Strategic Disposition Enhances Focus on Key Markets and Financial Flexibility
N. BETHESDA, Md., June 6, 2024 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) announced today the sale of its remaining assets on Third Street Promenade in Santa Monica, California. The portfolio, comprising eight buildings with a total of 185,000 square feet, was sold for $103 million. Including a previous transaction, the total proceeds from the Third Street Promenade assets amount to $120 million.
"The divestiture of our Third Street Promenade assets marks a key step in our strategy to optimize our portfolio and strengthen our balance sheet," stated Jan Sweetnam, Executive Vice President, Chief Investment Officer of Federal Realty. "As part of our capital recycling program, this transaction enhances our ability to invest in assets that align with our strategic growth objectives. This approach ensures we remain well-positioned to capitalize on market opportunities, such as our recent acquisition of Virginia Gateway, and drive sustained shareholder value."
The Third Street Promenade portfolio, located approximately a quarter mile from Santa Monica Beach, includes 147,000 square feet of retail space and 60,000 square feet of office space across both transactions. The sale underscores Federal Realty's commitment to dynamic portfolio management and strategic capital allocation.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 102 properties include approximately 3,300 tenants, in 26 million commercial square feet, and approximately 3,100 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 56 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Inquiries:
Brenda Pomar
Senior Director, Corporate Communications
301.998.8316
bpomar@federalrealty.com
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SOURCE Federal Realty Investment Trust
