NYSE : FRT
Federal Realty Investment Trust — Financial statements
Real Estate · REIT - Retail · United States
Last price 110.19 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 9.54B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.32B | 1.25B | 1.17B | 1.10B | 1.05B | 948.84M |
| Other Revenue | 35.80M | 34.29M | 34.42M | 33.47M | 30.67M | 1.25M |
| Total Revenue | 1.35B | 1.28B | 1.21B | 1.14B | 1.08B | 952.47M |
| Property Expenses | 428.99M | 410.95M | 384.26M | 355.12M | 348.97M | 309.14M |
| Selling, General & Administrative | 59.05M | 54.85M | 57.27M | 58.69M | 60.45M | 57.34M |
| Depreciation & Amortization | 397.48M | 367.84M | 342.60M | 321.76M | 302.41M | 279.98M |
| Other Operating Expenses | -14.18M | |||||
| Total Operating Expenses | 885.52M | 819.46M | 784.14M | 735.57M | 711.83M | 646.45M |
| Operating Income | 466.87M | 461.43M | 421.48M | 400.46M | 367.72M | 306.02M |
| Interest Expense | -197.79M | -183.61M | -175.48M | -167.81M | -136.99M | -127.70M |
| Interest & Investment Income | 3.32M | 3.14M | 4.29M | 4.69M | 1.07M | 809.00K |
| EBT Excluding Unusual Items | 272.41M | 280.96M | 250.29M | 237.34M | 231.80M | 179.13M |
| Gain (Loss) on Sale of Investments | 70.37M | |||||
| Gain (Loss) on Sale of Assets | 186.24M | 150.11M | 54.04M | 9.88M | 93.48M | 89.95M |
| Asset Writedown | -7.42M | -7.42M | ||||
| Pretax Income | 451.22M | 423.65M | 304.33M | 247.22M | 395.66M | 269.08M |
| Earnings From Continuing Operations | 451.22M | 423.65M | 304.33M | 247.22M | 395.66M | 269.08M |
| Minority Interest in Earnings | -10.51M | -12.57M | -9.13M | -10.23M | -10.17M | -7.58M |
| Net Income | 440.71M | 411.08M | 295.21M | 236.99M | 385.49M | 261.50M |
| Preferred Dividends & Other Adjustments | 9.47M | 9.37M | 9.31M | 9.32M | 9.36M | 9.25M |
| Net Income to Common | 431.24M | 401.70M | 285.89M | 227.67M | 376.13M | 252.25M |
| Basic Shares Outstanding | 86.19M | 85.85M | 83.56M | 81.31M | 79.85M | 77.34M |
| Diluted Shares Outstanding | 87.14M | 86.41M | 83.57M | 81.31M | 80.51M | 77.37M |
| EPS (Basic) | 5.00 | 4.68 | 3.42 | 2.80 | 4.71 | 3.26 |
| EPS (Diluted) | 5.00 | 4.68 | 3.42 | 2.80 | 4.71 | 3.26 |
| Dividend Per Share | 4.55 | 4.46 | 4.38 | 4.34 | 4.30 | 4.26 |
| Operating Margin | 34.52% | 36.02% | 34.96% | 35.25% | 34.06% | 32.13% |
| Profit Margin | 31.89% | 31.36% | 23.71% | 20.04% | 34.84% | 26.48% |
| EBITDA | 849.59M | 814.52M | 750.58M | 709.61M | 659.02M | 577.25M |
| EBITDA Margin | 62.82% | 63.59% | 62.26% | 62.46% | 61.05% | 60.61% |
| D&A For Ebitda | 382.72M | 353.09M | 329.11M | 309.15M | 291.30M | 271.23M |
| EBIT | 466.87M | 461.43M | 421.48M | 400.46M | 367.72M | 306.02M |
| EBIT Margin | 34.52% | 36.02% | 34.96% | 35.25% | 34.06% | 32.13% |
| Funds From Operations (FFO) | 647.54M | 624.26M | 570.24M | 537.31M | 509.16M | 434.74M |
| FFO Per Share | 7.46 | 7.22 | 6.77 | 6.55 | 6.32 | 5.57 |
| Adjusted Funds From Operations (AFFO) | 624.26M | 570.24M | 537.31M | 509.16M | 434.74M | |
| AFFO Per Share | 7.22 | 6.77 | 6.55 | 6.32 | 5.57 | |
| Revenue as Reported | 1.35B | 1.28B | 1.20B | 1.13B | 1.07B | 951.22M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 8.32B | 8.38B | 7.84B | 7.68B | 7.53B | 7.03B |
| Cash & Equivalents | 109.73M | 107.42M | 123.41M | 250.82M | 85.56M | 162.13M |
| Accounts Receivable | 269.79M | 249.75M | 229.08M | 201.73M | 194.15M | 169.01M |
| Other Intangible Assets | 16.30M | 8.12M | 10.52M | 6.00M | 13.33M | |
| Loans Receivable Current | 3.50M | |||||
| Restricted Cash | 22.94M | 10.29M | 12.03M | 9.18M | 10.79M | 13.03M |
| Other Current Assets | 244.47M | 210.70M | ||||
| Trading Asset Securities | 11.90M | 2.60M | 5.21M | 4.67M | 6.14M | |
| Other Long-Term Assets | 365.49M | 357.46M | 294.41M | 273.88M | 145.21M | 13.03M |
| Total Assets | 9.10B | 9.13B | 8.52B | 8.44B | 8.23B | 7.62B |
| Current Portion of Long-Term Debt | 883.60M | 655.60M | 600.00M | 275.00M | ||
| Current Portion of Leases | 6.33M | |||||
| Long-Term Debt | 4.00B | 4.29B | 4.47B | 4.00B | 4.05B | 4.05B |
| Long-Term Leases | 83.39M | 78.88M | 87.62M | 88.54M | 145.40M | 144.69M |
| Accounts Payable | 248.41M | 214.68M | 179.16M | 171.21M | 187.04M | 229.97M |
| Other Current Liabilities | 102.49M | 121.87M | 101.14M | 96.13M | 93.56M | 91.74M |
| Other Long-Term Liabilities | 271.41M | 264.97M | 258.77M | 255.93M | 266.21M | 231.52M |
| Total Liabilities | 5.59B | 5.63B | 5.10B | 5.21B | 5.02B | 4.75B |
| Preferred Stock, Redeemable | 150.00M | 150.00M | 150.00M | 150.00M | 150.00M | 150.00M |
| Preferred Stock, Convertible | 9.82M | 9.82M | 9.82M | 9.82M | 9.82M | 10.00M |
| Total Preferred Equity | 159.82M | 159.82M | 159.82M | 159.82M | 159.82M | 160.00M |
| Common Stock | 870.00K | 869.00K | 862.00K | 833.00K | 818.00K | 790.00K |
| Additional Paid-In Capital | 4.29B | 4.31B | 4.25B | 3.96B | 3.82B | 3.49B |
| Distributions in Excess of Earnings | -1.22B | -1.22B | -1.24B | -1.16B | -1.03B | -1.07B |
| Comprehensive Income & Other | 13.35M | 2.05M | 4.74M | 4.05M | 5.76M | -2.05M |
| Total Common Equity | 3.09B | 3.09B | 3.01B | 2.80B | 2.79B | 2.42B |
| Minority Interest | 256.43M | 251.91M | 252.84M | 262.01M | 258.37M | 296.25M |
| Shareholders' Equity | 3.51B | 3.50B | 3.42B | 3.23B | 3.21B | 2.88B |
| Total Liabilities & Equity | 9.10B | 9.13B | 8.52B | 8.44B | 8.23B | 7.62B |
| Total Debt | 4.97B | 5.03B | 4.56B | 4.69B | 4.47B | 4.19B |
| Net Cash (Debt) | -4.85B | -4.92B | -4.43B | -4.43B | -4.38B | -4.03B |
| Net Cash Per Share | -55.60 | -56.92 | -53.04 | -54.51 | -54.44 | -52.09 |
| Filing Date Shares Outstanding | 86.02M | 86.28M | 85.68M | 82.99M | 81.35M | 78.62M |
| Total Common Shares Outstanding | 86.30M | 86.27M | 85.67M | 82.78M | 81.34M | 78.60M |
| Book Value Per Share | 35.82 | 35.81 | 35.16 | 33.87 | 34.35 | 30.80 |
| Tangible Book Value | 3.09B | 3.07B | 3.00B | 2.79B | 2.79B | 2.41B |
| Tangible Book Value Per Share | 35.82 | 35.62 | 35.06 | 33.74 | 34.28 | 30.63 |
| Construction In Progress | 382.15M | 374.74M | 539.75M | 613.30M | 662.55M | 607.27M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 440.71M | 411.08M | 295.21M | 236.99M | 385.49M | 261.50M |
| Depreciation & Amortization | 382.89M | 353.26M | 329.28M | 309.33M | 291.58M | 271.52M |
| Gain (Loss) on Sale of Assets | -186.24M | -150.11M | -54.04M | -9.88M | -163.86M | -89.95M |
| Asset Writedown | 7.42M | 7.42M | ||||
| Stock-Based Compensation | 15.39M | 14.61M | 16.36M | 14.31M | 13.70M | 13.01M |
| Income (Loss) on Equity Investments | -531.00K | -1.92M | -3.16M | -3.87M | -5.17M | -1.25M |
| Change in Accounts Receivable | -4.26M | 2.42M | -796.00K | 3.47M | -12.07M | 1.21M |
| Change in Accounts Payable | 7.17M | 5.59M | 1.55M | 6.00M | 77.00K | 6.78M |
| Change in Other Net Operating Assets | -2.33M | -1.85M | -3.29M | -6.65M | 9.15M | 5.11M |
| Other Operating Activities | -8.35M | -18.11M | -6.55M | 6.13M | -2.14M | 3.42M |
| Operating Cash Flow | 651.87M | 622.38M | 574.56M | 555.83M | 516.77M | 471.35M |
| Acquisition of Real Estate Assets | -732.38M | -1.03B | -520.69M | -371.75M | -855.20M | -806.98M |
| Sale of Real Estate Assets | 387.01M | 305.63M | 99.93M | 28.45M | 133.72M | 137.87M |
| Net Sale / Acq. of Real Estate Assets | -345.37M | -720.98M | -420.76M | -343.30M | -721.48M | -669.11M |
| Investment in Marketable & Equity Securities | 3.06M | 3.41M | 4.74M | 9.86M | -16.29M | -145.00K |
| Other Investing Activities | -134.00K | -134.00K | -1.38M | -18.03M | ||
| Investing Cash Flow | -363.79M | -743.07M | -446.83M | -358.32M | -786.00M | -660.12M |
| Long-Term Debt Issued | 467.66M | 471.51M | 544.93M | 298.57M | ||
| Long-Term Debt Repaid | -7.66M | -604.40M | -333.47M | -19.44M | -277.64M | |
| Net Debt Issued (Repaid) | 145.56M | 460.00M | -132.89M | 211.46M | 279.12M | -277.64M |
| Issuance of Common Stock | 60.42M | 54.47M | 304.05M | 131.90M | 307.27M | 172.98M |
| Repurchase of Common Stock | -64.61M | -4.91M | -6.71M | -5.02M | -4.90M | -3.00M |
| Common & Preferred Dividends Paid | -397.25M | -388.06M | -371.59M | -359.19M | -347.28M | -335.66M |
| Total Dividends Paid | -397.25M | -388.06M | -371.59M | -359.19M | -347.28M | -335.66M |
| Other Financing Activities | -27.20M | -18.54M | -45.16M | -12.99M | -43.80M | -9.65M |
| Net Cash Flow | 4.99M | -17.74M | -124.56M | 163.66M | -78.81M | -641.73M |
| Levered Free Cash Flow | 436.16M | 466.56M | 374.92M | 600.73M | 240.56M | 312.28M |
| Unlevered Free Cash Flow | 559.78M | 581.31M | 484.59M | 705.61M | 326.18M | 392.09M |
| Cash Interest Paid | 185.95M | 171.94M | 169.33M | 158.80M | 130.91M | 123.58M |
| Cash Income Tax Paid | 378.00K | 369.00K | 177.00K | 284.00K | 624.00K | 386.00K |
| Change in Working Capital | 575.00K | 6.15M | -2.54M | 2.83M | -2.84M | 13.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.54B | 8.70B | 9.51B | 8.41B | 8.21B | 10.60B |
| Enterprise Value | 14.38B | 13.80B | 14.39B | 13.32B | 12.92B | 15.20B |
| Last Close Price | 110.19 | 96.66 | 102.73 | 91.66 | 86.03 | 111.23 |
| Price/FFO Ratio | 14.36 | 13.39 | 15.17 | 13.99 | 13.61 | 19.97 |
| Price/AFFO Ratio | 13.39 | 15.18 | 14.00 | 13.62 | 19.98 | |
| PE Ratio | 22.05 | 21.65 | 33.27 | 36.95 | 21.82 | 42.04 |
| PS Ratio | 7.05 | 6.79 | 7.89 | 7.40 | 7.60 | 11.13 |
| PB Ratio | 3.08 | 2.48 | 2.78 | 2.61 | 2.55 | 3.69 |
| P/OCF Ratio | 14.63 | 13.97 | 16.55 | 15.13 | 15.88 | 22.50 |
| EV/Sales Ratio | 10.63 | 10.78 | 11.93 | 11.72 | 11.97 | 15.96 |
| EV/EBITDA Ratio | 16.93 | 16.95 | 19.17 | 18.77 | 19.61 | 26.33 |
| EV/EBIT Ratio | 30.81 | 29.91 | 34.14 | 33.25 | 35.14 | 49.66 |
| Debt / Equity Ratio | 1.42 | 1.44 | 1.33 | 1.45 | 1.39 | 1.46 |
| Debt / EBITDA Ratio | 5.48 | 5.82 | 5.77 | 6.27 | 6.46 | 6.88 |
| Net Debt / Equity Ratio | 1.38 | 1.41 | 1.29 | 1.37 | 1.36 | 1.40 |
| Net Debt / EBITDA Ratio | 5.70 | 6.04 | 5.91 | 6.25 | 6.65 | 6.98 |
| Asset Turnover | 0.15 | 0.14 | 0.14 | 0.14 | 0.14 | 0.12 |
| Quick Ratio | 0.32 | 0.36 | 1.28 | 0.53 | 0.51 | 1.03 |
| Current Ratio | 0.34 | 0.37 | 1.32 | 0.54 | 0.98 | 1.73 |
| Return on Equity (ROE) | 12.94% | 12.23% | 9.15% | 7.68% | 13.00% | 9.67% |
| Return on Assets (ROA) | 3.25% | 3.27% | 3.11% | 3.00% | 2.90% | 2.51% |
| Earnings Yield | 4.54% | 4.73% | 3.10% | 2.82% | 4.70% | 2.47% |
| Dividend Yield | 4.21% | 4.42% | 3.94% | 4.27% | 4.26% | 3.16% |
| Payout Ratio | 92.85% | 94.40% | 125.87% | 151.57% | 90.09% | 128.36% |
| Buyback Yield / Dilution | -1.88% | -3.40% | -2.77% | -1.00% | -4.06% | -2.45% |
| Total Shareholder Return | 2.34% | 1.03% | 1.17% | 3.27% | 0.20% | 0.70% |