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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alexander Goldfarb | Piper Sandler | 9 (22%) |
| Juan Sanabria | BMO Capital Markets | 8 (0%) |
| Greg McGinniss | Scotiabank | 8 (13%) |
| Michael Goldsmith | UBS | 7 (0%) |
| Floris Van Dijkum | Ladenburg Thalmann | 7 (14%) |
| Michael Griffin | Evercore ISI | 6 (0%) |
| Craig Mailman | Citigroup | 6 (17%) |
| Mike Mueller | JPMorgan | 6 (0%) |
| Paulina Rojas | Green Street | 5 (0%) |
| Linda Tsai | Jefferies | 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. |
|---|---|---|
| Scotiabank | 2 | 9 (11%) |
| Piper Sandler | 1 | 9 (22%) |
| Evercore ISI | 2 | 8 (0%) |
| UBS | 2 |
| 8 (0%) |
| BMO Capital Markets | 1 | 8 (0%) |
| Bank of America | 4 | 7 (0%) |
| JPMorgan | 2 | 7 (0%) |
| Ladenburg Thalmann | 1 | 7 (14%) |
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 | Capex Investment | Macroeconomic | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 5 | 6 | 5 | 3 | 3 | 1 | 2 |
| 2025Q1 | 5 | 4 | 2 | 1 | 1 | 4 | 2 | |
| 2025Q2 | 6 | 4 | 3 | 3 | 4 | 2 | 1 | 2 |
| 2025Q3 | 4 | 4 | 4 | 5 | 3 | 3 | ||
| 2025Q4 | 3 | 4 | 3 | 3 | 3 | 2 | 1 | |
| 2026Q1 | 1 | 3 | 3 | 2 | 3 | 3 | 2 |
| '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 | |
| Capex Investment | 3 | 1 | 2 | 2 | 3 | |
| Macroeconomic | 1 | 4 | 1 | 2 | ||
| Pricing | 2 | 2 | 2 | 3 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $311M | +6.7% | $0.74 | -2.6% | 35.1% | 21.0% | $55M |
| FY2025 Q1 | $309M | +6.1% | $0.72 | +9.1% | 35.0% | 20.6% | $120M |
| FY2025 Q2 | $312M | +5.2% | $1.78 | +34.8% | 65.1% | 50.0% | $85M |
| FY2025 Q3 | $323M | +6.3% | $0.69 | -1.4% | 34.3% | 19.1% | $272M |
| FY2025 Q4 | $336M | +7.9% | $1.51 | +104.1% | 34.4% | 38.6% | $51M |
| FY2026 Q1 | $341M | +10.3% | $1.83 | +154.2% | 34.1% | 46.6% | $121M |
| FY2026 Q2 | $336M | +7.8% | $0.99 | -44.4% | 35.2% | 25.5% | $217M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What FRT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“aspirational concepts like Crate & Barrel, Anthropologie, Madewell, Aritzia, all of which continue to outperform in our centers.”
Aritzia is named among aspirational apparel tenants outperforming in Federal Realty centers, a positive read on the retailer's U.S. sales momentum.
“aspirational concepts like Crate & Barrel, Anthropologie, Madewell, Aritzia, all of which continue to outperform in our centers.”
Madewell is cited among full-price aspirational apparel tenants outperforming in Federal Realty centers, a positive demand read for the brand.
“aspirational concepts like Crate & Barrel, Anthropologie, Madewell, Aritzia, all of which continue to outperform in our centers.”
Anthropologie is named among aspirational apparel tenants outperforming in Federal Realty centers, a positive read on the Urban Outfitters brand.
“aspirational concepts like Crate & Barrel, Anthropologie, Madewell, Aritzia, all of which continue to outperform in our centers.”
Federal Realty cites Crate & Barrel among full-price aspirational tenants outperforming in its centers, a positive read on the home retailer's sales.
“with the signing of a lease with PNC Bank a couple of weeks ago for the last remaining 11,000 square feet, Santana West is officially 100% leased.”
PNC Bank signed a lease for the final space at Santana West, indicating continued PNC retail-branch/office footprint expansion in San Jose.
| 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% |