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Federal Realty Investment Trust (FRT) investor relations material
Federal Realty Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Achieved record leasing quarter with 727,029 sq. ft. of comparable space leased at 28% higher annual cash rent, with two-thirds renewals requiring minimal capital and strong pre-leasing activity for future stability.
Portfolio concentrated in high-income, supply-constrained U.S. markets, supporting strong demand and pricing power, with 103 open-air properties totaling ~28M SF and 95.4% leased as of September 30, 2025.
Multiple growth levers include robust leasing, ROI-focused development, disciplined acquisitions, and capital recycling, supported by cycle-tested management.
Net income available for common shareholders was $0.69 per diluted share for Q3 2025, with operating income rising to $110.7 million year-over-year.
Attractive valuation with a long history of dividend growth and durable cash flows.
Financial highlights
FFO per share for Q3 2025 was $1.77, at the top end of guidance and up 3.5% year-over-year.
Total revenue for the nine months ended September 30, 2025, was $942.9 million, up 5.8% year-over-year.
Comparable property operating income grew 4.4% in the quarter, with 5.6% growth to $634.6 million for the nine months.
Occupancy in the comparable pool rose to 94%, with a lease rate of 95.7% and 175,000 sq. ft. of new leases in process.
Dividend payout ratio as a percentage of FFO was 64% for Q3 2025.
Outlook and guidance
2025 FFO per share guidance (excluding new market tax credit) raised to $7.05–$7.11, representing 4.6% growth at midpoint over 2024.
Including one-time tax credits, FFO guidance is $7.20–$7.26, or 6.8% growth at midpoint.
Comparable POI growth forecast increased to 3.5%–4% for 2025, with occupancy expected to trend toward low-94% by year-end.
2026 expected to be another strong year operationally, with recurring FFO growth in the mid-4% range, excluding speculative acquisitions.
Long-term growth strategy focuses on earnings, FFO, and cash flow growth through portfolio expansion, acquisitions, and redevelopments.
Quantify capital recycling's growth enhancement
Drivers for sustained strong leasing spreads
Unique opportunities in new expansion markets
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Next Federal Realty Investment Trust earnings date
Q4 202511 Feb, 2026
Next Federal Realty Investment Trust earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
Federal Realty Investment Trust is real estate company operating in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Federal Realty's portfolio (excluding joint venture properties) contains approximately 23 million square feet located primarily in strategic metropolitan markets.
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