Federal Realty Investment Trust Acquires The Summit For $508M

Federal Realty Investment Trust (NYSE: FRT) has acquired The Summit, Alabama's most-visited retail destination, for $508 million, with a net cost of $498 million. This acquisition adds a 100-acre, approximately 870,000-square-foot open-air property to their portfolio, which attracts nearly 9 million visits annually from a 100-mile trade area. The purchase is expected to be immediately accretive to FFO per share.