Federal Realty Trust Reports EPS $1.01 Vs. $0.99 Est.; $138.7M Vs. $137.5M Est. (FRT)

Federal Realty Trust FRT Reports EPS $1.01 Vs. $0.99 Est.; $138.7M Vs. $137.5M Est. Federal Realty Investment Trust today reported operating results for its fourth quarter and year-ended December 31, 2010. Financial Results Federal Realty generated funds from operations available for common shareholders (FFO) of $62.2 million, or $1.01 per diluted share for fourth quarter 2010. This compares to FFO of $60.1 million, or $0.98 per diluted share, in fourth quarter 2009 ($55.4 million or $0.90 per diluted share as adjusted for litigation provision – see below). For the year ending December 31, 2010, Federal Realty reported FFO of $239.2 million, or $3.88 per diluted share. This compares to $211.1 million, or $3.51 per diluted share, for the year ending December 31, 2009 ($227.4 million or $3.78 per diluted share as adjusted for litigation provision). Net income available for common shareholders was $32.7 million and earnings per diluted share was $0.53 for fourth quarter 2010 versus $31.8 million and $0.52, respectively, for fourth quarter 2009 ($27.1 million or $0.44 per diluted share as adjusted for litigation provision). For the year ending December 31, 2010, Federal Realty reported net income available for common shareholders of $122.2 million and earnings per diluted share of $1.98. This compares to net income available for shareholders of $97.8 million and earnings per diluted share of $1.63 for the year ending December 31, 2009 ($114.1 million or $1.90 per diluted share as adjusted for litigation provision). Federal Realty's as adjusted financial results in the prior year exclude a $16.4 million litigation provision in 2009 (principally consisting of $20.6 million recorded in the first quarter and a reversal of $4.7 million recorded in the fourth quarter) reflecting the impact of a previously disclosed lawsuit involving a property adjacent to Santana Row. In February 2011, a final ruling on appeals from both Federal Realty and the plaintiff was issued, rejecting both appeals and affirming the final judgment. Payment is expected to be made on the judgment in first quarter 2011 with no further impact expected.