Federal Realty Investment Trust (FRT) 10-Year Financial Performance & Capital Metrics

FRT • • REIT / Real Estate

Real EstateRetail REITsSpecialty Retail PropertiesUrban Mixed-Use Specialists

AboutFederal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 106 properties include approximately 3,100 tenants, in 25 million square feet, and approximately 3,200 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 54 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.Show more

Revenue $1.2B +6.2%
FFO $638M +14.1%
FFO/Share 7.63 +11.1%
FFO Payout 58.26% -9.4%
FFO per Share 7.63 +11.1%
NOI Margin 67.42% -0.8%
FFO Margin 53.04% +7.5%
ROE 8.88% +20.6%
ROA 3.48% +22.4%
Debt/Assets 53.51% -3.7%
Net Debt/EBITDA 5.45 -10.6%
Book Value/Share 40.98 +3.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 11.5% TTM
✓Sustainable FFO payout ratio of 58.3%
✓High NOI margin of 67.4%
✓Healthy dividend yield of 4.4%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.77%

5Y5.14%

3Y8.13%

TTM6.1%

Profit (Net Income) CAGR

10Y6.02%

5Y-3.56%

3Y4.12%

TTM18.07%

EPS CAGR

10Y3.56%

5Y-5.8%

3Y1.61%

TTM14.24%

ROCE

10Y Avg6.16%

5Y Avg5.48%

3Y Avg5.92%

Latest5.78%

Peer Comparison

Urban Mixed-Use Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FRTFederal Realty Investment Trust	8.78B	101.80	29.77	6.21%	27.64%	10.01%	3.73%	1.33
ALXAlexander's, Inc.	1.2B	235.07	27.79	0.63%	16.99%	28.58%	4.51%	6.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	744.01M	801.59M	857.35M	915.44M	935.79M	835.49M	951.22M	1.07B	1.13B	1.2B
Revenue Growth %	0.08%	0.08%	0.07%	0.07%	0.02%	-0.11%	0.14%	0.13%	0.05%	0.06%
Property Operating Expenses	233.42M	253.61M	272.73M	287.87M	298.76M	290.16M	316.62M	356.78M	363.1M	391.8M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	210.44M	226.98M	174.41M	265.93M	166.12M	255.81M	239.88M	191.19M	362.59M	338.3M
G&A Expenses	35.65M	33.4M	36.28M	33.6M	42.75M	41.68M	49.86M	52.64M	50.71M	49.74M
EBITDA+	474.95M	514.58M	626.26M	605.88M	710.67M	544.55M	674.7M	828.82M	728.23M	814.95M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	174.8M	193.59M	216.05M	244.25M	239.76M	255.03M	279.98M	302.41M	321.76M	342.6M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	300.15M	321M	410.21M	361.64M	470.91M	289.52M	394.73M	526.41M	406.47M	472.36M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	92.55M	94.99M	100.13M	110.15M	109.62M	136.29M	127.7M	136.99M	167.81M	175.48M
Interest Coverage	3.24x	3.38x	4.10x	3.28x	4.30x	2.12x	3.09x	3.84x	2.42x	2.69x
Non-Operating Income	17.51M	-424K	12.21M	2.46M	746K	17.35M	-2.05M	-6.24M	-8.56M	-7.45M
Pretax Income+	190.09M	226.43M	297.87M	249.03M	360.54M	135.89M	269.08M	395.66M	247.22M	304.33M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	210.22M	249.91M	289.91M	241.91M	353.87M	131.71M	261.5M	385.49M	236.99M	295.21M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.28%	0.19%	0.16%	-0.17%	0.46%	-0.63%	0.99%	0.47%	-0.39%	0.25%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.15%	0.15%	0.14%	-0.04%	0.22%	-0.35%	0.4%	0.27%	-0.19%	0.14%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.03	3.50	3.97	3.18	4.61	1.62	3.26	4.71	2.80	3.42
EPS Growth %	0.26%	0.16%	0.13%	-0.2%	0.45%	-0.65%	1.01%	0.44%	-0.41%	0.22%
EPS (Basic)	3.04	3.51	3.97	3.18	4.61	1.62	3.26	4.71	2.80	3.42
Diluted Shares Outstanding	68.98M	71.05M	72.23M	73.3M	74.77M	75.52M	77.37M	80.51M	81.31M	83.57M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.91B	5.42B	6.28B	6.29B	6.79B	7.61B	7.62B	8.23B	8.44B	8.52B
Asset Growth %	0.08%	0.1%	0.16%	0%	0.08%	0.12%	0%	0.08%	0.02%	0.01%
Real Estate & Other Assets+	4.68B	5.24B	6B	6.03B	6.31B	6.44B	7.13B	7.66B	7.85B	8.03B
PP&E (Net)	0	0	0	0	146.18M	143.36M	140.57M	140.04M	93.84M	92.44M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	173.07M	170.02M	255.49M	236.75M	310.43M	998M	340.68M	292.66M	461.75M	361.63M
Cash & Equivalents	21.05M	23.37M	15.19M	64.09M	127.43M	798.33M	162.13M	85.56M	250.82M	123.41M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	-191.58M	-208.56M	-237.8M	-265.7M	-227.06M	-218.95M	-237.07M	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	8.13M
Total Liabilities	2.99B	3.2B	3.74B	3.69B	4.02B	4.92B	4.75B	5.02B	5.21B	5.1B
Total Debt+	2.68B	2.8B	3.33B	3.23B	3.5B	4.44B	4.19B	4.47B	4.69B	4.56B
Net Debt	2.66B	2.78B	3.31B	3.17B	3.37B	3.64B	4.03B	4.39B	4.44B	4.44B
Long-Term Debt	2.56B	2.73B	3.21B	3.16B	3.36B	4.29B	4.05B	4.33B	4.6B	4.47B
Short-Term Borrowings	1000K	0	1000K	0	0	0	0	0	0	0
Capital Lease Obligations	71.62M	71.59M	71.56M	71.52M	145.69M	144.49M	144.69M	145.4M	88.54M	87.62M
Total Current Liabilities+	228.31M	289.48M	288.93M	274M	358.88M	332.87M	347.04M	309.11M	297.83M	311.25M
Accounts Payable	146.53M	201.76M	196.33M	177.92M	255.5M	228.64M	235.17M	190.34M	174.71M	183.56M
Deferred Revenue	121.79M	115.82M	169.39M	182.9M	157.94M	152.42M	0	0	0	0
Other Liabilities	0	0	0	0	0	0	206.19M	237.7M	225.44M	227.83M
Total Equity+	1.92B	2.22B	2.53B	2.6B	2.78B	2.69B	2.88B	3.21B	3.23B	3.42B
Equity Growth %	0.06%	0.16%	0.14%	0.03%	0.07%	-0.03%	0.07%	0.12%	0%	0.06%
Shareholders Equity	1.66B	1.98B	2.27B	2.35B	2.54B	2.46B	2.58B	2.95B	2.96B	3.17B
Minority Interest	255.5M	242.8M	265.96M	257.65M	240.55M	222.31M	296.25M	258.37M	262.01M	252.84M
Common Stock	696K	722K	733K	745K	759K	771K	790K	818K	833K	862K
Additional Paid-in Capital	2.38B	2.72B	2.86B	3B	3.17B	3.3B	3.49B	3.82B	3.96B	4.25B
Retained Earnings	-724.7M	-749.73M	-749.37M	-818.88M	-791.12M	-988.27M	-1.07B	-1.03B	-1.16B	-1.24B
Preferred Stock	10M	10M	160M	160M	160M	160M	160M	159.82M	159.82M	159.82M
Return on Assets (ROA)	0.04%	0.05%	0.05%	0.04%	0.05%	0.02%	0.03%	0.05%	0.03%	0.03%
Return on Equity (ROE)	0.11%	0.12%	0.12%	0.09%	0.13%	0.05%	0.09%	0.13%	0.07%	0.09%
Debt / Assets	0.55%	0.52%	0.53%	0.51%	0.52%	0.58%	0.55%	0.54%	0.56%	0.54%
Debt / Equity	1.40x	1.26x	1.31x	1.24x	1.26x	1.65x	1.46x	1.39x	1.45x	1.33x
Net Debt / EBITDA	5.60x	5.39x	5.29x	5.22x	4.75x	6.68x	5.97x	5.30x	6.09x	5.45x
Book Value per Share	27.82	31.24	35.06	35.52	37.13	35.58	37.18	39.90	39.67	40.98

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	369.05M	427.67M	458.83M	516.69M	461.92M	369.93M	471.35M	516.77M	555.83M	574.56M
Operating CF Growth %	0.07%	0.16%	0.07%	0.13%	-0.11%	-0.2%	0.27%	0.1%	0.08%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	218.42M	258.88M	297.87M	249.03M	360.54M	135.89M	269.08M	395.66M	247.22M	304.33M
Depreciation & Amortization	174.8M	193.59M	216.05M	244.25M	239.76M	255.03M	279.98M	302.41M	321.76M	342.6M
Stock-Based Compensation	0	0	0	0	0	0	13.01M	13.7M	14.31M	16.36M
Other Non-Cash Items	-10.7M	-32.03M	-67.91M	7.98M	-114.21M	-15.52M	-103.81M	-192.16M	-30.29M	-86.19M
Working Capital Changes	-13.47M	7.24M	12.81M	15.43M	-24.17M	-5.47M	13.1M	-2.84M	2.83M	-2.54M
Cash from Investing+	-353.76M	-590.22M	-837.92M	-192.25M	-316.53M	-368.38M	-660.12M	-786M	-358.32M	-446.83M
Acquisitions (Net)	-2.8M	-7.22M	-696K	36.96M	-1.05M	-3.35M	-3.12M	-27.35M	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-68.43M	-145.72M	-318.29M	139.05M	94.43M	136.9M	-216.49M	-341.95M	-47.2M	-200.07M
Cash from Financing+	-32.98M	173.29M	369.44M	-241.31M	-100.11M	661.74M	-452.97M	190.41M	-33.85M	-252.3M
Dividends Paid	-243.31M	-267.69M	-283M	-301.19M	-313.65M	-324.6M	-335.66M	-347.28M	-359.19M	-371.59M
Common Dividends	-243.31M	-267.69M	-283M	-301.19M	-313.65M	-324.6M	-335.66M	-347.28M	-359.19M	-371.59M
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	-1000K
Share Repurchases	-9.21M	-4.45M	-4.23M	-958K	-4.63M	-4.05M	-3M	-4.9M	-5.02M	-6.71M
Other Financing	-9.63M	-23.44M	-1.78M	-12.46M	-23.74M	-21.2M	-9.65M	-43.8M	-12.99M	-45.16M
Net Change in Cash+	-26.91M	6.29M	-9.65M	83.13M	45.28M	663.28M	-641.73M	-78.81M	163.66M	-124.56M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	47.95M	28.56M	34.85M	25.2M	108.33M	153.61M	816.9M	175.16M	96.35M	260M
Cash at End	21.05M	34.85M	25.2M	108.33M	153.61M	816.9M	175.16M	96.35M	260M	135.44M
Free Cash Flow+	77.3M	-18.03M	-59.76M	148.43M	52.01M	-132.01M	30.84M	100.07M	244.71M	327.8M
FCF Growth %	6.21%	-1.23%	-2.32%	3.48%	-0.65%	-3.54%	1.23%	2.24%	1.45%	0.34%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	5.58	6.24	7	6.63	7.94	5.12	7	8.54	6.87	7.63
FFO Payout Ratio	63.2%	60.36%	55.93%	61.95%	52.84%	83.93%	61.99%	50.48%	64.29%	58.26%
NOI Margin	68.63%	68.36%	68.19%	68.55%	68.07%	65.27%	66.71%	66.79%	67.93%	67.42%
Net Debt / EBITDA	5.60x	5.39x	5.29x	5.22x	4.75x	6.68x	5.97x	5.30x	6.09x	5.45x
Debt / Assets	54.58%	51.6%	52.99%	51.34%	51.54%	58.31%	55%	54.35%	55.56%	53.51%
Interest Coverage	3.24x	3.38x	4.10x	3.28x	4.30x	2.12x	3.09x	3.84x	2.42x	2.69x
Book Value / Share	27.82	31.24	35.06	35.52	37.13	35.58	37.18	39.9	39.67	40.98
Revenue Growth	8.44%	7.74%	6.96%	6.78%	2.22%	-10.72%	13.85%	12.95%	5.38%	6.21%

Revenue by Segment

	2011	2012	2013	2014	2015	2016	2017	2018
Commercial Real Estate	392.66M	422.89M	448.06M	472.6M	509.82M	549.55M	585.18M	616.14M
Commercial Real Estate Growth	-	7.70%	5.95%	5.48%	7.88%	7.79%	6.48%	5.29%
Residential Real Estate	23.1M	27.61M	28.9M	36.1M	42.8M	49.47M	55.42M	71M
Residential Real Estate Growth	-	19.52%	4.68%	24.90%	18.55%	15.58%	12.03%	28.12%

Frequently Asked Questions

Valuation & Price

Federal Realty Investment Trust (FRT) has a price-to-earnings (P/E) ratio of 29.8x. This suggests investors expect higher future growth.

Growth & Financials

Federal Realty Investment Trust (FRT) reported $1.25B in revenue for fiscal year 2024. This represents a 128% increase from $551.1M in 2011.

Federal Realty Investment Trust (FRT) grew revenue by 6.2% over the past year. This is steady growth.

Yes, Federal Realty Investment Trust (FRT) is profitable, generating $346.9M in net income for fiscal year 2024 (24.6% net margin).

Dividend & Returns

Yes, Federal Realty Investment Trust (FRT) pays a dividend with a yield of 4.37%. This makes it attractive for income-focused investors.

Federal Realty Investment Trust (FRT) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Industry Metrics

Federal Realty Investment Trust (FRT) generated Funds From Operations (FFO) of $704.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Federal Realty Investment Trust (FRT) offers a 4.37% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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