Federal Realty Investment Trust Q3 Profit Rises; Lifts 2014 FFO/shr View

(RTTNews) - Federal Realty Investment Trust's (FRT) funds from operations available for common shareholders for the third quarter 2014 rose to $84.5 million or $1.23 per share from $76.4 million, or $1.16 per share, in third quarter 2013.

Net income available for common shareholders was $46.9 million and earnings per diluted share was $0.69 for the quarter ended September 30, 2014 versus $62.0 million and $0.94, respectively, for third quarter 2013.

Total revenue was $170.94 million, up from $159.03 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share and revenues of $169.62 million for the quarter. Analysts' estimates typically exclude special items.

Federal Realty also announced that its Board of Trustees declared a regular quarterly cash dividend of $0.87 per share, resulting in an indicated annual rate of $3.48 per share. The regular common dividend will be payable on January 15, 2015, to common shareholders of record as of January 2, 2015.

Federal Realty increased its guidance for 2014 FFO per share to a range of $4.92 to $4.94, from $4.90 to $4.94. 2014 earnings per share guidance is $2.57 to $2.61. Analysts expect the company to report earnings of $4.93 per share for fiscal 2014.

In addition, Federal Realty provided initial 2015 FFO per share guidance of $5.26 to $5.34 and 2015 earnings per share guidance of $2.86-$2.94. Analysts expect the company to report earnings of $5.32 per share for fiscal 2015.