growth district funding, designating the project to receive I-cubed bond funding and supporting the application for Federal American Recovery and Reinvestment Act funding. This support recognizes the role Assembly on the Mystic can play as an economic engine, leading to creation of both construction and long-term permanent jobs and significant tax dollars."
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.2 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 94.0% leased to national, regional, and local retailers as of June 30, 2009, 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 42 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