Federal Realty Investment Trust

FRT · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$8,696	$9,512	$8,411	$8,205	$10,604	$6,621	$10,014	$9,182	$10,331	$11,055	$11,365	$8,985	$6,625	$6,645	$5,666	$4,768	$4,043	$3,642	$4,609	$4,545	$3,186	$2,635	$1,819	$1,170	$901	$737	$744	$926	$990	$911	$725	$633	$603	$573	$324	$238	$322	$293	$254	$226	$191
Enterprise value	$13,687	$14,022	$12,927	$12,675	$14,717	$10,344	$13,489	$12,469	$13,767	$13,929	$14,143	$11,435	$8,881	$8,840	$7,733	$5,853	$4,932	$5,405	$6,516	$5,952	$4,316	$3,675	$2,867	$2,021	$1,667	$1,542	$1,603	$1,704	$1,889	$1,387	$1,136	$895	$1,101	$1,011	$342	$262	$366	$459	$453	$266	$305
P/E (TTM) at period end	21.58×	33.12×	36.74×	21.74×	41.84×	53.54×	28.96×	39.26×	35.94×	44.33×	54.20×	54.79×	40.86×	43.89×	39.52×	39.00×	41.36×	28.18×	23.57×	38.28×	27.80×	31.31×	19.25×	21.17×	13.10×	12.18×	15.37×	20.59×	21.29×	31.69×	31.36×	30.92×	33.33×	60.98×	67.43×	41.09×	26.83×	54.18×	42.30×	30.58×	22.51×
P/S (TTM) at period end	6.80×	7.91×	7.43×	7.64×	11.15×	7.93×	10.70×	10.03×	12.05×	13.79×	15.28×	13.10×	10.39×	10.97×	10.28×	8.80×	7.65×	7.01×	9.54×	10.08×	7.76×	6.84×	5.26×	3.94×	3.32×	2.69×	2.81×	3.88×	4.70×	5.09×	4.69×	4.59×	5.27×	5.61×	3.31×	2.59×	3.57×	4.30×	4.22×	5.05×	5.59×
P/B at period end	2.68×	3.00×	2.84×	2.78×	4.11×	2.69×	3.95×	3.91×	4.56×	5.59×	6.83×	5.60×	4.57×	5.16×	4.66×	4.36×	3.43×	3.27×	4.14×	5.80×	4.11×	3.33×	2.63×	1.82×	1.53×	1.51×	1.42×	1.75×	1.79×	2.34×	2.21×	1.83×	2.12×	2.57×	2.14×	1.84×	2.20×	3.06×	2.53×	2.55×	2.64×
EV / EBITDA (TTM)	14.11×	17.21×	17.75×	15.29×	21.81×	18.99×	18.98×	20.58×	21.98×	27.07×	29.78×	25.88×	21.40×	22.35×	21.95×	16.81×	15.22×	16.48×	20.71×	20.04×	16.12×	15.14×	12.95×	41.96×	8.59×	32.88×	9.38×	11.42×	14.51×	12.29×	11.65×	10.90×	5.43×	5.63×	2.12×	1.74×	2.61×	–	–	–	–
EV / Sales (TTM)	10.70×	11.66×	11.42×	11.80×	15.47×	12.38×	14.42×	13.62×	16.06×	17.38×	19.01×	16.67×	13.93×	14.59×	14.03×	10.80×	9.33×	10.40×	13.49×	13.20×	10.52×	9.54×	8.29×	6.80×	6.14×	5.62×	6.05×	7.15×	8.97×	7.75×	7.36×	6.50×	9.61×	9.89×	3.51×	2.85×	4.06×	6.74×	7.53×	5.94×	8.92×
Returns
Return on equity	12.4%	9.1%	7.7%	12.8%	9.8%	5.0%	13.6%	10.0%	12.7%	12.6%	12.6%	10.2%	11.2%	11.8%	11.8%	11.2%	8.3%	11.6%	17.5%	15.1%	14.8%	10.6%	13.7%	8.6%	11.7%	12.4%	9.3%	8.5%	8.4%	7.4%	7.1%	5.9%	6.4%	4.2%	3.2%	4.5%	8.2%	5.6%	6.0%	8.3%	11.7%
Return on invested capital	7.3%	6.1%	5.4%	7.1%	5.9%	4.7%	7.8%	6.4%	7.2%	6.6%	6.8%	6.7%	6.9%	7.3%	6.9%	10.5%	10.4%	7.7%	6.9%	9.1%	9.3%	8.3%	8.6%	(1.1%)	9.9%	(0.5%)	8.8%	7.9%	6.1%	8.6%	8.5%	8.6%	22.5%	22.4%	6.9%	8.5%	11.8%	40.1%	30.2%	52.4%	27.7%
Dividend yield	4.5%	3.9%	4.3%	4.2%	3.2%	4.9%	3.1%	3.3%	2.7%	2.4%	2.1%	2.4%	2.9%	2.7%	3.0%	3.4%	4.0%	4.0%	2.9%	3.1%	4.1%	4.1%	5.8%	8.2%	8.9%	10.5%	10.3%	8.0%	6.3%	5.7%	6.6%	6.9%	6.3%	5.4%	7.8%	9.9%	6.0%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.58×	1.35×	1.47×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	1.85×	1.61×	1.76×	1.67×	1.69×	1.91×	1.33×	1.47×	–	1.53×	–	1.64×	1.76×	1.89×	1.92×	–	0.79×	1.51×	1.59×	1.40×	1.25×	1.13×	1.29×	1.15×	0.99×	1.17×	1.20×	1.04×	1.20×	0.58×	0.48×	0.01×	0.80×	1.00×	1.67×	2.02×	1.79×	1.74×	1.98×	0.45×	1.57×
Effective tax rate	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	67.4%	58.0%	36.8%	–	–	–	–
Share count
Diluted shares outstanding	86	84	81	81	77	76	75	73	72	71	69	67	65	64	63	61	60	59	57	54	53	52	49	43	40	40	41	40	39	34	32	31	24	23	17	17	15	14	13	11	11

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$1,335	$1,279	$1,202	$1,132	$1,074	$951	$835	$936	$915	$857	$802	$744	$686	$637	$606	$551	$542	$529	$520	$483	$451	$410	$385	$346	$297	$272	$274	$265	$238	$211	$179	$154	$138	$114	$102	$98	$92	$90	$68	$60	$45	$34
Cost of revenue	–	($1,154)	($392)	($363)	($357)	($317)	($290)	($299)	($288)	($273)	($254)	($233)	($212)	($190)	($179)	($170)	($169)	($167)	($165)	($146)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	–	$124	$811	$769	$718	$635	$545	$637	$628	$585	$548	$511	$474	$447	$427	$381	$373	$364	$355	$337	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($50)	($47)	($50)	($51)	($53)	($50)	($42)	($43)	($34)	($36)	($33)	($36)	($32)	($32)	($31)	($29)	($24)	($22)	($27)	($27)	($21)	($20)	($18)	($12)	($14)	($14)	($13)	($15)	($12)	($12)	($9)	($7)	($7)	($5)	($4)	($3)	($4)	($4)	–	–	–	–
Total operating expenses	($388)	$478	($338)	($363)	($191)	($240)	($256)	($166)	($266)	($174)	($227)	($210)	($203)	($193)	($173)	($155)	($143)	($154)	($138)	($128)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($696)	($677)	($730)	($726)	($548)	($556)	($546)	($465)	($554)	($447)	($481)	($444)	($415)	($383)	($352)	($325)	($313)	($319)	($302)	($274)	($252)	($234)	($233)	($199)	($314)	($137)	($281)	($144)	($135)	($122)	($104)	($92)	($85)	$62	$54	$42	$39	$34	$37	$30	$22	$17
Operating income	$639	$602	$472	$406	$526	$395	$290	$471	$362	$410	$321	$300	$271	$254	$254	$226	$229	$210	$217	$209	$199	$176	$152	$147	($16)	$134	($6)	$121	$103	$89	$75	$63	$52	$177	$156	$140	$131	$124	$105	$90	$67	$52
Earnings
EBITDA	$1,030	$970	$815	$728	$829	$675	$545	$711	$606	$626	$515	$475	$442	$415	$396	$352	$348	$324	$328	$315	$297	$268	$243	$221	$48	$194	$47	$171	$149	$130	$113	$98	$82	$203	$180	$162	$150	$140	–	–	–	–
Interest income	$3	$3	$4	$5	$1	$1	$2	$1	$1	$0	$0	$0	$0	$0	$1	$0	$0	$2	$1	$1	–	$2	$2	$1	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($196)	($184)	($175)	($168)	($137)	($128)	($136)	($110)	($110)	($100)	($95)	($93)	($94)	($105)	($113)	($98)	($102)	($109)	($99)	($111)	($119)	($89)	($85)	($94)	($55)	($69)	($61)	($48)	($45)	($47)	($29)	($23)	($20)	($18)	($9)	–	–	–	($37)	($30)	($22)	($17)
Pre-tax income	$447	$424	$304	$247	$396	$269	$136	$361	$249	$298	$226	$190	$168	$138	$143	$130	$126	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$13	$14	$19	–	–	–	–
Income tax expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($9)	($8)	($7)	–	–	–	–
Net income	$436	$411	$295	$237	$385	$261	$132	$354	$242	$290	$250	$210	$165	$163	$152	$144	$123	$98	$130	$196	$119	$115	$84	$94	$55	$69	$61	$48	$45	$46	$29	$23	$20	$18	$9	$5	$6	$12	$5	$6	$7	$8
Per share
Diluted EPS (GAAP)	$4.98	$4.68	$3.42	$2.80	$4.71	$3.26	$1.62	$4.61	$3.18	$3.97	$3.50	$3.03	$2.41	$2.46	$2.35	$2.28	$1.98	$1.63	$2.19	$3.45	$1.92	$1.94	$1.41	$1.59	$0.85	$1.09	$1.35	$1.02	$0.94	$1.14	$0.86	$0.72	$0.67	$0.74	$0.41	$0.28	$0.35	$0.82	$0.39	$0.47	$0.65	$0.75
Basic EPS (GAAP)	$4.99	$4.68	$3.42	$2.80	$4.71	$3.26	$1.62	$4.61	$3.18	$3.97	$3.51	$3.04	$2.42	$2.47	$2.36	$2.29	$1.99	$1.63	$2.19	$3.48	$1.94	$1.96	$1.42	$1.60	$0.86	$1.09	$1.36	$1.02	$0.94	$1.16	$0.86	$0.72	$0.67	$0.75	$0.41	$0.28	$0.35	$0.82	$0.39	$0.47	$0.65	$0.75
Basic shares outstanding	86	86	84	81	80	77	76	75	73	72	71	69	67	65	64	62	61	60	59	56	53	53	51	47	42	39	39	40	39	38	34	32	31	24	23	17	17	15	14	13	11	11
Margins
Gross margin	–	9.7%	67.4%	67.9%	66.8%	66.7%	65.3%	68.1%	68.6%	68.2%	68.4%	68.6%	69.1%	70.1%	70.4%	69.2%	68.8%	68.8%	68.3%	69.7%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	47.9%	47.1%	39.3%	35.9%	49.0%	41.5%	34.7%	50.3%	39.5%	47.8%	40.0%	40.3%	39.5%	39.9%	41.9%	41.1%	42.3%	39.6%	41.8%	43.2%	44.1%	43.0%	39.5%	42.5%	(5.5%)	49.4%	(2.3%)	45.7%	43.3%	42.1%	41.7%	40.6%	38.0%	154.3%	152.3%	143.3%	142.8%	137.7%	154.2%	150.6%	150.2%	150.9%
Net margin	32.7%	32.1%	24.6%	20.9%	35.9%	27.5%	15.8%	37.8%	26.4%	33.8%	31.2%	28.3%	24.0%	25.5%	25.1%	26.1%	22.7%	18.6%	25.0%	40.5%	26.3%	27.9%	21.8%	27.3%	18.6%	25.3%	22.1%	18.3%	18.9%	22.1%	16.1%	15.0%	14.9%	15.8%	9.2%	4.9%	6.3%	13.3%	7.9%	10.0%	16.5%	24.9%

Analyst consensus

Buy33 analysts

Bearish · 1 · Hold · 15 · Bullish · 17

Earnings history

	EPS	Estimate
Q3 2024	$0.70	$0.71	Miss
Q4 2024	$0.75	$0.73	Beat
Q1 2025	$0.72	$0.74	Miss
Q2 2025	$1.78	$0.86	Beat
Q3 2025	$0.69	$0.79	Miss
Q4 2025	$1.51	$0.74	Beat
Q1 2026	$1.82	$0.69	Beat
Q2 2026	$0.97	$0.72	Beat

Peers

Company overview

IPO dateMay 3, 1973

CEODonald C. Wood

Employees317

SectorReal Estate

IndustryREIT - Retail

CountryUS

ExchangeNew York Stock Exchange

Websitewww.federalrealty.com

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. Established in 1962, Federal Realty's core objective is to generate enduring, consistent growth by concentrating investments in communities where consumer demand for retail offerings significantly surpasses existing supply. The company is particularly skilled at developing vibrant, integrated urban districts, exemplified by projects like Santana Row in San Jose, California; Pike & Rose in North Bethesda, Maryland; and Assembly Row in Somerville, Massachusetts. These dynamic, mixed-use environments seamlessly blend shopping, dining, residential, and commercial spaces, fostering cherished destination experiences for their local populations. FRT's extensive portfolio encompasses 106 properties, accommodating roughly 3,100 businesses across 25 million square feet of commercial space, alongside approximately 3,200 residential units. Demonstrating exceptional financial stability, Federal Realty boasts an unparalleled track record in the REIT sector, having increased its quarterly shareholder dividends for 54 consecutive years. As an S&P 500 index constituent, its shares are publicly traded on the NYSE under the ticker FRT.

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