Analyst Consensus ?
ConsensusBuy32 ratings
Bullish1753.1%
Neutral1443.8%
Bearish13.1%
Federal Realty Investment Trust · FRT · FY2026 Q3 · Calendar Q4 2026
Federal Realty raises 2026 FFO outlook as leasing stays strong
Federal Realty's Q3 analysis supports a constructive operating thesis: strong leasing, high lease rates and occupancy, selective acquisitions, and development remain growth supports. The key counterweights are financing costs, consumer-spending sensitivity, and execution of planned dispositions and projects.
Reported Before market openNYSEReal Estate
$9.57B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.74
Consensus $0.71
EPS surprise
+3.9%
Reported versus consensus
Reported revenue
$339.0M
Consensus $336.6M
Revenue surprise
+0.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.1%
Event window
SPY move
-1.8%
Same window
Abnormal move
+0.7%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
FRTSPY benchmark
Ask FN2 about FRT FY2026 Q3
Transcript, numbers and history already loaded
Why did FRT fall 1.1% after beating EPS estimates in FY2026 Q3?What changed in FRT's guidance and outlook in FY2026 Q3?Give me the bull and bear case for FRT after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management raised 2026 Core FFO guidance to $7.54-$7.58 per share, following Q3 FFO per share of $1.87 and continued leasing momentum. The quarter also added The Summit acquisition and a clearer capital-allocation plan involving repurchases, dispositions, and development.
Guidance delta
Raised: 2026 Core FFO guidance moved to $7.54-$7.58 per share.
Key takeaways
- Q3 2026 FFO per share was $1.87, up 6% year over year and above internal expectations.
- Management raised 2026 Core FFO guidance to $7.54-$7.58 per share.
- The Summit adds 870,000 square feet and is expected to deliver more than 5% CAGR and high mark-to-market spreads.
- Lease rates reached 96.5%, with a pipeline of more than 130 new deals; occupancy was 93.8%.
- Capital allocation includes share repurchases, more than $600 million of planned asset dispositions, and ongoing development.
Management priorities
- Pursue further acquisitions in central regions and selective coastal markets.
- Execute more than $600 million of asset dispositions through 2027.
- Advance the Hoboken, Lot 12 at Santana Row, and Willow Grove development pipeline.
- Explore densification and re-merchandising opportunities at The Summit.
- Continue share repurchases when price dislocations arise.
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Analyst 52W Price Targets
$110.19Current
$105Low
$123.17Average
$149High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 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 | Oct 23, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Oct 12, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 9, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 28, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 24, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 17, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 4, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 5, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 29, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 8, 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 $110.19. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | James Feldman | $119 | $108.88 | +8.0% | Oct 23, 2026 |
| Piper Sandler | Alexander Goldfarb | $131 | $106.16 | +18.9% | Oct 12, 2026 |
| UBS | Analyst unavailable | $115 | $105.44 | +4.4% | Oct 9, 2026 |
| Wells Fargo | Analyst unavailable | $126 | $106.69 | +14.3% | Oct 5, 2026 |
| Truist Financial | Linda Tsai | $116 | $108.03 | +5.3% | Oct 1, 2026 |
| Barclays | Richard Hightower | $118 | $110.52 | +7.1% | Sep 28, 2026 |
| UBS | Analyst unavailable | $117 | $109.39 | +6.2% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $123 | $110.64 | +11.6% | Sep 21, 2026 |
| Scotiabank | Analyst unavailable | $126 | $112.09 | +14.3% | Sep 17, 2026 |
| Barclays | Analyst unavailable | $123 | $118.39 | +11.6% | Aug 17, 2026 |
| Wells Fargo | Analyst unavailable | $134 | $125.05 | +21.6% | Jul 23, 2026 |
| Piper Sandler | Analyst unavailable | $149 | $125.59 | +35.2% | Jul 21, 2026 |
| UBS | Analyst unavailable | $127 | $120.43 | +15.3% | Jul 9, 2026 |
| Wolfe Research | Analyst unavailable | $143 | $121.68 | +29.8% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $122 | $122.61 | +10.7% | Jul 7, 2026 |
| Raymond James | Analyst unavailable | $135 | $125.02 | +22.5% | Jun 29, 2026 |
| Truist Financial | Ki Bin Kim | $118 | $123.3 | +7.1% | Jun 5, 2026 |
| Mizuho Securities | Analyst unavailable | $130 | $119.63 | +18.0% | Jun 1, 2026 |
| UBS | Analyst unavailable | $130 | $119.63 | +18.0% | Jun 1, 2026 |
| Deutsche Bank | Omotayo Okusanya | $135 | $121.02 | +22.5% | May 29, 2026 |
| Barclays | Richard Hightower | $120 | $120.16 | +8.9% | May 27, 2026 |
| Wells Fargo | Analyst unavailable | $129 | $119.75 | +17.1% | May 26, 2026 |
| Scotiabank | Analyst unavailable | $128 | $114.71 | +16.2% | May 19, 2026 |
| UBS | Analyst unavailable | $118 | $114.6 | +7.1% | May 18, 2026 |
| Barclays | Analyst unavailable | $116 | $115.42 | +5.3% | May 12, 2026 |
| Evercore ISI | Analyst unavailable | $110 | $115.02 | -0.2% | May 4, 2026 |
| Evercore ISI | Steve Sakwa | $107 | $104.8 | -2.9% | Feb 17, 2026 |
| Piper Sandler | Alexander Goldfarb | $127 | $104.8 | +15.3% | Feb 17, 2026 |
| Stifel Nicolaus | Simon Yarmak | $111 | $104.75 | +0.7% | Feb 13, 2026 |
| UBS | Analyst unavailable | $113 | $101.68 | +2.6% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $107 | $101.5 | -2.9% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $105 | $102.8 | -4.7% | Jan 9, 2026 |
| Stifel Nicolaus | Simon Yarmak | $109.5 | $102.12 | -0.6% | Dec 18, 2025 |
| Jefferies | Linda Tsai | $115 | $100.89 | +4.4% | Dec 15, 2025 |
| Truist Financial | Analyst unavailable | $109 | $98.32 | -1.1% | Dec 2, 2025 |
| Evercore ISI | Analyst unavailable | $105 | $96.19 | -4.7% | Nov 3, 2025 |
| Stifel Nicolaus | Simon Yarmak | $104.5 | $96.68 | -5.2% | Oct 31, 2025 |
| Evercore ISI | Analyst unavailable | $106 | $98.03 | -3.8% | Oct 17, 2025 |
| Deutsche Bank | Analyst unavailable | $105 | $98.74 | -4.7% | Oct 7, 2025 |
| Scotiabank | Nicholas Yulico | $114 | $99.11 | +3.5% | Aug 28, 2025 |
| Barclays | Richard Hightower | $106 | $94.92 | -3.8% | Jul 2, 2025 |
| BMO Capital | Juan Sanabria | $110 | $92.56 | -0.2% | May 26, 2025 |
| Wells Fargo | Dori Kesten | $113 | $97.51 | +2.6% | Mar 26, 2025 |
| Raymond James | Analyst unavailable | $117 | $104.71 | +6.2% | Feb 18, 2025 |
| Citigroup | Nicholas Joseph | $135 | $116.26 | +22.5% | Sep 12, 2024 |
| Citigroup | Michael Bilerman | $120 | $114.42 | +8.9% | Sep 4, 2024 |
| Stifel Nicolaus | Simon Yarmak | $114.5 | $112.72 | +3.9% | Aug 2, 2024 |
| Piper Sandler | Alexander Goldfarb | $135 | $112.68 | +22.5% | Aug 2, 2024 |
| Stifel Nicolaus | Simon Yarmak | $88 | $100.97 | -20.1% | Jun 28, 2024 |
| Truist Financial | Ki Bin Kim | $115 | $101.01 | +4.4% | May 21, 2024 |
| Deutsche Bank | Omotayo Okusanya | $110 | $101.14 | -0.2% | Apr 22, 2024 |
| Truist Financial | Ki Bin Kim | $117 | $101.9 | +6.2% | Jan 16, 2024 |
| Piper Sandler | Alexander Goldfarb | $111 | $96.35 | +0.7% | Jun 29, 2023 |
| Raymond James | Analyst unavailable | $120 | $104.41 | +8.9% | Jan 4, 2023 |
| Piper Sandler | Analyst unavailable | $112 | $108.78 | +1.6% | Dec 15, 2022 |
| Barclays | Analyst unavailable | $129 | $107.01 | +17.1% | Dec 6, 2022 |
| Raymond James | Collin Mings | $140 | $111.78 | +27.1% | May 12, 2022 |
| Barclays | Anthony Powell | $142 | $126.78 | +28.9% | Nov 17, 2021 |
| Compass Point | Floris van Dijkum | $122 | $115.26 | +10.7% | Aug 16, 2021 |
| UBS | Michael Goldsmith | $122 | $117.98 | +10.7% | Aug 5, 2021 |
| Jefferies | Linda Tsai | $119 | $114.45 | +8.0% | Jul 15, 2021 |
| Scotiabank | Nicholas Yulico | $131 | $114.2 | +18.9% | Jun 28, 2021 |
| Piper Sandler | Alexander Goldfarb | $125 | $110.03 | +13.4% | May 6, 2021 |
Track every rating change on FRT the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All FRT earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GLPI Gaming and Leisure Properties, Inc. | FY2026 Q3 · Calendar Q4 2026 | -11.5% | -1.3% | GLPI Keeps Guidance, Advances Development Despite Bally’s Risks |
| WY Weyerhaeuser Company | FY2026 Q3 · Calendar Q4 2026 | +128.3% | +3.0% | Weyerhaeuser: Timberlands Strengthen as Growth Projects Advance |
| DLR-PL Digital Realty Trust, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.4% | — | Digital Realty raises guidance as AI demand lifts leasing and backlog |
| DLR-PK Digital Realty Trust, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.4% | — | Digital Realty Q3: Record Leasing and Higher FFO Guidance |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
- ABBVFY2026 Q3 · October 30, 2026+2.4% EPS+1.4% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the FRT recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-31T15:06:48.017593+00:00
- FN2 earnings calendar · 2026-10-31T01:23:13.065444+00:00
- Polygon adjusted daily market bars · 2026-10-31T15:10:40.975295+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T15:10:40.972400+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 · As of 2026-10-31. For educational purposes only; not investment advice.