Federal Realty Inv Trust (FRT)

Rockville, Maryland-based Federal Realty Investment Trust (FRT) specializes in owning, managing, developing, and redeveloping retail, mixed-use and street retail properties, primarily in densely populated locations. Its community and neighborhood shopping centers are anchored by supermarkets, drug stores or high-volume, value-oriented retailers, which provide consumer necessities. Its industry peers consist of other retail REITs such as Regency Centers, Kimco Realty, and Developers Diversified. As of September 30, 2008 the company owned 18.1 million square feet of leasable space in the Northeast, Mid-Atlantic, and California. The company's top three tenants based on percentage of total annualized base rent are Bed Bath & Beyond (3.6%), Ahold USA (3.2%), TJX (3.0%), and Safeway (2.7%). Other prominent tenants are the Gap Inc, CVS Corporation, Supervalu, Barnes & Noble, and Best Buy Stores. In addition to its direct ownership of properties, FRT owns a 30% interest in a joint venture with Clarion Lion Properties that owns approximately 1.0 million square feet of space. The company attempts to increase shareholder value by providing steady income and moderate growth through capital reinvestment.

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