federal realty invs trust (FRT) Key Developments
Federal Realty Announces Executive Appointments
May 26 15
Federal Realty announced the appointment of three executive positions to supplement its core portfolio operating team. Jeffrey S. Mooallem has been named Senior Vice President, Managing Director Core Shopping Center Operations and will report directly to President and CEO Donald C. Wood. Mr. Mooallem will be based in the Trust's Headquarters in Rockville, Md and brings over 20 years of real estate experience in operations, leasing, acquisitions, and development with such companies as Equity One and Turnberry Associates. He will be responsible for 58 shopping centers comprising 11 million square feet and generating nearly a quarter billion dollars of property level operating income from the Boston suburbs through metropolitan Washington DC including portfolios in Philadelphia, Baltimore, New York and New Jersey. He joins the Trust on June 8, 2015. Jarett L. Parker has been named Vice President, Asset Management Metro DC Region and will report directly to Mr. Mooallem. Mr. Parker will be primarily responsible for the performance of the Trust's Metro DC shopping center portfolio, comprised of 17 assets representing over 3 million square feet and generating over $90 million of property level operating income. Mr. Parker comes from Kimco Realty Corp, where he spent the last nine years in various positions culminating in Director of Asset Management for a portfolio in the mid-atlantic region. He joins the Trust on June 8, 2015. Michael R. Linson has been named Vice President Finance for the Core Shopping Center Division and will report directly to Mr. Mooallem with a dotted line to CFO James Taylor. Mr. Linson comes from the Penzance Company where he served as their Senior Vice President of Asset Management and the Mills Corporation (prior to that company's acquisition by Simon property Group) before that. He joins the Trust on June 4, 2015.
Federal Realty Investment Trust Seeks Acquisitions
May 8 15
Federal Realty Investment Trust (NYSE:FRT) is seeking acquisitions. Jim Taylor, Chief Financial Officer, said, "We are doing other acquisition opportunities and may incur additional transaction costs before we close anything." Don Wood, Chief Executive Officer, said, "When you look, we've done $1 billion worth of acquisitions in the last few years. It's not like we haven't done a lot. We do bigger ones and in every case, there is a different set of situation. So, I don't see that changing. I don't feel like that's changing, right now."
Federal Realty Mulls Acquisitions
May 8 15
Federal Realty Investment Trust (NYSE:FRT) is looking for acquisition opportunities. Federal Realty will use the net proceeds from the sale of common shares pursuant to the Plan, when and as received, to repay indebtedness, acquire additional properties, develop and redevelop existing properties, redeem any outstanding preferred shares and for working capital and general trust purposes.
Federal Realty Investment Trust Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Year 2015; Declares Regular Quarterly Cash Dividend, Payable on July 15, 2015
May 7 15
Federal Realty Investment Trust reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $184.792 million compared to $170.83 million a year ago. Operating income was $72.122 million compared to $63.444 million a year ago. Net income available for common shareholders was $46.186 million or $0.67 per basic and diluted share compared to $38.6 million or $0.57 per diluted share a year ago. Net income attributable to the Trust was $46.186 million compared to $38.753 million a year ago. FFO was $87.288 million or $1.26 per diluted share compared to $81.754 million or $1.21 per diluted share a year ago. Funds from operations were $86.910 million compared to $81.542 million a year ago.
For the year 2015, the company expects net income is in the range of $200 million to $206 million, funds from operations is in the range of $349 million to $354 million, income attributable to operating partnership units is in the range of $3 million to $3 million, FFO is in the range of $350 million to $356 million, FFO excluding early extinguishment of debt is in the range of $369 million to $375 million. The company maintained 2015 guidance for FFO per diluted share excluding early extinguishment of debt of $5.26 to $5.34, and updated earnings per diluted share to $2.75 to $2.83.
The company announced that its Board of Trustees declared a regular quarterly cash dividend on its common shares of $0.87 per share, resulting in an indicated annual rate of $3.48 per share. The regular common dividend will be payable on July 15, 2015 to common shareholders of record on June 22, 2015.
Federal Realty Investment Trust Announces Acquisition of an 80% Interest in CocoWalk
May 4 15
Federal Realty Investment Trust announced the acquisition of an 80% interest in CocoWalk, a 198,000-square-foot lifestyle center in Miami, Florida'sCoconut Grove neighborhood, based on a total value of $87.5 million. The Trust acquired the property with local market partners Grass River Property and The Comras Company.