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Mar 31, 2024
Federal Realty Q1 2024 Earnings Report
Federal Realty Investment Trust announced its first quarter 2024 operating results, highlighting strong leasing activity and increased FFO per diluted share.
Key Takeaways
Federal Realty Investment Trust reported a strong first quarter for 2024, with net income available for common shareholders increasing to $54.7 million and diluted EPS at $0.66. The company achieved record leasing levels for comparable retail space and saw an increase in FFO per diluted share to $1.64. Occupancy and leased rates remained high, and the company tightened its 2024 earnings and FFO guidance upwards.
Net income available for common shareholders increased to $54.7 million, up from $53.3 million in Q1 2023.
Diluted earnings per share (EPS) rose to $0.66, compared to $0.65 in the prior year's quarter.
Funds from operations (FFO) per diluted share increased by 3.1% year-over-year to $1.64.
Record leasing activity with 104 signed leases for 566,865 square feet of comparable retail space, achieving a cash basis rollover growth of 9%.
Forward Guidance
Federal Realty has updated its full year 2024 guidance, raising the lower end of both earnings per diluted share and FFO per diluted share, and maintaining the comparable properties growth assumption.
Positive Outlook
- Raised the lower end of 2024 earnings per diluted share guidance from $2.72 to $2.74.
- Raised the lower end of 2024 FFO per diluted share guidance from $6.65 to $6.67.
- Maintained the upper end of 2024 earnings per diluted share guidance at $2.94.
- Maintained the upper end of 2024 FFO per diluted share guidance at $6.87.
- Comparable properties growth excluding lease termination fees and prior period rents collected assumption remains strong at 2.75% - 4%.
Historical Earnings Impact
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