Federal Realty Investment Trust Prices $175 Million Reopening Of Its 2027 Senior Unsecured Notes

12/7/17

Federal Realty Investment Trust (NYSE: FRT) today announced the pricing of its public offering of $175 million aggregate principal amount of 3.25% senior unsecured notes due 2027. The notes were offered at 99.404% of the principal amount with a re-offer yield of 3.323%. Interest on the notes will be payable on January 15 and July 15 each year, beginning January 15, 2018. The notes will have the same terms and be of the same series as the notes that Federal Realty issued on June 23, 2017 and, upon consummation of this offering, Federal Realty will have a total of $475 million of such notes outstanding. The offering is expected to close on December 21, 2017, subject to the satisfaction of customary closing conditions.

Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc. acted as co-managers for the offering.

Federal Realty intends to use the net proceeds from this offering to redeem all of its outstanding 5.90% Notes due 2020 and for general corporate purposes, which may include, without limitation, paying down the outstanding balance under its revolving credit facility.

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 104 properties include over 2,900 tenants, in approximately 24 million square feet, and over 2,000 residential units.

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