Federal Realty Inv. Trust (FRT) Tops Q4 EPS by $1.10, Revenues Beat; Offers FY20 EPS Guidance

Federal Realty Inv. Trust (NYSE: FRT) reported Q4 EPS of $1.92, $1.10 better than the analyst estimate of $0.82. Revenue for the quarter came in at $239.15 million versus the consensus estimate of $238.6 million.

Key Highlights of the full year and quarter include:

• Generated funds from operations available for common shareholders (FFO) per diluted share of $6.17 for the year ($6.33 excluding the charge related to the buyout of the Kmart lease at Assembly) compared to $6.23 in 2018. For the fourth quarter, generated FFO per diluted share of $1.58 compared to $1.57 for the fourth quarter 2018.
• Generated comparable property operating income (POI) growth of 2.9% for the year ended 2019. For the fourth quarter, comparable property POI growth was 2.4%.
• Signed leases for 461,952 square feet of comparable space in the fourth quarter at an average rent of $37.78 psf and achieved cash basis rollover growth on those comparable spaces of 7%.
• Sold three properties and two land parcels for $304 million in 2019 including the sale under threat of condemnation of an 11.7-acre portion of San Antonio Center, located in Mountain View, California, for $155 million in the fourth quarter.
• Purchased three properties in 2019 totaling 380,000 square feet and 123 apartment units for $295 million. Purchased one property subsequent to quarter end totaling 49,000 square feet for $22 million.
• Introduced 2020 FFO per diluted share guidance range of $6.40 to $6.58.

"With over a billion dollars invested in 2019 acquisitions and construction currently in progress at our established properties, we\'re committed to maintaining and growing our leadership position in some of the best retail-centric real estate in the country," said Donald C. Wood, Federal Realty\'s President and Chief Executive Officer. "To be able to make that level of investment while also growing current earnings is a testament to the quality of our real estate and the diversity of our income streams."

GUIDANCE:

Federal Realty Inv. Trust sees FY2020 EPS of $3.21-$3.40, versus the consensus of $3.31.

• Federal Realty introduced 2020 guidance for FFO per diluted share of $6.40 to $6.58 and 2020 earnings per diluted share guidance of $3.21 to $3.40.

For earnings history and earnings-related data on Federal Realty Inv. Trust (FRT) click here.

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