# Federal Realty Investment Trust (FRT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FRT/thesis · /stocks/FRT/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FRT/fundamental

## Navigation

- Overview: /stocks/FRT
- Financials (this page): /stocks/FRT/financials
- Thesis: /stocks/FRT/thesis
- Investment Memo: /stocks/FRT/memo
- Coverage universe: /stocks