The company exited second-quarter 2023 with $1.3 billion of total liquidity. Its investment-grade credit ratings render the company favorable access to the debt market. With a strong balance sheet, FRT is well-positioned to capitalize on long-term growth opportunities. Solid dividend payouts are arguably the biggest enticement for REIT shareholders, and Federal Realty is committed to the same. In August 2023, concurrent with the second-quarter 2023 earnings release, FRT announced a hike in its regular quarterly cash dividend to $1.09 per share from $1.08 paid out earlier. The company has paid out uninterrupted dividends since its inception in 1962, and the latest hike marked the 56th consecutive year of common dividend increases by the company. Moreover, backed by healthy operating fundamentals, we expect funds from operations (FFO) to increase 5.3% in 2023.