Federal Realty Investment Trust (the Trust) reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Rental income for Q3 2024 reached $303.4 million, a 5.9% increase from $286.3 million in Q3 2023. Total revenue for the same quarter was $303.6 million, up from $286.6 million, reflecting a similar growth rate. Operating income also rose to $105.8 million, a 5.7% increase from $100.1 million in the prior year. Net income for Q3 2024 was $63.5 million, compared to $59.4 million in Q3 2023, marking a 6.9% increase.
For the nine months ended September 30, 2024, net income increased to $236.1 million, a 31.1% rise from $180.1 million in the same period of 2023. The Trust's net income attributable to common shareholders for the nine months was $222.7 million, up from $165.9 million, with earnings per share increasing from $2.04 to $2.68.
The Trust's total assets as of September 30, 2024, were $8.5 billion, slightly up from $8.4 billion at the end of 2023. Total liabilities decreased to $5.1 billion from $5.2 billion, while total shareholders' equity rose to $3.2 billion from $3.0 billion. Cash and cash equivalents saw a decline to $97.0 million from $250.8 million at the end of 2023.
Strategically, Federal Realty made notable acquisitions, including the Virginia Gateway shopping centers for $215 million and Pinole Vista Crossing for $60 million. The sale of the Third Street Promenade property generated a gain of $52 million. The Trust also issued $485 million in 3.25% exchangeable senior notes, with net proceeds used to repay existing debt.
The company reported a leasing status of 95.9% leased and 94.0% occupied as of September 30, 2024. In Q3 2024, the Trust signed retail leases totaling 593,000 square feet, achieving an average rental increase of 14% on a cash basis. The company continues to face economic challenges, including inflation and high interest rates, but remains focused on enhancing its financial position and liquidity.
Overall, Federal Realty's financial results reflect a robust performance driven by strategic acquisitions, increased rental income, and effective management of expenses, despite external economic pressures.
About FEDERAL REALTY INVESTMENT TRUST
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