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FRIT Earnings Plunge in Second Quarter

Assembly Row. Photo courtesy of Federal Realty

Retail landlord Federal Realty’s earnings plunged in the second quarter and the company negotiated rent deferrals with tenants struggling to survive amid the COVID-19 pandemic.

The Bethesda, Maryland REIT which owns Somerville’s Assembly Row posted earnings of $8.5 million during the quarter earning June 30, compared with $78.9 million during the same period in 2019. Funds from operation totaled 77 cents per share, compared with $1.60 in the second quarter of 2019.

During the quarter, FRIT agreed to $21 million in rent deferments, equal to 10 percent of recurring rents for the quarter, with a weighted average repayment period of nine months.

As of July 31, approximately 87 percent FRIT’s commercial tenants had reopened, and tenants paid 68 percent of second quarter rents.

Restaurants, the largest category of tenant as a percentage of rents, paid just 54 percent of their second quarter rents.

B&T Daily