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FEDERAL REALTY INVESTMENT TRUST SELLS 2,500,000 COMMON SHARES; CALLS FOR REDEMPTION OF ALL OUTSTANDING 8.65 PERCENT SENIOR NOTES

 BETHESDA, Md., April 13 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that is has sold 2,500,000 common shares to the public at a price of $28 per share. Merrill Lynch & Co., Alex. Brown & Sons Inc., Kidder Peabody & Co., and Dean Witter Reynolds Inc. co-managed the offering. Net proceeds from the sale of the shares total approximately $66 million. In addition, the underwriters have an option to purchase an additional 375,000 shares to cover over- allotments, if any. The net proceeds will be used principally for the repayment of debt -- including the trust's 8.65 percent senior notes. Any remaining proceeds are expected to be used for property acquisitions and improvements and working capital.
 Separately, the trust announced that it has called for redemption on May 14, 1993, all of the outstanding 8.65 percent senior notes due 1996. The notes will be redeemed at a price of $1,010 per note plus accrued interest of $10.33 per note for the period April 1, 1993, to the redemption date. From and after the redemption date no further interest will accrue upon the notes.
 Federal Realty currently owns 42 neighborhood and community shopping centers located principally along the East Coast in the region between the New York metropolitan area and Richmond, Va. The trust specializes in the acquisition of older, well-located centers which can be enhanced through renovation, expansion, re-configuration, re-leasing and re-merchandising programs. The trust has made 121 consecutive quarterly dividends and has increased its dividend rate for each of the last 25 years. The current indicated annual divided rate is $1.54.
 -0- 4/13/93
 /CONTACT: Ron D. Kaplan, vice president, Capital Markets, Federal Realty Investment Trust, 301-652-3360/
 (FRT)


CO: Federal Realty Investment Trust ST: Maryland IN: FIN SU:

DC-IH -- DC009 -- 5201 04/13/93 11:57 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
Words:305
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