BETHESDA, MD-Federal Realty Capital Trust reported its fourth quarter earnings on Wednesday. Besides its financial results, the REIT reported it inked 99 retail leases during the quarter, for a total of 484,144 square feet. For all of 2013, Federal Capital signed 348 leases representing 1.4 million square feet.

"The 2013 fourth quarter, and in fact the entire year, was another fundamentally strong one in so many respects for our company," said Donald C. Wood, president and chief executive officer, in a prepared statement. "Leasing activity in all the markets we serve was robust, particularly in Northern California and Boston, and we were able to drive rent increases that set us up particularly well for growth in 2014."

Wood also pointed to the two acquisitions the locally-based REIT made in New Jersey at the start of the year, and its development pipeline that will be delivering throughout 2014, as reasons for optimism.

Also from the earnings report:

Of the 484,144 square feet of retail space signed in Q4, the REIT leased 395,906 square feet on a comparable basis-that is, the space had a former tenant-at an average cash-basis contractual rent increase per square foot of 25%. On a GAAP basis, rent increases per square foot for comparable retail space averaged 38% for fourth quarter 2013.

The 348 leases of comparable retail space signed in 2013 came in at an average cash-basis contractual rent increase per square foot of 20%, and 33% on a GAAP-basis.

A key measure for REITs is funds from operations. For Q4, Federal Realty posted an FFO of $68.4 million, or $1.03 per diluted share, which was negatively impacted by a charge for early extinguishment of debt. Without the charge, FFO would have been $78.2 million or $1.18 per diluted share, including acquisition costs of $0.02 that were incurred during the quarter. This compares to FFO of $71.7 million, or $1.11 per diluted share, in fourth quarter 2012.

For the year ending December 31, 2013, Federal Realty reported FFO of $289.9 million, or $4.41 per diluted share, including the early extinguishment of debt. FFO for calendar year 2013 without the charge for early extinguishment of debt would have been $303.2 million of $4.61 per diluted share. This compares to $277.2 million, or $4.31 per diluted share, for the year ending December 31, 2012.

The overall portfolio was 95.8% leased as of December 31, 2013, compared to 95.3% on September 30, 2013 and 95.3% on December 31, 2012.

Federal Realty raised its 2014 guidance for FFO per diluted share to a range of $4.86 to $4.93.

Instant Insights /

Federal Realty Inks 484,144 SF in Q4

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