Federal Realty Investment Trust Explained

Federal Realty Investment Trust
Traded As:
S&P 500 Index component
Industry:Real estate investment trust
Founder:Samuel J. Gorlitz
Location:Rockville, Maryland
Products:Shopping centers
Revenue: $951 million (2021)
Net Income: $269 million (2021)
Assets: $7.622 billion (2021)
Equity: $2.663 billion (2021)
Num Employees:315 (2021)
Footnotes:[1]

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]

Investments

As of December 31, 2021, the company owned interests in 104 shopping centers containing 25.1 million square feet.[1]

Notable properties owned by the company include:[1] [2]

Property NameLocation
Santana RowSan Jose, California
Westgate CenterSan Jose, California
The Shops at Sunset PlaceSouth Miami, Florida
The Grove at ShrewsburyShrewsbury, New Jersey
Assembly SquareSomerville, Massachusetts
Third Street PromenadeSanta Monica, California
Grossmont CenterLa Mesa, California
Pike & RoseNorth Bethesda, Maryland
CocoWalkMiami, Florida
The Village at ShirlingtonArlington, Virginia

History

In 1962, the company was founded by Samuel J. Gorlitz in Washington, D.C.[3] [1]

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

In 2007, founder Samuel J. Gorlitz died.[3]

In 2008, the company acquired Del Mar Village in Boca Raton, Florida for $41.7 million.[4]

In 2012, the company acquired a controlling interest in Montrose Crossing, a property in Rockville, Maryland for $127 million[5] and a controlling interest in a property in El Segundo, California for $183.5 million.[6]

In 2013, the company sold a movie theater in Forest Hills, New York for $20.5 million.[7]

In 2014, the company acquired 2 shopping centers in Monmouth County, New Jersey for $161 million.[8]

In 2015, the company acquired an 85% interest in The Shops at Sunset Place based on a property valuation of $110.2 million.[9]

In 2016, the company was added to the S&P 500 Index.[10]

In 2017, the company acquired a property in Pasadena, California for $29.5 million.[11] [12] The company also acquired Riverpoint Center in Chicago, Illinois for $107 million[13] and 7 properties in Los Angeles County for $345 million.[14] [15]

In 2021, the company acquired a 60% ownership stake in Grossmont Center in La Mesa, California worth $175 million.[1]

Notes and References

  1. Web site: Federal Realty Investment Trust 2021 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
  2. Web site: Properties . Federal Realty Investment Trust.
  3. News: Samuel J. Gorlitz, 89; Started Investment Trust . . January 16, 2007.
  4. News: Federal Realty (FRT) Acquires Del Mar Village in Boca Raton, Florida . Street Insider . June 2, 2008.
  5. News: Federal Realty buys stake in Rockville shopping center . . January 10, 2012.
  6. News: Federal Realty buys in El Segundo . Shaina . Zucker . . January 4, 2012.
  7. News: Lloyd Goldman-led partnership to buy historic Midway Theater . Katherine . Clarke . . September 16, 2013.
  8. Federal Realty Acquires Two Key Retail Centers In Affluent Monmouth County, New Jersey . . January 6, 2014.
  9. Federal Realty Acquires High-Profile Mixed-Use Center In South Miami, Florida . . October 1, 2015.
  10. 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 . . January 22, 2016.
  11. Federal Realty Investment Trust Acquires Hastings Ranch Plaza, Future Value Creation Opportunity on Prominent Freeway-Adjacent Location with Access to Mass Transit . . February 9, 2017.
  12. News: Here’s what LA’s $10M-$30M investment sales market looked like last week . Eda . Kouch . Cathaleen . Chen . . February 10, 2017.
  13. Federal Realty Investment Trust Acquires Riverpoint Center in Chicago's Lincoln Park Neighborhood . . April 5, 2017.
  14. Federal Realty Investment Trust Announces Acquisition of Seven Properties in Southern California . . August 3, 2017.
  15. News: Federal Realty Buys Stake In 7 LA Retail Properties For $345M . Karen . Jordan . . August 8, 2017.