Q1 2024 Federal Realty Investment Trust Earnings Call Transcript
Key Points
- Recorded a solid FFO of $1.64 for the quarter, aligning with the upper end of the guidance range.
- Achieved a 3.8% same-center growth excluding term fees and certain repayments, demonstrating strong operational performance.
- Signed 117 commercial leases covering over 775,000 square feet, indicating robust leasing activity and demand.
- Reported a significant increase in retail leasing, with new leases written at 9% higher cash basis rent than previous tenants.
- Maintained a strong liquidity position with over $1.33 billion available, showcasing financial stability and readiness for strategic investments.
- Higher interest rates impacted the net financial outcomes, reducing the positive impact of operational performance.
- Some challenges in timing with respect to collection which could affect financial stability if not managed properly.
- The remaining vacancy at key properties like 915 Meeting Street and 1 Santana West, although less than 2% of the company's value, still poses a risk until fully leased.
- Dependence on the economic environment and consumer spending, as indicated by the need to pass on cost increases to customers.
- Potential volatility in tenant improvements costs, which saw an increase in new leases compared to previous quarters.
Good day, and welcome to the Federal Realty Investment Trust First Quarter of 2024 Earnings Call (Operator Instructions) Please note, this conference is being recorded.
I would now like to turn the conference over to Leah Brady. Please go ahead, ma'am.
Good afternoon. Thank you for joining us today for Federal Realty's First Quarter 2024 Earnings Conference Call. Joining me on the call are Don Wood, Federal's Chief Executive Officer; Jeff Berkes, President and Chief Operating Officer; Dan G., Executive Vice President, Chief Financial Officer and Treasurer; Jan Sweetnam, Executive Vice President, Chief Investment Officer; and Wendy Seher, Executive Vice President, Eastern Region President. As well as other members of our executive team that are available to take your questions at the conclusion of our prepared remarks.
A reminder that certain matters discussed on this call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform
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