Core Viewpoint - Federal Realty Investment Trust (FRT) experienced a significant stock decline of 6% following the release of its fourth-quarter and full-year results, which did not meet market expectations despite showing some year-over-year improvements [1]. Financial Performance - The company reported earnings of $311 million for the quarter, reflecting an almost 7% increase year-over-year [2]. - Net income rose by 2% to nearly $66 million, translating to $0.75 per share, which directly impacts the dividend size [2]. - Funds from operations (FFO), a key profitability measure for REITs, increased by 9% to almost $148 million [2]. - Q4 revenue and net income figures were largely in line with analyst estimates [3]. Guidance and Market Reaction - Federal Realty provided initial guidance for full-year 2025, projecting net income of $3.00 to $3.12 per share, which fell short of the consensus estimate of $3.13, contributing to the stock sell-off [4]. - The management also forecasted annual FFO of $7.10 to $7.22 for the same period [4]. Company Positioning - The company is recognized for its strategic positioning as a landlord of durable retail properties in affluent areas, which is viewed positively despite the less encouraging guidance [5].

Core Viewpoint - Federal Realty Investment Trust (FRT) reported strong fourth-quarter 2024 results, with funds from operations (FFO) per share of $1.73, reflecting a 5.5% increase year-over-year, and revenues of $311.4 million, a 6.7% improvement from the previous year, although slightly below consensus estimates [1][2][3]. Financial Performance - FRT's FFO per share for the full year 2024 was $6.77, a 3.4% increase from $6.55 in 2023, aligning with consensus estimates [3]. - Quarterly revenues of $311.4 million narrowly missed the consensus mark of $311.8 million but improved 6.7% from the year-ago quarter [2]. - For the full year, revenues increased 6.2% year-over-year to $1.20 billion, meeting the consensus mark [3]. Leasing Activity - In the fourth quarter, FRT signed 103 leases for 653,869 square feet of retail space, achieving the highest quarterly comparable leasing volume on record [4]. - The average rent for comparable space was $34.29 per square foot, indicating cash-basis rollover growth of 10% and 21% on a straight-line basis [4]. - The portfolio occupancy rate increased to 94.1%, up 10 basis points quarter-over-quarter and 190 basis points year-over-year [5]. Operational Metrics - The portfolio was 96.2% leased as of December 31, 2024, a 30 basis point increase quarter-over-quarter and 200 basis points year-over-year [5]. - Comparable property operating income grew by 4.2% in the fourth quarter, excluding lease termination fees and prior-period rents collected [7]. Future Guidance - For 2025, FRT expects FFO per share in the range of $7.10-$7.22, with the Zacks Consensus Estimate at $7.13 [10]. - The guidance is supported by assumptions for comparable properties growth of 3%-4%, acquisitions worth $124 million, and lease termination fees of $4-$5 million [10]. Dividend Announcement - FRT announced a regular quarterly cash dividend of $1.10 per share, translating to an annual rate of $4.40 per share, payable on April 15, 2025 [11]. Portfolio Activity - FRT is under contract to purchase a 673,000-square-foot shopping center in Northern California for $124 million, expected to close in late February 2025 [8]. - The company announced a residential development project in Hoboken, NJ, with a projected cost of $45-$48 million and an ROI of 6%-7% [8]. - Additionally, FRT plans to redevelop the Andorra Shopping Center in Philadelphia, PA, at a projected cost of $32 million with an incremental ROI of 7%-8% [9].

Core Insights - Federal Realty Investment Trust has announced key promotions within its leadership team to enhance strategic growth and operational excellence across its national portfolio [1] Leadership Promotions - Vanessa Mendoza has been appointed Vice President, Regional Leasing, bringing over 15 years of experience and a strong track record in merchandising and leasing strategies at premier properties [2] - Sarah Forde Rogers has been promoted to Vice President, Regional Development, recognized for her expertise in entitlements and development execution, focusing on transformative mixed-use projects [3] - Bob Franz has been elevated to Vice President, West Coast Acquisitions, credited with expanding the company's presence on the West Coast and identifying high-quality acquisitions [4] - Porter Bellew has been promoted to Senior Vice President, Chief Information Officer, playing a key role in modernizing the company's digital infrastructure and enhancing decision-making capabilities [5] Company Overview - Federal Realty is a leader in the ownership, operation, and redevelopment of high-quality retail-based properties, primarily in major coastal markets from Washington, D.C. to Boston and Northern and Southern California [6] - The company has a portfolio of 102 properties, approximately 3,500 tenants, 27 million commercial square feet, and around 3,100 residential units [6] - Federal Realty has a record of increasing its quarterly dividends for 57 consecutive years, the longest in the REIT industry, and is a member of the S&P 500 index [7]

Financial Data and Key Metrics Changes - Total revenues exceeded $300 million in Q4 and $1.2 billion for the year, marking a growth of 7% and 6% respectively compared to prior periods [6] - FFO per share reached $1.73 in Q4 and $6.77 for the year, setting all-time records, with a growth of 7.9% and 4% respectively when excluding a one-time charge [6][21] - Occupancy rates were reported at 96.2% on a lease basis and 94.1% on an occupied basis at year-end, the strongest in nearly a decade [5][6] Business Line Data and Key Metrics Changes - Comparable deals in Q4 totaled 649,000 square feet with a 10% increase in cash rent and a 21% increase in straight-line rent compared to previous leases [4] - The residential portfolio showed strength with same-store residential POI growth of 5%, and 7% when including outperforming properties [25] Market Data and Key Metrics Changes - The retail real estate market remained strong in 2024, driven by favorable supply-demand dynamics and continued consumer spending [7] - The company reported minimal impact from struggling retailers on its portfolio, indicating resilience in its property quality [8] Company Strategy and Development Direction - The company expects to grow faster in 2025 at both the comparable property level and bottom line earnings level compared to 2024 [10] - Development projects include a $90 million residential over retail project and a $32 million redevelopment of Andorra Shopping Center, both expected to yield strong returns [13][15] - The company is actively pursuing acquisitions, with a $123.5 million shopping center purchase in Northern California expected to close soon [16] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook despite economic uncertainties, citing strong demand for their product and a real back-to-office movement [9][10] - The company anticipates continued improvement in occupancy and leasing activity, with expectations for higher occupancy by the end of 2025 [10][12] Other Important Information - The company raised dividends to $4.40 per share for the 57th consecutive year [5] - Financial flexibility improved with a reduction in annualized adjusted net debt to EBITDA from 6 times to 5.5 times [29] Q&A Session Summary Question: Discussion on tax credits and their inclusion in FFO - Management clarified that tax credits from the Freedom Plaza development are netted against expenses and are part of the revenue recognition process [44][46] Question: Acceleration in transaction volume and funding for acquisitions - Management confirmed a busy acquisition environment with significant financial flexibility to fund opportunities [51][55] Question: Leasing discussions and pricing strategies - Management noted that with high occupancy, they are successfully negotiating better lease terms and control provisions [63][69] Question: Confidence in credit quality and exposure to bankrupt retailers - Management indicated minimal exposure to struggling retailers and maintained a prudent credit reserve due to economic volatility [92][95] Question: Appetite for larger mixed-use deals and joint ventures - Management expressed readiness to pursue larger mixed-use assets and consider joint ventures if the numbers align [99][101] Question: Impact of tariffs on tenants - Management reported that tenants have adapted to tariffs and are managing their margins effectively [110][126] Question: Guidance for 2025 and expected growth drivers - Management provided guidance for FFO per share growth of 5% to 7% in 2025, driven by occupancy increases and development contributions [32][36]

Core Insights - Federal Realty Investment Trust (FRT) reported revenue of $311.44 million for Q4 2024, a year-over-year increase of 6.7% [1] - The earnings per share (EPS) for the same period was $1.73, compared to $0.76 a year ago, with no surprise against the consensus estimate [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $311.85 million, resulting in a surprise of -0.13% [1] Revenue Breakdown - Mortgage interest income was reported at $0.28 million, matching the average estimate [4] - Rental income totaled $303.88 million, which is a 4.2% increase year-over-year but below the average estimate of $311.38 million [4] - Other rental income was $13.58 million, slightly below the estimate of $13.95 million, reflecting a 0.6% year-over-year increase [4] - Percentage rents generated $5.71 million, which is a 4.3% decrease compared to the previous year and below the estimate of $5.93 million [4] - Cost reimbursement revenue was $59.67 million, a 6.3% year-over-year increase but slightly below the estimate of $60.27 million [4] Stock Performance - Federal Realty Investment Trust shares have returned +6.3% over the past month, outperforming the Zacks S&P 500 composite's +3.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Federal Realty Investment Trust (FRT) came out with quarterly funds from operations (FFO) of $1.73 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $1.64 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $1.72 per share when it actually produced FFO of $1.71, delivering a surprise of -0.58%.Over the last four quarters, the company has surpassed consensus FFO estimates j ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-262016-01 (Federal Realty OP LP) FEDERAL REALTY INVESTM ...

FEDERAL REALTY INVESTMENT TRUST SUPPLEMENTAL INFORMATION TABLE OF CONTENTS | 1 | Fourth Quarter 2024 Earnings Press Release | 3 | | --- | --- | --- | | 2 | Financial Highlights | | | | Consolidated Income Statements | 8 | | | Consolidated Balance Sheets | 9 | | | Funds From Operations / Other Supplemental Information | 10 | | | Components of Rental Income | 11 | | | Comparable Property Information | 12 | | | Market Data, Debt Metrics, and Senior Notes and Debentures Covenants | 13 | | 3 | Summary of Debt | ...

NORTH BETHESDA, Md., Feb. 13, 2025 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced its operating results for the fourth quarter and full year ended December 31, 2024. Net income available for common shareholders was $3.42 per diluted share for the full year 2024 and $0.75 per diluted share for the fourth quarter, compared to $2.80 and $0.76 per diluted share for the same periods in 2023, respectively. Operating income for 2024 totaled $472.4 million, with $109.3 million in the fo ...

Federal Realty Investment Trust (FRT) , a leading real estate investment trust (REIT) focused on retail properties, is set to report its fourth-quarter and full-year 2024 results on Feb. 13, after market close. In anticipation of the announcement, industry analysts and investors are eager to assess the company's performance and prospects in the current economic climate.See the Zacks Earnings Calendar to stay ahead of market-making news.In the last reported quarter, this retail REIT reported a negative surpr ...