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Federal Realty Investment Trust (FRT) investor relations material
Federal Realty Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 6.4% FFO growth in Q4 and 4.3% for the year, with 2026 guidance midpoint near 6% growth, excluding one-time New Markets Tax Credit impact.
Net income per diluted share rose to $4.68 for 2025 and $1.48 for Q4, up from $3.42 and $0.75 year-over-year.
Record leasing volumes of 2.5 million sq. ft. with 15% rollover and highest comparable rent spreads in over a decade.
Expanded into Omaha, NE, and Maryland through $340M in acquisitions; completed $169M in Q4 dispositions and $159M in sales post-year-end.
Ended 2025 with $1.3B in liquidity and announced Willow Grove Shopping Center redevelopment with 261 apartments.
Financial highlights
Q4 FFO per share was $1.84, up 6.4% year-over-year; full-year core FFO was $7.06 per share, NAREIT FFO $7.22 per share.
Net income available for common shareholders was $403.0M for 2025, up from $287.2M in 2024.
Comparable POI growth was 3.8% for the year and 3.1% for Q4; cash basis POI growth was 3.6% and 4.3%, respectively.
Liquidity at year-end was $1.3B; net debt to EBITDA at 5.7x, trending to low-5x after recent asset sales.
Dividend payout ratio as a percentage of Nareit FFO was 62% for 2025.
Outlook and guidance
2026 core FFO guidance: $7.42-$7.52 per share, midpoint 5.8% growth; NAREIT FFO guidance: 3.5% growth.
2026 net income per diluted share guidance: $3.90–$4.00.
Comparable POI growth forecasted at 3%-3.5% for 2026, with occupancy expected to dip to mid-93% before rebounding above 94% by year-end.
Incremental POI from development/expansion pipeline forecast at $13M-$15M.
No new acquisitions assumed in 2026 guidance; only announced dispositions included.
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