NYSE: FRT
Federal Realty Investment Trust
Real Estate · Real Estate Investment Trusts
52-week range
$90.03$128.21
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$9.18B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.2B |
| FY2017, ended Dec 31, 2017 | $9.72B |
| FY2018, ended Dec 31, 2018 | $8.78B |
| FY2019, ended Dec 31, 2019 | $9.74B |
| FY2020, ended Dec 31, 2020 | $6.53B |
| FY2021, ended Dec 31, 2021 | $10.7B |
| FY2022, ended Dec 31, 2022 | $8.22B |
| FY2023, ended Dec 31, 2023 | $8.55B |
| FY2024, ended Dec 31, 2024 | $9.59B |
| FY2025, ended Dec 31, 2025 | $8.70B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $9.18B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$1.31B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $802M |
| FY2017, ended Dec 31, 2017 | $857M |
| FY2018, ended Dec 31, 2018 | $915M |
| FY2019, ended Dec 31, 2019 | $936M |
| FY2020, ended Dec 31, 2020 | $835M |
| FY2021, ended Dec 31, 2021 | $951M |
| FY2022, ended Dec 31, 2022 | $1.07B |
| FY2023, ended Dec 31, 2023 | $1.13B |
| FY2024, ended Dec 31, 2024 | $1.20B |
| FY2025, ended Dec 31, 2025 | $1.28B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.31B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $250M | $370M |
| FY2017, ended Dec 31, 2017 | $290M | $382M |
| FY2018, ended Dec 31, 2018 | $242M | $451M |
| FY2019, ended Dec 31, 2019 | $354M | $379M |
| FY2020, ended Dec 31, 2020 | $132M | — |
| FY2021, ended Dec 31, 2021 | $261M | — |
| FY2022, ended Dec 31, 2022 | $385M | — |
| FY2023, ended Dec 31, 2023 | $237M | — |
| FY2024, ended Dec 31, 2024 | $295M | — |
| FY2025, ended Dec 31, 2025 | $411M | — |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $506M | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$116M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $23.4M |
| FY2017, ended Dec 31, 2017 | $15.2M |
| FY2018, ended Dec 31, 2018 | $64.1M |
| FY2019, ended Dec 31, 2019 | $127M |
| FY2020, ended Dec 31, 2020 | $798M |
| FY2021, ended Dec 31, 2021 | $162M |
| FY2022, ended Dec 31, 2022 | $85.6M |
| FY2023, ended Dec 31, 2023 | $251M |
| FY2024, ended Dec 31, 2024 | $123M |
| FY2025, ended Dec 31, 2025 | $107M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $116M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.74B |
| FY2017, ended Dec 31, 2017 | $3.23B |
| FY2018, ended Dec 31, 2018 | $3.17B |
| FY2019, ended Dec 31, 2019 | $3.37B |
| FY2020, ended Dec 31, 2020 | $4.31B |
| FY2021, ended Dec 31, 2021 | $4.06B |
| FY2022, ended Dec 31, 2022 | $4.34B |
| FY2023, ended Dec 31, 2023 | $4.62B |
| FY2024, ended Dec 31, 2024 | $4.50B |
| FY2025, ended Dec 31, 2025 | $4.96B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 19.8% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.86.4M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 72.1M |
| FY2017, ended Dec 31, 2017 | 73.2M |
| FY2018, ended Dec 31, 2018 | 74.4M |
| FY2019, ended Dec 31, 2019 | 75.7M |
| FY2020, ended Dec 31, 2020 | 76.7M |
| FY2021, ended Dec 31, 2021 | 78.6M |
| FY2022, ended Dec 31, 2022 | 81.4M |
| FY2023, ended Dec 31, 2023 | 83.0M |
| FY2024, ended Dec 31, 2024 | 85.7M |
| FY2025, ended Dec 31, 2025 | 86.3M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 86.4M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $14.9M more issued than bought back
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $9.92M | $329M |
| FY2017, ended Dec 31, 2017 | $11.0M | $119M |
| FY2018, ended Dec 31, 2018 | $11.7M | $131M |
| FY2019, ended Dec 31, 2019 | $12.3M | $143M |
| FY2020, ended Dec 31, 2020 | $11.9M | $99.2M |
| FY2021, ended Dec 31, 2021 | $13.0M | $173M |
| FY2022, ended Dec 31, 2022 | $13.7M | $307M |
| FY2023, ended Dec 31, 2023 | $14.3M | $132M |
| FY2024, ended Dec 31, 2024 | $16.4M | $304M |
| FY2025, ended Dec 31, 2025 | $14.6M | $54.5M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $15.0M | −$106K |
Revenue (TTM)
$1.31B
+7.4% YoY
Net income (TTM)
$506M
+67.6% YoY
Cash
$116M
+5.9% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $9.52B
- P/E
- 18.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 7.3×
- Price / Book
- 2.9×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $1.31B
- Revenue Growth YoY
- 7.4%
- Revenue CAGR 3Y
- 6.0%
- Revenue CAGR 5Y
- 8.9%
- EPS Growth YoY
- 65.8%
- Net Income Growth YoY
- 67.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 53.6%
- Net Margin
- 38.6%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 15.6%
Earnings
Trailing 12 months- Net Income
- $506M
- EPS (diluted)
- $5.77
- EBITDA
- $1.08B
- Operating Income
- $703M
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $116M
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $9.10B
- Total Liabilities
- $5.53B
- Shareholders' Equity
- $3.31B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $628M
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 4.1%
- Dividend / Share
- $4.55
- Beta (5Y)
- 0.93
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 7.4% year over year, at $1.31B.
Strength
Operating margin widened 14.3 pts in a year, to 53.6%.
Note
Pays a 4.1% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K68Mildly positive
68Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Property revenue rose 6.4% to $1.28 billion and net income rose 39.2% to $423.6 million, helped by $150.1 million of gains on property sales.
- Federal bought four shopping properties for $752.8 million in 2025, and sold $315.7 million of properties, including residential buildings at Santana Row and Pike & Rose.
- Occupancy held at 94.1%, with 96.1% of space leased and 2.3 million square feet of comparable space leased in 2025.
- About $652.4 million of debt falls due within twelve months, and Federal expects to borrow a new $250 million term loan to help repay maturities.
Business momentum
Strong improvement
“Operating income increased $129.8 million, or 27.5%, to $602.2 million in 2025 compared to $472.4 million in 2024.”
Outlook
Cautious
“However, the effects of inflationary pressures and elevated interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs.”
Financial stress
Low
“We believe cash flow from operations, the cash on our balance sheet, and our $1.25 billion revolving credit facility will allow us to continue to operate our business in the short-term.”
Tone against the previous report
About the same
Red flags
- Minor
Large write-down
“During the fourth quarter of 2025, we recognized a $7.4 million impairment charge related to our North Dartmouth property, as a result of an impairment analysis.”
Positives
Core property profit grew steadily, even without property sale gains
“Property operating income increased $49.4 million, or 6.1%, to $860.1 million in 2025 compared to $810.7 million in 2024.”
Tenant demand for space remains strong
“We continue to experience strong demand for our commercial space as evidenced by the 2.3 million square feet of comparable space leasing we've completed in 2025”
Operating cash flow increased
“Net cash provided by operating activities increased $47.8 million to $622.4 million during 2025 from $574.6 million during 2024.”
Concerns
Much of the profit jump came from one-off property sale gains
“This increase is primarily driven by higher gains on sale of real estate, higher rental rates and average occupancy, income related to the sale of the new market tax credits, and 2025 and 2024 acquisitions”
Large debt maturities in the coming year, partly repaid with new borrowing
“we expect to borrow the $250.0 million in February 2026 to fund debt maturities”
Refinancing old low-rate debt will likely cost more
“although newly issued debt would likely be at higher interest rates than the debt we are refinancing”
New risks since the previous report
Tariffs could raise project costs and delay rent from new leases
“significant impacts from supply chain disruptions or tariffs could also result in extended time frames and/or increased costs for completion of our projects and tenant build-outs”
Tariffs and federal spending changes could hurt tenants' ability to pay rent
“Economic, legal, and/or competitive conditions, such as impacts from higher tariffs, changing interest rates, the cost and availability of labor, and changes in federal government spending, may impact the success of our tenants’ retail operations”
Biggest risks named
- Tenant bankruptcies, anchor closures and online shopping reducing rent
- About $5.0 billion of debt with covenants and cross-default terms
- Higher interest rates raising borrowing and refinancing costs
- Tariffs, inflation and economic uncertainty hurting tenants and project costs
- Development, redevelopment and acquisitions failing to deliver expected returns
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.5 | |
| New risks | −1 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 68 | Strong improvement | 1 minor | |
| 10-K | Feb 13, 2025 | 71 | Strong improvement | None | |
| 10-K | Feb 12, 2024 | 54 | Mixed | None | |
| 10-K | Feb 8, 2023 | 71 | Strong improvement | None | |
| 10-K | Feb 10, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 11, 2021 | 35 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 10, 2020 | 63 | Improving | None | |
| 10-K | Feb 13, 2019 | 63 | Improving | None | |
| 10-K | Feb 13, 2018 | 63 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed May 1, 2026. View filings on SEC EDGAR