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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Alex Goldfarb | Piper Sandler | 8 | 25% |
| Greg McGinniss | Scotiabank | 7 | 14% |
| Juan Sanabria | BMO Capital Markets | 7 | 0% |
| Floris Dijkum | Ladenburg Thalmann | 6 | 17% |
| Mike Goldsmith | UBS | 6 | 0% |
| Mike Mueller | JPMorgan | 5 | 0% |
| Mike Griffin | Evercore ISI | 5 | 0% |
| Craig Mailman | Citigroup | 5 | 0% |
| Omotayo Okusanya | Deutsche Bank | 4 | 0% |
| Paulina Rojas | Green Street | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Piper Sandler | 2 | 9 | 22% |
| Scotiabank | 2 | 8 | 13% |
| Evercore ISI | 2 | 7 | 0% |
| BMO Capital Markets |
| 1 |
| 7 |
| 0% |
| Bank of America | 4 | 6 | 0% |
| JPMorgan | 2 | 6 | 0% |
| Ladenburg Thalmann | 1 | 6 | 17% |
| Mizuho Securities | 2 | 6 | 0% |
Federal Realty delivered a blowout Q1 with FFO of $1.88/share, up 10.6% and $0.06 above the guidance midpoint, driven by better occupancy, expense savings from 2025 acquisitions, and timing pull-forwards. Record Q1 leasing of 649,000 comparable sq ft at 13% cash rollover reinforced the strong demand narrative. Management raised FY2026 Core FFO guidance by $0.03-$0.04 to $7.46-$7.55, citing broad-based outperformance across comparable POI, acquisitions, and redevelopment. The K-shaped economy theme featured prominently, with management emphasizing that FRT's affluent demographics ($167K average household income, $11B purchasing power per center) provide meaningful cushion in a selective consumer environment.
M&A | Demand | Capital Allocation | Revenue Growth | Geographic Expansion | Macroeconomic | Capex Investment | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 5 | 6 | 5 | 3 | 1 | 3 | 2 |
| 2025Q1 | 5 | 4 | 2 | 1 | 4 | 1 | 2 | |
| 2025Q2 | 6 | 4 | 3 | 3 | 4 | 1 | 2 | 2 |
| 2025Q3 | 4 | 4 | 4 | 5 | 3 | 3 | ||
| 2025Q4 | 3 | 4 | 3 | 3 | 3 | 2 | 1 | |
| 2026Q1 | 1 | 3 | 3 | 2 | 3 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| M&A | 7 | 5 | 6 | 4 | 3 | 1 |
| Demand | 5 | 4 | 4 | 4 | 4 | 3 |
| Capital Allocation | 6 | 2 | 3 | 4 | 3 | 3 |
| Revenue Growth | 5 | 1 | 3 | 5 | 3 | 2 |
| Geographic Expansion | 3 | 4 | 3 | 3 | 3 | |
| Macroeconomic | 1 | 4 | 1 | 2 | ||
| Capex Investment | 3 | 1 | 2 | 2 | 3 | |
| Pricing | 2 | 2 | 2 | 3 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FRT Federal Realty Investment Trust | 8 | +10.3% | |
| KIM Kimco Realty | 7 | +4.0% | |
| O Realty Income | 7 | +12.2% | |
| REG Regency Centers | 6 | +4.5% | |
| SPG Simon Property Group | 8 | +19.3% |