Federal Realty Posts a Solid Quarter; Continues to Phase Out Struggling Tenants
We don’t see anything in no-moat Federal Realty’s fourth-quarter results to alter our long-term view of the firm and plan to maintain our $122 per share fair value estimate. Despite a tough year in retail, the company posted a respectable quarter, exceeding management’s expectations. Funds from operations (FFO) came in at $1.30 per share compared with $1.45 per share for fourth-quarter 2016. Management also issued 2018 FFO guidance of between $6.08 and $6.24 per share, which is inclusive of our ...
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