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Federal Realty Investment Trust Announces Second Quarter 2024 Operating Results

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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

Federal Realty Investment Trust (NYSE:FRT) ha riportato risultati solidi per il secondo trimestre del 2024, con un reddito netto di $1,32 per azione diluita, in aumento rispetto a $0,72 del secondo trimestre 2023. L'azienda ha generato FFO di $1,69 per azione diluita, leggermente superiore a $1,67 del secondo trimestre 2023. I punti salienti includono:

- Attività di leasing record con 122 contratti firmati per 594.361 piedi quadrati di spazio retail comparabile
- L'occupazione del portafoglio è aumentata al 93,1%, con un tasso di locazione del 95,3%
- Crescita del reddito operativo delle proprietà comparabili del 2,9%
- Acquisiti due beni per un totale di 880.000 piedi quadrati per $275 milioni
- Aumento del dividendo trimestrale a $1,10 per azione, segnando 57 anni consecutivi di crescita del dividendo
- Aggiornata la guida FFO per il 2024 a $6,70 - $6,88 per azione diluita

Federal Realty Investment Trust (NYSE:FRT) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos netos de $1.32 por acción diluida, un aumento con respecto a $0.72 en el segundo trimestre de 2023. La empresa generó FFO de $1.69 por acción diluida, ligeramente superior a $1.67 en el segundo trimestre de 2023. Los aspectos más destacados incluyen:

- Actividad de arrendamiento récord con 122 contratos firmados para 594,361 pies cuadrados de espacio retail comparable
- La ocupación de la cartera aumentó al 93.1%, con una tasa de arrendamiento del 95.3%
- Crecimiento del ingreso operativo de propiedades comparables del 2.9%
- Adquiridos dos activos por un total de 880,000 pies cuadrados por $275 millones
- Aumento del dividendo trimestral a $1.10 por acción, marcando 57 años consecutivos de crecimiento del dividendo
- Actualizada la guía FFO para 2024 a $6.70 - $6.88 por acción diluida

연방 부동산 투자 신탁(Federal Realty Investment Trust, NYSE:FRT)은 2024년 2분기에 강력한 실적을 발표했습니다. 희석 주당 순이익이 $1.32로 2023년 2분기 $0.72에서 증가했습니다. 이 회사는 희석 주당 FFO가 $1.69를 기록했으며, 2023년 2분기 $1.67보다 약간 높습니다. 주요 사항은 다음과 같습니다:

- 594,361 평방피트의 비교 가능한 소매 공간에 대해 122건의 계약을 체결하여 기록적인 임대 활동
- 포트폴리오 점유율이 93.1%로 증가하고, 임대율은 95.3%
- 비교 가능한 자산 운영 수익 증가율 2.9%
- 총 880,000 평방피트를 대상으로 두 개의 자산을 2억 7,500만 달러에 인수
- 분기 배당금을 주당 $1.10로 인상하여 57년 연속 배당금 증가 기록
- 2024년 FFO 가이던스를 주당 $6.70 - $6.88로 업데이트

Federal Realty Investment Trust (NYSE:FRT) a rapporté de bons résultats pour le deuxième trimestre 2024, avec un revenu net de 1,32 $ par action diluée, en hausse par rapport à 0,72 $ au deuxième trimestre 2023. L'entreprise a généré FFO de 1,69 $ par action diluée, légèrement supérieur à 1,67 $ au deuxième trimestre 2023. Les points clés comprennent:

- Activité de location record avec 122 baux signés pour 594 361 pieds carrés d'espace commercial comparable
- Taux d'occupation du portefeuille passé à 93,1 %, avec un taux de location de 95,3 %
- Croissance du revenu opérationnel des propriétés comparables de 2,9 %
- Acquisition de deux actifs totalisant 880 000 pieds carrés pour 275 millions de dollars
- Augmentation du dividende trimestriel à 1,10 $ par action, marquant 57 années consécutives de croissance du dividende
- Mise à jour de la prévision FFO pour 2024 à 6,70 $ - 6,88 $ par action diluée

Federal Realty Investment Trust (NYSE:FRT) hat im zweiten Quartal 2024 starke Ergebnisse gemeldet, mit einem Nettogewinn von $1,32 je verwässerter Aktie, ein Anstieg von $0,72 im zweiten Quartal 2023. Das Unternehmen erzielte FFO von $1,69 je verwässerter Aktie, was leicht über den $1,67 im zweiten Quartal 2023 liegt. Zu den wichtigsten Punkten gehören:

- Rekordleasingaktivitäten mit 122 unterzeichneten Mietverträgen für 594.361 Quadratfuß vergleichbarer Einzelhandelsfläche
- Die Portfolioumsatzrate stieg auf 93,1%, mit einer Vermietungsquote von 95,3%
- Wachstum des operativen Einkommens vergleichbarer Immobilien von 2,9%
- Erwerb von zwei Objekten mit insgesamt 880.000 Quadratfuß für 275 Millionen Dollar
- Erhöhung der vierteljährlichen Dividende auf $1,10 pro Aktie, was 57 aufeinanderfolgende Jahre Dividendenwachstum markiert
- Aktualisierte FFO-Prognose für 2024 auf $6,70 - $6,88 je verwässerter Aktie

Positive
  • Net income per diluted share increased from $0.72 in Q2 2023 to $1.32 in Q2 2024
  • FFO per diluted share grew from $1.67 in Q2 2023 to $1.69 in Q2 2024
  • 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 and raised 2024 FFO guidance to $6.70 - $6.88 per diluted share
Negative
  • None.

Insights

Federal Realty Investment Trust's Q2 2024 results demonstrate robust performance and strategic growth. The FFO of $1.69 per diluted share shows a slight improvement from $1.67 in Q2 2023, indicating steady financial health. The record leasing activity, with 122 leases signed for 594,361 square feet at a 10% cash basis rollover growth, underscores strong demand for their properties.

The portfolio occupancy of 93.1% and leased rate of 95.3% represent significant quarter-over-quarter improvements, suggesting effective management and attractive assets. The small shop leased rate increase to 92.5% is particularly noteworthy, as it often indicates higher rental rates and a diverse tenant mix.

Federal Realty's acquisition strategy is aggressive, with $287 million invested in new properties. This expansion, particularly in Northern Virginia and California's East Bay, could drive future growth. However, investors should monitor how these acquisitions impact the company's debt levels and cash flow.

The 57th consecutive year of dividend increases is a remarkable achievement, reflecting consistent financial stability. The updated guidance, with FFO per diluted share now expected between $6.70 and $6.88, suggests management's confidence in continued strong performance.

Overall, Federal Realty's Q2 results paint a picture of a well-managed REIT with strong fundamentals and growth potential, though investors should keep an eye on how the recent acquisitions integrate and perform in the coming quarters.

Federal Realty's Q2 2024 performance offers valuable insights into the broader real estate market trends. The strong leasing activity, particularly the 10% cash basis rollover growth, suggests a robust demand for quality retail spaces. This contradicts the narrative of retail's decline and indicates that well-located, high-quality properties continue to attract tenants willing to pay premium rents.

The acquisition of Virginia Gateway and Pinole Vista Crossing for a combined $275 million demonstrates Federal Realty's focus on super-regional and grocery-anchored centers. This strategy aligns with the trend of consumers favoring open-air, mixed-use environments that offer convenience and experience. The company's ability to execute these large acquisitions also suggests that there are still attractive investment opportunities in the market for well-capitalized REITs.

The sale of assets on Third Street Promenade in Santa Monica for $103 million is intriguing. This divestment from a once-prime retail location could signal a shift in urban retail dynamics, possibly influenced by changing consumer behaviors post-pandemic. It's worth monitoring if other REITs follow suit in reassessing their urban portfolio mix.

The increase in small shop leasing to 92.5% is particularly noteworthy. This trend could indicate a resurgence of small businesses and local retailers, potentially driven by consumers' increased interest in unique, local shopping experiences. If this trend continues, it could reshape the tenant mix in retail centers across the industry.

Overall, Federal Realty's results suggest that the retail real estate market remains dynamic, with opportunities for well-positioned players to thrive despite ongoing challenges in the broader retail landscape.

Active acquisition activity with $287 million of investments

NORTH BETHESDA, Md., Aug. 1, 2024 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its second quarter ended June 30, 2024. For the three months ended June 30, 2024 and 2023, net income available for common shareholders was $1.32 per diluted share and $0.72 per diluted share, respectively. For the three months ended June 30, 2024 and 2023, operating income was $157.0 million and $101.8 million, respectively.

Highlights for the second quarter include:

  • Generated funds from operations available to common shareholders (FFO) per diluted share of $1.69 for the quarter, compared to $1.67 for the second quarter of 2023.
  • Signed 122 leases for 594,361 square feet of comparable retail space, a record level of comparable square footage signed in any second quarter and the second highest of any quarter, at a cash basis rollover growth of 10% and 23% on a straight-line basis.
  • Generated comparable property operating income (POI) growth of 2.9% for the second quarter, excluding lease termination fees and prior period rents collected.
  • Reported portfolio occupancy of 93.1% and a leased rate of 95.3% at quarter end, representing an increase of 110 basis points and 100 basis points, respectively, quarter-over-quarter.
  • Continued strong small shop leasing, ending the quarter at 92.5% leased, with an increase of 110 basis points quarter-over-quarter and 230 basis points year-over-year.
  • During the quarter and subsequent to quarter end:
    • Acquired two assets totaling 880,000 square feet on 129 acres for a total purchase price of $275 million.
    • Completed the sale of its remaining assets on Third Street Promenade in Santa Monica, CA, for $103 million.
  • Increased the regular quarterly cash dividend to $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. This marks the 57th consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.
  • Tightened and raised 2024 earnings per diluted share guidance to $3.33$3.51, 2024 FFO per diluted share guidance to $6.70$6.88, and 2024 comparable properties growth excluding lease termination fees and prior period rents collected assumption to 3%4%.
  • Issued the company's 2023 Sustainability Report.

"Another record quarter for Federal Realty, starting with funds from operations per share of $1.69, to continued record leasing volume, to furthering our REIT industry record with the 57th consecutive year of increased common dividends," said Donald C. Wood, Chief Executive Officer. "The robust leasing demand we continue to see is a clear indicator of the value and attractiveness of our properties, setting a solid foundation for strong future earnings growth."

Financial Results

Net Income

For the second quarter 2024, net income available for common shareholders was $110.0 million and earnings per diluted share was $1.32 versus $58.5 million and $0.72, respectively, for the second quarter 2023.

FFO

For the second quarter 2024, FFO was $141.3 million, or $1.69 per diluted share, compared to $136.9 million, or $1.67 per diluted share for the second quarter 2023.

FFO is a non-GAAP supplemental earnings measure which the trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Operational Update

Occupancy

The portfolio was 93.1% occupied and 95.3% leased as of June 30, 2024.

Small shop leased rate was 92.5% as of June 30, 2024, an increase of 110 basis points quarter-over-quarter and 230 basis points year-over-year.

The anchor tenant leased rate was 96.7%, reflecting an increase of 90 basis points quarter-over-quarter and 30 basis points year-over-year.

Additionally, residential properties were 97.6% leased as of June 30, 2024.

Leasing Activity

During the second quarter 2024, Federal Realty signed 124 leases for 600,669 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 122 leases for 594,361 square feet at an average rent of $37.72 per square foot compared to the average contractual rent of $34.29 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 10%, 23% on a straight-line basis. Comparable leases represented 98% of total comparable and non-comparable retail leases signed during the second quarter 2024.

Transaction Activity

  • April 1, 2024 — Acquired the approximately 10% non-controlling interest in the partnership that owns CocoWalk in suburban Miami, Florida for $12.4 million bringing Federal Realty's ownership to 100%.
  • May 31, 2024 — Acquired Virginia Gateway, a 664,000 square-foot, 110-acre super-regional community center comprising five adjacent open-air retail properties located at the highly trafficked intersection of I-66 and Route 29 in Gainesville, VA, for $215 million, further expanding Federal Realty's presence in Northern Virginia.
  • July 31, 2024 — Acquired Pinole Vista Crossing, a dominant 216,000-square-foot, 19-acre regional open-air grocery-anchored community center located along I-80 in Pinole, CA, 13 miles north of Federal Realty's East Bay Bridge Shopping Center, for $60 million, expanding the company's presence in Northern California's East Bay sub-market.
  • June 5, 2024 — Completed the sale of its remaining assets on Third Street Promenade in Santa Monica, CA, for $103 million, resulting in a gain on sale of $52 million.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees increased the regular quarterly cash dividend to $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. The regular common dividend will be payable on October 15, 2024 to common shareholders of record as of October 1, 2024. This increase represents the 57th consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.

Federal Realty's Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on October 15, 2024 to shareholders of record as of October 1, 2024.

2024 Guidance

Federal Realty has updated its 2024 guidance, as summarized in the table below:

Full Year 2024 Guidance

Revised Guidance

Prior Guidance

2024 Earnings per diluted share

$3.33 to $3.51

$2.74 to $2.94

2024 FFO per diluted share

$6.70 to $6.88

$6.67 to $6.87

Conference Call Information

Federal Realty's management team will present an in-depth discussion of Federal Realty's operating performance on its second quarter 2024 earnings conference call, which is scheduled for Thursday, August 1, 2024 at 5:00 PM ET. To participate, please call 1-844-826-3035 or 1-412-317-5195 five to ten minutes prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty's website at www.federalrealty.com. A telephonic replay of the conference call will also be available through August 15, 2024 by dialing 1-844-512-2921 or 1-412-317-6671; Passcode: 10189450.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as Northern and Southern California. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 102 properties include approximately 3,400 tenants, in 27 million commercial square feet, and approximately 3,100 residential units.
 
Federal Realty has increased its quarterly dividends to its shareholders for 57 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2024 and include the following:

  • risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
  • risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
  • risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
  • risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
  • risks associated with general economic conditions, including inflation and local economic conditions in our geographic markets;
  • risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;
  • risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and
  • risks related to natural disasters, climate change and public health crises (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2024 and subsequent quarterly reports on Form 10-Q.

 

Federal Realty Investment Trust

Consolidated Balance Sheets

June 30, 2024


June 30,


December 31,


2024


2023


(in thousands, except share and
per share data)


(unaudited)



ASSETS




Real estate, at cost




Operating (including $1,829,059 and $2,021,622 of consolidated variable interest
entities, respectively)

$ 10,222,540


$  9,932,891

Construction-in-progress (including $9,132 and $8,677 of consolidated variable interest
entities, respectively)

553,365


613,296


10,775,905


10,546,187

Less accumulated depreciation and amortization (including $410,922 and $416,663 of
consolidated variable interest entities, respectively)

(3,054,555)


(2,963,519)

Net real estate

7,721,350


7,582,668

Cash and cash equivalents

103,234


250,825

Accounts and notes receivable, net

194,611


201,733

Mortgage notes receivable, net

9,170


9,196

Investment in partnerships

33,937


34,870

Operating lease right of use assets, net

86,997


86,993

Finance lease right of use assets, net

6,740


6,850

Prepaid expenses and other assets

265,128


263,377

TOTAL ASSETS

$  8,421,167


$  8,436,512

LIABILITIES AND SHAREHOLDERS' EQUITY




Liabilities




Mortgages payable, net (including $187,972 and $189,286 of consolidated variable
interest entities, respectively)

$      515,637


$      516,936

Notes payable, net

683,280


601,945

Senior notes and debentures, net

3,354,755


3,480,296

Accounts payable and accrued expenses

176,686


174,714

Dividends payable

93,492


92,634

Security deposits payable

29,805


30,482

Operating lease liabilities

75,950


75,870

Finance lease liabilities

12,726


12,670

Other liabilities and deferred credits

225,465


225,443

Total liabilities

5,167,796


5,210,990

Commitments and contingencies




Redeemable noncontrolling interests

182,558


183,363

Shareholders' equity




Preferred shares, authorized 15,000,000 shares, $.01 par:




5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation
preference $25,000 per share), 6,000 shares issued and outstanding

150,000


150,000

5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation
preference $25 per share), 392,878 shares issued and outstanding

9,822


9,822

Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized,
respectively, 83,590,543 and 82,775,286 shares issued and outstanding, respectively

841


833

Additional paid-in capital

4,005,249


3,959,276

Accumulated dividends in excess of net income

(1,177,336)


(1,160,474)

Accumulated other comprehensive income

7,042


4,052

Total shareholders' equity of the Trust

2,995,618


2,963,509

Noncontrolling interests

75,195


78,650

Total shareholders' equity

3,070,813


3,042,159

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$  8,421,167


$  8,436,512

 

Federal Realty Investment Trust

Consolidated Income Statements

June 30, 2024



Three Months Ended


Six Months Ended


June 30,


June 30,


2024


2023


2024


2023


(in thousands, except per share data)


(unaudited)

REVENUE








Rental income

$    295,775


$    280,388


$    586,820


$    553,186

Mortgage interest income

277


291


555


552

Total revenue

296,052


280,679


587,375


553,738

EXPENSES








Rental expenses

58,891


55,610


120,550


110,815

Real estate taxes

35,289


32,381


69,349


64,947

General and administrative

12,092


11,913


24,098


24,458

Depreciation and amortization

85,049


78,974


168,453


157,611

Total operating expenses

191,321


178,878


382,450


357,831









Gain on sale of real estate

52,280



52,280


1,702









OPERATING INCOME

157,011


101,801


257,205


197,609









OTHER INCOME/(EXPENSE)








Other interest income

1,051


2,422


2,534


3,054

Interest expense

(44,312)


(42,884)


(88,005)


(82,109)

Income from partnerships

905


1,665


937


2,181

NET INCOME

114,655


63,004


172,671


120,735

   Net income attributable to noncontrolling interests

(2,673)


(2,505)


(3,953)


(4,901)

NET INCOME ATTRIBUTABLE TO THE TRUST

111,982


60,499


168,718


115,834

Dividends on preferred shares

(2,008)


(2,008)


(4,016)


(4,016)

NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS

$    109,974


$      58,491


$    164,702


$    111,818









EARNINGS PER COMMON SHARE, BASIC:








Net income available for common shareholders

$           1.32


$           0.72


$           1.98


$           1.37

Weighted average number of common shares

82,932


81,214


82,768


81,178

EARNINGS PER COMMON SHARE, DILUTED:








Net income available for common shareholders

$           1.32


$           0.72


$           1.98


$           1.37

Weighted average number of common shares

83,563


81,214


82,768


81,178

 

Federal Realty Investment Trust

Funds From Operations

June 30, 2024




Three Months Ended


Six Months Ended



June 30,


June 30,



2024


2023


2024


2023



(in thousands, except per share data)

Funds from Operations available for common shareholders (FFO)







Net income


$ 114,655


$   63,004


172,671


120,735

Net income attributable to noncontrolling interests


(2,673)


(2,505)


(3,953)


(4,901)

Gain on sale of real estate


(52,280)



(52,280)


(1,702)

Depreciation and amortization of real estate assets


75,157


70,486


149,095


140,990

Amortization of initial direct costs of leases


8,179


7,567


15,916


15,352

Funds from operations


143,038


138,552


281,449


270,474

Dividends on preferred shares (1)


(1,875)


(1,875)


(3,750)


(3,750)

Income attributable to downREIT operating partnership units


688


688


1,380


1,381

Income attributable to unvested shares


(514)


(505)


(1,017)


(987)

FFO


$ 141,337


$ 136,860


$ 278,062


$ 267,118

Weighted average number of common shares, diluted (1)(2)


83,657


81,945


83,495


81,911










FFO per diluted share (2)


$        1.69


$        1.67


$        3.33


$        3.26











Notes:

(1)

For the three and six months ended June 30, 2024 and 2023, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted."

(2)

The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share for all period presented, but is anti-dilutive for the computation of dilutive EPS for the six months ended June 30, 2024 and the three and six months ended June 30, 2023.

 

Inquiries:
Brenda Pomar
Senior Director, Corporate Communications
301.998.8316
bpomar@federalrealty.com

 

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SOURCE Federal Realty Investment Trust

FAQ

What was Federal Realty's (FRT) net income per share in Q2 2024?

Federal Realty reported net income of $1.32 per diluted share for Q2 2024, up from $0.72 in Q2 2023.

How much was Federal Realty's (FRT) FFO per share in Q2 2024?

Federal Realty generated FFO of $1.69 per diluted share in Q2 2024, compared to $1.67 in Q2 2023.

What was Federal Realty's (FRT) portfolio occupancy rate at the end of Q2 2024?

Federal Realty's portfolio occupancy was 93.1% with a leased rate of 95.3% at the end of Q2 2024.

How many consecutive years has Federal Realty (FRT) increased its dividend?

Federal Realty has increased its dividend for 57 consecutive years, the longest record in the REIT sector.

What is Federal Realty's (FRT) updated FFO guidance for 2024?

Federal Realty updated its 2024 FFO guidance to $6.70 - $6.88 per diluted share.

Federal Realty Investment Trust

NYSE:FRT

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9.66B
84.96M
1.01%
95.12%
1.92%
REIT - Retail
Real Estate Investment Trusts
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United States of America
NORTH BETHESDA