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Federal Realty Nets $149M in Offering | What Akridge, MRP Paid

ROCKVILLE, MD—The REIT issued one million common shares of its stock earlier this month. Akridge paid $28 million for the former YMCA and MRP Realty scooped up Westwood for $50 million.

By Erika Morphy | erikamorphy | Updated on March 08, 2016

Pike and Rose Pike and Rose

ROCKVILLE, MD—Federal Realty Investment Trust netted $149.3 million from its offering earlier this month, according to a regulatory filing. The REIT said it will use the proceeds to trim its $600 million revolving credit facility and for general corporate purposes.

The $600 million facility has a interest rate of Libor plus 90 basis points and it matures on April 21, 2017, subject to a one-year extension at Federal Realty’s option. As of February 29, 2016, the company had $231 million outstanding under the credit facility.

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