Federal Realty Promotes Jeff Kreshek to Executive Vice President [Accessibility Statement] Skip NavigationPromotion underscores the depth of Federal's leadership and the strategic importance of its West Coast portfolio.NORTH BETHESDA, Md., Feb. 23, 2026 /PRNewswire/ -- [Federal Realty Investment Trust] (NYSE:FRT) has named [Jeff Kreshek] Executive Vice President, Western Region President & Chief Operating Officer. The promotion recognizes Kreshek's leadership and the role of the West Coast portfolio as a co ...

Financial Data and Key Metrics Changes - Revenue increased by 1.8% to $249 million compared to the fourth quarter of 2024, driven by both office and multifamily revenue growth [13] - Funds from Operations (FFO) decreased to $0.35 per share, and Adjusted Funds from Operations (AFFO) decreased to $53 million due to increased interest expenses and lower interest income [13] - Same-property cash Net Operating Income (NOI) decreased by 1.4% for the quarter, primarily due to higher office operating expenses, although multifamily NOI growth partially offset this decline [13] Business Line Data and Key Metrics Changes - The company signed 896 office leases totaling 3.4 million square feet for the full year of 2025, with 224 office leases covering 906,000 square feet signed in the fourth quarter [11] - Positive net absorption of 104,000 square feet was achieved in the fourth quarter, with strong demand across diversified tenant industries [11][12] - The residential portfolio experienced a same-property cash NOI increase of almost 5% compared to the prior year, maintaining full occupancy [5][12] Market Data and Key Metrics Changes - Office tenant demand was spread across various industries, including financial services, legal, health services, education, and real estate, with no single segment exceeding 20% of tenant demand [11] - The company noted that all markets, except Hawaii, showed positive absorption in the fourth quarter, indicating strong demand across its portfolio [100] Company Strategy and Development Direction - The company plans to focus on office leasing and re-tenanting Studio Plaza, with a straightforward strategic plan for 2026 [6][7] - Development projects include the conversion of 10900 Wilshire into a mixed-use residential and office building and the redevelopment of Landmark Residences [6][8] - The company aims to capitalize on attractive acquisitions in its markets, where current valuations are significantly discounted compared to long-term values [7][87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of their markets and the quality of their portfolio, despite acknowledging potential challenges in 2026 [7] - The company is monitoring leasing demand closely and remains optimistic about the pipeline, although caution is advised for the upcoming year [22][23] Other Important Information - The company executed nearly $2 billion in debt transactions at competitive rates, extending its maturity profile and strengthening its balance sheet [6] - Guidance for 2026 indicates a net income per common share diluted between -$0.20 and -$0.14, with FFO per fully diluted share expected between $1.39 and $1.45, primarily reflecting increased interest expenses [13][14] Q&A Session Summary Question: Stock buybacks versus acquisitions - Management indicated a preference for acquisitions over stock buybacks, citing concerns about increasing leverage and the need to focus on development projects and leasing [18][19] Question: Market demand and absorption trends - Management expressed hope that the positive absorption trend indicates a fundamental shift in market demand, although they acknowledged the need for consistent performance over multiple quarters [22][23] Question: Industry consolidation impact - Management is not concerned that media industry consolidation will negatively impact leasing demand, as they believe it may rejuvenate the market [28] Question: Development pipeline and yields - Management confirmed that they are planning additional residential development sites and expect yields to be at least 8% upon completion [33][56] Question: UCLA lease expirations - Management clarified that UCLA operates as separate groups, and while some leases may expire, they do not foresee significant shrinkage in demand [46] Question: Political initiatives and G&A impact - Management acknowledged that political engagement has increased costs but emphasized that their G&A remains lower than peers [50][51] Question: Demand differences across markets - Management noted that positive absorption was seen across all markets except Hawaii, with expectations for continued strong performance [100] Question: Occupancy trajectory and lease expirations - Management expects occupancy to pick up during the year, despite typical seasonality affecting the first quarter due to lease expirations [106] Question: Hollywood union negotiations impact - Management does not anticipate significant impact from Hollywood union negotiations on leasing demand within their portfolio [108]

Core Viewpoint - Ray Dalio emphasizes the existence of multiple forms of wars, including financial, technological, geopolitical, and military, which are destabilizing the global order and eroding trust among nations [1][5]. Group 1: Global Economic and Political Landscape - Dalio warns that the current global balance of power is shifting, with the U.S. foreign policy becoming less predictable, leading to significant market volatility, as evidenced by a notable dip in the S&P 500 in April 2025 due to U.S. tariffs [4]. - The potential for military conflict over strategic locations like Greenland is highlighted, with implications for capital and economic stability [2][3]. - Dalio describes a developing civil conflict in the U.S., characterized by irreconcilable differences among the populace, which could further destabilize the nation [5]. Group 2: Public Sentiment and Political Division - Political opinion in the U.S. is sharply divided, with a reported 71% of Republicans satisfied with the state of affairs, compared to only 12% of Democrats, indicating a growing dissatisfaction across the political spectrum [7]. - Despite some satisfaction among Republicans, 61% of Americans express dissatisfaction with the current administration, reflecting a broader sense of discontent [7]. Group 3: Investment Strategies in Turbulent Times - Dalio advocates for diversification in investment portfolios, particularly emphasizing gold as a crucial asset during economic downturns, suggesting that 15% of a portfolio should be allocated to gold due to its performance during crises [10][11]. - Gold has seen a significant increase in value, climbing over 90% year-over-year, reaching an all-time high of over $5,000 per ounce, making it an attractive investment during times of uncertainty [12]. - Real estate is also highlighted as a resilient asset class, with Warren Buffett recommending ownership of tangible assets like farms and apartment buildings to hedge against inflation and economic instability [16][17].

Core Viewpoint - Federal Realty Investment Trust (NYSE:FRT) is recognized as a strong investment opportunity, particularly noted for its consistent dividend growth and strategic asset management. Group 1: Recent Developments - Stifel analyst Simon Yarmak raised the price target for Federal Realty to $109.50 from $104.50 following the company's $170 million asset sale, maintaining a Hold rating on the shares [2] - The asset sale included Pallas at Pike & Rose and Bristol Plaza, marking a busy period for the company, which also recently acquired Village Pointe and completed purchases of Town Center Plaza and Town Center Crossing [2] Group 2: Portfolio and Strategy - Federal Realty focuses on quality over quantity, owning 103 properties with approximately 3,600 tenants across 27.9 million commercial square feet and around 3,000 residential units by the end of Q3 2025 [3] - The company emphasizes development and redevelopment, consistently reinvesting capital to maintain the relevance of its shopping centers, which often lead their local markets [4] - Federal Realty has a disciplined approach to asset management, selling properties that have maximized their value and redeploying proceeds into growth opportunities, supporting a long history of shareholder returns with 58 consecutive years of dividend increases [4] Group 3: Market Position - Federal Realty is viewed as a leader in owning, operating, and redeveloping high-quality retail-focused properties, with a portfolio concentrated in major coastal markets and select underserved regions [5]

Core Insights - Saul Centers, Inc. reported total revenue of $72.0 million for the quarter ended September 30, 2025, an increase from $67.3 million in the same quarter of 2024, while net income decreased to $14.0 million from $19.6 million [1] - The initial operations of Twinbrook Quarter Phase I negatively impacted net income by $4.7 million, primarily due to a reduction in capitalized interest [1][5] - Funds from operations (FFO) available to common stockholders decreased to $25.3 million, or $0.72 per share, compared to $28.9 million, or $0.84 per share, in the prior year [3][7] Financial Performance - Total revenue for the nine months ended September 30, 2025, increased to $214.7 million from $200.9 million for the same period in 2024 [5] - Net income for the nine months decreased to $41.0 million from $57.3 million, with the initial operations of Twinbrook Quarter Phase I adversely impacting net income by $16.4 million [5][6] - Same property revenue decreased by $0.2 million, or 0.3%, and same property net operating income decreased by $1.0 million, or 2.0%, for the quarter compared to the previous year [2] Operational Metrics - As of September 30, 2025, 94.5% of the commercial portfolio was leased, down from 95.7% a year earlier, while the residential portfolio was 98.5% leased compared to 98.8% [4] - The shopping center same property net operating income totaled $35.8 million, a decrease of $0.4 million compared to the previous year, primarily due to lower lease termination fees [2] - Mixed-use same property net operating income for the quarter totaled $12.2 million, a decrease of $0.6 million, mainly due to lower commercial base rent [2] Balance Sheet Highlights - As of September 30, 2025, total assets were $2.17 billion, an increase from $2.13 billion at the end of 2024 [10] - Total liabilities increased to $1.68 billion from $1.63 billion, with mortgage notes payable at $1.02 billion [10] - Total equity decreased to $485.2 million from $501.1 million, reflecting a decline in net income available to common stockholders [10]

Core Insights - Federal Realty Investment Trust (NYSE:FRT) is recognized as one of the Top 15 Growth Stocks for Long-Term Investors [1] - The company is a real estate investment trust that focuses on acquiring and redeveloping premium shopping centers in prime metropolitan areas, enhancing their appeal for shoppers and tenants [2] - Federal Realty has a strong track record of dividend growth, having increased its quarterly dividend by 3% to $1.13 per share, marking 58 consecutive years of dividend increases [4] Company Overview - Federal Realty Investment Trust owns and operates strip malls and mixed-use properties, with a focus on premium shopping centers [2] - The company is diversifying its income sources by adding approximately 3,100 residential units, hotels, and office spaces to its portfolio [2] Financial Performance - The company has maintained a prudent payout ratio and solid balance sheet, allowing it to sustain its dividend and invest in portfolio expansion [3] - As of October 12, the stock offers an attractive dividend yield of 4.73% [4]

Core Insights - Saul Centers, Inc. reported total revenue of $70.8 million for the quarter ended June 30, 2025, an increase from $66.9 million in the same quarter of 2024, while net income decreased to $14.2 million from $19.5 million year-over-year [1][2][14] Financial Performance - Total revenue for the six months ended June 30, 2025, was $142.7 million, up from $133.6 million for the same period in 2024 [7] - Net income for the six months ended June 30, 2025, decreased to $27.0 million from $37.8 million in 2024, primarily due to the initial operations of Twinbrook Quarter Phase I, which adversely impacted net income by $11.6 million [7][14] - Funds from operations (FFO) available to common stockholders decreased to $25.4 million, or $0.73 per share, in the 2025 Quarter compared to $28.5 million, or $0.83 per share, in the 2024 Quarter [5][15] Operational Highlights - As of June 30, 2025, 94.0% of the commercial portfolio was leased, down from 95.8% a year earlier, while the residential portfolio was 99.0% leased compared to 99.4% in 2024 [6] - The company continued to lease residential units and work on retail spaces at Twinbrook Quarter Phase I, with 389 of the 452 residential units (86.1%) leased and occupied as of August 4, 2025 [1] Same Property Metrics - Same property revenue decreased by $1.5 million, or 2.2%, and same property net operating income decreased by $2.2 million, or 4.3%, for the 2025 Quarter compared to the 2024 Quarter [3][8] - Shopping Center same property net operating income totaled $35.3 million, a decrease of $2.1 million compared to the 2024 Quarter, primarily due to lower lease termination fees [3][8] Balance Sheet Overview - As of June 30, 2025, total assets were $2.139 billion, compared to $2.126 billion as of December 31, 2024 [13] - Total liabilities increased to $1.651 billion from $1.625 billion at the end of 2024 [13]

Core Viewpoint - Saul Centers, Inc. reported mixed financial results for the quarter ended March 31, 2025, with total revenue increasing but net income decreasing due to the initial operations of Twinbrook Quarter Phase I [1][2]. Financial Performance - Total revenue for the 2025 Quarter was $71.9 million, up from $66.7 million in the 2024 Quarter, representing an increase of approximately 3.3% [1][12]. - Net income decreased to $12.8 million in the 2025 Quarter from $18.3 million in the 2024 Quarter, a decline of about 30.1% [1][12]. - Net income available to common stockholders fell to $7.0 million, or $0.29 per share, down from $10.8 million, or $0.45 per share, in the previous year [2][12]. Operational Highlights - The company leased 274 residential units at Twinbrook Quarter Phase I as of May 5, 2025 [1]. - Same property revenue increased by $1.8 million, or 2.7%, while same property net operating income decreased by $0.2 million, or 0.5%, compared to the 2024 Quarter [3][16]. - The commercial portfolio was 93.9% leased as of March 31, 2025, down from 94.6% a year earlier, while the residential portfolio was 99.3% leased, up from 98.7% [6]. Revenue Breakdown - Rental revenue for the 2025 Quarter was $70.5 million, compared to $65.3 million in the 2024 Quarter [12]. - Same property net operating income for shopping centers totaled $35.3 million, a decrease of $0.5 million compared to the previous year, primarily due to lower other property revenue and expense recoveries [3][17]. - Mixed-use same property net operating income increased to $12.7 million, up by $0.3 million from the 2024 Quarter, driven by higher residential base rent [3][17]. Funds from Operations (FFO) - FFO available to common stockholders decreased to $24.6 million, or $0.71 per share, from $27.5 million, or $0.80 per share, in the 2024 Quarter [5][13]. - FFO was adversely impacted by $4.4 million due to the initial operations of Twinbrook Quarter Phase I, but increased by $1.5 million when excluding this property [5][13]. Asset and Liability Overview - Total assets as of March 31, 2025, were $2.131 billion, slightly up from $2.126 billion at the end of 2024 [10]. - Total liabilities increased to $1.640 billion from $1.625 billion [10]. - The company operates a portfolio of 62 properties, primarily in the metropolitan Washington, D.C./Baltimore area, generating over 85% of its property net operating income from this region [7].