Q2 26 EPS
$0.97
BEAT +35.29%
Est. $0.72
Q2 26 Revenue
$335.7M
BEAT +1.46%
Est. $330.9M
vs S&P Since Q2 26
-7.9%
TRAILING MARKET
FRT -4.4% vs S&P +3.5%
Market Reaction
Did FRT Beat Earnings? Q2 2026 Results
Federal Realty Investment Trust delivered a strong second quarter for fiscal 2026, with revenue climbing to $335.71 million from $311.52 million a year ago and Core FFO per share growing 6.8% to $1.88, even as reported EPS of $0.97 reflected a sharp … Read more Federal Realty Investment Trust delivered a strong second quarter for fiscal 2026, with revenue climbing to $335.71 million from $311.52 million a year ago and Core FFO per share growing 6.8% to $1.88, even as reported EPS of $0.97 reflected a sharp year-over-year decline in GAAP net income driven largely by lower real estate sale gains and the absence of a $13 million new market tax credit recognized in Q2 2025. The operational story was arguably more compelling than the headline numbers suggested, with the company signing 124 comparable retail leases covering 819,273 square feet at 15% cash rent spreads, while the portfolio's leased rate reached 96.1%, up 70 basis points year-over-year. Investors had been watching closely for signs that leasing momentum could hold in a still-uncertain retail environment, and the results appeared to answer that question convincingly. Management responded by raising its full-year Core FFO guidance to $7.48 to $7.56 per diluted share and lifting the quarterly dividend 3% to $1.16 per share, extending the company's consecutive annual dividend increase streak to 59 years.
Key Takeaways
- • Record leasing volume of 819,273 comparable square feet in Q2 2026
- • 15% cash rent spreads and 28% straight-line rent spreads on comparable leases
- • Adjusted Comparable Property POI growth of 4.2%
- • Small shop leased rate at 93.9%, up 50 bps year-over-year
- • Lease termination fees of $4.6 million in Q2 2026 vs $1.1 million in Q2 2025
- • Core FFO per share growth of 6.8% year-over-year
FRT Forward Guidance & Outlook
Federal Realty raised and tightened its full-year 2026 guidance. Net income available for common shareholders per diluted share is now expected at $4.22 to $4.30 (up from $3.94 to $4.03). Nareit FFO and Core FFO per diluted share guidance was raised to $7.48 to $7.56 (from $7.46 to $7.55), representing 5.9% to 7.1% Core FFO growth year-over-year (previously 5.7% to 6.9%). Comparable Property POI growth guidance was raised to 3.25% to 3.75% (from 3.125% to 3.625%). Lease termination fees are expected at $10 to $11 million (up from $8 to $9 million). Development/redevelopment capital remains at $175 to $225 million. G&A expenses are expected at $49 to $51 million (up from $47 to $49 million). Management also introduced a framework for long-term FFO and AFFO per share growth targets through 2028 at its Investor Day.
FRT YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
FRT Revenue by Segment
With YoY comparisons, source: SEC Filings
“This was another quarter of record leasing activity and outsized FFO growth, extending a trend we've sustained for several quarters now, and it's exactly why we're confident executing against the long-term plan we shared with investors at Santana Row.”
— Donald C. Wood, Q2 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.72 | $0.97 | +35.29% | $335.7M | +1.46% |
| 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% |