Federal Realty Investment Trust Q1 Profit Rises

(RTTNews) - Federal Realty Investment Trust (FRT) Thursday reported first-quarter net income of $54.7 million or $0.66 per share, compared to $53.3 million or $0.65 per share last year.

For the first quarter, funds from operations were $136.7 million or $1.64 per share, compared to $130.3 million or $1.59 per share last year.

Revenues for the quarter was $291.3 million, up from $273.1 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.67 per share and revenues of $290.17 million.

The portfolio was 92.0% occupied and 94.3% leased as of March 31, 2024.

Looking forward to the full year 2024, the company now expects earnings of $2.74 to $2.94 per share and FFO per share of $6.67 to $6.87. Previously, the company expected earnings of $2.72 to $2.94 per share and revenues of $6.65 to $6.87 per share.