The following is a summary of the Federal Realty Investment Trust (FRT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Federal Realty reported Q1 earnings of $1.64, representing over 3% growth despite higher interest rates.

• The company attained a record Q1 property operating income of over $17 million from its residential portfolio.

• Contractual rent increases for deals completed in the first quarter were approximately 2.3%.

• Despite being at the higher end of the guidance range, Federal Realty achieved 3.8% same-center growth, excluding term fees and COVID repayments.

Business Progress:

• Federal Realty signed 117 commercial leases, covering more than 775,000 square feet of retail and office space, with record leasing achieved.

• The company's small-shop lease percentage rose to 91.4%, with continued growth expected.

• Global foodservice giant, Sodexo, moved into its new North American headquarters at Pike & Rose in Q1 of 2024.

• Management is focusing on both sourcing acquisitions and maintaining balance sheet strength for the rest of this year and into the next.

• Due diligence has been initiated concerning the potential acquisition of a large asset.

• The Trust has leaned into the acquisitions market in the past six months, taking advantage of cost-of-capital opportunities.

• The purchase of the remaining joint venture interest in CocoWalk was successful, signaling potential future joint venture buyouts.

• Despite interest in adding life sciences to Assembly Row or Pike & Rose locations, focus is likely to be more on retail or residential elements.

More details: Federal Realty Investment Trust IR

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