Q4 25 EPS
$1.48
BEAT +94.10%
Est. $0.76
Q4 25 Revenue
$336.0M
BEAT +2.13%
Est. $329.0M
vs S&P Since Q4 25
+13.5%
BEATING MARKET
FRT +20.4% vs S&P +6.9%
Full Year 2025 Results
FY 25 EPS
$4.68
FY 25 Revenue
$1.28B
Market Reaction
Did FRT Beat Earnings? Q4 2025 Results
Federal Realty Investment Trust turned in a standout fourth quarter for fiscal 2025, posting GAAP EPS of $1.48 against a consensus estimate of $0.74, a beat of 100.76% that was driven in large part by a $72.44 million gain on real estate sales compar… Read more Federal Realty Investment Trust turned in a standout fourth quarter for fiscal 2025, posting GAAP EPS of $1.48 against a consensus estimate of $0.74, a beat of 100.76% that was driven in large part by a $72.44 million gain on real estate sales compared to just $1.76 million in the year-ago period. Revenue climbed 7.9% year-over-year to $336.05 million, reflecting broad leasing momentum across the portfolio. The REIT's record leasing year provided further fuel, with 454 leases signed covering 2.5 million square feet and cash basis comparable rent spreads reaching 15%, the strongest in over a decade by management's account. Core FFO, a new supplemental metric introduced this quarter, came in at $1.84 per diluted share for Q4 and $7.06 for the full year, up 4.3%. The company's expanding residential-over-retail development pipeline, now totaling roughly $400 million across multiple properties, underscores a broader strategic push that management expects to sustain momentum into 2026, when it guided Core FFO of $7.42 to $7.52 per diluted share, representing 5.1% to 6.5% growth.
Key Takeaways
- • Record-breaking retail leasing volume of 2.5 million square feet in 2025
- • Cash basis comparable rent spreads of 15%, 27% on a straight-line basis
- • Comparable portfolio occupancy improvement to 94.5%, leased rate to 96.6%
- • Comparable property POI growth of 3.8% for the year and 3.1% for Q4 excluding lease termination fees
- • Active capital recycling: $752.8 million in acquisitions and strategic dispositions during 2025
FRT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
FRT Revenue by Segment
With YoY comparisons, source: SEC Filings
“Federal Realty delivered strong 2025 results, driven by exceptional leasing performance and strong rent spreads that produced solid year-over-year earnings growth. We also made meaningful strategic progress on our capital recycling and reinvestment initiative: entering new markets, acquiring dominant properties that enhance the quality of our portfolio, and advancing our residential development pipeline in the right retail locations.”
— Donald C. Wood, Q4 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% |