ROCKVILLE, Md., April 15, 2015 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the redemption of its 6.20% Senior Unsecured Notes due 2017 (the "Notes") for aggregate principal of $200 million which was completed effective April 11, 2015. The redemption price was determined in accordance with the applicable indenture and was approximately $222.2 million, including $3.0 million of accrued and unpaid interest. Excluding such accrued and unpaid interest, the redemption price was approximately 109.6% of the principal amount being redeemed resulting in a prepayment premium of $19.2 million. The notes were repaid with proceeds from the $200 million aggregate principal amount 4.50% senior unsecured notes due December 1, 2044 that were issued in March 2014 at a price of 105.379% of the principal amount and an effective yield to maturity of 4.179%.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 89 properties include over 2,600 tenants, in approximately 20.2 million square feet of retail space, and 1,500 residential units.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 47 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 10, 2015, and include the following:


    --  risks that our tenants will not pay rent, may vacate early or may file
        for bankruptcy or that we may be unable to renew leases or re-let space
        at favorable rents as leases expire;
    --  risks that we may not be able to proceed with or obtain necessary
        approvals for any redevelopment or renovation project, and that
        completion of anticipated or ongoing property redevelopments or
        renovation projects that we do pursue may cost more, take more time to
        complete, or fail to perform as expected;
    --  risks that we are investing a significant amount in ground-up
        development projects that may be dependent on third parties to deliver
        critical aspects of certain projects, requires spending a substantial
        amount upfront in infrastructure, and assumes receipt of public funding
        which has been committed but not entirely funded;
    --  risks normally associated with the real estate industry, including risks
        that occupancy levels at our properties and the amount of rent that we
        receive from our properties may be lower than expected, that new
        acquisitions may fail to perform as expected, that competition for
        acquisitions could result in increased prices for acquisitions, that
        costs associated with the periodic maintenance and repair or renovation
        of space, insurance and other operations may increase, that
        environmental issues may develop at our properties and result in
        unanticipated costs, and, because real estate is illiquid, that we may
        not be able to sell properties when appropriate;
    --  risks that our growth will be limited if we cannot obtain additional
        capital;
    --  risks associated with general economic conditions, including local
        economic conditions in our geographic markets;
    --  risks of financing, such as our ability to consummate additional
        financings or obtain replacement financing on terms which are acceptable
        to us, our ability to meet existing financial covenants and the
        limitations imposed on our operations by those covenants, and the
        possibility of increases in interest rates that would result in
        increased interest expense; and
    --  risks related to our status as a real estate investment trust, commonly
        referred to as a REIT, for federal income tax purposes, such as the
        existence of complex tax regulations relating to our status as a REIT,
        the effect of future changes in REIT requirements as a result of new
        legislation, and the adverse consequences of the failure to qualify as a
        REIT.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 10, 2015.



    Investor Inquiries             Media Inquiries
    ------------------             ---------------

    Brittany Schmelz               Andrea Simpson

    Investor Relations Coordinator Director, Marketing

    301/998-8265                   617/684-1511

    bschmelz@federalrealty.com     asimpson@federalrealty.com

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SOURCE Federal Realty Investment Trust