Federal's High-Quality, Mixed-Use Portfolio Best Positioned to Resist E-Commerce Pressures
Results were a slight disappointment for Federal Realty in the fourth quarter, but we don't see anything coming out of the quarter that would make a material change to our $141 fair value estimate and no-moat rating. The leased percent of the portfolio dropped 10 basis points sequentially to 95.1%, but physical occupancy remained flat at 94.1%. Total releasing spreads rebounded this quarter to 15.0%, close to in line with our estimates. Given that the company leased more square footage this quar...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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