Federal Realty Investment Trust Reports Strong Q4 and Full-Year 2025 Results

Company highlights solid leasing, active investment and disposition activity, and 2026 guidance that reflects continued momentum despite refinancing headwind.

Published on Feb. 13, 2026

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Federal Realty Investment Trust (NYSE:FRT) executives described a 'strong quarter' and 'strong year' in their fourth-quarter 2025 earnings call, pointing to solid leasing performance, active investment and disposition activity, and 2026 guidance that management said reflects continued momentum despite a meaningful refinancing headwind.

Why it matters

As a leading real estate investment trust specializing in high-quality retail, restaurant, and mixed-use properties, Federal Realty's performance provides insights into the broader commercial real estate landscape and consumer trends. The company's ability to maintain strong leasing, acquire and redevelop strategic assets, and navigate financing challenges underscores its operational expertise and resilience.

The details

Federal Realty reported 6.4% bottom-line FFO growth in Q4 and 4.3% for the full year 2025. The company ended the year with its portfolio 96.1% leased and 94.1% occupied, with solid comparable property operating income (POI) growth. Leasing activity was strong, with record annual square footage leased and the strongest comparable rent spreads in over a decade. Federal Realty also closed on several acquisitions, including Annapolis Town Center and Village Pointe, while disposing of assets like Bristol Plaza. The company outlined plans for continued residential development and monetization, as well as a new 'core FFO' metric to improve financial reporting. 2026 guidance reflects momentum, though management noted a 170-180 basis point refinancing headwind.

  • Federal Realty closed on Annapolis Town Center in Maryland and Village Pointe in Omaha in Q4 2025.
  • The company sold Bristol Plaza in Connecticut and Pallas, a residential building at Pike & Rose, in Q4 2025.
  • Federal Realty closed on the sale of Misora, a residential building at Santana Row, and another small asset after year-end 2025.
  • The company expects to close on an additional $170 million in asset sales in the first half of 2026.
  • Federal Realty closed on a $250 million delayed draw term loan in Q4 2025 with a five-year maturity.

The players

Don Wood

Chief Executive Officer of Federal Realty Investment Trust.

Dan Guglielmone

Chief Financial Officer of Federal Realty Investment Trust.

Wendy Seher

Eastern Region President and Chief Operating Officer of Federal Realty Investment Trust.

Federal Realty Investment Trust

A real estate investment trust specializing in the ownership, management, and redevelopment of high-quality retail, restaurant, and mixed-use properties.

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What they’re saying

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— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.