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FRT-PC

Federal Realty Investment Trust

FRT-PC

Federal Realty Investment Trust • NYSE
$20.25 ▲ 0.15% (+0.03)
Market Cap $8.23 B
52w High $22.33
52w Low $19.41
Dividend Yield 1.25%
P/E 6.16
Volume 3.86K
Outstanding Shares 406.18M

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 ▲$390.00M ▲$130.00M ▼
Residential Real Estate
Residential Real Estate
 $10.00M ▲$10.00M ▲$30.00M ▲$10.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Over the last several years, Federal Realty has shown a steady, healthy climb in revenue and operating profit. Earnings dipped during the pandemic but recovered well and have since stayed at solid, more normal levels. Profitability looks consistent for a retail-focused REIT, with good margins and no sign of sharp deterioration. One thing to note is that year‑to‑year earnings can move around a bit, reflecting property sales, redevelopment timing, and market conditions, but the broader trend is one of gradual, dependable growth rather than big swings.

Balance Sheet

Balance Sheet The balance sheet looks sturdy and conservative for a real estate trust. Total assets have inched up over time as the company has continued to invest in its portfolio. Debt levels are meaningful—as is typical in property businesses—but have stayed fairly stable rather than racing higher. Equity has been building over the years, suggesting that the company is steadily adding to its underlying value base. Cash balances move around as projects and financing ebb and flow, but there is no clear sign of overextension in the recent pattern.

Cash Flow

Cash Flow Cash generated from daily operations has increased steadily, which is important support for dividends and preferred payments. The company spends heavily on its properties, with a sizable and ongoing investment program, but that spending has gradually become more balanced with the cash coming in. Free cash flow moved from negative during the heaviest investment years to comfortably positive more recently. This pattern fits a REIT that is actively redeveloping and upgrading its assets while still maintaining good coverage of its financial obligations.

Competitive Edge

Competitive Edge Federal Realty operates from a position of strength in the retail REIT space. Its properties are concentrated in dense, affluent areas where new development is hard to replicate, giving it a location advantage that competitors can’t easily copy. The focus on mixed‑use projects—combining retail with residential and office—helps keep centers busy and relevant even as shopping habits change. Long experience with complex redevelopments, a reputation for quality assets, and a long history of steady dividends all reinforce a perception of durability and reliability in its niche.

Innovation and R&D

Innovation and R&D Innovation here is less about high tech and more about how the real estate is planned, used, and improved over time. Federal Realty leans into “placemaking”—turning properties into lively destinations where people live, work, and spend leisure time, not just shop. It uses data to curate tenants and is actively investing in sustainability measures such as energy efficiency and solar, which can reduce costs and appeal to tenants. The partnership with a specialist real estate technology investor suggests ongoing experimentation with new tools, including AI and other property tech, to run sites more efficiently and keep them attractive over the long term.

Summary

Overall, Federal Realty looks like a mature, steadily growing retail REIT with a focus on high‑quality locations and mixed‑use, experience‑driven properties. The income statement shows rising revenues and recovered profitability after the pandemic shock. The balance sheet appears solid, with stable leverage and growing equity. Cash flows from operations are robust and increasingly cover both reinvestment and distributions. Strategically, the trust benefits from prime locations, redevelopment expertise, and a long dividend record, while its emphasis on placemaking, sustainability, and real estate technology indicates a forward‑looking stance in a changing retail environment. For the FRT‑PC preferred shares, these factors speak to the underlying strength and resilience of the issuing company, while still being subject to the usual risks of real estate cycles, interest rates, and consumer spending trends.