Federal Realty Investment Trust reported net income available for common shareholders of $0.69 per diluted share for the third quarter ended September 30, 2025, compared to $0.70 per diluted share in the same period of 2024. Operating income for the third quarter was $110.7 million, up from $105.8 million a year earlier. NAREIT funds from operations (FFO) available to common shareholders was $1.77 per diluted share, an increase of 3.5% from $1.71 in the prior-year quarter. The company achieved record leasing volume, signing 123 comparable retail leases totaling 727,029 square feet with a 28% increase in rent on a cash basis, from $27.85 to $35.71 per square foot. Comparable portfolio occupancy as of September 30, 2025, was 94.0%, up 0.4 percentage points sequentially and 0.2 percentage points year-over-year. The comparable portfolio leased rate was 95.7%, and the residential leased rate was 96.0%. Subsequent to quarter end, Federal Realty announced the acquisition of Annapolis Town Center in Annapolis, Maryland, comprising 479,000 square feet for $187 million. The company reported approximately $1.3 billion in total liquidity at quarter end. Federal Realty updated its full-year 2025 guidance, projecting earnings per diluted share between $3.93 and $3.99 and raising its FFO per diluted share guidance to $7.05 to $7.11, excluding $0.15 of one-time new market tax credit transaction income. This represents a 4.6% growth at the midpoint year-over-year.