Initially, these will include high-speed Internet connections, traditional web design and hosting services. The REIT will acquire limited exclusive territorial rights for its properties in Washington, DC, Philadelphia and northern New Jersey, as well as sharing in revenues from sales of the high-tech services to its tenants.
The agreement, which must still be finalized, could also cover more properties in Federal Realty's portfolio of 124 retail holdings, comprising neighborhood and community shopping centers, as well as main-street real estate in metro markets across the United States.
The value of the transaction was not disclosed.
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