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Federal Realty Investment Trust (FRT) is an equity real estate investment trust (REIT) that focuses on the ownership, management, and redevelopment of high-quality retail and mixed-use properties. These properties are strategically located in metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, California, and South Florida, where retail demand exceeds supply . As of December 31, 2023, FRT's portfolio includes 102 predominantly retail real estate projects with a leasing rate of 94.2% and an occupancy rate of 92.2% . The company's revenue is primarily generated from lease agreements with tenants, and it has a long history of paying and increasing dividends to its shareholders .
- Retail Properties - Owns and manages regional, community, and neighborhood shopping centers, often anchored by grocery stores, to meet retail demand in high-demand areas.
- Mixed-Use Properties - Develops and operates properties that combine retail with residential, office, and/or hotel components, providing a diverse range of services and amenities.
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Regarding your maintained guidance of 70–90 basis points of bad debt in same-store NOI, despite minimal tenant credit issues observed in the first half, what specific risks are causing you to retain this level in your outlook for the second half of the year?
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You have revised upward your targeted year-end occupancy level to roughly 93.5%, exceeding previous assumptions. What factors are driving this stronger occupancy growth, and do you expect this trend to continue into next year?
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Same-property NOI growth slowed sequentially in the quarter, yet your guidance implies a return to mid- to high 3% growth. Can you detail the assumptions behind this expected acceleration, and what gives you confidence in achieving these levels?
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With your recent investments, including deploying $275 million of capital at a 7-plus percent yield, and issuing equity, how are you balancing funding sources for future investments, and what is your strategy for optimizing capital allocation between equity, debt, and asset sales?
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Considering reports of pressure on lower-end consumer spending and tenant sales growth, are you seeing any impact on leasing demand or rent collections within your portfolio, especially among lower-end tenants, and how are you addressing potential risks?
Recent developments and announcements about FRT.
Corporate Leadership
Leadership Change
Jeffrey S. Berkes is leaving his position as President and Chief Operating Officer of Federal Realty Investment Trust, effective December 31, 2024. The company will not fill this role. Donald C. Wood, the current CEO, will also take on the role of President .