BETHESDA, MD—Federal Realty updated its 2014 guidance for Funds from Operations per diluted share to a range of $4.90 to $4.94 and its earnings per share guidance was updated to $2.55 to $2.61 as it reported second quarter earnings. The REIT posted FFO of $83.6 million, or $1.23 per diluted share. This compares to FFO of $71.1 million, or $1.08 per diluted share, in second quarter 2013.

For the first six months of the year, Federal Realty reported FFO of $165.4 million, or $2.43 per diluted share, compared to $145.2 million, or $2.22 per diluted share for the same six-month period in 2013.

"Our team continued to deliver record bottom line results while also driving future value creation with the successful openings of the initial phases of Pike & Rose and Assembly Row, the delivery and stabilization of Misora at Santana Row and the ongoing execution of over $175 million of tactical redevelopment of our core," says Donald C. Wood, president and CEO of Federal Realty in a prepared statement.

"The continued success and growth in our business supports our decision to raise our common dividend this year by 12%, marking it as the 47th consecutive year of increased dividends, the only REIT to have such record."

One notable achievement by the REIT in this past quarter was the lease it secured with Bank of America Merrill Lynch as the lead office tenant at Pike & Rose. Bank of America Merrill Lynch will occupy 40,000 square feet, half of the 80,000 square foot office building at 11810 Grand Park Ave. in Phase 1 of Pike & Rose.

The REIT is currently pricing phase II of the project, Wood said in the REIT's last earnings call in May. It will approximate $200 million, he said.