Federal Realty (FRT)
NYSE:FRT
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.71Last Year’s EPS
1.78Same Quarter Last Year
Moderate Buy
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed broad operational strength: record/near-record leasing, robust rent growth (GAAP +4.7%, cash +5.1%), strong occupancy and office performance, accretive capital recycling and upgraded guidance. Headline FFO beat and guidance raise reflect momentum. Near-term headwinds include weather-related costs, some timing-driven one-offs, and a meaningful refinancing headwind (~175 bps) that tempers reported growth. Management emphasized durable demand in affluent trade areas, a deep pipeline of negotiated leases (~1.7M sq ft), continued asset recycling and balance-sheet improvements. On balance, the positives substantially outweigh the manageable challenges, supporting a constructive outlook for 2026 and into 2027–2028.Company Guidance
Strong FFO Performance and Beat
FFO per share of $1.88 in 1Q26, up 10.6% year-over-year and ~$0.06 (3.6%) above the midpoint of guidance, driven by higher revenues, expense savings, term fees and favorable timing.
Raised Full-Year Guidance
Increased NAREIT and core FFO guidance to $7.46–$7.55 per share; midpoint uplift of $0.03–$0.04 implies ~6.3% core FFO growth vs. 2025, supported by improved comparable POI outlook (now 3.125%–3.625%).
Exceptional Leasing Volume and Rent Momentum
Record leasing for a 1Q with over 100 leases totaling ~649,000 sq ft (third-best quarterly volume ever), 13 anchor deals (~400,000 sq ft); comparable POI growth 4.7% (GAAP) and cash-basis comparable growth 5.1%; cash-basis minimum rent +3.6% for the quarter.
High Portfolio Occupancy and Leasing Metrics
Ended the quarter 96.1% leased and 93.8% occupied overall (portfolio lease rate 96.1%); comparable occupancy held better-than-expected (~94%), with executed-but-not-yet-occupied deals expected to add ~$36M of rent through 2026–2027.
Capital Recycling and Attractive Dispositions
Closed sales (Misora at Santana Row and Courthouse) totaling $159M at blended mid-4% cap rates; 2025 + YTD 2026 sales expected to total ~$540M with blended cash yield in the low- to mid-5% range, creating low cost of capital to reinvest.
Accretive Acquisitions and Active Pipeline
Acquired Congressional North for $72M at a 7% stabilized yield; $92M of acquisitions closed in 2026 YTD and management reports a robust pipeline and increased deal flow entering spring—Jan noted being busier than in a long time.
Balance Sheet and Liquidity Improvements
Revolving credit facility upsized to $1.4B, initial term extended to April 2030 (extension options to 2031) and spread reduced by 5 bps to 72.5 bps over SOFR; repaid 1.25% notes and only ~$50M of maturities remain in 2026.
Operating Portfolio Strength and Consumer Metrics
Office portfolio ~99% leased with multiple assets 94%–100% leased; foot traffic +3% for the quarter (April +4%); restaurant productivity strong—full-service $723/sq ft and fast-casual $873/sq ft (both >2x national averages) with occupancy cost ratios ~9%.
Residential Development Upside
Allocated $400M for targeted residential development (nearly 800 units expected), with projects (e.g., The Blair at Ballard + Kenwood) already ahead of leasing pace (34% leased) and expected to add ~$27M of new operating income once stabilized.
Free Cash Flow & Debt Metrics Outlook
Expect free cash flow after dividends and maintenance capex to exceed $100M in 2026 and to grow in 2027–2028; annualized net debt/EBITDA ~5.5x and fixed charge coverage ~3.9x with target to eclipse 4.0x during 2026.
FRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FRT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 01, 2026 | $110.90 | $115.32 | +3.99% |
Feb 12, 2026 | $103.64 | $103.69 | +0.05% |
Oct 31, 2025 | $92.81 | $94.10 | +1.39% |
Aug 06, 2025 | $90.14 | $89.34 | -0.88% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Federal Realty (FRT) report earnings?
Federal Realty (FRT) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is Federal Realty (FRT) earnings time?
Federal Realty (FRT) earnings time is at Aug 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FRT EPS forecast?
FRT EPS forecast for the fiscal quarter 2026 (Q2) is 0.71.