Federal Realty’s Q3 Playbook: Sell Coastal Retail in the Mid-5s, Buy Dominant Centers Inland

Federal Realty Investment Trust beat estimates and raised guidance in the third quarter, but the more telling signal is a capital-recycling strategy that sells coastal retail to core buyers at mid-5 percent yields and redeploys the proceeds into dominant centers in Birmingham, Kansas City and Omaha, where retailers are following the landlord.