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Federal Realty (FRT) Buys Riverpoint Center in Chicago
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Federal Realty Investment Trust (FRT - Free Report) acquired Riverpoint Center, a Chicago, IL-based grocery anchored community shopping center. The acquisition of this 211,000-square-foot center is in sync with the Rockville, MD-based retail real estate investment trust’s (REIT) investment strategy of moving towards urbanization in its portfolio.
Situated in the prosperous Lincoln Park and 3.5 miles northwest of downtown Chicago, the Riverpoint Center is well-complemented by demographics that include 545,759 people with an average household income of $104,696 within a radius of three miles.
Riverpoint Center, which is currently 97% occupied and anchored by Jewel-Osco, Marshalls and Old Navy, also boasts a surface parking on 17 acres of land. The REIT intends to raise the value of the center over time by re-leasing the space that is currently leased at below market rents.
Federal Realty owns, manages, develops and redevelops premium retail and mixed-use properties in the U.S. These assets are mainly concentrated over strategically selected metropolitan markets in the Northeast and Mid-Atlantic regions of the U.S., California and South Florida.
Currently, Federal Realty carries a Zacks Rank #3 (Hold).
Shares of Federal Realty underperformed the Zacks categorized REIT and Equity Trust - Retail industry in the last three months. During this time, shares of the company declined 6.7%, whereas the industry lost 4.6%.
In the last 30 days, Urban Edge’s FFO per share for first-quarter 2017 remained unchanged at 33 cents.
In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.
CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 6.5% to $1.14, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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Federal Realty (FRT) Buys Riverpoint Center in Chicago
Federal Realty Investment Trust (FRT - Free Report) acquired Riverpoint Center, a Chicago, IL-based grocery anchored community shopping center. The acquisition of this 211,000-square-foot center is in sync with the Rockville, MD-based retail real estate investment trust’s (REIT) investment strategy of moving towards urbanization in its portfolio.
Situated in the prosperous Lincoln Park and 3.5 miles northwest of downtown Chicago, the Riverpoint Center is well-complemented by demographics that include 545,759 people with an average household income of $104,696 within a radius of three miles.
Riverpoint Center, which is currently 97% occupied and anchored by Jewel-Osco, Marshalls and Old Navy, also boasts a surface parking on 17 acres of land. The REIT intends to raise the value of the center over time by re-leasing the space that is currently leased at below market rents.
Federal Realty owns, manages, develops and redevelops premium retail and mixed-use properties in the U.S. These assets are mainly concentrated over strategically selected metropolitan markets in the Northeast and Mid-Atlantic regions of the U.S., California and South Florida.
Currently, Federal Realty carries a Zacks Rank #3 (Hold).
Shares of Federal Realty underperformed the Zacks categorized REIT and Equity Trust - Retail industry in the last three months. During this time, shares of the company declined 6.7%, whereas the industry lost 4.6%.
Investors interested in the REIT space may consider stocks like Urban Edge Properties (UE - Free Report) , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. . Each of these stocks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, Urban Edge’s FFO per share for first-quarter 2017 remained unchanged at 33 cents.
In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.
CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 6.5% to $1.14, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>