Jefferies & Company Reports on Federal Realty Investment Trust (FRT)

Jefferies & Company commented on Federal Reality Investment Trust FRT in a report released yesterday. In the report, Jefferies was mixed on the company. Jefferies writes, “In 1Q11, FRT executed 91 leases for 340K sf of space at avg rent of $30.52 psf, an impressive +11% increase over the avg. prior rent of $27.55 psf. Management expects leasing spreads for the remained of 2011 to be in the high single-digits. Further, the percentage of leases signed with rent roll downs continues to fall. In 1Q11, 21% of all leasing deals resulted in lower rents going forward, vs 29% in 2010 and 34% in 2009. Borders and Blockbuster store closings will weigh on earnings.” Jefferies has a Hold rating on Federal Realty Investment Trust and a price target of $78.00. Shares of the company closed yesterday at $86.03, down from $87.35 at the open.