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.
Property operating income increased from $769.1 million in 2023 to $810.7 million in 2024, showing growth in the company's core operations. This was driven by higher rental rates and average occupancy.
Net income attributable to the Trust rose from $237.0 million in 2023 to $295.2 million in 2024, indicating improved profitability. This is a significant increase, suggesting effective management and strategic initiatives.
Rental expenses increased to 21.3% of rental income, up from 21.0% in the previous year. This indicates rising operational costs, which could pressure future profitability if not managed effectively.