Federal Realty’s $150 million of 5% preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, Oct. 4 – Federal Realty Investment Trust’s $150 million of 5% series C cumulative redeemable preferred stock began trading on the New York Stock Exchange on Wednesday.

The ticker symbol is “FRTPrC.”

The deal came to market on Sept. 25, upsized from an expected $100 million.

It priced at the low end of price talk that was set in the 5.125% area.

BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners. The joint lead managers included Raymond James & Associates Inc., Citigroup Global Markets Inc., Jefferies LLC and J.P. Morgan Securities LLC.

There is a $10 million over-allotment option.

Dividends will be payable quarterly. The preferreds become redeemable on Sept. 29, 2022 at par plus accrued dividends.

Proceeds will be used to reduce amounts outstanding under a revolving credit facility and for general corporate purposes.

Federal Realty is a Rockville, Md.-based real estate investment trust.

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