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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) announced its Q1 2022 results, reporting net income of $50.0 million or $0.63 per diluted share, up from $46.2 million or $0.60 per diluted share year-over-year. The Trust generated funds from operations (FFO) of $119.1 million, or $1.50 per diluted share, compared to $91.1 million, or $1.17 per diluted share in Q1 2021. With a portfolio occupancy of 91.2% and leasing of 93.7%, the company signed 119 leases for 444,398 square feet. They also announced a quarterly dividend of $1.07, with guidance for earnings per diluted share increased to $2.36 - $2.56.
Federal Realty Investment Trust (NYSE: FRT) is acquiring Kingstowne Towne Center in Kingstowne, Virginia, for a total of $200 million. The acquisition will occur in two phases, with phase one completed for $100 million and phase two expected in July 2022. The property encompasses 410,000 square feet of retail space and is 97% leased, featuring tenants like Safeway, Giant, and T.J. Maxx. This addition strengthens Federal Realty's Northern Virginia portfolio, enhancing its presence in a high-traffic retail area that attracts approximately 8.3 million visitors annually.
Federal Realty Investment Trust (NYSE:FRT) will announce its first quarter 2022 earnings on May 5, 2022, before market open. The accompanying conference call is scheduled for 11:00 AM ET on the same day, providing insights into financial performance and future outlook. Federal Realty is recognized for its extensive high-quality retail properties located mainly in major coastal markets, boasting a strong history of increasing dividends for 54 consecutive years. For more details, visit www.federalrealty.com.
Federal Realty Investment Trust (NYSE:FRT) will present at Citi's 2022 Global Property CEO Conference on March 7, 2022, from 7:30 AM ET to 8:05 AM ET. The presentation will be accessible via a live webcast on Federal Realty's website. The company, recognized for its high-quality retail properties in major coastal markets, has a long-standing commitment to sustainable growth, with a remarkable track record of increasing dividends for 54 consecutive years. A replay of the webcast will be available until March 7, 2023.
RLJ Lodging Trust announced the appointment of Robin Zeigler to its Board of Trustees, effective immediately. Ms. Zeigler brings over 25 years of real estate experience, having served as Executive VP at Cedar Realty Investment Trust and previously at Federal Realty Investment Trust. She will also join the Audit Committee and Nominating and Corporate Governance Committee. Ms. Zeigler is set to stand for election at the 2022 Annual Meeting of Shareholders, a move seen as positive amid the ongoing recovery in the lodging sector.
Federal Realty Investment Trust (NYSE:FRT) reported impressive financial results for the year and fourth quarter ending December 31, 2021. Net income for 2021 reached $253.5 million, or $3.26 per diluted share, up from $123.7 million in 2020. The fourth quarter net income was $112.9 million ($1.44 per diluted share), a 22% increase year-over-year. Funds from operations (FFO) rose to $5.57 per diluted share for the year. The Trust achieved record leasing activity, signing 462 leases for 2.1 million square feet in 2021. They also increased 2022 earnings guidance to $2.30-$2.50 per share.
Federal Realty Investment Trust (NYSE: FRT) announced significant promotions within its leadership team on February 9, 2022. Deirdre M. Johnson has been promoted to Senior Vice President, Asset Management, overseeing 4.5 million square feet in Virginia and Chicago. Michael Linson was named Senior Vice President, Finance, managing financial operations for 80 shopping centers totaling 18 million square feet. Leah Andress Brady became Vice President, Investor Relations, while Laura Houser was promoted to Vice President, Human Resources. These changes aim to enhance leadership and support continued growth.
Federal Realty Investment Trust (NYSE:FRT) will announce its fourth quarter 2021 earnings on February 10, 2022, after market close. A conference call for discussing the results will be held the same day at 5:00 PM ET. Federal Realty has consistently increased its quarterly dividends for 54 years, the longest in the REIT industry. The company is focused on high-quality retail properties primarily in coastal markets, with over 3,100 tenants and approximately 25 million square feet of owned space. Investors can access the live webcast and a replay of the call on the company’s website.
Federal Realty Investment Trust (NYSE: FRT) has announced a holding company reorganization to convert into an Umbrella Partnership Real Estate Investment Trust (UPREIT). This change will see a new holding company act as the publicly traded parent, while the existing REIT becomes a limited partnership. The reorganization is tax-deferred for shareholders and requires no shareholder approval under Maryland law. Effective January 1, 2022, the existing common and preferred shares will convert to identical shares of the new holding company. There will be no impact on existing shareholders or the company’s financial condition.
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