Federal Realty acquires The Summit, Alabama's premier retail destination, for $508M

Federal Realty Investment Trust ($FRT) acquired The Summit in Birmingham, Alabama, for $508 million ($498 million net). The 870,000-square-foot property is 92% occupied, draws nearly 9 million annual visits, and is immediately accretive to FFO. Funding combines asset sale proceeds, free cash flow, and convertible note proceeds.