Federal Realty Investment Trust (FRT) Financials

$94.41 +0.19 (+0.20%)

As of 12:10 PM Eastern

Annual Income Statements for Federal Realty Investment Trust

This table shows Federal Realty Investment Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	210	249	287	234	346	124	253	377	229	287
Consolidated Net Income / (Loss)	218	259	298	249	361	136	269	396	247	304
Net Income / (Loss) Continuing Operations	190	226	298	249	361	136	269	370	218	273
Total Pre-Tax Income	190	226	298	252	363	144	268	370	218	273
Total Operating Income	300	321	410	362	471	290	395	526	406	472
Total Gross Profit	744	802	857	915	936	835	951	1,049	1,103	1,171
Total Revenue	744	802	857	915	936	835	951	1,074	1,132	1,202
Operating Revenue	732	802	857	915	936	835	951	1,049	1,103	1,171
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	444	481	447	554	465	546	556	548	726	730
Selling, General & Admin Expense	183	192	201	207	231	213	248	282	282	299
Depreciation Expense	175	194	216	244	240	255	280	302	322	343
Other Operating Expenses / (Income)	86	95	30	115	111	119	29	34	122	88
Restructuring Charge	-	-	-	-	-	-	0.00	-70	0.00	0.00
Total Other Income / (Expense), net	-110	-95	-112	-109	-108	-146	-127	-131	-159	-168
Interest Expense	112	95	112	110	110	147	128	137	168	175
Interest & Investment Income	1.57	0.37	0.48	0.94	1.27	1.89	0.81	6.24	8.56	7.45
Preferred Stock Dividends Declared	0.54	0.54	2.46	8.04	8.04	8.04	8.04	8.03	8.03	8.03
Net Income / (Loss) Attributable to Noncontrolling Interest	8.21	8.97	7.96	7.12	6.68	4.18	7.58	10	10	9.13
Basic Earnings per Share	$3.04	$3.51	$3.97	$3.18	$4.61	$1.62	$3.26	$4.71	$2.80	$3.42
Weighted Average Basic Shares Outstanding	68.80M	70.88M	72.12M	73.27M	74.77M	75.52M	77.34M	79.85M	81.31M	83.56M
Diluted Earnings per Share	$3.03	$3.50	$3.97	$3.18	$4.61	$1.62	$3.26	$4.71	$2.80	$3.42
Weighted Average Diluted Shares Outstanding	68.98M	71.05M	72.23M	73.30M	74.77M	75.52M	77.37M	80.51M	81.31M	83.57M
Weighted Average Basic & Diluted Shares Outstanding	68.80M	70.88M	72.12M	73.30M	74.77M	153.50M	157.23M	-	82.99M	85.68M
Cash Dividends to Common per Share	$3.55	$3.80	$3.94	$4.02	$4.11	$4.21	$4.25	$4.29	$4.33	$4.37

This table shows Federal Realty Investment Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	154	114	53	58	55	62	55	110	59	64	62
Consolidated Net Income / (Loss)	159	118	58	63	59	67	58	115	63	68	67
Net Income / (Loss) Continuing Operations	159	92	58	63	59	37	58	115	63	37	67
Total Pre-Tax Income	159	95	57	61	58	41	58	114	63	39	66
Total Operating Income	192	155	96	102	100	109	100	157	106	109	108
Total Gross Profit	273	255	273	281	287	262	291	296	304	280	309
Total Revenue	273	280	273	281	287	292	291	296	304	311	309
Operating Revenue	273	255	273	281	287	262	291	296	304	280	309
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	82	125	177	179	187	183	191	139	198	202	201
Selling, General & Admin Expense	72	76	68	68	72	75	74	71	75	80	79
Depreciation Expense	77	79	79	79	82	82	83	85	87	87	87
Other Operating Expenses / (Income)	3.08	-31	31	32	33	25	34	-17	36	35	35
Total Other Income / (Expense), net	-33	-34	-39	-40	-42	-38	-42	-43	-43	-39	-42
Interest Expense	35	38	39	43	43	43	44	44	44	43	42
Interest & Investment Income	2.11	3.88	0.63	2.42	0.72	4.78	1.48	1.05	0.98	3.94	0.74
Other Gains / (Losses), net	-	-	0.52	1.67	1.31	-	0.03	0.91	0.89	-	0.18
Preferred Stock Dividends Declared	2.01	2.01	2.01	2.01	2.01	2.01	2.01	2.01	2.01	2.01	4.02
Net Income / (Loss) Attributable to Noncontrolling Interest	2.64	2.00	2.40	2.51	2.34	2.99	1.28	2.67	2.51	2.67	2.81
Basic Earnings per Share	$1.90	$1.43	$0.65	$0.72	$0.67	$0.76	$0.66	$1.32	$0.70	$0.74	$0.72
Weighted Average Basic Shares Outstanding	80.77M	79.85M	81.14M	81.21M	81.27M	81.31M	82.61M	82.93M	83.99M	83.56M	170.94M
Diluted Earnings per Share	$1.89	$1.44	$0.65	$0.72	$0.67	$0.76	$0.66	$1.32	$0.70	$0.74	$0.72
Weighted Average Diluted Shares Outstanding	81.51M	80.51M	81.14M	81.21M	81.27M	81.31M	82.61M	83.56M	83.99M	83.57M	85.47M
Weighted Average Basic & Diluted Shares Outstanding	81.21M	0.00	81.52M	81.52M	81.62M	82.99M	82.95M	83.67M	84.96M	85.68M	86.26M
Cash Dividends to Common per Share	$1.08	-	$1.08	$1.08	$1.09	-	$1.09	$1.09	$1.10	-	$1.10

This table details how cash moves in and out of Federal Realty Investment Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-27	6.29	-9.65	83	45	663	-642	-119	-64	-192
Net Cash From Operating Activities	369	428	459	517	462	370	471	517	556	575
Net Cash From Continuing Operating Activities	369	428	459	517	462	370	471	517	556	575
Net Income / (Loss) Continuing Operations	218	259	298	249	361	136	269	396	247	304
Consolidated Net Income / (Loss)	218	259	298	249	361	136	269	396	247	304
Depreciation Expense	175	194	216	244	240	255	280	302	322	343
Non-Cash Adjustments To Reconcile Net Income	-11	-32	-68	-4.37	-114	-16	-91	-178	-16	-70
Changes in Operating Assets and Liabilities, net	-13	7.24	13	28	-24	-5.47	13	-2.84	2.83	-2.54
Net Cash From Investing Activities	-354	-590	-838	-192	-317	-368	-660	-786	-358	-447
Net Cash From Continuing Investing Activities	-354	-590	-838	-192	-317	-368	-660	-786	-358	-447
Purchase of Property, Plant & Equipment	-283	-437	-519	-368	-614	-512	-441	-855	-61	-521
Purchase of Investments	-157	-150	-438	-15	-1.05	-3.35	-370	-23	0.00	0.00
Divestitures	-	-	-	-	-	-	-	-4.19	-	0.00
Other Investing Activities, net	-12	-6.67	-18	-25	-23	-37	9.14	97	-298	74
Net Cash From Financing Activities	-42	169	369	-241	-100	662	-453	190	-34	-252
Net Cash From Continuing Financing Activities	-42	169	369	-241	-100	662	-453	150	-261	-320
Repayment of Debt	-401	-50	-218	-17	-305	513	-278	273	-333	-604
Payment of Dividends	-243	-292	-298	-316	-334	-345	-345	-732	-732	-770
Issuance of Debt	510	185	613	-41	400	399	0.00	0.00	545	472
Issuance of Common Equity	111	330	132	134	143	99	173	615	133	609
Other Financing Activities, net	-9.21	-4.45	-4.23	-0.96	-4.63	-4.05	-3.00	-4.90	127	-26

This table details how cash moves in and out of Federal Realty Investment Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-36	-102	-72	79	0.04	-70	-155	-104	51	16	-13
Net Cash From Operating Activities	149	107	143	149	151	113	141	170	144	120	179
Net Cash From Continuing Operating Activities	149	107	143	151	151	111	141	170	144	120	180
Net Income / (Loss) Continuing Operations	159	118	58	63	59	67	58	115	63	68	67
Consolidated Net Income / (Loss)	159	118	58	63	59	67	58	115	63	68	67
Depreciation Expense	77	79	79	79	82	82	83	85	87	87	87
Non-Cash Adjustments To Reconcile Net Income	-104	-66	-1.88	-0.49	-2.79	-11	-2.08	-55	-3.66	-8.92	-4.13
Changes in Operating Assets and Liabilities, net	17	-24	8.52	9.49	13	-28	1.82	25	-2.75	-27	31
Net Cash From Investing Activities	-370	-116	-101	-103	-84	-70	-67	-186	-123	-71	-182
Net Cash From Continuing Investing Activities	-370	-116	-101	-103	-84	-70	-67	-186	-123	-71	-182
Purchase of Property, Plant & Equipment	-519	-141	-112	-44	-80	175	-64	-274	-118	-64	-59
Purchase of Investments	100	-23	-	-	-	60	0.00	-	-	-	-120
Sale and/or Maturity of Investments	-	-	-	-	1.75	-	1.45	-	-	-	4.50
Other Investing Activities, net	58	48	11	-20	-5.87	-283	-4.65	90	-4.47	-7.02	-6.83
Net Cash From Financing Activities	185	-54	-31	-50	-66	114	-229	25	-29	-18	-10
Net Cash From Continuing Financing Activities	185	-94	-114	33	-65	-114	-209	-108	29	-32	-5.20
Repayment of Debt	-0.85	291	-0.82	-276	-0.89	-56	-601	-0.82	-1.02	-1.74	-2.01
Payment of Dividends	-114	-440	-181	-3.20	-94	-454	-95	-292	-190	-193	-99
Issuance of Debt	267	-267	60	317	19	149	484	69	-82	-	45
Issuance of Common Equity	33	322	6.25	0.93	11	115	7.04	136	81	386	56
Other Financing Activities, net	-0.25	-0.01	-4.65	-0.07	-0.27	132	-4.61	-20	-0.29	-0.84	-4.61

This table presents Federal Realty Investment Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,897	5,423	6,276	6,290	6,795	7,608	7,622	8,234	8,437	8,525
Total Current Assets	323	349	463	472	507	1,177	568	551	716	639
Cash & Equivalents	21	23	15	64	127	798	162	86	251	123
Accounts Receivable	110	117	210	142	153	160	169	198	202	229
Prepaid Expenses	192	209	238	266	227	219	237	267	263	286
Plant, Property, & Equipment, net	4,490	5,030	5,759	5,760	6,083	6,225	6,891	7,389	7,583	7,751
Plant, Property & Equipment, gross	6,064	6,759	7,635	7,819	8,298	8,583	9,422	10,104	10,546	10,904
Accumulated Depreciation	1,574	1,729	1,877	2,059	2,215	2,358	2,531	2,716	2,964	3,153
Total Noncurrent Assets	83	45	54	57	205	205	163	295	138	135
Long-Term Investments	42	15	24	27	29	22	13	145	35	33
Noncurrent Note & Lease Receivables	42	30	30	30	83	91	59	55	16	16
Other Noncurrent Operating Assets	-	-	-	0.00	94	92	91	95	87	86
Total Liabilities & Shareholders' Equity	4,897	5,423	6,276	6,290	6,795	7,608	7,622	8,234	8,437	8,525
Total Liabilities	2,977	3,204	3,743	3,686	4,019	4,921	4,745	5,022	5,211	5,100
Total Current Liabilities	213	273	272	256	337	312	322	281	267	280
Accounts Payable	147	202	196	178	256	229	235	190	175	184
Dividends Payable	66	71	76	78	82	84	87	90	93	97
Total Noncurrent Liabilities	2,764	2,931	3,471	3,430	3,682	4,609	4,424	4,741	4,944	4,820
Long-Term Debt	2,556	2,727	3,213	3,158	3,357	4,291	4,048	4,329	4,599	4,474
Noncurrent Deferred Revenue	122	116	169	183	158	152	206	238	225	228
Other Noncurrent Operating Liabilities	15	16	17	18	167	165	170	174	119	119
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	137	144	141	136	140	138	214	178	183	180
Total Equity & Noncontrolling Interests	1,782	2,076	2,392	2,467	2,636	2,549	2,663	3,034	3,042	3,244
Total Preferred & Common Equity	1,664	1,977	2,267	2,346	2,535	2,464	2,581	2,954	2,964	3,172
Preferred Stock	-	10.00	160	160	160	160	160	160	160	160
Total Common Equity	1,654	1,967	2,107	2,186	2,375	2,304	2,421	2,794	2,804	3,012
Common Stock	2,383	2,719	2,856	3,005	3,167	3,298	3,490	3,823	3,960	4,250
Accumulated Other Comprehensive Income / (Loss)	-4.11	-2.58	0.02	-0.42	-0.81	-5.64	-2.05	5.76	4.05	4.74
Other Equity Adjustments	-725	-750	-749	-819	-791	-988	-1,067	-1,034	-1,160	-1,243
Noncontrolling Interest	118	99	125	121	101	85	83	80	79	73

This table presents Federal Realty Investment Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	8,217	8,234	8,269	8,279	8,294	8,437	8,272	8,421	8,479	8,525	8,622
Total Current Assets	600	551	557	541	550	716	563	563	580	639	626
Cash & Equivalents	146	86	99	98	98	251	96	103	97	123	109
Accounts Receivable	187	198	201	196	192	202	208	195	207	229	220
Prepaid Expenses	266	267	257	247	260	263	259	265	276	286	297
Plant, Property, & Equipment, net	7,344	7,389	7,425	7,561	7,567	7,583	7,573	7,721	7,764	7,751	7,862
Plant, Property & Equipment, gross	10,005	10,104	10,197	10,400	10,469	10,546	10,605	10,776	10,880	10,904	11,082
Accumulated Depreciation	2,661	2,716	2,771	2,840	2,902	2,964	3,032	3,055	3,116	3,153	3,220
Total Noncurrent Assets	273	295	287	177	177	138	136	137	135	135	134
Long-Term Investments	123	145	143	35	35	35	34	34	33	33	33
Noncurrent Note & Lease Receivables	55	55	55	54	54	16	16	16	16	16	16
Other Noncurrent Operating Assets	95	95	89	88	88	87	86	87	86	86	85
Total Liabilities & Shareholders' Equity	8,217	8,234	8,269	8,279	8,294	8,437	8,272	8,421	8,479	8,525	8,622
Total Liabilities	5,049	5,022	5,087	5,120	5,156	5,211	5,093	5,168	5,113	5,100	5,176
Total Current Liabilities	336	281	287	277	301	267	278	270	297	280	295
Accounts Payable	246	190	196	187	210	175	186	177	201	184	197
Dividends Payable	90	90	90	90	91	93	93	93	96	97	97
Total Noncurrent Liabilities	4,714	4,741	4,800	4,843	4,855	4,944	4,814	4,898	4,816	4,820	4,882
Long-Term Debt	4,297	4,329	4,389	4,432	4,451	4,599	4,483	4,554	4,473	4,474	4,513
Noncurrent Deferred Revenue	243	238	237	237	230	225	213	225	225	228	247
Other Noncurrent Operating Liabilities	174	174	173	174	174	119	118	118	118	119	121
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	186	178	178	178	177	183	183	183	181	180	181
Total Equity & Noncontrolling Interests	2,982	3,034	3,004	2,980	2,961	3,042	2,996	3,071	3,186	3,244	3,264
Total Preferred & Common Equity	2,901	2,954	2,925	2,901	2,882	2,964	2,918	2,996	3,111	3,172	3,192
Preferred Stock	160	160	160	160	160	160	160	160	160	160	160
Total Common Equity	2,741	2,794	2,765	2,741	2,722	2,804	2,758	2,836	2,952	3,012	3,032
Common Stock	3,795	3,823	3,830	3,834	3,848	3,960	3,948	4,006	4,161	4,250	4,304
Accumulated Other Comprehensive Income / (Loss)	6.08	5.76	4.55	5.50	6.77	4.05	6.90	7.04	2.17	4.74	3.60
Other Equity Adjustments	-1,060	-1,034	-1,069	-1,098	-1,132	-1,160	-1,196	-1,177	-1,212	-1,243	-1,276
Noncontrolling Interest	81	80	79	80	79	79	78	75	74	73	72

This table displays calculated financial ratios and metrics derived from Federal Realty Investment Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.44%	7.74%	6.96%	6.78%	2.22%	-10.72%	13.85%	12.95%	5.38%	6.21%
EBITDA Growth	7.49%	8.35%	21.69%	-3.25%	17.30%	-23.37%	23.90%	22.84%	-12.14%	11.91%
EBIT Growth	10.74%	6.96%	27.77%	-11.84%	30.22%	-38.52%	36.34%	33.36%	-22.78%	16.21%
NOPAT Growth	10.74%	6.94%	27.79%	-11.84%	30.22%	-38.52%	36.34%	33.36%	-22.78%	16.21%
Net Income Growth	26.78%	18.52%	15.06%	-16.40%	44.78%	-62.31%	98.02%	47.04%	-37.52%	23.10%
EPS Growth	25.73%	15.51%	13.43%	-19.90%	44.97%	-64.86%	101.23%	44.48%	-40.55%	22.14%
Operating Cash Flow Growth	6.62%	15.89%	7.29%	12.61%	-10.60%	-19.91%	27.42%	9.64%	7.56%	3.37%
Free Cash Flow Firm Growth	44.61%	-236.06%	-118.26%	200.77%	-41.20%	-54.28%	-287.77%	80.44%	550.55%	51.07%
Invested Capital Growth	8.43%	11.01%	15.90%	-0.58%	4.09%	3.02%	9.53%	8.27%	3.11%	2.70%
Revenue Q/Q Growth	2.22%	1.47%	2.37%	1.26%	0.40%	-2.30%	3.78%	2.47%	1.05%	1.66%
EBITDA Q/Q Growth	1.56%	1.91%	15.82%	-9.78%	13.74%	-3.79%	2.73%	1.09%	-5.58%	0.65%
EBIT Q/Q Growth	1.45%	2.43%	23.33%	-17.41%	24.08%	-7.78%	-1.08%	1.47%	-10.23%	0.11%
NOPAT Q/Q Growth	1.45%	2.41%	23.33%	-17.41%	24.08%	-7.78%	-1.08%	1.47%	-10.23%	0.11%
Net Income Q/Q Growth	17.62%	-3.82%	-2.28%	1.47%	34.55%	-25.60%	5.71%	0.24%	-16.99%	0.37%
EPS Q/Q Growth	18.36%	-4.89%	-3.17%	1.27%	36.39%	-30.77%	7.59%	-0.21%	-19.54%	-0.58%
Operating Cash Flow Q/Q Growth	0.99%	6.57%	-3.15%	6.74%	-6.92%	-4.17%	0.81%	0.42%	0.93%	1.23%
Free Cash Flow Firm Q/Q Growth	-681.40%	13.62%	17.76%	5.90%	-34.99%	275.06%	-8.32%	-174.21%	-8.56%	25.12%
Invested Capital Q/Q Growth	2.40%	1.73%	1.36%	-0.34%	3.36%	0.08%	0.24%	1.59%	1.14%	0.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	97.63%	97.39%	97.40%
EBITDA Margin	63.84%	64.20%	73.05%	66.19%	75.94%	65.18%	70.93%	77.14%	64.32%	67.77%
Operating Margin	40.34%	40.04%	47.85%	39.50%	50.32%	34.65%	41.50%	49.00%	35.90%	39.28%
EBIT Margin	40.34%	40.05%	47.85%	39.50%	50.32%	34.65%	41.50%	49.00%	35.90%	39.28%
Profit (Net Income) Margin	29.36%	32.30%	34.74%	27.20%	38.53%	16.26%	28.29%	36.83%	21.84%	25.31%
Tax Burden Percent	114.90%	114.34%	99.86%	98.65%	99.45%	94.40%	100.46%	106.89%	113.60%	111.45%
Interest Burden Percent	63.33%	70.53%	72.72%	69.80%	76.99%	49.72%	67.85%	70.32%	53.54%	57.81%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.86%	6.69%	7.52%	6.20%	7.93%	4.71%	6.04%	7.39%	5.41%	6.11%
ROIC Less NNEP Spread (ROIC-NNEP)	3.60%	4.41%	3.87%	2.75%	4.53%	0.21%	2.69%	4.19%	1.70%	2.30%
Return on Net Nonoperating Assets (RNNOA)	4.85%	5.82%	5.01%	3.50%	5.48%	0.27%	3.64%	5.60%	2.27%	3.05%
Return on Equity (ROE)	11.71%	12.51%	12.54%	9.70%	13.40%	4.98%	19.35%	13.00%	7.68%	9.15%
Cash Return on Invested Capital (CROIC)	-1.22%	-3.75%	-7.20%	6.78%	3.92%	1.73%	-3.06%	-0.55%	2.34%	3.44%
Operating Return on Assets (OROA)	6.36%	6.22%	7.01%	5.76%	7.20%	4.02%	5.18%	6.64%	4.88%	5.57%
Return on Assets (ROA)	4.63%	5.02%	5.09%	3.96%	5.51%	1.89%	3.53%	4.99%	2.97%	3.59%
Return on Common Equity (ROCE)	10.19%	10.94%	10.75%	8.10%	11.37%	4.26%	8.22%	11.13%	6.68%	8.00%
Return on Equity Simple (ROE_SIMPLE)	13.13%	13.10%	13.14%	10.62%	14.22%	5.51%	10.43%	13.39%	8.34%	9.60%
Net Operating Profit after Tax (NOPAT)	300	321	410	362	471	290	395	526	406	472
NOPAT Margin	40.34%	40.04%	47.85%	39.50%	50.32%	34.65%	41.50%	49.00%	35.90%	39.28%
Net Nonoperating Expense Percent (NNEP)	3.26%	2.27%	3.65%	3.44%	3.40%	4.49%	3.34%	3.21%	3.71%	3.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.15%	5.32%	6.12%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	24.63%	23.92%	23.46%	22.58%	24.64%	25.45%	26.07%	26.21%	24.94%	24.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	59.66%	59.96%	52.15%	60.50%	49.68%	65.35%	58.50%	51.00%	64.10%	60.72%
Earnings before Interest and Taxes (EBIT)	300	321	410	362	471	290	395	526	406	472
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	475	515	626	606	711	545	675	829	728	815
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.49	3.89	3.54	3.19	3.38	2.42	3.93	2.70	2.88	3.13
Price to Tangible Book Value (P/TBV)	4.49	3.89	3.54	3.19	3.38	2.42	3.93	2.70	2.88	3.13
Price to Revenue (P/Rev)	9.98	9.55	8.70	7.63	8.58	6.68	10.01	7.02	7.13	7.83
Price to Earnings (P/E)	35.40	30.71	25.96	29.85	23.22	45.11	37.56	19.97	35.26	32.80
Dividend Yield	3.39%	3.60%	3.85%	4.27%	3.89%	5.72%	3.48%	4.63%	4.39%	3.94%
Earnings Yield	2.83%	3.26%	3.85%	3.35%	4.31%	2.22%	2.66%	5.01%	2.84%	3.05%
Enterprise Value to Invested Capital (EV/IC)	2.25	2.11	1.90	1.81	1.92	1.51	2.03	1.63	1.68	1.81
Enterprise Value to Revenue (EV/Rev)	13.77	13.31	12.99	11.51	12.43	11.29	14.56	11.22	11.31	11.77
Enterprise Value to EBITDA (EV/EBITDA)	21.57	20.74	17.78	17.39	16.37	17.32	20.53	14.55	17.59	17.36
Enterprise Value to EBIT (EV/EBIT)	34.12	33.24	27.14	29.14	24.70	32.58	35.09	22.90	31.51	29.95
Enterprise Value to NOPAT (EV/NOPAT)	34.12	33.24	27.14	29.14	24.70	32.58	35.09	22.90	31.51	29.95
Enterprise Value to Operating Cash Flow (EV/OCF)	27.75	24.95	24.26	20.39	25.18	25.50	29.38	23.33	23.04	24.62
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	26.62	49.97	88.62	0.00	0.00	72.73	53.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.37	1.26	1.30	1.24	1.21	1.60	1.41	1.35	1.43	1.31
Long-Term Debt to Equity	1.37	1.26	1.30	1.24	1.21	1.60	1.41	1.35	1.43	1.31
Financial Leverage	1.34	1.32	1.29	1.27	1.21	1.25	1.35	1.34	1.34	1.33
Leverage Ratio	2.53	2.49	2.46	2.45	2.43	2.64	2.74	2.60	2.59	2.55
Compound Leverage Factor	1.60	1.76	1.79	1.71	1.87	1.31	1.86	1.83	1.39	1.47
Debt to Total Capital	57.79%	55.77%	56.46%	55.36%	54.73%	61.50%	58.45%	57.41%	58.78%	56.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	57.79%	55.77%	56.46%	55.36%	54.73%	61.50%	58.45%	57.41%	58.78%	56.64%
Preferred Equity to Total Capital	0.00%	0.20%	2.75%	2.74%	2.61%	2.29%	2.31%	2.12%	2.04%	2.02%
Noncontrolling Interests to Total Capital	5.62%	4.84%	4.57%	4.42%	3.92%	3.19%	4.28%	3.43%	3.35%	3.20%
Common Equity to Total Capital	36.37%	39.19%	36.21%	37.48%	38.73%	33.02%	34.96%	37.05%	35.83%	38.13%
Debt to EBITDA	5.53	5.44	5.25	5.33	4.72	7.88	6.00	5.22	6.32	5.49
Net Debt to EBITDA	5.40	5.36	5.18	5.18	4.50	6.37	5.74	4.95	5.92	5.30
Long-Term Debt to EBITDA	5.53	5.44	5.25	5.33	4.72	7.88	12.00	5.22	6.32	5.49
Debt to NOPAT	8.75	8.72	8.01	8.93	7.13	14.82	10.25	8.22	11.31	9.47
Net Debt to NOPAT	8.54	8.60	7.91	8.68	6.80	11.99	9.81	7.79	10.61	9.14
Long-Term Debt to NOPAT	8.75	8.72	8.01	8.93	7.13	14.82	10.25	8.22	11.31	9.47
Altman Z-Score	1.88	1.79	1.58	1.51	1.60	1.05	1.54	1.28	1.29	1.48
Noncontrolling Interest Sharing Ratio	12.94%	12.52%	14.28%	16.42%	15.21%	14.33%	15.07%	14.36%	13.05%	12.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	1.28	1.70	1.84	1.50	3.77	1.77	1.96	2.68	2.28
Quick Ratio	0.62	0.51	0.83	0.81	0.83	3.07	1.03	1.01	1.69	1.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-54	-180	-393	396	233	106	-200	-39	176	266
Operating Cash Flow to CapEx	199.36%	97.80%	88.42%	140.31%	157.96%	112.76%	107.00%	60.43%	916.79%	110.35%
Free Cash Flow to Firm to Interest Expense	-0.48	-1.89	-3.50	3.59	2.12	0.72	-1.56	-0.29	1.05	1.52
Operating Cash Flow to Interest Expense	3.31	4.50	4.08	4.69	4.21	2.51	3.69	3.77	3.31	3.27
Operating Cash Flow Less CapEx to Interest Expense	1.65	-0.10	-0.53	1.35	1.55	0.28	0.24	-2.47	2.95	0.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.15	0.15	0.14	0.12	0.12	0.14	0.14	0.14
Accounts Receivable Turnover	7.31	7.06	5.25	5.20	6.35	5.35	5.79	5.86	5.67	5.58
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.17	0.17	0.16	0.16	0.16	0.14	0.15	0.15	0.15	0.16
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	49.96	51.72	69.53	70.20	57.49	68.23	63.08	62.28	64.38	65.39
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	49.96	51.72	69.53	70.20	57.49	68.23	63.08	62.28	64.38	65.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,550	5,051	5,854	5,820	6,058	6,241	6,836	7,401	7,632	7,838
Invested Capital Turnover	0.17	0.17	0.16	0.16	0.16	0.14	0.15	0.15	0.15	0.16
Increase / (Decrease) in Invested Capital	354	501	803	-34	238	183	595	565	230	206
Enterprise Value (EV)	10,242	10,671	11,133	10,537	11,633	9,432	13,849	12,055	12,809	14,148
Market Capitalization	7,422	7,658	7,461	6,981	8,032	5,579	9,521	7,539	8,073	9,418
Book Value per Share	$23.82	$27.40	$29.04	$29.59	$31.45	$30.46	$31.12	$34.41	$34.35	$35.45
Tangible Book Value per Share	$23.82	$27.40	$29.04	$29.59	$31.45	$30.46	$31.12	$34.41	$34.35	$35.45
Total Capital	4,546	5,018	5,817	5,833	6,132	6,978	6,924	7,542	7,825	7,898
Total Debt	2,627	2,798	3,285	3,229	3,357	4,291	4,048	4,329	4,599	4,474
Total Long-Term Debt	2,627	2,798	3,285	3,229	3,357	4,291	4,048	4,329	4,599	4,474
Net Debt	2,565	2,760	3,246	3,138	3,201	3,471	3,872	4,099	4,313	4,317
Capital Expenditures (CapEx)	185	437	519	368	292	328	441	855	61	521
Debt-free, Cash-free Net Working Capital (DFCFNWC)	89	52	175	152	42	66	84	184	198	235
Debt-free Net Working Capital (DFNWC)	110	75	191	216	170	865	247	270	449	358
Net Working Capital (NWC)	110	75	191	216	170	865	247	270	449	358
Net Nonoperating Expense (NNE)	82	62	112	113	110	154	126	131	159	168
Net Nonoperating Obligations (NNO)	2,631	2,832	3,322	3,216	3,282	3,555	3,959	4,189	4,406	4,414
Total Depreciation and Amortization (D&A)	175	194	216	244	240	255	280	302	322	343
Debt-free, Cash-free Net Working Capital to Revenue	11.98%	6.50%	20.46%	16.58%	4.54%	7.93%	8.87%	17.17%	17.47%	19.55%
Debt-free Net Working Capital to Revenue	14.81%	9.42%	22.23%	23.58%	18.15%	103.48%	25.91%	25.13%	39.62%	29.81%
Net Working Capital to Revenue	14.81%	9.42%	22.23%	23.58%	18.15%	103.48%	25.91%	25.13%	39.62%	29.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.04	$3.51	$3.97	$3.18	$4.61	$1.62	$3.26	$0.00	$2.80	$3.42
Adjusted Weighted Average Basic Shares Outstanding	68.80M	70.88M	72.12M	73.27M	74.77M	75.52M	77.34M	0.00	81.31M	83.56M
Adjusted Diluted Earnings per Share	$3.03	$3.50	$3.97	$3.18	$4.61	$1.62	$3.26	$0.00	$2.80	$3.42
Adjusted Weighted Average Diluted Shares Outstanding	68.98M	71.05M	72.23M	73.30M	74.77M	75.52M	77.37M	0.00	81.31M	83.57M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	69.67M	72.11M	73.19M	74.37M	75.65M	153.50M	157.23M	0.00	82.99M	85.68M
Normalized Net Operating Profit after Tax (NOPAT)	210	225	287	245	248	174	276	319	285	331
Normalized NOPAT Margin	28.24%	28.03%	33.49%	26.74%	26.52%	20.83%	29.05%	29.71%	25.13%	27.50%
Pre Tax Income Margin	25.55%	28.25%	34.79%	27.57%	38.74%	17.23%	28.16%	34.45%	19.22%	22.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.69	3.38	3.65	3.28	4.30	1.96	3.09	3.84	2.42	2.69
NOPAT to Interest Expense	2.69	3.38	3.65	3.28	4.30	1.96	3.09	3.84	2.42	2.69
EBIT Less CapEx to Interest Expense	1.03	-1.22	-0.97	-0.06	1.63	-0.26	-0.36	-2.40	2.06	-0.28
NOPAT Less CapEx to Interest Expense	1.03	-1.22	-0.97	-0.06	1.63	-0.26	-0.36	-2.40	2.06	-0.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	111.40%	112.71%	100.12%	127.09%	92.58%	254.00%	128.38%	185.01%	296.29%	252.88%
Augmented Payout Ratio	115.80%	112.71%	100.12%	127.09%	92.58%	254.00%	128.38%	185.01%	296.29%	252.88%

This table displays calculated financial ratios and metrics derived from Federal Realty Investment Trust's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.58%	10.19%	6.34%	6.28%	4.81%	4.20%	6.69%	5.48%	5.94%	6.73%	6.12%
EBITDA Growth	72.13%	3.98%	10.65%	7.57%	-32.37%	-18.38%	5.25%	33.90%	6.07%	2.74%	6.25%
EBIT Growth	124.05%	5.16%	11.43%	8.76%	-47.80%	-29.87%	4.58%	54.23%	5.74%	0.50%	7.92%
NOPAT Growth	124.05%	5.16%	11.43%	8.76%	-47.80%	-29.87%	4.58%	54.23%	5.74%	0.50%	7.92%
Net Income Growth	191.11%	0.81%	5.49%	-2.27%	-62.59%	-43.00%	0.49%	81.98%	6.85%	1.66%	14.76%
EPS Growth	195.31%	-0.69%	3.17%	-4.00%	-64.55%	-47.22%	1.54%	83.33%	4.48%	-2.63%	9.09%
Operating Cash Flow Growth	25.20%	2.05%	38.75%	-5.20%	1.46%	4.78%	-1.29%	13.70%	-4.54%	6.20%	26.84%
Free Cash Flow Firm Growth	44.89%	8.20%	12.57%	-128.36%	41.65%	70.37%	75.52%	86.43%	4.23%	20.23%	-70.43%
Invested Capital Growth	6.84%	8.27%	7.66%	7.62%	3.57%	3.11%	2.78%	2.86%	3.43%	2.70%	3.78%
Revenue Q/Q Growth	3.54%	2.42%	-2.50%	2.79%	2.11%	1.82%	-0.17%	1.62%	2.56%	2.57%	-0.74%
EBITDA Q/Q Growth	59.96%	-12.86%	-25.53%	3.63%	0.58%	5.16%	-3.97%	31.84%	-20.33%	1.85%	-0.69%
EBIT Q/Q Growth	104.84%	-19.11%	-38.23%	6.26%	-1.69%	8.69%	-7.89%	56.71%	-32.60%	3.29%	-1.08%
NOPAT Q/Q Growth	104.84%	-19.11%	-38.23%	6.26%	-1.69%	8.69%	-7.89%	56.71%	-32.60%	3.29%	-1.08%
Net Income Q/Q Growth	146.29%	-25.87%	-50.95%	9.13%	-5.73%	12.96%	-13.53%	97.63%	-44.65%	7.47%	-2.38%
EPS Q/Q Growth	152.00%	-23.81%	-54.86%	10.77%	-6.94%	13.43%	-13.16%	100.00%	-46.97%	5.71%	-2.70%
Operating Cash Flow Q/Q Growth	-5.51%	-27.76%	33.06%	4.38%	1.12%	-25.39%	25.35%	20.23%	-15.11%	-17.00%	49.71%
Free Cash Flow Firm Q/Q Growth	-44.91%	-49.56%	-5.35%	-0.02%	62.98%	24.06%	12.95%	44.53%	-161.21%	36.75%	-85.98%
Invested Capital Q/Q Growth	3.88%	1.59%	0.25%	1.73%	-0.02%	1.14%	-0.08%	1.81%	0.54%	0.42%	0.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	90.90%	100.00%	100.00%	100.00%	89.86%	100.00%	100.00%	100.00%	89.96%	100.00%
EBITDA Margin	98.31%	83.65%	63.89%	64.41%	63.44%	65.52%	63.02%	81.76%	63.52%	63.07%	63.10%
Operating Margin	70.11%	55.38%	35.09%	36.27%	34.92%	37.28%	34.39%	53.03%	34.86%	35.10%	34.98%
EBIT Margin	70.11%	55.38%	35.09%	36.27%	34.92%	37.28%	34.39%	53.03%	34.86%	35.10%	34.98%
Profit (Net Income) Margin	58.06%	42.02%	21.14%	22.45%	20.72%	22.99%	19.91%	38.73%	20.90%	21.90%	21.54%
Tax Burden Percent	100.00%	123.63%	100.90%	102.71%	102.26%	163.71%	100.06%	100.80%	101.42%	175.92%	100.27%
Interest Burden Percent	82.81%	61.38%	59.72%	60.25%	58.03%	37.68%	57.87%	72.45%	59.12%	35.46%	61.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	10.42%	8.36%	5.35%	5.52%	5.28%	5.61%	5.26%	8.08%	5.37%	5.46%	5.49%
ROIC Less NNEP Spread (ROIC-NNEP)	9.62%	7.44%	4.42%	4.58%	4.32%	4.64%	4.29%	7.12%	4.41%	4.52%	4.56%
Return on Net Nonoperating Assets (RNNOA)	13.27%	9.96%	5.93%	6.10%	5.84%	6.20%	5.85%	9.89%	6.00%	6.00%	6.14%
Return on Equity (ROE)	23.70%	18.31%	11.28%	11.62%	11.12%	11.82%	11.11%	17.96%	11.37%	11.46%	11.63%
Cash Return on Invested Capital (CROIC)	0.75%	-0.55%	0.11%	0.14%	2.60%	2.34%	2.72%	3.27%	2.77%	3.44%	2.47%
Operating Return on Assets (OROA)	9.28%	7.50%	4.80%	4.99%	4.74%	5.06%	4.78%	7.40%	4.92%	4.98%	5.05%
Return on Assets (ROA)	7.68%	5.69%	2.89%	3.09%	2.81%	3.12%	2.77%	5.41%	2.95%	3.11%	3.11%
Return on Common Equity (ROCE)	20.16%	15.68%	9.67%	10.01%	9.63%	10.27%	9.65%	15.62%	9.92%	10.02%	10.17%
Return on Equity Simple (ROE_SIMPLE)	13.61%	0.00%	13.63%	13.69%	10.33%	0.00%	8.48%	9.99%	9.75%	0.00%	9.80%
Net Operating Profit after Tax (NOPAT)	192	155	96	102	100	109	100	157	106	109	108
NOPAT Margin	70.11%	55.38%	35.09%	36.27%	34.92%	37.28%	34.39%	53.03%	34.86%	35.10%	34.98%
Net Nonoperating Expense Percent (NNEP)	0.81%	0.92%	0.93%	0.93%	0.95%	0.97%	0.97%	0.95%	0.96%	0.93%	0.93%
Return On Investment Capital (ROIC_SIMPLE)	-	2.11%	-	-	-	1.42%	-	-	-	1.42%	1.39%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	26.30%	27.27%	24.81%	24.06%	25.03%	25.82%	25.29%	23.98%	24.61%	25.67%	25.45%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.89%	44.62%	64.91%	63.73%	65.08%	62.72%	65.61%	46.97%	65.14%	64.90%	65.02%
Earnings before Interest and Taxes (EBIT)	192	155	96	102	100	109	100	157	106	109	108
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	269	234	174	181	182	191	184	242	193	196	195
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.47	2.70	2.75	2.76	2.60	2.88	2.99	2.95	3.23	3.13	2.73
Price to Tangible Book Value (P/TBV)	2.47	2.70	2.75	2.76	2.60	2.88	2.99	2.95	3.23	3.13	2.73
Price to Revenue (P/Rev)	6.45	7.02	6.97	6.82	6.33	7.13	7.17	7.18	8.05	7.83	6.79
Price to Earnings (P/E)	17.94	19.97	19.95	19.90	25.26	35.26	35.79	29.72	33.34	32.80	28.17
Dividend Yield	5.14%	4.63%	4.61%	4.66%	4.98%	4.39%	4.31%	4.32%	3.83%	3.94%	4.53%
Earnings Yield	5.57%	5.01%	5.01%	5.02%	3.96%	2.84%	2.79%	3.36%	3.00%	3.05%	3.55%
Enterprise Value to Invested Capital (EV/IC)	1.54	1.63	1.64	1.63	1.57	1.68	1.71	1.70	1.83	1.81	1.65
Enterprise Value to Revenue (EV/Rev)	10.69	11.22	11.15	11.08	10.55	11.31	11.32	11.33	12.08	11.77	10.71
Enterprise Value to EBITDA (EV/EBITDA)	13.68	14.55	14.38	14.30	15.33	17.59	17.66	16.54	17.64	17.36	15.82
Enterprise Value to EBIT (EV/EBIT)	21.61	22.90	22.68	22.54	26.11	31.51	31.69	28.34	30.28	29.95	27.22
Enterprise Value to NOPAT (EV/NOPAT)	21.61	22.90	22.68	22.54	26.11	31.51	31.69	28.34	30.28	29.95	27.22
Enterprise Value to Operating Cash Flow (EV/OCF)	21.79	23.33	21.85	22.37	21.46	23.04	23.50	23.00	25.17	24.62	21.34
Enterprise Value to Free Cash Flow (EV/FCFF)	212.89	0.00	1,503.97	1,203.79	61.37	72.73	63.56	52.76	67.18	53.18	68.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.36	1.35	1.38	1.40	1.42	1.43	1.41	1.40	1.33	1.31	1.31
Long-Term Debt to Equity	1.36	1.35	1.38	1.40	1.42	1.43	1.41	1.40	1.33	1.31	1.31
Financial Leverage	1.38	1.34	1.34	1.33	1.35	1.34	1.37	1.39	1.36	1.33	1.35
Leverage Ratio	2.67	2.60	2.61	2.58	2.62	2.59	2.60	2.60	2.58	2.55	2.55
Compound Leverage Factor	2.21	1.60	1.56	1.55	1.52	0.98	1.50	1.89	1.52	0.90	1.57
Debt to Total Capital	57.56%	57.41%	57.97%	58.39%	58.65%	58.78%	58.51%	58.33%	57.05%	56.64%	56.71%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	57.56%	57.41%	57.97%	58.39%	58.65%	58.78%	58.51%	58.33%	57.05%	56.64%	56.71%
Preferred Equity to Total Capital	2.14%	2.12%	2.11%	2.11%	2.11%	2.04%	2.09%	2.05%	2.04%	2.02%	2.01%
Noncontrolling Interests to Total Capital	3.57%	3.43%	3.40%	3.40%	3.37%	3.35%	3.40%	3.30%	3.25%	3.20%	3.19%
Common Equity to Total Capital	36.72%	37.05%	36.52%	36.11%	35.87%	35.83%	36.00%	36.32%	37.65%	38.13%	38.10%
Debt to EBITDA	5.24	5.22	5.19	5.16	5.77	6.32	6.08	5.70	5.52	5.49	5.46
Net Debt to EBITDA	4.91	4.95	4.90	5.01	5.60	5.92	5.90	5.53	5.36	5.30	5.29
Long-Term Debt to EBITDA	5.24	5.22	5.19	5.16	5.77	6.32	6.08	5.70	5.52	5.49	5.46
Debt to NOPAT	8.28	8.22	8.19	8.14	9.83	11.31	10.91	9.77	9.48	9.47	9.40
Net Debt to NOPAT	7.76	7.79	7.73	7.90	9.53	10.61	10.60	9.48	9.20	9.14	9.10
Long-Term Debt to NOPAT	8.28	8.22	8.19	8.14	9.83	11.31	10.91	9.77	9.48	9.47	9.40
Altman Z-Score	1.05	1.13	1.11	1.10	1.04	1.17	1.19	1.21	1.34	1.34	1.19
Noncontrolling Interest Sharing Ratio	14.92%	14.36%	14.27%	13.89%	13.35%	13.05%	13.17%	13.03%	12.77%	12.55%	12.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.79	1.96	1.94	1.95	1.83	2.68	2.02	2.08	1.95	2.28	2.12
Quick Ratio	0.99	1.01	1.05	1.06	0.96	1.69	1.09	1.10	1.02	1.26	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-274	-410	-432	-432	-160	-122	-106	-59	-153	-97	-180
Operating Cash Flow to CapEx	28.65%	76.05%	127.85%	341.40%	187.94%	0.00%	221.44%	61.89%	121.74%	185.84%	303.32%
Free Cash Flow to Firm to Interest Expense	-7.83	-10.72	-11.02	-10.08	-3.75	-2.83	-2.42	-1.32	-3.47	-2.24	-4.25
Operating Cash Flow to Interest Expense	4.24	2.81	3.65	3.48	3.53	2.62	3.23	3.83	3.26	2.77	4.22
Operating Cash Flow Less CapEx to Interest Expense	-10.57	-0.88	0.79	2.46	1.65	6.70	1.77	-2.36	0.58	1.28	2.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	6.04	5.86	5.68	5.78	5.91	5.67	5.64	5.97	5.94	5.58	5.70
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.16	0.16
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	60.40	62.28	64.25	63.14	61.77	64.38	64.75	61.10	61.50	65.39	64.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	60.40	62.28	64.25	63.14	61.77	64.38	64.75	61.10	61.50	65.39	64.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,286	7,401	7,420	7,548	7,546	7,632	7,626	7,763	7,805	7,838	7,914
Invested Capital Turnover	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.16	0.16
Increase / (Decrease) in Invested Capital	466	565	528	534	260	230	206	216	259	206	289
Enterprise Value (EV)	11,213	12,055	12,163	12,271	11,820	12,809	13,020	13,210	14,285	14,148	13,072
Market Capitalization	6,759	7,539	7,599	7,555	7,088	8,073	8,245	8,376	9,528	9,418	8,287
Book Value per Share	$33.88	$34.41	$34.05	$33.62	$33.39	$34.35	$33.39	$34.19	$35.28	$35.45	$35.39
Tangible Book Value per Share	$33.88	$34.41	$34.05	$33.62	$33.39	$34.35	$33.39	$34.19	$35.28	$35.45	$35.39
Total Capital	7,465	7,542	7,572	7,590	7,588	7,825	7,662	7,807	7,839	7,898	7,959
Total Debt	4,297	4,329	4,389	4,432	4,451	4,599	4,483	4,554	4,473	4,474	4,513
Total Long-Term Debt	4,297	4,329	4,389	4,432	4,451	4,599	4,483	4,554	4,473	4,474	4,513
Net Debt	4,028	4,099	4,146	4,299	4,317	4,313	4,354	4,417	4,343	4,317	4,371
Capital Expenditures (CapEx)	519	141	112	44	80	-175	64	274	118	64	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	118	184	171	165	151	198	188	190	186	235	222
Debt-free Net Working Capital (DFNWC)	264	270	270	263	249	449	284	293	283	358	331
Net Working Capital (NWC)	264	270	270	263	249	449	284	293	283	358	331
Net Nonoperating Expense (NNE)	33	37	38	39	41	42	42	42	42	41	42
Net Nonoperating Obligations (NNO)	4,118	4,189	4,237	4,389	4,408	4,406	4,447	4,510	4,438	4,414	4,468
Total Depreciation and Amortization (D&A)	77	79	79	79	82	82	83	85	87	87	87
Debt-free, Cash-free Net Working Capital to Revenue	11.22%	17.17%	15.68%	14.92%	13.44%	17.47%	16.37%	16.26%	15.72%	19.55%	18.20%
Debt-free Net Working Capital to Revenue	25.16%	25.13%	24.80%	23.78%	22.21%	39.62%	24.71%	25.12%	23.92%	29.81%	27.15%
Net Working Capital to Revenue	25.16%	25.13%	24.80%	23.78%	22.21%	39.62%	24.71%	25.12%	23.92%	29.81%	27.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.90	$1.43	$0.65	$0.72	$0.67	$0.76	$0.66	$1.32	$0.70	$0.74	$0.72
Adjusted Weighted Average Basic Shares Outstanding	80.77M	79.85M	81.14M	81.21M	81.27M	81.31M	82.61M	82.93M	83.99M	83.56M	170.94M
Adjusted Diluted Earnings per Share	$1.89	$1.44	$0.65	$0.72	$0.67	$0.76	$0.66	$1.32	$0.70	$0.74	$0.72
Adjusted Weighted Average Diluted Shares Outstanding	81.51M	80.51M	81.14M	81.21M	81.27M	81.31M	82.61M	83.56M	83.99M	83.57M	85.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.21M	0.00	81.52M	81.52M	81.62M	82.99M	82.95M	83.67M	84.96M	85.68M	86.26M
Normalized Net Operating Profit after Tax (NOPAT)	85	109	67	71	70	76	70	110	74	77	76
Normalized NOPAT Margin	31.06%	38.77%	24.56%	25.39%	24.44%	26.09%	24.07%	37.12%	24.40%	24.57%	24.48%
Pre Tax Income Margin	58.06%	33.99%	20.95%	21.85%	20.26%	14.04%	19.90%	38.42%	20.61%	12.45%	21.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.47	4.05	2.44	2.37	2.34	2.53	2.29	3.54	2.39	2.53	2.55
NOPAT to Interest Expense	5.47	4.05	2.44	2.37	2.34	2.53	2.29	3.54	2.39	2.53	2.55
EBIT Less CapEx to Interest Expense	-9.34	0.36	-0.41	1.35	0.46	6.61	0.83	-2.65	-0.28	1.04	1.16
NOPAT Less CapEx to Interest Expense	-9.34	0.36	-0.41	1.35	0.46	6.61	0.83	-2.65	-0.28	1.04	1.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	96.25%	185.01%	206.76%	185.91%	241.46%	296.29%	260.90%	312.35%	339.90%	252.88%	247.36%
Augmented Payout Ratio	96.25%	185.01%	206.76%	185.91%	241.46%	296.29%	260.90%	312.35%	339.90%	252.88%	247.36%

Key Financial Trends

Federal Realty Investment Trust (NYSE:FRT) delivered another quarter of steady revenue and operating income growth in Q1 2025, supported by robust cash flow and an attractive dividend yield, though rising leverage and negative free cash flow to the firm warrant attention.

Revenue grew 6.1% year-over-year in Q1 2025 to $309.2 M, marking the fourth consecutive quarter of mid-single-digit gains.
Operating income rose 5.9% YoY to $108.1 M in Q1 2025, driven by stable margins and controlled SG&A expenses.
Net cash from operating activities jumped 27% YoY to $179 M in Q1 2025, underpinning core cash generation.
Valuation multiples have contracted, with the forward P/E ratio falling to ~28.2× in Q1 2025 from ~35.8× a year earlier.
Dividend yield climbed to about 4.5% in Q1 2025, supported by a quarterly payout of $1.10 per share.
Return on invested capital remains near 5.5%, broadly unchanged year-over-year, reflecting consistent capital efficiency.
Book value per share edged up to $35.39 in Q1 2025 from $35.45 in Q4 2024, indicating modest equity growth.
Free cash flow to firm was negative $180 M in Q1 2025 as sizable investment outlays outpaced operating cash flow.
Net debt to EBITDA ratio climbed to ~5.3× in Q1 2025 from ~4.9× a year ago, highlighting increased leverage.
Total debt rose to $4.51 B in Q1 2025 from $4.39 B in Q1 2024, reflecting continued borrowing for growth and acquisitions.

07/08/25 10:57 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Federal Realty Investment Trust's Financials

When does Federal Realty Investment Trust's fiscal year end?

According to the most recent income statement we have on file, Federal Realty Investment Trust's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Federal Realty Investment Trust's net income changed over the last 9 years?

Federal Realty Investment Trust's net income appears to be on an upward trend, with a most recent value of $304.33 million in 2024, rising from $218.42 million in 2015. The previous period was $247.22 million in 2023. See Federal Realty Investment Trust's forecast for analyst expectations on what’s next for the company.

What is Federal Realty Investment Trust's operating income?

Federal Realty Investment Trust's total operating income in 2024 was $472.36 million, based on the following breakdown:

Total Gross Profit: $1.17 billion
Total Operating Expenses: $730.10 million

How has Federal Realty Investment Trust's revenue changed over the last 9 years?

Over the last 9 years, Federal Realty Investment Trust's total revenue changed from $744.01 million in 2015 to $1.20 billion in 2024, a change of 61.6%.

How much debt does Federal Realty Investment Trust have?

Federal Realty Investment Trust's total liabilities were at $5.10 billion at the end of 2024, a 2.1% decrease from 2023, and a 71.3% increase since 2015.

How much cash does Federal Realty Investment Trust have?

In the past 9 years, Federal Realty Investment Trust's cash and equivalents has ranged from $15.19 million in 2017 to $798.33 million in 2020, and is currently $123.41 million as of their latest financial filing in 2024.

How has Federal Realty Investment Trust's book value per share changed over the last 9 years?

Over the last 9 years, Federal Realty Investment Trust's book value per share changed from 23.82 in 2015 to 35.45 in 2024, a change of 48.8%.

Related Companies

This page (NYSE:FRT) was last updated on 7/8/2025 by MarketBeat.com Staff

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Federal Realty Investment Trust (FRT) Financials

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Federal Realty Investment Trust (FRT) Financials

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