Why I'm Stoked To See Federal Realty's Earnings
Federal Realty's (NYSE: FRT) stock was down around 50% in the early days of the pandemic in 2020. Rent collection concerns amid the fast-spreading illness outweighed just about anything else investors knew about this real estate investment trust (REIT). As 2021 has gotten under way, however, Federal Realty has bounced back strong. And the future looks increasingly bright as well.
Toward the end of 2020, even as non-essential businesses were being allowed to reopen after government-mandated shutdowns, Federal Realty was taking a cautious approach with guidance. It was looking for the first half of 2021 to be an occupancy low point, with this key metric falling, perhaps, into the mid 80% range. When the strip mall REIT's first-quarter numbers were in, occupancy stood at 89.4%. The second-quarter number was 89.3%. By the third quarter, however, that figure was back to 90%.
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Source Fool.com