The first sale in The Summit’s history adds Alabama’s most-visited retail destination to the portfolio at a price immediately accretive to FFO per share
NORTH BETHESDA, Md., Oct. 1, 2026 /PRNewswire/ — Federal Realty Investment Trust (NYSE: FRT) today announced the acquisition of The Summit, Alabama’s premier retail destination, for $508 million ($498 million on a net basis). Acquired from the original developer, this 100-acre, approximately 870,000-square-foot open-air property developed over more than 30 years is the most-visited retail destination in Alabama, drawing nearly 9 million visits annually from a trade area reaching 100 miles in every direction according to Placer.ai.
“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,” said Don Wood, President and Chief Executive Officer of Federal Realty. “This acquisition is immediately accretive to FFO, has exceptional mark-to-market opportunities over the next 5 years, and enhances and expands our already deep retailer relationships that we will be able to use to benefit many of our other assets. Adding The Summit to our collection of market-dominant assets such as Town Center Crossing and Plaza, Leawood, KS; Village Pointe, Omaha, NE; Santana Row, San Jose, CA; Assembly Row, Somerville, MA; and CocoWalk, Coconut Grove, FL, among others, positions the company extremely well for growth over the next several years.”
Located in Birmingham, Alabama at the intersection of Interstate 459 and U.S. 280, The Summit sits between Mountain Brook and Vestavia Hills, two of Birmingham’s most affluent communities, in a metropolitan market of more than 1.2 million people with an average household income within five miles of approximately $193,000. The Summit has more than 110 tenants including Apple, Trader Joe’s, RH, Nordstrom Rack, Alo Yoga, Sephora and North Italia, with more than 30 of those tenants operating their only Alabama location at the property. Recent commitments from Aritzia, Reformation and LoveShackFancy reinforce The Summit’s position as the entry point for retailers expanding into Alabama. The property is 92% occupied and has a number of signed leases already in place that will increase that occupancy over the next several months.
The acquisition is expected to be funded on a long-term basis with a combination of asset sale proceeds, free cash flow and proceeds from the company’s recently issued convertible notes.
With the addition of The Summit, Federal’s Central Region now encompasses seven properties and approximately 2.7 million square feet across Chicago, Kansas City, Omaha and Birmingham.
A detailed overview of the acquisition is available here.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company’s ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty’s 103 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.
Federal Realty has increased its quarterly dividends per common share for 59 consecutive years on an annualized basis, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
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SOURCE Federal Realty Investment Trust
