Detailed financial statements for Federal Realty Investment Trust (FRT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Federal Realty Investment Trust (FRT) stands out as a premier entity specializing in the acquisition, management, and redevelopment of high-quality retail properties. These assets are strategically situated primarily in prominent coastal metropolitan areas, spanning the Eastern Seaboard from Washington D.C. to Boston, and extending to key West Coast cities such as San Francisco and Los Angeles.
Analysis Summary
Federal Realty Investment Trust reported revenue of $1.28B in the most recent fiscal year, growing at a 5-year CAGR of 8.9%. Net income reached $411.1M, with a 25.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 54.3%, operating margin 34.5%, net margin 32.6%.
At $110.19 (closing price, October 30, 2026), FRT trades at a P/E of 21.73 and an ROE of 13.38%. Market capitalisation stands at $9.6B.
Balance sheet quality for FRT: current ratio of 1.0, net debt of $4.92B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $331.0M represents 81% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $801.6M | $857.3M | $915.4M | $935.8M | $835.5M | $951.2M | $1.07B | $1.13B | $1.20B | $1.28B |
| Cost of Revenue | $253.6M | $272.7M | $287.9M | $298.8M | $290.2M | $316.6M | $356.8M | $363.1M | $391.8M | $1.15B |
| Gross Profit | $548.0M | $584.6M | $627.6M | $637.0M | $545.3M | $634.6M | $717.6M | $769.1M | $810.7M | $124.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $33.4M | $36.3M | $33.6M | $42.8M | $41.7M | $49.9M | $52.6M | $50.7M | $49.7M | $46.9M |
| Operating Expenses | $227.0M | $174.4M | $265.9M | $166.1M | $255.8M | $239.9M | $191.2M | $362.6M | $338.3M | -$335.1M |
| Operating Income | $321.0M | $410.2M | $361.6M | $470.9M | $289.5M | $394.7M | $526.4M | $406.5M | $472.4M | $459.5M |
| EBITDA | $515.0M | $614.0M | $603.4M | $709.9M | $527.2M | $676.8M | $835.1M | $736.8M | $822.4M | $972.6M |
| Interest Expense | $95.0M | $100.1M | $110.2M | $109.6M | $136.3M | $127.7M | $137.0M | $167.8M | $175.5M | $181.1M |
| Pre-tax Income | $226.4M | $297.9M | $249.0M | $360.5M | $135.9M | $269.1M | $395.7M | $247.2M | $304.3M | $423.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $249.9M | $289.9M | $241.9M | $353.9M | $131.7M | $261.5M | $385.5M | $237.0M | $295.2M | $411.1M |
| EPS | $3.51 | $3.97 | $3.18 | $4.61 | $1.62 | $3.26 | $4.71 | $2.80 | $3.42 | $4.79 |
| EPS (Diluted) | $3.50 | $3.97 | $3.18 | $4.61 | $1.62 | $3.26 | $4.71 | $2.80 | $3.42 | $4.79 |
| Shares Outstanding (Diluted) | 71.0 M | 72.2 M | 73.3 M | 74.8 M | 75.5 M | 77.4 M | 80.5 M | 81.3 M | 83.6 M | 85.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $336.0M | $341.1M | $335.7M | $339.0M |
| Gross Profit | $30.7M | $241.9M | $232.1M | $229.9M |
| Operating Income | $115.6M | $116.3M | $118.0M | $116.9M |
| EBITDA | $278.1M | $310.1M | $239.2M | $219.0M |
| Net Income | $129.7M | $159.1M | $85.7M | $66.2M |
| EPS | $1.51 | $1.82 | $0.99 | $0.74 |
| EPS (Diluted) | $1.51 | $1.83 | $0.99 | $0.74 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.4M | $15.2M | $64.1M | $127.4M | $798.3M | $162.1M | $85.6M | $250.8M | $123.4M | $107.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $146.7M | $240.3M | $172.7M | $183.0M | $199.7M | $178.6M | $207.1M | $210.9M | $238.2M | $258.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $170.0M | $255.5M | $236.8M | $310.4M | $998.0M | $340.7M | $292.7M | $461.8M | $361.6M | $357.2M |
| Property, Plant & Equipment | 0 | 0 | 0 | $146.2M | $143.4M | $140.6M | $140.0M | $93.8M | $92.4M | $89.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $8.1M | $16.3M |
| Total Assets | $5.42B | $6.28B | $6.29B | $6.79B | $7.61B | $7.62B | $8.23B | $8.44B | $8.52B | $9.13B |
| Accounts Payable | $201.8M | $196.3M | $177.9M | $255.5M | $228.6M | $235.2M | $190.3M | $174.7M | $183.6M | $219.7M |
| Short-term Debt | 0 | $41.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $289.5M | $288.9M | $274.0M | $358.9M | $332.9M | $347.0M | $309.1M | $297.8M | $311.2M | $351.0M |
| Long-term Debt | $2.73B | $3.21B | $3.16B | $3.36B | $4.29B | $4.05B | $4.33B | $4.60B | $4.47B | $4.94B |
| Total Liabilities | $3.20B | $3.74B | $3.69B | $4.02B | $4.92B | $4.75B | $5.02B | $5.21B | $5.10B | $5.63B |
| Retained Earnings | -$749.7M | -$749.4M | -$818.9M | -$791.1M | -$988.3M | -$1.07B | -$1.03B | -$1.16B | -$1.24B | -$1.22B |
| Total Equity | $1.98B | $2.27B | $2.35B | $2.54B | $2.46B | $2.58B | $2.95B | $2.96B | $3.17B | $3.25B |
| Total Debt | $2.80B | $3.33B | $3.23B | $3.50B | $4.44B | $4.19B | $4.47B | $4.69B | $4.56B | $5.03B |
| Net Debt | $2.78B | $3.31B | $3.17B | $3.37B | $3.64B | $4.03B | $4.39B | $4.44B | $4.44B | $4.92B |
| Working Capital | -$119.5M | -$33.4M | -$37.3M | -$48.4M | $665.1M | -$6.4M | -$16.4M | $163.9M | $50.4M | $6.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $111.3M | $107.4M | $115.6M | -$107.2M |
| Total Assets | $8.86B | $9.13B | $9.10B | $9.06B |
| Total Liabilities | $5.40B | $5.63B | $5.53B | $5.44B |
| Total Equity | $3.21B | $3.25B | $3.31B | $3.36B |
| Total Debt | $4.81B | $5.03B | $4.93B | $4.85B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $258.9M | $297.9M | $249.0M | $360.5M | $135.9M | $269.1M | $395.7M | $247.2M | $304.3M | $411.1M |
| Depreciation & Amortization | $193.6M | $216.1M | $244.2M | $239.8M | $255.0M | $280.0M | $302.4M | $321.8M | $342.6M | $367.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | $13.0M | $13.7M | $14.3M | $16.4M | $14.6M |
| Change in Working Capital | $7.2M | $12.8M | $15.4M | -$24.2M | -$5.5M | $13.1M | -$2.8M | $2.8M | -$2.5M | $564,000 |
| Operating Cash Flow | $419.3M | $459.2M | $516.7M | $461.9M | $369.9M | $471.4M | $516.8M | $555.8M | $574.6M | $622.4M |
| Capital Expenditure | -$437.3M | -$518.9M | -$368.3M | -$409.9M | -$501.9M | -$440.5M | -$416.7M | -$311.1M | -$246.8M | -$291.3M |
| Acquisitions | -$7.2M | -$696,000 | $37.0M | -$1.1M | -$3.3M | -$3.1M | -$27.3M | 0 | 0 | -$698,000 |
| Stock Repurchased | -$4.5M | -$4.2M | -$958,000 | -$4.6M | -$4.1M | -$3.0M | -$4.9M | -$5.0M | -$6.7M | -$4.9M |
| Dividends Paid | -$267.7M | -$283.0M | -$301.2M | -$313.6M | -$324.6M | -$335.7M | -$347.3M | -$359.2M | -$371.6M | -$388.1M |
| Free Cash Flow | -$18.0M | -$59.8M | $148.4M | $52.0M | -$132.0M | $30.8M | $100.1M | $244.7M | $327.8M | $331.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $147.8M | $144.8M | $185.9M | $338.3M |
| Capital Expenditure | $124.6M | -$94.1M | -$65.0M | -$220.4M |
| Free Cash Flow | $272.4M | $50.7M | $121.0M | $117.9M |
| Dividends Paid | -$96.5M | -$99.1M | -$99.1M | -$198.4M |
| Stock-based Compensation | $3.4M | $3.7M | 0 | $7.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.0% | +6.8% | +2.2% | -10.7% | +13.9% | +12.9% | +5.4% | +6.2% | +6.3% | |
| Net Income Growth (YoY) | +16.0% | -16.6% | +46.3% | -62.8% | +98.5% | +47.4% | -38.5% | +24.6% | +39.2% | |
| EPS Growth (YoY) | +13.1% | -19.9% | +45.0% | -64.9% | +101.2% | +44.5% | -40.6% | +22.1% | +40.1% | |
| Shares Change (YoY) | +1.7% | +1.5% | +2.0% | +1.0% | +2.5% | +4.1% | +1.0% | +2.8% | +2.7% | |
| FCF Growth (YoY) | -231.5% | +348.4% | -65.0% | -353.8% | +123.4% | +224.5% | +144.5% | +34.0% | +1.0% | |
| Gross Margin | 68.4% | 68.2% | 68.6% | 68.1% | 65.3% | 66.7% | 66.8% | 67.9% | 67.4% | 9.7% |
| Operating Margin | 40.0% | 47.8% | 39.5% | 50.3% | 34.7% | 41.5% | 49.0% | 35.9% | 39.3% | 35.9% |
| EBITDA Margin | 64.2% | 71.6% | 65.9% | 75.9% | 63.1% | 71.1% | 77.7% | 65.1% | 68.4% | 76.1% |
| Net Margin | 31.2% | 33.8% | 26.4% | 37.8% | 15.8% | 27.5% | 35.9% | 20.9% | 24.6% | 32.1% |
| FCF Margin | -2.2% | -7.0% | 16.2% | 5.6% | -15.8% | 3.2% | 9.3% | 21.6% | 27.3% | 25.9% |
| Effective Tax Rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.25 | $-0.83 | $2.02 | $0.70 | $-1.75 | $0.40 | $1.24 | $3.01 | $3.92 | $3.86 |
| Dividends Per Share | $3.77 | $3.92 | $4.11 | $4.20 | $4.30 | $4.34 | $4.31 | $4.42 | $4.45 | $4.52 |
| Shares Outstanding (Basic) | 70.9 M | 72.1 M | 73.3 M | 74.8 M | 75.5 M | 77.3 M | 79.9 M | 81.3 M | 83.6 M | 85.9 M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (<=15x (<=20x borderline)) — REIT P/E equivalent. As with the P/E, the lower, the cheaper.
Profitability
| Return on Equity | 13.38% |
| Return on Invested Capital | 5.36% |
| Return on Assets | 4.84% |
| Gross Margin | 54.34% |
| Operating Margin | 34.53% |
| Net Margin | 32.60% |
Financial Health
| Debt / Equity | 1.53 |
| Current Ratio | 0.99 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.04 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 40.49 | 33.45 | 37.12 | 27.92 | 52.54 | 41.82 | 21.45 | 36.80 | 32.73 | 21.04 |
| P/B | 5.10 | 4.23 | 3.69 | 3.80 | 2.61 | 4.09 | 2.73 | 2.83 | 2.95 | 2.66 |
| P/S | 12.57 | 11.17 | 9.45 | 10.29 | 7.69 | 11.08 | 7.51 | 7.40 | 7.78 | 6.77 |
| Gross Margin | 68.4% | 68.2% | 68.6% | 68.1% | 65.3% | 66.7% | 66.8% | 67.9% | 67.4% | 9.7% |
| Operating Margin | 40.0% | 47.8% | 39.5% | 50.3% | 34.7% | 41.5% | 49.0% | 35.9% | 39.3% | 35.9% |
| Net Margin | 31.2% | 33.8% | 26.4% | 37.8% | 15.8% | 27.5% | 35.9% | 20.9% | 24.6% | 32.1% |
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Explore sector: Real Estate · REIT - Retail
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