Federal Realty Acquires Tower Shops in Davie, Florida

- Strong tenant base, future redevelopment opportunities and infill location position property for growth -

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Jan 19, 2011, 05:00 ET

ROCKVILLE, Md., Jan. 19, 2011 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the acquisition of Tower Shops, a 372,000 square foot community center on 67 acres in Davie, Florida for $66.1 million. The property has significant opportunity for redevelopment and expansion and is well-positioned with a strong anchor tenant line-up including Ross, TJ Maxx, DSW, Michaels, Old Navy and Best Buy (opening fall 2011) and shadow-anchors Costco and Home Depot.

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Tower Shops is a regional retail destination in a densely populated trade area with 326,000 people in a five-mile radius located at the intersection of University Drive and I-595, two main arterials in central Broward County. The acquisition of Tower Shops expands the Trust's portfolio in South Florida to more than 680,000 square feet of retail space which includes Del Mar Village in Boca Raton and Courtyard Shops in Wellington.

"Tower Shops is a great addition to our South Florida portfolio, with its regional dominance, prospects for future earnings accretion, and infill location," said Jeff Berkes, executive vice president and chief investment officer of Federal Realty. "This deal had a lot of moving parts, and our ability to work through issues and get to closing is an example of the patience and creativity we are willing to apply to responsibly grow the company."

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 93.9% leased to national, regional, and local retailers as of September 30, 2010, 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 43 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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