Federal Realty Investment Trust (FRT) prices $700 million senior notes.

Federal Realty Investment Trust (FRT) announced today that it has priced an issue of $400 million 3.50% senior notes due 2030 at +300 to the treasury curve.  FRT also priced an additional $300 million of its 3.95% senior notes due 2024 (+265), expanding the total issue to $600 million.  Proceeds from the bond offerings are expected to be used to refinance bank debt.

Founded in 1962, Federal Realty is an equity REIT focused on the ownership, management and development of open-air retail centers in eight metropolitan markets including Washington D.C., New York, Boston, Chicago, and Los Angeles. FRT had a total market capitalization of approximately $10.2 billion as of March 31, 2020 and is a member of the S&P 500.