Federal Realty Investment Trust Completes Sale of Third Street Promenade Portfolio [Yahoo! Finance]
Federal Realty Investment Trust (FRT)
Last federal realty investment trust earnings: 2/10 04:05 pm
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US:NYSE Investor Relations:
ir.federalrealty.com
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Source: Yahoo! Finance
June 6, 2024 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) announced today the sale of its remaining assets on Third Street Promenade in Santa Monica, California . The portfolio, comprising eight buildings with a total of 185,000 square feet, was sold for $103 million . Including a previous transaction, the total proceeds from the Third Street Promenade assets amount to $120 million "The divestiture of our Third Street Promenade assets marks a key step in our strategy to optimize our portfolio and strengthen our balance sheet," stated Jan Sweetnam , Executive Vice President, Chief Investment Officer of Federal Realty. "As part of our capital recycling program, this transaction enhances our ability to invest in assets that align with our strategic growth objectives. This approach ensures we remain well-positioned to capitalize on market opportunities, such as our recent acquisition of Virginia Gateway , and drive sustained shareholder value." The Third Street Promenade
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