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    Federal Realty Investment Trust (FRT)

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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 .

    1. Retail Properties - Owns and manages regional, community, and neighborhood shopping centers, often anchored by grocery stores, to meet retail demand in high-demand areas.
    2. 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.
    NamePositionStart DateShort Bio
    Donald C. WoodChief Executive Officer and will reassume the position of PresidentCEO: 2003, President: 2024Donald C. Wood has been serving as the Chief Executive Officer of Federal Realty Investment Trust since 2003. He joined Federal Realty in 1998 and will reassume the position of President effective December 31, 2024 .
    Jeffrey S. BerkesPresident and Chief Operating Officer (departing effective December 31, 2024)2021Jeffrey S. Berkes has served as the President and Chief Operating Officer of Federal Realty Investment Trust since 2021. He joined the company in 2000 and is set to depart from his role effective December 31, 2024 .
    Daniel GuglielmoneExecutive Vice President, Chief Financial Officer, and Treasurer2016Daniel Guglielmone is the Executive Vice President, Chief Financial Officer, and Treasurer at Federal Realty Investment Trust. He joined the company in 2016 and has been in his current position since then .
    Dawn M. BeckerExecutive Vice President, General Counsel, and Secretary2002Dawn M. Becker serves as the Executive Vice President, General Counsel, and Secretary at Federal Realty Investment Trust. She joined the company in 1997 and has been in her current position since 2002 .
    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20240.0009Secured Mortgage LoanN/A0.02% = (0.0009 / 4.4726) * 100
    20250.8481Unsecured Term Loan, Secured MortgageSOFR + 0.85%, 0.95%18.9% = (0.8481 / 4.4726) * 100
    20260.4556Senior Notes, Debentures1.25%, 7.48%10.2% = (0.4556 / 4.4726) * 100
    20270.6934Senior Notes, Medium-Term Notes3.25%, 6.82%15.5% = (0.6934 / 4.4726) * 100
    20280.3525Senior Notes5.375%7.9% = (0.3525 / 4.4726) * 100
    Thereafter2.1472Senior Notes, VariousVarious48.0% = (2.1472 / 4.4726) * 100
    NameStart DateEnd DateReason for Change
    Grant Thornton LLP2002 PresentCurrent auditor

    Recent developments and announcements about FRT.

    Corporate Leadership

      Leadership Change

      ·
      Nov 15, 2024, 12:00 AM

      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 .