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Stock Market & Financial Investment News

News Breaks
January 2, 2013
17:36 EDTFRTFederal Realty acquires East Bay Bridge shopping center
Federal Realty acquired East Bay Bridge shopping center, a 438,000 square foot, grocery-anchored power center spanning two municipalities, Emeryville and Oakland, California. The Trust paid cash consideration of $53.7M and assumed an existing $62.9M mortgage loan secured by the property. At closing in late 2012, Federal Realty incurred approximately $1M or 2c per diluted share of closing costs associated with the acquisition, which had not previously been included in the Trust's 2012 FFO per diluted share guidance. This acquisition is expected to be accretive to Federal Realty's earnings beginning in 2013, and is expected to provide value creation for the Trust in both the medium and longer term.
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