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Research Alert: Federal Realty Investment Trust Posts Q1 Revenue Beat; Raises 2026 Guidance

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Federal Realty Investment Trust (FRT) reported Q1 revenue of $341M (+10.3% Y/Y, $7M above consensus) vs. $309M a year ago. Comparable property operating income rose 3.1% Y/Y to $201M, though moderating from 4.4% growth in Q3. The exceptional leasing momentum with 106 leases totaling 661K square feet contributed to a record first quarter leasing volume, while robust rent spreads of +13% cash (+23% straight-line) reflect portfolio quality and favorable supply-demand dynamics in core markets. Management highlighted record trailing-12-month performance with 448 leases spanning 2.62M square feet. We believe the strong leasing metrics demonstrate underlying tenant demand for FRT's grocery-anchored properties, with sustained cash spreads of 16% and straight-line spreads of 28% on a trailing basis indicating continued pricing power. In our view, the sustained leasing velocity and consistent rent growth support the quality of FRT's strategic portfolio positioning in high-demand coastal markets.

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