Q2 25 EPS
$1.78
BEAT +134.86%
Est. $0.76
Q2 25 Revenue
$311.5M
BEAT +1.29%
Est. $307.5M
vs S&P Since Q2 25
+23.5%
BEATING MARKET
FRT +38.8% vs S&P +15.3%
Market Reaction
Did FRT Beat Earnings? Q2 2025 Results
Federal Realty Investment Trust delivered a standout second quarter, posting GAAP EPS of $1.78 against a consensus estimate of $0.74, a beat of 140.54%, as revenue climbed 5.2% year-over-year to $311.52 million. The headline earnings figure was meani… Read more Federal Realty Investment Trust delivered a standout second quarter, posting GAAP EPS of $1.78 against a consensus estimate of $0.74, a beat of 140.54%, as revenue climbed 5.2% year-over-year to $311.52 million. The headline earnings figure was meaningfully lifted by $13.00 million in new market tax credit transaction income tied to the conclusion of a seven-year compliance period on its Freedom Plaza development, a one-time item that management was transparent about stripping out of its core FFO view. Operationally, the trust showed broad-based momentum, with portfolio occupancy rising 50 basis points year-over-year to 93.6% and comparable property operating income growing 4.9%. The quarter also featured the $289.00 million acquisition of two open-air retail centers in Leawood, Kansas, and the planned marketing of additional residential assets at Santana Row, signaling continued portfolio recycling. Looking ahead, management raised full-year 2025 FFO guidance to $7.16 to $7.26 per diluted share, representing over 6% growth at the midpoint, while extending the trust's dividend increase streak to 58 consecutive years.
Key Takeaways
- • Comparable property POI growth of 4.9% excluding lease termination fees and prior period rents
- • 119 comparable leases signed at 10% cash basis rollover growth and 21% straight-line basis
- • Small shop leased rate increased 90 basis points year-over-year to 93.4%
- • Overall portfolio occupancy increased 50 basis points year-over-year to 93.6%
- • $13.0 million of NMTC transaction income recognized in the quarter
FRT YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
FRT Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our second quarter results were strong, and we feel great about the back half of the year – driving our confidence to raise guidance. Our consumer remains healthy, tenant credit is strong and we're staying sharply focused on disciplined capital allocation. Our new partnership with Mercedes-Benz HCP further reinforces the strength of our premium brand and the caliber of companies that choose to partner with us.”
— Donald C. Wood, Q2 2025 Earnings Press Release
FRT Earnings Trends
FRT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FRT EPS Trend
Earnings per share: estimate vs actual
FRT Revenue Trend
Quarterly revenue: estimate vs actual
FRT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.68 | $1.81 | +165.20% | $341.1M | +2.39% |
| Q4 25 BEAT FY | $0.76 | $1.48 | +94.10% | $336.0M | +2.13% |
| FY Full Year | — | $4.68 | — | $1.28B | — |
| Q3 25 MISS | $0.78 | $0.69 | -11.30% | $322.3M | +2.22% |
| Q2 25 BEAT | $0.76 | $1.78 | +134.86% | $311.5M | +1.29% |
| Q1 25 BEAT | $0.71 | $0.72 | +1.45% | $309.2M | +0.52% |