RTTNews | May 5, 2021 04:44PM EDT

16:43 Wednesday, May 5, 2021 (RTTNews.com) - Federal Realty Investment Trust (FRT) on Wednesday reported first-quarter net income of $46.2 million or $0.60 per share, down from $52.8 million or $0.70 per share in the year-ago quarter.

On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

During the quarter, funds from operations or FFO came in at $91.1 million or $1.17 per share, lower than $114.3 million or $1.50 per share in the same period last year. Quarterly revenues declined to $218.2 million from $231.6 million in the previous-year period while analysts were expecting revenues of $209.5 million in the period. The company' also declared a regular quarterly cash dividend of $1.06 per share, payable on July 15 to common shareholders of record as of June 22. Looking ahead, for full-year 2021, the company expects earnings per share between $1.54 to $1.70 while six analysts expect the company to report earnings of $1.11 per share in the year. For full year 2021, FFO per share guidance was between $4.54 and $4.70. In 2022, Federal Realty expects earnings per share in the $1.74-$1.94 range and analysts are looking for earnings of $1.69 per share. For full year 2022, FFO per share guidance is in the $5.05-$5.25 range.

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