{"id":410389,"date":"2021-01-07T08:35:39","date_gmt":"2021-01-07T13:35:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=410389"},"modified":"2021-01-07T08:35:39","modified_gmt":"2021-01-07T13:35:39","slug":"federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/","title":{"rendered":"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">ROCKVILLE, Md.<\/span>, <span class=\"xn-chron\">Jan. 7, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3028742-1&amp;h=37050039&amp;u=http%3A%2F%2Fwww.federalrealty.com%2F&amp;a=Federal+Realty+Investment+Trust\" rel=\"nofollow noopener noreferrer\">Federal Realty Investment Trust<\/a>\u00a0(NYSE: FRT) today announced the sale of The Shops at Sunset Place in <span class=\"xn-location\">South Miami Florida<\/span> along with the sales of two of its more traditional shopping centers in <span class=\"xn-location\">Washington, D.C.<\/span> and <span class=\"xn-location\">Chapel Hill, North Carolina<\/span> for combined gross proceeds of <span class=\"xn-money\">$170 million<\/span>. All three sales closed prior to year-end 2020 and the properties were not central to the Company&#8217;s future growth plans.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1141400\/Federal_1962.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1141400\/Federal_1962.jpg\" title=\"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. (PRNewsfoto\/Federal Realty Investment Trust)\" alt=\"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. (PRNewsfoto\/Federal Realty Investment Trust)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Separately, the Trust repaid at par its <span class=\"xn-money\">$250 million<\/span> 2.55% senior unsecured notes due 2021 and redeemed <span class=\"xn-money\">$250 million<\/span> 3.00% senior unsecured notes due 2022. As a result, the Trust has no public bonds maturing until <span class=\"xn-chron\">June 2023<\/span> and begins 2021 with approximately <span class=\"xn-money\">$800 million<\/span> of cash on the balance sheet and a fully undrawn <span class=\"xn-money\">$1 billion<\/span> credit facility.<\/p>\n<p>&#8220;As the path to a post COVID retail real estate recovery gets a bit clearer, the flexibility afforded by a strong balance sheet has never been more important,&#8221; said <span class=\"xn-person\">Donald C. Wood<\/span>, President and Chief Executive Officer. &#8220;We have always understood that our business is a cyclical one yet have always endeavored to de-risk those valleys with the power that only a fortress balance sheet can provide.&#8221;<\/p>\n<p>In <span class=\"xn-chron\">December 2020<\/span>, the Company sold three non-strategic assets, The Shops at Sunset Place, Eastgate Crossing and Sam&#8217;s Park and Shop for a combined total sale price of <span class=\"xn-money\">$170 million<\/span>. As previously announced, the company no longer saw a viable redevelopment path for The Shops at Sunset Place in <span class=\"xn-location\">South Miami<\/span>, Florida.\u00a0 The <span class=\"xn-money\">$60.6 million<\/span> non-recourse mortgage that encumbered The Shops at Sunset Place was repaid as part of the sale transaction. Eastgate Crossing is a 158,000 square foot shopping center anchored by Trader Joe&#8217;s, Ulta and Petco located in <span class=\"xn-location\">Chapel Hill, North Carolina<\/span>, which was the Company&#8217;s only asset in <span class=\"xn-location\">North Carolina<\/span>. Sam&#8217;s Park and Shop is a 51,000 square foot shopping center anchored by an urban Target located in Cleveland Park, <span class=\"xn-location\">Washington, D.C.<\/span><\/p>\n<p>Additionally, the Company repaid at par its <span class=\"xn-money\">$250 million<\/span> 2.55% senior unsecured notes due 2021 and redeemed its <span class=\"xn-money\">$250 million<\/span> 3.00% senior unsecured notes due 2022 (&#8220;Senior Notes due 2022&#8221;). The Senior Notes due 2022 were redeemed pursuant to their terms at 104.144% of the principal amount, plus accrued and unpaid interest. The total aggregate redemption price was <span class=\"xn-money\">$263.5 million<\/span>, including <span class=\"xn-money\">$3.1 million<\/span> in accrued interest. In connection with the redemption, the Company will recognize a loss on extinguishment of debt of approximately <span class=\"xn-money\">$11.2 million<\/span> in the fourth quarter of 2020. The Company financed the redemption of the Senior Notes due 2021 and the Senior Notes due 2022 with cash on hand.<\/p>\n<p>\n        <b>About Federal Realty<\/b>\n      <\/p>\n<p>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 <span class=\"xn-location\">Washington, D.C.<\/span> to <span class=\"xn-location\">Boston<\/span> as well as <span class=\"xn-location\">San Francisco<\/span> and <span class=\"xn-location\">Los Angeles<\/span>. Founded in 1962, Federal Realty&#8217;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 <span class=\"xn-person\">Santana Row<\/span> in <span class=\"xn-location\">San Jose, California<\/span>, Pike &amp; Rose in <span class=\"xn-location\">North Bethesda, Maryland<\/span> and Assembly Row in <span class=\"xn-location\">Somerville, Massachusetts<\/span>. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty&#8217;s 101 properties include approximately 2,800 tenants, in 23 million square feet, and approximately 2,800 residential units.\u00a0 <\/p>\n<p>Federal Realty has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry. Federal Realty is an S&amp;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 <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3028742-1&amp;h=3890586928&amp;u=http%3A%2F%2Fwww.federalrealty.com%2F&amp;a=www.federalrealty.com\" rel=\"nofollow noopener noreferrer\">www.federalrealty.com<\/a><\/u>. <\/p>\n<p>Inquiries: <br \/><span class=\"xn-person\">Leah Andress Brady<\/span><br \/>Investor Relations Senior Manager <br \/>301.998.8265 <br \/><a href=\"mailto:lbrady@federalrealty.com\" rel=\"nofollow\">lbrady@federalrealty.com<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=PH40043&amp;sd=2021-01-07\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19-301202788.html\">http:\/\/www.prnewswire.com\/news-releases\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19-301202788.html<\/a><\/p>\n<p>SOURCE  Federal Realty Investment Trust<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=PH40043&amp;Transmission_Id=202101070832PR_NEWS_USPR_____PH40043&amp;DateId=20210107\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire ROCKVILLE, Md., Jan. 7, 2021 \/PRNewswire\/ &#8212;\u00a0Federal Realty Investment Trust\u00a0(NYSE: FRT) today announced the sale of The Shops at Sunset Place in South Miami Florida along with the sales of two of its more traditional shopping centers in Washington, D.C. and Chapel Hill, North Carolina for combined gross proceeds of $170 million. All three sales closed prior to year-end 2020 and the properties were not central to the Company&#8217;s future growth plans. Separately, the Trust repaid at par its $250 million 2.55% senior unsecured notes due 2021 and redeemed $250 million 3.00% senior unsecured notes due 2022. As a result, the Trust has no public bonds maturing until June 2023 and begins 2021 with approximately $800 million of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-410389","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire ROCKVILLE, Md., Jan. 7, 2021 \/PRNewswire\/ &#8212;\u00a0Federal Realty Investment Trust\u00a0(NYSE: FRT) today announced the sale of The Shops at Sunset Place in South Miami Florida along with the sales of two of its more traditional shopping centers in Washington, D.C. and Chapel Hill, North Carolina for combined gross proceeds of $170 million. All three sales closed prior to year-end 2020 and the properties were not central to the Company&#8217;s future growth plans. Separately, the Trust repaid at par its $250 million 2.55% senior unsecured notes due 2021 and redeemed $250 million 3.00% senior unsecured notes due 2022. As a result, the Trust has no public bonds maturing until June 2023 and begins 2021 with approximately $800 million of &hellip; Continue reading &quot;Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-07T13:35:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1141400\/Federal_1962.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19\",\"datePublished\":\"2021-01-07T13:35:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\\\/\"},\"wordCount\":633,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1141400\\\/Federal_1962.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\\\/\",\"name\":\"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/","og_locale":"en_US","og_type":"article","og_title":"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19 - Market Newsdesk","og_description":"PR Newswire ROCKVILLE, Md., Jan. 7, 2021 \/PRNewswire\/ &#8212;\u00a0Federal Realty Investment Trust\u00a0(NYSE: FRT) today announced the sale of The Shops at Sunset Place in South Miami Florida along with the sales of two of its more traditional shopping centers in Washington, D.C. and Chapel Hill, North Carolina for combined gross proceeds of $170 million. All three sales closed prior to year-end 2020 and the properties were not central to the Company&#8217;s future growth plans. Separately, the Trust repaid at par its $250 million 2.55% senior unsecured notes due 2021 and redeemed $250 million 3.00% senior unsecured notes due 2022. As a result, the Trust has no public bonds maturing until June 2023 and begins 2021 with approximately $800 million of &hellip; Continue reading \"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-07T13:35:39+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1141400\/Federal_1962.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19","datePublished":"2021-01-07T13:35:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/"},"wordCount":633,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1141400\/Federal_1962.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/federal-realty-announces-december-sales-of-non-strategic-assets-and-senior-note-redemptions-as-the-company-looks-beyond-covid-19\/","name":"Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19 - 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