Federal Realty Investment Trust(US:FRT) ZACKSยท2024-10-31 17:20Core Viewpoint - Federal Realty Investment Trust (FRT) reported a third-quarter 2024 funds from operations (FFO) per share of $1.71, slightly below the Zacks Consensus Estimate of $1.72, but up 3.6% from $1.65 in the same quarter last year [1] Financial Performance - Quarterly revenues reached $303.6 million, surpassing the consensus estimate of $301.2 million, and reflecting a 5.9% increase from the previous year's $286.5 million [2] - Comparable property operating income grew by 2.9% during the quarter [5] Leasing Activity - FRT signed 129 leases for a total of 592,527 square feet of retail space, with an average rent of $34.94 per square foot, indicating cash-basis rollover growth of 14% and 26% on a straight-line basis [3] - The portfolio occupancy rate increased by 90 basis points quarter over quarter and 170 basis points year over year to 94% as of September 30, 2024 [4] - The overall leased rate was 95.9%, up 60 basis points quarter over quarter and 190 basis points year over year [4] Property Acquisition - During the third quarter, FRT acquired Pinole Vista Crossing, a grocery-anchored shopping center in Pinole, CA, for $60 million, expanding its presence in Northern California [6] Guidance and Dividend - The company revised its guidance for 2024 FFO per share to a range of $6.76-$6.86, compared to the previous range of $6.70-$6.88, aligning with the Zacks Consensus Estimate of $6.81 [7] - FRT announced a quarterly cash dividend of $1.10 per share, translating to an annual rate of $4.40 per share, payable on January 15, 2025 [8]