10:05 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our price target at $119, using a forward P/FFO of 17.5x our 2024 FFO estimate, a premium to retail REIT peers (12.3x) due to FRT's best-in-class portfolio of in-favor open-air centers and mixed-use communities. We raise our 2024 FFO estimate by $0.01 to $6.82 and keep 2025's at $7.17. FRT reported Q1 2024 FFO of $1.64 vs. $1.59, in line with consensus estimates. Rental revenues rose 7% Y/Y as FRT set a Q1 retail leasing record of 567,000 sq. ft. and an additional 190,000 sq. ft. of office space at its mixed-use properties. Strong demand enabled same-property NOI to rise 3.7% Y/Y with blended cash rental rate increases of 9%. Portfolio occupancy of 92.0% was down 60 bps Y/Y, but leased occupancy of 94.3%, up 10 bps Y/Y, points to improvement as FRT moves through 2024. FRT has no significant debt maturities due until 2026 and full availability on its credit facility. Leverage of 6.0x was flat Y/Y while interest coverage remains healthy at 3.5x, leaving room for acquisitions if the market opens in 2024.