Federal Realty Investment Trust (FRT), a leading real estate investment trust (REIT), reported fourth quarter 2009 FFO (funds from operations) of $60.1 million or $0.98 per share, compared to $58.6 million or $0.99 per share in the year-earlier quarter.
For full year 2009, Federal Realty reported FFO of $211.1 million or $3.51 per share compared to $228.4 million or $3.85 per share in the previous year. Both the quarterly and fiscal 2009 FFO figures included non-recurring charges due to a litigation process involving a property adjacent to Santana Row. Excluding the one-time items, FFO for the quarter and full year 2009 were $0.90 and $3.78 per share, respectively.
Despite challenging market conditions, Federal Realty executed healthy leasing activities during the quarter. The company signed 89 leases spanning over 397,000 square feet.
On a same-store basis, the company leased 360,000 square feet at an average cash-basis contractual rent increase of 4% per square foot. Same-store rents (GAAP) increased 13% on an average during the quarter. Overall, same-store net operating income increased 1.0% year-over-year.
The average contractual rent on the same-store portfolio for the first year of the new leases is $27.58 per square foot, compared to the average contractual rent of $26.64 for the last year of the prior leases. The overall portfolio of Federal Realty was 94.5% leased at the end of the quarter, compared to 95.0% in the prior-year quarter, while the same-store portfolio was 94.6% leased versus 95.3% in the year-ago quarter.
For full year 2009, Federal Realty signed 309 leases spanning 1.2 million square feet of same-store space at an average cash-basis contractual rent increase of 10% per square foot. Same-store rents (GAAP) increased 20% on an average for full year 2009 compared to the year-ago period. Overall same-store net operating income increased 1.6% year-over-year including redevelopments and expansions.
With gradual stabilization in the markets, Federal Realty reiterated its earlier FFO guidance for 2010 in the range of $3.80 to $3.88 per share.
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