Federal Realty Investment Trust (FRT) investor relations material

Executive summary

• Core FFO per diluted share rose 6.8% year-over-year to $1.88, with record leasing activity and 96.1% leased and 93.8% occupied as of June 30, 2026.

• Quarterly dividend increased 3% to $1.16 per share, marking 59 consecutive years of increases.

• Portfolio totals 103 retail and mixed-use properties with 28.8 million sq. ft., focused on long-term growth through acquisitions, redevelopments, and high occupancy.

• Major anchor deals and property transactions, including acquisitions in Maryland and Virginia and sales totaling $224.6 million, generated a $112.8 million net gain.

• Guidance for 2026 raised for net income, Nareit FFO, and Core FFO per diluted share.

Financial highlights

• Total revenue for Q2 2026 was $335.7 million, up 7.8% year-over-year; six-month revenue was $676.8 million, up 9.0%.

• Core FFO and Nareit FFO for Q2 2026 were $162.8 million ($1.88/share diluted), up 6.8% per share year-over-year.

• Net income for Q2 2026 was $88.6 million, down 44.6% year-over-year due to lower gains on asset sales and absence of prior year tax credit income.

• Property operating income for Q2 2026 increased 8.9% to $232.1 million; for six months, up 9.9% to $459.6 million.

• EBITDAre for the quarter was $219.7 million, with a 3.9x fixed charge coverage ratio.

Outlook and guidance

• 2026 Nareit FFO and Core FFO per diluted share guidance raised to $7.48–$7.56, representing 6.5% Core FFO growth at midpoint.

• 2026 net income per diluted share guidance raised to $4.22–$4.30.

• Q3 FFO expected at $1.82–$1.86 per share; Q4 at $1.91–$1.95 per share, driven by occupancy growth.

• Several development and redevelopment projects underway, with $304 million in remaining costs expected over the next two years.

• Forecasts overall occupied rate to reach mid- to upper-94% by year-end, with anchor occupancy expected to exceed 98% in Q4.