This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Federal Realty Investment Trust's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Federal Realty had a very strong year and the momentum has carried over into January of 2012 with the signing of some key leases and a continuation of low bad debt type cost. Reported FFO per share for the year was $4 which includes some very significant acquisition expenses tied to the Montrose Crossing and Plaza El Segundo. It still grew 3.1% in 2011 and set an all-time record for Federal as did revenues at $553 million and EBITDA of $354 million. That’s an all-time record better than the heydays of 2006 and 2007 and every other year in our 50-year long history before and since.

If you look at our earnings growth without those acquisitions costs, which are closed in late December by the way so there is no offsetting benefit in 2011 for the properties operations, you would see FFO per share growth of 4.4% and again that’s over an all-time high last year.

In the fourth quarter, the reported number of $0.97 includes $0.04 of those Montrose Crossing acquisition expenses and therefore appears to be flat with the $1.10 reported in last year’s fourth quarter. But remember that we had just settled our dispute with Vornado on the Pentagon Row land last year and that settlement benefitted fourth quarter 2010 by $0.03 or $0.04 too. I go through all of this only to show that the improved operating trends that we saw in the middle of 2011 carried through to the end of the year and in fact in 2012.

Same center of growth for the full year was solid, just under 2% both including and excluding profit under redevelopment, it was even better for the fourth quarter, 2.7% excluding redevelopment 3.5% when including those profits. Those results were of course the result of our strong leasing results earlier in the year and last in the executed deals in the fourth quarter and they bode well for a strong 2012 too. I will talk about those deals for a minute.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,683.58 -46.53 -0.26%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs