Federal Realty provides update on capital allocation strategy and transactions

Federal Realty (FRT) announced a series of transactions as part of its ongoing capital allocation strategy, focused on deploying capital and recycling mature assets to enhance portfolio quality. Highlights include: the acquisition of Town Center Plaza and Town Center Crossing, two open-air retail centers in Leawood, Kansas, totaling 550,000 square feet, for $289M; the sale of the Hollywood Boulevard retail portfolio in Los Angeles, totaling 181,000 square feet, for $69M; the commencement of construction this summer of Lot 12, a 258-unit residential project at Santana Row in San Jose, with an expected total investment of approximately $145M. A 45-unit residential building with ground-floor retail has commenced construction on Washington Street in Hoboken, NJ, where early retail leasing demand is exceeding expectations. The project is expected to deliver in 2027. Federal’s 217-unit multifamily project in Bala Cynwyd, PA topped out last quarter and remains on track and under budget for a mid-2026 delivery.