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Federal Realty Investment Trust hikes dividend with Q2 results

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Federal Realty Investment Trust hikes dividend with Q2 results

Federal Realty Investment Trust disclosed second-quarter funds from operations available for common shareholders of $121.0 million, or $1.60 per share, an increase on a per-share basis from $114.8 million, or $1.55 per share, in the 2018 second quarter.

The S&P Global Market Intelligence consensus FFO estimate for the quarter was $1.59 per share.

For the second quarter, total revenue amounted to $230.5 million, a gain of 2.5% from $224.9 million in the 2018 second quarter.

In reporting results, the shopping center real estate investment trust said it expects FFO per share in the range of $6.30 to $6.46 for the 2019 full year, steady with its earlier projection.

The S&P Global Market Intelligence consensus FFO-per-share estimate for 2019 is $6.39.

The company's board also increased its regular quarterly cash dividend to $1.05 per share from its prior payout of $1.02 per share. The REIT will pay the dividend Oct. 15 to common shareholders of record Sept. 23.

In May, the company completed the sale of the Free State shopping center in Bowie, Md., for $72.0 million.