Federal Realty Investment Trust

FRT
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
6.3%
FY2025 · Cash-on-cost NOI yield on real estate gross basis; REIT-adjusted framework (cap rate vs. WACC spread). Not standard NOPAT/Invested Capital. · WACC ~6.3% · Moat spread +0.55pp

Financial Snapshot

ticker: FRT step: 04 generated: 2026-05-13 source: quick-research

Federal Realty Investment Trust (FRT) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$1.07B ~$1.14B $1.21B +6.1%
NOI Margin ~55% ~57% ~58%
Nareit FFO/Share $6.32 $6.55 $6.77 +3.4%
Core FFO/Share ~$6.20 ~$6.45 ~$6.70 +3.9%
Net Income/Share (diluted) ~$3.20 ~$3.65 ~$4.10

FY2022–2024 show steady organic revenue growth of 6–7% annually, driven by leasing spreads, contractual escalators, and incremental NOI from redevelopment deliveries. No major acquisition distorted the organic growth profile.

Cash Flow & Balance Sheet (FY2025)

Metric Value
Nareit FFO/Share $7.22 (+6.6% YoY)
Net Income/Share $4.68
Annual Dividend ~$4.40/share (58 consecutive years of increases)
Fixed Charge Coverage 3.8x
Liquidity ~$1.5B
Occupancy (YE 2025) ~94.5%
Cash Rent Spreads (2025) +15% (straight-line +27%)

Key Ratios (approximate)

  • P/FFO: ~16x | Dividend Yield: ~4.2% | Consecutive Dividend Increases: 58 years
  • Revenue Growth (TTM): ~6% | 2025 Leasing Volume: Record 2.5M SF
  • Development Yield: 7%+ on $785M pipeline

Growth Profile

Federal Realty delivered consistent 3–4% same-store NOI growth through FY2022–2024, with FFO/share compounding at ~3.5% annually. FY2025 accelerated to 6.6% FFO/share growth ($6.77→$7.22), driven by record 2.5 million SF of leasing at 15% cash rent spreads, 94.5% occupancy (near decade high), and contributions from new acquisitions including Del Monte Shopping Center. Q1 2026 core FFO/share of $1.88 (+10.6% YoY) is the strongest single-quarter growth rate in recent history, prompting a guidance raise.

Forward Estimates

  • FY2026 Core FFO: $7.46–$7.55/share (midpoint $7.51; raised after Q1 2026 beat)
  • Interest expense headwind: +23% YoY in Q1 2026 due to higher refinancing rates — ongoing margin pressure
  • Development pipeline: $785M at 7%+ unlevered yields, converting to NOI over 2026–2028
  • Same-store NOI growth: ~3–4% expected for FY2026

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $FRT.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/frt/financials/md · → thesis · → memo