Federal Realty Investment Trust (FRT) Q1 2023 Earnings Call Transcript

Federal Realty Investment Trust (NYSE:FRT) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET

Company Participants

Leah Brady - Vice President-Investor Relations

Donald Wood - Chief Executive Officer

Daniel Guglielmone - Executive Vice President, Chief Financial Officer and Treasurer

Wendy Seher - Executive Vice President and Eastern Region President

Jan Sweetnam - Chief Investment Officer

Conference Call Participants

Juan Sanabria - BMO Capital Markets

Craig Schmidt - Bank of America

Steve Sakwa - Evercore ISI

Greg McGinniss - Scotiabank

Connor Mitchell - Piper Sandler

Floris Van Dijkum - Compass Point

Derek Johnston - Deutsche Bank

Michael Goldsmith - UBS

Ravi Vaidya - Mizuho

Hong Zhang - JPMorgan

Paulina Rojas-Schmidt - Green Street

Tayo Okusanya - Credit Suisse

Linda Tsai - Jefferies

Alexander Goldfarb - Piper Sandler

Operator

Good day, and welcome to the Federal Realty Investment Trust First Quarter 2023 Earnings Conference Call. [Operator instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Leah Brady. Please go ahead.

Leah Brady

Good afternoon. Thank you for joining us today for Federal Realty's First Quarter 2023 Earnings Conference Call. Joining me on the call are Don Wood, Dan G., Jeff Berkes, Wendy Seher, Jan Sweetnam and Melissa Solis. They will be available to take your questions at the conclusion of our prepared remarks.

A reminder that certain matters discussed on this call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any annualized or projected information as well as statements referring to expected or anticipated events or results, including guidance. Although Federal Realty believes these expectations reflected in the forward-looking statements are based on reasonable assumptions, Federal Realty's future operations and its actual performance may differ materially from the information in our forward-looking statements, and we can give no assurance that these expectations can be attained. The earnings release and supplemental reporting package that we issued this afternoon, our annual report filed on Form 10-K and our other financial disclosure documents provide a more in-depth discussion of risk factors that may affect our financial condition and results of operations. [Operator Instructions]

And with that, I will turn the call over to Don Wood to begin our discussion of our first quarter results. Don?

Donald Wood

Thanks, Leah, and good afternoon, everybody. Strong start to 2023 here with $1.59 first quarter FFO per share results, ahead of both consensus and internal expectations and 6% growth over last year's first quarter. Also happens to be the best first quarter result we've ever posted.