Federal Realty Investment Trust published the transcript of its fourth quarter 2025 earnings conference call held on February 12, 2026. The call was hosted by Senior Vice President of Investor Relations Jill Sawyer and featured CEO Donald Wood, CFO Dan Guglielmone, Eastern Region President and COO Wendy Seher, Chief Investment Officer Jan Sweetnam, and Western Region President Jeffrey Kreshek, with analysts attending from firms including Evercore ISI, Wells Fargo, Bank of America, Scotiabank, Citi, Piper Sandler, UBS, Mizuho, Barclays, Jefferies, Ladenburg Thalmann, BMO Capital Markets, Green Street, and JPMorgan. Management highlighted strong operating performance and 2026 guidance, with the CEO citing “strong quarter, strong year, strong 2026 guidance” and noting fourth-quarter FFO per share of $1.84 and portfolio leasing of 96.1%. Leasing was a central theme, including 2.3 million square feet of comparable deals in 2025 at 15% rollover, and the company discussed acquisitions such as Annapolis Town Center (Maryland) and Village Pointe (Omaha) for $340 million, alongside dispositions including residential buildings at Pike & Rose and Santana Row at cap rates in the low 5% range. The company also emphasized residential intensification projects at retail properties, adding Willow Grove Shopping Center redevelopment with 261 apartments, and said it is underwriting new residential development yields “between 6.5% and 7%.” The CFO introduced a new Core FFO metric to adjust for one-time items and guided 2026 Core and Nareit FFO to $7.42 to $7.52 per share, while flagging a refinancing headwind from replacing 1.25% notes. He also said the quarter came in slightly below guidance due to a Saks-related non-cash charge, later quantified as “roughly around $0.03 a share.” On capital recycling and dividends, the CEO said the company expects to manage taxes “through the dividend and sales of gains and 1031s,” adding, “That’s what you should expect, not a special dividend.” Management also pointed to California as a key growth driver, with the Western Region President stating, “California is going to be our largest source of growth for the next few years.” The full transcript can be accessed through the link below.
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