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Federal Realty Trust (NYSE:FRT) issued 2024 FFO guidance with a midpoint that comes in slightly higher than the average analyst estimate. Meanwhile, its Q4 2023 FFO, meeting estimates, came in slightly weaker than the previous quarter as the real estate investment trust navigated a higher interest rate environment.
The retail property landlord expects 2024 FFO per share of $6.65-$6.87 ($6.76 midpoint) vs. $6.77 consensus and $6.55 in 2023.
Q4 FFO per share of $1.64, matching the average analyst estimate, dipped from $1.65 in Q3 and increased from $1.58 in Q4 2022.
For full-year 2023, "Federal's FFO per diluted share reached an all-time high, showcasing the company's resilience in the face of elevated interest rates," CEO Donad C. Wood said. "Our multi-faceted business plan drove FFO growth, marked by continued growth in our comparable pool, contributions from our redevelopment and expansion program, and accretive acquisition activity."
Total revenue of $291.8M, missing the $292.4M consensus, climbed from $286.6M in the prior quarter and $280.1M a year ago.
Operating expenses of $191.2M increased from $186.5M in Q3 and $188.7M in Q4 2022.
As of Dec. 31, 2023, its portfolio was 92.2% occupied vs. 92.3% at Sept. 30; and was 94.2% leased compared with 94.0% at Sept. 30.
During the quarter, Federal Realty (FRT) signed 102 leases for 398,378 square feet of retail space. On a comparable space basis, FRT signed 100 leases for 393,761 sf at an average rent of $4.57 per sf, compared with the average contractual rent of $39.97 per sf for the last year of prior leases.
Conference call at 5:00 PM ET.
Earlier, Federal REIT FFO of $1.64 in-line, revenue of $291.81M misses by $0.54M