PR Newswire
ROCKVILLE, Md., Aug. 2, 2017
ROCKVILLE, Md., Aug. 2, 2017 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today reported operating results for its second quarter ended June 30, 2017. Highlights of the quarter include:
"We're very pleased to deliver not only another quarter of record bottom line results but also the 50th year of consecutive dividend increases to our shareholders," said Donald C. Wood, President and Chief Executive Office of Federal Realty. "At Federal Realty, we remain focused on positioning our portfolio for the next decade and beyond – through value creation in our existing assets, infill acquisitions which re-stock our redevelopment pipeline and our recently announced agreement to acquire seven properties located in markets where demand exceeds supply. Our business plan continues to exemplify balance and discipline as we navigate the challenging retail environment."
Financial Results
Net income available for common shareholders was $76.2 million and earnings per diluted share was $1.05 for second quarter 2017 versus $55.8 million and $0.78, respectively, for second quarter 2016.
In second quarter 2017, Federal Realty generated funds from operations available for common shareholders (FFO) of $108.6 million, or $1.49 per diluted share. This compares to FFO of $102.2 million, or $1.42 per diluted share, in second quarter 2016.
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.
Portfolio Results
In second quarter 2017, same center property operating income increased 3.9% when including properties that are being redeveloped and decreased 0.7% when excluding those properties. The vacancies impacting same center results have been released to tenants at significantly higher rents.
The overall portfolio was 94.5% leased as of June 30, 2017, compared to 94.6% on March 31, 2017 and 94.5% on June 30, 2016. Federal Realty's same center portfolio was 95.9% leased on June 30, 2017, compared to 95.8% on March 31, 2017 and 95.9% on June 30, 2016.
During second quarter 2017, Federal Realty signed 111 leases for 432,164 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty leased 397,555 square feet at an average cash basis contractual rent increase (i.e., excluding the impact of straight-line rents) of 13%. The average contractual rent on this comparable space for the first year of the new leases is $45.55 per square foot compared to the average contractual rent of $40.16 per square foot for the last year of the prior leases. The previous average contractual rent was calculated by including both the minimum rent and any percentage rent actually paid during the last year of the lease term for the re-leased space. On a straight-line basis, rent increases for comparable retail space averaged 27% for second quarter 2017.
Summary of Other Quarterly Activities and Recent Developments
Guidance
Federal Realty increased its 2017 guidance for FFO per diluted share to $5.86 to $5.94 and updated its 2017 earnings per diluted share guidance to $3.31 to $3.39.
Conference Call Information
Federal Realty's management team will present an in-depth discussion of the Trust's operating performance on its second quarter 2017 earnings conference call, which is scheduled for Thursday, August 3, 2017 at 11:00AM ET. To participate, please call 877.445.3230 five to ten minutes prior to the call start time and use the passcode 39460118 (required). 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 10, 2017 by dialing 855.859.2056; Passcode: 39460118.
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 San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our 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 99 properties include over 2,800 tenants, in over 23 million square feet, and over 1,800 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 50 consecutive years, the longest record in the REIT industry. Federal Realty 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 13, 2017, and include the following:
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 may be 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 carefully review the risks and risk factors included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 13, 2017.
Investor Inquires: | Media Inquiries: |
Leah Andress | Andrea Simpson |
Investor Relations Associate | Vice President, Marketing |
301.998.8265 | 617.684.1511 |
Federal Realty Investment Trust | |||||||
Consolidated Balance Sheets | |||||||
June 30, 2017 | |||||||
| June 30, | | December 31, | ||||
| 2017 | | 2016 | ||||
| (in thousands, except share and per share data) | ||||||
| (unaudited) | | | ||||
ASSETS | | | | ||||
Real estate, at cost | | | | ||||
Operating (including $1,265,976 and $1,226,918 of consolidated variable interest entities, respectively) | $ | 6,371,714 | | | $ | 6,125,957 | |
Construction-in-progress | 719,713 | | | 599,260 | | ||
Asset held for sale | — | | | 33,856 | | ||
| 7,091,427 | | | 6,759,073 | | ||
Less accumulated depreciation and amortization (including $226,193 and $209,239 of consolidated variable interest entities, respectively) | (1,808,326) | | | (1,729,234) | | ||
Net real estate | 5,283,101 | | | 5,029,839 | | ||
Cash and cash equivalents | 96,326 | | | 23,368 | | ||
Accounts and notes receivable, net | 168,996 | | | 116,749 | | ||
Mortgage notes receivable, net | 30,429 | | | 29,904 | | ||
Investment in real estate partnerships | 13,973 | | | 14,864 | | ||
Prepaid expenses and other assets | 210,678 | | | 208,555 | | ||
TOTAL ASSETS | $ | 5,803,503 | | | $ | 5,423,279 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | ||||
Liabilities | | | | ||||
Mortgages payable (including $383,304 and $439,120 of consolidated variable interest entities, respectively) | $ | 414,891 | | | $ | 471,117 | |
Capital lease obligations | 71,573 | | | 71,590 | | ||
Notes payable | 279,316 | | | 279,151 | | ||
Senior notes and debentures | 2,377,208 | | | 1,976,594 Werbung Mehr Nachrichten zur Federal Realty Investment Trust Aktie kostenlos abonnieren
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