Core Insights - Federal Realty Investment Trust (FRT) has sold Levare, a 108-unit residential building in Santana Row, San Jose, CA, for $74 million to unlock value and invest in long-term accretive opportunities [1] - Santana Row is a prominent mixed-use destination in Silicon Valley, encompassing 2.5 million square feet of retail, office, residential, and hotel space, attracting 8.5 million annual visits [2] - The sale of Levare will enhance Federal Realty's focus on key markets and improve financial flexibility for investing in high-performing assets aligned with long-term growth objectives [3] Company Strategy - Federal Realty's portfolio consists of premium retail assets in affluent communities, positioning the company for growth with stable cash flows from a diverse tenant base [4] - The company's strategic rebalancing of its portfolio towards premium markets and mixed-use developments is expected to benefit long-term growth [4] Market Performance - Federal Realty's shares have declined by 8.3% over the past three months, which is greater than the industry's decline of 5.9% [5]

Core Insights - Federal Realty Investment Trust announced the sale of Levare, a 108-unit Class A residential building in Santana Row, San Jose, for $74 million, reflecting its long-term value creation strategy [1][2] - The property was 95% leased at the time of sale, indicating strong demand for high-quality multifamily assets in prime locations [2] - The transaction allows Federal Realty to reallocate capital towards higher-return opportunities, showcasing its ability to unlock value at the right time [2] Company Overview - Federal Realty, founded in 1962, focuses on sustainable growth through investments in communities with high retail demand, creating urban mixed-use neighborhoods like Santana Row [3] - The company manages 103 properties, encompassing approximately 3,500 tenants across 27 million commercial square feet and around 3,100 residential units [3] - Federal Realty has a record of increasing quarterly dividends for 57 consecutive years, the longest in the REIT industry, and is a member of the S&P 500 index [4]