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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 the sale of its remaining assets on Third Street Promenade in Santa Monica, California, for $103 million. This transaction, combined with a previous sale, brings the total proceeds from the Third Street Promenade assets to $120 million. The portfolio comprises eight buildings with a total of 185,000 square feet, including 147,000 square feet of retail space and 60,000 square feet of office space.
According to Jan Sweetnam, Executive Vice President and Chief Investment Officer, this divestiture is a strategic move to optimize the company's portfolio and strengthen its balance sheet. The sale is part of Federal Realty's capital recycling program, which aims to invest in assets that align with the company's strategic growth objectives, such as their recent acquisition of Virginia Gateway.
Federal Realty Investment Trust (NYSE:FRT) has acquired Virginia Gateway, a 665,000 sq. ft. retail center in Gainesville, Virginia, for $215 million. The property is 95% occupied, highly trafficked, and features strong tenant sales. Located at the intersection of Route 29 and I-66, Virginia Gateway ranked third in Virginia for annual visits in 2023. The center includes five distinct sections and shadow anchors like Super Target and Lowe's. The average household income in the area exceeds $184,000, bolstering the location's appeal. This acquisition expands Federal Realty's Northern Virginia portfolio to 3.6 million sq. ft.
Federal Realty Investment Trust (NYSE: FRT) has released its 2023 Sustainability Report, highlighting key achievements in sustainability. The company reduced its Scope 1 and 2 greenhouse gas (GHG) emissions by 32% and aims for a 46% reduction by 2030.
Federal Realty increased its onsite solar generating capacity to 14.3 MW and used zero-carbon power sources for 64% of its electricity consumption in 2023. The company was also recognized as a Green Lease Leader, Gold, for the third time.
Federal Realty operates 102 properties with over 3,300 tenants and approximately 3,100 residential units, focusing on high-quality retail-based properties in major coastal markets. The company has increased its quarterly dividends for 56 consecutive years.
For more details, visit www.federalrealty.com/sustainability-report-2023.
Federal Realty Investment Trust (NYSE: FRT) will release its second-quarter 2024 earnings after market close on Thursday, August 1, 2024. A conference call will follow at 5:00 PM ET the same day. The call will be accessible via live webcast or by dialing provided numbers. A replay will be available on the company's website and via telephonic replay until August 15, 2024.
Federal Realty specializes in owning and operating retail-based properties in major coastal markets and has a record of 56 consecutive years of dividend increases. The company manages 102 properties with 3,300 tenants and 3,100 residential units.
Federal Realty Investment Trust (NYSE: FRT) has announced a strategic partnership with Fifth Wall, a leading asset manager focused on future-proofing and decarbonizing the built world. This collaboration highlights Federal Realty's commitment to long-term, innovative, and sustainable growth across its 102 properties and 26 million square feet of retail real estate.
Don Wood, CEO of Federal Realty, emphasized the importance of leveraging advanced technology and AI strategies to enhance their portfolio. Brendan Wallace, CEO of Fifth Wall, welcomed Federal Realty to their network of over 110 strategic Partners globally, emphasizing Federal Realty's resilience and commitment to excellence.
Federal Realty Investment Trust reported strong first quarter 2024 results with net income available for common shareholders at $0.66 per diluted share, operating income of $100.2 million, and FFO per diluted share of $1.64. The company achieved record leasing volume, high occupancy rates, and raised its earnings and FFO guidance for 2024. Federal Realty also declared regular quarterly dividends.
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