"We're looking to deploy proceeds into redevelopments, a couple are underway right now," Federal Realty spokesman Andrew Blocher tells GlobeSt.com. The two aforementioned properties are the Crest at Congressional Plaza 146-unit apartment community and the streetscape retail development Bethesda Row, where the company is in the fifth phase of construction.

A portion of the proceeds will also be directed to property purchases. "We have an active acquisition pipeline, but we don't have anything under contract yet," Blocher reveals. "We view ourselves as local sharpshooters in key metropolitan areas across the United States. Our acquisitions are in areas of high population densities, and they are usually redevelopment opportunities.