Analyst Consensus ?
ConsensusBuy32 ratings
Bullish1753.1%
Neutral1443.8%
Bearish13.1%
Federal Realty Investment Trust · FRT · FY2026 Q1 · Calendar Q2 2026
Federal Realty Q1 FFO Beats, Guidance Raised on Record Leasing
Federal Realty's Q1 2026 results show accelerating operational momentum. FFO of $1.88 per share beat guidance and rose 10.6% year over year, driven by record leasing volume of 649,000 square feet and high occupancy at 96.1% leased. Management raised 2026 core FFO guidance to $7.46-$7.55 per share, a shift from the maintained stance issued with Q4 results. Capital recycling generated $159 million in proceeds, funding accretive acquisitions like Congressional North Shopping Center at a 7% yield. An upsized $1.4 billion credit facility with a tighter SOFR spread provides ample liquidity. The primary watch item remains refinancing headwinds of roughly 175 basis points on existing notes, alongside seasonal cost pressures from a harsh winter. Overall, the quarter reinforces FRT's position as a best-in-class retail REIT with a disciplined mixed-use densification strategy.
Reported Before market openNYSEReal Estate
$10.72B market cap
100quality score
Company context
Snapshot as of publicationFederal Realty Investment Trust (FRT) stands out as a premier entity specializing in the acquisition, management, and redevelopment of high-quality retail properties. These assets are strategically situated primarily in prominent coastal metropolitan areas, spanning the Eastern Seaboard from Washington D.C. to Boston, and extending to key West Coast cities such as San Francisco and Los Angeles. Established in 1962, Federal Realty's core objective is to generate enduring, consistent growth by concentrating investments in communities where consumer demand for retail offerings significantly surpasses existing supply.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.82
Consensus $1
EPS surprise
+162.2%
Reported versus consensus
Reported revenue
$332.7M
Consensus $332.1M
Revenue surprise
+0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$124.63Current
$105Low
$124.04Average
$149High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 21, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 7, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 29, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 8, 2026 |
| Mizuho | Outperform | Neutral | Upgrade | Jun 1, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 27, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | May 19, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 14, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 5, 2026 |
| Stifel | Hold | Hold | Maintain | Feb 13, 2026 |
| Jefferies | Buy | Hold | Upgrade | Dec 16, 2025 |
| Raymond James | Outperform | Outperform | Maintain | May 23, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Apr 22, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Feb 9, 2023 |
| Compass Point | Buy | Neutral | Upgrade | Jan 30, 2023 |
| Capital One | Overweight | Equal Weight | Upgrade | Feb 9, 2022 |
| BMO Capital | Outperform | Market Perform | Upgrade | Dec 1, 2021 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | Jul 21, 2020 |
| Odeon Capital | Buy | Buy | Maintain | Apr 8, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Dec 24, 2019 |
| Sandler O'Neill | Hold | Buy | Downgrade | Nov 1, 2019 |
| Bank of America | Buy | Buy | Maintain | Aug 13, 2018 |
| DA Davidson | Buy | Neutral | Upgrade | Jun 25, 2018 |
| Boenning & Scattergood | Neutral | Outperform | Downgrade | Oct 3, 2016 |
| BTIG Research | Neutral | Neutral | Maintain | Aug 25, 2016 |
| RBC Capital | Underperform | Sector Perform | Downgrade | May 6, 2016 |
| ISI Group | Neutral | Buy | Downgrade | Jun 9, 2014 |
| Imperial Capital | In Line | In Line | Maintain | May 12, 2014 |
| McNicoll Lewis Vlak | Buy | Buy | Maintain | Nov 18, 2013 |
| Evercore Partners | Equal Weight | Equal Weight | Maintain | Mar 27, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $124.63. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $134 | $125.05 | +7.5% | Jul 23, 2026 |
| Piper Sandler | Analyst unavailable | $149 | $125.59 | +19.6% | Jul 21, 2026 |
| UBS | Analyst unavailable | $127 | $120.43 | +1.9% | Jul 9, 2026 |
| Wolfe Research | Analyst unavailable | $143 | $121.68 | +14.7% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $122 | $122.61 | -2.1% | Jul 7, 2026 |
| Raymond James | Analyst unavailable | $135 | $125.02 | +8.3% | Jun 29, 2026 |
| Truist Financial | Ki Bin Kim | $118 | $123.3 | -5.3% | Jun 5, 2026 |
| Mizuho Securities | Analyst unavailable | $130 | $119.63 | +4.3% | Jun 1, 2026 |
| UBS | Analyst unavailable | $130 | $119.63 | +4.3% | Jun 1, 2026 |
| Deutsche Bank | Omotayo Okusanya | $135 | $121.02 | +8.3% | May 29, 2026 |
| Barclays | Richard Hightower | $120 | $120.16 | -3.7% | May 27, 2026 |
| Wells Fargo | Analyst unavailable | $129 | $119.75 | +3.5% | May 26, 2026 |
| Scotiabank | Analyst unavailable | $128 | $114.71 | +2.7% | May 19, 2026 |
| UBS | Analyst unavailable | $118 | $114.6 | -5.3% | May 18, 2026 |
| Barclays | Analyst unavailable | $116 | $115.42 | -6.9% | May 12, 2026 |
| Evercore ISI | Analyst unavailable | $110 | $115.02 | -11.7% | May 4, 2026 |
| Evercore ISI | Steve Sakwa | $107 | $104.8 | -14.1% | Feb 17, 2026 |
| Piper Sandler | Alexander Goldfarb | $127 | $104.8 | +1.9% | Feb 17, 2026 |
| Stifel Nicolaus | Simon Yarmak | $111 | $104.75 | -10.9% | Feb 13, 2026 |
| UBS | Analyst unavailable | $113 | $101.68 | -9.3% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $107 | $101.5 | -14.1% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $105 | $102.8 | -15.8% | Jan 9, 2026 |
| Stifel Nicolaus | Simon Yarmak | $109.5 | $102.12 | -12.1% | Dec 18, 2025 |
| Jefferies | Linda Tsai | $115 | $100.89 | -7.7% | Dec 15, 2025 |
| Truist Financial | Analyst unavailable | $109 | $98.32 | -12.5% | Dec 2, 2025 |
| Evercore ISI | Analyst unavailable | $105 | $96.19 | -15.8% | Nov 3, 2025 |
| Stifel Nicolaus | Simon Yarmak | $104.5 | $96.68 | -16.2% | Oct 31, 2025 |
| Evercore ISI | Analyst unavailable | $106 | $98.03 | -14.9% | Oct 17, 2025 |
| Deutsche Bank | Analyst unavailable | $105 | $98.74 | -15.8% | Oct 7, 2025 |
| Scotiabank | Nicholas Yulico | $114 | $99.11 | -8.5% | Aug 28, 2025 |
| Barclays | Richard Hightower | $106 | $94.92 | -14.9% | Jul 2, 2025 |
| BMO Capital | Juan Sanabria | $110 | $92.56 | -11.7% | May 26, 2025 |
| Wells Fargo | Dori Kesten | $113 | $97.51 | -9.3% | Mar 26, 2025 |
| Raymond James | Analyst unavailable | $117 | $104.71 | -6.1% | Feb 18, 2025 |
| Citigroup | Nicholas Joseph | $135 | $116.26 | +8.3% | Sep 12, 2024 |
| Citigroup | Michael Bilerman | $120 | $114.42 | -3.7% | Sep 4, 2024 |
| Stifel Nicolaus | Simon Yarmak | $114.5 | $112.72 | -8.1% | Aug 2, 2024 |
| Piper Sandler | Alexander Goldfarb | $135 | $112.68 | +8.3% | Aug 2, 2024 |
| Stifel Nicolaus | Simon Yarmak | $88 | $100.97 | -29.4% | Jun 28, 2024 |
| Truist Financial | Ki Bin Kim | $115 | $101.01 | -7.7% | May 21, 2024 |
| Deutsche Bank | Omotayo Okusanya | $110 | $101.14 | -11.7% | Apr 22, 2024 |
| Truist Financial | Ki Bin Kim | $117 | $101.9 | -6.1% | Jan 16, 2024 |
| Piper Sandler | Alexander Goldfarb | $111 | $96.35 | -10.9% | Jun 29, 2023 |
| Raymond James | Analyst unavailable | $120 | $104.41 | -3.7% | Jan 4, 2023 |
| Piper Sandler | Analyst unavailable | $112 | $108.78 | -10.1% | Dec 15, 2022 |
| Barclays | Analyst unavailable | $129 | $107.01 | +3.5% | Dec 6, 2022 |
| Raymond James | Collin Mings | $140 | $111.78 | +12.3% | May 12, 2022 |
| Barclays | Anthony Powell | $142 | $126.78 | +13.9% | Nov 17, 2021 |
| Compass Point | Floris van Dijkum | $122 | $115.26 | -2.1% | Aug 16, 2021 |
| UBS | Michael Goldsmith | $122 | $117.98 | -2.1% | Aug 5, 2021 |
| Jefferies | Linda Tsai | $119 | $114.45 | -4.5% | Jul 15, 2021 |
| Scotiabank | Nicholas Yulico | $131 | $114.2 | +5.1% | Jun 28, 2021 |
| Piper Sandler | Alexander Goldfarb | $125 | $110.03 | +0.3% | May 6, 2021 |
Track every rating change on FRT the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+4.0%
Event window
SPY move
+0.3%
Same window
Abnormal move
+3.7%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+3.0%
Up to 20 sessions
FRTSPY benchmark
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What changed
Q1 FFO of $1.88 per share beat guidance and rose 10.6% YoY. Leasing volume hit a record 649,000 sq ft with 96.1% leased and 93.8% occupied. Management raised 2026 core FFO guidance to $7.46-$7.55 per share from the prior $7.42-$7.52 range. Capital recycling produced $159 million in proceeds, funding the $72 million Congressional North Shopping Center acquisition at a 7% yield. The revolving credit facility was upsized to $1.4 billion with the spread over SOFR reduced by 5 bps and the term extended to 2030. Office lease rates reached 100% at Santana Row, Pike & Rose, and other major centers.
Guidance delta
Management raised 2026 core FFO guidance to $7.46-$7.55 per share, up from the $7.42-$7.52 range issued with Q4 2025 results. Guidance sentiment shifted from maintained to raised, reflecting confidence in continued leasing momentum and capital recycling execution.
Key takeaways
- Q1 FFO of $1.88 per share beat guidance, up 10.6% year over year
- Record leasing volume of 649,000 sq ft; portfolio 96.1% leased and 93.8% occupied
- 2026 core FFO guidance raised to $7.46-$7.55 per share from $7.42-$7.52
- Capital recycling produced $159 million in proceeds, funding Congressional North acquisition at a 7% yield
- Credit facility upsized to $1.4 billion with SOFR spread reduced 5 bps and term extended to 2030
- Residential densification adding roughly 800 new units and $27 million of operating income
Management priorities
- Investor Day at Santana Row on May 21 to detail upcoming strategic initiatives
- Completion of residential projects: The Blair, 301 Washington St in Hoboken, Lot 12 at Santana Row, and Willow Grove units
- Continued acquisition of high-quality shopping centers in core coastal and middle-of-the-country markets
- Redevelopment of existing centers to add $14-15 million in property operating income
- Potential refinancing or issuance of longer-term bonds when market conditions are favorable
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T17:11:03.121895+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T17:11:03.119019+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.