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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Best Buy at Santana Row, which you may remember going out after an extremely productive period of time for a new lifetime deal there.”
Best Buy vacated its Santana Row anchor space (being replaced by Life Time), part of Federal Realty's timing-driven anchor turnover rather than a demand issue.
“Container Store, both -- all 5 locations paying rent.”
Federal Realty keeps recently-bankrupt tenant Container Store on its watch list but notes all five of its locations are current on rent, a stabilizing signal for the retailer.
“This result came in slightly below the midpoint of our guidance range, solely due to a noncash charge related to Saks filing for bankruptcy post year-end.”
Federal Realty took a noncash charge tied to tenant Saks filing for bankruptcy, a negative credit signal for Saks though FRT views the affected boxes as high-value re-leasing opportunities.
“we'll be recognizing on PwC, which is roughly the 40% anchor tenant in the building will be recognizing straight-line rent”
PwC is the roughly 40% anchor tenant at Federal Realty's Santana West office building, now beginning to pay rent, a driver of 2026 income growth.
“an anchor and shadow anchor foundation grounded by very successful retailers, Whole Foods, Lifetime Fitness and Target”
Life Time Fitness is a named anchor tenant at Federal Realty's acquired Annapolis Town Center.
“an anchor and shadow anchor foundation grounded by very successful retailers, Whole Foods, Lifetime Fitness and Target”
Whole Foods (Amazon) anchors Federal Realty's newly acquired Annapolis Town Center, a read-through on Whole Foods store footprint.
“an anchor and shadow anchor foundation grounded by very successful retailers, Whole Foods, Lifetime Fitness and Target”
Target is named as a key anchor tenant grounding Federal Realty's newly acquired Annapolis Town Center, confirming an active store location for Target.
“we've got a valuable brand in Federal Realty and valuable assets that in exchange for a payment, we will give you Mercedes an exclusive right to look at this portfolio and determine where you would like to be and then re-lease those properties that you're not interested in.”
Federal Realty structured a portfolio-wide EV charging deal giving Mercedes exclusive rights to select sites across its properties in exchange for payment, a new economic model for EV infrastructure deals.
“the asset is since WPG, for example, has been in liquidation mode and has not been investing in that asset.”
Federal Realty's Town Center acquisition in Kansas City came from Washington Prime Group, which had been in liquidation and had underinvested in the property, creating a value-add opportunity.
“Please note that the free rent period for our 11- year lease extension with Cisco Systems at 500 Santana Row ended during the quarter on May 31.”
Cisco Systems signed an 11-year lease extension at Federal Realty's 500 Santana Row office property; its free rent period ended in the quarter, beginning cash rent recognition.
“A great example of this is the new Bloomie's small format concept that just opened at The Grove in affluent Shrewsbury, New Jersey. Bloomie's is outperforming even their own expectations and this traffic and sales production has enabled us to push small shop rents well beyond what we underwrote.”
Macy's small-format Bloomie's concept at The Grove in Shrewsbury, NJ is outperforming expectations, allowing Federal Realty to push rents above underwriting.
“Good strong deal with lifetime fitness. And feel really excited about having them join the ranks of Santana Row and bringing that category to really further enhance the offering there.”
Life Time signed its first lease with Federal Realty at Santana Row, a new fitness-category tenant for that property.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Goldfarb | Piper Sandler | 8 (25%) |
| Juan Sanabria | BMO Capital Markets | 7 (0%) |
| Greg McGinniss | Scotiabank | 7 (14%) |
| Floris Dijkum | Ladenburg Thalmann | 6 (17%) |
| Mike Goldsmith | UBS | 6 (0%) |
| Mike Mueller | JPMorgan | 5 (0%) |
| Craig Mailman | Citigroup | 5 (0%) |
| Mike Griffin | Evercore ISI | 5 (0%) |
| Paulina Rojas | Green Street | 4 (0%) |
| Omotayo Okusanya | Deutsche Bank | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage 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 closed 2025 with 6.4% FFO growth and introduced a new Core FFO metric to strip out one-timers like the prior year's $0.15 tax credit. The $750 million in 2025 acquisitions, including Village Pointe in Omaha and Annapolis Town Center, are performing at or above underwriting. Management introduced FY2026 Core FFO guidance of $7.42-$7.52, implying ~6% growth despite a 170-180bp refinancing headwind from replacing 1.25% bonds. The Saks bankruptcy created a modest $0.03 noncash charge but management highlighted the mark-to-market opportunity at both affected locations.
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% |