Federal Realty Investment Trust

Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.[1]

Federal Realty Investment Trust
TypePublic company
NYSE: FRT
S&P 500 Index component
IndustryReal estate investment trust
Founded1962 (1962)
FounderSamuel J. Gorlitz
HeadquartersRockville, Maryland
Key people
Joseph S. Vassalluzzo, Chairman
Donald C. Wood, CEO & President
Daniel Guglielmone, CFO
ProductsShopping centers
Revenue $935 million (2019)
$345 million (2019)
Total assets $6.794 billion (2019)
Total equity $2.636 billion (2019)
Number of employees
313 (2019)
Websitewww.federalrealty.com
Footnotes / references
[1]

Investments

As of December 31, 2019, the company owned interests in 104 shopping centers containing 23.7 million square feet.[1]

Notable properties owned by the company include:[1]

Property Name Location
Santana Row San Jose, California
Westgate Center San Jose, California
The Shops at Sunset Place South Miami, Florida
The Grove at Shrewsbury Shrewsbury, New Jersey

History

In 1962, the company was founded by Samuel J. Gorlitz in Washington, D.C.[2][1]

In 1999, the company was reorganized as a real estate investment trust in Maryland.[1]

In 2007, founder Samuel J. Gorlitz died.[2]

In 2008, the company acquired Del Mar Village in Boca Raton, Florida for $41.7 million.[3]

In 2012, the company acquired a controlling interest in Montrose Crossing, a property in Rockville, Maryland for $127 million[4] and a controlling interest in a property in El Segundo, California for $183.5 million.[5]

In 2013, the company sold a movie theater in Forest Hills, New York for $20.5 million.[6]

In 2014, the company acquired 2 shopping centers in Monmouth County, New Jersey for $161 million.[7]

In 2015, the company acquired an 85% interest in The Shops at Sunset Place based on a property valuation of $110.2 million.[8]

In 2016, the company was added to the S&P 500 Index.[9]

In 2017, the company acquired a property in Pasadena, California for $29.5 million.[10][11] The company also acquired Riverpoint Center in Chicago, Illinois for $107 million[12] and 7 properties in Los Angeles County for $345 million.[13][14]

References
  1. "Federal Realty Investment Trust 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Samuel J. Gorlitz, 89; Started Investment Trust". The Washington Post. January 16, 2007.
  3. "Federal Realty (FRT) Acquires Del Mar Village in Boca Raton, Florida". Street Insider. June 2, 2008.
  4. "Federal Realty buys stake in Rockville shopping center". American City Business Journals. January 10, 2012.
  5. Zucker, Shaina (January 4, 2012). "Federal Realty buys in El Segundo". American City Business Journals.
  6. Clarke, Katherine (September 16, 2013). "Lloyd Goldman-led partnership to buy historic Midway Theater". The Real Deal.
  7. "Federal Realty Acquires Two Key Retail Centers In Affluent Monmouth County, New Jersey" (Press release). PR Newswire. January 6, 2014.
  8. "Federal Realty Acquires High-Profile Mixed-Use Center In South Miami, Florida" (Press release). PR Newswire. October 1, 2015.
  9. "Federal Realty Investment Trust Set to Join the S&P 500; Curtiss-Wright, Pool to Join S&P MidCap 400; Cray, Asbury Automotive to Join S&P SmallCap 600" (Press release). PR Newswire. January 22, 2016.
  10. "Federal Realty Investment Trust Acquires Hastings Ranch Plaza, Future Value Creation Opportunity on Prominent Freeway-Adjacent Location with Access to Mass Transit" (Press release). PR Newswire. February 9, 2017.
  11. Kouch, Eda; Chen, Cathaleen (February 10, 2017). "Here's what LA's $10M-$30M investment sales market looked like last week". The Real Deal.
  12. "Federal Realty Investment Trust Acquires Riverpoint Center in Chicago's Lincoln Park Neighborhood" (Press release). PR Newswire. April 5, 2017.
  13. "Federal Realty Investment Trust Announces Acquisition of Seven Properties in Southern California" (Press release). PR Newswire. August 3, 2017.
  14. Jordan, Karen (August 8, 2017). "Federal Realty Buys Stake In 7 LA Retail Properties For $345M". Bisnow Media.
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