FEDERAL REALTY INVESTMENT TRUST

Listed Company

FRTCIK 0000034903NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.28B

Net Income

$411.08M

Total Assets

$9.13B

Equity

$3.25B

Shares Out

86.28M

Op. Cash Flow

$622.38M

Business

Federal Realty Investment Trust is an equity real estate investment trust that owns, manages and redevelops high-quality retail and mixed-use properties. It leases commercial space to retail and service tenants and provides property development, redevelopment, renovation, asset management and leasing services. The company conducts operations through its operating partnership and subsidiaries, including a taxable REIT subsidiary, and focuses on community and neighborhood shopping centers as well as mixed-use projects. It concentrates on strategically selected metropolitan markets in the Mid-Atlantic, Northeast, California and South Florida and markets space via direct leasing to tenants.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	1,245	1,170	1,101	1,048	949
Other property income	32	31	30	25	—
Mortgage interest income	1	1	1	1	2
Total revenue	1,279	1,202	1,132	1,074	951
Rental expenses	267	250	232	229	198
Real estate taxes	151	142	131	128	118
General and administrative	47	50	51	53	50
Depreciation and amortization	368	343	322	302	280
Total operating expenses	834	784	736	712	646
New market tax credit transaction income	14	0	0	—	—
Gain on sale of real estate	150	54	10	93	—
Impairment charge	−7	0	0	—	—
OPERATING INCOME	602	472	406	526	395
Other interest income	3	4	5	1	809,000
Interest expense	−184	−175	−168	−137	−128
Income from partnerships	2	3	4	5	1
NET INCOME	424	304	247	396	269
Net income attributable to noncontrolling interests	−13	−9	−10	−10	−8
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	411	295	237	385	261
Dividends on preferred shares	−8	−8	−8	−8	−8
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	403	287	229	377	253
Net income available for common shareholders (per share)	4.68	3.42	2.8	4.71	3.26
Weighted average number of common shares	86	84	81	80	77
Net income available for common shareholders (per share)	4.68	3.42	2.8	4.71	3.26
Weighted average number of common shares	86	84	81	81	77
Other comprehensive (loss) income - change in value of interest rate swaps	−3	711,000	−2	9	4
COMPREHENSIVE INCOME	421	305	245	404	273
Comprehensive income attributable to noncontrolling interests	−12	−9	−10	−11	−8
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	408	296	235	393	265

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating (including $1,832,190 and $1,825,656 of consolidated variable interest entities, respectively)	11,265	10,364	9,933	9,442	8,815
Construction-in-progress (including $28,418 and $9,939 of consolidated variable interest entities, respectively)	375	540	613	663	607
Real estate, at cost, total	11,640	10,904	10,546	10,104	9,422
Less accumulated depreciation and amortization (including $468,725 and $424,044 of consolidated variable interest entities, respectively)	−3,352	−3,153	−2,964	−2,716	−2,531
Net real estate	8,288	7,751	7,583	7,389	6,891
Cash and cash equivalents	107	123	251	86	162
Accounts and notes receivable, net	250	229	202	198	169
Mortgage notes receivable, net	9	9	9	9	10
Investment in partnerships	32	33	35	145	13
Operating lease right of use assets, net	83	86	87	95	91
Finance lease right of use assets, net	6	7	7	45	50
Prepaid expenses and other assets	355	286	263	267	237
TOTAL ASSETS	9,130	8,525	8,437	8,234	7,622
Mortgages payable, net (including $194,176 and $186,643 of consolidated variable interest entities, respectively)	522	514	517	321	340
Notes payable, net	1,057	601	602	601	301
Senior notes and debentures, net	3,364	3,358	3,480	3,408	3,406
Accounts payable and accrued expenses	220	184	175	190	235
Dividends payable	100	97	93	90	87
Security deposits payable	32	31	30	29	25
Operating lease liabilities	72	75	76	78	73
Finance lease liabilities	13	13	13	68	72
Other liabilities and deferred credits	250	228	225	238	206
Total liabilities	5,630	5,100	5,211	5,022	4,745
Commitments and contingencies (Note 7)	—	—	—	—	—
Redeemable noncontrolling interests	182	180	183	178	214
Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 86,266,009 and 85,666,220 shares issued and outstanding, respectively	869,000	862,000	833,000	818,000	790,000
Additional paid-in capital	4,310	4,249	3,959	3,822	3,489
Accumulated dividends in excess of net income	−1,224	−1,243	−1,160	−1,034	−1,067
Accumulated other comprehensive income	2	5	4	6	−2
Total shareholders equity of the Trust	3,249	3,172	2,964	2,954	2,581
Noncontrolling interests	70	73	79	80	83
Total shareholders equity	3,319	3,244	3,042	3,034	2,663
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	9,130	8,525	8,437	8,234	7,622

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	368	343	322	302	280
Straight-line rent	−28	−27	−12	−18	−9
Share-based compensation expense	15	16	14	14	13
Other, net	−3	−2	−5	−5	−3
Decrease (increase) in accounts receivable, net	2	−796,000	3	−12	1
Increase in prepaid expenses and other assets	−5	−5	−7	−1	−6
Increase in accounts payable and accrued expenses	6	2	6	77,000	7
Increase in security deposits and other liabilities	3	2	235,000	10	11
Net cash provided by operating activities	622	575	556	517	471
Acquisition of real estate	−735	−274	−61	−438	−366
Capital expenditures - development and redevelopment	−179	−140	−214	−309	−369
Capital expenditures - other	−112	−107	−97	−108	−72
Costs associated with property sold under threat of condemnation	−134,000	0	−1	−18	0
Proceeds from sale of real estate	306	100	28	134	138
Investment in partnerships	−698,000	0	0	−23	−3
Distribution from partnerships in excess of earnings	4	5	10	7	3
Leasing costs	−25	−31	−24	−23	−22
Net cash used in investing activities	−743	−447	−358	−786	−660
Net borrowings under revolving credit facility	310	0	0	−6	0
Issuance of senior notes, net of costs	0	472	346	0	0
Repayment of senior notes	0	−600	−275	0	0
Issuance and extension of mortgages and notes payable, net of costs	158	−902,000	199	299	0
Repayment of mortgages, finance leases, and notes payable	−8	−3	−58	−19	−278
Purchase of capped calls	0	−19	0	0	—
Issuance of common shares, net of costs	54	304	132	307	173
Dividends paid to common and preferred shareholders	−388	−372	−359	−347	−336
Shares withheld for employee taxes	−5	−7	−5	−5	−3
Contributions from noncontrolling interests	3	725,000	1	0	133,000
Distributions to and acquisition/redemptions of noncontrolling interests	−21	−26	−14	−37	−10
Net cash provided by (used in) financing activities	103	−252	−34	190	−453
(Decrease) increase in cash, cash equivalents, and restricted cash	−18	−125	164	−79	−642

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