ROCKVILLE, Md., Nov. 24, 2015 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today the sale of The Courtyard Shops at Wellington, a grocery anchored shopping center located in Palm Beach County, Florida for $52.8 million. The acquisition of 127,000-square-foot property was acquired in 2008. Since then, the Trust has increased value for the property and its neighborhood by activating formerly vacant spaces and outparcels. The sale generated a book gain in excess of $15 million.
"This sale reflects the Trust's business strategy of selectively pruning non-core assets from the portfolio," said James M. Taylor, Jr., Executive Vice President – Chief Financial Officer and Treasurer for Federal Realty Investment Trust. "As demonstrated by our recent acquisitions of Cocowalk in Miami and Shops at Sunset Place in South Miami, the Trust will continue to pursue investments within South Florida where we can utilize our redevelopment, merchandizing and leasing expertise to create significant value for our shareholders, assets and communities."
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, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our 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 90 properties include over 2,700 tenants, in approximately 21 million square feet, and over 1500 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 48 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
SOURCE Federal Realty Investment Trust