Rockville, Maryland – Federal Realty Investment Trust reported their Q1 2024 earnings in a recent conference call. The call was led by key figures in the company, including Vice President Leah Brady, CEO Don Wood, CFO Dan Guglielmone, President Jeff Berkes, and other members of the executive team. During the call, they discussed the company’s performance, future outlook, and strategic initiatives.

One notable aspect highlighted in the conference call was the company’s strong leasing activity during the first quarter. Federal Realty leased a record 567,000 square feet of retail space at higher rents, demonstrating strong demand for their properties post-pandemic. The company also saw success in leasing office space at their mixed-use properties, with significant deals contributing to overall growth.

Additionally, Federal Realty emphasized their focus on acquisitions as a key growth strategy. They mentioned a shift towards sourcing acquisitions in markets that have strengthened post-pandemic, such as Phoenix, Central and South Florida, and Northern Virginia. The company aims to find shopping centers with opportunities for remerchandising, redevelopment, and higher rents, all while aiming for meaningful returns above their long-term cost of capital.

Furthermore, the executives discussed the performance of their residential portfolio, which continues to be a source of strength for the company. With strong leasing activity and growth in property operating income, Federal Realty remains optimistic about the future performance of their assets.

In conclusion, the conference call provided insights into Federal Realty’s strategic direction, growth initiatives, and future outlook. By focusing on leasing, acquisitions, and the strength of their existing portfolio, the company looks positioned for continued success in the coming quarters.