Federal Realty Investment Trust (FRT) Announces 4 Investments at NAREIT - Stifel

Stifel analyst Simon Yarmak reiterated a Hold rating and $123.00 price target on Federal Realty Investment Trust (NYSE: FRT) after management announced the company has acquired/put under contract four assets for $407 million gross purchase price. The assets consist of the Grossmont Shopping Center in San Diego, California, the Chesterbrook Shopping Center in McLean, Virginia and are under contract to acquire the Camelback Colonnade and Hilton Village Phoenix. The acquisitions are expected to close in by the end of June and FRT will own 80.0% of the assets.

The analyst stated "Management highlighted that these were COVID-driven opportunities with low in-place rents and multiple future opportunities. Of note, the company believes that the Grossmont Shopping Center transaction is one of the best deals the company has ever done as the property can be fully re-tenanted and redeveloped after 2025. It is still too early to determine the scope and cost of the project. Additionally, the Camelback Colonnade and Hilton Village properties mark the company's entrance into the Phoenix market."

For an analyst ratings summary and ratings history on Federal Realty Investment Trust click here. For more ratings news on Federal Realty Investment Trust click here.

Shares of Federal Realty Investment Trust closed at $122.46 yesterday.

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