Federal Realty Investment Trust reported its first quarter 2025 financial results with an FFO per share of $1.70, marking a 3.7% increase year-over-year. The company experienced a strong comparable Property Operating Income (POI) growth of 2.8% compared to the first quarter of 2024, excluding lease termination fees and prior period rents collected. The quarter concluded with a solid comparable portfolio occupancy of 93.6% and a leased rate of 95.9%. In terms of leasing activity, 87 leases were signed for 369,000 square feet of comparable retail space, a figure lower than usual due to the mix. However, future quarters are expected to see a return to more typical leasing levels. The company also achieved strong small shop leasing, ending the quarter at 93.5% leased, a 210 basis points increase year-over-year. Federal Realty Investment Trust expanded its redevelopment and expansion pipeline by approximately $785 million, with about $200 million remaining in spend. Additionally, the company acquired the Del Monte Shopping Center in Monterey, CA, for $123.5 million. Plans are underway to acquire a 550,000 square foot retail property in a new market, with a targeted close in the third quarter of 2025. The company provided guidance for 2025, projecting an FFO per share growth of approximately 6% at the midpoint, translating to $7.17 per share. Earnings per diluted share are expected to range between $3.00 and $3.12. The outlook anticipates strong 3-4% comparable POI growth, supported by record leasing in 2024 and continued occupancy gains. The company maintains limited exposure to troubled retailers, which is expected to contribute to strong growth in 2025.