Federal Realty Investment Trust raises dividend 53rd consecutive year
Federal Realty announced today that its Board of Trustees increased the regular dividend rate on its common shares, declaring a regular quarterly cash dividend of $1.06 per share, resulting in an indicated annual rate of $4.24 per share. The regular common dividend will be payable on October 15, 2020, to common shareholders of record on September 22, 2020. This increase represents the 53rd consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.
A new annual dividend of $4.24 per share results in an estimated dividend yield of 5.6% based on Wednesday's closing stock price of $76.18 for Federal Realty.
The company pays approximately $320 million annually in dividends. Today's dividend hike however is the smallest in many years. The last double digit increase from FRT dates back to 2014. Many other REITs have cut or suspended their dividend because of COVID-19, including one of the biggest Retail REITs Simon Property Group.
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 104 properties include approximately 2,900 tenants, in 24 million square feet, and approximately 2,800 residential units.
