Federal Realty Investment Trust agreed May 7 to enter into new equity distribution agreements with four sales agents to issue and sell up to $400 million of the company's common stock.
The new agreements replace Federal Realty's existing equity distribution agreements dated Nov. 4, 2016, with each of these agents, who may no longer make any issuances or sales of the company's shares under the old agreements. Federal Realty raised $138.7 million from the issuance and sale of the company's shares under the previous agreements.
Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Citigroup Global Markets Inc. may issue and sell, from time to time, shares of the company's common stock as agents of the shopping center real estate investment trust.
If any sales of Federal Realty's shares are made under the new agreement, the transactions will be deemed at-the-market offerings, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange, or in negotiated transactions, which may include block trades, according to a filing.