Core Viewpoint - Dividend investors should consider Realty Income, Federal Realty, and Ares Capital for their attractive yields and consistent performance in their respective sectors [2][3]. Group 1: Company Overview - Realty Income is the largest net lease REIT with over 16,500 properties, focusing on retail and unique asset types like vineyards and casinos [7][9]. - Federal Realty is a leader in the strip mall sector and is the only REIT to achieve Dividend King status, with over 50 years of dividend increases [5][6]. - Ares Capital operates in the business development sector, providing high-interest loans to smaller companies, which inherently carries more risk [10][14]. Group 2: Dividend Yields - Ares Capital offers the highest yield at 9.4%, followed by Realty Income at 5.6%, and Federal Realty at 4.7% [4]. - Federal Realty emphasizes quality over quantity in its property holdings, which supports its consistent dividend growth [6]. Group 3: Business Models and Risks - Realty Income's business model allows for reliable dividends due to its scale and diversified property portfolio [8][9]. - Federal Realty's focus on redevelopment and strategic asset sales enhances its value and dividend reliability [6]. - Ares Capital's dividend is less reliable due to its exposure to economic downturns, which can affect the ability of its borrowers to repay loans [12][14]. Group 4: Investment Considerations - Federal Realty and Realty Income are considered stable, "boring" investments suitable for those seeking consistent dividends [15]. - Ares Capital, while offering a high yield, may not be suitable for conservative investors due to potential dividend volatility [15].

Industry Overview - The Zacks REIT and Equity Trust - Retail industry is showing resilience as landlords adapt and reposition assets for long-term stability, focusing on necessity-based and experience-driven retailers [1][3] - The industry is experiencing a rebound driven by renewed consumer interest in in-store shopping, despite past challenges such as declining foot traffic and store closures [2] Key Drivers - Strategic re-tenanting and disciplined expansion are strengthening occupancy and cash flows, with limited new supply helping to preserve rent levels and investor confidence [1][4] - The lack of new construction activity has minimized competitive pressure on existing assets, allowing occupancy and rents to hold firm [4] Consumer Behavior - The outlook for retail REITs is closely linked to consumer behavior, with economic softness and rising costs making households more selective in their spending [5] - Wealthier consumers continue to support high-end demand, while middle-income shoppers are cutting back, leading to an uneven spending landscape [5] Industry Performance - The Zacks REIT and Equity Trust - Retail industry carries a Zacks Industry Rank 55, placing it in the top 23% of 243 Zacks industries, indicating robust near-term prospects [6][7] - The industry has underperformed the broader Zacks Finance sector and the S&P 500 over the past year, declining 5.6% compared to the S&P 500's rise of 22.3% [10] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-FFO of 14.98X, below the S&P 500's forward P/E of 23.77X and the Finance sector's forward P/E of 16.94X [12] - Over the last five years, the industry has traded as high as 18.89X and as low as 12.21X, with a median of 15.22X [15] Company Highlights - **Agree Realty Corporation (ADC)**: Specializes in retail net-lease properties with a portfolio of approximately 2,603 properties totaling around 53.7 million square feet. The company raised its full-year 2025 investment guidance to $1.50 billion-$1.65 billion, indicating confidence in its capital deployment strategy [16][17] - **Federal Realty Investment Trust (FRT)**: Focuses on high-quality retail properties in affluent markets, with a recent acquisition of Annapolis Town Center enhancing its portfolio. The Zacks Consensus Estimate for 2025 FFO per share has been revised upward to $7.22 [21][22][23] - **Urban Edge Properties (UE)**: Concentrates on retail properties in urban communities, with grocery tenants accounting for about 80% of its portfolio's value. The Zacks Consensus Estimate for its 2025 FFO per share has been raised to $1.42, indicating a 5.2% year-over-year increase [26][28][29]

Company Overview - Federal Realty Investment Trust (FRT) is one of the oldest and most respected Real Estate Investment Trusts (REITs) in the US, founded in 1962, focusing on high-quality retail and mixed-use properties in major metropolitan markets [1]. Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology, and has researched over 1000 companies [1]. Investment Focus - The analyst has transitioned from writing a blog to a value investing-focused YouTube channel, covering hundreds of companies, with a particular interest in metals and mining stocks, as well as comfort in other industries like consumer discretionary/staples, REITs, and utilities [1].

Group 1 - Federal Realty Investment Trust (FRT) is one of the oldest and most respected REITs in the US, founded in 1962, focusing on high-quality retail and mixed-use properties in major metropolitan markets [1] - The company has a long history of research and investment, with over 10 years of experience analyzing various sectors including commodities and technology [1] Group 2 - The article does not provide any specific financial data or performance metrics related to Federal Realty Investment Trust [1]

Core Insights - Federal Realty Investment Trust (FRT) reported third-quarter 2025 funds from operations (FFO) per share of $1.77, exceeding the Zacks Consensus Estimate of $1.76 and up from $1.71 a year ago, reflecting strong operational performance and an improved FFO outlook for 2025 [1][11] Financial Performance - Quarterly revenues reached $322.3 million, surpassing the consensus estimate of $313.9 million and representing a 6.1% increase from the previous year [2] - Comparable property operating income (POI) grew by 4.4%, exceeding the estimated increase of 3.6% [3] Leasing Activity - In the reported quarter, FRT signed 132 leases for 774,890 square feet of retail space, with 123 leases for 727,029 square feet on a comparable basis at an average rent of $35.71 per square foot, marking a 28% increase on a cash basis and a 43% increase on a straight-line basis [4] Occupancy Rates - The comparable portfolio occupancy rate increased by 20 basis points year over year to 94% as of September 30, 2025, while the comparable portfolio was 95.7% leased, reflecting a decrease of 10 basis points year over year [5] - Small shops maintained a lease rate of 93.3%, up 20 basis points year over year, while residential properties were 96.0% leased, down 150 basis points year over year [6] Liquidity and Acquisitions - FRT ended the quarter with over $1.3 billion in total liquidity, with cash and cash equivalents of $111.3 million, down from $177 million as of June 30, 2025 [7] - The company announced the acquisition of Annapolis Town Center for $187 million and two retail centers in Leawood, KS, for $289 million [2][8] Dividend and Guidance - FRT declared a regular quarterly cash dividend of $1.13 per share, translating to an annual rate of $4.52 per share, payable on January 15, 2026 [9] - For 2025, FRT raised its FFO per share guidance to a range of $7.20-$7.26, up from the previous range of $7.16-$7.26 [10]

Core Insights - The company reported its best leasing quarter ever, achieving 727,000 square feet of comparable space leased at an average cash rent of $35.71, which is 28% higher than the previous tenant's rent [1] - Two-thirds of the leased space was for renewals, indicating strong tenant retention, while over half of the new leases were for currently occupied spaces, showcasing the attractiveness of the shopping centers [1][12] - The company experienced a strong comparable operating income growth of 4.4% for the quarter, leading to a Funds From Operations (FFO) per share of $1.77, despite some negative impacts from capitalized interest and operating costs [5][19] Leasing Performance - The company recorded a record 123 comparable deals with impressive rent spreads of 28% over prior rents, reflecting strong demand for its properties [12] - The occupancy rate in the comparable pool increased by 40 basis points quarter-over-quarter and 20 basis points year-over-year, reaching 94% [12] - The overall occupancy rate across all shopping centers stands at 93.8%, with a healthy leased rate of 95.7% expected to grow further due to a strong pipeline of new leases [13][14] Development and Acquisitions - The company is progressing well with residential construction projects in Hoboken, New Jersey, and Balakinwood, Pennsylvania, with a total capital commitment of approximately $280 million [6] - The acquisition of Annapolis Town Center for $187 million is expected to enhance surrounding merchandising and increase rental income, supported by strong existing anchors like Whole Foods and Target [10][17] - The company is actively pursuing additional acquisitions, with another large center expected to close in the fourth quarter, further expanding its portfolio in affluent markets [10][24] Financial Position - The company maintains significant liquidity of approximately $1.3 billion, with a strong balance sheet reflected in a net debt to EBITDA ratio of 5.6 times [20] - The company is executing a capital recycling program, with $400 million in assets at various stages of sale, and expects to close approximately $200 million by year-end [20][22] - Guidance for FFO per share for 2025 has been raised to a range of $7.20 to $7.26, representing a growth of 6.8% at the midpoint over 2024 [23] Market Outlook - The company anticipates continued strong demand for its retail portfolio, with expectations for comparable occupied levels to be in the low 94% range by year-end [24] - The leasing environment remains robust, with a significant portion of new leases being signed for currently occupied spaces, indicating a healthy market dynamic [14][70] - The company is focused on enhancing internal and external growth, leveraging its experienced team to drive leasing performance and operational efficiency [11][62]

Financial Data and Key Metrics Changes - The company reported FFO per share of $1.77, which is above consensus and at the top end of the guidance range of $1.72 to $1.77 [19][22] - Comparable property operating income (POI) growth for the quarter was 4.4% on a GAAP basis and 3.7% on a cash basis, outperforming expectations [19][22] - The company has significant liquidity of approximately $1.3 billion at quarter-end, consisting of availability on its $1.25 billion unsecured credit facility and over $100 million in cash [19][20] Business Line Data and Key Metrics Changes - The company achieved a record leasing quarter with 727,000 square feet of comparable space leased at an average rent of $35.71, representing a 28% increase in annual cash rent compared to previous tenants [5][13] - Occupancy in the comparable pool increased by 40 basis points quarter-over-quarter and 20 basis points year-over-year to 94% [13][14] - The comparable lease rate stands at a healthy 95.7%, with expectations for growth driven by a strong pipeline of over 175,000 square feet of new leases in process [14][15] Market Data and Key Metrics Changes - The company closed on the acquisition of Annapolis Town Center for $187 million at a 7% unlevered return, enhancing its portfolio in a prime market [11][17] - The company is actively pursuing additional acquisitions, with one under contract for approximately $150 million expected to close by year-end [23][68] Company Strategy and Development Direction - The company is committed to enhancing internal and external growth, focusing on high-quality acquisitions and maintaining a disciplined capital allocation strategy [12][19] - The strategy includes expanding geographical footprint without sacrificing quality, targeting affluent markets with proven demand [10][11] - The company plans to continue its capital recycling program, with $400 million of assets at various stages of sale, and a pool of over $1 billion of non-core assets under consideration for future sales [20][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing out 2025 strong based on current operational momentum and leasing activity [6][25] - The company expects a strong operational year in 2026, with continued growth driven by strategic investments and acquisitions [25][36] - Management noted that retail tenant demand remains robust, with no signs of abating [23][25] Other Important Information - The company is experiencing a trend where tenants are signing leases for currently occupied spaces, which has increased from 30-40% to 70% in recent quarters [66] - The company expects to recognize straight-line rent from a significant anchor tenant in the fourth quarter, contributing to incremental POI growth [40] Q&A Session Summary Question: Can you provide insights on the dispositions and cap rates for retail versus residential? - The company indicated that pricing for residential assets is expected to be around 5% and for retail in the low sixes, with a blended cap rate in the mid to upper fives [29] Question: Can you outline any one-time factors affecting 2026 guidance? - Management stated that the new market tax credit is a significant one-time factor for 2025, but they do not expect any material differences in guidance for 2026 [33][35] Question: How sustainable are the impressive cash spreads observed this quarter? - Management noted that while the 28% cash spread is strong, a more sustainable figure over a 12-month period is in the mid-teens, indicating ongoing ability to drive rents [39] Question: What is the plan for the $200 million Bethesda Row mortgage maturing in December? - The company plans to extend the mortgage for another year, exercising the first of two extension options [45] Question: How is the acquisition pipeline looking in terms of competition and cap rates? - Management indicated that while there is increased competition for large transactions, they believe they are well-positioned to compete effectively [56][58] Question: Can you discuss the embedded rent in the pipeline and its projected timeline? - The company expects about $38 million in total rent from the pipeline, with a significant portion coming online in 2026 [61] Question: How is the Annapolis acquisition funded and its impact on future earnings? - The acquisition is funded through a combination of cash on hand and asset sales, with expected accretion contributing to future earnings [51]

Core Insights - Federal Realty Investment Trust (FRT) reported quarterly funds from operations (FFO) of $1.77 per share, exceeding the Zacks Consensus Estimate of $1.76 per share and up from $1.71 per share a year ago, representing an FFO surprise of +0.57% [1] - The company achieved revenues of $322.25 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.67% and increasing from $303.63 million year-over-year [2] - Federal Realty Investment Trust has outperformed consensus FFO estimates three times over the last four quarters [2] Financial Performance - The FFO for the previous quarter was $1.91 per share, which was a surprise of +10.4% compared to the expected $1.73 per share [1] - The current consensus FFO estimate for the upcoming quarter is $1.84, with projected revenues of $322.76 million, and for the current fiscal year, the estimate is $7.21 on $1.26 billion in revenues [7] Market Position - Federal Realty Investment Trust shares have declined approximately 15.3% since the beginning of the year, contrasting with the S&P 500's gain of 16% [3] - The Zacks Industry Rank places the REIT and Equity Trust - Retail sector in the top 37% of over 250 Zacks industries, indicating a favorable industry outlook [8] Future Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call and the trends in estimate revisions [3][4] - The estimate revisions trend for Federal Realty Investment Trust was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [6]

Real Estate Portfolio - As of September 30, 2025, the company owned or had a majority interest in 103 retail real estate projects comprising approximately 27.9 million commercial square feet, with a leasing rate of 95.4% and an occupancy rate of 93.8%[84] - The company completed 2.4 million square feet of comparable space leasing in the last twelve months, with a leased rate of 95.4% and an occupied rate of 93.8%[104] - As of September 30, 2025, the leasable commercial square feet was 95.4% leased and 93.8% occupied, indicating a higher leased rate due to spaces under redevelopment[111] - For Q3 2025, the company signed retail leases totaling 775,000 square feet, with an average rental increase of 28% on a cash basis[112] - The percentage occupied at shopping centers was 93.8% as of September 30, 2025, compared to 94.0% in 2024[138] Acquisitions and Sales - The company acquired Del Monte Shopping Center for $123.5 million and Town Center Crossing and Town Center Plaza for $289.0 million during 2025, totaling $412.5 million in acquisitions[88][90] - During the nine months ended September 30, 2025, the company sold properties for net proceeds of $146.3 million, resulting in a net gain of $77.1 million[91] - The company acquired three properties for $599.5 million year to date through October 2025[157] Financial Performance - Total property revenue increased by $18.6 million, or 6.1%, to $322.3 million in Q3 2025 compared to $303.6 million in Q3 2024[119] - Property operating income rose by $12.9 million, or 6.3%, to $216.6 million in Q3 2025 compared to $203.7 million in Q3 2024[129] - Total property revenue increased by $51.9 million, or 5.8%, to $942.9 million for the nine months ended September 30, 2025, compared to $891.0 million for the same period in 2024[138] - Net income attributable to the Trust rose by $51.7 million, or 22.5%, to $281.3 million for the nine months ended September 30, 2025, compared to $229.7 million in 2024[135] - Property operating income increased by $33.5 million, or 5.6%, to $634.6 million for the nine months ended September 30, 2025, driven by acquisitions and higher rental rates[143] Expenses and Costs - General and administrative expenses increased by $0.8 million, or 7.6%, to $11.6 million in Q3 2025 compared to $10.8 million in Q3 2024[130] - Depreciation and amortization expense increased by $7.2 million, or 8.3%, to $94.3 million in Q3 2025 compared to $87.0 million in Q3 2024[131] - The company capitalized total costs of $220 million for the nine months ended September 30, 2025, compared to $204 million for the same period in 2024[102] - The company expects overall capital costs (excluding acquisitions) to be slightly above 2024 levels, with remaining costs of $285 million for development and redevelopment projects[157] Debt and Financing - The company amended its $600 million unsecured term loan, extending the maturity date to March 20, 2028, and increased the total amount outstanding to $750 million[93] - The company has $652.4 million of debt maturing in the next twelve months, including a $200.0 million mortgage loan secured by Bethesda Row[155] - Total debt outstanding as of September 30, 2025, was $4.7 billion, with a significant portion maturing in the next few years[165] - The weighted average interest rate on the revolving credit facility was 5.2% for the nine months ended September 30, 2025[156] - The company has interest rate swap agreements that effectively fix the rate on $300 million of its term loan at 4.21% until March 1, 2028[172] Cash Flow - Net cash provided by operating activities increased by $22.6 million to $477.5 million for the nine months ended September 30, 2025, compared to $454.9 million for the same period in 2024[159] - Net cash used in investing activities rose by $98.1 million to $473.5 million during the nine months ended September 30, 2025, from $375.5 million in the prior year[160] - Net cash used in financing activities decreased by $222.1 million to $11.8 million for the nine months ended September 30, 2025, down from $233.9 million in 2024[161] - Cash, cash equivalents, and restricted cash at the end of the period were $127.7 million, an increase of $22.1 million from $105.6 million at the end of the same period in 2024[159] Shareholder Returns - Cash dividends paid in the nine months ended September 30, 2025, were approximately $290.2 million[154] - The company intends to maintain its qualification as a REIT, which requires distributing at least 90% of its taxable income to shareholders[174] - The company must distribute at least 90% of its annual taxable income to maintain its REIT status, which may necessitate an increase in distributions if FFO significantly rises[176] Operational Strategy - The company continues to pursue acquisition opportunities that complement its portfolio and provide long-term growth[110] - The company has several ongoing development projects, including a 272,000 square foot office building at Pike & Rose expected to cost between $180 million and $190 million[107] - The company has redevelopment projects with a projected total cost of approximately $283 million, expected to stabilize over the next several years[108] - The company expects leasing activity in 2025 to align with historical averages of 2.0 to 2.4 million square feet of retail space each year[115] Interest Rate Management - The company uses interest rate protection and swap agreements to manage interest rate risk associated with its variable rate debt[180] - The company’s strategy includes entering into derivative financial instruments to hedge against interest rate fluctuations rather than for speculative purposes[180] - The company had $4.2 billion of fixed-rate debt outstanding as of September 30, 2025, with a potential fair value decrease of approximately $144.3 million if market interest rates increased by 1.0%[183] - The company’s variable rate debt outstanding was $552.4 million as of September 30, 2025, with an estimated annual interest expense increase of $5.5 million if market interest rates rose by 1.0%[184] Funds from Operations - Funds from operations (FFO) available for common shareholders for the three months ended September 30, 2025, was $153,045,000, an increase from $144,598,000 for the same period in 2024, representing a growth of 3.1%[178] - For the nine months ended September 30, 2025, FFO available for common shareholders was $465,061,000, compared to $422,659,000 in 2024, indicating a year-over-year increase of 10.0%[178] - The net income for the three months ended September 30, 2025, was $64,499,000, slightly up from $63,461,000 in 2024, reflecting a growth of 1.6%[178] - Depreciation and amortization of real estate assets for the three months ended September 30, 2025, was $81,155,000, compared to $76,581,000 in 2024, marking an increase of 5.5%[178] - The weighted average number of common shares, diluted, for the three months ended September 30, 2025, was 86,599,000, up from 84,714,000 in 2024[178]

Financial Performance - For Q3 2025, net income available for common shareholders was $59.6 million, or $0.69 per diluted share, compared to $58.9 million and $0.70 per diluted share in Q3 2024[7]. - Total revenue for Q3 2025 was $322.253 million, an increase of 6.3% from $303.633 million in Q3 2024[25]. - Net income attributable to the Trust for Q3 2025 was $61.649 million, up 1.1% from $60.953 million in Q3 2024[25]. - Funds from operations (FFO) for Q3 2025 reached $153.045 million, a 5.5% increase compared to $144.598 million in Q3 2024[27]. - The FFO per diluted share for Q3 2025 was $1.77, compared to $1.71 in Q3 2024, reflecting a 3.5% increase[27]. - EBITDAre for the three months ended September 30, 2025, was $207.569 million, compared to $195.634 million for the same period in 2024, reflecting a year-over-year increase of 6.4%[87]. - Funds From Operations (FFO) for the nine months ended September 30, 2025, was $621.730 million, up from $574.114 million in 2024, indicating a growth of 8.3%[87]. - Net income for the three months ended September 30, 2025, was $64.499 million, compared to $63.461 million in 2024, showing a slight increase of 1.6%[87]. Operational Highlights - Achieved record leasing volume of 727,029 square feet across 123 leases, with cash rent growth of 28% and straight-line rent growth of 43%[8]. - Comparable property operating income (POI) grew by 4.4%, excluding lease termination fees and prior period rents collected[8]. - Comparable portfolio occupancy was 94.0%, up 40 basis points quarter-over-quarter, while the leased rate was 95.7%, up 10 basis points quarter-over-quarter[8]. - The residential leased rate was reported at 96.0% as of September 30, 2025[11]. - The occupancy percentage for comparable commercial properties improved to 94.0% as of September 30, 2025, compared to 93.8% in 2024[38]. - The overall portfolio's occupied percentage is 93.8%, showing a slight increase from 93.6% in the previous quarter[77]. - The company has 3,629 active commercial tenant leases, an increase from 3,547 in the previous quarter[77]. Dividend Information - Federal Realty declared a regular quarterly cash dividend of $1.13 per common share, resulting in an indicated annual rate of $4.52 per common share[16]. - The company has increased its quarterly dividends for 58 consecutive years, the longest record in the REIT industry[21]. - The company declared regular common dividends of $97.474 million in Q3 2025, up from $93.442 million in Q3 2024[27]. - The dividend payout ratio as a percentage of FFO was 64% for Q3 2025, slightly down from 65% in Q3 2024[27]. Guidance and Projections - Updated 2025 earnings per diluted share guidance to $3.93 - $3.99, and raised FFO guidance to $7.05 - $7.11 per diluted share, representing 4.6% growth at the midpoint year-over-year[8]. - The estimated funds from operations (FFO) per diluted share for the full year 2025 is projected to be between $7.20 and $7.26[83]. - Comparable properties growth is projected to be between 3.5% and 4%, with a 0.4% negative impact from lower collection of prior period rents due to COVID-19[84]. - Development/redevelopment capital expenditures are forecasted to be between $170 million and $190 million[84]. Property Acquisitions and Developments - The company announced the acquisition of Annapolis Town Center for $187 million, totaling 479,000 square feet[8]. - Significant property acquisitions include Del Monte Shopping Center for $123.5 million and Town Center Crossing for $289.0 million, totaling 1,227,000 square feet[57]. - The projected cost for the Santana West development is between $325 million and $335 million, with an expected ROI of 5% to 6%[51]. - The redevelopment project at Pike & Rose has a projected cost of $180 million to $190 million, with an expected ROI of 6%[51]. - The company is actively working on eight property improvement projects with an expected ROI of 8% to 16% and a total projected cost of $50 million[51]. Debt and Financial Position - Total assets as of September 30, 2025, were $8.862 billion, up from $8.525 billion at the end of 2024, representing a 3.9% increase[26]. - Total liabilities increased to $5.396 billion as of September 30, 2025, compared to $5.100 billion at the end of 2024, marking a 5.8% rise[26]. - Total net debt as of September 30, 2025, was $4,612,033,000, up from $4,375,594,000 in 2024, representing a 5.4% increase[40]. - Total debt as of September 30, 2025, is $4,723,344,000, with a weighted average effective interest rate of 4.06%[41]. - Total fixed rate debt is $4,173,364,000, accounting for 88% of total debt, with a weighted average interest rate of 3.91%[41]. - Total variable rate debt is $549,980,000, representing 12% of total debt, with a weighted average interest rate of 5.17%[41]. - The company has scheduled debt maturities totaling $4,745,046,000, with 24.3% maturing in 2030[47]. Leasing Activity - In Q3 2025, the company signed 123 comparable leases totaling 727,029 square feet at an average rent of $35.71 PSF, with a 28% annual increase over prior rent[68]. - The total lease summary for 12 months shows 448 leases signed, covering 2,511,990 square feet at an average rent of $37.29 PSF, generating total contractual rent of $63,940,304[71]. - New leases in Q3 2025 included 57 leases for 234,886 square feet at an average rent of $45.16 PSF, with a 27% increase over prior rent[69]. - Renewal leases in Q3 2025 accounted for 66 leases covering 492,143 square feet at an average rent of $31.20 PSF, with a 29% annual increase over prior rent[70]. - The weighted average rent for total leases in Q3 2025 was $36.97 PSF, with a lease term averaging 8.3 years[72]. - The average contractual rent for new leases over the 12-month period was $39.98 PSF, with total contractual rent of $43,592,029[69]. - The company reported a total of 534 leases signed over the 12-month period, covering 3,642,222 square feet at an average rent of $33.41 PSF[72]. - The average annual increase for renewal leases over the 12-month period was 14%[70]. Property Management and Occupancy - Total properties in the Washington Metropolitan Area amount to 2,936,489 square feet with an average occupancy rate of 96%[62]. - The highest leased property is Bethesda Row with a leasing rate of 99% and an anchor GLA of 40,000 square feet[62]. - The total GLA for the California properties is 597,000 square feet with an average occupancy rate of 92%[62]. - The property with the largest estate at cost is Pike & Rose, valued at $902,546,000[62]. - The average occupancy rate for grocery anchors across the Washington Metropolitan Area is 96%[62]. - The property with the highest number of residential units is Congressional Plaza, which has 194 units[62]. - The total GLA for grocery anchors in the Washington Metropolitan Area is 556,000 square feet[62]. - The property with the lowest occupancy rate is Chesterbrook at 87%[62]. - The total estate at cost for all properties in the Washington Metropolitan Area is $2,936,489,000[62]. - The largest grocery anchor in terms of GLA is Kingstowne Towne Center with 135,000 square feet[62]. - Total California properties have a Gross Leasable Area (GLA) of 6,986,000 square feet with an overall leasing rate of 94%[63]. - The East Bay Bridge property has a GLA of 441,000 square feet and is 98% leased, with 199,000 square feet allocated to other retail tenants[63]. - The Del Monte Shopping Center has a GLA of 675,000 square feet and is 80% leased, featuring tenants like Whole Foods and Macy's[63]. - The Hastings Ranch Plaza is fully leased at 100% with a GLA of 273,000 square feet[63]. - The San Antonio Center has a GLA of 213,000 square feet and is also fully leased at 100%[63]. - The Westgate Center has a GLA of 650,000 square feet with a leasing rate of 90%[63]. - The Plaza El Segundo property has a GLA of 503,000 square feet and is 99% leased[63]. - The Grossmont Center has a GLA of 866,000 square feet and is 95% leased, featuring major tenants like Target and Walmart[63]. - The total GLA for NY Metro/New Jersey properties is 2,800,000 square feet with an average leasing rate of 95%[63]. - The Melville Mall is fully leased at 100% with a GLA of 241,000 square feet[63]. - Total properties under management amount to 27,936,000 square feet with an overall leasing rate of 95%[65]. - The New York Metro/New Jersey region has a total of 3,270,000 square feet with a leasing rate of 97%[64]. - The South Florida region has a total of 1,287,000 square feet with a leasing rate of 98%[65]. - The Philadelphia Metropolitan Area has a total of 1,920,000 square feet with a leasing rate of 96%[65]. - The Chicago region has a total of 778,000 square feet with a leasing rate of 96%[65]. - The Baltimore region has a total of 1,111,000 square feet with a leasing rate of 97%[65]. - The total cost of properties managed is $11,374,694,000[65]. - The highest leasing rate recorded is 100% at properties like Campus Plaza and North Dartmouth[64]. - The average leasing rate across all regions is approximately 95%[65].