Sector: Real Estate|Industry: REIT - Retail|Market Cap: $9.12B|Employees: 304
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as Northern and Southern California. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 102 properties include approximately 3,500 tenants, in 27 million commercial square feet, and approximately 3,100 residential units.
Total property revenue increased from $273.1 million to $291.3 million, driven by higher rental rates and recoveries from tenants. This indicates a positive trend in the company's core revenue generation.
Rental expenses increased by 11.7% while rental income increased by 6.7%, indicating potential pressure on profitability. The increase in expenses is attributed to higher snow removal costs, repairs, maintenance, insurance and operating costs driven by inflationary impacts.
Net income increased slightly from $57.7 million to $58.0 million, showing limited overall growth. This suggests that while revenues are increasing, rising expenses are offsetting a significant portion of the gains.