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Dec 31, 2025
Federal Realty Q4 2025 Earnings Report
Federal Realty reported strong fourth quarter and full year 2025 results, driven by exceptional leasing performance and strategic capital recycling.
Key Takeaways
Federal Realty Investment Trust announced robust fourth quarter and full year 2025 results, with net income available for common shareholders reaching $1.48 per diluted share for the quarter and $4.68 for the full year. The company achieved record-breaking leasing volume, strong comparable rent spreads, and significant growth in Nareit FFO and Core FFO, while also making strategic acquisitions and dispositions.
Net income available for common shareholders was $127.7 million for Q4 2025, up from $63.5 million in Q4 2024.
Nareit FFO per diluted share increased by 6.4% to $1.84 in Q4 2025 compared to Q4 2024.
The company achieved an all-time record total leasing volume of 2.5 million square feet of retail space in 2025.
Comparable portfolio occupancy reached 94.5% and leased rate was 96.6% at quarter end, showing sequential and year-over-year improvements.
Revenue by Geographic Location
Forward Guidance
Federal Realty provided initial guidance for 2026, projecting continued growth in net income, Nareit FFO, and Core FFO per diluted share, alongside planned capital expenditures for development and redevelopment projects.
Positive Outlook
- Estimated net income available for common shareholders per diluted share is projected to be between $3.90 and $4.00.
- Nareit FFO per diluted share guidance is set at $7.42 to $7.52, representing 2.8% - 4.2% growth over 2025.
- Core FFO per diluted share guidance is also $7.42 to $7.52, indicating 5.1% - 6.5% growth over 2025.
- Comparable properties growth is expected to be between 3.0% and 3.5%.
- Incremental redevelopment/expansion POI is projected to be $13 million to $15 million.
Challenges Ahead
- Estimated gain on sale of real estate is projected to be a negative $1.06 per diluted share, indicating planned dispositions.
- The guidance does not include the impact of any acquisitions or dispositions other than those already closed as of February 11, 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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