Federal Realty Investment Trust (FRT) is an equity real estate investment trust (REIT) that focuses on the ownership, management, and redevelopment of high-quality retail and mixed-use properties. These properties are strategically located in metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, California, and South Florida, where retail demand exceeds supply . As of December 31, 2023, FRT's portfolio includes 102 predominantly retail real estate projects with a leasing rate of 94.2% and an occupancy rate of 92.2% . The company's revenue is primarily generated from lease agreements with tenants, and it has a long history of paying and increasing dividends to its shareholders .
- Retail Properties - Owns and manages regional, community, and neighborhood shopping centers, often anchored by grocery stores, to meet retail demand in high-demand areas.
- Mixed-Use Properties - Develops and operates properties that combine retail with residential, office, and/or hotel components, providing a diverse range of services and amenities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Donald C. Wood ExecutiveBoard | Chief Executive Officer, Trustee | None | CEO since 2003, previously President, COO, and CFO at FRT. Former CFO of Caesars World, Inc. CPA with a BS in Business Administration from Montclair State College. | View Report → |
Daniel Guglielmone Executive | EVP, Chief Financial Officer, and Treasurer | None | EVP, CFO, and Treasurer. No additional details on start date or prior roles provided in the documents. | |
Dawn M. Becker Executive | EVP, General Counsel, and Secretary | None | Oversees legal, sustainability, HR, IT, and administrative functions. Leads sustainability efforts and corporate reporting aligned with GRI, TCFD, and SASB frameworks. | |
Anthony P. Nader III Board | Trustee | Managing Director of SWaN & Legend Venture Partners; Vice Chairman of Asurion; Former Chair of Inova Health System Board of Trustees. | Trustee since 2020. Over 30 years of experience in business leadership, real estate, and growth-oriented companies. Designated as an audit committee financial expert. | |
David W. Faeder Board | Non-Executive Chairman of the Board | Managing Partner of Fountain Square Properties; Managing Member of Kensington Senior Living; Board member of Arlington Asset Investment Corp. | Trustee since 2003. Extensive experience in real estate, finance, and accounting. Designated as an audit committee financial expert. | |
Elizabeth I. Holland Board | Trustee | CEO of Abbell Credit Corporation and Abbell Associates, LLC; Board member of VICI Properties, Inc.; Board member of 1000 Friends of Iowa and Primo Center for Women & Children. | Trustee since 2017. Legal and financial background with experience in real estate and bankruptcy law. Former senior staff attorney for the Congressional Bankruptcy Review Commission. | |
Gail P. Steinel Board | Trustee | Owner of Executive Advisors; Board member of Invesque, Inc., DAI, and Center for Hope & Safety. | Trustee since 2006. CPA with over 35 years of experience in auditing, leadership, and financial systems. Chair of the Audit Committee. | |
Nicole Y. Lamb-Hale Board | Trustee | VP, Chief Legal Officer, and Corporate Secretary of Cummins Inc.; Board member of Delta Parent Holdings, Inc.; Involved with American Leadership Initiative and Center for International Private Enterprise. | Trustee since 2020. Over 30 years of experience in law, risk management, and restructuring. Former Assistant Secretary of Commerce for Manufacturing and Services. | |
Thomas A. McEachin Board | Trustee | Board member of Pediatrix Medical Group, Inc.; Former board member of Surgalign Holdings, Inc.; Former trustee of Wadsworth Atheneum and Connecticut Science Center. | Trustee since 2022. Retired VP and CFO of Covidien Surgical Solutions. Extensive finance and executive management experience. |
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Regarding your maintained guidance of 70–90 basis points of bad debt in same-store NOI, despite minimal tenant credit issues observed in the first half, what specific risks are causing you to retain this level in your outlook for the second half of the year?
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You have revised upward your targeted year-end occupancy level to roughly 93.5%, exceeding previous assumptions. What factors are driving this stronger occupancy growth, and do you expect this trend to continue into next year?
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Same-property NOI growth slowed sequentially in the quarter, yet your guidance implies a return to mid- to high 3% growth. Can you detail the assumptions behind this expected acceleration, and what gives you confidence in achieving these levels?
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With your recent investments, including deploying $275 million of capital at a 7-plus percent yield, and issuing equity, how are you balancing funding sources for future investments, and what is your strategy for optimizing capital allocation between equity, debt, and asset sales?
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Considering reports of pressure on lower-end consumer spending and tenant sales growth, are you seeing any impact on leasing demand or rent collections within your portfolio, especially among lower-end tenants, and how are you addressing potential risks?
Research analysts who have asked questions during FEDERAL REALTY INVESTMENT TRUST earnings calls.
Craig Mailman
Citigroup
4 questions for FRT
Greg McGinniss
Scotiabank
4 questions for FRT
Juan Sanabria
BMO Capital Markets
4 questions for FRT
Michael Goldsmith
UBS
4 questions for FRT
Michael Mueller
JPMorgan Chase & Co.
4 questions for FRT
Alexander Goldfarb
Piper Sandler
3 questions for FRT
Ki Bin Kim
Truist Securities
3 questions for FRT
Paulina Rojas Schmidt
Green Street Advisors
3 questions for FRT
Dori Kesten
Wells Fargo & Company
2 questions for FRT
Floris Gerbrand van Dijkum
Compass Point Research & Trading, LLC
2 questions for FRT
Haendel St. Juste
Mizuho Financial Group
2 questions for FRT
Jeffrey Spector
BofA Securities
2 questions for FRT
Linda Yu Tsai
Jefferies Financial Group Inc.
2 questions for FRT
Michael Griffin
Citigroup Inc.
2 questions for FRT
Omotayo Okusanya
Deutsche Bank AG
2 questions for FRT
Ravi Vaidya
Mizuho
2 questions for FRT
Steve Sakwa
Evercore ISI
2 questions for FRT
Connor Mitchell
Piper Sandler & Co.
1 question for FRT
Cooper Clark
Wells Fargo
1 question for FRT
Floris van Dijkum
Compass Point Research & Trading
1 question for FRT
Linda Tsai
Jefferies
1 question for FRT
Rich Hightower
Barclays
1 question for FRT
Samir Khanal
Bank of America
1 question for FRT
Recent press releases and 8-K filings for FRT.
- Federal reported FFO per share of $1.91 (including $0.15 of tax-credit income), or $1.76 ex-tax credit, beating consensus; comparable property-level operating income rose ~5% and leasing hit 644,000 sq ft, near a quarterly record.
- Issued 2025 FFO guidance of $7.16–$7.26 per share (or $7.01–$7.11 ex-tax credit), up ~4%–6.5% at the midpoint, and raised full-year comparable POI growth outlook to 3.25%–4%.
- Executing strategic portfolio moves: acquired 550,000 sq ft Town Center Plaza/Crossing in Leawood, KS, targeting two more accretive buys by year‐end; sold $143 M of assets in Q2 and is marketing $400 M+ more for disposition.
- Declared a $0.03 per-share quarterly dividend increase to $1.13, marking the 58th consecutive annual raise, a REIT industry record.
- Federal Realty acquired 550,000 sq ft of Town Center Plaza and Town Center Crossing in Leawood, KS, for $289 million as part of its expansion into a supply-constrained, high-growth market.
- The company sold its 181,000 sq ft Hollywood Boulevard retail portfolio for $69 million and the Levare Santana Row residential building for $74 million, recycling capital from mature assets.
- Construction began this summer on Lot 12 at Santana Row—a 258-unit residential project with an expected $145 million investment—while progress continues on a 45-unit New Jersey building and a 217-unit Pennsylvania project.
- Federal Realty Investment Trust sold Levare, a 108-unit Class A residential building at Santana Row, San Jose, for $74 million.
- The property was 95% leased at the time of sale and is part of the company’s strategy to reallocate capital towards higher-return opportunities.
- Q1 2025 Financial Performance: Reported a strong quarter with FFO per share of $1.70, net income of $61.8 million ($0.72 per share vs. $0.66 previously) and operating income of $108.1 million, demonstrating robust operational results.
- Guidance Update: Maintained 2025 EPS guidance at $3.00–$3.12 while raising annual FFO guidance to $7.11–$7.23, reflecting midpoint growth of approximately 6%.
- Leasing & Operational Metrics: Achieved a comparable occupancy rate of 95.9% with the execution of 91 retail leases covering roughly 430,000 square feet of space.
- Strategic Financing: Launched a $300 million share repurchase program and refinanced a term loan—increased from $600M to $750M—with an extended maturity to March 2030.
- Acquisition: Completed the purchase of the Del Monte Shopping Center for $123.5 million.
- Governance Updates: Amended CFO Daniel Guglielmone’s severance agreement (effective May 7, 2025) and held the annual shareholder meeting featuring trustee elections and a vote on executive compensation.
- Federal Realty Investment Trust’s Board approved a new common share repurchase program, allowing the company to buy back up to $300,000,000 in common shares using various methods.
- The filing is a Form 8-K dated April 10, 2025, which includes required exhibits and signatures confirming the announcement.
- March 20, 2025 saw Federal Realty Investment Trust and Federal Realty OP LP enter a material definitive agreement, as disclosed in the filing.
- The agreement amends the existing credit facility by adding a $150 million delayed draw term loan and extending the maturity date, with FRIT San Jose Town and Country Village, LLC added as a borrower.
- A consortium of major banks, including PNC Bank and JPMorgan Chase, is participating as lenders and administrative agents in this transaction.