Federal Realty Investment Trust Announces Second Quarter 2023 Operating Results

FFO

For the second quarter 2023, FFO was $136.9 million, or $1.67 per diluted share, compared to $131.6 million, or $1.65 per diluted share for the second quarter 2022.

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 92.8% occupied as of June 30, 2023, an increase of 80 basis points year-over-year. The portfolio was 94.3% leased as of June 30, 2023, an increase of 20 basis points year-over-year.

Additionally, our comparable residential properties were 98.0% leased as of June 30, 2023.

Leasing Activity

During the second quarter 2023, Federal Realty signed 112 leases for 602,911 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 107 leases for 576,345 square feet at an average rent of $35.34 per square foot compared to the average contractual rent of $33.09 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 7%, 19% on a straight-line basis.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees increased the regular quarterly cash dividend to $1.09 per common share, resulting in an indicated annual rate of $4.36 per common share. The regular common dividend will be payable on October 16, 2023 to common shareholders of record as of September 22, 2023. This increase represents the 56th 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 16, 2023 to shareholders of record as of October 2, 2023.

Summary of Other Quarterly Activities

• April 12, 2023 – Federal Realty issued $350.0 million of fixed rate senior unsecured notes, as a green bond, that mature on May 1, 2028 and bear interest at 5.375%. The notes were offered at 99.590% of the principal amount with a yield to maturity of 5.468%. The net proceeds, after issuance discount, underwriting fees, and other costs were $345.7 million.
• June 1, 2023 – Federal Realty repaid its $275.0 million 2.75% senior unsecured notes at maturity.
• June 1, 2023 – Federal Realty issued its 2022 Environmental, Social and Governance Report highlighting the Company's commitment to its ESG initiatives and accomplishments.
• June 21, 2023 – Federal Realty was named to The Washington Post's 2023 Top Workplaces list for its leadership in employee satisfaction and engagement.

Guidance

Federal Realty increased its 2023 guidance for earnings per diluted share to $2.64 to $2.76 from $2.59 to $2.79 and 2023 FFO per diluted share to $6.46 to $6.58 from $6.38 to $6.58.

Conference Call Information

Federal Realty's management team will present an in-depth discussion of Federal Realty's operating performance on its second quarter 2023 earnings conference call, which is scheduled for Wednesday, August 2, 2023 at 5:30 PM ET.  To participate, please call 1-844-826-3035 five to ten minutes prior to the call start time and use the passcode 3865860 (required).  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 16, 2023 by dialing 1-844-512-2921; Passcode: 10180484.

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, 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 3,300 tenants, in 26 million square feet, and approximately 3,100 residential units. 

Federal Realty has increased its quarterly dividends to its shareholders for 56 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 8, 2023, 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 8, 2023 and subsequent quarterly reports on Form 10-Q.

Federal Realty Investment Trust
Consolidated Balance Sheets
June 30, 2023
	June 30,		December 31,
	2023		2022
	(in thousands, except share and per share data)
	(unaudited)
ASSETS
Real estate, at cost
Operating (including $2,008,167 and $1,997,583 of consolidated variable interest entities, respectively)	$  9,732,833		$  9,441,945
Construction-in-progress (including $11,441 and $8,477 of consolidated variable interest entities, respectively)	667,554		662,554
	10,400,387		10,104,499
Less accumulated depreciation and amortization (including $388,881 and $362,921 of consolidated variable interest entities, respectively)	(2,839,550)		(2,715,817)
Net real estate	7,560,837		7,388,682
Cash and cash equivalents	98,064		85,558
Accounts and notes receivable, net	195,689		197,648
Mortgage notes receivable, net	9,222		9,456
Investment in partnerships	34,942		145,205
Operating lease right of use assets, net	88,215		94,569
Finance lease right of use assets	44,891		45,467
Prepaid expenses and other assets	247,016		267,406
TOTAL ASSETS	$  8,278,876		$  8,233,991
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgages payable, net (including $190,562 and $191,827 of consolidated variable interest entities, respectively)	$      319,208		$      320,615
Notes payable, net	633,095		601,077 Werbung Mehr Nachrichten zur Federal Realty Investment Trust Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:08 - PR Newswire Ninety One UK Ltd - Form 8.3 - Anglo American Plc 04:00 - PR Newswire Worldwide Healthcare Trust Plc - Compliance with Market Abuse Regulation 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares Grüne Revolution    Foto: - researchanalyst.com Neue Technologie verspricht umweltfreundliche Lieferungen weiterlesen» Anzeige wo-site-teaser-box-16869_site-teaser-box_2024-05-07_07%253A00%253A00_2024-05-08_09%253A00%253A59