Federal Realty Investment Trust
NYSE:FRT

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Federal Realty Investment Trust
NYSE:FRT
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Price: 96.93 USD 1.48% Market Closed
Market Cap: 8.4B USD

Federal Realty Investment Trust
Investor Relations

In the realm of real estate investment, Federal Realty Investment Trust stands as a paragon of strategic foresight and disciplined growth. Established in 1962, this REIT has carved out a niche in the ownership, management, and redevelopment of high-quality retail and mixed-use properties in major urban markets along the East Coast and Limited exposure on the West Coast of the United States. Federal Realty’s business model revolves around acquiring well-located properties that have the potential for long-term growth. The trust focuses on densely-populated and affluent areas where the demand for retail and residential space remains robust. This strategic focus allows Federal Realty to maintain high occupancy rates and foster stable income streams, setting it apart in the competitive real estate sector.

Central to Federal Realty's success is its keen ability to transform and enhance properties, making them vibrant destinations in their communities. By undertaking redevelopment projects, the company not only boosts the appeal and functionality of its properties but also increases their value over time. Federal Realty derives its income primarily from leasing space to a diverse mix of tenants—ranging from retail outlets and offices to residential units—under long-term leases. This diversity helps to mitigate economic risks tied to any single sector, adding resilience to the trust's financial performance. Additionally, their commitment to sustainability and community-centered development aligns their business goals with broader societal values, generating goodwill and fostering long-term partnerships with tenants and local authorities. Through these sophisticated strategies, Federal Realty continues to craft a resilient portfolio capable of weathering economic fluctuations while delivering consistent returns to its stakeholders.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 31, 2025
AI Summary
Q3 2025

Record Leasing: Federal Realty posted its best leasing quarter ever, completing 727,000 square feet of comparable leases with 28% annual cash rent spreads over prior tenants.

FFO Beat & Raise: Q3 FFO per share was $1.77, above consensus and the top end of guidance. Guidance for full-year FFO per share was raised to $7.05–$7.11 recurring, and $7.20–$7.26 including one-time items.

Occupancy Strength: Comparable occupancy rose to 94%, with the overall rate at 93.8%. The company expects further gains into year-end.

Development Progress: Residential projects in Hoboken, Bala Cynwyd, and Santana Row are on or under budget and on schedule, with strong expected yields of 6.5%–7%.

Strategic Acquisitions: Annapolis Town Center was acquired for $187 million at a 7% unlevered yield. Another $150 million acquisition is under contract, consistent with recent investment strategy.

Asset Recycling: About $400 million in sales are expected by year-end or early 2026 with more to follow, supporting capital deployment in higher-yielding assets.

Positive Outlook: Management expects strong operational performance to continue into 2026, with guidance for comparable POI growth raised to 3.5%–4% for 2025.

Key Financials
FFO per Share
$1.77
Comparable Property Operating Income Growth (GAAP)
4.4%
Comparable Property Operating Income Growth (Cash)
3.7%
Comparable Occupancy Rate
94%
Overall Occupancy Rate
93.8%
Comparable Lease Rate
95.7%
Leased Square Footage
727,000 sq ft
Cash Rent Spread on Comparable Leasing
28%
Liquidity
$1.3 billion
Credit Facility Availability
$1.25 billion
Cash on Hand
over $100 million
Net Debt to EBITDA
5.6x
Fixed Charge Coverage
3.9x
Asset Sales in Process
$400 million
Acquisition Spending YTD (including in-contract)
over $750 million
Annapolis Town Center Acquisition Price
$187 million
Annapolis Town Center Unlevered Initial Yield
7%
Guidance for Q4 2025 FFO per Share
$1.82 to $1.88
Earnings Call Recording
Other Earnings Calls

Management

Mr. Donald C. Wood CPA
CEO & Director
No Bio Available
Mr. Jeffrey S. Berkes
President & COO
No Bio Available
Ms. Dawn M. Becker
Executive VP, General Counsel & Secretary
No Bio Available
Ms. Wendy A. Seher
Executive VP, Eastern Region President and Chief Operating Officer
No Bio Available
Mr. Jeffrey Kreshek
Senior VP, Western Region President and Chief Operating Officer
No Bio Available
Mr. Jan W. Sweetnam
Executive VP & Chief Investment Officer
No Bio Available
Ms. Melissa Solis
Chief Accounting Officer & Senior VP
No Bio Available
Mr. Porter Bellew
Chief Information Officer & VP
No Bio Available
Ms. Leah Andress Brady
Vice President of Investor Relations
No Bio Available
Mr. Michael Ennes
Senior Vice President of Mixed-Use Initiatives & Corporate Communications
No Bio Available

Contacts

Address
MARYLAND
North Bethesda
909 Rose Avenue, Suite 200
Contacts