Federal Realty Investment Trust (FRT Quick QuoteFRT - Free Report) , the Rockville, MD-based retail real estate investment trust (“REIT”) has announced the pricing of its public offering of $250 million senior unsecured notes. This step is likely to add to the financial flexibility of the company.

Notably, the senior unsecured notes are due on Aug 1, 2046 with the principal amount carrying a rate of interest of 3.625%. The interest will be payable on Feb 1 and Aug 1 every year with the first payment scheduled on Feb 1, 2017. The REIT plans to utilize the proceeds generated from this offering for the repayment of outstanding balance under its revolving credit facility and for general corporate purposes. Subject to the satisfaction of certain customary closing conditions, the offering is slated to be closed on Jul 12, 2016.

Federal Realty is engaged in owning, managing, developing and redeveloping premium retail and mixed-use properties in the U.S. This REIT’s portfolios are mainly concentrated over strategically selected metropolitan markets in the Northeast and Mid-Atlantic regions of the U.S., California and South Florida.

FED RLTY INV Price

FED RLTY INV Price | FED RLTY INV Quote

Currently, Federal Realty has a Zacks Rank #3 (Hold). Investors interested in the retail REIT sector can consider stocks like Urstadt Biddle Properties Inc. , The Macerich Company (MAC Quick QuoteMAC - Free Report) and Regency Centers Corporation (REG Quick QuoteREG - Free Report) . While Urstadt Biddle Properties sports a Zacks Rank #1 (Strong Buy), both Macerich and Regency Centers carry a Zacks Rank #2 (Buy).

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