FEDERAL REALTY INVESTMENT TRUST FRT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interest of, is sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole

general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties. These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals. As of December 31, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet. In total, the real estate projects were 96.1% leased and 94.1% occupied at December 31, 2025. Our revenue is primarily generated from lease agreements with tenants. We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 58 consecutive years.

Last close 108.72 2026-10-23
Market cap $9.39B 2026-03-31 share count
52-week range 90.03 - 128.21

Valuation FY2025 figures against the last close

P/S7.3x
P/E23.2x
P/FCF15.1x
EV/EBITDA23.7x
Dividend yield—
Diluted EPS4.68

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.28B$1.20B$1.13B$1.07B$951.2M$835.5M$935.8M$915.4M$857.3M$801.6M
SG&A $46.9M$49.7M$50.7M$52.6M$49.9M$41.7M$42.8M$33.6M$36.3M$33.4M
Total operating expenses $833.6M$784.1M$735.6M$711.8M$646.4M$586.9M$581.3M$565.7M$525.1M$480.6M
Operating income $602.2M$472.4M$406.5M$526.4M$394.7M$289.5M$470.9M$361.6M$410.2M$321.0M
Interest expense $183.6M$175.5M$167.8M$137.0M$127.7M$136.3M$109.6M$110.2M$100.1M$95.0M
Net income $411.1M$295.2M$237.0M$385.5M$261.5M$131.7M$353.9M$241.9M$289.9M$249.9M
EPS, basic 4.683.422.804.713.261.624.613.183.973.51
EPS, diluted 4.683.422.804.713.261.624.613.183.973.50
Shares, diluted (wtd. avg.) 86.4M83.6M81.3M80.5M77.4M75.5M74.8M73.3M72.2M71.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $107.4M$123.4M$260.0M$96.3M$175.2M$816.9M$153.6M$108.3M$25.2M$34.8M
Other intangibles ———————$83.7M$87.0M$58.6M
Total assets $9.13B$8.52B$8.44B$8.23B$7.62B$7.61B$6.79B$6.29B$6.28B$5.42B
Long-term debt $4.96B$4.50B$4.62B$4.34B$4.06B$4.31B$3.37B$3.17B$3.23B$2.74B
Total liabilities $5.63B$5.10B$5.21B$5.02B$4.75B$4.92B$4.02B$3.69B$3.74B$3.20B
Total equity $3.25B$3.17B$3.04B$3.03B$2.66B$2.55B$2.64B$2.47B$2.39B$2.08B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $622.4M$574.6M$555.8M$516.8M$471.4M$369.9M$461.9M$516.7M$458.8M$427.7M
Stock-based compensation $14.6M$16.4M$14.3M$13.7M$13.0M$11.9M$12.3M$11.7M$11.0M$9.9M
Capital expenditure ——————$82.8M$66.1M$77.0M$57.6M
Investing cash flow -$743.1M-$446.8M-$358.3M-$786.0M-$660.1M-$368.4M-$316.5M-$192.2M-$837.9M-$590.2M
Financing cash flow $103.0M-$252.3M-$33.8M$190.4M-$453.0M$661.7M-$100.1M-$241.3M$369.4M$168.8M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000034903-26-000017.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 801.6M Net income, FY2016: 249.9M Revenue, FY2017: 857.3M Net income, FY2017: 289.9M Revenue, FY2018: 915.4M Net income, FY2018: 241.9M Revenue, FY2019: 935.8M Net income, FY2019: 353.9M Revenue, FY2020: 835.5M Net income, FY2020: 131.7M Revenue, FY2021: 951.2M Net income, FY2021: 261.5M Revenue, FY2022: 1.1B Net income, FY2022: 385.5M Revenue, FY2023: 1.1B Net income, FY2023: 237M Revenue, FY2024: 1.2B Net income, FY2024: 295.2M Revenue, FY2025: 1.3B Net income, FY2025: 411.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $801.6M $857.3M $915.4M $935.8M $835.5M $951.2M $1.07B $1.13B $1.20B $1.28B
Gross profit — — — — — — — — — —
Net income $249.9M $289.9M $241.9M $353.9M $131.7M $261.5M $385.5M $237.0M $295.2M $411.1M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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