Federal Realty Investment Trust Stock Earnings Reports

Federal Realty reported a strong first quarter 2026: FFO per share was $1.88, up ~10.6% year-over-year and ~3.6% above guidance midpoint. Management raised 2026 NAREIT and core FFO guidance to $7.46–$7.55 (midpoint implies ~6.3% core FFO growth vs. 2025) driven by better-than-expected leasing, acquisition contributions, redevelopment income and increased term fees. Leasing volume was record-strong for a Q1 (over 100 leases, 649k sq ft), with the portfolio 96.1% leased and 93.8% occupied; signed-but-not-yet-occupied deals will add ~$36M of rent into 2026–2027. Capital recycling continues: $159M of asset sales closed in the quarter (mid-4s blended cap rate) and $92M of acquisitions year-to-date (including Congressional North adjacent to existing holdings), with additional sales in process. Residential development/densification is an explicit growth lever—~800 units under planned development expected to add ~$27M NOI when stabilized. Balance sheet actions: revolver upsized to $1.4B with better terms, term loan added to replace 1.25% notes, only $50M of maturities remain in 2026; net debt/EBITDA ~5.5x and fixed charge coverage ~3.9x (expect improvement). Near-term cadence: Q2 FFO $1.83–$1.86, Q3 $1.84–$1.87, Q4 low–mid $1.90s, with a seasonally stronger back half as signed leases commence. Notable headwinds this quarter included ~$2M+ higher snow-removal and energy costs; management highlights that some first-quarter outperformance included timing benefits and lumpier items (term fees, FAS-related timing).