Federal Realty Investment Trust to Acquire The Summit for $508M
Dow Jones2026/10/01 20:52By Elias Schisgall
Federal Realty Investment Trust will acquire The Summit, a 100-acre shopping center in Birmingham, Ala., for $508 million.
The real estate investment trust said it is acquiring the property from its developer, and will fund the deal with a combination of asset sale proceeds, free cash flow, and recently-raised debt.
The Summit is located between two of Birmingham's wealthiest neighborhoods and has tenants including Apple, RH, and Sephora. The property is at 92% occupancy, with more signed leases expected to come online in the coming months.
Federal Realty expects the deal to be immediately accretive to its funds from operations, adding that the property has attractive mark-to-market opportunities over the next five years.
"Opportunities to buy truly irreplaceable, dominant assets like The Summit don't come along often, and we can't be more excited about adding this property to our portfolio," Chief Executive Don Wood said.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
October 01, 2026 16:52 ET (20:52 GMT)
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