F 
Federal Realty Investment Trust FRT · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
113.81
+1.09%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.28bn
FY2016FY2025
Net income
$411.1m
FY2016FY2025
Free cash flow
$331.0m
FY2016FY2025
Shareholders' equity
$3.25bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28bn | $1.20bn | $1.13bn | $1.07bn | $951.2m | $835.5m | $935.8m | $915.4m | $857.3m | $801.6m |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $459.5m | $472.4m | $406.5m | $526.4m | $394.7m | $289.5m | $470.9m | $361.6m | $410.2m | $321.0m |
| Net income | $411.1m | $295.2m | $237.0m | $385.5m | $261.5m | $135.9m | $353.9m | $241.9m | $289.9m | $249.9m |
| Diluted earnings per share | 4.78 | 3.49 | 2.90 | 4.76 | 3.33 | 1.80 | 4.70 | 3.28 | 3.99 | 3.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $9.13bn | $8.52bn | $8.44bn | $8.23bn | $7.62bn | $7.61bn | $6.79bn | $6.29bn | $6.28bn | $5.42bn |
| Cash and short-term investments | $107.4m | $123.4m | $250.8m | $85.6m | $162.1m | $798.3m | $127.4m | $64.1m | $15.2m | $23.4m |
| Total liabilities | $5.63bn | $5.10bn | $5.21bn | $5.02bn | $4.75bn | $4.92bn | $4.02bn | $3.69bn | $3.74bn | $3.20bn |
| Debt | $4.96bn | $4.49bn | $4.61bn | $4.40bn | $4.12bn | $4.36bn | $3.43bn | $3.23bn | $3.28bn | $2.80bn |
| Shareholders' equity | $3.25bn | $3.17bn | $2.96bn | $2.95bn | $2.58bn | $2.69bn | $2.78bn | $2.60bn | $2.53bn | $2.22bn |
| Shares outstanding | 86m | 85m | 82m | 81m | 79m | 75m | 75m | 74m | 73m | 72m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $622.4m | $574.6m | $555.8m | $516.8m | $471.4m | $369.9m | $461.9m | $516.7m | $458.8m | $427.7m |
| Capital spending | −$291.3m | −$246.8m | −$311.1m | −$416.7m | −$440.5m | −$501.9m | −$409.9m | −$368.3m | −$518.9m | −$437.3m |
| Free cash flow | $331.0m | $327.8m | $244.7m | $100.1m | $30.8m | −$132.0m | $52.0m | $148.4m | −$60.1m | −$9.6m |
| Dividends paid | −$388.1m | −$371.6m | −$359.2m | −$347.3m | −$335.7m | −$324.6m | −$313.6m | −$301.2m | −$283.0m | −$267.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $335.7m | $341.1m | $336.0m | $322.9m | $311.5m | $309.2m | $311.4m | $303.6m |
| Operating income | $138.7m | $164.4m | $163.9m | $111.3m | $202.7m | $109.1m | $111.4m | $107.7m |
| Net income | $85.7m | $159.1m | $129.7m | $61.6m | $155.9m | $63.8m | $65.5m | $61.0m |
| Diluted earnings per share | 0.99 | 1.85 | 1.51 | 0.72 | 1.81 | 0.74 | 0.77 | 0.72 |
| Cash from operations | $338.0m | $185.0m | $144.0m | $147.0m | $150.0m | $179.0m | $119.0m | $144.0m |
| Capital spending | −$220.0m | −$64.0m | −$94.0m | −$124.0m | −$65.0m | −$59.0m | −$64.0m | −$58.0m |
| Free cash flow | $118.0m | $121.0m | $50.0m | $23.0m | $85.0m | $120.0m | $55.0m | $86.0m |
| Total assets | $9.06bn | $9.10bn | $9.13bn | $8.86bn | $8.62bn | $8.62bn | $8.52bn | $8.48bn |
| Cash and short-term investments | −$107.2m | $115.6m | $107.4m | $111.3m | $177.0m | $109.2m | $123.4m | $97.0m |
| Debt | $5.02bn | $5.10bn | $6.10bn | $4.98bn | $4.75bn | $5.17bn | $5.33bn | $4.49bn |
| Shareholders' equity | $3.36bn | $3.31bn | $3.25bn | $3.21bn | $3.25bn | $3.19bn | $3.17bn | $3.11bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 47.3% | 39.9% | 36.7% | 49.6% | 41.7% | -2.1% | — | — |
| Net margin | 32.1% | 24.6% | 20.9% | 35.9% | 27.5% | 16.3% | — | — |
| Return on equity | 12.7% | 9.3% | 8.0% | 13.0% | 10.1% | 5.1% | — | — |
| Return on assets | 4.5% | 3.5% | 2.8% | 4.7% | 3.4% | 1.8% | — | — |
| Free cash flow yield | 10.0% | 9.1% | 10.0% | 10.9% | 10.9% | 10.9% | — | — |
| Revenue growth | 6.3% | 6.2% | 5.4% | 12.9% | 13.9% | -10.7% | — | — |
| Earnings growth | 39.2% | 24.6% | -38.5% | 47.4% | 92.4% | -61.6% | — | — |
| Current ratio | 1.02x | 1.16x | 1.55x | 0.95x | 0.98x | 3.66x | — | — |
| Debt to equity | 1.87x | 1.68x | 1.76x | 0.36x | 0.30x | 1.80x | — | — |
| Equity ratio | 35.6% | 37.2% | 35.1% | 35.9% | 33.9% | 35.3% | — | — |
| Interest coverage | 3.34x | 2.73x | 2.47x | 3.89x | 3.11x | -0.13x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -1.5% | -3.8% | -0.8% | -3.1% | -4.2% | -0.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.0% | 8.9% | 5.6% |
| Operating income | -4.4% | 9.7% | 4.4% |
| Net income | 2.2% | 24.8% | 6.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 37.6% | 39.8% | 39.4% | 41.1% |
| Net margin | 28.5% | 28.3% | 26.7% | 28.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.1 | 32.1 | 35.5 | 21.2 | 41.0 | 47.2 | 27.4 | 36.0 | 33.3 | 40.8 |
| Price to sales | 6.8 | 7.9 | 7.4 | 7.6 | 11.3 | 7.7 | 10.4 | 9.5 | 11.3 | 12.7 |
Market value over time
31 Oct 2016 to 6 Oct 2026, in USD
$10.31bn$9.15bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -8% | 5% | 3% | -21% | 49% | -32% | 5% | -7% | -8% | -2% |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 1 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.42 | 4.46 | 4.347 | 4.34 | 4.30 | 4.26 | 4.22 | 4.14 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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