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Federal Realty Investment Trust - Stock Quote FRT

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Morningstar's Federal Realty Investment Trust Stock Analysis

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Higher Rent Collection Helps Drive Double-Digit Revenue Growth for Federal Realty in Q1

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

No-moat Federal Realty reported first-quarter results that were slightly ahead of our expectations for the quarter. However, given that our full-year estimates are near the high end of management’s guidance range for 2022, we don’t anticipate making any material changes to our $138 fair value estimate. Same-store occupancy sequentially improved 10 basis points to 93.6% and is now up 170 basis points year over year. Re-leasing spreads were up 7.2% in the first quarter, in line with our estimate. Same-store revenue was up 10.3% largely due to fewer required rent abatements in the quarter and Federal Realty collecting approximately $5 million of previously owed rent. Meanwhile, same-store operating expenses only increased 2.5%, leading to same-store net operating income growth of 14.5% that was largely in line with our estimate of 15.3% growth in the quarter. Despite Federal Realty reporting same-store growth in line with our expectations, funds from operations came in at $1.50 in the quarter, 8 cents higher than our estimate, due to higher growth from stabilizing properties and higher than anticipated tenant recovery revenue.

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Federal Realty Investment Trust's Company Profile

Business Description

Federal Realty Investment Trust is a shopping center-focused retail real estate investment trust that owns high-quality properties in eight of the largest metropolitan markets. Its portfolio includes an interest in 101 properties, which includes 23.4 million square feet of retail space and over 2,600 multifamily units. Federal's retail portfolio includes grocery-anchored centers, superregional centers, power centers, and mixed-use urban centers. Federal Realty has focused on owning assets in highly desirable areas with significant growth, and as a result, the average population density and average median household income are higher for its portfolio than for any other retail REIT.

909 Rose Avenue, Suite 200
North Bethesda, MD, 20852
T +1 301 998-8100
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 315

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