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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 |
| Operating Revenue | - | 1,048.88 | 1,102.55 | 1,171.19 | 1,246.60 |
| 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 |
| Selling General And Administration | - | 52.64 | 50.71 | 49.74 | 46.91 |
| Total Expenses | - | 711.83 | 735.56 | 784.14 | 819.46 |
| Operating Income | - | 362.55 | 396.59 | 418.32 | 459.51 |
| Total Operating Income As Reported | - | 526.41 | 406.47 | 472.36 | 602.20 |
| EBITDA | - | 835.06 | 736.79 | 822.41 | 975.10 |
| Normalized EBITDA | - | 671.20 | 726.91 | 768.37 | 832.42 |
| EBIT | - | 532.65 | 415.03 | 479.81 | 607.26 |
| Interest Income | - | 1.07 | 4.69 | 4.29 | 3.14 |
| Interest Expense | - | 136.99 | 167.81 | 175.48 | 183.61 |
| Net Interest Income | - | -135.92 | -163.12 | -171.18 | -180.47 |
| Other Income Expense | - | 169.03 | 13.75 | 57.20 | 144.61 |
| Interest Income Non Operating | - | 1.07 | 4.69 | 4.29 | 3.14 |
| Interest Expense Non Operating | - | 136.99 | 167.81 | 175.48 | 183.61 |
| Net Non Operating Interest Income Expense | - | -135.92 | -163.12 | -171.18 | -180.47 |
| Pretax Income | - | 395.66 | 247.22 | 304.33 | 423.65 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 34.41 | 2.08 | 11.35 | 29.96 |
| Net Income Continuous Operations | - | 395.66 | 247.22 | 304.33 | 423.65 |
| Net Income From Continuing And Discontinued Operation | - | 385.49 | 236.98 | 295.21 | 411.08 |
| Net Income From Continuing Operation Net Minority Interest | - | 385.49 | 236.98 | 295.21 | 411.08 |
| Net Income | - | 385.49 | 236.98 | 295.21 | 411.08 |
| Net Income Common Stockholders | - | 376.13 | 227.67 | 285.89 | 401.70 |
| Net Income Including Noncontrolling Interests | - | 395.66 | 247.22 | 304.33 | 423.65 |
| Normalized Income | - | 256.04 | 229.18 | 252.52 | 298.36 |
| Diluted NI Availto Com Stockholders | - | 378.94 | 227.67 | 285.89 | 404.16 |
| Basic Average Shares | - | 79.85 | 81.31 | 83.56 | 85.85 |
| Diluted Average Shares | - | 80.51 | 81.31 | 83.57 | 86.40 |
| Reconciled Depreciation | - | 302.41 | 321.76 | 342.60 | 367.84 |
| Reconciled Cost Of Revenue | - | 356.78 | 363.10 | 391.80 | 418.88 |
| Total Unusual Items | - | 163.86 | 9.88 | 54.04 | 142.69 |
| Total Unusual Items Excluding Goodwill | - | 163.86 | 9.88 | 54.04 | 142.69 |
| Preferred Stock Dividends | - | 8.03 | 8.03 | 8.03 | 8.03 |
| Minority Interests | - | -10.17 | -10.23 | -9.13 | -12.57 |
| Special Income Charges | - | 70.37 | 0 | 0 | -7.42 |
| Gain On Sale Of Business | 0 | 70.37 | 0 | 0 | - |
| Impairment Of Capital Assets | - | 0 | 0 | 0 | 7.42 |
| Gain On Sale Of Security | - | 93.48 | 9.88 | 54.04 | 150.11 |
| Depreciation Amortization Depletion Income Statement | - | 302.41 | 321.76 | 342.60 | 367.84 |
| Depreciation And Amortization In Income Statement | - | 302.41 | 321.76 | 342.60 | 367.84 |
| General And Administrative Expense | - | 52.64 | 50.71 | 49.74 | 46.91 |
| Other Gand A | - | 52.64 | 50.71 | 49.74 | 46.91 |
| Rent Expense Supplemental | - | 228.96 | 231.67 | 249.57 | 267.44 |
| Otherunder Preferred Stock Dividend | - | 1.33 | 1.29 | 1.28 | 1.34 |
| Earnings From Equity Interest | - | 5.17 | 3.87 | 3.16 | 1.92 |
| Average Dilution Earnings | - | 2.81 | 0 | 0 | 2.46 |
| Other Taxes | - | - | 0 | 0 | -14.18 |
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 | $10.5B | 25.54 | 3.40 | 13.3% | 15.82 |
| BXP, Inc. | BXP | $11.1B | 39.97 | 2.15 | 5.4% | 13.82 |
| Alexandria Real Estate Equities, Inc. | ARE | $9.3B | -6.48 | 0.60 | -9.2% | 59.56 |
| Ryman Hospitality Properties, Inc. | RHP | $7.4B | 30.35 | 9.85 | 32.5% | 14.28 |
| The Macerich Company | MAC |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $6.8B |
| -34.74 |
| 2.80 |
| -8.1% |
| 26.10 |
| Terreno Realty Corporation | TRNO | $6.8B | 16.99 | 1.64 | 9.7% | 13.88 |
| Essential Properties Realty Trust, Inc. | EPRT | $6.4B | 25.43 | 1.53 | 6.0% | 17.24 |
| OUTFRONT Media Inc. | OUT | $5.5B | 37.55 | 7.77 | 20.7% | 21.08 |
| Phillips Edison & Company, Inc. | PECO | $5.4B | 48.83 | 2.38 | 4.9% | 15.86 |
| Peer Median | - | 27.89 | 2.26 | 5.7% | 16.55 | |