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N. BETHESDA, Md. - Federal Realty Investment Trust (NYSE:FRT), an $8.2 billion market cap REIT currently rated as overvalued according to InvestingPro analysis, announced Wednesday a strategic agreement with Mercedes-Benz High-Power Charging (HPC) that will bring over 500 ultra-fast electric vehicle charging stalls to at least 50 of its retail centers across the United States.
The agreement names Mercedes-Benz HPC as Federal Realty’s preferred EV charging provider, with initial deployments planned at 20 locations including properties in Phoenix, Arizona; Broomall, Pennsylvania; and Pembroke Pines, Florida. Each site will feature up to 10 charging stalls offering 400 kW charging speeds.
The charging stations will be accessible to all EV drivers regardless of vehicle brand, with the first locations expected to become operational in 2026.
"We view this partnership as a strategic inflection point for EV infrastructure deployment in retail real estate," said Don Wood, President & Chief Executive Officer of Federal Realty, in a press release statement.
Andrew Cornelia, President & Chief Executive Officer of Mercedes-Benz HPC North America, noted that Federal Realty’s properties are "destinations in their own right," making them suitable locations for charging infrastructure.
The portfolio-driven approach differs from traditional site-by-site EV installations, potentially allowing for faster scaling of charging infrastructure across multiple properties simultaneously.
Federal Realty owns and operates 103 properties comprising approximately 27 million commercial square feet and 3,100 residential units. The real estate investment trust offers an attractive 4.67% dividend yield and has increased its quarterly dividends to shareholders for 57 consecutive years, according to the company. Discover more exclusive insights and detailed analysis in Federal Realty’s comprehensive Pro Research Report, available on InvestingPro.
In other recent news, Federal Realty Investment Trust reported several developments that are of interest to investors. Barclays initiated coverage on the company with an Overweight rating, citing its ownership of productive retail and mixed-use real estate, and projected a funds from operations (FFO) per share growth of 4% to 5% over the next two years. In contrast, JPMorgan downgraded Federal Realty from Overweight to Neutral, despite acknowledging the strength of its portfolio, due to a shift away from development focus. UBS also adjusted its price target for the company to $103.00 from $118.00, maintaining a Neutral rating and highlighting concerns about Federal Realty’s growth outlook and valuation. Additionally, the company announced an amendment to the severance agreement with its CFO, Daniel Guglielmone, who will receive a year of base salary and annual bonus if terminated without cause. This amendment was disclosed in an SEC filing, which also included results from the annual shareholder meeting. At the meeting, all trustees were elected, executive compensation was approved, and Grant Thornton LLP was ratified as the independent auditor. These developments provide a comprehensive view of Federal Realty’s current strategic and operational adjustments.
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