During the COVID-19 pandemic, when many of its peers were just limping along, Federal Realty (NYSE: FRT) did something different -- it bought new strip-mall properties. There were multiple reasons for this purchase activity, but the big takeaway is that the New York-based real estate investment trust (REIT) is willing to act when it sees opportunity.

So what is Federal Realty doing today? It isn't buying properties right now despite some encouraging industry signs, but management does think the time to buy is quickly approaching.

In one hopeful sign for the sector, competitor Site Centers (NYSE: SITC) announced on Oct. 30 that it was going to break itself in two so that one of the new businesses could focus on what it sees as attractive strip-mall assets coming to market now.

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Source Fool.com