Federal Realty signals near 6% Core FFO growth target for 2026 while advancing residential development pipeline

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• Result was slightly below guidance midpoint due to noncash charge related to Saks bankruptcy

  80% confidence

• Temporary anchor turnover resulting in 75 basis point drag of comparable POI in 2026

  80% confidence

• Strong quarter, strong year, strong 2026 guidance, 6.4% bottom line FFO growth in the quarter, 4.3% for the year and guidance close to 6% at the midpoint for 2026

  80% confidence

• We're able to underwrite the new development pipeline is somewhere between 6.5% and 7% on most of them

  80% confidence

• You can count on us managing tax efficiently through the dividend and sales of gains and 1031

  80% confidence

• There is probably another $400 million or $500 million of residential product that could be monetized with cap rates at 5% or lower

  80% confidence

• Our FFO per share of $1.84 for the fourth quarter reflects 6.4% growth versus last year and highlights a really strong underlying quarter operationally

  80% confidence

• Quarters like this fourth and in fact, all of 2025 increase my confidence of our ability to do so

  80% confidence

• Strong rent spreads are broad-based and sustainable with continued high demand and limited supply

  80% confidence

• California is going to be our largest source of growth for the next few years given the backlog of leasing and development activity

  80% confidence

• In 2025, our leasing platform achieved record-breaking volume, delivering the highest annual square footage leased in company history, alongside the strongest comparable rent spreads achieved in over a decade

  80% confidence

• Portfolio ended the year 96.6% leased and 94.5% occupied

  80% confidence

• 601,000 feet of comparable deals done in the quarter at 12% rollover and 2.3 million feet of comparable deals done for the year at 15% rollover, an incremental $11 million of new rent is under contract

  80% confidence

• It's a little too early to kind of forecast how much we'll be able to buy this year

  80% confidence

• Acquisitions achieved initial yield in low 7% range with targeted unlevered IRRs approaching 9%

  80% confidence