Federal Realty Investment Trust (NYSE:FRT) today announced the $187 million acquisition of Annapolis Town Center, a dominant, 480,000-square-foot open-air shopping destination in Anne Arundel County, Maryland on October 10, 2025. Anchored by a high-volume Whole Foods, shadow-anchored by Target, the center also features a Life Time luxury athletic club and a curated mix of national brands such as Anthropologie, Sephora, Restoration Hardware, and Williams Sonoma. Situated in one of the most affluent, well-connected trade areas in the Washington, D.C.–Baltimore region, the property benefits from high household incomes, strong retail fundamentals, and direct access to major regional corridors – all consistent with Federal's strategic investment criteria.

"This is exactly the kind of opportunity we target: a dominant asset with strong fundamentals, competitive positioning, and the potential to unlock further value under our ownership," said Don Wood, President & CEO of Federal Realty. "The traction we've seen across our other recent acquisitions gives us confidence in both our disciplined approach and our ability to scale strategically."

The acquisition of Annapolis Town Center extends Federal's strategy of investing in dominant, well-located retail centers with attractive demographics and value-creation potential. The asset presents both near- and long-term opportunities to drive performance through operational improvements, active merchandising, and capital investment. For an aerial image of Annapolis Town Center, click here.

Annapolis Builds on Recent Track Record of Dominant Asset Acquisitions

Recent acquisitions have demonstrated sustained leasing momentum, rent growth, and strong operational execution, reinforcing Federal's ability to create value through strategic execution and active portfolio management.1

• Town Center Plaza and Town Center Crossing (Leawood, KS; acquired July 2025): Just months after acquisition, Federal has 10 leases totaling 80,000 square feet executed or in-process, including LEGO, Local Lime, and a Coach location featuring the brand's new café concept, with additional deals underway.
• Virginia Gateway (Gainesville, VA; acquired May 2024): Since acquisition, Federal has 25 leases totaling 140,000 square feet executed or in-process, highlighted by Sephora, Warby Parker, and South Block, along with a range of specialty food and service providers. 
• Shops at Pembroke Gardens (Pembroke Pines, FL; acquired July 2022): Since acquisition, Federal has 29 leases totaling more than 119,000 SF executed or in-process, including Lululemon, Anthropologie, Kendra Scott, and Coach. 
• Kingstowne Towne Center (Alexandria, VA; acquired April-July 2022): Through targeted remerchandising, the team has introduced South Block and Lazy Dog, expanded Starbucks, and added new service providers, with 28 leases signed to date totaling 60,000 square feet.
• Camelback Colonnade (Phoenix, AZ; acquired June 2021): Through targeted remerchandising and creative space utilization, Federal has executed14 leases totaling 94,000 square feet, including HomeGoods, coworking operator Kiln, and a new Hawaiian Bros drive-thru pad now under construction. Kiln's addition helped activate and monetize previously underutilized upper-level space.