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Federal Realty Investment Trust Raises Dividend After “Solid Progress”

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Continued solid growth in Federal Realty Investment Trust’s property level operating income this quarter along with solid progress in developing and delivering great new retail and mixed-use destinations for the years to come, “gives us great confidence in our ability to raise our dividend to shareholders for a REIT record 51st year in a row, that is, since 1967.” Those thoughts are according to Donald C. Wood, president and CEO of Federal Realty.

When the REIT revealed its q2 results, Wood said that “As I celebrate my own 20th year anniversary with the company in 2018 and 15th as its chief executive, I still marvel at the quality of the real estate and balance sheet that allows us to build on this incredibly unique and rare feat year in and year out. It’s only possible by truly acting with long term real estate value creation always top of mind.”

Highlights of the quarter and recent activity for the company include:

  • Generated earnings per diluted share of $0.84 for the quarter compared to $1.05 in second quarter 2017, which included a $0.26 gain on sale of real estate.
  • Generated funds from operations available for common shareholders (FFO) per diluted share of $1.55 for the quarter compared to $1.49 in second quarter 2017.
  • Generated comparable property property operating income (POI) growth of 3.6% for the second quarter.
  • Signed leases for 449,247 sf of comparable space (474,578 sf total) in the second quarter at an average rent of $34.75 psf and achieved cash basis rollover growth on those comparable spaces of 10%.
  • Increased the regular quarterly dividend rate on common shares to $1.02 per share, representing the 51st consecutive year of common dividend increases.
  • Increased 2018 FFO per diluted share guidance range to $6.13 – $6.23.