Federal Realty Investment Trust Q3 Profit Down, But FFO Rises

(RTTNews) - Federal Realty Investment Trust (FRT) Thursday reported third-quarter net income of $55.0 million or $0.67 per share, compared to $154.1 million or $1.89 per share last year.

For the third quarter, FFO was $135.3 million or $1.65 per share, compared to $129.3 million or $1.59 per share last year.

Total revenues for the quarter were $286.6 million, up from $273.5 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.67 per share on revenues of $283.79 million for the quarter quarter.

Looking forward Federal Realty tightened and raised its 2023 guidance for earnings per share to $2.65 to $2.73 from $2.64 to $2.76 and its 2023 FFO per share to $6.50 to $6.58 from $6.46 to $6.58. Analysts currently estimate earnings of $2.72 per share for the quarter.