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FRT

Federal Realty Investment Trust

FRT

Federal Realty Investment Trust • NYSE
$98.73 ▲ 0.16% (+0.16)
Market Cap $8.52 B
52w High $116.40
52w Low $80.65
Dividend Yield 4.43%
P/E 25.06
Volume 197.76K
Outstanding Shares 86.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $322.858M ▲ $106.531M ▲ $61.649M ▼ 19.095% ▼ $0.69 ▼ $205.55M ▼
Q2-2025 $311.523M ▲ $10.489M ▼ $155.916M ▲ 50.05% ▲ $1.78 ▲ $293.795M ▲
Q1-2025 $309.154M ▼ $96.65M ▼ $63.768M ▼ 20.627% ▼ $0.72 ▼ $195.999M ▼
Q4-2024 $311.444M ▲ $100.176M ▲ $65.537M ▲ 21.043% ▲ $0.74 ▲ $198.553M ▲
Q3-2024 $303.633M $97.85M $60.953M 20.075% $0.7 $194.726M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $111.311M ▼ $8.862B ▲ $5.396B ▲ $3.215B ▼
Q2-2025 $177.003M ▲ $8.624B ▲ $5.123B ▼ $3.249B ▲
Q1-2025 $109.224M ▼ $8.622B ▲ $5.176B ▲ $3.192B ▲
Q4-2024 $123.409M ▲ $8.525B ▲ $5.1B ▼ $3.172B ▲
Q3-2024 $97.023M $8.479B $5.113B $3.111B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $64.499M ▼ $147.794M ▼ $-357.187M ▼ $133.455M ▲ $-75.938M ▼ $272.401M ▲
Q2-2025 $159.956M ▲ $150.693M ▼ $65.444M ▲ $-135.218M ▼ $80.919M ▲ $85.115M ▼
Q1-2025 $66.578M ▼ $179.044M ▲ $-181.766M ▼ $-10.018M ▲ $-12.74M ▼ $120.015M ▲
Q4-2024 $68.202M ▲ $119.595M ▼ $-71.374M ▲ $-18.384M ▲ $29.837M ▲ $55.24M ▼
Q3-2024 $63.461M $144.085M $-122.825M $-29.471M $-8.211M $85.785M

Revenue by Products

Product Q2-2015Q3-2015Q4-2015Q1-2016
Commercial Real Estate
Commercial Real Estate
 $130.00M ▲$130.00M ▲$130.00M ▲$130.00M ▲
Residential Real Estate
Residential Real Estate
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Federal Realty shows a steady, healthy climb in revenue over the last several years, with gross profit and operating profit generally moving up alongside it. Profitability looks solid for a retail-focused REIT, with earnings recovering well from the pandemic period and then normalizing after a one‑off stronger year. The pattern suggests a stable, rent-driven business with modest growth, supported by improving occupancy and pricing rather than dramatic expansion. Overall, the income statement reflects a mature, steadily growing landlord with some year‑to‑year noise but no obvious structural deterioration.

Balance Sheet

Balance Sheet The balance sheet looks like that of a typical, established REIT: large property assets, meaningful debt, and a solid equity base that has slowly grown over time. Total assets have edged up as the portfolio has been improved and developed, while equity has also risen, indicating retained value creation over the years. Debt remains substantial, as is usual for this kind of business, but it has not exploded relative to the size of the asset base. Cash balances are modest, implying reliance on steady rental cash flows and access to capital markets rather than large on‑hand reserves.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive and has strengthened over the last few years, pointing to reliable rent collections and stable tenant performance. Free cash flow has improved from slightly negative during the heavy COVID and redevelopment years to clearly positive more recently, as spending on new projects has eased relative to incoming cash. Capital expenditure is still significant, which fits with an “upgrade and redevelop” model, but the trend shows better balance between what the company invests and what it generates in cash, supporting ongoing distributions and reinvestment capacity.

Competitive Edge

Competitive Edge Federal Realty’s edge comes less from sheer size and more from the quality and locations of its assets. It focuses on a relatively small group of high‑value shopping centers and mixed‑use properties in dense, affluent, supply‑constrained markets, often anchored by grocery stores. These characteristics help support steady demand, resilient traffic, and pricing power. Its long track record of successful redevelopment and merchandising—turning older centers into modern, mixed‑use destinations—acts as a key differentiator versus more generic retail REITs. In effect, it competes on scarcity and curation rather than volume.

Innovation and R&D

Innovation and R&D While real estate is not R&D‑heavy in the traditional sense, Federal Realty is clearly leaning into innovation. It has been early in adopting sustainability technologies such as onsite solar, energy‑efficient lighting, and green building standards, and it integrates these into leases and property design. Its “healthy building” initiatives—better ventilation, smart elevator systems, and built‑in connectivity—aim to make properties more attractive to tenants and visitors. The partnership with a real‑estate‑focused venture firm to explore AI and advanced property technologies, plus expansion of EV charging infrastructure, signals an intent to stay ahead of shifts in how people use and experience physical retail spaces.

Summary

Federal Realty appears to be a mature, stable retail‑oriented REIT that has gradually grown revenue, maintained solid profitability, and strengthened cash generation over time, supported by a portfolio of high‑quality, well‑located properties. Its balance sheet carries meaningful but manageable leverage typical of the sector, backed by long‑lived real assets and a track record of value creation through redevelopment. Strategically, its focus on mixed‑use, “live‑work‑play” destinations in affluent, supply‑constrained markets, combined with sustainability, health, and technology initiatives, gives it a differentiated position in the retail real estate landscape. The main watchpoints are the usual ones for REITs: sensitivity to interest rates, consumer and tenant health, and execution risk on ongoing development and technology initiatives.

NEWS

November 10, 2025 · 4:05 PM UTC

Federal Realty Appoints Joseph D. Fisher to Board of Trustees

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October 31, 2025 · 7:30 AM UTC

Federal Realty Investment Trust Reports Third Quarter 2025 Results

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October 13, 2025 · 7:30 AM UTC

Federal Realty Acquires Annapolis Town Center, Advancing Disciplined Acquisition Strategy

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September 25, 2025 · 4:30 PM UTC

Federal Realty Investment Trust Announces Third Quarter 2025 Earnings Release Date and Conference Call Information

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September 5, 2025 · 8:30 AM UTC

Federal Realty to Present at BofA Securities 2025 Global Real Estate

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