Federal Realty Investment Trust (NYSE: FRT) today announced the pricing of its public offering of $250 million aggregate principal amount of 3.625% senior unsecured notes due August 1, 2046. The notes were offered at 97.756% of the principal amount with a yield to maturity of 3.750%. Interest on the notes will be payable on February 1 and August 1 of each year, beginning February 1, 2017. The offering is expected to close on July 12, 2016, subject to customary closing conditions.
Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and U.S. Bancorp Investments, Inc. acted as joint book-running managers for the offering and PNC Capital Markets LLC, Citigroup Global Markets Inc., Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC acted as co-managers for the offering.
Federal Realty intends to use the net proceeds from this offering to pay down the outstanding balance under its revolving credit facility and for general corporate purposes.
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 inNorth 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 96 properties include over 2,800 tenants, in approximately 22 million square feet, and over 1,800 residential units.
