Despite Closures Creating Some Noise, an in Line Quarter for Federal Realty
Federal Realty reported an in line first quarter, and we don't see anything that will cause a material change to our $144 fair value estimate for the no-moat company. Comparable occupancy fell 50 basis points to 94.6%, below our estimate of flat at 95.1%, due to a few major anchor closures. Total releasing spreads were solid at 9.8% for the quarter but still below our estimate of 12.7%. While same property revenue growth was only 1.5% and missed our estimate, same property expense growth fell 2....Federal Realty Investment Trust is an equity real estate investment trust that focuses on the ownership, management, and redevelopment of retail and mixed-use properties located primarily in communities in selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California and South Florida. The company owns or has a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as predominantly retail real estate projects.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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