SOURCE: Rockville Town Square

Rockville Town Square

August 16, 2011 11:33 ET

Federal Realty Assumes Management of Rockville Town Square Parking Garage

Updates in Place to Ensure an Improved Customer Experience

ROCKVILLE, MD--(Marketwire - Aug 16, 2011) - Federal Realty Investment Trust (NYSE: FRT) announces today that as of September 2011 Federal Realty will assume management of the Rockville Town Square parking garage, replacing the City of Rockville and creating a parking experience that is more effective for a shopping and dining destination in a vibrant downtown environment. Plans include enhancements to the overall parking experience with two-hours free parking with validation, state-of-the-art parking equipment that allows customers to pay when they leave instead of upon arrival, better way-finding signage, and an overall updated look and feel.

Robin McBride, Vice President, Federal Realty, remarks: "This marks a major step towards creating a customer-friendly parking experience at Rockville Town Square. The changes will directly benefit commuters, shoppers and restaurant patrons. We commend the City of Rockville's actions to support the revitalization of the parking program for this important community destination."

Customers who park at Rockville Town Square and make a purchase from one of its shops or restaurants will now receive two-hours free parking validation. Additional hours will be charged on a cost-per-hour basis with several payment methods available. Over the next several months, Federal Realty is working towards adding additional amenities including dry cleaning pick up and drop off, car wash station, electric car charging station and zip car rental station. These new amenities are part of a larger effort to establish a more user-friendly and convenient "one stop" experience for visitors and commuters at Rockville Town Square. Colonial Parking, Inc., on behalf of Federal Realty, will handle the on-site management for the parking garage.

About Rockville Town Square
Rockville Town Square consists of 180,000 square feet of street-level restaurants and shops, 644 condominiums and apartments, 2,000 parking spaces, Montgomery County's flagship 100,000 square-foot library and a dynamic community square. Adjacent to the library is VisArts: the Metropolitan Center for the Visual Arts at Rockville, a 40,000 square-foot, state-of-the-art visual arts center offering classes and workshops, exhibitions for adults and children, special events, and event space. For more information, please visit or follow on Facebook and Twitter.

About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.6 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 93.4% leased to national, regional, and local retailers as of June 30, 2011, with no single tenant accounting for more than approximately 2.6% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 44 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.

Contact Information