Re-Leasing Spreads Off, but Expense Control Leads to 3Q Outperformance for Federal Realty
While fundamentals were mixed, Federal Realty beat our bottom-line projections for the third quarter. We are maintaining our $141 fair value estimate and no-moat rating. The percentage of the portfolio leased was down 30 basis points to 95.2%, matching our estimate, while physical occupancy remained flat at 94.1%. Total re-leasing spreads were only 5.8% in the quarter, the lowest level since 2011, though the trailing 12 months is still at 12.0%. While we expect re-leasing spreads to decelerate o...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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