Q3 2023 Earnings Summary
Reported on Jan 4, 2025 (After Market Close)
Pre-Earnings Price$93.45Last close (Nov 2, 2023)
Post-Earnings Price$95.52Open (Nov 3, 2023)
Price Change
$2.07(+2.22%)
- Federal Realty Trust expects continued strong leasing spreads and occupancy gains over the next 18-24 months, particularly in small shops and anchor tenants, which will drive profitability.
- FRT's residential properties, located in mixed-use developments in prime locations, are experiencing strong rent growth and high occupancy, contributing positively to overall performance.
- FRT has significant signed-not-occupied rent of $27 million, with the majority expected to commence in 2024, providing a solid pipeline for future revenue growth.
- Higher interest rates are impacting FRT's redevelopment plans, leading to delays in starting future projects and requiring higher return thresholds.
- Uncertainty in office leasing progress at Santana West, as leases are not yet executed despite advanced negotiations, potentially affecting future income.
- Interest rate headwinds are affecting FRT's guidance, with higher interest expenses than expected and a wider range in Q4 FFO per share guidance.
Research analysts covering FEDERAL REALTY INVESTMENT TRUST.