As previously disclosed in a Current Report on Form
8-K
filed on February 14, 2022, Federal Realty Investment Trust (the “Company”) and Federal Realty OP LP (the “Partnership”) entered into an Equity Distribution Agreement (the “Distribution Agreement”), dated February 14, 2022, with BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Jefferies LLC (the “agents”) and the forward purchasers identified therein, under which an aggregate offering price of up to $500,000,000 of the Company’s common shares of beneficial interest, $.01 par value per share (“Shares”), may be offered to or through the agents, acting as sales agents, principals, or forward sellers.
On March 8, 2024, the Company and the Partnership filed a new universal shelf registration statement on Form
S-3
(the “New Universal Shelf”). In connection with the New Universal Shelf, the Company and the Partnership entered into an amendment (the “Amendment”) to the Distribution Agreement with Wells Fargo Securities, LLC, BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Jefferies LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Truist Securities, Inc., as agents, and the forward purchasers identified therein. The purpose of the Amendment was to add additional agents and forward purchasers to the Distribution Agreement and to increase the aggregate offering price of Shares that may be sold under the Distribution Agreement. Prior to the Amendment, the Company had sold Shares under the Distribution Agreement having an aggregate offering price of $187,879,828. The Amendment increased the amount of Shares the Company may sell under the Distribution Agreement such that an aggregate offering price of $500,000,000 of Shares remain available, as of March 8, 2024, for sale pursuant to the terms thereof. From and after March 8, 2024, sales of Shares under the Distribution Agreement will be made pursuant to the New Universal Shelf and the prospectus supplement filed by the Company on March 8, 2024.
The Amendment is filed as Exhibit 1.1 to this Current Report on
Form 8-K and
is incorporated herein by reference. The foregoing description of the material terms of the Amendment is qualified in its entirety by reference to such exhibit.
Also on March 8, 2024, the Company filed with the Securities and Exchange Commission (i) a prospectus supplement relating to the resale by certain selling shareholders of up to 729,246 Shares (the “DownREIT Shares”) issuable upon (A) the conversion of the Company’s outstanding 5.147% Series 1 Cumulative Convertible Preferred Shares of Beneficial Interest, par value $0.01 per share, and (B) the redemption of outstanding units of limited partnership interest or limited liability company interest in certain of the Company’s downREIT subsidiaries, and (ii) a prospectus supplement relating to the resale by certain selling shareholders of up to 4,739,566 Shares (the “Exchangeable Notes Shares”) issuable upon exercise of the exchange option pursuant to the Partnership’s 3.25% Exchangeable Senior Notes due 2029. The legality opinions with respect to the DownREIT Shares and the Exchangeable Notes Shares are filed as Exhibits 5.2 and 5.3 hereto, respectively.
| Financial Statements and Exhibits. |
(d) Exhibits.
