FRT - Earnings call transcript Q3 2024 | Federal Realty Investment Trust

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

good day, and welcome to the Federal Realty Investment Trust Third Quarter of 2024 Earnings Call. [Operator Instructions Also, please be aware that today's call is being recorded. I would now like to turn the call over to Leah Brady. Please go ahead.

Leah Andress Brady

Good afternoon. us Call. Federal joining XXXX Third for Conference Earnings you today Realty's for Quarter Thank

the on call Operating me and Jeff Executive Joining the President, Treasurer; Berkes, Executive Federal's Vice Vice President Officer; Jan Chief other prepared to Wendy executive team our Sweetnam, Seher, and and President, Financial Eastern take Officer; Chief of Chief Officer; questions Vice President, our Region are members available Executive conclusion President; G., Investment are Dan Executive as Officer remarks. Don your at Chief well of as that Wood,

certain on Act be Reform of A matters reminder deemed the Private be the call of to XXXX. that statements meaning within discussed this Litigation may Securities forward-looking

statements guidance. expected results, Forward-looking events or referring anticipated statements any well to or include or including annualized projected information as as

our Federal differ the believes based actual reasonable expectations assumptions, forward-looking reflected and assurance that from Realty's such materially can performance can the statements, on these be in its Realty Although attained. operations in and future we forward-looking federal give may no statements are expectations information

package factors release our results other we provide supplemental quarter more may documents financial call I reporting of will Instructions] results. begin over to of and of affect turn Don? report to condition third our that Form earnings The And annual financial disclosure issued tonight our and discussion discussion in-depth a that our filed the on and risk are [Operator operations. with that, Don Wood XX-K

Donald Wood

strong the and quarter, all-time productivity afternoon, feet. $X.XX. goals with for XX per to with leasing past XXXX comparable makes continuation our incredibly totaling quarters solid for The above of XXX XX even FFO a this square X.X leases outpace the square of since quarter feet XXX,XXX productivity Leah, beginning gains share of and really and space an own comparable continues elevated good million some leasing, leasing us Thank Look, everyone. quarterly at a it's you, record productive with occupancy

a square of and reference, XX quarters product X of the averaged in consistently XX% XXX,XXX There's immediately XX% feet. better somewhere your volume frame more indicator proceeding nearly XX over between that, for years. As no than the last demand

were the year the $XX they average This of those XX% at And the lease, written first entire in year old truly on XX% the better deals, rent foot by company's so in of way, leases lease. new a our of representative comparable the quarter's the last of numbers include the paid are results. than

this average bumps wide better by best the center considerable company of likely any place nonrepresentative quarter, contractual done effective anchors rollover that next at the is that's average rent in likely and previous so But XX still been years the net again, increase small there's all of last capital over X has what And in shopping portfolio impressive than that and contractual on X.XX%, many to was XX%. makes that leases weighted shopping to very entire And The the growing particularly X% margin. leases to those basis of with room or a even capital, weighted the all the inherent rent we're important bumps. company-wide, XX of new And X.X%. a more not efficiently tenant to our bumps contractual the X the after because cycle. years leasing managing XX% straight-line strong portfolio straight-line on bumps actually demonstrating also subset. large on a of It's in start a combined to near leases very commitment

portfolio and leased anchor We quarter small room have of from basis occupied, where leased. had points course, we quarter, both to last XX to the that continues with and still of the XX.X% ended third quarter and be Of we shop And the ended up to you the that up as occupancy. at and a all better XX.X% would higher case. translate leasing expect, incredibly grow the the side end XX XX% on

Federal we constrained from I our to of seeing, October spending market don't we're supply the know by the how findings and When an the consumer XX article continues centers future, entitled found pattern remains Realty households, what it's Fed saw the open-air affluent less affluent. and but who driven look read. increasingly the customer, spending a retail many is that Bloomberg The U.S. you chronicles Consumer the the richer spend. toward divergent between is worth article a increasingly ones of study frequent shopping

the plan for in inevitable all it's particularly of in surprising but relevant it's as been perspective nothing show cracks the was to thesis There patterns. begin decades, findings from consumer our business at spending our as

lines sustained my a wealth all enjoying from favorite a stock interest spending. also of stimulus income that goes are article of One providing receive Higher households rates, effect like income higher level during from housing this. interest periods for investment and more in markets gains of a and and

the Connecticut year, properties get with and to project, with restaurants and stabilized residential regard leased fully -- spending Darien over operating concentrated that to in, it's will an the high is up year apartment is X,XXX when business our that product. income to Separately, waiting X, to initial strong, Darien impressive, is the the resi think out worth happens Whatever rate at that on compare new X.X% there Darien. about noting over particularly reasonable X.X% Federal list is with retailers mixed-use big Year-to-date, consumer favorably. units or last unusually by way, there our with next retention The open. versus apartments continue a properties but including also our

live was you that out disclosed done check very during Vista neck work of in development. Pinole, For of the the California. that the woods, in we've acquisition with activity that limited up previously of the those Transaction to successful Crossing Panola quarter

on underway. quarter of both couple the goes those And we're is close we shopping October, months. diligence the one Stay tuned. as market-dominant in all next after or assuming for due over into a expected, deep other Although few negotiations hope to of centers,

foot inside the a several retail acres weeks. all, several such trade I past know like over hub regional those points, were couple on of timing Gainesville, tours number the the our square couldn't First But that. it's a was asset. Virginia XX acquisition be able our dominant of of XX just likely on to basis who Also, of looking of XXX rate for X.XX% data Virginia for excellent see would cap you one XXX,XXX It duplicated as haven't, today in going-in to Gateway, points of probably a

following too our earlier as it same are conservative like And vein leasing in our looks the assumptions secondly, underwriting acquisitions. were and

XX at Kingstown we've in done at than an of done rent XX% projected. also example, Gardens an Florida, deals we've rent Shopping higher our For projected. higher Similarly, acquisition our average Alexandria, XXXX deals than since XXXX at in Pembroke XX% at XX Center Virginia acquisition since average

materially any were the likely for better generate make be cash-on-cash and greater while And by reflects only been want supply-constrained Gateway only they deals retailers at market, months, IRRs We but also their seems a than In time to committee the successful. with it's this because reputation to trending Virginia pricing we'll our a our to power in investment be these way. not properties few will approved our event, the businesses done. believe places assets them same be returns who know

other West continues X% XXX Pike be expected XX% & Street news, Center And with productive by year-end. completed on once buildings leased, Cynwyd fully Shopping at and time leased on In and budget XX% Santana and those lease-up so our Meeting to toward we far on over Bala and residential at at underway activity is up. well to that respectively, retail Rose yield construction development expect XXX-unit and

shopping make to some of effort important add development is growth through growth. aggressive and an the rent quiver forecasted come. at Also, our centers to we're best combination This our pricing opportunities years we product tuned. our assets selective the residential in sustained to in have value higher continuing for the construction engineering, arrow existing Stay on to apartment company-wide of more progress

remarks this afternoon. that's Well, wanted cover all in to Okay. I prepared

Dan it opening up more I'll tonight. over granularity provide so turn your to to Go And Yankees, to questions and it before

Daniel Guglielmone

afternoon, Don, and you, Thank good everyone.

we operating underlying midpoint in fact the it our guidance rental forecast income quarter for to by The fees that in Primary of offset Our drivers higher evidence level came $X.XX strong and of performance G&A quarterly across expenses. $X.XX. reported range lower-term strength our was FFO of above the XQ highest of for our $X.XX FFO further property than occupancy, per stronger fundamentals is share lower costs, our of which provides per the portfolio. just higher driving ever include share and

is it That basis, line up X.X%. Comparable the Comparable continued X.X%. term for GAAP with essentially X.X% results impact number. basis are On COVID-era X.X% on a and a numbers was surging were excluding our period. GAAP cash rent expectations prior a and basis, growth, cash period is a Both driven in leasing and of solid occupancy. demand the by rents minimum on fees

Let sheet our and position. on an capital the me update jump to now balance

partially remaining from $XXX.XX. undrawn redevelopment stock on expansion $X.XX with We fund stands our pipeline. of and price billion cash roughly the the $XXX available facility, at over These $XXX and million equity $XXX year-to-date. during active against in-process our expansion quarter, issuing redevelopment liquidity significant were spend $XXX forward This the ATM blended common of million utilized stand over hand. billion and $X.X investments program of proceeds liquidity credit were on of million only to raised through We million of a net

sold we basis positioned a well on which looks and In an share to future we stand $X.XX incremental forward promising. a very million pipeline, a acquisition addition, roughly, $XX at fund

our improve. leverage to As result, a continue metrics

equity quarter of essentially for forecast. basis, X.Xx, than raise Several mid-Xx upper pro end net level we our targeted on the forward debt originally consolidated EBITDA to level. Third forma, is a quarters at the earlier annualized

growth. coverage the drive acquisitions the momentum to should increased income rental new charge These X.Xx significant given liquidity, and for to us for substantial continue to expansion our strong occupancy and climb through growth combined dry Fixed that projects. leaves development powder and in with external and/or quarter, with metrics, metric investment

the FFO occupancy forecast revision It upwards $X.XX metrics at quarter revision $X.XX the to to head stronger quarters have fourth range to of share of guidance per at guidance. to growth $X.XX demand in behind our is roughly with the midpoint refined This FFO implies Comparable X%. for continuing growth range tenant the pace the share. XXXX with This let's upward stronger the share and growth us per a $X.XX. X $X.XX per of expectations. be also a as midpoint. our by rent for underlying fourth driven of should outperformed X% assumes at guidance quarter for and XXXX year expected, With $X.XX are to FFO Now tightened than raising we and

to respect assumptions, $X million million with outlook to million. to $X term our million, revised fees other $X from we've down $X for to

Street, our continues leasing is Santana activity incremental this both to at the for While progress forecast balance XXX X of None the Meeting XXXX. expected of impact West,

will we introduced come when that outlook We XXXX. impact and formal XXXX guidance see more in overall on that color February XXXX. to in And for

for maintaining for our expected capitalized refined $XX to Our to has XX points. basis $XX from million and at up million to credit been forecast reserve interest year expense are $XX million, the million, to XXXX XX $XX we

Year-to-date guidance our roughly outlined are X-K. points. on of XX through the we are All XX assumptions quarter, third basis Page other

we me some preliminary XXXX before let Now outlook. color to for provide our go Q&A,

million X COVID in deferral wind First, essentially XXXX. to rents in period from prior $X agreements era XXXX from will down

as reluctant a essentially current give second Second, be fees consecutive space to back for should flat tenants light term year, the environment, XXXX. in are to

historical roughly Capitalized we to And the we the over interest significant mid-teens to of given as $XXX XXX points our service be basis more expect normalized fall of development as of million a use for economy. into for our We our XXXX the reserve expectation credit placeholder year. now. moderating pipeline a place will more average

significant Although in not currently, any list watch risks do today. the see we near-term of as

year. growth previously towards as occupancy should the upwards. the of over positive the side ledger, our outlined -- remarks, in On likely course continue XX% the of

rollover contractual contributions the and sector-leading recent well should the from pipeline. from strength growth bumps acquisitions as upside redevelopment and rent of space Additionally, continue in as in delivery from

momentum operator, can the continued growth All these line fuel FFO per for that, XXXX. our share will offset and with line bottom questions. of more than open headwinds you any into And in

Operator

take first [Operator will from with will Instructions] we our come of this At Real question, Andrew time, Bank which America.

Unknown Analyst

you than took a that both category side. just any expected? the and lease on quicker rate and to drivers else the Occupancy Anything of both out, to jump shop speak you sequentially standing Could that happening nice the particular surprised anchor commencement velocity, tenant upside?

Donald Wood

good there's from Yes, Obviously, to Andrew, this X there. or other to different is the in the push X And extent there among and to those business. terms looking the control that demand a a or cases, lease. space tenants really be something add who's the Wendy, of for want things that in start, number ability space what open. only control and It's that it's things that importantly, to with this to getting control a the a X say. that to the I things let And And so comes me but rent is office, more in the her that can the many the is rent, not respect in adn -- can we things. than tenant to time

rent there's seeing the signing a center space. pretty throughout to that, with and significantly be minds a lease perspective, coalition a located, well But mixed-use in to day It's able whether you're demand, property XXXX, That between it boxes larger you're very very which a that helpful. proper been returns. our the center the in able shopping continue. a grocery-anchored of no located, what We process. addition shopping improve is the broad shortened have well and I from time some in talking a position to -- expect it that's is regional of that that's about that's starts takes to the There's a doubt category

Operator

Markets. Juan And question Capital Sanabria BMO from come next will with our

Juan Sanabria

having expansion just cap summer? talking in I should a acquisitions you of dollars kind contraction, comment rate assets a of some opportunities of of those about? where the made of about in year they to end the what we're to opportunities say, you've were And we seen here. talk if already relative or of some the couple Could kind quantum at You are

Donald Wood

say of I say One, things much what deal too I it you will if a to it, about I but mean. because about the know couple done, I don't want want

bigger know. we So assets, for as all, of first do look to tend you

in So they in $XXX referring larger example. piece, the million are ones excess assets a for I'm to, of

move now. we that a on. bit the needle It's about talked some and So hopefully, where window a There for interesting are there that that come down being things being seeing us. is -- little an little we good that is are deals there is the make product time out can and

with it the cost little do think require. we that's need capital. stuff we Man, we the to in X% that IRRs? of where growth, There's like, in of it makes our most that some IRRs we X%, mid-Xs, in I sense inside it that was early so of some But or the type a need of of importantly relative range, year. bit the

deals and honestly can be look those Xs, and you at the the in when very so to even X%, . us And look it Xs up attractive upper

Operator

Piper from next Sandler. question with Alexander come our Goldfarb will And

Alexander Goldfarb

for you TV look will on game. Don And at the

guess, and time to month, that talking we restart could & like with coming about where were you're those developments how or the where were critical external use Rose when already other I the you getting given you incremental guys, mixed to down development accretive you would last you've some highly mass done. Pike be the investment, maybe Just of it

the with and to existing current get you and amount At the way you to time income, through the the it of takes have want. it in-place the you provide deal to that same acquisitions property but time, leases go

you think in announcing on versus focusing near to how how new a you X? more do And the term you the close acquisitions? So balance do are development

Donald Wood

with ability to the critical having you're redevelop, those and that because validating that the kind up have. in those for to a use the question. you develop buy to quiver, of -- setting way us of we shopping Thanks, for to the the scale sets skill intensifying center that at all what for Especially notion you're having up respect of -- is set Alex, are it the arrows

of towards a adding we're because buildings, development the will, residential is the shopping to new creates you uses, which to because And the rent that uses, apartments those think apartments largely mix that's not a necessarily a allows a new looking generally center in property of be in mixed-use of type. stuff I better you to mix but skewed -- more get notion likely high-quality different than if really, at that generic

And not the And the profit certain I because which of costs, in in the this longer. are think total construction that generally of are any I said subs margin down, coming it's my remarks, markets are combination in requiring. rising mostly

an engineering strong I these inherent to look and have ago than for these making year better outlook old-fashioned, good on would value growing thought or that that a things in be are Just closer. rents so

going announce that do we're Now I'm yet. ready not next development the to to

going, we're underway the Bala encouraging. that on way You know it's and is one very very,

you would over like development, So be competition And acquisition, next whether good a piece. hope capital an able is, X projects look, that. And whatever we'll a additional it whether it's or add whether to redevelopment, for notion That's X that another or for how I of the quarter balance. a competing the X it's that is capital. our it's it's

capital a advantage that's can deploy know to in us should huge risk-adjusted deployed. you're be is investing to that fact for ways be view. frankly, in my from of different paying judgment The able it basis, And that you're when number a where the in that we a

Operator

Goldsmith from come question next Our with UBS. Michael will

Michael Goldsmith

range guidance the $X.XX. Don, is implied at pretty wide

$X.XX. it this year narrow more was last time, at think I at

the into is of So we years versus outcomes today wider range as like sit fourth prior just quarter? where head a there we maybe

Daniel Guglielmone

Yes.

into quarter, the is probably but a little don't that. than anything I with that. think variability bit nothing heading to I that. we final there more of into look there's Look, think wrestled

think we -- end happen it a the I the kind in narrowing quarter. kind felt second appropriate. reasonably things But to of at $X.XX of were we can quarter, $X.XX -- at of

And so we've there's wider, nothing to left but that, I into read think, a there. little

Operator

our come Mailman question And with will Craig from Citi. next

Craig Mailman

we should here. know retail the that in the anything nothing know mentioned Anything Is next you past. the to about list worry we've I as in XXX head year? points there's them We bluebird just Is there portfolio? portfolio? I just talked into basis in watch the Dan, year. next on bio that about office on for specifically assume

Daniel Guglielmone

in Yes. Look, and got term when Bluebird, others, structure into example, quarter should into We've has get that place near I for credit a or our fourth enough comfortable they're XXXX. our X household think, is XXXX. strong, runway. -- except really, maybe us security quality, for on really, say near is term, really than and I names. high-quality enough Other really probably of that, X

feel bluebird outside of And really the so the bio, very, we portfolio. office overall comfortable of balance very with

that probably of there's hoping next think lot those And point but that back And rent. were of pay out -- look, we'll there's some up. of than a at they which don't buybuy got We the to get probably stores quarters, kind get that. of obviously, expect would backfills kind few I don't over we've I we already teed more think year BABY, X

in So a good I think we're spot.

Operator

from question next Greg our Scotiabank. come McGinniss will with And

Greg McGinniss

any has factors though and Occupancy the guidance, be should well. obviously NOI there's considering? gone maintain we trying same-store very up understand offsetting than more expected. I'm whether The just to leasing

Daniel Guglielmone

Yes.

average mind, -- It I necessarily we -- with in the last occupancy, a the occupancy is doesn't of it day in had keep the from reflect time lot quarter. that point of period. think the over weighted a it's a --

of happened, on quarter, a forth Day. so Labor our and candidly, the post third activity During lot move-ins

was not we temporary, be just So up we really we close the we and some this hit. where ended from to look, quarter, is which weighted occupancy for had -- [indiscernible] to the Just XX%, had expect highlight average but expenses that to

to online for that I comparable expenses think bringing are one-timers. We actually were and sure expenses we make -- kind these want but piece, are the of up, the

probably were we a the bit think I little on guide. so same-store conservative And

will fourth strong quarter. a We have, think, I pretty

think, the of at benefit of, being kind fourth occupancy, As quarter I in the recognize in a of that and pickup the XX%.. result we'll

Operator

come And Sakwa will our Evercore next question ISI. Steve from with

Steve Sakwa

the shop might I'm retailers, I was how a And given little the lease environment. on Wendy. how bit percentage those small as on going favor. your your the box. with sits, if where side wondering as and Don could just conversations both changing And talk the be about in conversations well just pricing wondering are big you

Donald Wood

you Wendy, mind would taking that?

Wendy Seher

everybody as supply, demand Sure. has the the is Steve, we continue to question. that exceeding no see, suggested

I think a ratio tenant at as how sales could it look that health of the it the amount I can to do and we and relates that. drive always

So seeing that. advantages we're into some great

foot on mixed-use category average, you doing when have restaurant think on full-service of our over category, example, $X,XXX our about or the average For QSR $XXX the we in QSRs. properties, restaurants a a foot

So there's rent to there. healthy grow and . room

rest On full XXX our in our the properties, well, QSRs over $XXX and on service. $XXX a -- very of as our strong foot average

to the So push we're that. having ability

has any that In other getting, -- as our mentioned, having longer controls the to of we bumps greater more we lease. contractual a our that live for And addition, the kind also, Don even gotten just that limiting I'd restrictions and we're to have rollover able longer in gotten see of no period the been controls then on -- for which viable limiting where, contracts, has what in And importantly, and always a particular of what's with have time. sometimes location to success economics on we're really positive. deals to and as say this that that may concentrate we've retailer that rent kind we're we

So it's very collectively been positive.

Operator

next Van Compass come question Our Floris will Dijkum with Point. from

Floris Gerbrand van Dijkum

a your $XXX look a things forwards your but share you almost on at -- mean, $XXX a rooting NAV. over I way. you're I'm the just great, excess $XXX for My don't of with is in Yanks, getting you essentially or question by share, Don, the which share, sold is

hopefully, did works. grow or in get up indicated stepping larger you've month next deals some having -- externally. -- getting Or you're How you you But it we'll acquisitions? the can to do tend to a appetite sellers the also, out to accretive they stock those there? little about your got over from today, So And X be kinds bit the OPU because is -- where that. that difficult green you finding you What could the it particularly a you then pace? essentially are transactions? more ability on light Maybe updates about environment your talk as X for thinking about to And is is do you're your well. make

Donald Wood

Thanks, Jan to I going over at to turn Floris. the and acquisitions that we to we issued. the going minute, I'm a this about don't price the to talk to I above Jeff are am our something. Sweetnam NAV that in accept but premise correct

think are those price much when did -- very with we trade that like that for shares, that we I versus we at look or what issued we are ], world. we that this the the basic doing disagree that is just trading all in with. But sense the notion at the that NAV and makes is certainly with the and company accretive I [ capital capital,

So just then your that turn let and me questions to answer Jan to turn to over it -- Jeff.

Jan Sweetnam

they speaking. picking an of going like have this of day up both acquisition they're we've roll accretive or over well to pipeline relatively going million for start and near quarters capital done starting larger, still going get they're we're from like prospects term. to have has Yes, smaller are that to us. Floris, market impactful. pool it out, is growth million, Jan acquisitions these got feels tends with our to to and feels it And few the And X The as good -- a right opportunity a be the in to the now be cost be next acquisitions. like the in X several $XXX the it's are that little bit $XXX bidding at pretty X feels

we it the see us kind next a quarters So it good in plays several itself as view how of for and out. we'll vehicle

not the we that that in now, we'll We'll not. future. those OP have but in one interested We're of of or negotiating unit more certainly right get we if place. anyone sellers And structure probably had We see tax can see the in done are protection.

Jeffrey Berkes

continue will Jeff. the ] this with to think people of still I hoping obviously, a around their lot I rates meaningful will we're time. down, that's market. their and a they treasury on the not period at starting cut And have agree, properties and But see going better to and is fingers we to people to probably sell the with Floris, now fence come a treasury realize in bring Jan to Yes. with that some sitting everything Fed's [ way. saying. of crossed, X.XX that happen going capitulate

there's on market the So right now. more

better a pipeline long-term fuller [ expect ] we clarity than in the it is Our has get and to been it as while, on rates improves.

Operator

question next our Fargo. And Wells will come from with Kesten Dori

Dori Kesten

that I your guess, said don't be? do near I you've think NAV before. And are missing? Where do think you NAV. we trading you what slide you know said this believe just you you're Don, on should

Donald Wood

portfolio, you that to what work Pete's particularly at Dori, the the road. a development, on number lot sake, if we've you I'm our entitlement is create I give Big the of But by not basically when look an down be there X, done should awful significant the right value is, to all am able look side for going because historically going say you at that. to you know to

can we and make Now sense today? completely course it -- start Of it not. make on

mean I that's think done what any stuff those of, that to person. places, the But value we've debatable notion estate don't real given for -- have at to does

a the in And the so potentially that shopping effectively that over thing development primary But to value the centers of portfolio, intensification do some on has rest is residential the here. of also there real our ability people. estate of down I'm talking about with to dozen

get sure necessarily decide. assets, that don't to market. paid public -- even I recognized of think able if were for I market would to it should that we we sell being not and And with tell opportunity. be the public the any to you in certainly That's I'm that those can is certainly, today, But respect

I So that's Dori. was what to, referring

Operator

will question from JPMorgan. next with our Mike Mueller And come

Michael Mueller

asked. what and guess, leasing I about retail-driven rates -- given a was leases. getting I similar mean and redevelopment robust you're the This, new mean, But considering just development, thinking has your I new how is just question just been,

guess are to start developments Just bias to -- close I curious like from to your back you you resi-driven ramp them the to extent retail? how that pivoting again how

Donald Wood

you the I pivot, what see think way Yes. Mike, I potential opportunities think a that of capital see think It's a will I development we this for And say, competing acquisition away on, another they suspect that know another goes it's for I I look are, grow. before. you they're said opportunities. number opportunities exclusive. of capital don't don't don't at about company. I I've the opportunity those and is a number think the think we And residential compete mutually X I our of when it. will I goes will one when

as of do being over that not for been the make to switch because, years, I residential effectively. see on know, side reasons I us cited getting has work, that the past you that closer turned able off number frankly, numbers the to --

to that's know I compete with will acquisitions and not for forever, the it and know have . you capital staying So off

Daniel Guglielmone

added redevelopments, also over those you I of see some think, next several retail And should the are quarters.

development barriers that single-story a the land really mind make in difficult And on on where high markets perspective. our really in risk-adjusted keep also we entry, tuned retail basis. to values have so pencil to stay And

why And currently. that's haven't seen we that so

Operator

will Tsai from with question Our Linda Jefferies. next come

Linda Yu Tsai

the contribution development Yes. How earnings do about next of year? you to think

Daniel Guglielmone

some year. there some We've in for finishing just I up. which capitalized Darien, Meeting we begin in the of out think, I as the projects, contributing we XXX We my a have, Obviously, our assumption. I think as a reasonable others. deliver Street. over hopefully guidance number we're will leasing the be highlighted Huntington, course to number, and see finishing could Look, that drag reduce got way, We've of we'll got interest example; spaces be

that that all try other comparable will as to do job may be offset I going have whether said, modest We commencements. up do that that rent the from perfectly. But good not And matching we're drag any systems, perspective. be think from in to pool it I we and able the -- do a

And growth so next year. solid very think have we will that I very,

sector-leading I think be again. to hope -- and

Operator

question come And with Street. Paulina Green our next from will Rojas

Paulina Rojas Schmidt

this quarter. spreads were cash-releasing Your strong

of to to and are should going in strength historical share your rents demand even leasing versus can And OCR the we the degree more consumer, aggressively to expect forward. inch that push 'XX. they which And related you you where higher spreads Given targeted can thoughts on retailer patterns? your that,

Donald Wood

points Yes, you give Paulina, couple me you. let a of of

at quarter, you're X rollovers of deals of third in that In of about the First quarter. strong where a coming talking were really done the deals some the the any specifics there we significantly a That's in not had rollover that in awful particular number all, were old lot That quarter, that great leases push at great allowed only of quarter. to effectively properties good rent thing. that that volume up but us in rollover. resulted an

you regular straight digits will or basis a in on that basis double really, variable single think cash on double low that's is see the line nearly a because the a of which understanding high often digits for I that. think bumps, piece, in that important I really the

that on going based to every casual see. on should everything ability does to that is stay think really basis, it be push but doesn't strong XX% the quarter and is mean rents that I That important. a mean we XX% straight-line

about a terms In there's OCR, of of things that. couple say to

almost would we I it -- or We that room me seems a that, when you The it do tenants. so. for the is lots OCR, get as number of our said if that X/X or to there First gosh, throughout conversations to to also we with be just and there like have mall this were I to used to a at don't of X% for the able so like is of reporting. But guess, that as look reporting is most that those having tenants grow. something -- businesses, like guess, is get And all, suggests tenants for everybody. get, portfolio. sales We get many business

continue of -- been couple come certainly a If that is to go. been years so versus leases environment. what same strong the portfolio, a this is what conclusion new you'll I there at for 'XX. strong leasing you rent writing into would room in-place we're is take would a a has lease This It's the now, hope that that, to look in the at overall

will question next SPEAKERXX Our St. come Haendel from

Juste with Mizuho.

Haendel St. Juste

you. question a guess I for Don,

some well you're Just of some the thinking tier, of how at curious probably a as exceed from and on about new opportunities you're lower expected dispositions looking equity here IRRs lower versus future your returns assets. growth capital. may source of the very The

strategy equity of tapping balance profile So merits the you how the long-term the recycling do to versus improve market? growth capital

Donald Wood

year, and I we we of question That's growth and the to the all doing shopping we particular is And the does we're mean, x could we of of is, earnings our center. at why that always a market it's always, not where the growth lower it's once-in-a-while that be portfolio whatever less? more? we that question it our question. uses do Haendel, particular paid is, between evaluating the thing It's depth we percent, for down capital are come balance of for a what between for this competition a us, and overall of Should -- balance what is that. every The have, get versus -- the great should do the And that why should some. great

a for mean allow, terms from managing to for to to the We're I any more, perspective, number will that the in assets end process Haendel, based And like is the on development. sure and portfolio long in going good a it's market to selling the per year we portfolio, term. lower growth are the make capital the of it extent but certainly, process determine point recycling. that so of the sometimes what I we're that would acquisitions, a can, sometimes portfolio less assets you for in of -- it same at same past are there the future really

Operator

I'd we that, Brady session. our with for the to turn question-and-answer like conclude will closing And conference Leah remarks. back any to over

Leah Andress Brady

of over We for look the joining us many weeks. Thanks seeing to . today. you few next forward

Operator

The attending has concluded. today's you Thank now presentation. for conference

have and You lines, disconnect a may day. great your now

Federal Realty Investment Trust (FRT) 30 Oct 242024 Q3 Earnings call transcript