Federal Realty Investment Trust (FRT) Financials

$115.33 -0.35 (-0.30%)

As of 03:20 PM Eastern

Annual Income Statements for Federal Realty Investment Trust

This table shows Federal Realty Investment Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	164	210	249	287	234	346	124	253	377	229	403
Consolidated Net Income / (Loss)	172	218	259	298	249	361	136	269	396	247	424
Net Income / (Loss) Continuing Operations	168	190	226	298	249	361	136	269	370	247	424
Total Pre-Tax Income	168	190	226	298	252	363	136	268	370	247	424
Total Operating Income	271	300	321	410	362	471	290	395	526	406	602
Total Gross Profit	686	744	802	857	915	936	835	951	1,049	1,132	1,279
Total Revenue	686	744	802	857	915	936	835	951	1,074	1,132	1,279
Operating Revenue	671	732	802	857	915	936	835	951	1,049	1,132	1,279
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	415	444	481	447	554	465	546	556	548	726	677
Selling, General & Admin Expense	168	183	192	201	207	231	213	248	282	282	314
Depreciation Expense	171	175	194	216	244	240	255	280	302	322	368
Other Operating Expenses / (Income)	77	86	95	30	115	111	21	29	34	122	-13
Impairment Charge	-	-	-	-	0.00	0.00	57	-	-	0.00	7.43
Total Other Income / (Expense), net	-103	-110	-95	-112	-109	-108	-154	-127	-131	-159	-179
Interest Expense	104	112	95	112	110	110	147	128	137	168	184
Interest & Investment Income	1.34	1.57	0.37	0.48	0.94	1.27	-6.17	0.81	6.24	8.56	5.06
Preferred Stock Dividends Declared	0.54	0.54	0.54	2.46	8.04	8.04	8.04	8.04	8.03	8.03	8.03
Net Income / (Loss) Attributable to Noncontrolling Interest	7.75	8.21	8.97	7.96	7.12	6.68	4.18	7.58	10	10	13
Basic Earnings per Share	$2.42	$3.04	$3.51	$3.97	$3.18	$4.61	$1.62	$3.26	$4.71	$2.80	$4.68
Weighted Average Basic Shares Outstanding	67.32M	68.80M	70.88M	72.12M	73.27M	74.77M	75.52M	77.34M	79.85M	81.31M	85.85M
Diluted Earnings per Share	$2.41	$3.03	$3.50	$3.97	$3.18	$4.61	$1.62	$3.26	$4.71	$2.80	$4.68
Weighted Average Diluted Shares Outstanding	67.49M	68.98M	71.05M	72.23M	73.30M	74.77M	75.52M	77.37M	80.51M	81.31M	86.41M
Weighted Average Basic & Diluted Shares Outstanding	67.32M	68.80M	70.88M	72.12M	73.30M	74.77M	153.50M	157.23M	-	82.99M	86.28M

This table shows Federal Realty Investment Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	58	55	62	55	110	59	64	62	154	60	157
Consolidated Net Income / (Loss)	63	59	67	58	115	63	68	67	160	64	161
Net Income / (Loss) Continuing Operations	63	59	37	58	115	63	37	67	160	64	161
Total Pre-Tax Income	61	58	41	58	114	63	39	67	159	64	161
Total Operating Income	102	100	109	100	157	106	109	108	203	111	209
Total Gross Profit	281	287	262	291	296	304	280	309	312	322	341
Total Revenue	281	287	292	291	296	304	311	309	312	322	341
Operating Revenue	281	287	262	291	296	304	280	309	312	322	341
Total Cost of Revenue	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Operating Expenses	179	187	183	191	139	198	202	201	109	212	132
Selling, General & Admin Expense	68	72	75	74	71	75	80	79	74	79	87
Depreciation Expense	79	82	82	83	85	87	87	87	89	94	99
Other Operating Expenses / (Income)	32	33	25	34	35	36	35	35	23	38	-54
Total Other Income / (Expense), net	-40	-42	-38	-42	-43	-42	-39	-42	-44	-46	-48
Interest Expense	43	43	43	44	44	44	43	42	45	48	49
Interest & Investment Income	2.42	0.72	4.78	1.48	1.05	1.87	3.94	0.92	0.91	1.45	1.20
Preferred Stock Dividends Declared	2.01	2.01	2.01	4.02	4.02	2.01	2.01	2.01	4.02	2.01	2.01
Net Income / (Loss) Attributable to Noncontrolling Interest	2.51	2.34	2.99	1.28	2.67	2.51	2.67	2.81	4.04	2.85	1.97
Basic Earnings per Share	$0.72	$0.67	$0.76	$0.66	$2.64	$0.70	$0.74	$0.72	$3.56	$0.69	$1.82
Weighted Average Basic Shares Outstanding	81.21M	81.27M	81.31M	165.21M	165.86M	83.99M	83.56M	85.47M	171.94M	85.98M	86.04M
Diluted Earnings per Share	$0.72	$0.67	$0.76	$0.66	$2.64	$0.70	$0.74	$0.72	$3.56	$0.69	$1.81
Weighted Average Diluted Shares Outstanding	81.21M	81.27M	81.31M	82.61M	167.13M	167.99M	83.57M	170.94M	173.22M	171.96M	173.32M
Weighted Average Basic & Diluted Shares Outstanding	81.52M	81.62M	82.99M	82.95M	83.67M	84.96M	85.68M	86.26M	86.27M	86.27M	86.39M
Cash Dividends to Common per Share	$1.08	$1.09	-	$1.09	$1.09	$1.10	-	$1.10	$1.10	$1.13	$1.13

This table details how cash moves in and out of Federal Realty Investment Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-41	-27	6.29	-9.65	83	45	663	-642	-119	-64	-192
Net Cash From Operating Activities	346	369	428	459	517	462	370	471	517	556	575
Net Cash From Continuing Operating Activities	346	369	428	459	517	462	370	471	517	556	575
Net Income / (Loss) Continuing Operations	172	218	259	298	249	361	136	269	396	247	304
Consolidated Net Income / (Loss)	172	218	259	298	249	361	136	269	396	247	304
Depreciation Expense	171	175	194	216	244	240	255	280	302	322	343
Non-Cash Adjustments To Reconcile Net Income	5.63	-11	-32	-68	-4.37	-114	-16	-91	-178	-16	-70
Changes in Operating Assets and Liabilities, net	-2.61	-13	7.24	13	28	-24	-5.47	13	-2.84	2.83	-2.54
Net Cash From Investing Activities	-396	-354	-590	-838	-192	-317	-368	-660	-786	-358	-447
Net Cash From Continuing Investing Activities	-396	-354	-590	-838	-192	-317	-368	-660	-786	-358	-447
Purchase of Property, Plant & Equipment	-361	-283	-437	-519	-368	-614	-502	-441	-855	-61	-521
Purchase of Investments	-16	-157	-150	-438	-15	-1.05	-13	-370	-23	0.00	0.00
Other Investing Activities, net	-30	-12	-6.67	-18	-25	-23	-38	9.14	97	-298	74
Net Cash From Financing Activities	9.04	-42	169	369	-241	-100	662	-453	190	-34	-252
Net Cash From Continuing Financing Activities	9.04	-42	169	369	-241	-100	662	-453	150	-261	-320
Repayment of Debt	-229	-401	-50	-218	-17	-305	-581	-278	273	-333	-133
Repurchase of Common Equity	0.00	-9.63	-	-	-	-	-	-	-	-	304
Payment of Dividends	-223	-243	-292	-298	-316	-334	-345	-345	-732	-732	-770
Issuance of Common Equity	216	111	330	132	134	143	99	173	615	133	305
Other Financing Activities, net	-	-9.21	-4.45	-4.23	-0.96	-4.63	-4.05	-3.00	-4.90	127	-26

This table details how cash moves in and out of Federal Realty Investment Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	79	0.04	-70	-155	-104	51	16	-13	-57	-172	-93
Net Cash From Operating Activities	149	151	113	141	170	144	120	179	151	148	185
Net Cash From Continuing Operating Activities	151	151	111	141	170	144	120	180	150	148	185
Net Income / (Loss) Continuing Operations	63	59	67	58	115	63	68	67	160	64	161
Consolidated Net Income / (Loss)	63	59	67	58	115	63	68	67	160	64	161
Depreciation Expense	79	82	82	83	85	87	87	87	89	94	99
Non-Cash Adjustments To Reconcile Net Income	-0.49	-2.79	-11	-2.08	-55	-3.66	-8.92	-4.13	-96	-4.96	-99
Changes in Operating Assets and Liabilities, net	9.49	13	-28	1.82	25	-2.75	-27	31	-3.33	-6.02	23
Net Cash From Investing Activities	-103	-84	-70	-67	-186	-123	-71	-182	65	-357	21
Net Cash From Continuing Investing Activities	-103	-84	-70	-67	-186	-123	-71	-182	65	-357	21
Purchase of Property, Plant & Equipment	-44	-80	175	-64	-274	-118	-64	-59	-61	-477	-131
Other Investing Activities, net	-20	-5.87	-283	-4.65	90	-4.47	-7.02	-6.83	11	120	151
Net Cash From Financing Activities	-50	-66	114	-229	25	-29	-18	-10	-135	133	-199
Net Cash From Continuing Financing Activities	33	-65	-114	-209	-108	29	-32	-8.61	-278	37	-298
Repayment of Debt	-276	-0.89	-56	-601	-0.82	-1.02	-1.74	-6.82	-5.65	149	-403
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-	-0.03
Payment of Dividends	-3.20	-94	-454	-95	-292	-190	-193	-99	-300	-197	-202
Issuance of Debt	317	19	149	484	69	-82	-	45	-27	85	309
Issuance of Common Equity	0.93	11	115	7.04	136	81	386	57	-0.04	-0.02	2.84
Other Financing Activities, net	-0.07	-0.27	132	-4.61	-20	-0.29	-0.84	-4.61	54	-55	-4.93

This table presents Federal Realty Investment Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,897	5,423	6,276	6,290	6,795	7,608	7,622	8,234	8,437	8,525	9,130
Total Current Assets	323	349	463	472	507	1,177	568	551	716	639	712
Cash & Equivalents	21	23	15	64	127	798	162	86	251	123	107
Accounts Receivable	110	117	210	142	153	160	169	198	202	229	250
Prepaid Expenses	192	209	238	266	227	219	237	267	263	286	355
Plant, Property, & Equipment, net	4,490	5,030	5,759	5,760	6,083	6,225	6,891	7,389	7,583	7,751	8,288
Plant, Property & Equipment, gross	6,064	6,759	7,635	7,819	8,298	8,583	9,422	10,104	10,546	10,904	11,640
Accumulated Depreciation	1,574	1,729	1,877	2,059	2,215	2,358	2,531	2,716	2,964	3,153	3,352
Total Noncurrent Assets	83	45	54	57	205	205	163	295	138	135	131
Long-Term Investments	42	15	24	27	29	22	13	145	35	33	32
Noncurrent Note & Lease Receivables	42	30	30	30	83	91	59	55	16	16	16
Other Noncurrent Operating Assets	-	-	-	0.00	94	92	91	95	87	86	83
Total Liabilities & Shareholders' Equity	4,897	5,423	6,276	6,290	6,795	7,608	7,622	8,234	8,437	8,525	9,130
Total Liabilities	2,977	3,204	3,743	3,686	4,019	4,921	4,745	5,022	5,211	5,100	5,630
Total Current Liabilities	213	273	272	256	337	312	322	281	267	280	319
Accounts Payable	147	202	196	178	256	229	235	190	175	184	220
Dividends Payable	66	71	76	78	82	84	87	90	93	97	100
Total Noncurrent Liabilities	2,764	2,931	3,471	3,430	3,682	4,609	4,424	4,741	4,944	4,820	5,310
Long-Term Debt	2,556	2,727	3,213	3,158	3,357	4,291	4,048	4,329	4,599	4,474	4,943
Noncurrent Deferred Revenue	122	116	169	183	158	152	206	238	225	228	250
Other Noncurrent Operating Liabilities	15	16	17	18	167	165	170	174	119	119	117
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	137	144	141	136	140	138	214	178	183	180	182
Total Equity & Noncontrolling Interests	1,782	2,076	2,392	2,467	2,636	2,549	2,663	3,034	3,042	3,244	3,319
Total Preferred & Common Equity	1,664	1,977	2,267	2,346	2,535	2,464	2,581	2,954	2,964	3,172	3,249
Preferred Stock	-	10.00	160	160	160	160	160	160	160	160	160
Total Common Equity	1,654	1,967	2,107	2,186	2,375	2,304	2,421	2,794	2,804	3,012	3,089
Common Stock	2,383	2,719	2,856	3,005	3,167	3,298	3,490	3,823	3,960	4,250	4,311
Accumulated Other Comprehensive Income / (Loss)	-4.11	-2.58	0.02	-0.42	-0.81	-5.64	-2.05	5.76	4.05	4.74	2.05
Other Equity Adjustments	-725	-750	-749	-819	-791	-988	-1,067	-1,034	-1,160	-1,243	-1,224
Noncontrolling Interest	118	99	125	121	101	85	83	80	79	73	70

This table presents Federal Realty Investment Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,279	8,294	8,437	8,272	8,421	8,479	8,525	8,622	8,624	8,862	9,097
Total Current Assets	541	550	716	563	563	580	639	626	695	682	709
Cash & Equivalents	98	98	251	96	103	97	123	109	177	111	116
Accounts Receivable	196	192	202	208	195	207	229	220	226	240	249
Prepaid Expenses	247	260	263	259	265	276	286	297	292	330	344
Plant, Property, & Equipment, net	7,561	7,567	7,583	7,573	7,721	7,764	7,751	7,862	7,796	8,049	8,268
Plant, Property & Equipment, gross	10,400	10,469	10,546	10,605	10,776	10,880	10,904	11,082	11,046	11,375	11,662
Accumulated Depreciation	2,840	2,902	2,964	3,032	3,055	3,116	3,153	3,220	3,250	3,326	3,394
Total Noncurrent Assets	177	177	138	136	137	135	135	134	133	132	120
Long-Term Investments	35	35	35	34	34	33	33	33	33	33	31
Noncurrent Note & Lease Receivables	54	54	16	16	16	16	16	16	16	16	6.36
Other Noncurrent Operating Assets	88	88	87	86	87	86	86	85	85	84	82
Total Liabilities & Shareholders' Equity	8,279	8,294	8,437	8,272	8,421	8,479	8,525	8,622	8,624	8,862	9,097
Total Liabilities	5,120	5,156	5,211	5,093	5,168	5,113	5,100	5,176	5,123	5,396	5,532
Total Current Liabilities	277	301	267	278	270	297	280	295	289	324	322
Accounts Payable	187	210	175	186	177	201	184	197	192	225	222
Dividends Payable	90	91	93	93	93	96	97	97	97	100	100
Total Noncurrent Liabilities	4,843	4,855	4,944	4,814	4,898	4,816	4,820	4,882	4,833	5,072	5,210
Long-Term Debt	4,432	4,451	4,599	4,483	4,554	4,473	4,474	4,513	4,488	4,723	4,850
Noncurrent Deferred Revenue	237	230	225	213	225	225	228	247	225	232	244
Other Noncurrent Operating Liabilities	174	174	119	118	118	118	119	121	120	117	117
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	178	177	183	183	183	181	180	181	181	181	183
Total Equity & Noncontrolling Interests	2,980	2,961	3,042	2,996	3,071	3,186	3,244	3,264	3,320	3,285	3,382
Total Preferred & Common Equity	2,901	2,882	2,964	2,918	2,996	3,111	3,172	3,192	3,249	3,215	3,311
Preferred Stock	160	160	160	160	160	160	160	160	160	160	160
Total Common Equity	2,741	2,722	2,804	2,758	2,836	2,952	3,012	3,032	3,089	3,055	3,151
Common Stock	3,834	3,848	3,960	3,948	4,006	4,161	4,250	4,304	4,303	4,307	4,311
Accumulated Other Comprehensive Income / (Loss)	5.50	6.77	4.05	6.90	7.04	2.17	4.74	3.60	2.91	2.23	5.08
Other Equity Adjustments	-1,098	-1,132	-1,160	-1,196	-1,177	-1,212	-1,243	-1,276	-1,217	-1,255	-1,165
Noncontrolling Interest	80	79	79	78	75	74	73	72	71	71	70

This table displays calculated financial ratios and metrics derived from Federal Realty Investment Trust's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.64%	8.44%	7.74%	6.96%	6.78%	2.22%	-10.72%	13.85%	12.95%	5.38%	6.21%
EBITDA Growth	6.40%	7.49%	8.35%	21.69%	-3.25%	17.30%	-23.37%	23.90%	22.84%	-12.14%	11.91%
EBIT Growth	6.64%	10.74%	6.96%	27.77%	-11.84%	30.22%	-38.52%	36.34%	33.36%	-22.78%	16.21%
NOPAT Growth	6.64%	10.74%	6.94%	27.79%	-11.84%	30.22%	-38.52%	36.34%	33.36%	-22.78%	16.21%
Net Income Growth	2.79%	26.78%	18.52%	15.06%	-16.40%	44.78%	-62.31%	98.02%	47.04%	-37.52%	23.10%
EPS Growth	-2.03%	25.73%	15.51%	13.43%	-19.90%	44.97%	-64.86%	101.23%	44.48%	-40.55%	22.14%
Operating Cash Flow Growth	10.06%	6.62%	15.89%	7.29%	12.61%	-10.60%	-19.91%	27.42%	9.64%	7.56%	3.37%
Free Cash Flow Firm Growth	-685.04%	44.61%	-236.06%	-118.26%	200.77%	-41.20%	-54.28%	-287.77%	80.44%	550.55%	51.07%
Invested Capital Growth	9.60%	8.43%	11.01%	15.90%	-0.58%	4.09%	3.02%	9.53%	8.27%	3.11%	2.70%
Revenue Q/Q Growth	1.86%	2.22%	1.47%	2.37%	1.26%	0.40%	-2.30%	3.78%	2.47%	1.05%	1.66%
EBITDA Q/Q Growth	2.40%	1.56%	1.91%	15.82%	-9.78%	13.74%	-3.79%	2.73%	1.09%	-5.58%	0.65%
EBIT Q/Q Growth	3.10%	1.45%	2.43%	23.33%	-17.41%	24.08%	-7.78%	-1.08%	1.47%	-10.23%	0.11%
NOPAT Q/Q Growth	3.10%	1.45%	2.41%	23.33%	-17.41%	24.08%	-7.78%	-1.08%	1.47%	-10.23%	0.11%
Net Income Q/Q Growth	4.66%	17.62%	-3.82%	-2.28%	1.47%	34.55%	-25.60%	5.71%	0.24%	-16.99%	0.37%
EPS Q/Q Growth	3.88%	18.36%	-4.89%	-3.17%	1.27%	36.39%	-30.77%	7.59%	-0.21%	-19.54%	-0.58%
Operating Cash Flow Q/Q Growth	5.01%	0.99%	6.57%	-3.15%	6.74%	-6.92%	-4.17%	0.81%	0.42%	0.93%	1.23%
Free Cash Flow Firm Q/Q Growth	37.98%	-681.40%	13.62%	17.76%	5.90%	-34.99%	275.06%	-8.32%	-174.21%	-8.56%	25.12%
Invested Capital Q/Q Growth	1.34%	2.40%	1.73%	1.36%	-0.34%	3.36%	0.08%	0.24%	1.59%	1.14%	0.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	97.63%	97.39%	97.40%
EBITDA Margin	64.40%	63.84%	64.20%	73.05%	66.19%	75.94%	65.18%	70.93%	77.14%	64.32%	67.77%
Operating Margin	39.50%	40.34%	40.04%	47.85%	39.50%	50.32%	34.65%	41.50%	49.00%	35.90%	39.28%
EBIT Margin	39.50%	40.34%	40.05%	47.85%	39.50%	50.32%	34.65%	41.50%	49.00%	35.90%	39.28%
Profit (Net Income) Margin	25.11%	29.36%	32.30%	34.74%	27.20%	38.53%	16.26%	28.29%	36.83%	21.84%	25.31%
Tax Burden Percent	102.62%	114.90%	114.34%	99.86%	98.65%	99.45%	94.40%	100.46%	106.89%	113.60%	111.45%
Interest Burden Percent	61.94%	63.33%	70.53%	72.72%	69.80%	76.99%	49.72%	67.85%	70.32%	53.54%	57.81%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.75%	6.86%	6.69%	7.52%	6.20%	7.93%	4.71%	6.04%	7.39%	5.41%	6.11%
ROIC Less NNEP Spread (ROIC-NNEP)	2.50%	3.60%	4.41%	3.87%	2.75%	4.53%	0.21%	2.69%	4.19%	1.70%	2.30%
Return on Net Nonoperating Assets (RNNOA)	3.42%	4.85%	5.82%	5.01%	3.50%	5.48%	0.27%	3.64%	5.60%	2.27%	3.05%
Return on Equity (ROE)	10.17%	11.71%	12.51%	12.54%	9.70%	13.40%	4.98%	19.35%	13.00%	7.68%	9.15%
Cash Return on Invested Capital (CROIC)	-2.41%	-1.22%	-3.75%	-7.20%	6.78%	3.92%	1.73%	-3.06%	-0.55%	2.34%	3.44%
Operating Return on Assets (OROA)	6.18%	6.36%	6.22%	7.01%	5.76%	7.20%	4.02%	5.18%	6.64%	4.88%	5.57%
Return on Assets (ROA)	3.93%	4.63%	5.02%	5.09%	3.96%	5.51%	1.89%	3.53%	4.99%	2.97%	3.59%
Return on Common Equity (ROCE)	9.11%	10.19%	10.94%	10.75%	8.10%	11.37%	4.26%	8.22%	11.13%	6.68%	8.00%
Return on Equity Simple (ROE_SIMPLE)	10.74%	13.13%	13.10%	13.14%	10.62%	14.22%	5.51%	10.43%	13.39%	8.34%	9.60%
Net Operating Profit after Tax (NOPAT)	271	300	321	410	362	471	290	395	526	406	472
NOPAT Margin	39.50%	40.34%	40.04%	47.85%	39.50%	50.32%	34.65%	41.50%	49.00%	35.90%	39.28%
Net Nonoperating Expense Percent (NNEP)	4.26%	3.26%	2.27%	3.65%	3.44%	3.40%	4.49%	3.34%	3.21%	3.71%	3.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	7.15%	5.32%	6.12%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	24.45%	24.63%	23.92%	23.46%	22.58%	24.64%	25.45%	26.07%	26.21%	24.94%	24.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	60.50%	59.66%	59.96%	52.15%	60.50%	49.68%	65.35%	58.50%	51.00%	64.10%	60.72%
Earnings before Interest and Taxes (EBIT)	271	300	321	410	362	471	290	395	526	406	472
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	442	475	515	626	606	711	545	675	829	728	815
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.07	4.49	3.89	3.54	3.19	3.38	2.42	3.93	2.70	2.88	3.13
Price to Tangible Book Value (P/TBV)	4.07	4.49	3.89	3.54	3.19	3.38	2.42	3.93	2.70	2.88	3.13
Price to Revenue (P/Rev)	9.45	9.98	9.55	8.70	7.63	8.58	6.68	10.01	7.02	7.13	7.83
Price to Earnings (P/E)	39.54	35.40	30.71	25.96	29.85	23.22	45.11	37.56	19.97	35.26	32.80
Dividend Yield	3.47%	3.39%	3.60%	3.85%	4.27%	3.89%	5.72%	3.48%	4.63%	4.39%	3.94%
Earnings Yield	2.53%	2.83%	3.26%	3.85%	3.35%	4.31%	2.22%	2.66%	5.01%	2.84%	3.05%
Enterprise Value to Invested Capital (EV/IC)	2.15	2.25	2.11	1.90	1.81	1.92	1.51	2.03	1.63	1.68	1.81
Enterprise Value to Revenue (EV/Rev)	13.14	13.77	13.31	12.99	11.51	12.43	11.29	14.56	11.22	11.31	11.77
Enterprise Value to EBITDA (EV/EBITDA)	20.40	21.57	20.74	17.78	17.39	16.37	17.32	20.53	14.55	17.59	17.36
Enterprise Value to EBIT (EV/EBIT)	33.26	34.12	33.24	27.14	29.14	24.70	32.58	35.09	22.90	31.51	29.95
Enterprise Value to NOPAT (EV/NOPAT)	33.26	34.12	33.24	27.14	29.14	24.70	32.58	35.09	22.90	31.51	29.95
Enterprise Value to Operating Cash Flow (EV/OCF)	26.05	27.75	24.95	24.26	20.39	25.18	25.50	29.38	23.33	23.04	24.62
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	26.62	49.97	88.62	0.00	0.00	72.73	53.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.33	1.37	1.26	1.30	1.24	1.21	1.60	1.41	1.35	1.43	1.31
Long-Term Debt to Equity	1.33	1.37	1.26	1.30	1.24	1.21	1.60	1.41	1.35	1.43	1.31
Financial Leverage	1.37	1.34	1.32	1.29	1.27	1.21	1.25	1.35	1.34	1.34	1.33
Leverage Ratio	2.59	2.53	2.49	2.46	2.45	2.43	2.64	2.74	2.60	2.59	2.55
Compound Leverage Factor	1.60	1.60	1.76	1.79	1.71	1.87	1.31	1.86	1.83	1.39	1.47
Debt to Total Capital	57.08%	57.79%	55.77%	56.46%	55.36%	54.73%	61.50%	58.45%	57.41%	58.78%	56.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	57.08%	57.79%	55.77%	56.46%	55.36%	54.73%	61.50%	58.45%	57.41%	58.78%	56.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.20%	2.75%	2.74%	2.61%	2.29%	2.31%	2.12%	2.04%	2.02%
Noncontrolling Interests to Total Capital	4.91%	5.62%	4.84%	4.57%	4.42%	3.92%	3.19%	4.28%	3.43%	3.35%	3.20%
Common Equity to Total Capital	37.77%	36.37%	39.19%	36.21%	37.48%	38.73%	33.02%	34.96%	37.05%	35.83%	38.13%
Debt to EBITDA	5.45	5.53	5.44	5.25	5.33	4.72	7.88	6.00	5.22	6.32	5.49
Net Debt to EBITDA	5.26	5.40	5.36	5.18	5.18	4.50	6.37	5.74	4.95	5.92	5.30
Long-Term Debt to EBITDA	5.45	5.53	5.44	5.25	5.33	4.72	7.88	12.00	5.22	6.32	5.49
Debt to NOPAT	8.89	8.75	8.72	8.01	8.93	7.13	14.82	10.25	8.22	11.31	9.47
Net Debt to NOPAT	8.58	8.54	8.60	7.91	8.68	6.80	11.99	9.81	7.79	10.61	9.14
Long-Term Debt to NOPAT	8.89	8.75	8.72	8.01	8.93	7.13	14.82	10.25	8.22	11.31	9.47
Altman Z-Score	1.80	1.88	1.79	1.58	1.51	1.60	1.05	1.54	1.28	1.29	1.48
Noncontrolling Interest Sharing Ratio	10.47%	12.94%	12.52%	14.28%	16.42%	15.21%	14.33%	15.07%	14.36%	13.05%	12.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.46	1.52	1.28	1.70	1.84	1.50	3.77	1.77	1.96	2.68	2.28
Quick Ratio	0.68	0.62	0.51	0.83	0.81	0.83	3.07	1.03	1.01	1.69	1.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-97	-54	-180	-393	396	233	106	-200	-39	176	266
Operating Cash Flow to CapEx	98.74%	199.36%	97.80%	88.42%	140.31%	157.96%	112.76%	107.00%	60.43%	916.79%	110.35%
Free Cash Flow to Firm to Interest Expense	-0.93	-0.48	-1.89	-3.50	3.59	2.12	0.72	-1.56	-0.29	1.05	1.52
Operating Cash Flow to Interest Expense	3.31	3.31	4.50	4.08	4.69	4.21	2.51	3.69	3.77	3.31	3.27
Operating Cash Flow Less CapEx to Interest Expense	-0.04	1.65	-0.10	-0.53	1.35	1.55	0.28	0.24	-2.47	2.95	0.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.16	0.15	0.15	0.14	0.12	0.12	0.14	0.14	0.14
Accounts Receivable Turnover	7.70	7.31	7.06	5.25	5.20	6.35	5.35	5.79	5.86	5.67	5.58
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.17	0.17	0.17	0.16	0.16	0.16	0.14	0.15	0.15	0.15	0.16
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	47.38	49.96	51.72	69.53	70.20	57.49	68.23	63.08	62.28	64.38	65.39
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	47.38	49.96	51.72	69.53	70.20	57.49	68.23	63.08	62.28	64.38	65.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,196	4,550	5,051	5,854	5,820	6,058	6,241	6,836	7,401	7,632	7,838
Invested Capital Turnover	0.17	0.17	0.17	0.16	0.16	0.16	0.14	0.15	0.15	0.15	0.16
Increase / (Decrease) in Invested Capital	368	354	501	803	-34	238	183	595	565	230	206
Enterprise Value (EV)	9,015	10,242	10,671	11,133	10,537	11,633	9,432	13,849	12,055	12,809	14,148
Market Capitalization	6,484	7,422	7,658	7,461	6,981	8,032	5,579	9,521	7,539	8,073	9,418
Book Value per Share	$23.40	$23.82	$27.40	$29.04	$29.59	$31.45	$30.46	$31.12	$34.41	$34.35	$35.45
Tangible Book Value per Share	$23.40	$23.82	$27.40	$29.04	$29.59	$31.45	$30.46	$31.12	$34.41	$34.35	$35.45
Total Capital	4,221	4,546	5,018	5,817	5,833	6,132	6,978	6,924	7,542	7,825	7,898
Total Debt	2,410	2,627	2,798	3,285	3,229	3,357	4,291	4,048	4,329	4,599	4,474
Total Long-Term Debt	2,410	2,627	2,798	3,285	3,229	3,357	4,291	4,048	4,329	4,599	4,474
Net Debt	2,324	2,565	2,760	3,246	3,138	3,201	3,471	3,872	4,099	4,313	4,317
Capital Expenditures (CapEx)	351	185	437	519	368	292	328	441	855	61	521
Debt-free, Cash-free Net Working Capital (DFCFNWC)	47	89	52	175	152	42	66	84	184	198	235
Debt-free Net Working Capital (DFNWC)	95	110	75	191	216	170	865	247	270	449	358
Net Working Capital (NWC)	95	110	75	191	216	170	865	247	270	449	358
Net Nonoperating Expense (NNE)	99	82	62	112	113	110	154	126	131	159	168
Net Nonoperating Obligations (NNO)	2,385	2,631	2,832	3,322	3,216	3,282	3,555	3,959	4,189	4,406	4,414
Total Depreciation and Amortization (D&A)	171	175	194	216	244	240	255	280	302	322	343
Debt-free, Cash-free Net Working Capital to Revenue	6.87%	11.98%	6.50%	20.46%	16.58%	4.54%	7.93%	8.87%	17.17%	17.47%	19.55%
Debt-free Net Working Capital to Revenue	13.86%	14.81%	9.42%	22.23%	23.58%	18.15%	103.48%	25.91%	25.13%	39.62%	29.81%
Net Working Capital to Revenue	13.86%	14.81%	9.42%	22.23%	23.58%	18.15%	103.48%	25.91%	25.13%	39.62%	29.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.42	$3.04	$3.51	$3.97	$3.18	$4.61	$1.62	$3.26	$0.00	$2.80	$3.42
Adjusted Weighted Average Basic Shares Outstanding	67.32M	68.80M	70.88M	72.12M	73.27M	74.77M	75.52M	77.34M	0.00	81.31M	83.56M
Adjusted Diluted Earnings per Share	$2.41	$3.03	$3.50	$3.97	$3.18	$4.61	$1.62	$3.26	$0.00	$2.80	$3.42
Adjusted Weighted Average Diluted Shares Outstanding	67.49M	68.98M	71.05M	72.23M	73.30M	74.77M	75.52M	77.37M	0.00	81.31M	83.57M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	68.66M	69.67M	72.11M	73.19M	74.37M	75.65M	153.50M	157.23M	0.00	82.99M	85.68M
Normalized Net Operating Profit after Tax (NOPAT)	190	210	225	287	245	248	174	276	319	285	331
Normalized NOPAT Margin	27.65%	28.24%	28.03%	33.49%	26.74%	26.52%	20.83%	29.05%	29.71%	25.13%	27.50%
Pre Tax Income Margin	24.47%	25.55%	28.25%	34.79%	27.57%	38.74%	17.23%	28.16%	34.45%	19.22%	22.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.59	2.69	3.38	3.65	3.28	4.30	1.96	3.09	3.84	2.42	2.69
NOPAT to Interest Expense	2.59	2.69	3.38	3.65	3.28	4.30	1.96	3.09	3.84	2.42	2.69
EBIT Less CapEx to Interest Expense	-0.76	1.03	-1.22	-0.97	-0.06	1.63	-0.26	-0.36	-2.40	2.06	-0.28
NOPAT Less CapEx to Interest Expense	-0.76	1.03	-1.22	-0.97	-0.06	1.63	-0.26	-0.36	-2.40	2.06	-0.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	129.45%	111.40%	112.71%	100.12%	127.09%	92.58%	254.00%	128.38%	185.01%	296.29%	252.88%
Augmented Payout Ratio	129.45%	115.80%	112.71%	100.12%	127.09%	92.58%	254.00%	128.38%	185.01%	296.29%	252.88%

This table displays calculated financial ratios and metrics derived from Federal Realty Investment Trust's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	86,276,033.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	86,276,033.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.82
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.28%	4.81%	4.20%	6.69%	5.48%	5.94%	6.73%	6.12%	5.23%	6.13%	10.33%
EBITDA Growth	7.57%	-32.37%	-18.38%	5.25%	33.90%	6.07%	2.74%	6.25%	20.63%	6.27%	57.99%
EBIT Growth	8.76%	-47.80%	-29.87%	4.58%	54.23%	5.74%	0.50%	7.92%	29.13%	4.57%	93.27%
NOPAT Growth	8.76%	-47.80%	-29.87%	4.58%	54.23%	5.74%	0.50%	7.92%	29.13%	4.57%	93.27%
Net Income Growth	-2.27%	-62.59%	-43.00%	0.49%	81.98%	6.85%	1.66%	14.76%	39.51%	1.64%	141.93%
EPS Growth	-4.00%	-64.55%	-47.22%	1.54%	83.33%	4.48%	-2.63%	9.09%	34.85%	-1.43%	151.39%
Operating Cash Flow Growth	-5.20%	1.46%	4.78%	-1.29%	13.70%	-4.54%	6.20%	26.84%	-11.21%	2.57%	3.10%
Free Cash Flow Firm Growth	-128.36%	41.65%	70.37%	75.52%	86.43%	4.23%	20.23%	-70.43%	253.76%	-49.54%	-35.42%
Invested Capital Growth	7.62%	3.57%	3.11%	2.78%	2.86%	3.43%	2.70%	3.78%	1.45%	4.36%	5.73%
Revenue Q/Q Growth	2.79%	2.11%	1.82%	-0.17%	1.62%	2.56%	2.57%	-0.74%	0.77%	3.44%	0.00%
EBITDA Q/Q Growth	3.63%	0.58%	5.16%	-3.97%	31.84%	-20.33%	1.85%	-0.69%	49.68%	-29.81%	0.00%
EBIT Q/Q Growth	6.26%	-1.69%	8.69%	-7.89%	56.71%	-32.60%	3.29%	-1.08%	87.50%	-45.41%	0.00%
NOPAT Q/Q Growth	6.26%	-1.69%	8.69%	-7.89%	56.71%	-32.60%	3.29%	-1.08%	87.50%	-45.41%	0.00%
Net Income Q/Q Growth	9.13%	-5.73%	12.96%	-13.53%	97.63%	-44.65%	7.47%	-2.38%	140.25%	-59.68%	0.00%
EPS Q/Q Growth	10.77%	-6.94%	13.43%	-13.16%	100.00%	-46.97%	5.71%	-2.70%	394.44%	-80.62%	0.00%
Operating Cash Flow Q/Q Growth	4.38%	1.12%	-25.39%	25.35%	20.23%	-15.11%	-17.00%	49.71%	-15.83%	-1.92%	0.00%
Free Cash Flow Firm Q/Q Growth	-0.02%	62.98%	24.06%	12.95%	44.53%	-161.21%	36.75%	-85.98%	150.04%	-354.04%	0.00%
Invested Capital Q/Q Growth	1.73%	-0.02%	1.14%	-0.08%	1.81%	0.54%	0.42%	0.97%	-0.48%	3.42%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	89.86%	100.00%	100.00%	100.00%	89.96%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	64.41%	63.44%	65.52%	63.02%	81.76%	63.52%	63.07%	63.10%	93.73%	63.60%	90.36%
Operating Margin	36.27%	34.92%	37.28%	34.39%	53.03%	34.86%	35.10%	34.98%	65.08%	34.34%	61.27%
EBIT Margin	36.27%	34.92%	37.28%	34.39%	53.03%	34.86%	35.10%	34.98%	65.08%	34.34%	61.27%
Profit (Net Income) Margin	22.45%	20.72%	22.99%	19.91%	38.73%	20.90%	21.90%	21.54%	51.35%	20.02%	47.22%
Tax Burden Percent	102.71%	102.26%	163.71%	100.06%	100.80%	101.42%	175.92%	100.27%	100.57%	100.00%	100.00%
Interest Burden Percent	60.25%	58.03%	37.68%	57.87%	72.45%	59.12%	35.46%	61.41%	78.45%	58.28%	77.07%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.52%	5.28%	5.61%	5.26%	8.08%	5.37%	5.46%	5.49%	10.29%	5.40%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	4.58%	4.32%	4.64%	4.29%	7.12%	4.41%	4.52%	4.56%	9.32%	4.39%	0.00%
Return on Net Nonoperating Assets (RNNOA)	6.10%	5.84%	6.20%	5.85%	9.89%	6.00%	6.00%	6.14%	12.26%	5.86%	0.00%
Return on Equity (ROE)	11.62%	11.12%	11.82%	11.11%	17.96%	11.37%	11.46%	11.63%	22.55%	11.26%	0.00%
Cash Return on Invested Capital (CROIC)	0.14%	2.60%	2.34%	2.72%	3.27%	2.77%	3.44%	2.47%	5.29%	2.39%	-5.57%
Operating Return on Assets (OROA)	4.99%	4.74%	5.06%	4.78%	7.40%	4.92%	4.98%	5.05%	9.44%	4.97%	0.00%
Return on Assets (ROA)	3.09%	2.81%	3.12%	2.77%	5.41%	2.95%	3.11%	3.11%	7.45%	2.90%	0.00%
Return on Common Equity (ROCE)	10.01%	9.63%	10.27%	9.65%	15.62%	9.92%	10.02%	10.17%	19.78%	9.90%	0.00%
Return on Equity Simple (ROE_SIMPLE)	13.69%	10.33%	0.00%	8.48%	9.99%	9.75%	0.00%	9.80%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	102	100	109	100	157	106	109	108	203	111	209
NOPAT Margin	36.27%	34.92%	37.28%	34.39%	53.03%	34.86%	35.10%	34.98%	65.08%	34.34%	61.27%
Net Nonoperating Expense Percent (NNEP)	0.93%	0.95%	0.97%	0.97%	0.95%	0.96%	0.93%	0.93%	0.96%	1.01%	1.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.42%	-	-	-	1.42%	1.39%	2.60%	1.38%	2.54%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	24.06%	25.03%	25.82%	25.29%	23.98%	24.61%	25.67%	25.45%	23.60%	24.56%	25.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	63.73%	65.08%	62.72%	65.61%	46.97%	65.14%	64.90%	65.02%	34.92%	65.66%	38.73%
Earnings before Interest and Taxes (EBIT)	102	100	109	100	157	106	109	108	203	111	209
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	181	182	191	184	242	193	196	195	292	205	308
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.76	2.60	2.88	2.99	2.95	3.23	3.13	2.73	2.62	2.83	2.88
Price to Tangible Book Value (P/TBV)	2.76	2.60	2.88	2.99	2.95	3.23	3.13	2.73	2.62	2.83	2.88
Price to Revenue (P/Rev)	6.82	6.33	7.13	7.17	7.18	8.05	7.83	6.79	6.55	6.89	0.00
Price to Earnings (P/E)	19.90	25.26	35.26	35.79	29.72	33.34	32.80	28.17	23.95	25.51	0.00
Dividend Yield	4.66%	4.98%	4.39%	4.31%	4.32%	3.83%	3.94%	4.53%	4.68%	4.39%	4.24%
Earnings Yield	5.02%	3.96%	2.84%	2.79%	3.36%	3.00%	3.05%	3.55%	4.18%	3.92%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.63	1.57	1.68	1.71	1.70	1.83	1.81	1.65	1.62	1.67	1.69
Enterprise Value to Revenue (EV/Rev)	11.08	10.55	11.31	11.32	11.33	12.08	11.77	10.71	10.35	10.87	0.00
Enterprise Value to EBITDA (EV/EBITDA)	14.30	15.33	17.59	17.66	16.54	17.64	17.36	15.82	14.59	15.34	0.00
Enterprise Value to EBIT (EV/EBIT)	22.54	26.11	31.51	31.69	28.34	30.28	29.95	27.22	24.31	25.68	0.00
Enterprise Value to NOPAT (EV/NOPAT)	22.54	26.11	31.51	31.69	28.34	30.28	29.95	27.22	24.31	25.68	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	22.37	21.46	23.04	23.50	23.00	25.17	24.62	21.34	21.55	22.83	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	1,203.79	61.37	72.73	63.56	52.76	67.18	53.18	68.16	30.92	71.41	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.40	1.42	1.43	1.41	1.40	1.33	1.31	1.31	1.28	1.36	1.36
Long-Term Debt to Equity	1.40	1.42	1.43	1.41	1.40	1.33	1.31	1.31	1.28	1.36	1.36
Financial Leverage	1.33	1.35	1.34	1.37	1.39	1.36	1.33	1.35	1.32	1.33	1.32
Leverage Ratio	2.58	2.62	2.59	2.60	2.60	2.58	2.55	2.55	2.52	2.54	2.53
Compound Leverage Factor	1.55	1.52	0.98	1.50	1.89	1.52	0.90	1.57	1.98	1.48	1.95
Debt to Total Capital	58.39%	58.65%	58.78%	58.51%	58.33%	57.05%	56.64%	56.71%	56.17%	57.68%	57.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	58.39%	58.65%	58.78%	58.51%	58.33%	57.05%	56.64%	56.71%	56.17%	57.68%	57.64%
Preferred Equity to Total Capital	2.11%	2.11%	2.04%	2.09%	2.05%	2.04%	2.02%	2.01%	2.00%	1.95%	1.90%
Noncontrolling Interests to Total Capital	3.40%	3.37%	3.35%	3.40%	3.30%	3.25%	3.20%	3.19%	3.16%	3.07%	3.01%
Common Equity to Total Capital	36.11%	35.87%	35.83%	36.00%	36.32%	37.65%	38.13%	38.10%	38.67%	37.30%	37.45%
Debt to EBITDA	5.16	5.77	6.32	6.08	5.70	5.52	5.49	5.46	5.12	5.32	0.00
Net Debt to EBITDA	5.01	5.60	5.92	5.90	5.53	5.36	5.30	5.29	4.88	5.15	0.00
Long-Term Debt to EBITDA	5.16	5.77	6.32	6.08	5.70	5.52	5.49	5.46	5.12	5.32	0.00
Debt to NOPAT	8.14	9.83	11.31	10.91	9.77	9.48	9.47	9.40	8.53	8.90	0.00
Net Debt to NOPAT	7.90	9.53	10.61	10.60	9.48	9.20	9.14	9.10	8.13	8.63	0.00
Long-Term Debt to NOPAT	8.14	9.83	11.31	10.91	9.77	9.48	9.47	9.40	8.53	8.90	0.00
Altman Z-Score	1.10	1.04	1.17	1.19	1.21	1.34	1.34	1.19	1.23	1.19	1.11
Noncontrolling Interest Sharing Ratio	13.89%	13.35%	13.05%	13.17%	13.03%	12.77%	12.55%	12.59%	12.28%	12.09%	11.79%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.95	1.83	2.68	2.02	2.08	1.95	2.28	2.12	2.40	2.10	2.20
Quick Ratio	1.06	0.96	1.69	1.09	1.10	1.02	1.26	1.12	1.39	1.08	1.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-432	-160	-122	-106	-59	-153	-97	-180	90	-229	-244
Operating Cash Flow to CapEx	341.40%	187.94%	0.00%	221.44%	61.89%	121.74%	185.84%	303.32%	245.49%	30.97%	141.26%
Free Cash Flow to Firm to Interest Expense	-10.08	-3.75	-2.83	-2.42	-1.32	-3.47	-2.24	-4.25	2.02	-4.82	-4.97
Operating Cash Flow to Interest Expense	3.48	3.53	2.62	3.23	3.83	3.26	2.77	4.22	3.38	3.10	3.76
Operating Cash Flow Less CapEx to Interest Expense	2.46	1.65	6.70	1.77	-2.36	0.58	1.28	2.83	2.00	-6.92	1.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.15	0.14	0.00
Accounts Receivable Turnover	5.78	5.91	5.67	5.64	5.97	5.94	5.58	5.70	5.88	5.62	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.15	0.15	0.15	0.15	0.15	0.15	0.16	0.16	0.16	0.16	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	63.14	61.77	64.38	64.75	61.10	61.50	65.39	64.00	62.11	64.95	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	63.14	61.77	64.38	64.75	61.10	61.50	65.39	64.00	62.11	64.95	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,548	7,546	7,632	7,626	7,763	7,805	7,838	7,914	7,876	8,145	8,367
Invested Capital Turnover	0.15	0.15	0.15	0.15	0.15	0.15	0.16	0.16	0.16	0.16	0.00
Increase / (Decrease) in Invested Capital	534	260	230	206	216	259	206	289	112	340	453
Enterprise Value (EV)	12,271	11,820	12,809	13,020	13,210	14,285	14,148	13,072	12,788	13,633	14,182
Market Capitalization	7,555	7,088	8,073	8,245	8,376	9,528	9,418	8,287	8,099	8,642	9,066
Book Value per Share	$33.62	$33.39	$34.35	$33.39	$34.19	$35.28	$35.45	$35.39	$35.81	$35.41	$36.53
Tangible Book Value per Share	$33.62	$33.39	$34.35	$33.39	$34.19	$35.28	$35.45	$35.39	$35.81	$35.41	$36.53
Total Capital	7,590	7,588	7,825	7,662	7,807	7,839	7,898	7,959	7,989	8,189	8,414
Total Debt	4,432	4,451	4,599	4,483	4,554	4,473	4,474	4,513	4,488	4,723	4,850
Total Long-Term Debt	4,432	4,451	4,599	4,483	4,554	4,473	4,474	4,513	4,488	4,723	4,850
Net Debt	4,299	4,317	4,313	4,354	4,417	4,343	4,317	4,371	4,277	4,579	4,703
Capital Expenditures (CapEx)	44	80	-175	64	274	118	64	59	61	477	131
Debt-free, Cash-free Net Working Capital (DFCFNWC)	165	151	198	188	190	186	235	222	228	246	272
Debt-free Net Working Capital (DFNWC)	263	249	449	284	293	283	358	331	405	357	387
Net Working Capital (NWC)	263	249	449	284	293	283	358	331	405	357	387
Net Nonoperating Expense (NNE)	39	41	42	42	42	42	41	42	43	46	48
Net Nonoperating Obligations (NNO)	4,389	4,408	4,406	4,447	4,510	4,438	4,414	4,468	4,375	4,679	4,803
Total Depreciation and Amortization (D&A)	79	82	82	83	85	87	87	87	89	94	99
Debt-free, Cash-free Net Working Capital to Revenue	14.92%	13.44%	17.47%	16.37%	16.26%	15.72%	19.55%	18.20%	18.48%	19.60%	0.00%
Debt-free Net Working Capital to Revenue	23.78%	22.21%	39.62%	24.71%	25.12%	23.92%	29.81%	27.15%	32.81%	28.48%	0.00%
Net Working Capital to Revenue	23.78%	22.21%	39.62%	24.71%	25.12%	23.92%	29.81%	27.15%	32.81%	28.48%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.72	$0.67	$0.76	$0.66	$1.32	$0.70	$0.74	$0.72	$3.56	$0.69	$1.82
Adjusted Weighted Average Basic Shares Outstanding	81.21M	81.27M	81.31M	82.61M	82.93M	83.99M	83.56M	170.94M	171.94M	85.98M	86.04M
Adjusted Diluted Earnings per Share	$0.72	$0.67	$0.76	$0.66	$1.32	$0.70	$0.74	$0.72	$3.56	$0.69	$1.81
Adjusted Weighted Average Diluted Shares Outstanding	81.21M	81.27M	81.31M	82.61M	83.56M	83.99M	83.57M	85.47M	173.22M	171.96M	173.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.52M	81.62M	82.99M	82.95M	83.67M	84.96M	85.68M	86.26M	86.27M	86.27M	86.39M
Normalized Net Operating Profit after Tax (NOPAT)	71	70	76	70	110	74	77	76	88	77	146
Normalized NOPAT Margin	25.39%	24.44%	26.09%	24.07%	37.12%	24.40%	24.57%	24.48%	28.37%	24.04%	42.89%
Pre Tax Income Margin	21.85%	20.26%	14.04%	19.90%	38.42%	20.61%	12.45%	21.48%	51.06%	20.02%	47.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.37	2.34	2.53	2.29	3.54	2.39	2.53	2.55	4.55	2.32	4.25
NOPAT to Interest Expense	2.37	2.34	2.53	2.29	3.54	2.39	2.53	2.55	4.55	2.32	4.25
EBIT Less CapEx to Interest Expense	1.35	0.46	6.61	0.83	-2.65	-0.28	1.04	1.16	3.17	-7.70	1.59
NOPAT Less CapEx to Interest Expense	1.35	0.46	6.61	0.83	-2.65	-0.28	1.04	1.16	3.17	-7.70	1.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	185.91%	241.46%	296.29%	260.90%	312.35%	339.90%	252.88%	247.36%	218.29%	219.37%	0.00%
Augmented Payout Ratio	185.91%	241.46%	296.29%	260.90%	312.35%	339.90%	252.88%	247.36%	218.29%	219.37%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven snapshot of Federal Realty Investment Trust (NYSE:FRT) focusing on the last four years of quarterly results. The bullets highlight notable trends in earnings, cash flow, and balance sheet composition that retail investors may care about.

Net income attributable to common shareholders in Q1 2026: $157.1 million; Basic EPS $1.82 and Diluted EPS $1.81.
Operating cash flow: Net cash from continuing operating activities in Q1 2026 was about $184.6 million, indicating solid quarterly cash generation.
Revenue: Operating revenue for Q1 2026 was $341.1 million (Total revenue also $341.1 million), reflecting a stable top-line level for the period.
Shareholder returns: Cash dividends per common share were $1.13 in Q1 2026, and dividend per share has trended higher over recent years (e.g., $1.09 in Q1 2025, $1.08 previously), signaling ongoing income policy.
Balance sheet scale and capitalization: Total assets around $9.10B, with Total equity & noncontrolling interests near $3.38B, and long-term debt about $4.85B, suggesting a sizable but typical REIT capital structure.
Earnings per share stability: Quarterly EPS figures around $1.8 (Basic $1.82, Diluted $1.81 in Q1 2026) on roughly 86–87 million shares outstanding, reflecting consistent per-share profitability despite quarterly fluctuations.
Capital expenditures: Purchase of property, plant & equipment in Q1 2026 was about $130.7 million, contributing to a larger asset base and ongoing portfolio maintenance/growth.
Debt activity mix: Financing activities show both debt issuance (~$309.1 million) and debt repayments (e.g., about $403.0 million in Q1 2026), resulting in a net cash flow from financing that was negative for the quarter. This indicates active debt management rather than a simple one-way funding approach.
Quarterly cash position declined: Net change in cash and equivalents in Q1 2026 was about -$93.0 million, reflecting investing and financing outflows within the quarter.
Dividends outpaced quarterly earnings: Dividends paid to common shareholders in Q1 2026 were about $202.1 million, versus net income to common shareholders of about $157.1 million for the quarter, implying a payout level that may exceed quarterly earnings. Investors should monitor ongoing payout sustainability as this dynamic can affect liquidity if it persists.

Bottom line: FRT shows solid near-term profitability and cash generation in Q1 2026, with a strong asset base and a manageable but sizable debt load typical of REITs. The dividend policy remains attractive to income-focused investors, though the quarterly payout relative to income warrants attention to long-run sustainability. Cash balances have fluctuated quarter-to-quarter due to investing and financing activities, which is common for REITs actively maintaining and optimizing their portfolios.

05/11/26 12:37 PM ETAI Generated. May Contain Errors.

Federal Realty Investment Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Federal Realty Investment Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Federal Realty Investment Trust's net income appears to be on an upward trend, with a most recent value of $423.65 million in 2024, rising from $172.29 million in 2014. The previous period was $247.22 million in 2023. See where experts think Federal Realty Investment Trust is headed by visiting Federal Realty Investment Trust's forecast page.

Federal Realty Investment Trust's total operating income in 2024 was $602.20 million, based on the following breakdown:

Total Gross Profit: $1.28 billion
Total Operating Expenses: $676.78 million

Over the last 10 years, Federal Realty Investment Trust's total revenue changed from $686.09 million in 2014 to $1.28 billion in 2024, a change of 86.4%.

Federal Realty Investment Trust's total liabilities were at $5.63 billion at the end of 2025, a 10.4% increase from 2024, and a 89.1% increase since 2015.

In the past 10 years, Federal Realty Investment Trust's cash and equivalents has ranged from $15.19 million in 2017 to $798.33 million in 2020, and is currently $107.42 million as of their latest financial filing in 2025.

Over the last 10 years, Federal Realty Investment Trust's book value per share changed from 23.40 in 2014 to 35.45 in 2024, a change of 51.5%.

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Financial statements for NYSE:FRT last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Federal Realty Investment Trust (FRT) Financials

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Federal Realty Investment Trust (FRT) Financials

Annual Income Statements for Federal Realty Investment Trust

Quarterly Income Statements for Federal Realty Investment Trust

Annual Cash Flow Statements for Federal Realty Investment Trust

Quarterly Cash Flow Statements for Federal Realty Investment Trust

Annual Balance Sheets for Federal Realty Investment Trust

Quarterly Balance Sheets for Federal Realty Investment Trust

Annual Metrics And Ratios for Federal Realty Investment Trust

Quarterly Metrics And Ratios for Federal Realty Investment Trust

Financials Breakdown Chart

Key Financial Trends

Federal Realty Investment Trust Financials - Frequently Asked Questions

When does Federal Realty Investment Trust's financial year end?

How has Federal Realty Investment Trust's net income changed over the last 10 years?

What is Federal Realty Investment Trust's operating income?

How has Federal Realty Investment Trust's revenue changed over the last 10 years?

How much debt does Federal Realty Investment Trust have?

How much cash does Federal Realty Investment Trust have?

How has Federal Realty Investment Trust's book value per share changed over the last 10 years?

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