Federal Realty Investment Trust

Federal Realty Investment Trust is a real estate investment trust (REIT) that owns, operates and redevelops open-air shopping centers and mixed-use properties. Most of its properties are in major coastal markets, and some are in smaller regions with strong economic and population trends. Its 103 properties have about 3,700 tenants in 28.8 million square feet of commercial space and about 2,500 residential units.

Its best-known mixed-use properties are Santana Row in San Jose, Pike & Rose in Maryland and Assembly Row near Boston. It raised its dividend in 2026 for the 59th year in a row, the longest record in the REIT sector.

The market prices Federal Realty for the risk that weaker consumers and higher costs from tariffs push some retail tenants to close stores, and for higher interest costs. Federal Realty pays a large dividend, so higher interest rates make its shares less attractive and raise the cost of new debt. Total debt rose to $4.88 billion at September 30, 2026 from $4.72 billion a year earlier. In August 2026, it issued $460 million of exchangeable notes that can turn into shares, and in October 2026 it paid $508 million for The Summit in Birmingham, Alabama.

For the gap to close, three things must be true. Federal Realty must reach its 2026 Core FFO guidance of $7.54 to $7.58 per share, which it raised in October 2026. Its record leasing must turn into income as new tenants open, which lifts occupancy from 93.8% toward its leased rate of 96.5%. Rent increases on new and renewed leases must stay near the 14% cash rate of Q3 2026.

The Q4 2026 report with the 2027 guidance, expected in late January or February 2027, shows whether FFO growth continues toward the targets it gave for 2028 at its Investor Day. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a wave of retail bankruptcies, which would cut occupancy and rent.

1. Oct 30, 2026Passed

   Q3 2026 results: occupancy and leasingCore FFO guidance kept at $7.48 to $7.56 per share or raised, with higher occupancy, passes; a cut in guidance or falling occupancy fails.Outcome: Federal Realty raised its Core FFO guidance to $7.54 to $7.58 per share, and occupancy stayed at 93.8% while the leased rate rose to 96.5%.
2. Jan 30, 2027 · est.Pending

   Q4 2026 results: 2027 guidance and FFO growth2027 Core FFO guidance with growth of about 4% or more passes; flat or lower Core FFO guidance fails.

Every passed and failed checkpoint across all picks

• October 30, 2026Federal Realty reported Q3 2026 results. Core FFO rose 5.6% to $1.87 per share. It signed 117 comparable retail leases for 532,220 square feet with rent growth of 14% on a cash basis. Occupancy was 93.8%, flat from Q2 2026, and the leased rate rose to 96.5% from 96.1%. Comparable property operating income rose 2.5%. It bought back 869,748 shares for about $95 million through October 9, 2026. It raised its 2026 Core FFO guidance to $7.54 to $7.58 per share, from $7.48 to $7.56.
• October 1, 2026Federal Realty bought The Summit, an open-air retail center of about 870,000 square feet in Birmingham, Alabama, for $508 million ($498 million net). The center has more than 110 tenants and was 92% occupied. Federal Realty paid with money from asset sales, free cash flow and its recent exchangeable notes. It said that the purchase adds to FFO at once.
• August 11, 2026Federal Realty OP issued $460 million of 3.500% exchangeable senior notes due 2031. Holders can exchange them for cash and, above the principal, for cash or shares. Federal Realty bought capped calls to reduce dilution and plans to use the rest of the money to repay debt and for general purposes.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 30, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 2, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · frt-20260930
• 8-KEarnings releaseFiled October 30, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled August 11, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · frt-20260630
• 8-KEarnings releaseFiled July 31, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 6, 2026 · frt-20260506
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · frt-20260331
• 8-KEarnings releaseFiled May 1, 2026 · Press release and exhibits
• 8-KNew material agreement and End of a material agreementFiled April 15, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 34903)

• Retail tenants can close stores or file for bankruptcy if consumers spend less or tariffs raise their costs. Empty space lowers rent until new tenants open.
• Higher interest rates raise the cost of new debt and can lower the value of its properties. About 16% of its debt had variable rates at September 30, 2026.
• Federal Realty spends a lot on redevelopment and new mixed-use projects. Projects that cost more or take longer than planned give lower returns.
• The exchangeable notes issued in August 2026 can lead to new shares if the share price rises far enough, although capped calls reduce this dilution.

Federal Realty funds itself mainly with unsecured senior notes and term loans. At September 30, 2026, total debt was $4.88 billion and net debt was $4.77 billion, with cash of $110 million. Read more

Yield at the current rate

4.1% (current annual rate, at today’s price)

Dividend yield

4.0% (last 12 months, at today’s price of $113.10)

Paid per share

$4.55 in the last 12 months (4 payments)

Current annual rate

$4.64 ($1.16 × 4 a year)

Payout ratio

95% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 1, 2026, $1.16 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 1.0% a year. From 2015 to 2025, the dividend grew by about 2.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.