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Mar 31, 2025
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Federal Realty Q1 2025 Earnings Report
Federal Realty reported strong Q1 2025 performance with year-over-year growth in revenue, net income, and funds from operations.
Key Takeaways
The company delivered solid financial results in Q1 2025 with a 6 cent increase in EPS year-over-year, a strong FFO of $1.70 per share, and increased occupancy and leasing activity.
Net income available for common shareholders was $61.8 million, or $0.72 per diluted share.
Funds from operations (FFO) reached $146.5 million, or $1.70 per diluted share.
Comparable portfolio occupancy rose to 93.6% with a leased rate of 95.9%.
Federal Realty completed a $123.5 million acquisition and ended the quarter with $1.5 billion in liquidity.
Forward Guidance
Federal Realty raised its full-year 2025 FFO guidance midpoint and reaffirmed its EPS outlook.
Positive Outlook
- 2025 FFO per share guidance raised to $7.11–$7.23 from prior $7.10–$7.22
- EPS guidance reaffirmed at $3.00–$3.12
- Strong leasing momentum with 91 leases signed totaling 429,865 sq. ft.
- High occupancy rates across retail and residential segments
- Significant available liquidity of nearly $1.5 billion
Challenges Ahead
- Sequential declines in occupancy and leased rates
- G&A expenses slightly elevated versus prior expectations
- Interest expense remained high at $42.5 million
- Cash and cash equivalents slightly decreased from prior quarter
- Modest gain on real estate sale ($1.2 million) with limited bottom-line impact
Historical Earnings Impact
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Avg. Return Before/After Earnings
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