Federal Realty Investment Trust (NYSE:FRT) announced today the sale of 150 Post Street, a seven-story, 105,000 square foot retail and office building located in the Union Square district of San Francisco, for $69.3 million.
"Year-to-date we have completed $123 million of dispositions," said Dan Guglielmone, Chief Financial Officer and Treasurer. "The sale of 150 Post Street further exemplifies our balanced and disciplined approach to our balance sheet and capital funding needs."
"This non-core asset sale reflects the competitive investment sales market in San Francisco," commented Jeff Berkes, President – West Coast. "We continue to evaluate non-strategic disposition opportunities within our portfolio as the transaction markets for well-located assets remains strong."
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 105 properties include over 2,800 tenants, in approximately 24 million square feet, and over 1,800 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 50 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
