Federal Realty Closes On $265M Capital Raise

ROCKVILLE, Md. (AP) — Federal Realty Investment Trust said Monday that it had closed on a $265 million capital raise that it intends to use to pay down debt, pursue acquisitions and fund redevelopment.

The capital raise issued $150 million in senior unsecured notes carrying a 5.95 percent interest rate and $115 million in common stock.

Some of the proceeds will be used to pay down a $372 million term loan.

Federal Realty is an equity real estate investment trust that owns, manages and redevelops retail and mixed-use properties in densely populated affluent communities in the Northeastern and Mid-Atlantic U.S. as well as California.