Subtext

Federal Realty Investment Trust FRT

SectorReal Estate
Transcripts37
Date range2016-05-05 – 2025-05-08
Calls charted37

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-11-6+0+6+112016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1 · Overall: +7.32016 Q2 · Overall: +3.92016 Q3 · Overall: +0.42016 Q4 · Overall: +5.52017 Q1 · Overall: +1.92017 Q2 · Overall: +2.02017 Q3 · Overall: +0.82017 Q4 · Overall: +5.92018 Q1 · Overall: +1.02018 Q2 · Overall: +6.72018 Q3 · Overall: +5.02018 Q4 · Overall: +5.42019 Q1 · Overall: +4.82019 Q2 · Overall: +2.02019 Q3 · Overall: +3.52019 Q4 · Overall: -2.82020 Q1 · Overall: -2.42020 Q2 · Overall: +0.82020 Q3 · Overall: +2.62020 Q4 · Overall: +1.92021 Q1 · Overall: +5.72021 Q2 · Overall: +6.02021 Q3 · Overall: +5.92021 Q4 · Overall: +6.02022 Q1 · Overall: +9.42022 Q2 · Overall: +7.72022 Q3 · Overall: +4.92022 Q4 · Overall: +1.92023 Q1 · Overall: -0.92023 Q2 · Overall: +2.12023 Q3 · Overall: +9.52023 Q4 · Overall: +9.72024 Q1 · Overall: +3.92024 Q2 · Overall: +5.52024 Q3 · Overall: +9.12024 Q4 · Overall: +6.72025 Q1 · Overall: +4.3
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-19-10+0+10+192016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1 · CEO: +13.92016 Q2 · CEO: +8.52016 Q3 · CEO: +0.52017 Q3 · CEO: +1.42017 Q4 · CEO: +8.72018 Q1 · CEO: +3.32018 Q3 · CEO: +9.32023 Q2 · CEO: +3.72023 Q3 · CEO: +13.42023 Q4 · CEO: +13.32024 Q1 · CEO: +3.12024 Q2 · CEO: +9.82024 Q3 · CEO: +16.82025 Q1 · CEO: +6.42016 Q1 · CFO: +2.12016 Q2 · CFO: +0.02016 Q3 · CFO: +12.92017 Q3 · CFO: +6.12017 Q4 · CFO: +3.32018 Q1 · CFO: +5.72018 Q3 · CFO: +1.12023 Q2 · CFO: +7.42024 Q2 · CFO: +8.02024 Q3 · CFO: +10.22025 Q1 · CFO: +5.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-18-9+0+9+182016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1 · Prepared remarks: +8.02016 Q2 · Prepared remarks: +6.02016 Q3 · Prepared remarks: +9.22016 Q4 · Prepared remarks: +12.92017 Q1 · Prepared remarks: +3.02017 Q2 · Prepared remarks: +4.72017 Q3 · Prepared remarks: +6.32017 Q4 · Prepared remarks: +10.52018 Q1 · Prepared remarks: +7.22018 Q2 · Prepared remarks: +9.12018 Q3 · Prepared remarks: +5.52018 Q4 · Prepared remarks: +9.62019 Q1 · Prepared remarks: +8.22019 Q2 · Prepared remarks: +9.92019 Q3 · Prepared remarks: +5.42019 Q4 · Prepared remarks: +0.32020 Q1 · Prepared remarks: -0.82020 Q2 · Prepared remarks: +4.12020 Q3 · Prepared remarks: +7.42020 Q4 · Prepared remarks: +4.52021 Q1 · Prepared remarks: +13.92021 Q2 · Prepared remarks: +6.12021 Q3 · Prepared remarks: +10.92021 Q4 · Prepared remarks: +9.62022 Q1 · Prepared remarks: +10.32022 Q2 · Prepared remarks: +13.02022 Q3 · Prepared remarks: +10.12022 Q4 · Prepared remarks: +9.12023 Q1 · Prepared remarks: +1.22023 Q2 · Prepared remarks: +2.02023 Q3 · Prepared remarks: +11.82023 Q4 · Prepared remarks: +15.22024 Q1 · Prepared remarks: +4.62024 Q2 · Prepared remarks: +7.92024 Q3 · Prepared remarks: +15.92024 Q4 · Prepared remarks: +15.62025 Q1 · Prepared remarks: +8.12016 Q1 · Q&A responses: +12.92016 Q2 · Q&A responses: +5.22016 Q3 · Q&A responses: -1.02016 Q4 · Q&A responses: +4.92017 Q1 · Q&A responses: +5.52017 Q2 · Q&A responses: +2.82017 Q3 · Q&A responses: +1.02017 Q4 · Q&A responses: +7.52018 Q1 · Q&A responses: +2.22018 Q2 · Q&A responses: +7.52018 Q3 · Q&A responses: +8.12018 Q4 · Q&A responses: +5.02019 Q1 · Q&A responses: +6.92019 Q2 · Q&A responses: +0.62019 Q3 · Q&A responses: +7.82019 Q4 · Q&A responses: +2.12020 Q1 · Q&A responses: +0.02020 Q2 · Q&A responses: +2.72020 Q3 · Q&A responses: +4.72020 Q4 · Q&A responses: +5.02021 Q1 · Q&A responses: +6.62021 Q2 · Q&A responses: +9.52021 Q3 · Q&A responses: +7.52021 Q4 · Q&A responses: +8.82022 Q1 · Q&A responses: +14.32022 Q2 · Q&A responses: +10.92022 Q3 · Q&A responses: +4.72022 Q4 · Q&A responses: +8.02023 Q1 · Q&A responses: +2.92023 Q2 · Q&A responses: +7.12023 Q3 · Q&A responses: +14.62023 Q4 · Q&A responses: +11.02024 Q1 · Q&A responses: +11.82024 Q2 · Q&A responses: +9.02024 Q3 · Q&A responses: +12.12024 Q4 · Q&A responses: +9.12025 Q1 · Q&A responses: +5.2
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.20$2.45$3.702016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1: $3.102016 Q2: $3.402016 Q3: $3.372016 Q4: $3.262017 Q1: $3.252017 Q2: $3.332017 Q3: $3.262017 Q4: $3.222018 Q1: $3.292018 Q2: $3.272018 Q3: $3.252018 Q4: $3.302019 Q1: $3.072019 Q2: $3.372019 Q3: $3.522019 Q4: $3.292020 Q1: $3.352020 Q2: $2.692020 Q3: $2.122020 Q4: $1.972021 Q1: $1.372021 Q2: $1.712021 Q3: $2.052021 Q4: $2.292022 Q1: $2.132022 Q2: $2.462022 Q3: $2.692022 Q4: $2.572023 Q1: $2.572023 Q2: $2.732023 Q3: $2.842023 Q4: $2.782024 Q1: $2.952024 Q2: $3.032024 Q3: $3.14

Forward P/E

17.2949.0680.822016 Q12017 Q22018 Q32019 Q42021 Q12022 Q22023 Q32024 Q42016 Q1: 49.952016 Q2: 46.212016 Q3: 45.932016 Q4: 42.522017 Q1: 40.902017 Q2: 38.192017 Q3: 39.322017 Q4: 40.802018 Q1: 35.792018 Q2: 36.752018 Q3: 39.392018 Q4: 37.262019 Q1: 43.602019 Q2: 40.182019 Q3: 38.452019 Q4: 38.962020 Q1: 21.672020 Q2: 33.232020 Q3: 39.382020 Q4: 46.052021 Q1: 76.442021 Q2: 71.272021 Q3: 58.872021 Q4: 56.212022 Q1: 55.132022 Q2: 39.082022 Q3: 37.342022 Q4: 42.332023 Q1: 37.782023 Q2: 34.552023 Q3: 34.352023 Q4: 37.322024 Q1: 34.332024 Q2: 33.332024 Q3: 36.82

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2016 Q2 tone ↓ -3.4 fwd EPS ↑ +0.30 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↑ +5.1 fwd EPS ↓ -0.11 Tone rose while the forward EPS estimate was cut.
  • 2017 Q4 tone ↑ +5.1 fwd EPS ↓ -0.04 Tone rose while the forward EPS estimate was cut.
  • 2018 Q1 tone ↓ -4.9 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -2.8 fwd EPS ↑ +0.30 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +3.2 fwd EPS ↓ -0.66 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↑ +3.8 fwd EPS ↓ -0.60 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↑ +3.4 fwd EPS ↓ -0.16 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↓ -2.8 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -5.8 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-08+4.3——View →
2024 Q42025-02-13+6.7——View →
2024 Q32024-10-30+9.1$3.1436.8View →
2024 Q22024-08-01+5.5$3.0333.3View →
2024 Q12024-05-02+3.9$2.9534.3View →
2023 Q42024-02-12+9.7$2.7837.3View →
2023 Q32023-11-02+9.5$2.8434.4View →
2023 Q22023-08-02+2.1$2.7334.5View →