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Federal Realty Announces December Sales of Non-Strategic Assets and Senior Note Redemptions as the Company Looks Beyond COVID-19
January 7, 2021 GMT
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)
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)
Author Bio
Reuben Gregg Brewer believes dividends are a window into a company s soul. He tries to invest in good souls.
Federal Realty Investment Trust (NYSE:FRT) increased its dividend in 2020 despite the challenges it faced stemming from the novel coronavirus pandemic and the resulting stay-at-home orders. It was a bold statement that management believed the real estate investment trust (REIT) would survive the pandemic, and perhaps even come out the other side better-positioned than when it entered. All in all, 2021 is likely to be a better year than 2020 in many ways but investors still shouldn t go into the new year expecting too much.
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ROCKVILLE, Md., Jan. 7, 2021 /PRNewswire/ Federal Realty Investment Trust (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 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 cash on the balance sheet and a fully undrawn $1 billion credit facility.
Author Bio
Reuben Gregg Brewer believes dividends are a window into a company s soul. He tries to invest in good souls.
Shares of
Federal Realty Investment Trust (NYSE:FRT) are down 30% so far in 2020. That s terrible but they are also down nearly 50% from their 2016 highs, so pandemic-hit 2020 is just a continuation of a longer trend. With the stock near 10-year lows, is Federal Realty a buy, or should investors stay away?
An incredible record
The first thing that investors need to know about Federal Realty is that this real estate investment trust (REIT) has a dividend history that is nothing short of spectacular. Its dividend record puts it into Dividend Aristocrat land, a designation that starts at a mere 25 consecutive annual dividend increases. Federal Realty s dividend streak is up to 53 consecutive years, a record that few companies, let alone REITs, can match. That included an increase in 2020, a period that forced many REITs to trim their d
Federal Realty sells Sam s Park & Shop in Cleveland Park - Washington Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.