Federal Realty Investment Trust (NYSE:FRT) Files An 8-K Other EventsItem 8.01. Other Events
Federal Realty Investment Trust (the “Trust”) is party to a binding contract to form a new joint venture with Primestor Development Inc. (“Primestor”), the Los Angeles based owner and developer of premier retail properties serving the urban Latino communities of Southern California. The Trust will hold an approximate 90% interest in the venture which will be seeded with a 50% interest in five dominant community shopping centers and one center under redevelopment, plus a 25% minority interest in a seventh shopping center. These seven properties total over 1.3 million square feet on 114 acres of urban land with tenants such as Ross Dress for Less, Marshalls, and Kroger’s Food 4 Less. The Trust’s investment in the venture is approximately $345 million which includes a $20 million commitment to complete the redevelopment of one of the centers. Initial funding will come from the company's revolving credit facility and assumed debt.
Additional information is available in a presentation posted on www.federalrealty.com. Additional information on Primestor can be found on www.Primestor.com.
About Federal Realty Investment Trust (NYSE:FRT)
Federal Realty Investment Trust is an equity real estate investment trust (REIT) engaged in the ownership, management, and redevelopment of retail and mixed-use properties. The Trust owns or holds interests in community and neighborhood shopping centers and mixed-use properties, which are operated as approximately 90 retail real estate projects consisting approximately 21.4 million square feet, located primarily in the Northeast and Mid-Atlantic regions of the United States, as well as in California. The Company owns approximately six retail real estate properties through a joint venture. The Trust’s properties are located in the Northeast and Mid-Atlantic regions of the United States, as well as in California and South Florida. The Trust offers various options in specialty leasing and partnership marketing, which include carts and kiosks; temporary in-line store locations; holiday advertising and marketing, and environmental partnerships.
