Q1 26 EPS
$1.81
BEAT +165.20%
Est. $0.68
Q1 26 Revenue
$341.1M
BEAT +2.39%
Est. $333.1M
Did FRT Beat Earnings? Q1 2026 Results
Federal Realty Investment Trust posted a strong first quarter of 2026, reporting GAAP earnings of $1.81 per diluted share on revenue of $341.08 million, with results lifted significantly by a $92.70 million gain tied to the February sale of the Misor… Read more Federal Realty Investment Trust posted a strong first quarter of 2026, reporting GAAP earnings of $1.81 per diluted share on revenue of $341.08 million, with results lifted significantly by a $92.70 million gain tied to the February sale of the Misora residential building at Santana Row for $148.50 million. Strip away that transaction, and the underlying business still demonstrated genuine momentum, with both Nareit FFO and Core FFO reaching $1.88 per diluted share, a 10.6% increase from $1.70 a year ago. Leasing was a particular bright spot, as the company signed 101 comparable retail leases covering 649,078 square feet in the quarter at 13% cash rent spreads, while portfolio occupancy stood at 93.8% with a leased rate of 96.1%. On the back of these results, management raised its full-year 2026 guidance, now projecting Core FFO of $7.46 to $7.55 per diluted share, reflecting confidence in the durability of earnings growth even amid a volatile macroeconomic backdrop.
Key Takeaways
- • Record first-quarter leasing volume of 101 comparable leases for 649,078 square feet
- • 13% cash rent spreads and 23% straight-line rent spreads on comparable leases
- • Comparable property POI growth of 4.7% (5.1% adjusted)
- • Strong small shop leased rate of 93.8%, up 30 basis points year-over-year
- • $92.7 million gain on sale of real estate, primarily Misora at Santana Row
- • Trailing twelve-month leasing volume record of 448 leases for 2,620,601 square feet
FRT Forward Guidance & Outlook
Federal Realty raised and tightened its full-year 2026 guidance: EPS of $3.94-$4.03 (from $3.90-$4.00), Nareit FFO per diluted share of $7.46-$7.55 (from $7.42-$7.52), and Core FFO per diluted share of $7.46-$7.55 (from $7.42-$7.52), representing 5.7%-6.9% Core FFO growth year-over-year. Comparable properties growth is projected at 3.125%-3.625% (up from 3.0%-3.5%). Lease termination fees are expected at $8-$9 million, incremental redevelopment/expansion POI at $14-$15 million, G&A expenses at $47-$49 million, development/redevelopment capital at $175-$225 million, and capitalized interest at $11-$12 million. Management expressed confidence in the consistency and durability of earnings growth despite a volatile macro environment.
FRT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
FRT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a strong start to the year, exceeding expectations and continuing the momentum we built in 2025. Our portfolio is performing well amid a volatile macro environment, reflecting both the strength of our platform and the resilience of the higher-income consumer we serve.”
— Donald C. Wood, Q1 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
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% |