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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.
Owns or has a majority interest in 103 retail-focused properties totaling 27.9 million sq. ft., with 95.4% leased and 93.8% occupied as of September 30, 2025.
Acquired three major shopping centers in 2025 for $599.5 million and sold several properties for $146.3 million in net proceeds.
Maintains a strong liquidity position with $1.3 billion at quarter-end, including $1.25 billion credit facility and $100 million cash.
Strong operational performance and robust leasing pipeline position the company for a strong close to 2025 and continued growth into 2026.
Financial highlights
FFO per share for Q3 2025 was $1.77, up 3.5% year-over-year and at the top end of guidance.
Total revenue for the nine months ended September 30, 2025, was $942.9 million, up 5.8% year-over-year.
Net income for the nine months was $291.0 million, a 23.3% increase from $236.1 million in the prior year.
Comparable property operating income grew 4.4% in the quarter, driving FFO per share to $1.77, at the top end of guidance.
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.
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.
2025 comparable POI growth forecast increased to 3.5%–4% (3.75% midpoint); 4% when excluding prior period rent and term fees.
Implied Q4 2025 FFO guidance is $1.82–$1.88, representing 7% year-over-year growth at midpoint.
Several development and redevelopment projects underway with a projected total cost of $283 million, expected to stabilize over the next several years.
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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