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Federal Realty Investment Trust (NYSE: FRT) is a premier real estate investment trust (REIT) specializing in the ownership, operation, and redevelopment of high-quality retail properties. Established in 1962, the company has built a robust portfolio of assets located in eight of the largest metropolitan markets in the United States, spanning from Washington, D.C. to Boston, and from San Francisco to Los Angeles. Federal Realty's portfolio includes 102 properties, encompassing approximately 26 million square feet of retail space and over 3,100 multifamily residential units.
Federal Realty's portfolio is renowned for its diverse property types, including grocery-anchored centers, superregional centers, power centers, and mixed-use urban centers. The company focuses on owning properties in highly desirable areas characterized by strong demographics, significant population density, and high median household incomes. This strategic approach ensures that its assets are positioned in markets with substantial growth potential.
Recent operational highlights include the third quarter of 2023, during which Federal Realty achieved a record by leasing over 1.6 million square feet of comparable space. The company continues to demonstrate robust performance with an occupancy rate of 92.3% and a leased rate of 94.0% as of September 30, 2023. Additionally, Federal Realty's residential properties boast a high leased rate of 97.8%.
Federal Realty has a strong track record in delivering shareholder value, evidenced by its impressive history of increasing quarterly dividends for 56 consecutive years, the longest streak in the REIT industry. The company announced a quarterly cash dividend of $1.09 per common share for January 2024, reflecting its commitment to providing consistent returns to its shareholders.
The company is also known for its development of vibrant, mixed-use neighborhoods such as Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland, and Assembly Row in Somerville, Massachusetts. These projects combine retail, dining, residential, and office spaces, creating dynamic community hubs that attract top-tier tenants and visitors alike.
Financially, Federal Realty remains strong, with a disciplined approach to managing its operations and capital. The company reported net income available for common shareholders of $55.0 million for the third quarter of 2023, and funds from operations (FFO) of $135.3 million. Federal Realty also maintains a strategic focus on redevelopment projects, such as the second phase of residential redevelopment at Bala Cynwyd, PA, projected to add 217 residential units and 16,000 square feet of retail space.
Federal Realty Investment Trust (NYSE: FRT) has announced several key leadership promotions to strengthen its strategic growth and operational excellence. Vanessa Mendoza has been promoted to Vice President, Regional Leasing, bringing over 15 years of experience in merchandising and leasing strategies. Sarah Forde Rogers has been elevated to Vice President, Regional Development after six years with the company, focusing on development execution and public-private partnerships.
Bob Franz, a 10-year company veteran, has been promoted to Vice President, West Coast Acquisitions, while Porter Bellew, also with 10 years at Federal Realty, has been promoted to Senior Vice President, Chief Information Officer. These promotions reflect the company's commitment to developing internal talent and positioning itself for continued success in real estate operations.
Federal Realty Investment Trust (FRT) reported strong financial results for Q4 and full-year 2024. Net income per diluted share reached $3.42 for 2024 (vs $2.80 in 2023), with operating income totaling $472.4 million. The company achieved record-breaking leasing performance with 452 comparable leases signed for 2.4 million square feet at an 11% cash basis rollover.
Portfolio metrics showed significant improvement, with 94.1% occupancy (+190 basis points YoY) and 96.2% leased rate (+200 basis points YoY). Small shop leasing reached 93.6% (+290 basis points YoY). The company announced two new redevelopment projects in Hoboken, NJ and Philadelphia, PA, and is under contract to purchase a 673,000 square foot shopping center in Northern California for $124 million.
For 2025, FRT provided guidance of $3.00-$3.12 earnings per diluted share and $7.10-$7.22 FFO per diluted share, with expected comparable properties growth of 3-4%.
Federal Realty Investment Trust (NYSE:FRT) has released the Federal income tax treatment for its 2024 distributions. For Common Shares, the total distribution per share for 2024 was $4.37, consisting of $3.5834 in taxable ordinary dividends, $0.6555 in capital gains, and $0.1311 in nontaxable distributions. The quarterly common share distribution increased from $1.09 to $1.10 in the fourth quarter.
For the 5.000% Series C Cumulative Redeemable Preferred Shares, the total distribution was $1.25 per depositary share for 2024, comprising $1.0625 in taxable ordinary dividends and $0.1875 in capital gains. The company reported no foreign taxes for the year.
Federal Realty Investment Trust (NYSE: FRT) has scheduled its fourth quarter 2024 earnings announcement for Thursday, February 13, 2025, after market close. The company will host a conference call the same day at 5:00 PM ET to discuss the results.
Investors can access the conference call through a live webcast or by dialing 1-844-826-3035 (US) or 1-412-317-5195 (International). A replay of the webcast will be available 30 minutes after the call concludes on Federal Realty's website. Additionally, a telephonic replay will be accessible through February 27, 2025, using the following numbers: 1-844-512-2921 (US) or 1-412-317-6671 (International) with passcode 10195673.
Federal Realty Investment Trust announced a senior executive team realignment. Jeffrey S. Berkes, President and Chief Operating Officer, will leave the company on December 31, 2024. CEO Don Wood will reassume the President position, while the COO role will not be backfilled. Wendy Seher (Eastern Region President and COO) and Jeff Kreshek (Western Region President and COO) will continue their roles reporting to Wood. Jan Sweetnam, Chief Investment Officer, will report directly to Wood as the company focuses on acquisitions and development. The acquisition team includes Barry Carty (SVP-East Coast) and newly promoted Bob Franz (VP-West Coast).
Federal Realty Investment Trust (NYSE: FRT) reported its Q3 2024 results, showing a net income of $0.70 per diluted share, up from $0.67 in Q3 2023. Operating income rose to $105.8 million from $100.1 million. Funds from operations (FFO) per diluted share increased to $1.71 from $1.65. The company signed 126 leases for 580,977 sq. ft. at a cash basis rollover growth of 14%. Portfolio occupancy reached 94.0%, and leased rate was 95.9%, both up year-over-year. Small shop leasing ended at 93.1%, up 240 basis points year-over-year. The company acquired Pinole Vista Crossing, a 216,000 sq. ft. grocery-anchored center in California, for $60 million. 2024 guidance was raised, with EPS expected between $3.40-$3.50 and FFO per diluted share between $6.76-$6.86. A quarterly dividend of $1.10 per common share was declared, payable on January 15, 2025.
Federal Realty Investment Trust (NYSE: FRT) has been recognized as a top workplace by both The Washington Post and The San Francisco Chronicle in their 2024 rankings. These prestigious honors, based entirely on employee feedback, highlight Federal Realty's commitment to fostering a supportive, inclusive, and growth-oriented environment.
The surveys, conducted by Energage, , evaluated key factors such as organizational culture, communication, work/life balance, ethics, and career development. CEO Don Wood emphasized the importance of investing in people to strengthen the company's culture and business performance.
Federal Realty's workplace excellence extends beyond these recent accolades. The company's Philadelphia office was named one of the Best Places to Work by The Philadelphia Business Journal, and for the third consecutive year, the firm earned three major wellness awards, including Aetna's Gold Level Workplace Well-being Award.
Federal Realty Investment Trust (NYSE:FRT) has announced its schedule for the third quarter 2024 earnings release and conference call. The company will issue a press release detailing its earnings after market close on Wednesday, October 30, 2024. Following this, FRT will host a conference call at 5:00 PM ET on the same day to discuss the results. Investors and interested parties can join the call via a live webcast or by dialing in. For those unable to attend, a replay of the webcast will be available 30 minutes after the call concludes on Federal Realty's website. Additionally, a telephonic replay will be accessible through November 13, 2024.
Federal Realty Investment Trust (NYSE: FRT) has announced its participation in the BofA Securities 2024 Global Real Estate Conference. The company's presentation is scheduled for Tuesday, September 10, 2024, at 12:45 PM ET. Investors and interested parties can access a live webcast of the presentation through Federal Realty's website or via a direct link provided.
The event offers an opportunity for Federal Realty to showcase its portfolio and strategy to a global audience of real estate investors and analysts. A replay of the webcast will be available on the company's website for approximately one year, until September 12, 2025, allowing those unable to attend the live presentation to review the content at their convenience.
Federal Realty Investment Trust (NYSE:FRT) reported strong Q2 2024 results, with net income of $1.32 per diluted share, up from $0.72 in Q2 2023. The company generated FFO of $1.69 per diluted share, slightly higher than $1.67 in Q2 2023. Key highlights include:
- Record leasing activity with 122 leases signed for 594,361 sq ft of comparable retail space
- Portfolio occupancy increased to 93.1%, with a 95.3% leased rate
- Comparable property operating income growth of 2.9%
- Acquired two assets totaling 880,000 sq ft for $275 million
- Increased quarterly dividend to $1.10 per share, marking 57 consecutive years of dividend growth
- Updated 2024 FFO guidance to $6.70 - $6.88 per diluted share
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