Companies · FRT
Federal Realty
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Latest analysis
Updated Oct 30, 2026
Federal Realty Q3 2026: 6% FFO growth, 96.5% lease rate, $508M Summit acquisition closes with 5%+ CAGR expected.
Federal Realty delivered $1.87 per share FFO in Q3 2026, up nearly 6% year-over-year, beating internal expectations and prompting raised full-year guidance to $7.54–$7.58 per share (7.1% Core FFO growth vs. 2025). The company closed its $508 million acquisition of The Summit in Birmingham on October 1—described as a "generational" 870,000-square-foot, 100-acre asset generating immediate retailer demand (35 inbound calls within 30 days of close)—and expects 5%+ annual POI growth over five years supported by mark-to-market leasing opportunity in the mid-to-high teens. Lease rate reached 96.5% (up 110 basis points year-over-year), occupancy 93.8%, and cash basis comparable POI growth stood at 4%, with 270 basis points of signed-not-occupied leases providing 2027 tailwind. The balance sheet remains strong (5.5x net debt-to-EBITDA, $1.5B+ liquidity), and management is executing capital recycling: $600M+ in dispositions in process at mid-to-upper 5% yields (120–140 basis points below The Summit's 6.9% GAAP yield), plus $95M in share repurchases at sub-$109 average price.
Tone: bullishRevenue
$1.3B
FRT 10-K · FY 2025
Employees
320
Revenue FY2024
$1.2B
Founded
1962
Profile
FRT 10-K Item 1 · Feb 12, 2026Federal Realty Investment Trust is an equity REIT specializing in the ownership, management, and redevelopment of high-quality retail and mixed-use properties located primarily in major coastal markets. As of December 31, 2025, the company operated 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet, achieving 96.1% leasing and 94.1% occupancy. The company has paid and increased its common share dividend for 58 consecutive years since its 1962 founding.
Read filing description ↓ Collapse description ↑
Federal Realty Investment Trust is an equity real estate investment trust that specializes in the ownership, management, and redevelopment of high quality retail and mixed-use properties. These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals. As of December 31, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet. In total, the real estate projects were 96.1% leased and 94.1% occupied at December 31, 2025. Our revenue is primarily generated from lease agreements with tenants. We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 58 consecutive years. Our portfolio includes, and we continue to acquire and redevelop, high quality retail in many formats ranging from regional, community and neighborhood shopping centers that often are anchored by grocery stores to mixed-use properties that are typically centered around a retail component but also include residential and office components. Our properties are generally located in some of the most densely populated and affluent areas of the country. These strong demographics help our tenants generate higher sales, which has generally enabled us to maintain higher occupancy rates, charge higher rental rates, and maintain steady rent growth, all of which increase the value of our portfolio.
Primary products
- community and neighborhood shopping centers
- mixed-use properties
- retail real estate
- residential units
End markets
Geographies
Named customers
No one tenant or affiliated group of tenants accounted for more than 2.4% of our annualized base rent as of December 31, 2025.
“Our properties are generally located in some of the most densely populated and affluent areas of the country. These strong demographics help our tenants generate higher sales, which has generally enabled us to maintain higher occupancy rates, charge higher rental rates, and maintain steady rent growth, all of which increase the value of our portfolio.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $1.20 billion in 2024 to $1.28 billion in 2025, driven primarily by growth in rental income.
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