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Federal Realty Investment Trust FRT Stock Quote

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While Re-Leasing Spreads Slow, Federal Realty Still Produces 3Q Occupancy Gains and Revenue Growth

Kevin Brown, CFA Senior Analyst

Analyst Note

| Kevin Brown, CFA |

Federal Realty reported third-quarter results that were slightly better than our estimates, leading us to reaffirm our $139 fair value estimate for the no-moat company. Same-store occupancy improved 20 basis points sequentially and 110 basis points year over year to 94.2%. Total re-leasing spreads slowed to just 2.9% in the quarter, below our estimate of 6.6% blended re-leasing spreads. Same-store revenue grew 5.5% in the third quarter. However, same-store operating expenses were up 9.5%, leading to same-store net operating income growth of 3.7%, though that was ahead of our 1.8% same-store NOI growth estimate for the quarter. As a result, Federal Realty reported third-quarter funds from operations of $1.59 per share, which beat our estimate of $1.55, and was ahead of the $1.51 figure the company reported in the third quarter of 2021.

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Company Profile FRT

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
Industry REIT - Retail
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 315

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