(FRT - Get Report)
celebrates 50 years of being a proven leader in the ownership, operations, and redevelopment of high-quality retail real estate in the country's best markets. Federal Realty has a portfolio containing about 19.1 million square feet located in strategically selected metropolitan markets in the Northeast and Mid-Atlantic, as well as California.
Federal is considered the "gold standard" REIT as it has paid quarterly dividends to shareholders continuously since its founding in 1962, and has increased its dividend rate for 45 consecutive years, the longest in the REIT industry.
Federal: Proof is in the Latest Results
On the company's earnings call last week, Federal CEO, Don Wood, said:
"Like the first half of the year, third-quarter leasing volume was again off the chart in terms of our historical production. [The company did 100 deals of more than half a million square feet] of comparable space completed in an average rate of $28.43, 11% higher than the $25.63 replaced, that now makes more than 1.3 million sq. ft. of deals in the first nine months of 2012, more than most year's 12 month production and more space than we've ever leased in the nine month period ever. All that volume equates to $4.7 million of incremental rate."
Federal's latest quarter results include earnings per share of $1.12, which included $2.1 million (3 cents a share) of severance charges. Excluding the charges, funds from operations per share of $1.15 was in line with estimates of $1.11 included 4 cents a share of severance charges.