Federal Realty Investment (NYSE:FRT) held its first-quarter earnings conference call on Friday. Below is the complete transcript from the call.
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Summary
Federal Realty Investment reported a strong financial performance in Q1, with a 4.7% comparable POI growth on a GAAP basis and a 3.6% increase in minimum rent, exceeding expectations.
The company successfully refinanced its revolving credit facility, increasing its size to $1.4 billion and extending its term, while also repaying certain notes and maintaining solid debt metrics.
Guidance for NAREIT and core FFO has been raised to $7.46 to $7.55 per share, driven by improved POI growth, stronger leasing activity, and significant asset acquisitions.
Federal Realty Investment closed $159 million in asset sales and has $66 million in sales in process, with a strategic focus on asset recycling to optimize capital allocation.
Operational highlights include a robust occupancy outlook, strategic acquisitions like Kingstowne and Congressional, and ongoing development projects such as Assembly Row, with a focus on long-term value creation.
Full Transcript
OPERATOR
Comparable POI growth, a GAAP metric was 4.7% for first quarter cash basis. Comparable growth was 5.1% for the quarter excluding term fees. The result was still roughly 4% cash basis. Minimum rent increased 3.6% for the quarter. All variations of this metric were ahead of our expectations, highlighting the strong start to the year. Look to our 8-K for expanded disclosure in this area. Now let’s turn to the balance sheet. Subsequent to first quarter end, we closed on a recast of our revolving credit facility where we increased the size of the facility to 1.4 billion, extended the initial term to April 2030 with extension options into 2031 and reduced the spread over Secured Overnight Financing Rate by 5 basis POInts to 72.5. We repaid our 1.25% notes due in February and now have only 50 million of remaining loan maturities through the balance of 2026. We continue to forecast strong free cash flow after dividends and maintenance capital and expect to exceed $100 million in 2026 and head higher in 27 and 28 as we convert straight line rent to cash paying rent during the first quarter we closed on asset sales of 159 million combined at a blended mid fours cap rate. We also have an additional 66 million of sales in process with expected closings by quarter end with cap rates targeted in the mid to upper 5% range 2025 and expected year to date 2026 asset sales. Sales will stand at a total of 540 million with a blended cash yield in the low to mid 5% range. A very attractive cost of capital through this active and disciplined asset recycling program which has effectively been executed on a leverage neutral basis. Our debt metrics remain solid. First quarter annualized net debt to EBITDA is 5.5 times and should improve over the course of the year. Fixed charge coverage is 3.9 times and should eclipse our target metric of 4 times over the balance of 2026. With that, I will now move on to guidance as a result of a robust first quarter and more encouraging outlook. Given the continued resiliency in our portfolio, we are raising guidance for both National Association of Real Estate Investment Trusts and core FFO to 7.46 to 7.55 per share at the midPOInt. This 3 to 4 cent increase represents 6.3% growth for core FFO when compared to 2025. Drivers for the increase in guidance include our comparable POI growth outlook improving to 3 and 1. 8 to 3 and 5. 8 from the previous range of 3 to 3.5. We still expect the trajectory of occupancy in the first three quarters of 2026 to be in the mid to upper 93% range before climbing higher to the mid to upper 94% range by year end. Powered by leases that have already been signed, our improved guidance reflects stronger than expected contribution from the 750 million of dominant high quality properties acquired in 2025 driven by expense savings and greater leasing velocity at these dominant assets. We increased our expected incremental POI from redevelopment to 14 to 15 million as we get tenants open and operating sooner than forecast and our outlook on term Fees also improves to 8 to 9 million as our strong leasing contracts allow us to leverage underperforming tenants. We refinanced our 1.25% unsecured notes with a combination of a new term loan and availability on our upsized credit facility, so assume roughly 4.5% for the effective interest rate reset on those notes in line with prior expectations. Please note that this represents roughly 175 basis POInts of refinancing headwinds without which our midPOInt core FFO guidance would eclipse 8% growth given it’s early in the year. We are keeping our credit reserve flat at 60 to 85 basis POInts of rental income and additional guidance assumptions all remain unchanged and are outlined on page 27 of the 8-K. This updated guidance also reflects the $92 million of acquisitions completed completed to date in 26 as well as the Mezora and Courthouse Center asset sales. We continue to be active on recycling with additional acquisition and disposition opportunities targeted for the second half of the year and we will adjust our guidance for those likely upwards as we go. To summarize, our 3 to 4 cent increase in guidance is driven by better than 1 cent of operational outperformance, 1 cent from acquisitions in total, 1 cent from term fees primarily in our non comp pool and roughly half a penny from incremental redevelopment POI. All areas of our business plan are exceeding forecast with respect to our expectations for quarterly FFO cadence over the remainder of 2026. The second quarter is 183 to 186, the third quarter is 184 to 187 with the fourth quarter in the low to mid 190s per share primarily driven by contractual occupancy growth and with that Operator, please open the line for questions.
Samir Kanal (Equity Analyst)
Good morning everybody. I guess Don, maybe high level to start off, you talked about the K-shaped economy. So if this backdrop continues and given your sort of high income trade areas, your strategy and tenant mix, I guess how does that all translate into relative strength or outperformance versus your peers? Thanks. Thanks, Amir. There’s a lot to unpack in that. I’m thinking the best way to try to say it, I mean, look, we are a real estate company of high quality stuff that’s about, not about eliminating things that change in the economy. We expect things to change in the economy. What it is about is limiting effectively the negative impacts on us. And we do that by the type of real estate that we own. You know, we used to give out a metric I think we’re going to dig up again, I think based on this question and it’s about purchasing power and what purchasing power is. If you take our household incomes of $167,000 overall and you multiply that by the number of households within the three mile is the easiest thing to look at. You’re talking about $11 billion per shopping center of purchasing power. Now when you think about that, it becomes less about the type of product and more about the real estate and who shops in that real estate. And that’s really where we’re in the right spot. If you’ve looked over the past, I don’t know, a few weeks ago I saw it a series of articles in the Wall Street Journal. It was all about a growing upper middle class. It was all about where that discretionary income comes from and how it’s being spent by consumers. That’s the center of our business plan and it’s always been the center of our business plan. It’s why during some periods it doesn’t matter as much. You were asking me to look at a crystal ball. Now’s when it matters. So I think it’s real, the K-shaped economy. I think it’s real that we operate in the top part of the K. And I think it’s real that the affluence and the number of people effectively combined that are around our shopping centers provides a level of cushion that is really hard to replicate.
OPERATOR
Thank you. And our next question today comes from Michael Goldsmith at ubs. Please go ahead.
Michael Goldsmith (Equity Analyst)
Good morning. Thanks all for taking my question. You continue to make progress on the capital recycling and not to spoil what I’m sure will be an excellent investor day, but what inning do you think you are in here? And is there any way to quantify how this capital recycling had benefited the comp poi this quarter and maybe where that contribution could go over time? Thanks, Michael. I want to make a couple of points and then, Dan, I don’t know if I can quantify. I know I can’t quantify what Mike’s asking, but there’s a couple of things to think about this. It’s not about what inning it’s in because what this is all about is continuously, forever being able to recycle assets that we have created a ton of value on into things and raw material that give us an opportunity for us to do that again. In certain times in the marketplace, that’ll be a boon and there’ll be lots and other times there’ll be less. But it’s a continuous laser like focus and that’s to me the most important thing. You should always expect us to buy and build, make a lot of money, recycle into stuff that we could do it all over again year in, year out. And we’ll talk about that with more specificity at the investor day. But that’s the concept in what you buy when you buy a share fit. Yeah. And just to add to that, just to kind of give a little bit of color on the growth in FFO 6.3%. More than half of it is driven by growth in the core portfolio. 50 to 60%. And then acquisitions and redevelopment are the other two big drivers are in the 20 to 25% of growth I would expect going forward, growth in our core portfolio will be a little bit higher. And so the pressure on acquisitions and redevelopment will. Will actually come down a little bit. But 20 to 25% of the overall FFO growth this year was driven by acquisition.
OPERATOR
Thank you. And our next question today comes from Juan Sanabrio with BMO Capital Markets. Please go ahead.
Juan Sanabrio (Equity Analyst)
Hi, good morning. Just hoping you could talk a little bit about the same store noi trajectory and cadence. We should expect an occupancy as part of that FFO build in the quarterly run rate you gave Dan, just given some of the noise both in the quarter and with weather and closures and bankruptcies et cetera. Yeah, good question. You know, with regards to, we mentioned the occupancy, which will stay a little bit, you know, at this lower level in the mid to high 93s. That will impact kind of the cadence of comparable growth and then we’ll kind of shoot up in the fourth quarter because we have a lot of rent commencing in kind of late third quarter, early fourth quarter that will really kind of drive. And those are with leases that are already signed. So that will dictate we’ll see a little bit of a dip in the second and third quarters from a comparable growth perspective into the twos, closer to two, and then a resurgence back up in the fourth quarter up into kind of the 3.5% to 4% range on a comparable GAAP basis, it’ll be probably about 40 to 50 basis points higher on a cash basis. Cash will be higher this year than kind of our reported gap. So that’s a little bit of the color there with regards to. And we should see kind of momentum heading into 2027 on that.
OPERATOR
Thank you. And our next question today comes from Cooper Clark at Wells Fargo. Please go ahead.
Cooper Clark (Equity Analyst)
Great. Thanks for taking the question. Could you provide us with an update on the multifamily dispo pipeline today and how much product you may consider bringing to the market over the course of the year, if you’re continuing to find attractive opportunities on the acquisition front and if we should continue to expect strong pricing in the high 4% to low 5% cap rate range? Cooper, let me cover that in a couple of different ways. I don’t have any particular residential property on the market as we stand here today. However, what we are looking at, doing and thinking about doing is monetizing. Not only that, but other parts in the form of a joint venture, as we talked about in the past, is one potential, potential way. But the notion of being able to do that will be tied certainly with what it is that we’re able to find on the acquisition side. There’s an important matching that, that is critical there because, as you know, we’ve created a lot of value. And so we have big tax gains that we’d like to be able to shelter to the extent we could with 1031. So I can’t give you, I can’t give you a number that way. It will be largely driven by, by the acquisition pipeline, which Jan can talk about here in a moment. But I do want you to know the reason we sell is because we have created a ton of value and see places where we can reinvest greater, you know, with creating greater value going forward. So that’s the theory. Jan, what are you seeing on the ground? Well, here’s a couple things. So, you know, it’s not new news that it’s more competitive now than it was, you know, a year ago. But the good news is we’re seeing a lot more opportunities today than we were just three months ago. So when we look at what we’re underwriting both on market and off market, we are as busy as heck right now. And you know, notwithstanding all the competition out there, you know, properties where we compete best really are just they’re more complicated, probably have more leasing opportunities to them. And more good news really is that, you know, larger, more leasing and more complicated assets are still thinning out the crowd. And, you know, our ability to compete for those really fits right into our skill set. Right. Identifying where tenant demand exceeds supply, re merchandising and if applicable, place making where we can lift sales and rents. We’ve seen it in recent acquisitions. We’re seeing it in opportunities looking forward. So it’s hard to say what’s going to happen, what the volume is going to be. But we like our ability to compete and we’ve been busier than we’ve been in a long time. So still pretty optimistic on the second half of the year.
OPERATOR
Thank you. And our next question today comes from Michael Griffin at Evercore isi. Please, please go ahead.
Michael Griffin (Equity Analyst)
Great, thanks. Maybe following up in that vein of acquisitions, Don or Jan, I’m curious if you can give any color on the two deals announced year to date, the one at Kingstowne and Congressional. It seems like the tenant roster there could see some re merchandising as a benefit there. So maybe kind of talk about the opportunity set with those two and then maybe Jan, just expanding a bit on your acquisition pipeline. Comments just a minute ago, Would you say more of the deals you’re looking at in the hopper are towards a congressional kind of standard, larger open air retail format versus maybe a town center or a village point that you closed last year? Just kind of talk about the interplay of those two as well. Thanks so much. Sure. Griff, thanks so much for the question. The couple of things to say, first of all, the last part of your question, it’s a wide band. It’s a wide, you know, swath that we type of things that we look at and with Congressional North Shopping Center, I mean stand alone, that is a power center with a vacant bed bath. And beyond that historically we wouldn’t be all that interested in. Now let’s talk about. Let’s talk about what’s around it. And basically it’s on Rocco pike, one of the most critical retail nodes in D.C. certainly the most critical on the Maryland side. And we control Congressional Plaza, the one we’ve owned forever, Federal Plaza, pike and Rose Mid Pike Plaza, Wildwood Shopping center, all within a few miles. This Congressional north was the last center of any kind of size where a box tenant had the opportunity to go. So the notion of being able to buy that and better control, frankly, was a no brainer. And the reason those type of things do have vacancy is because often private ownership, particularly smaller private ownership families don’t want to put money in necessary to create the return that you can get on the asset. So that’s what we were doing there. Similarly, at Kingstown, we’re simply closing the loop and controlling the entire very big shopping center by taking the hole in the donut and moving that over to our side for a very nominal capital outlay, frankly. So putting that stuff together, we’ll always try to do those things. Those are strategic to where it is, where we go in terms of our love, frankly, for Kansas City and for Omaha and for Annapolis, you bet you we’re trying to do more of that stuff. And to Yan’s Point a few minutes ago, we’re very active in looking through those and other markets to be able to make sure nothing slips through. Those markets could also be supplemented with smaller centers, grocery anchored, et cetera, that will complement the big assets that we’ve already purchased. So those are some of the things that we’re working on. I don’t know if there’s anything to add to that. I would add that there’s a good blend between, I kind of consider Congressional and Kingstown. They’re both opportunistic acquisitions and strategic at the same time. And when we look at the yields of those, it doesn’t really count in the leverage that we get in the existing, existing properties, whether it’s next door on the pike or in Kingstowne itself. So I think we’ve got a really good mix of opportunistic transactions that we’re looking at in our existing markets, maybe with some smaller assets, both in markets we’ve been in a long time as well as our new markets. And there are a lot of larger assets that we think dominate trade areas that we’re not in yet that we’re looking at right now. So it’s a pretty good mix.
OPERATOR
Thank you. And our next question today comes from Greg McGinnis at Scotiabank. Please go ahead.
Greg McGinnis (Equity Analyst)
Hey, good morning, Don. As you mentioned, Santana Row is now 100% leased on the office side. But you’re also entitled to do more there and more broadly across the portfolio. Office lease rate is healthy. Are you willing to start more ground up office development today? Hey, Greg. Yes, I still have scar tissue in case that’s really your question. The notion of starting another office building at Santana would not happen on a speculative basis. It would only happen to the extent we have a build to suit, which by the way, with what’s going on out there and the, I mean, when you juxtapose Santana Row with downtown San Jose, it is, it’s incredible. And I do want you there. I really want you to see this because, you know, these things are three miles away and one is clearly the winner in this, in this situation. And so there may be more opportunities, but I’m not going to speculative it.
OPERATOR
Thank you. And our next question today comes from Craig Mailman at Citi. Please go ahead,
Craig Mailman (Equity Analyst)
Dan. Maybe for you just helpful that you went through kind of some of the benefits to earnings in the first quarter and giving us the quarterly cadence for the next couple quarters here. But could you just bridge the $1.88 to get to sort of the $1.84 and a half next quarter and $85 and a half in 3Q like how much of the $0.02 of the benefit of earlier timing is non recurring? I know the lease term fees are lumpy, but could you just kind of walk through what was more non recurring this quarter versus recurring to get the decel before the pickup of the back half of the year, especially as you guys are talking more about potential acquisitions ramping up. Yeah, yeah. Again, you know, we have probably some seasonality that is a positive going from the first quarter to the second quarter with, you know, less weather related issues and so forth. There is some, you know, probably the biggest drag heading into the second quarter and third quarter are, you know, obviously we refinanced the refinancing headwind which is kind of at least, you know, at least a penny or so of drag. We are leasing up the Blair, which in the second quarter, early lease up of a residential product is something that will be a drag initially before it turns positive later in the year as we hit the break even occupancy levels. I think just some other timing related things that just happened to be forecasted for later in the year and we’re able to move them forward into the first quarter. Lock them in. So there’s greater certainty there. But they won’t happen a little bit later in the year. So those are kind of the main drivers of a little bit of the cadence there. And then the big kind of spike in performance in terms of FFO is driven by just leases that have already been signed that have rent commencement dates that are a surprising amount of October 1st rent commencement dates that we feel really, really good about will occur. And that’s what drives us up into the 190s. So that’s a little bit of the color on the cadence there.
OPERATOR
Thank you. And our next question today comes from Hendel Saint Just with Mizuho. Please go ahead.
Hendel Saint Just (Equity Analyst)
Hey, good morning, Don. I can hear the clear excitement in your voice about the earnings growth setup. The momentum that seems to be improving with the leasing tailwinds and capital rotation looks like better, maybe mid upper single digit growth the next couple years, buyer estimates. So maybe what can you share with us about the earnings trajectory that you think you’re setting up here, how sustainable it is and then remind us what the long term plan for the green bond refinancing here is. I think it’s on the revolver at the moment. Thanks. You bet, Handel. And I hope, I think you’re on the list. I know you’re playing golf when you come out on May 20th or so with Jay, but that is the purpose. I don’t want to steal the thunder for the investor day. We’re going to talk about earnings trajectory. We’re going to talk about those opportunities on those two days. So I’m going to leave it at that if you don’t mind. Yeah. And with regards to the second part of your question, with regards to the one and a quarter percent bond, we put longer term $250 million on a five year, five plus year term loan. That gets us into 2031. The balance is on the line and we will be opportunistic in either hitting the bond market or the convert market as we see the opportunity. We have the capacity to look to do this at the most opportune moment and that’s when we’ll do it. I’d love to do a bond and do a long term bond and so stay tuned on that front.
OPERATOR
Thank you. And our next question today comes from Alexander Goldfarb at Piper Sandler. Please go ahead.
Alexander Goldfarb (Equity Analyst)
Hey, good morning. Morning down there, Don. Just a question on the new governor in Virginia. Certainly you guys are used to operating in some other very deep blue states, but Virginia has taken a noticeable shift. That said you have more defense spending, cyber investment, et cetera. But as you look at what’s going on in the mid Atlantic in your two Maryland and Virginia markets, are you concerned at all that Virginia could sort of mirror Maryland and become sort of anti development or enact policies that sort of slow down what has otherwise been a very good path or your view is whatever the governor is talking about and the change in politics, not much of it you see interfering with your shopping centers and the customer base and the reason why businesses want to locate in Northern Virginia. Yeah, Alex, it’s the latter. Take a look at federal and understand the markets that we operate in. Understand not only the incomes that I talked about here, but you know what we don’t talk about? It’s the wealth, the wealth of those families and how that continues, the spending throughout, ups and downs and all kinds of changes in the political atmosphere. If I get worried about the political atmosphere, I’m effectively not running my company as well. And the diversity of these marketplaces are really important now on the Virginia side, which happens to be where I live. Have you seen the defense budget that’s being proposed? And I don’t know if $1.5 trillion is going to happen or not, but boy, I know who the beneficiary is going to be to the extent it does. And it’s going to be a lot of the consumers around our properties. Do I think that will be a measurable difference? Probably not. But overall, when you buy into this company, you’re buying a diversified a group of geographies and types of assets, formats of assets, tenant based, et cetera, with an awful lot of room effectively and its occupancy cost ratios to be able to continue and continue the path that we’re on. That’s my focus.
OPERATOR
Thank you. And our next question today comes from Omoteo Akosanje with Deutsche Bank. Please go ahead.
Omoteo Akosanje (Equity Analyst)
Yes. Good morning everyone. Congrats on the results. Clearly momentum is on your side. Dan, just quick comments around the occupancy rates again in 1Q for the comparable occupancy 94.1. And I think we’re all kind of expecting something in the mid-80s. Clearly. Again, better leasing but also curious if there was kind of like leases you were expecting to fall out that didn’t that maybe we kind of see in 2Q and 3Q which kind of explains some of the momentum for the rest of the year. Yeah, look, I think that we did better from an occupancy perspective than we had talked about. We had expected the Overall occupancy rate to dip down into the low to mid 93%. I think first quarter we held in the occupancy better than we expected. And we’re at 93.8. It should stay fairly constant at that level with some timing and puts and takes of tenants coming in so forth and leaving. And then seeing that spike in the fourth quarter up into the mid to upper 94 range. That’s consistent with what we talked about, although we’ll be a little bit higher in the second and third quarter than I think we had originally forecasted because we did so well maintaining occupancy in the first quarter. Hopefully that answers your question.
OPERATOR
Thank you. And our next question today comes from Floris Van Dykem with Ladenburg. Please go ahead.
Floris Van Dykem (Equity Analyst)
Thanks. Morning, guys. We talked a little bit about San Jose. We’ve talked a lot about some of your acquisitions Congressional, which looks very good. We haven’t really talked about Boston and Assembly Row much. Could you guys give us a little bit of an update of what’s happening there and what your plans are for that asset going forward in terms of particularly the Row aspect of that property? You bet, Flores. And it’s actually, it’s a very, very good question from the standpoint of understanding that big asset. So first of all, clearly Assembly Row has become the center of that that not only immediate area, but larger area from the standpoint of shopping and entertainment and food and all of that. Clearly the residential product that we built, they’re adjacent to the Avalon stuff. We got our own thousand units there. That does extremely well and continues to do extremely well. The notion of building out the rest of assemble is it clearly took a back seat when life science imploded. I’m very proud of the fact that we didn’t move forward on that. But it does not change the fact that there is great opportunity for the existent remaining three lots that are there. We don’t fully entitled can’t get them in a pencil yet at this point. But while we’re doing that, we’re also entitling the entire Assembly Square marketplace, which is the power center that is adjacent to it. And a very, very powerful power center at that. But we’re in the process of getting entitled 3 million, is it then 4 million square feet. In other words, the notion of continuing that the Assembly Row property through the power center at some point well into the future. But we’re going to have that entitled this year. We expect it. And if that’s entitled this year, even if the numbers don’t work Effectively at this point, think about the future value of that entire 50 acre construction piece of land. So when you look at assembly, you ought to be thinking about value banking there. That I don’t expect to be paid for in stock price today. But certainly anybody that looks at that property will see the long term value to be created. In the meantime, income keeps rising, rents keep going up, residential keeps staying filled. Really, really powerful property.
OPERATOR
Thank you. And our next question today comes from Mike Muller at JP Morgan. Please go ahead.
Mike Muller (Equity Analyst)
Yeah, hi. I know it was a small sale at just 10 million, but can you talk about selling Courthouse center in Rockville considering it’s part of critical mass and scale that you kind of built up over decades there? And would you have sold a more consequential center there? Oh, yeah, Mike, it’s not part of the critical mass at all. Basically, you may remember a couple of years ago we sold Rock Hill Town Square. This is an adjacent kind of small unanchored strip next to it. That, that really had nothing to do with the rest of our properties at all. If we could have, we would have simply sold it at the same time we sold Rockville Town Square. But there was a local buyer here that stepped up to pay us a number that there’s no way we’re saying no to. So that’s all it is. That really is not. I know on a map it looks close to the rest of our properties on Rockville pike, but it’s a different world away. So no, it’s not at all important.
OPERATOR
Thank you. And once again, if you do have a question, please press star then one. Our next question is a follow up from Samir Kanal at Bank of America. Please go ahead.
Samir Kanal (Equity Analyst)
Hey, Dan, I’m sorry, but if I missed this, but you mentioned there were some items that were pulled forward in the quarter. Was that term fees or something else? Maybe just some clarification. Thanks. Yeah, look, there was some FAS 141 benefits that we were expecting kind of later in the year in second and third quarter that was in our budget that we pulled forward into the first quarter that was the primary driver of that. So yeah, it’s something that, yeah, it’s good we got it locked in in the first quarter. But it’s a timing. It’s just the timing.
OPERATOR
Thank you. And our next question is a follow up from Omoteo Acosano with Deutsche Bank. Please go ahead.
Omoteo Acosano
Yes, just a very quick one on cost reimbursement rates. It felt a little elevated in 1q26. Curious. Was anything kind of pulled forward. Is there a timing thing that kind of happened and how do we think about that for the rest of the year? Yes, look, there was a huge amount of weather impacts in the Northeast, particularly anywhere from our DC Metro all the way up to Boston. So snow removal and utility expense was highly elevated for the quarter and obviously our cost reimbursements are elevated as a result. From that perspective, that’s all that was in terms of. That was well above, you know, kind of our initial expectations and it ended up working out kind of as we expected in terms of. But that. That’s the driver there.
OPERATOR
Thank you. And our next question today is a follow up from Alexander Goldfarb at Piper Sandler. Please go ahead.
Alexander Goldfarb (Equity Analyst)
Thank you. Dan, I think in your opening comments you made a reference that you expect some positive revision to guidance later this year, but I didn’t. I want to make sure one, I heard that correctly. And two, what were the factors? I think you said there were some things that could happen that would cause that. And I just wanted to understand more about that. Looking at my prepared. I don’t recall in my prepared remarks making that comment. I am optimistic with regards to the balance of the year and I am optimistic with how we’re being set up for 2027. So I feel good about kind of, you know, our positioning. We’re only here in the first quarter, but yeah, I don’t think I referred to a positive re forecasting a positive revision going forward.
OPERATOR
Thank you. That concludes our question and answer session for today. I’d like to turn the conference back over to Jill Sawyer for any closing remarks.
Jill Sawyer
Thanks for joining us today. We look forward to seeing many of you at our upcoming Investor Day in a few weeks. Thanks.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.
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