Federal Realty Acquires The Summit, Alabama's Premier Retail Destination
PR Newswire•01/10/2026•16:35 ET
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Key Highlights
- ➤Federal Realty (FRT) acquires The Summit for $508 million, or $498 million net
- ➤The Summit acquisition is immediately accretive to FFO per share
- ➤The Summit spans 100 acres and approximately 870,000 square feet
- ➤The Summit is 92% occupied, with signed leases expected to increase occupancy
Expert Statements
Don Wood, President and Chief Executive Officer of Federal Realty
“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.”
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.”
Don Wood, President and Chief Executive Officer of Federal Realty
“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.”
Federal Realty Acquires The Summit, Alabama's Premier Retail Destination PR Newswire
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
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