Federal Realty Acquires The Summit, Alabama's Premier Retail Destination

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.

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.