Record Leasing Quarter
Federal Realty reported its best leasing quarter ever, with 727,000 square feet of comparable space leased at $35.71 per square foot, representing a 28% increase in annual cash rent over previous tenants.
Strong Comparable Operating Income Growth
The company achieved a 4.4% growth in comparable operating income for the quarter despite some negative impacts on FFO per share.
Positive Development and Redevelopment Progress
Residential construction projects in Hoboken, NJ, and Bala Cynwyd, PA, are on time and budget, with additional projects underway at Santana Row.
Increased Guidance for 2025
Federal Realty raised its forecasted range for FFO per share to $7.05 to $7.11, representing about 4.6% growth on a recurring basis over 2024.
Successful Acquisitions
The company acquired Annapolis Town Center for $187 million with a 7% unlevered return and is expecting to close on another large and dominant center in the Midwest in the fourth quarter.