Federal Realty Acquires The Summit in Alabama for $508 Million

05:10 PM EDT, 10/01/2026 (MT Newswires) -- Federal Realty Investment Trust (FRT) said late Thursday it has acquired The Summit, an 870,000-square-foot retail property in Alabama, for $508 million. The company said it expects to fund the acquisition with a combination of asset sale proceeds, free cash flow and recently issued convertible notes. The firm also said it expects the acquisition to be immediately accretive to funds from operations per share.