Nordstrom Rack to Open in Friendship Heights

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Jun 02, 2010, 08:00 ET

SEATTLE, June 2 /PRNewswire-FirstCall/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open its first Nordstrom Rack in the District of Columbia at Friendship Heights. The new 41,000 square-foot store is scheduled to open during spring 2011 in Federal Realty's Friendship Center located at 5333 Wisconsin Avenue, NW.

Nordstrom Rack is the off-price retail division of Nordstrom, Inc., and carries merchandise from Nordstrom stores and Nordstrom.com at 50-60% off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores and purchased specially for Nordstrom Rack, with most at savings of 30-70% off.

Friendship Center is conveniently located near the Chevy Chase / Maryland border, with easy access from the Friendship Heights Metro station. The new Rack will be part of a strong retail, dining and entertainment mix at Friendship Heights that includes Loehmann's, Borders Books & Music and Maggiano's Little Italy at the center, as well as Filene's Basement, T.J. Maxx, J. Crew, The Cheesecake Factory and AMC Theatres nearby. Federal Realty Investment Trust (NYSE: FRT) is the owner and manager of Friendship Center.

When it opens, the Friendship Center store will be the sixth Nordstrom Rack in the greater Washington D.C. metropolitan area. Nordstrom also operates four full-line stores in the area.

"We're thrilled about this opportunity to open our first Nordstrom Rack in the District," said Geevy Thomas, president of Nordstrom Rack. "We're very fortunate to have lots of great customers in the Washington area and we hope we'll be able to better serve them at our Friendship Heights Rack."

"We're excited that Nordstrom Rack is coming to Friendship Center, a dynamic location in the heart of one of DC's bustling retail corridors," said Chris Weilminster, senior vice president of leasing for Federal Realty. "Nordstrom Rack provides a tremendous addition to Friendship Center and we think customers will appreciate their incredible selection of brand-name apparel, accessories and shoes for the entire family."

About Nordstrom

Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 193 stores located in 28 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 114 full-line stores, 76 Nordstrom Racks, two Jeffrey boutiques and one clearance store. Nordstrom also serves customers through its online presence at www.nordstrom.com and through its catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.

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 18.2 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 percent interest. Our operating portfolio (excluding joint venture properties) was 94.1 percent leased to national, regional, and local retailers as of March 31, 2010, with no single tenant accounting for more than approximately 2.6 percent 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.