Federal Realty Investment Trust Announces Pricing of $150 Million Senior Unsecured Notes Offering
August 10 2009 - 12:15PM
PR Newswire (US)
ROCKVILLE, Md., Aug. 10 /PRNewswire-FirstCall/ -- Federal Realty
Investment Trust (NYSE:FRT) today announced the pricing of its
public offering of $150 million of 5-year senior unsecured notes.
The 5.95% notes are due August 15, 2014 and were offered at 99.153%
of par. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO ) J.P.
Morgan Securities Inc. and Wells Fargo Securities, LLC acted as
joint book-running managers for the offering. Citigroup Global
Markets Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey,
Inc., Morgan Keegan & Company, Inc., Capital One Southcoast,
Inc. and U.S. Bancorp Investments, Inc. acted as co-managers.
Subject to customary conditions, the offering is expected to close
on or about August 13, 2009. Federal Realty intends to use the net
proceeds from the offering to fund potential acquisition
opportunities, fund its redevelopment pipeline, reduce amounts
outstanding under its term loan, and/or for general corporate
purposes. A copy of the final prospectus supplement and prospectus
relating to these securities may be obtained, when available, by
contacting J.P. Morgan Securities Inc., 270 Park Avenue, New York,
NY 10017, Attention: High Grade Syndicate Desk - 8th Floor,
telephone 1-212-834-4533, or Wells Fargo Securities, LLC, 1525 West
W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262,
Attention: Syndicate Operations, telephone 1-800-326-5897. This
announcement shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction. The offering may be made only by means of a
prospectus and related prospectus supplement. About Federal Realty
Federal Realty Investment Trust is an equity real estate investment
trust specializing in the ownership, management and redevelopment
of high-quality retail and mixed-use properties located primarily
in densely populated and affluent communities in strategically
selected metropolitan markets in the Northeast, Mid-Atlantic and
California. As of June 30, 2009, Federal Realty owned or had a
majority interest in community and neighborhood shopping centers
and mixed-use properties which are operated as 84 predominantly
retail real estate projects comprising approximately 18.2 million
square feet. In total, the real estate properties were 94.0% leased
and 93.2% occupied at June 30, 2009. A joint venture in which
Federal Realty owns a 30% interest owned seven retail real estate
projects totaling approximately 1.0 million square feet as of June
30, 2009. In total, the joint venture properties in which Federal
Realty owns an interest were 96.2% leased and occupied at June 30,
2009. Federal Realty is an S&P MidCap 400 company and its
shares are traded on the NYSE under the symbol FRT. Safe Harbor
Language Certain matters discussed within this press release may be
deemed to be forward-looking statements within the meaning of the
federal securities laws. Although Federal Realty believes the
expectations reflected in the forward-looking statements are based
on reasonable assumptions, it can give no assurance that its
expectations will be attained. These factors include, but are not
limited to, the risk factors described in Federal Realty's Annual
Report on Form 10-K filed on February 26, 2009 and amended on June
25, 2009, and include the following: -- risks that Federal Realty's
tenants may not pay rent, may vacate early or may file for
bankruptcy, or that Federal Realty may be unable to renew leases or
re-let space at favorable rents as leases expire; -- risks that
Federal Realty may not be able to proceed with or obtain necessary
approvals for any redevelopment or renovation project, and that any
redevelopment or renovation project that Federal Realty does pursue
may not perform as anticipated; -- risks that the number of
properties Federal Realty acquires for its own account, and
therefore the amount of capital Federal Realty invests in
acquisitions, may be impacted by its real estate partnership; --
risks normally associated with the real estate industry, including
risks that: -- occupancy levels at Federal Realty's properties and
the amount of rent that Federal Realty receives from its properties
may be lower than expected, -- completion of anticipated or ongoing
property redevelopments or renovations may cost more, take more
time to complete, or fail to perform as expected, -- new
acquisitions may fail to perform as expected, -- competition for
acquisitions could result in increased prices for acquisitions, --
environmental issues may develop at Federal Realty's properties and
result in unanticipated costs, and -- because real estate is
illiquid, Federal Realty may not be able to sell properties when
appropriate; -- risks that Federal Realty's growth will be limited
if it cannot obtain additional capital; -- risks of financing, such
as Federal Realty's ability to consummate additional financings or
obtain replacement financing on terms that are acceptable to
Federal Realty, its ability to meet existing financial covenants
and the limitations imposed on its operations by those covenants,
and the possibility of increases in interest rates that would
result in increased interest expense; and -- risks related to
Federal Realty's status as a real estate investment trust, commonly
referred to as a REIT, for federal income tax purposes, such as the
existence of complex tax regulations relating to its status as a
REIT, the effect of future changes in REIT requirements as a result
of new legislation, and the adverse consequences of the failure to
qualify as a REIT. Given these uncertainties, readers are cautioned
not to place undue reliance on any forward-looking statements that
Federal Realty makes, including those in this press release. Except
as may be required by law, Federal Realty makes no promise to
update any of the forward-looking statements as a result of new
information, future events or otherwise. You should carefully
review the risks and risk factors included in Federal Realty's
Annual Report on Form 10-K filed February 26, 2009 and amended on
June 25, 2009. Investor and Media Inquiries Gina Birdsall Investor
Relations 301/998-8265
http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO
http://photoarchive.ap.org/ DATASOURCE: Federal Realty Investment
Trust CONTACT: Investor and Media Inquiries, Gina Birdsall,
Investor Relations of Federal Realty, +1-301-998-8265, Web Site:
http://www.federalrealty.com/
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