Federal Realty Investment Trust (NYSE: FRT) posted second-quarter revenue above market expectations. The company also lifted its full-year forecast for funds from operations per share, citing steady leasing demand and higher rentals for its commercial real estate properties.
Commercial real estate firms like FRT have thrived in an environment where a shortage of rental spaces has enabled them to increase rental rates without dampening the demand.
The REIT’s portfolio comprises over 100 diverse properties, including shopping centers rented to retailers like Walmart, Best Buy, and Ulta, among others, as well as dining, entertainment, and office spaces in densely populated areas.
The Maryland-based company’s upbeat sales and forecast mirror comments from peer Kimco Realty, which posted strong quarterly revenue and lifted its annual forecast on Thursday on the back of resilient demand.
Federal Realty Investment Trust (NYSE: FRT) now expects 2024 FFO per share to range between $6.70 to $6.88, compared with its prior FFO forecast range of $6.67 to $6.87 per share.
The company posted revenue of $296.1 million in the quarter ended June 30, above analysts’ average estimate of $293.6 million, according to LSEG data.
(Source: ReutersReuters)
