Federal Realty: Investor Day Recap: FFO growth profile among highest vs peers; Maintain Buy

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Federal Realty: Investor Day Recap: FFO growth profile among highest vs peers; Maintain Buy

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Federal Realty

Investor Day Recap: FFO growth profile

among highest vs peers; Maintain Buy

Maintain Rating: BUY | PO: 125.00 USD | Price: 118.61 USD

Takeaways from FRT’s 2026 investor day at Santana Row 22 May 2026

We attended FRT’s investor day at Santana Row in San Jose, CA on Thursday. Before the Equity

event, we previewed our expectations in an in-depth note. Broadly speaking, our

expectations were met or exceeded, and we maintain our positive view that FRT will Samir Khanal Research Analyst

deliver growth among the highest vs retail peers over the next several years. The BofAS

company detailed various aspects of the business which ultimately support core FFO +1samir.khanal@bofa.com646 855 1497

growth between 5-7.5% in 2027 and 2028. See below and inside for takeaways. Jeffrey Spector

Underlying components support 5.0-7.5% FFO growth ResearchBofAS Analyst

+1 646 855 1363

FRT laid out the components of its growth algorithm, supporting 2027 and 2028 FFO jeff.spector@bofa.com

growth in the range of 5.0-7.5% (midpoint of 6.25%), slightly above expectations of 6%. Andrew Reale

Comparable POI growth of 3.5-4.5% cash / 3.0-4.0% GAAP supports FFO growth from Research Analyst

BofAS

comparable growth of 4.0-5.0%. Incremental redevelopment POI is positioned to drive +1 646 855 1272

an additional 1.25-1.75% annual FFO growth, and capital recycling supports FFO growth andrew.reale@bofa.com

of 1.0-1.5%. Finally, financing/refinancing could be a headwind of 0.75-1.25% annually. REITs Team

AFFO growth midpoint of 8.5%, which outpaces FFO growth, exceeded expectations.

See Team Page for List of Analysts

Driving growth through recycling and re/developments