Printer Friendly

FEDERAL REALTY INVESTMENT TRUST SELLS 25TH STREET SHOPPING CENTER; RECORDS GAIN OF $2.0 MILLION

 FEDERAL REALTY INVESTMENT TRUST SELLS 25TH STREET SHOPPING CENTER;
 RECORDS GAIN OF $2.0 MILLION
 BETHESDA, Md., July 20 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that it completed the sale of 25th Street Shopping Center located in Easton, Pa., for $9.7 million resulting in an approximate gain of $2.0 million.
 The sale consisted of two transactions. On July 16, 1992, the Trust sold the main portion of the shopping center for $9.4 million resulting in a gain of $1.8 million and in a separate transaction on June 18, 1992, the trust sold a parcel of land ground leased to a hotel operator for $325,000 and recorded a gain of $167,000.
 Robert S. Wennett, vice president, acquisitions for the trust, stated that the sale of 25th Street Shopping Center is consistent with the trust's policy of concentrating its ownership of shopping centers in major metropolitan areas.
 Federal Realty currently owns 40 neighborhood and community shopping centers primarily in the Mid-Atlantic 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, reconfiguration, re-leasing and re- merchandising programs. The trust has made 119 consecutive quarterly dividend payments and has increased its dividend rate for each of the past 24 years. The current indicated annual dividend rate is $1.52.
 -0- 7/20/92
 /CONTACT: Mary Jane Morrow, vice president-finance, Federal Realty Investment Trust, 301-652-3360/
 (FRT) CO: Federal Realty Investment Trust ST: Maryland, Pennsylvania IN: FIN SU:


KD -- DC006 -- 0638 07/20/92 10:24 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 20, 1992
Words:268
Previous Article:CENTRAL FIDELITY DECLARES DIVIDEND
Next Article:QUIPP SYSTEMS REPORTS SECOND QUARTER SALES AND EARNINGS
Topics:


Related Articles
FEDERAL REALTY INVESTMENT TRUST SELLS LAWRENCE VILLAGE PLAZA FOR $7.6 MILLION
FEDERAL REALTY INVESTMENT TRUST SELLS SARGENT ROAD SHOPPING CENTER FOR $1,850,000 MILLION
FEDERAL REALTY INVESTMENT TRUST ACQUIRES PAN AM SHOPPING CENTER
FEDERAL REALTY INVESTMENT TRUST ACQUIRES NORTH LAKE COMMONS SHOPPING CENTER
FEDERAL REALTY INVESTMENT TRUST ACQUIRES BRISTOL SHOPPING PLAZA IN BRISTOL, CONNECTICUT
FEDERAL REALTY INVESTMENT TRUST ACQUIRES THE VILLAGE AT SHIRLINGTON
Federal Realty Investment Trust Acquires Saugus Plaza Shopping Center
Federal Realty Investment Trust Acquires Controlling Interest In Town & Country Village
Federal Realty Investment Trust Acquires The Uptown Properties in Portland, Ore.
Keene properties sold in $62.9m deal.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters