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 ...

Federal Realty Investment Trust (FRT) Q4 2024 Earnings Call February 13, 2025 05:00 PM ET Company Participants Leah Brady - Vice President-Investor RelationsDonald Wood - President and CEODan Guglielmone - Executive Vice President, Chief Financial Officer & TreasurerJuan Sanabria - Managing DirectorDori Kesten - DirectorJan Sweetnam - Executive VP & Chief Investment OfficerJeffrey Spector - Managing DirectorAlexander Goldfarb - Managing DirectorGreg Mcginniss - DirectorKi Bin Kim - Managing DirectorFloris v ...

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 ...

[Fourth Quarter 2024 Earnings Press Release](index=3&type=section&id=Fourth%20Quarter%202024%20Earnings%20Press%20Release) [Financial and Operating Highlights](index=3&type=section&id=Financial%20and%20Operating%20Highlights) Federal Realty reported a record-breaking year in 2024, with unprecedented leasing momentum driving all-time highs in leasing volume, revenue, and earnings. Key achievements include a **3.4%** growth in comparable property operating income for the full year, a significant increase in portfolio occupancy to its highest level in nearly a decade, and the introduction of strong 2025 FFO guidance of **$7.10 to $7.22** per share - 2024 was a record-breaking year with the highest annual comparable leasing volume on record, signing 452 leases for **2.4 million square feet** at an **11%** cash basis rollover[7](index=7&type=chunk)[8](index=8&type=chunk) 2024 Key Performance Indicators | Metric | Full Year 2024 | Q4 2024 | | :--- | :--- | :--- | | FFO per Diluted Share | $6.77 (**+3.4%** YoY) | $1.73 (**+5.5%** YoY) | | Comparable POI Growth (1) | **3.4%** | **4.2%** | | Portfolio Occupied % | **94.1%** (**+190 bps** YoY) | **94.1%** | | Portfolio Leased % | **96.2%** (**+200 bps** YoY) | **96.2%** | | Small Shop Leased % | **93.6%** (**+290 bps** YoY) | **93.6%** | (1) Excluding lease termination fees and prior period rents collected - The company introduced 2025 FFO per diluted share guidance of **$7.10 to $7.22** and earnings per diluted share guidance of **$3.00 to $3.12**[13](index=13&type=chunk)[23](index=23&type=chunk) [Financial Results (Net Income & FFO)](index=5&type=section&id=Financial%20Results) For the full year 2024, net income available to common shareholders increased to **$287.2 million** (**$3.42**/share) from **$229.0 million** (**$2.80**/share) in 2023. Funds from Operations (FFO) also grew, reaching **$570.2 million** (**$6.77**/share) for the year, up from **$537.3 million** (**$6.55**/share) in the prior year Net Income Available for Common Shareholders | Period | Net Income (millions) | EPS (diluted) | | :--- | :--- | :--- | | **Full Year 2024** | **$287.2** | **$3.42** | | Full Year 2023 | $229.0 | $2.80 | | **Q4 2024** | **$63.5** | **$0.75** | | Q4 2023 | $62.1 | $0.76 | Funds From Operations (FFO) | Period | FFO (millions) | FFO per Share (diluted) | | :--- | :--- | :--- | | **Full Year 2024** | **$570.2** | **$6.77** | | Full Year 2023 | $537.3 | $6.55 | | **Q4 2024** | **$147.6** | **$1.73** | | Q4 2023 | $134.9 | $1.64 | [Operational Update (Occupancy & Leasing)](index=5&type=section&id=Operational%20Update%20%28Occupancy%20%26%20Leasing%29) As of December 31, 2024, the portfolio's occupancy rose to **94.1%**, a **190 basis point** year-over-year increase, while the leased rate hit **96.2%**. The company executed a record **2.4 million square feet** of comparable retail leasing for the full year at an **11%** cash basis rollover growth - The portfolio was **94.1%** occupied and **96.2%** leased as of year-end 2024, representing year-over-year increases of **190** and **200 basis points**, respectively. Small shop leased rate saw a significant increase of **290 basis points** to **93.6%**[13](index=13&type=chunk) 2024 Leasing Activity (Comparable Spaces) | Period | Leases Signed | Square Feet | Cash Rollover Growth | Straight-Line Rollover Growth | | :--- | :--- | :--- | :--- | :--- | | **Full Year 2024** | 452 | 2,391,575 | **11%** | **22%** | | **Q4 2024** | 100 | 649,372 | **10%** | **21%** | [Strategic Activities (Redevelopment, Acquisitions, Dividends)](index=6&type=section&id=Strategic%20Activities%20%28Redevelopment%2C%20Acquisitions%2C%20Dividends%29) The company announced two new redevelopment projects in Hoboken, NJ, and Philadelphia, PA, with projected costs of **$45-$48 million** and **$32 million**, respectively. It is also under contract to acquire a Northern California shopping center for **$124 million**. The Board declared a quarterly cash dividend of **$1.10** per common share - Announced a residential redevelopment in Hoboken, NJ, with a projected cost of **$45-$48 million** and ROI of **6%-7%**[17](index=17&type=chunk) - Announced the redevelopment of Andorra Shopping Center in Philadelphia, PA, with a projected cost of **$32 million** and an incremental ROI of **7%-8%**[18](index=18&type=chunk) - The company is under contract to purchase a **673,000 sq ft** shopping center in Northern California for **$124 million**, expected to close in late February 2025[19](index=19&type=chunk) - The Board of Trustees declared a regular quarterly cash dividend of **$1.10** per common share, marking the **57th consecutive year** of increased dividends[20](index=20&type=chunk)[26](index=26&type=chunk) [2025 Initial Guidance](index=7&type=section&id=2025%20Initial%20Guidance) Federal Realty has issued its initial guidance for 2025, projecting FFO per diluted share between **$7.10** and **$7.22**, and earnings per diluted share from **$3.00** to **$3.12**. This outlook is based on assumptions including **3-4%** comparable properties growth and **$175-$225 million** in development/redevelopment capital spending 2025 Full Year Guidance | Metric | Guidance Range | | :--- | :--- | | Earnings per diluted share | **$3.00 - $3.12** | | FFO per diluted share | **$7.10 - $7.22** | Key 2025 Guidance Assumptions | Assumption | Value | | :--- | :--- | | Comparable properties growth | **3% - 4%** | | Acquisitions | **$124 million** | | Development/redevelopment capital | **$175 - $225 million** | | General and administrative expenses | **$45 - $48 million** | [Financial Highlights](index=8&type=section&id=Financial%20Highlights) [Consolidated Income Statements](index=9&type=section&id=Consolidated%20Income%20Statements) For the year ended December 31, 2024, total revenues increased to **$1.20 billion** from **$1.13 billion** in 2023. Operating income grew to **$472.4 million**, up from **$406.5 million** in the prior year, while net income rose to **$304.3 million** from **$247.2 million** Annual Income Statement Highlights (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenue | **$1,202,452** | $1,132,154 | | Operating Income | **$472,356** | $406,470 | | Net Income | **$304,334** | $247,217 | | Net Income Available for Common Shareholders | **$287,176** | $228,953 | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, Federal Realty's total assets stood at **$8.52 billion**, a slight increase from **$8.44 billion** at year-end 2023. Total liabilities decreased to **$5.10 billion** from **$5.21 billion**, contributing to an increase in total shareholders' equity to **$3.24 billion** Balance Sheet Summary (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Assets | **$8,524,757** | $8,436,512 | | Total Liabilities | **$5,100,327** | $5,210,990 | | Total Shareholders' Equity | **$3,244,144** | $3,042,159 | [Funds From Operations / Other Supplemental Information](index=12&type=section&id=Funds%20From%20Operations%20%2F%20Other%20Supplemental%20Information) For the full year 2024, Funds from Operations (FFO) available to common shareholders was **$570.2 million**, or **$6.77** per diluted share, compared to **$537.3 million**, or **$6.55** per diluted share in 2023. Total capital expenditures for 2024 amounted to **$252.4 million**, down from **$288.4 million** in the previous year FFO Reconciliation Summary - Full Year (in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net income | **$304,334** | $247,217 | | Depreciation and amortization of real estate | **$302,455** | $285,689 | | FFO available for common shareholders | **$570,239** | $537,313 | | **FFO per diluted share** | **$6.77** | **$6.55** | Capital Expenditures Summary - Full Year (in thousands) | Category | 2024 | 2023 | | :--- | :--- | :--- | | Non-maintenance capital expenditures | **$227,893** | $266,039 | | Maintenance capital expenditures | **$24,552** | $22,358 | | **Total capital expenditures** | **$252,445** | **$288,397** | [Components of Rental Income](index=13&type=section&id=Components%20of%20Rental%20Income) Total rental income for the year 2024 was **$1.17 billion**, up from **$1.10 billion** in 2023. The primary components were commercial minimum rents (**$789.9 million**), residential minimum rents (**$108.3 million**), and cost reimbursements (**$230.1 million**) Components of Rental Income - Full Year (in thousands) | Component | 2024 | 2023 | | :--- | :--- | :--- | | Minimum rents - Commercial | **$789,947** | $742,977 | | Minimum rents - Residential | **$108,318** | $102,740 | | Cost reimbursements | **$230,069** | $211,693 | | **Total rental income** | **$1,170,078** | **$1,101,439** | [Comparable Property Information](index=14&type=section&id=Comparable%20Property%20Information) For the full year 2024, comparable property operating income (POI) grew by **2.8%** to **$766.8 million**. Excluding lease termination fees and prior period rents, this growth was **3.4%**. For Q4 2024, the growth was even stronger at **4.2%** on the same adjusted basis. Leased percentage for comparable properties increased to **96.1%** from **94.4%** year-over-year Comparable Property POI Growth | Period | Growth (incl. fees) | Growth (excl. fees & prior rents) | | :--- | :--- | :--- | | **Full Year 2024** | **2.8%** | **3.4%** | | **Q4 2024** | **3.8%** | **4.2%** | Comparable Property Occupancy Statistics | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Leased % | **96.1%** | **94.4%** | | Occupancy % | **93.8%** | **92.3%** | [Market Data, Debt Metrics, and Covenants](index=16&type=section&id=Market%20Data%2C%20Debt%20Metrics%2C%20and%20Senior%20Notes%20and%20Debentures%20Covenants) As of December 31, 2024, the company's total market capitalization was **$14.17 billion**, with a net debt to market cap ratio of **31%**. The ratio of EBITDAre to fixed charges and preferred dividends was **3.7x** for the year. All senior notes and debentures covenants were met with significant headroom - Total market capitalization stood at **$14.17 billion**, with total net debt of **$4.35 billion**[42](index=42&type=chunk) Key Ratios and Covenants (as of Dec 31, 2024) | Metric | Actual | Covenant Threshold | | :--- | :--- | :--- | | Total Debt to Total Assets | **39%** | < **60%** | | Secured Debt to Total Assets | **5%** | < **40%** | | Consolidated Income to Annual Debt Service | **3.8x** | > **1.5x** | | Unencumbered Assets to Unsecured Debt | **257%** | > **150%** | [Summary of Debt](index=17&type=section&id=Summary%20of%20Debt) [Summary of Outstanding Debt](index=17&type=section&id=Summary%20of%20Outstanding%20Debt) As of December 31, 2024, total net debt was approximately **$4.47 billion** with a weighted average effective interest rate of **4.08%**. The debt is composed of **$514.4 million** in mortgages, **$601.4 million** in notes payable, and **$3.36 billion** in senior notes. **87%** of the total debt is fixed-rate Debt Composition (as of Dec 31, 2024) | Debt Type | Balance (net, in millions) | % of Total | | :--- | :--- | :--- | | Mortgages payable | **$514.4** | **11.5%** | | Notes payable | **$601.4** | **13.4%** | | Senior notes and debentures | **$3,357.8** | **75.1%** | | **Total debt, net** | **$4,473.6** | **100%** | - The debt portfolio is heavily weighted towards fixed-rate obligations, with **87%** of total net debt being fixed-rate at a weighted average effective rate of **3.87%**[45](index=45&type=chunk) [Summary of Debt Maturities](index=19&type=section&id=Summary%20of%20Debt%20Maturities) The company has significant debt maturities in 2026 (**$1.06 billion**, **23.5%** of total) and 2027 (**$893.3 million**, **19.9%** of total), assuming all extension options are exercised. The weighted average remaining term for all debt is approximately **6 years** Upcoming Debt Maturities (in millions) | Year | Total Maturing | Percent of Total | | :--- | :--- | :--- | | 2025 | **$48.1** | **1.1%** | | 2026 | **$1,055.6** | **23.5%** | | 2027 | **$893.3** | **19.9%** | | 2028 | **$352.5** | **7.8%** | | 2029 | **$945.4** | **21.0%** | - The weighted average remaining term on the company's mortgages, notes, and senior notes is approximately **6 years**[50](index=50&type=chunk) [Summary of Redevelopment and Expansion Opportunities](index=20&type=section&id=Summary%20of%20Redevelopment%20and%20Expansion%20Opportunities) [Active Redevelopment Projects](index=20&type=section&id=Active%20Redevelopment%20Projects) The company is actively working on several major redevelopment projects, including the Santana West office development in San Jose, CA, and the Pike & Rose office building in North Bethesda, MD. These projects represent a significant capital investment with projected ROIs ranging from **5% to 8%** Major Projects in Process | Property | Opportunity | Projected Cost (millions) | Projected ROI | | :--- | :--- | :--- | :--- | | Santana West | **369,000 sq ft** office building | **$325 - $335** | **5% - 6%** | | Pike & Rose - 915 Meeting Street | **266,000 sq ft** office building | **$180 - $190** | **6%** | | Huntington | **102,000 sq ft** retail space | **$80 - $85** | **8%** | | Hoboken - 301 Washington Street | 45-unit residential building | **$45 - $48** | **6% - 7%** | | Andorra | Redevelopment for national grocer | **$32** | **7% - 8%** | - In addition to major projects, the company is pursuing ongoing improvements at 10 properties, with a total cost of **$70 million** and projected ROIs of **8%-13%**[53](index=53&type=chunk)[57](index=57&type=chunk) [Future Redevelopment and Expansion Opportunities](index=22&type=section&id=Future%20Redevelopment%20and%20Expansion%20Opportunities) [Future Pipeline](index=22&type=section&id=Future%20Pipeline) Federal Realty has identified a pipeline of future redevelopment opportunities focused on property expansion, residential additions, and long-term mixed-use projects. Significant remaining entitlements exist at key properties like Assembly Row, Pike & Rose, and Santana Row, offering substantial long-term value creation potential - The company has identified numerous properties for potential expansion/conversion, residential additions, or long-term mixed-use redevelopment[58](index=58&type=chunk)[59](index=59&type=chunk) - Key properties with significant remaining entitlements include: - **Assembly Row:** **~1.5 million sq ft** of commercial space and 326 residential units - **Pike & Rose:** **~530,000 sq ft** of commercial space and 741 residential units - **Santana Row:** **~321,000 sq ft** of commercial space and 395 residential units[59](index=59&type=chunk)[60](index=60&type=chunk) [Significant Transactions](index=23&type=section&id=Significant%20Transactions) [Acquisitions, Dispositions, and Financing](index=23&type=section&id=Acquisitions%2C%20Dispositions%2C%20and%20Financing) During 2024, the company acquired two properties, Virginia Gateway and Pinole Vista Crossing, for a total of **$275 million**. It disposed of its Third Street Promenade property for **$103 million**. Financing activities included issuing **2.77 million** common shares and **$485 million** in **3.25%** Exchangeable Senior Notes, while repaying **$600 million** of **3.95%** Senior Notes 2024 Property Acquisitions | Property | GLA (sq ft) | Purchase Price (millions) | | :--- | :--- | :--- | | Virginia Gateway | 664,000 | **$215.0** | | Pinole Vista Crossing | 216,000 | **$60.0** | - Disposed of the Third Street Promenade property in Santa Monica, CA for **$103.0 million**[64](index=64&type=chunk) - Issued **$485.0 million** of **3.25%** Exchangeable Senior Notes due 2029 and repaid **$600.0 million** of **3.95%** Senior Notes[66](index=66&type=chunk)[67](index=67&type=chunk) - Issued **2,769,579** common shares at a weighted average gross price of **$110.92** during the year[65](index=65&type=chunk) [Real Estate Status Report](index=24&type=section&id=Real%20Estate%20Status%20Report) [Portfolio Overview](index=24&type=section&id=Portfolio%20Overview) As of December 31, 2024, Federal Realty's total portfolio consists of **26.8 million square feet** of commercial GLA and **3,104** residential units. The commercial portfolio is **96%** leased and **94%** occupied, with an average rent of **$31.81** per square foot. The largest concentration is in the Washington Metropolitan Area, with **7.1 million square feet** Grand Total Portfolio Statistics | Metric | Value | | :--- | :--- | | Commercial GLA | **26,832,000 sq ft** | | % Leased | **96%** | | % Occupied | **94%** | | Average Rent PSF | **$31.81** | | Residential Units | **3,104** | Portfolio by MSA (Top 3 by GLA) | MSA Description | GLA (in thousands) | % Leased | % Occupied | | :--- | :--- | :--- | :--- | | Washington Metropolitan Area | **7,102** | **97%** | **96%** | | California | **6,394** | **95%** | **93%** | | NY Metro/New Jersey | **3,279** | **97%** | **96%** | [Retail Leasing Summary](index=30&type=section&id=Retail%20Leasing%20Summary) [2024 Leasing Activity Analysis](index=30&type=section&id=2024%20Leasing%20Activity%20Analysis) For the full 12 months of 2024, the company signed 452 comparable retail leases covering **2.4 million square feet**, achieving an **11%** cash basis rent increase over prior rents. New leases saw a **15%** cash basis increase, while renewal leases had an **8%** increase. Tenant improvement costs were significantly higher for new leases (**$58.91**/PSF) compared to renewals (**$3.25**/PSF) Full Year 2024 Comparable Lease Summary | Lease Type | Leases Signed | GLA Signed | Cash Basis % Increase | TI & Incentives PSF | | :--- | :--- | :--- | :--- | :--- | | **Total Comparable** | 452 | **2,391,575** | **11%** | **$26.03** | | New Leases | 204 | **978,822** | **15%** | **$58.91** | | Renewal Leases | 248 | **1,412,753** | **8%** | **$3.25** | [Lease Expirations](index=32&type=section&id=Lease%20Expirations) [Lease Expiration Schedule](index=32&type=section&id=Lease%20Expiration%20Schedule) Assuming no exercise of lease options, **7%** of the total portfolio square footage is set to expire in 2025, followed by **10%** in 2026 and **12%** in 2027. Over the next five years (**2025-2029**), a cumulative **54%** of the total square footage will expire, presenting both risk and opportunity for rental rate adjustments Lease Expirations (Assuming No Options Exercised) | Year | Expiring SF (Total) | % of Total SF | Minimum Rent PSF | | :--- | :--- | :--- | :--- | | 2025 | **1,840,000** | **7%** | **$27.32** | | 2026 | **2,635,000** | **10%** | **$29.88** | | 2027 | **3,109,000** | **12%** | **$32.56** | | 2028 | **2,822,000** | **11%** | **$31.67** | | 2029 | **3,529,000** | **14%** | **$32.89** | [Portfolio Leased Statistics](index=33&type=section&id=Portfolio%20Leased%20Statistics) [Occupancy and Leasing Trends](index=33&type=section&id=Occupancy%20and%20Leasing%20Trends) The overall commercial portfolio's leased percentage improved to **96.2%** as of December 31, 2024, up from **94.2%** a year prior. Occupancy also increased to **94.1%** from **92.2%**. Notably, the leased percentage for small shop tenants saw a significant jump from **90.7%** to **93.6%** year-over-year Commercial Portfolio Statistics Comparison | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Leased % | **96.2%** | **94.2%** | | Occupied % | **94.1%** | **92.2%** | | Leased % - anchor tenants | **97.5%** | **96.0%** | | Leased % - small shop tenants | **93.6%** | **90.7%** | [Summary of Top 25 Tenants](index=34&type=section&id=Summary%20of%20Top%2025%20Tenants) [Tenant Concentration](index=34&type=section&id=Tenant%20Concentration) The company's tenant base is well-diversified, with the top 25 tenants accounting for **24.31%** of the total annualized base rent. The top tenant, The TJX Companies, represents **2.62%** of the total annualized base rent. Other top tenants include Ahold Delhaize, NetApp, Inc., and Cisco Systems, Inc - The top 25 tenants represent **24.31%** of total annualized base rent and **29.18%** of total GLA[90](index=90&type=chunk) Top 5 Tenants by Annualized Base Rent | Rank | Tenant Name | % of Total ABR | | :--- | :--- | :--- | | 1 | TJX Companies, The | **2.62%** | | 2 | Ahold Delhaize | **1.90%** | | 3 | NetApp, Inc. | **1.67%** | | 4 | Cisco Systems, Inc. | **1.54%** | | 5 | Gap, Inc., The | **1.24%** | [Reconciliation of FFO Guidance](index=35&type=section&id=Reconciliation%20of%20FFO%20Guidance) [FFO Guidance Details](index=35&type=section&id=FFO%20Guidance%20Details) The company provides a reconciliation for its 2025 guidance, bridging the estimated earnings per diluted share (**$3.00 - $3.12**) to the estimated FFO per diluted share (**$7.10 - $7.22**). The primary adjustment is for estimated depreciation and amortization, projected to be **$4.10** per share 2025 FFO Guidance Reconciliation (per diluted share) | | Low | High | | :--- | :--- | :--- | | Estimated net income available to common shareholders | **$3.00** | **$3.12** | | Estimated depreciation and amortization | **$4.10** | **$4.10** | | **Estimated FFO per diluted share** | **$7.10** | **$7.22** | - Key assumptions for this guidance include **3-4%** comparable properties growth and **$124 million** in acquisitions[94](index=94&type=chunk) [Glossary of Terms](index=36&type=section&id=Glossary%20of%20Terms) [Key Definitions](index=36&type=section&id=Key%20Definitions) This section provides definitions for key non-GAAP measures and terms used throughout the report. It includes detailed definitions and reconciliations for EBITDA for Real Estate (EBITDAre) and Funds From Operations (FFO), as well as explanations for terms like 'Comparable Properties' and 'Annualized Base Rent' - Defines Funds From Operations (FFO) as net income plus real estate depreciation and amortization, and gains/losses on property sales, noting it is a supplemental performance measure[97](index=97&type=chunk) - Defines EBITDA for Real Estate (EBITDAre) per NAREIT standards and provides a reconciliation from net income[97](index=97&type=chunk) - Defines 'Comparable Properties' as the consolidated portfolio excluding assets not owned for the full period or those under significant development, which could distort period-over-period comparisons[99](index=99&type=chunk)

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 ...

Core Viewpoint - Federal Realty Investment Trust (FRT) is preparing to report its fourth-quarter and full-year 2024 results on February 13, with analysts and investors keen to evaluate its performance amid current economic conditions [1]. Company Performance - In the last reported quarter, FRT experienced a negative surprise of 0.58% in FFO per share, despite healthy leasing activity and significant occupancy gains, which were offset by higher interest expenses [2]. - Over the past four quarters, FRT surpassed estimates once, met once, and missed twice, with an average miss of 0.15% [3]. - The Zacks Consensus Estimate for quarterly revenues is $311.85 million, reflecting a 6.9% increase year-over-year, while rental revenues are projected at $311.38 million, up from $291.53 million in the previous year [9]. Industry Overview - The U.S. retail availability rate remained stable at 4.7% in Q4, despite store closures and a decline in net absorption, supported by limited new development due to high construction costs [4]. - Net absorption fell 14% quarter-over-quarter to 5.7 million square feet, aligning with seasonal trends as retailers focused on the holiday season [5]. - Average asking rent increased by 0.4% quarter-over-quarter and 2.5% year-over-year to $23.80 per square foot, with strong demand in secondary markets [6]. Future Projections - FRT's leasing rate is expected to be 96.1%, up 20 basis points sequentially, with rent per square foot projected to grow by 2.8% year-over-year [8]. - Interest expenses for the fourth quarter are estimated to increase by 7% year-over-year [10]. - For the full year 2024, FRT guided for FFO per share in the range of $6.76-$6.86, with a Zacks Consensus Estimate of $6.77, indicating a 3.36% increase year-over-year on revenues of $1.20 billion [11].