Federal Realty Investment Trust (NYSE:FRT) today reported its results for the fourth quarter and full year ended December 31, 2025. Net income available for common shareholders was $4.68 per diluted share for the full year 2025 and $1.48 per diluted share for the fourth quarter, compared to $3.42 and $0.75 per diluted share for the same periods in 2024, respectively. Operating income for 2025 totaled $602.2 million, with $180.7 million in the fourth quarter, compared to $472.4 million and $109.3 million, respectively, in 2024.
Highlights for the full year, fourth quarter and subsequent to quarter-end include:
— Generated Nareit defined funds from operations available to common shareholders (Nareit FFO) per diluted share of $7.22 for the year, compared to $6.77 in 2024, an increase of 6.6%. For the fourth quarter, generated Nareit FFO per diluted share of $1.84, compared to $1.73 for the fourth quarter of 2024, an increase of 6.4%.
— Introduced Core FFO, a new measure intended to provide enhanced comparability across periods for Federal’s underlying operating results; Core FFO was $7.06 per diluted share in 2025, up 4.3% from $6.77 in 2024. See attachment for a full definition of Core FFO.
— Record-breaking leasing in 2025:
— Achieved an all-time company record total leasing volume of 2.5 million square feet of retail space.
— Strongest comparable rent spreads in over a decade of 15% on a cash basis and 27% on a straight-line basis.
— Achieved comparable portfolio occupancy of 94.5% and a leased rate of 96.6% at quarter end, with:
— Occupancy up 40 basis points and leased rate up 90 basis points sequentially.
— Occupancy up 50 basis points and leased rate up 40 basis points year-over-year.
— Small shop leased rate of 93.8%, up 50 basis points sequentially.
— Generated comparable property operating income (POI) growth of 3.8% for the year, and 3.1% for the fourth quarter, excluding lease termination fees and prior period rents collected.
— Acquired two properties in the fourth quarter totaling $340 million, adding a new market to Federal Realty’s footprint in Omaha, NE with Village Pointe, and growing in its existing Maryland portfolio with Annapolis Town Center in Annapolis, MD.
— Completed $169 million of peripheral residential and mature retail dispositions in the fourth quarter, with an additional $159 million announced subsequent to quarter end.
— Announced a new redevelopment project at Willow Grove in Willow Grove, PA, at a projected cost of $110 – $120 million and projected return on investment (ROI) of 7%.
— Ended the quarter with approximately $1.3 billion in total liquidity.
— Introduced 2026 earnings per diluted share guidance of $3.90 to $4.00 and 2026 Nareit FFO and Core FFO per diluted share guidance of $7.42 to $7.52, representing 5.1% and 6.5% growth at the low and high end of the range for Core FFO year-over-year.
“Federal Realty delivered strong 2025 results, driven by exceptional leasing performance and strong rent spreads that produced solid year-over-year earnings growth. We also made meaningful strategic progress on our capital recycling and reinvestment initiative: entering new markets, acquiring dominant properties that enhance the quality of our portfolio, and advancing our residential development pipeline in the right retail locations,” said Donald C. Wood, Chief Executive Officer of Federal Realty. “Even as we navigate the near-term refinancing environment, our momentum underpins expected 6% Core FFO growth in 2026.”
Financial Results
Net Income
For the full year 2025, net income available for common shareholders was $403.0 million and earnings per diluted share was $4.68, versus $287.2 million and $3.42, respectively, for the full year 2024.
For the fourth quarter 2025, net income available for common shareholders was $127.7 million and earnings per diluted share was $1.48, versus $63.5 million and $0.75, respectively, for the fourth quarter of 2024.
FFO
For the full year 2025, Nareit FFO was $624.3 million, or $7.22 per diluted share. This compares to Nareit FFO of $570.2 million, or $6.77 per diluted share for the full year 2024. Core FFO in 2025 was $611.0 million, or $7.06 per diluted share, versus $570.7 million, or $6.77 per diluted share for the full year 2024.
For the fourth quarter 2025, Nareit FFO was $159.2 million, or $1.84 per diluted share, compared to $147.6 million, or $1.73 per diluted share for the fourth quarter of 2024. Core FFO in the fourth quarter 2025 was $159.1 million, or $1.84 per diluted share, versus $150.5 million, or $1.76 per diluted share.
Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and definition of Core FFO.
Operational Update
Occupancy
The following operational metrics for the commercial portfolio are as of December 31, 2025:
— The comparable portfolio occupancy was 94.5%, up 40 basis points sequentially and up 50 basis points year-over-year.
— Comparable portfolio leased rate was 96.6%, up 90 basis points sequentially and up 40 basis points year-over-year.
— Small shop leased rate was 93.8%, up 50 basis points sequentially and up 20 basis points year-over-year.
— Anchor leased rate was 97.3%, up 80 basis points sequentially and down 20 basis points year-over-year.
The residential leased rate was 94.8% as of December 31, 2025.
Leasing Activity
For the full year 2025, Federal Realty signed 454 leases for 2,471,099 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 434 leases for 2,340,282 square feet at an average rent of $37.98 per square foot compared to the average contractual rent of $33.12 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 15%, 27% on a straight-line basis. Comparable leases represented 96% of total comparable and non-comparable leases signed during 2025.
During the fourth quarter 2025, Federal Realty signed 109 leases for 612,978 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 105 leases for 600,684 square feet at an average rent of $39.09 per square foot compared to the average contractual rent of $34.84 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 12%, 24% on a straight-line basis. Comparable leases represented 96% of total comparable and non-comparable leases signed during the fourth quarter 2025.
Redevelopment
Announced a new redevelopment project at Willow Grove in Willow Grove, PA. This project will bring over 260 residential units, 52,000 square feet of retail space, and a 438-stall parking garage to the shopping center. The projected cost is $110 – $120 million and a 7% projected ROI1.
Transaction Activity
—
February 5, 2026 — sold Misora, a peripherally located residential component of Santana Row in San Jose, CA, for $148.5 million; additionally, the Company sold Courthouse Center, a 33,000 square-foot neighborhood shopping center in Rockville, MD, for $10.0 million.
—
December 17, 2025 — sold Pallas, a peripherally located residential component of Pike & Rose in North Bethesda, MD, for $125.0 million.
—
December 16, 2025 — sold Bristol Plaza, a 264,000 square-foot grocery-anchored shopping center in Bristol, CT, for $44.4 million.
—
November 24, 2025 — acquired Village Pointe, a leading open-air lifestyle center in Omaha, NE, totaling 452,000 square feet, for $153.3 million.
—
October 10, 2025 — acquired Annapolis Town Center, a premier open-air retail center in Annapolis, MD, totaling 479,000 square feet, for $187.0 million.
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.13 per common share, resulting in an indicated annual rate of $4.52 per common share. The regular common dividend will be payable on April 15, 2026 to common shareholders of record as of April 1, 2026.
Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on April 15, 2026 to shareholders of record as of April 1, 2026.
2026 Initial Guidance
The company’s initial 2026 guidance is based on the following assumptions:
2026 Guidance
(2)
Net income available for common shareholders per diluted share
$3.90 - $4.00
Nareit FFO per diluted share
$7.42 - $7.52
Core FFO per diluted share
$7.42 - $7.52
Comparable properties growth 3.0% - 3.5%
Lease termination fees
$7 - $8 million
Incremental redevelopment / expansion POI(3)
$13 - $15 million
General and administrative expenses
$47 - $49 million
Development / redevelopment capital
$175 - $225 million
Capitalized interest
$11 - $12 million
Notes: --- (1) See page 17 of our Form 8-K filed on February 12, 2026. 2 Does not include the impact of acquisitions or dispositions other than those which have closed as of February 11, 2026. All amounts are estimates. 3 Includes the expected additional POI to be recognized in 2026, which is incremental to the amount recognized in 2025 from our larger redevelopments at Santana West, Pike & Rose - 915 Meeting Street, Bala Cynwyd on City Avenue and Huntington Shopping Center as more fully discussed on page 17 of our Form 8-K filed on February 12, 2026.
The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:
Full Year 2026 Guidance Range
Low High
Estimated net income available for common shareholders per diluted share $3.90 $4.00
Adjustments:
Estimated gain on sale of real estate, net (1.06) (1.06)
Estimated depreciation and amortization 4.58 4.58
Estimated Nareit FFO and Core FFO per diluted share $7.42 $7.52
Below is our Nareit FFO and Core FFO for 2024, 2025, and estimated 2026 range, per diluted share:
2024 Actual 2025 Actual 2026 Estimate
Nareit FFO per diluted share $6.77 $7.22
$7.42 - $7.52
% growth over the prior year 6.6 % 2.8% - 4.2%
Adjustments:
New market tax credit transaction income, net (0.15)
Executive transition costs 0.04
Collection of prior period rents deferred during COVID (0.04) (0.00)
Core FFO $6.77 $7.06
$7.42 - $7.52
% growth over the prior year 4.3 % 5.1% - 6.5%
Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its fourth quarter 2025 earnings conference call, which is scheduled for Thursday, February 12, 2026 at 5:00 PM ET. To participate, please call 833-821-4548 or 412-652-1258 prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through February 26, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10205568.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations–such as Santana Row, Pike & Rose and Assembly Row–which together reflect the company’s ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. As of December 31, 2025, Federal Realty’s 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Safe Harbor Language
Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026 and include the following:
—
risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
—
risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
—
risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
—
risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
—
risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;
—
risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;
—
risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and
—
risks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.
Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2026.
Investor Inquiries:
Media Inquiries:
Jill Sawyer
Brenda Pomar
Senior Vice President, Investor Relations Senior Director, Corporate
Communications
301.998.8265
301.998.8316
jsawyer@federalrealty.com bpomar@federalrealty.com
Federal Realty Investment Trust
Consolidated Balance Sheets
December 31, 2025
December 31, December 31,
2025 2024
(in thousands, except share
and
per share data)
ASSETS
Real estate, at cost
Operating (including $1,832,190 and $1,825,656 of consolidated variable interest $11,265,167 $10,363,961
entities, respectively)
Construction-in-progress (including $28,418 and $9,939 of consolidated variable 374,735 539,752
interest entities, respectively)
11,639,902 10,903,713
Less accumulated depreciation and amortization (including $468,725 and $424,044 of (3,351,881) (3,152,799)
consolidated variable interest entities, respectively)
Net real estate 8,288,021 7,750,914
Cash and cash equivalents 107,415 123,409
Accounts and notes receivable, net 249,755 229,080
Mortgage notes receivable, net 9,091 9,144
Investment in partnerships 31,881 33,458
Operating lease right of use assets, net 83,120 85,806
Finance lease right of use assets, net 6,410 6,630
Prepaid expenses and other assets 354,767 286,316
TOTAL ASSETS $9,130,460 $8,524,757
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgages payable, net (including $194,176 and $186,643 of consolidated variable $521,759 $514,378
interest entities, respectively)
Notes payable, net 1,057,331 601,414
Senior notes and debentures, net 3,364,010 3,357,840
Accounts payable and accrued expenses 219,678 183,564
Dividends payable 99,792 96,743
Security deposits payable 31,548 30,941
Operating lease liabilities 72,304 74,837
Finance lease liabilities 12,903 12,783
Other liabilities and deferred credits 250,494 227,827
Total liabilities 5,629,819 5,100,327
Commitments and contingencies
Redeemable noncontrolling interests 181,655 180,286
Shareholders' equity
Preferred shares, authorized 15,000,000 shares, $0.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation 150,000 150,000
preference $25,000 per share), 6,000 shares issued and outstanding
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation 9,822 9,822
preference $25 per share), 392,878 shares issued and outstanding
Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 869 862
86,266,009 and 85,666,220 shares issued and outstanding, respectively
Additional paid-in capital 4,310,365 4,248,824
Accumulated dividends in excess of net income (1,224,372) (1,242,654)
Accumulated other comprehensive income 2,047 4,740
Total shareholders' equity of the Trust 3,248,731 3,171,594
Noncontrolling interests 70,255 72,550
Total shareholders' equity 3,318,986 3,244,144
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $9,130,460 $8,524,757
Federal Realty Investment Trust
Consolidated Income Statements
December 31, 2025
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income $327,537 $303,878 $1,245,491 $1,170,078
Other property income 8,228 7,286 32,371 31,258
Mortgage interest income 280 280 1,113 1,116
Total revenue 336,045 311,444 1,278,975 1,202,452
EXPENSES
Rental expenses 70,551 65,121 267,445 249,569
Real estate taxes 40,012 36,828 151,438 142,230
General and administrative 12,464 14,819 46,913 49,739
Depreciation and amortization 97,378 87,117 367,842 342,598
Total operating expenses 220,405 203,885 833,638 784,136
New market tax credit transaction income 14,176
Gain on sale of real estate 72,439 1,760 150,111 54,040
Impairment charge (7,425) (7,425)
OPERATING INCOME 180,654 109,319 602,199 472,356
OTHER INCOME/(EXPENSE)
Other interest income 650 782 3,143 4,294
Interest expense (48,922) (43,234) (183,614) (175,476)
Income from partnerships 233 1,335 1,920 3,160
NET INCOME 132,615 68,202 423,648 304,334
Net income attributable to noncontrolling interests (2,871) (2,665) (12,571) (9,126)
NET INCOME ATTRIBUTABLE TO THE TRUST 129,744 65,537 411,077 295,208
Dividends on preferred shares (2,008) (2,008) (8,032) (8,032)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS $127,736 $63,529 $403,045 $287,176
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders $1.48 $0.75 $4.68 $3.42
Weighted average number of common shares 85,983 84,685 85,852 83,559
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders $1.48 $0.75 $4.68 $3.42
Weighted average number of common shares 86,604 84,692 86,405 83,566
Federal Realty Investment Trust
Funds From Operations
December 31, 2025
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
(in thousands, except per share data)
Nareit Funds from Operations available for common shareholders (Nareit FFO) (1)
---
Net income $132,615 $68,202 $423,648 $304,334
Net income attributable to noncontrolling interests (2,871) (2,665) (12,571) (9,126)
Gain on sale of real estate (72,439) (1,760) (150,111) (54,040)
Impairment charge 7,425 7,425
Depreciation and amortization of real estate assets 84,060 76,779 320,311 302,455
Amortization of initial direct costs of leases 12,207 8,704 42,671 33,377
Funds from operations 160,997 149,260 631,373 577,000
Dividends on preferred shares (2) (1,875) (1,875) (7,500) (7,500)
Income attributable to downREIT operating partnership units 595 675 2,463 2,743
Income attributable to unvested shares (522) (481) (2,080) (2,004)
Nareit FFO $159,195 $147,579 $624,256 $570,239
Weighted average number of common shares, diluted (2)(4) 86,604 85,402 86,498 84,286
Nareit FFO per diluted share (4) $1.84 $1.73 $7.22 $6.77
Core Funds from Operations (Core FFO) (1)(5)
---
Nareit FFO $159,195 $147,579 $624,256 $570,239
Adjustments:
New market tax credit transaction income, net (3) (13,004)
Executive transition costs 3,687 3,687
Collection of prior period rents deferred during COVID (52) (768) (261) (3,218)
Core FFO (5) $159,143 $150,498 $610,991 $570,708
Core FFO per diluted share (4)(5) $1.84 $1.76 $7.06 $6.77
Notes:
---
(1)
See Glossary of Terms.
(2) For the three months and years ended December 31, 2025 and 2024, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO
available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted."
(3) In June 2018, we formed a joint venture to develop Freedom Plaza (formerly Jordan Downs Plaza), for which we own 92%. The investment in this development
qualified for tax credits under the New Market Tax Credit ("NMTC") Program, established by the Community Renewal Tax Relief Act of 2000. In 2018, we
transferred the earned tax credits to a third-party bank in exchange for cash proceeds. The proceeds received and related transaction costs were deferred
until the end of the seven-year NMTC compliance period, which concluded in June 2025. As a result, in 2Q2025, we recognized $14.2 million ($13.0 million,
net of income attributable to noncontrolling interest) in income related to the sale of the new market tax credits, which is included in Nareit FFO, but
excluded from Core FFO.
(4) The weighted average common shares used to compute FFO per diluted common share includes shares issuable upon the assumed redemption of outstanding downREIT
operating partnership units that were excluded from the computation of diluted EPS. The assumed issuance of shares upon redemption of these operating
partnership units is dilutive in the computation of FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS
for the three months and year ended December 31, 2024.
(5) Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers
are not indicative of the Company's ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early
extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were
contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core
FFO provides enhanced comparability across periods and additional insight into the Company's underlying operating results, by excluding items that may
reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our
presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or
applied by other REITs.
Glossary of Terms
Nareit-defined Funds From Operations (Nareit FFO): Nareit FFO is a supplemental measure of real estate companies’ operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. Nareit developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, Nareit FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider Nareit FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of Nareit FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.
Core Funds From Operations (Core FFO): Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company’s underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.
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