ROCKVILLE, Md., June 3, 2019 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) announced today the sale of Free State Shopping Center to New Market Properties, LLC, a wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc., for $72.0 million. Free State Shopping Center is a 264,000 square foot Giant Food anchored shopping center located in Bowie, Maryland.
"The sale of Free State Shopping Center demonstrates our ability to sell non-core assets at attractive pricing," said Dan Guglielmone, Chief Financial Officer and Treasurer. "This transaction further exemplifies our diversified and disciplined approach to our balance sheet and capital funding needs."
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 densely populated, affluent 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 104 properties include approximately 3,000 tenants, in 24 million square feet, and over 2,600 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 51 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.
SOURCE Federal Realty Investment Trust