Federal Realty Investment Trust (FRT - Free Report) , the Rockville, MD-based retail real estate investment trust (“REIT”) has announced the beginning of a construction work at 700 Santana Row. It involves setting up a 284,000 square-foot office building with exquisite design.
This follows the construction of a six-story office building at 500 Santana Row, fully-leased to Splunk Inc. in 2015. Occupancy for the building at 500 Santana Row is slated to start this month.
Scheduled to open in third-quarter 2018, 700 Santana Row, will include unrestrained natural light with high ceilings and open floor plans. This will provide retailers with excellent workspaces for the employees.
Federal Realty currently carries a Zacks Rank #3 (Hold). For the current year, the REIT’s estimates declined 0.2% to $5.65 per share. Year to date, Federal Realty’s share price declined 3.9%, whereas this fall for the Zacks categorized REIT and Equity Trust – Retail industry was just 0.1%.
Some better-ranked stocks in the same space include Seritage Growth Properties (SRG - Free Report) , DCT Industrial Trust Inc. (DCT - Free Report) and American Tower Corporation (AMT - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.
DCT Industrial Trust’s current-year FFO estimates have moved up 2.7% over the past one month to $2.25 per share.
Current-year estimates for American Tower Corporation moved up 0.2% to $5.55 over the past month.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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