ROCKVILLE, MD—Leasing at Federal Realty Investment Trust's mixed-use development on Rockville Pike, Pike & Rose, is going so well that the REIT is getting ready for phase II, CEO Donald Wood told listeners on Friday during the REIT's earning call.
"We're well underway to designing and pricing out the next phase, which will approximate $200 million and we expect to announce it with greater specificity later this year," he said.
So far, he said, 50 of the 174 apartments in the first residential building have been leased. Leasing for the second residential building, a high-rise tower, will begin next Spring. As for the retail component, leasing for phase 1 is now at 92%.
There is also 80,000 feet of office in the first phase. There isn't a signed office lease for this space, Wood said, but the REIT is "well down the road on lease documentation with a great credit for more than half of" of that available space.
Plans for phase II include lengthening the retail street.
In general the REIT had a good quarter, posting FFO per share of $1.21-an all-time quarterly record for the company-6% higher than the same quarter last year.
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