Federal Realty (FRT) Q4 2025 Earnings Transcript

Donald C. Wood: 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. All those numbers, of course, eliminate the impact of the onetime new market tax credit last year, as reflected in our new core FFO metric—more to come on that from Dan. Business is good, with strong demand for our assets in both our historical locations as well as the newer markets. We ended the year with the overall portfolio 9 ...