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Federal Realty Investment Trust is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinationssuch as Santana Row, Pike & Rose and Assembly Rowwhich together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member, and its shares are traded on the NYSE under the symbol FRT. Federal Realty Investment Trust was incorporated in 1962 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.3B | $975M | $411M | $331M | 13.3% | 6.4% | 39.2% |
| 2024 | $1.2B | $822M | $295M | $328M | 9.8% | 6.2% | 24.6% |
| 2023 | $1.1B | $737M | $237M | $245M | 8.5% | 5.4% | -38.5% |
| 2022 | $1.1B | $835M | $385M | $100M | 13.8% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,074.38 | 1,132.15 | 1,202.45 | 1,278.97 |
| Cost Of Revenue | - | 356.78 | 363.10 | 391.80 | 418.88 |
| Gross Profit | - | 717.60 | 769.06 | 810.65 | 860.09 |
| Operating Expense | - | 355.04 | 372.47 | 392.34 | 400.58 |
| Operating Income | - | 362.55 | 396.59 | 418.32 | 459.51 |
| EBITDA | - | 835.06 | 736.79 | 822.41 | 975.10 |
| EBIT | - | 532.65 | 415.03 | 479.81 | 607.26 |
| Pretax Income | - | 395.66 | 247.22 | 304.33 | 423.65 |
| Net Income | - | 385.49 | 236.98 | 295.21 | 411.08 |
| Net Income Common Stockholders | - | 376.13 | 227.67 | 285.89 | 401.70 |
| Total Expenses | - | 711.83 | 735.56 | 784.14 | 819.46 |
| Interest Expense | - | 136.99 | 167.81 | 175.48 | 183.61 |
| Interest Income | - | 1.07 | 4.69 | 4.29 | 3.14 |
| Selling General And Administration | - | 52.64 | 50.71 | 49.74 | 46.91 |
| Normalized EBITDA | - | 671.20 | 726.91 | 768.37 | 832.42 |
| Normalized Income | - | 256.04 | 229.18 | 252.52 | 298.36 |
| Market Cap | 9,592.55 | 9,592.55 | 9,592.55 | 9,592.55 | 9,592.55 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Federal Realty Investment Trustthis co. | FRT | $9.8B | 23.34↓ discount | 3.11 | 13.3% | 14.88 |
| BXP, Inc. | BXP | $9.1B | 33.09 | 1.78 | 5.4% | 12.84 |
| Terreno Realty Corporation | TRNO | $6.7B | 17.21 | 1.67 | 9.7% | 14.09 |
| Ryman Hospitality Properties, Inc. | RHP | $6.3B | 26.50 | 8.60 | 32.5% | 13.07 |
| Essential Properties Realty Trust, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| EPRT |
| $6.2B |
| 26.85 |
| 1.62 |
| 6.0% |
| 17.94 |
| OUTFRONT Media Inc. | OUT | $5.3B | 35.95 | 7.44 | 20.7% | 20.56 |
| Phillips Edison & Company, Inc. | PECO | $4.9B | 44.66 | 2.17 | 4.9% | 14.93 |
| Millrose Properties, Inc. | MRP | $4.8B | 13.43 | 0.87 | 6.5% | 14.59 |
| Tanger Inc. | SKT | $4.2B | 36.59 | 5.94 | 16.2% | 17.45 |
| Peer Median | - | 29.97 | 1.98 | 8.1% | 14.76 | |