The following is a summary of the Federal Realty Investment Trust (FRT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Federal Realty Investment Trust reported an all-time record quarterly FFO per share at $1.71.

• Comparable leases witnessed an average rent increase of 14% over the previous leases, indicating robust leasing demand.

• Occupancy rates increased, reaching 94% at the end of the quarter, up from previous periods.

Business Progress:

• The company continued expansion, exemplified by the acquisition of Pinole Vista Crossing and potential closure on additional dominant shopping centers.

• Significant leasing activity with 126 comparable leases covering 581,000 square feet.

• Active developments such as Santana West and 915 Meeting Street at Pike and Rose are on track with expected completion.

• FRT's apartment business is strong, with residential operating income up 5.5%.

Opportunities:

• Given the strong demand for Federal Realty-operated locations and limited market supply, the company anticipates continued growth in occupancy and rental rates.

• There are ongoing negotiations for acquiring additional market-dominant shopping centers.

Risks:

• While the retail market remains robust, economic fluctuations and changes in consumer spending patterns could pose potential risks. The diversification in spending between affluent and less affluent consumers might impact different property locations and tenant sales differently.

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