Federal Realty Investment Q2 FFO Increases; Lifts FY24 Outlook

(RTTNews) - Federal Realty Investment Trust (FRT), Thursday reported second-quarter funds from operations of $141.3 million or $1.69 a share compared to $136.9 million or $1.67 a share last year.

Profit increased to $110 million or $1.32 per share from $58.5 million or $0.72 per share in previous year. Analysts, on average, polled by Thomson Reuters expected earnings of $0.71 per share.

Revenue for the quarter stood at $296.05 million versus last year's $280.68 million.

In addition, Federal Realty raised the regular quarterly cash dividend to $1.10 per share, payable on October 15, 2024 to common shareholders of record as of October 1, 2024.

Looking ahead, the company now expects FFO of $6.70 to $6.88 a share, instead of previously estimated $6.67 to $6.87 a share, for fiscal year 2024. Whereas, Federal Realty projects earnings of $3.33 to $3.51 per share, compared to previously expected $2.74 to $2.94 per share.