Federal Realty Investment Trust Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Federal Realty (NYSE:FRT) reported strong 2025 results and issued 2026 guidance on Feb 12, 2026. Full‑year EPS was $4.68 and Nareit FFO per diluted share was $7.22. Operating income rose to $602.2M. Leasing hit a company record of 2.5M sq ft. The Board declared a quarterly dividend of $1.13 (annualized $4.52). 2026 Core FFO guidance is $7.42–$7.52 with Core FFO growth expected ~5–6%.
Positive
- Earnings per share +36.9% to $4.68 in 2025 versus 2024
- Operating income increased to $602.2M in 2025 (+27.5%)
- Record leasing of 2.5M sq ft signed in 2025
- Q4 acquisitions totaled $340M (Village Pointe and Annapolis Town Center)
- Quarterly dividend declared at $1.13 (annualized $4.52)
Negative
- 2026 EPS guidance of $3.90–$4.00 is below 2025 EPS of $4.68
- Management cited a challenging near‑term refinancing environment
- Projected 2026 development spend of $175–$225M increases near‑term capital needs
Key Figures
Market Reality Check
Peers on Argus
FRT was down 0.65% pre-release. Most key retail REIT peers were also negative (e.g., BRX -1.35%, KRG -1.79%, EPRT -1.07%), though NNN rose 0.35%, indicating mixed, stock-specific rather than clean sector-driven action.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 31 | Q3 2025 earnings | Positive | +1.4% | Q3 FFO and income growth with record leasing and acquisitions. |
| Aug 06 | Q2 2025 earnings | Positive | -0.9% | Strong EPS, FFO, acquisitions and guidance raise for 2025. |
| May 08 | Q1 2025 earnings | Positive | -1.8% | Higher FFO, improved occupancy, term loan extension and guidance hike. |
| Feb 13 | FY/Q4 2024 earnings | Positive | -6.1% | Strong 2024 results, record leasing and higher 2025 guidance. |
| Oct 30 | Q3 2024 earnings | Positive | -3.0% | Q3 income and FFO growth with higher occupancy and raised guidance. |
Recent earnings reports have generally been operationally strong but often met with negative price reactions, with 4 of the last 5 earnings days trading down despite positive fundamentals.
Over the last five earnings cycles from Oct 2024 through Oct 2025, Federal Realty consistently delivered growth in FFO, net income, leasing, and occupancy, while actively recycling capital into higher-quality assets and redevelopment projects. Guidance was repeatedly raised and dividends maintained or increased. Despite these positive trends, share price reactions around earnings skewed negative, suggesting investors had high expectations or macro and rate concerns often overshadowed the company’s steady operational progress.
Historical Comparison
Across the last 5 earnings releases, FRT’s average 1-day move was -2.07%, with fundamentally solid results often met by cautious trading around print dates.
Earnings updates since late 2024 show steady gains in FFO, net income, and occupancy, alongside consistent capital recycling and selective acquisitions, supporting a narrative of gradual portfolio quality and earnings growth improvement.
Market Pulse Summary
This announcement highlights robust 2025 growth, with EPS at $4.68, Nareit FFO of $7.22 per share, and comparable occupancy of 94.5%. Record leasing volumes and a new redevelopment at Willow Grove, budgeted at $110–$120 million with a 7% projected ROI, underscore ongoing portfolio investment. Investors may watch how 2026 Core FFO guidance of $7.42–$7.52, capital recycling activity, and occupancy trends evolve against the broader interest-rate backdrop.
Key Terms
nareit ffo financial
core ffo financial
basis points financial
return on investment (roi) financial
lease termination fees financial
capitalized interest financial
AI-generated analysis. Not financial advice.
Highlights for the full year, fourth quarter and subsequent to quarter-end include:
- Generated Nareit defined funds from operations available to common shareholders (Nareit FFO) per diluted share of
$7.22 $6.77 6.6% . For the fourth quarter, generated Nareit FFO per diluted share of$1.84 $1.73 6.4% . - Introduced Core FFO, a new measure intended to provide enhanced comparability across periods for Federal's underlying operating results; Core FFO was
$7.06 4.3% from$6.77 - Record-breaking leasing in 2025:
- Achieved an all-time company record total leasing volume of 2.5 million square feet of retail space.
- Strongest comparable rent spreads in over a decade of
15% on a cash basis and27% on a straight-line basis.
- Achieved comparable portfolio occupancy of
94.5% and a leased rate of96.6% at quarter end, with:- Occupancy up 40 basis points and leased rate up 90 basis points sequentially.
- Occupancy up 50 basis points and leased rate up 40 basis points year-over-year.
- Small shop leased rate of
93.8% , up 50 basis points sequentially.
- Generated comparable property operating income (POI) growth of
3.8% for the year, and3.1% for the fourth quarter, excluding lease termination fees and prior period rents collected. - Acquired two properties in the fourth quarter totaling
$340 million Omaha, NE with Village Pointe, and growing in its existingMaryland portfolio with Annapolis Town Center inAnnapolis, MD . - Completed
$169 million $159 million - Announced a new redevelopment project at
Willow Grove inWillow Grove, PA , at a projected cost of$110 $120 million 7% . - Ended the quarter with approximately
$1.3 billion - Introduced 2026 earnings per diluted share guidance of
$3.90 $4.00 $7.42 $7.52 5.1% and6.5% growth at the low and high end of the range for Core FFO year-over-year.
"Federal Realty delivered strong 2025 results, driven by exceptional leasing performance and strong rent spreads that produced solid year-over-year earnings growth. We also made meaningful strategic progress on our capital recycling and reinvestment initiative: entering new markets, acquiring dominant properties that enhance the quality of our portfolio, and advancing our residential development pipeline in the right retail locations," said Donald C. Wood, Chief Executive Officer of Federal Realty. "Even as we navigate the near-term refinancing environment, our momentum underpins expected
Financial Results
Net Income
For the full year 2025, net income available for common shareholders was
For the fourth quarter 2025, net income available for common shareholders was
FFO
For the full year 2025, Nareit FFO was
For the fourth quarter 2025, Nareit FFO was
Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company's ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and definition of Core FFO.
Operational Update
Occupancy
The following operational metrics for the commercial portfolio are as of December 31, 2025:
- The comparable portfolio occupancy was
94.5% , up 40 basis points sequentially and up 50 basis points year-over-year. - Comparable portfolio leased rate was
96.6% , up 90 basis points sequentially and up 40 basis points year-over-year. - Small shop leased rate was
93.8% , up 50 basis points sequentially and up 20 basis points year-over-year. - Anchor leased rate was
97.3% , up 80 basis points sequentially and down 20 basis points year-over-year.
The residential leased rate was
Leasing Activity
For the full year 2025, Federal Realty signed 454 leases for 2,471,099 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 434 leases for 2,340,282 square feet at an average rent of
During the fourth quarter 2025, Federal Realty signed 109 leases for 612,978 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 105 leases for 600,684 square feet at an average rent of
Redevelopment
Announced a new redevelopment project at
Transaction Activity
- February 5, 2026 — sold Misora, a peripherally located residential component of Santana Row in
San Jose, CA , for$148.5 million Rockville, MD , for$10.0 million - December 17, 2025 — sold Pallas, a peripherally located residential component of Pike & Rose in
North Bethesda, MD , for$125.0 million - December 16, 2025 — sold Bristol Plaza, a 264,000 square-foot grocery-anchored shopping center in
Bristol, CT , for$44.4 million - November 24, 2025 — acquired Village Pointe, a leading open-air lifestyle center in
Omaha, NE , totaling 452,000 square feet, for$153.3 million - October 10, 2025 — acquired Annapolis Town Center, a premier open-air retail center in
Annapolis, MD , totaling 479,000 square feet, for$187.0 million
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of
Federal Realty's Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a
2026 Initial Guidance
The company's initial 2026 guidance is based on the following assumptions:
2026 Guidance2 | |
Net income available for common shareholders per diluted share | |
Nareit FFO per diluted share | |
Core FFO per diluted share | |
Comparable properties growth | |
Lease termination fees | |
Incremental redevelopment / expansion POI3 | |
General and administrative expenses | |
Development / redevelopment capital | |
Capitalized interest |
Notes: |
1 See page 17 of our Form 8-K filed on February 12, 2026. |
2 Does not include the impact of acquisitions or dispositions other than those which have closed as of February 11, 2026. All amounts are estimates. |
3 Includes the expected additional POI to be recognized in 2026, which is incremental to the amount recognized in 2025 from our larger redevelopments at Santana West, Pike & Rose - 915 Meeting Street, |
The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:
Full Year 2026 Guidance Range | ||
Low | High | |
Estimated net income available for common shareholders per diluted share | $ 3.90 | $ 4.00 |
Adjustments: | ||
Estimated gain on sale of real estate, net | (1.06) | (1.06) |
Estimated depreciation and amortization | 4.58 | 4.58 |
Estimated Nareit FFO and Core FFO per diluted share | $ 7.42 | $ 7.52 |
Below is our Nareit FFO and Core FFO for 2024, 2025, and estimated 2026 range, per diluted share:
2024 Actual | 2025 Actual | 2026 Estimate | |
Nareit FFO per diluted share | |||
% growth over the prior year | 6.6 % | ||
Adjustments: | |||
New market tax credit transaction income, net | - | (0.15) | - |
Executive transition costs | 0.04 | - | - |
Collection of prior period rents deferred during COVID | (0.04) | (0.00) | - |
Core FFO | |||
% growth over the prior year | 4.3 % |
Conference Call Information
Federal Realty's management team will present an in-depth discussion of Federal Realty's operating performance on its fourth quarter 2025 earnings conference call, which is scheduled for Thursday, February 12, 2026 at 5:00 PM ET. To participate, please call 833-821-4548 or 412-652-1258 prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty's website at www.federalrealty.com. A telephonic replay of the conference call will also be available through February 26, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10205568.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Safe Harbor Language
Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026 and include the following:
- risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
- risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
- risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
- risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
- risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;
- risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;
- risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and
- risks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.
Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2026.
Investor Inquiries: Jill Sawyer Senior Vice President, Investor Relations 301.998.8265 | Media Inquiries: Brenda Pomar Senior Director, Corporate Communications 301.998.8316 |
Federal Realty Investment Trust | |||
Consolidated Balance Sheets | |||
December 31, 2025 | |||
December 31, | December 31, | ||
2025 | 2024 | ||
(in thousands, except share and | |||
ASSETS | |||
Real estate, at cost | |||
Operating (including | $ 11,265,167 | $ 10,363,961 | |
Construction-in-progress (including | 374,735 | 539,752 | |
11,639,902 | 10,903,713 | ||
Less accumulated depreciation and amortization (including | (3,351,881) | (3,152,799) | |
Net real estate | 8,288,021 | 7,750,914 | |
Cash and cash equivalents | 107,415 | 123,409 | |
Accounts and notes receivable, net | 249,755 | 229,080 | |
Mortgage notes receivable, net | 9,091 | 9,144 | |
Investment in partnerships | 31,881 | 33,458 | |
Operating lease right of use assets, net | 83,120 | 85,806 | |
Finance lease right of use assets, net | 6,410 | 6,630 | |
Prepaid expenses and other assets | 354,767 | 286,316 | |
TOTAL ASSETS | $ 9,130,460 | $ 8,524,757 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Liabilities | |||
Mortgages payable, net (including | $ 521,759 | $ 514,378 | |
Notes payable, net | 1,057,331 | 601,414 | |
Senior notes and debentures, net | 3,364,010 | 3,357,840 | |
Accounts payable and accrued expenses | 219,678 | 183,564 | |
Dividends payable | 99,792 | 96,743 | |
Security deposits payable | 31,548 | 30,941 | |
Operating lease liabilities | 72,304 | 74,837 | |
Finance lease liabilities | 12,903 | 12,783 | |
Other liabilities and deferred credits | 250,494 | 227,827 | |
Total liabilities | 5,629,819 | 5,100,327 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 181,655 | 180,286 | |
Shareholders' equity | |||
Preferred shares, authorized 15,000,000 shares, | |||
| 150,000 | 150,000 | |
| 9,822 | 9,822 | |
Common shares of beneficial interest, | 869 | 862 | |
Additional paid-in capital | 4,310,365 | 4,248,824 | |
Accumulated dividends in excess of net income | (1,224,372) | (1,242,654) | |
Accumulated other comprehensive income | 2,047 | 4,740 | |
Total shareholders' equity of the Trust | 3,248,731 | 3,171,594 | |
Noncontrolling interests | 70,255 | 72,550 | |
Total shareholders' equity | 3,318,986 | 3,244,144 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 9,130,460 | $ 8,524,757 | |
Federal Realty Investment Trust | |||||||
Consolidated Income Statements | |||||||
December 31, 2025 | |||||||
Three Months Ended | Year Ended | ||||||
December 31, | December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
REVENUE | |||||||
Rental income | $ 327,537 | $ 303,878 | |||||
Other property income | 8,228 | 7,286 | 32,371 | 31,258 | |||
Mortgage interest income | 280 | 280 | 1,113 | 1,116 | |||
Total revenue | 336,045 | 311,444 | 1,278,975 | 1,202,452 | |||
EXPENSES | |||||||
Rental expenses | 70,551 | 65,121 | 267,445 | 249,569 | |||
Real estate taxes | 40,012 | 36,828 | 151,438 | 142,230 | |||
General and administrative | 12,464 | 14,819 | 46,913 | 49,739 | |||
Depreciation and amortization | 97,378 | 87,117 | 367,842 | 342,598 | |||
Total operating expenses | 220,405 | 203,885 | 833,638 | 784,136 | |||
New market tax credit transaction income | — | — | 14,176 | — | |||
Gain on sale of real estate | 72,439 | 1,760 | 150,111 | 54,040 | |||
Impairment charge | (7,425) | — | (7,425) | — | |||
OPERATING INCOME | 180,654 | 109,319 | 602,199 | 472,356 | |||
OTHER INCOME/(EXPENSE) | |||||||
Other interest income | 650 | 782 | 3,143 | 4,294 | |||
Interest expense | (48,922) | (43,234) | (183,614) | (175,476) | |||
Income from partnerships | 233 | 1,335 | 1,920 | 3,160 | |||
NET INCOME | 132,615 | 68,202 | 423,648 | 304,334 | |||
Net income attributable to noncontrolling interests | (2,871) | (2,665) | (12,571) | (9,126) | |||
NET INCOME ATTRIBUTABLE TO THE TRUST | 129,744 | 65,537 | 411,077 | 295,208 | |||
Dividends on preferred shares | (2,008) | (2,008) | (8,032) | (8,032) | |||
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $ 127,736 | $ 63,529 | $ 403,045 | $ 287,176 | |||
EARNINGS PER COMMON SHARE, BASIC | |||||||
Net income available for common shareholders | $ 1.48 | $ 0.75 | $ 4.68 | $ 3.42 | |||
Weighted average number of common shares | 85,983 | 84,685 | 85,852 | 83,559 | |||
EARNINGS PER COMMON SHARE, DILUTED | |||||||
Net income available for common shareholders | $ 1.48 | $ 0.75 | $ 4.68 | $ 3.42 | |||
Weighted average number of common shares | 86,604 | 84,692 | 86,405 | 83,566 | |||
Federal Realty Investment Trust | ||||||||
Funds From Operations | ||||||||
December 31, 2025 | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in thousands, except per share data) | ||||||||
Nareit Funds from Operations available for common shareholders (Nareit FFO) (1) | ||||||||
Net income | $ 132,615 | $ 68,202 | $ 423,648 | $ 304,334 | ||||
Net income attributable to noncontrolling interests | (2,871) | (2,665) | (12,571) | (9,126) | ||||
Gain on sale of real estate | (72,439) | (1,760) | (150,111) | (54,040) | ||||
Impairment charge | 7,425 | — | 7,425 | — | ||||
Depreciation and amortization of real estate assets | 84,060 | 76,779 | 320,311 | 302,455 | ||||
Amortization of initial direct costs of leases | 12,207 | 8,704 | 42,671 | 33,377 | ||||
Funds from operations | 160,997 | 149,260 | 631,373 | 577,000 | ||||
Dividends on preferred shares (2) | (1,875) | (1,875) | (7,500) | (7,500) | ||||
Income attributable to downREIT operating partnership units | 595 | 675 | 2,463 | 2,743 | ||||
Income attributable to unvested shares | (522) | (481) | (2,080) | (2,004) | ||||
Nareit FFO | $ 159,195 | $ 147,579 | $ 624,256 | $ 570,239 | ||||
Weighted average number of common shares, diluted (2)(4) | 86,604 | 85,402 | 86,498 | 84,286 | ||||
Nareit FFO per diluted share (4) | $ 1.84 | $ 1.73 | $ 7.22 | $ 6.77 | ||||
Core Funds from Operations (Core FFO) (1)(5) | ||||||||
Nareit FFO | $ 159,195 | $ 147,579 | $ 624,256 | $ 570,239 | ||||
Adjustments: | ||||||||
New market tax credit transaction income, net (3) | — | — | (13,004) | — | ||||
Executive transition costs | — | 3,687 | — | 3,687 | ||||
Collection of prior period rents deferred during COVID | (52) | (768) | (261) | (3,218) | ||||
Core FFO (5) | $ 159,143 | $ 150,498 | $ 610,991 | $ 570,708 | ||||
Core FFO per diluted share (4)(5) | $ 1.84 | $ 1.76 | $ 7.06 | $ 6.77 | ||||
Notes: | |
(1) | See Glossary of Terms. |
(2) | For the three months and years ended December 31, 2025 and 2024, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted." |
(3) | In June 2018, we formed a joint venture to develop Freedom Plaza (formerly Jordan Downs Plaza), for which we own |
(4) | The weighted average common shares used to compute FFO per diluted common share includes shares issuable upon the assumed redemption of outstanding downREIT operating partnership units that were excluded from the computation of diluted EPS. The assumed issuance of shares upon redemption of these operating partnership units is dilutive in the computation of FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS for the three months and year ended December 31, 2024. |
(5) | Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company's ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company's underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs. |
Glossary of Terms
Nareit-defined Funds From Operations (Nareit FFO): Nareit FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. Nareit developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, Nareit FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider Nareit FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of Nareit FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.
Core Funds From Operations (Core FFO): Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company's ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company's underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.
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SOURCE Federal Realty Investment Trust
FAQ
What did Federal Realty (FRT) report for full‑year 2025 earnings per share on Feb 12, 2026?
How much Nareit FFO per share did Federal Realty (FRT) generate in 2025 and what is 2026 guidance?
What leasing results did Federal Realty (FRT) announce for 2025 and Q4 2025?
What acquisitions and dispositions did Federal Realty (FRT) complete in Q4 2025?
What dividend did Federal Realty (FRT) declare on Feb 12, 2026 and when is it payable?
What key assumptions underpin Federal Realty's initial 2026 guidance for FRT?
