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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) reported strong third-quarter results for 2021, with net income of $50.1 million or $0.64 per diluted share, up from a loss of $30.3 million or ($0.41) per diluted share in Q3 2020. Funds from operations (FFO) rose to $118 million, or $1.51 per share, compared to $85 million in the previous year. The portfolio occupancy increased to 90.2%, with significant leasing activity including 119 leases for 430,234 square feet. The company also raised its earnings guidance for 2021 and 2022, signaling confidence in its recovery.
On October 25, 2021, Federal Realty Investment Trust announced a long-term lease with Choice Hotels International for 105,000 square feet at 915 Meeting Street in North Bethesda, Maryland. This new 276,000-square-foot office building will feature top amenities and is set to begin construction later this year. Choice Hotels plans to relocate 400 employees there starting December 2023. The Pike & Rose development includes retail and dining options, contributing to the area's growth and corporate interest.
Federal Realty Investment Trust (FRT) announced it will release its third-quarter 2021 earnings on November 4, 2021, after market close. The company will host a conference call at 5:00 PM ET on the same day. Federal Realty, a leader in high-quality retail properties, has 105 properties with approximately 2,900 residential units and 3,000 tenants across major coastal markets including Washington, D.C. to Boston and San Francisco to Los Angeles. The REIT has a record of 54 consecutive years of dividend increases, the longest in its industry.
On September 15, 2021, Federal Realty Investment Trust (NYSE:FRT) announced its participation at the BofA Securities 2021 Global Real Estate Conference scheduled for September 21, 2021, at 9:00 AM ET. The presentation will be accessible via a live webcast, and a recording will be available within 24 hours post-event until December 22, 2021. Federal Realty specializes in high-quality retail properties along the U.S. East and West Coasts and has a strong track record, having increased dividends for 54 consecutive years.
Federal Realty Investment Trust (NYSE:FRT) has acquired Twinbrooke Shopping Centre in Fairfax, Virginia, for $33.8 million. The property spans 110,000 square feet and is 86% occupied, anchored by Safeway and Walgreens. This acquisition is part of Federal's strategy to enhance its portfolio, having already acquired 5 properties in 2021 totaling 1.9 million square feet valued at $441 million. The firm aims to increase property value through remerchandising and capital investments, strengthening its position in the growing Northern Virginia market.
Federal Realty Investment Trust (NYSE:FRT) reported strong second-quarter results for 2021, achieving a net income of $44.2 million or $0.57 per diluted share, up from $8.5 million last year. Funds from Operations (FFO) reached $110.1 million, or $1.41 per diluted share, compared to $58 million in Q2 2020. The portfolio was 92.7% leased, with 124 signed leases for 558,490 square feet. The company acquired four assets valued at $407 million, enhancing its growth prospects. Additionally, Federal Realty raised its quarterly dividend to $1.07 per share, marking the 54th consecutive year of dividend increases.
Federal Realty Investment Trust (NYSE:FRT) will announce its second quarter 2021 earnings in a press release after the market close on August 4, 2021. A conference call is scheduled for the same day at 5:00 PM ET. Federal Realty is recognized for owning, operating, and redeveloping high-quality retail properties primarily in coastal markets like Washington, D.C. to Boston and San Francisco. Notably, the company has increased its quarterly dividends for 53 consecutive years, marking the longest record in the REIT industry.
On June 7, 2021, Federal Realty Investment Trust (NYSE:FRT) announced the acquisition of four retail properties for a total gross value of $407 million. This includes Grossmont Shopping Center in San Diego, Chesterbrook Shopping Center in Virginia, and properties in Phoenix, Arizona. Federal expects to own an average of 80% interest across all assets, totaling 1.75 million square feet. The acquisitions, aimed at enhancing operational capabilities and value creation, are projected to close by the end of June, pending standard conditions.
Federal Realty Investment Trust (NYSE:FRT) has been recognized as a 2021 Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy's Better Buildings Alliance. This Gold Recognition highlights the company's commitment to energy efficiency and sustainability in its leasing practices. Federal Realty has maintained this prestigious status since 2018, aligning with its mission to promote cost-saving and environmental initiatives across its portfolio. The company manages 101 properties and has a long track record of increasing dividends for shareholders for 53 consecutive years.
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