Why is the acquisition expected to boost funds from operations?
BIRMINGHAM, Ala. (WBMA) — For more than three decades, The Summit has been a familiar part of Birmingham’s retail landscape. Now, the 100-acre shopping destination has a new owner.
Federal Realty Investment Trust announced Thursday that it has acquired The Summit for $508 million, or $498 million on a net basis. The sale marks the first time the property has changed hands since it was originally developed…