FRTFederal Realty Investment Trust
Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). 10-K, Item 1
- Headquarters
- North Bethesda, MD
- CEO
- Donald C. Wood
- Next results
- around Feb 11, 2027
All key numbers (35) From EDGAR
| EPS (ttm) | 5.77 | Sales (ttm) | 1.3B | Net income (ttm) | 506.4M | Sales growth | +6.4% | EPS growth | +36.8% | Sales Q/Q | +10.3% |
| Free cash flow | - | Gross margin | - | Oper. margin | 53.6% | Net margin | 38.6% | FCF margin | - | ROE | 15.3% |
| ROA | 5.6% | R&D / sales | - | Dividend | 4.46 | Debt/Eq | 1.50 | Curr. ratio | - | Cash | 115.6M |
| Op. cash flow (ttm) | 627.9M | EBITDA | 970.0M | EBITDA margin | 75.8% | Net debt | 4.8B | Interest cover | 3.28 | Payout ratio | 95.3% |
| Stock pay / sales | 1.1% | Shares out. | 86.4M | Shares Y/Y | +3.4% | Book / share | 38.33 | Cash / share | 1.34 | Sales / share | 15.17 |
| Asset turnover | 0.14 | Sales 3Y CAGR | +6.0% | Sales 5Y CAGR | +8.9% | EPS 3Y CAGR | -0.2% | EPS 5Y CAGR | +23.6% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2024 against FY2024-
Operating margin widened to 47.1%39.3% → 47.1% · Operating income / revenue · 10-K ↗
FRT against Real estate peers
Ten years, side by side → · All 30 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| FRT Federal Realty Investment Trust | $1.3B | +6.4% | - | 38.6% | 15.3% | - | 1.50 |
| KIM Kimco Realty | $2.2B | +5.1% | - | 27.8% | 5.9% | 53.1% | 0.75 |
| ESS Essex Property Trust | $1.9B | +6.4% | 70.1% | 21.5% | 7.8% | - | 1.20 |
| UDR UDR, Inc. | $1.7B | +2.4% | - | 40.8% | 22.3% | - | 1.84 |
| REG Regency Centers | $1.6B | +6.9% | - | 34.5% | 7.9% | - | 0.73 |
| CPT Camden Property Trust | $1.6B | +1.9% | - | 71.9% | 24.6% | - | 1.06 |
Profitability
3 of 3- ✓Net margin above the peer median38.6% vs 21.7%
- ✓Return on equity above 15%15.3%
- ✓A profit in every one of 10 years
Balance sheet
0 of 2- !Interest covered less than 5 timesOperating income is 3.3× interest expense
- !Debt larger than equityDebt / equity 1.50 on the latest balance sheet (peer median 0.84)
Cash and shareholders
2 of 3- !Share count up over 5 years+14.4%
- ✓Dividend per share up over 5 years$4.22 → $4.46
- ✓Cash from operations above net income$622.4M vs $411.1M
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Mar 31, 2026 · schedule of Dec 31, 2025The debt note's own lines, 2025-12-31
Fixed rate $0Floating $450.0M Not stated $8.9B
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| Senior Notes and Debentures | Notes and bonds | – | not stated | $3.4B |
| Notes Payable | Notes and bonds | – | not stated | $1.1B |
| 4.50% notes (Senior Notes) | Notes and bonds | 4.50% | not stated | $550.0M |
| Mortgages Payable | – | – | not stated | $523.2M |
| 3.25% exchangeable notes (Senior Notes) | Notes and bonds | 3.25% | not stated | $485.0M |
| 3.25% notes (Senior Notes) | Notes and bonds | 3.25% | not stated | $475.0M |
| Term Loan | Bank loans | – | floating | $450.0M |
| 1.25% notes (Senior Notes) | Notes and bonds | 1.25% | not stated | $400.0M |
| 3.20% notes (Senior Notes) | Notes and bonds | 3.20% | not stated | $400.0M |
| 3.50% notes (Senior Notes) | Notes and bonds | 3.50% | not stated | $400.0M |
| 5.375 Senior notes (Senior Notes) | Notes and bonds | 5.38% | not stated | $350.0M |
| 3.625% notes (Senior Notes) | Notes and bonds | 3.62% | not stated | $250.0M |
| Bethesda Row (Secured Debt) | Secured | – | not stated | $200.0M |
| Plaza El Segundo (Secured Debt) | Secured | 3.83% | not stated | $125.0M |
| Azalea (Secured Debt) | Secured | – | not stated | $55.0M |
| Hoboken (Secured Debt) | Secured | – | not stated | $50.6M |
| Hoboken (24 Buildings) (Secured Debt) | Secured | – | not stated | $50.6M |
| Grove at Shrewsbury (East) (Secured Debt) | Secured | 3.77% | not stated | $43.6M |
| 6.82% medium term notes (Senior Notes) | Notes and bonds | 6.82% | not stated | $40.0M |
| 7.48% debentures (Senior Notes) | Notes and bonds | 7.48% | not stated | $29.2M |
| Various Hoboken (12 Buildings) (Secured Debt) | Secured | 3.91–5.00% | not stated | $23.6M |
| Brook 35 (Secured Debt) | Secured | 4.65% | not stated | $11.5M |
| Bell Gardens (Secured Debt) | Secured | 4.06% | not stated | $10.9M |
| Chelsea Commons (Secured Debt) | Secured | 5.36% | not stated | $3.1M |
All 24 lines
From the debt note in the 10-K's XBRL (0000034903-26-000017), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2016 to FY2024
Revenue 1.3B Net income 411.1MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
FRT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 801.6M | 857.3M | 915.4M | 935.8M | 835.5M | 951.2M | 1.1B | 1.1B | 1.2B | 1.3B |
| SG&A | 33.4M | 36.3M | 33.6M | 42.8M | 41.7M | 49.9M | 52.6M | 50.7M | 49.7M | 46.9M |
| Operating income | 321.0M | 410.2M | 361.6M | 470.9M | 289.5M | 394.7M | 526.4M | 406.5M | 472.4M | 602.2M |
| Interest expense | 95.0M | 100.1M | 110.2M | 109.6M | 136.3M | 127.7M | 137.0M | 167.8M | 175.5M | 183.6M |
| Net income | 249.9M | 289.9M | 241.9M | 353.9M | 131.7M | 261.5M | 385.5M | 237.0M | 295.2M | 411.1M |
| EPS (diluted) | 3.50 | 3.97 | 3.18 | 4.61 | 1.62 | 3.26 | 4.71 | 2.80 | 3.42 | 4.68 |
| Diluted shares | 71.0M | 72.2M | 73.3M | 74.8M | 75.5M | 77.4M | 80.5M | 81.3M | 83.6M | 86.4M |
| Depreciation & amortization | 193.6M | 216.1M | 244.2M | 239.8M | 255.0M | 280.0M | 302.4M | 321.8M | 342.6M | 367.8M |
| EBITDA | 514.6M | 626.3M | 605.9M | 710.7M | 544.6M | 674.7M | 828.8M | 728.2M | 815.0M | 970.0M |
| Operating margin | 40.0% | 47.8% | 39.5% | 50.3% | 34.7% | 41.5% | 49.0% | 35.9% | 39.3% | 47.1% |
| Net margin | 31.2% | 33.8% | 26.4% | 37.8% | 15.8% | 27.5% | 35.9% | 20.9% | 24.6% | 32.1% |
| Revenue growth | - | +7.0% | +6.8% | +2.2% | -10.7% | +13.9% | +12.9% | +5.4% | +6.2% | +6.4% |
| EPS growth | - | +13.4% | -19.9% | +45.0% | -64.9% | +101% | +44.5% | -40.6% | +22.1% | +36.8% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 23.4M | 15.2M | 64.1M | 127.4M | 798.3M | 162.1M | 85.6M | 250.8M | 123.4M | 107.4M |
| Total assets | 5.4B | 6.3B | 6.3B | 6.8B | 7.6B | 7.6B | 8.2B | 8.4B | 8.5B | 9.1B |
| Total debt | 2.7B | 3.2B | 3.2B | 3.4B | 4.3B | 4.1B | 4.3B | 4.6B | 4.5B | 5.0B |
| Total liabilities | 3.2B | 3.7B | 3.7B | 4.0B | 4.9B | 4.7B | 5.0B | 5.2B | 5.1B | 5.6B |
| Shareholders' equity | 2.0B | 2.3B | 2.3B | 2.5B | 2.5B | 2.6B | 3.0B | 3.0B | 3.2B | 3.2B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 427.7M | 458.8M | 516.7M | 461.9M | 369.9M | 471.4M | 516.8M | 555.8M | 574.6M | 622.4M |
| Stock-based pay (added back) | 9.9M | 11.0M | 11.7M | 12.3M | 11.9M | 13.0M | 13.7M | 14.3M | 16.4M | 14.6M |
| Debt raised | 241.8M | 572.1M | 0 | 399.9M | 1.1B | 0 | 0 | 345.7M | 471.5M | 0 |
| Debt repaid | 0 | 161.9M | 0 | 0 | 510.4M | 0 | 0 | 275.0M | 600.0M | 0 |
| Investing cash flow | -590.2M | -837.9M | -192.2M | -316.5M | -368.4M | -660.1M | -786.0M | -358.3M | -446.8M | -743.1M |
| Financing cash flow | 168.8M | 369.4M | -241.3M | -100.1M | 661.7M | -453.0M | 190.4M | -33.8M | -252.3M | 103.0M |
| Dividend per share | 3.84 | 3.96 | 4.04 | 4.14 | 4.22 | 4.26 | 4.30 | 4.34 | 4.38 | 4.46 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 9.9M | 11.0M | 11.7M | 12.3M | 11.9M | 13.0M | 13.7M | 14.3M | 16.4M | 14.6M |
| Stock-based pay / revenue | 1.2% | 1.3% | 1.3% | 1.3% | 1.4% | 1.4% | 1.3% | 1.3% | 1.4% | 1.1% |
| Operating lease cost | - | - | - | 6.1M | 5.9M | 5.7M | 6.1M | 6.2M | 6.0M | 5.9M |
| Operating lease cash paid | - | - | - | 5.6M | 5.5M | 5.3M | 5.6M | 6.1M | 6.3M | 6.2M |
| Finance lease principal paid | - | - | - | 47K | 46K | 51K | 50K | 55.2M | 0 | 0 |
| Right-of-use assets | - | - | 0 | 93.8M | 92.2M | 90.7M | 94.6M | 87.0M | 85.8M | 83.1M |
| Operating lease liabilities | - | - | 0 | 73.6M | 72.4M | 72.7M | 77.7M | 75.9M | 74.8M | 72.3M |
| Finance lease liabilities | - | - | 0 | 72.1M | 72.0M | 72.0M | 67.7M | 12.7M | 12.8M | 12.9M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on FRT in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
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