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Federal Realty Investment Trust (FRT-0.17%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Federal Realty's operations, including its ownership and management of 102 retail and mixed-use properties, primarily located in the Mid-Atlantic, Northeast, California, and South Florida regions.
The report highlights a total property revenue of $1.20 billion, an increase from $1.13 billion in 2023, driven by higher rental rates and increased occupancy.
Property operating income was reported at $810.7 million, up from $769.1 million the previous year, attributed to higher rental income and acquisitions.
Net income attributable to the Trust was $295.2 million, reflecting a rise from $237.0 million in 2023, due to gains on property sales and increased operating income.
The company continues to focus on redevelopment projects, with significant investments in properties like Pike & Rose and Santana West, and has ongoing development projects with remaining costs of $228 million.
Federal Realty issued $485 million in exchangeable senior notes in January 2024, using proceeds to repay maturing debt and fund development activities.
The Trust maintains a $1.25 billion revolving credit facility to manage liquidity and fund short-term cash needs, with no outstanding balance as of year-end 2024.
Federal Realty's portfolio was 96.2% leased and 94.1% occupied at the end of 2024, with a focus on maintaining high occupancy and rental rates through strategic tenant management.
The filing also addresses risks related to economic conditions, interest rates, and tenant financial health, which could impact future revenue and operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Federal Realty Investment Trust annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.