Federal Realty Investment Trust's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Federal Realty Investment Trust reported revenue of $1.3B (+6.4% year on year) and net income of $423.6M (+39.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental income | $1.2B | $1.2B | $1.1B | $1.1B |
| Other property income | $32.4M | $31.3M | — | — |
| Mortgage interest income | $1.1M | $1.1M | $1.1M | $1.1M |
| Total revenue | $1.3B | $1.2B | $1.1B | $1.1B |
| Rental expenses | $267.4M | $249.6M | $231.7M | $229.0M |
| Real estate taxes | $151.4M | $142.2M | $131.4M | $127.8M |
| General and administrative | $46.9M | $49.7M | $50.7M | $52.6M |
| Depreciation and amortization | $367.8M | $342.6M | $321.8M | $302.4M |
| Total operating expenses | $833.6M | $784.1M | $735.6M | $711.8M |
| New market tax credit transaction income | $14.2M | — | — | — |
| Gain on sale of real estate | $150.1M | $54.0M | — | — |
| Impairment charge | ($7.4M) | — | — | $0 |
| OPERATING INCOME | $602.2M | $472.4M | $406.5M | $526.4M |
| Other interest income | $3.1M | $4.3M | $4.7M | $1.1M |
| Interest expense | ($183.6M) | ($175.5M) | ($167.8M) | ($137.0M) |
| Income from partnerships | $1.9M | $3.2M | $3.9M | $5.2M |
| Net income attributable to noncontrolling interests | ($12.6M) | ($9.1M) | ($10.2M) | ($10.2M) |
| NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | $411.1M | $295.2M | $237.0M | $385.5M |
| Dividends on preferred shares | -8.0M | -8.0M | -8.0M | -8.0M |
| Distributions declared to preferred unit holders | ($8.0M) | ($8.0M) | ($8.0M) | ($8.0M) |
| NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $403.0M | $287.2M | $229.0M | $377.5M |
| NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS | $403.0M | $287.2M | $229.0M | $377.5M |
| Weighted average number of common shares | 85.9M | 83.6M | 81.3M | 79.9M |
| Net income available for common shareholders | $4.68 | $3.42 | $2.80 | $4.71 |
| Weighted average number of common shares | 86.4M | 83.6M | 81.3M | 80.5M |
| Net income available for common unit holders | $4.68 | $3.42 | $2.8 | $4.71 |
| Weighted average number of common units | 85.9M | 83.6M | 81.3M | 79.9M |
| Weighted average number of common units | 86.4M | 83.6M | 81.3M | 80.5M |
| NET INCOME | $423.6M | $304.3M | $247.2M | $395.7M |
| Other comprehensive (loss) income - change in value of interest rate swaps | ($2.9M) | $711.0K | ($1.8M) | $8.6M |
| COMPREHENSIVE INCOME | $420.7M | $305.0M | $245.4M | $404.2M |
| Comprehensive income attributable to noncontrolling interests | ($12.4M) | ($9.1M) | ($10.1M) | ($10.9M) |
| COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | $408.4M | $295.9M | $235.3M | $393.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental income | $325.9M | $332.7M | $313.2M | $302.5M |
| Other property income | $9.8M | $7.9M | $8.8M | $8.8M |
| Mortgage interest income | $13.0K | $536.0K | $281.0K | $277.0K |
| Total revenue | $335.7M | $341.1M | $322.3M | $311.5M |
| Rental expenses | $64.5M | $74.7M | $67.5M | $61.6M |
| Real estate taxes | $39.1M | $39.0M | $38.2M | $36.7M |
| General and administrative | $13.5M | $11.9M | $11.6M | $11.9M |
| Depreciation and amortization | $100.6M | $99.2M | $94.3M | $89.2M |
| Total operating expenses | $217.7M | $224.8M | $211.6M | $199.5M |
| Gain on sale of real estate | $20.6M | $92.7M | $0 | $76.5M |
| New market tax credit transaction income | $0 | — | $0 | $14.2M |
| OPERATING INCOME | $138.7M | $209.0M | $110.7M | $202.7M |
| Other interest income | $563.0K | $1.0M | $845.0K | $905.0K |
| Interest expense | ($50.0M) | ($49.1M) | ($47.6M) | ($44.6M) |
| (Loss) income from partnerships | ($664.0K) | $161.0K | $605.0K | $905.0K |
| NET INCOME | $88.6M | $161.1M | $64.5M | $160.0M |
| Net income attributable to noncontrolling interests | ($2.9M) | ($2.0M) | ($2.9M) | ($4.0M) |
| NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | $85.7M | $159.1M | $61.6M | $155.9M |
| Dividends on preferred shares | -2.0M | -2.0M | -2.0M | -2.0M |
| Distributions on preferred units | ($2.0M) | ($2.0M) | ($2.0M) | ($2.0M) |
| NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $83.7M | $157.1M | $59.6M | $153.9M |
| NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS | $83.7M | $157.1M | $59.6M | $153.9M |
| Net income available for common shareholders, Basic | $0.97 | $1.82 | $0.69 | $1.78 |
| Weighted average number of common shares, Basic | 86.2M | 86.0M | 86.0M | 86.0M |
| Net income available for common unit holders, Basic | $0.97 | $1.82 | $0.69 | $1.78 |
| Weighted average number of common units, Basic | 86.2M | 86.0M | 86.0M | 86.0M |
| Net income available for common shareholders, Diluted | $0.97 | $1.81 | $0.69 | $1.78 |
| Weighted average number of common shares, Diluted | 86.2M | 86.7M | 86.0M | 86.6M |
| Weighted average common units outstanding, diluted | 86.2M | 86.7M | 86.0M | 86.6M |
| COMPREHENSIVE INCOME | $91.8M | $164.1M | $63.8M | $159.2M |
| COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | $89.0M | $162.1M | $61.0M | $155.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Operating (including $1,832,190 and $1,825,656 of consolidated variable interest entities, respectively) | $11.3B | $10.4B | $9.9B | $9.4B |
| Construction-in-progress (including $28,418 and $9,939 of consolidated variable interest entities, respectively) | $374.7M | $539.8M | $613.3M | $662.6M |
| Real estate, at cost, total | $11.6B | $10.9B | $10.5B | $10.1B |
| Less accumulated depreciation and amortization (including $468,725 and $424,044 of consolidated variable interest entities, respectively) | ($3.4B) | ($3.2B) | ($3.0B) | ($2.7B) |
| Net real estate | $8.3B | $7.8B | $7.6B | $7.4B |
| Cash and cash equivalents | $107.4M | $123.4M | $250.8M | $85.6M |
| Accounts and notes receivable, net | $249.8M | $229.1M | $201.7M | $197.6M |
| Mortgage notes receivable, net | $9.1M | $9.1M | $9.2M | $9.5M |
| Investment in partnerships | $31.9M | $33.5M | $34.9M | $145.2M |
| Operating lease right of use assets, net | $83.1M | $85.8M | $87.0M | $94.6M |
| Finance lease right of use assets, net | $6.4M | $6.6M | $6.8M | $45.5M |
| Prepaid expenses and other assets | $354.8M | $286.3M | $263.4M | $267.4M |
| TOTAL ASSETS | $9.1B | $8.5B | $8.4B | $8.2B |
| Mortgages payable, net (including $194,176 and $186,643 of consolidated variable interest entities, respectively) | $521.8M | $514.4M | $516.9M | $320.6M |
| Notes payable, net | $1.1B | $601.4M | $601.9M | $601.1M |
| Senior notes and debentures, net | $3.4B | $3.4B | $3.5B | $3.4B |
| Accounts payable and accrued expenses | $219.7M | $183.6M | $174.7M | $190.3M |
| Dividends payable | $99.8M | $96.7M | $92.6M | $90.3M |
| Security deposits payable | $31.5M | $30.9M | $30.5M | $28.5M |
| Operating lease liabilities | $72.3M | $74.8M | $75.9M | $77.7M |
| Finance lease liabilities | $12.9M | $12.8M | $12.7M | $67.7M |
| Other liabilities and deferred credits | $250.5M | $227.8M | $225.4M | $237.7M |
| Total liabilities | $5.6B | $5.1B | $5.2B | $5.0B |
| Redeemable noncontrolling interests | $181.7M | $180.3M | $183.4M | $178.4M |
| Preferred shares, authorized 15,000,000 shares, $0.01 par: | 159.8M | 159.8M | 159.8M | 159.8M |
| 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 | 869.0K | 862.0K | 833.0K | 818.0K |
| Additional paid-in capital | $4.3B | $4.2B | $4.0B | $3.8B |
| Accumulated dividends in excess of net income | ($1.2B) | ($1.2B) | ($1.2B) | ($1.0B) |
| Total shareholders’ equity of the Trust | $3.2B | $3.2B | $3.0B | $3.0B |
| Noncontrolling interests | $70.3M | $72.5M | $78.7M | $80.0M |
| Total shareholders’ equity | $3.3B | $3.2B | $3.0B | $3.0B |
| Preferred units, 398,878 units issued and outstanding | $154.8M | $154.8M | $154.8M | $154.8M |
| Common units, 86,266,009 and 85,666,220 units issued and outstanding, respectively | $3.1B | $3.0B | $2.8B | $2.8B |
| Accumulated other comprehensive income | $2.0M | $4.7M | $4.1M | $5.8M |
| Total partner capital | $3.2B | $3.2B | $3.0B | $3.0B |
| Noncontrolling interests in consolidated partnerships | $70.3M | $72.5M | $78.7M | $80.0M |
| Total Capital | $3.3B | $3.2B | $3.0B | $3.0B |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL | $9.1B | $8.5B | $8.4B | $8.2B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Operating (including $1,901,302 and $1,832,190 of consolidated variable interest entities, respectively) | $11.3B | $11.3B | $11.0B | $10.7B |
| Construction-in-progress (including $37,695 and $28,418 of consolidated variable interest entities, respectively) | $329.8M | $358.9M | $339.0M | $324.4M |
| Real estate, at cost, total | $11.7B | $11.7B | $11.4B | $11.0B |
| Less accumulated depreciation and amortization (including $487,052 and $468,725 of consolidated variable interest entities, respectively) | ($3.4B) | ($3.4B) | ($3.3B) | ($3.3B) |
| Net real estate | $8.2B | $8.3B | $8.0B | $7.8B |
| Cash and cash equivalents | $107.2M | $115.6M | $111.3M | $177.0M |
| Accounts and notes receivable, net | $262.1M | $249.4M | $239.9M | $225.9M |
| Mortgage notes receivable, net | $0 | $0 | $9.1M | $9.1M |
| Investment in partnerships | $30.6M | $31.1M | $32.7M | $33.1M |
| Operating lease right of use assets, net | $81.6M | $82.2M | $83.9M | $84.5M |
| Finance lease right of use assets, net | $6.3M | $6.4M | $6.5M | $6.5M |
| Prepaid expenses and other assets | $337.3M | $344.2M | $330.4M | $291.8M |
| TOTAL ASSETS | $9.1B | $9.1B | $8.9B | $8.6B |
| Mortgages payable, net (including $190,863 and $194,176 of consolidated variable interest entities, respectively) | $518.4M | $519.0M | $511.3M | $512.0M |
| Notes payable, net | $1.3B | $1.4B | $849.6M | $614.6M |
| Senior notes and debentures, net | $3.0B | $3.0B | $3.4B | $3.4B |
| Accounts payable and accrued expenses | $217.5M | $222.2M | $224.5M | $192.1M |
| Dividends payable | $100.5M | $99.9M | $99.8M | $97.2M |
| Security deposits payable | $32.8M | $32.5M | $31.3M | $34.0M |
| Operating lease liabilities | $70.9M | $71.5M | $73.0M | $73.6M |
| Finance lease liabilities | $13.0M | $12.9M | $12.9M | $12.8M |
| Other liabilities and deferred credits | $238.8M | $243.6M | $231.6M | $225.2M |
| Total liabilities | $5.4B | $5.5B | $5.4B | $5.1B |
| Redeemable noncontrolling interests | $183.1M | $182.8M | $180.7M | $181.2M |
| Preferred shares, authorized 15,000,000 shares, $.01 par: | 159.8M | 159.8M | 159.8M | 159.8M |
| Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, 86,883,595 and 86,266,009 shares issued and outstanding, respectively | 876.0K | 870.0K | 869.0K | 869.0K |
| Additional paid-in capital | $4.4B | $4.3B | $4.3B | $4.3B |
| Accumulated dividends in excess of net income | ($1.2B) | ($1.2B) | ($1.3B) | ($1.2B) |
| Accumulated other comprehensive income | $8.3M | $5.1M | $2.2M | $2.9M |
| Total shareholders’ equity of the Trust | $3.4B | $3.3B | $3.2B | $3.2B |
| Noncontrolling interests | $70.0M | $70.4M | $70.6M | $71.1M |
| Total shareholders’ equity | $3.4B | $3.4B | $3.3B | $3.3B |
| Preferred units, 398,878 units issued and outstanding | $154.8M | $154.8M | $154.8M | $154.8M |
| Common units, 86,883,595 and 86,266,009 units issued and outstanding, respectively | $3.2B | $3.2B | $3.1B | $3.1B |
| Total partner capital | $3.4B | $3.3B | $3.2B | $3.2B |
| Noncontrolling interests in consolidated partnerships | $70.0M | $70.4M | $70.6M | $71.1M |
| Total capital | $3.4B | $3.4B | $3.3B | $3.3B |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL | $9.1B | $9.1B | $8.9B | $8.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $423.6M | $304.3M | $247.2M | $395.7M |
| Depreciation and amortization | $367.8M | $342.6M | $321.8M | $302.4M |
| Gain on sale of real estate | ($150.1M) | ($54.0M) | — | — |
| Income from partnerships | ($1.9M) | ($3.2M) | ($3.9M) | ($5.2M) |
| New market tax credit transaction income | ($14.2M) | — | — | — |
| Straight-line rent | ($28.0M) | ($26.8M) | ($11.6M) | ($18.3M) |
| Share-based compensation expense | $14.6M | $16.4M | $14.3M | $13.7M |
| Impairment charge | $7.4M | — | — | $0 |
| Other, net | ($3.1M) | ($2.2M) | ($5.0M) | ($4.8M) |
| Decrease (increase) in accounts receivable, net | $2.4M | ($796.0K) | $3.5M | ($12.1M) |
| Increase in prepaid expenses and other assets | ($4.8M) | ($5.0M) | ($6.9M) | ($1.2M) |
| Increase in accounts payable and accrued expenses | $5.6M | $1.6M | $6.0M | $77.0K |
| Increase in security deposits and other liabilities | $2.9M | $1.7M | $235.0K | $10.4M |
| Net cash provided by operating activities | $622.4M | $574.6M | $555.8M | $516.8M |
| Acquisition of real estate | ($735.3M) | ($273.9M) | ($60.6M) | ($438.5M) |
| Capital expenditures - development and redevelopment | ($179.1M) | ($139.5M) | ($214.1M) | ($309.0M) |
| Capital expenditures - other | ($112.3M) | ($107.2M) | ($97.1M) | ($107.7M) |
| Costs associated with property sold under threat of condemnation | ($134.0K) | $0 | ($1.4M) | ($18.0M) |
| Proceeds from sale of real estate | $305.6M | $99.9M | $28.5M | $133.7M |
| Investment in partnerships | ($698.0K) | $0 | $0 | ($23.2M) |
| Distribution from partnerships in excess of earnings | $4.1M | $4.7M | $9.9M | $6.9M |
| Leasing costs | ($25.4M) | ($30.8M) | ($23.5M) | ($22.5M) |
| Net cash used in investing activities | ($743.1M) | ($446.8M) | ($358.3M) | ($786.0M) |
| Net borrowings under revolving credit facility | $310.0M | $0 | $0 | ($6.4M) |
| Issuance of senior notes, net of costs | $0 | $471.5M | $345.7M | $0 |
| Repayment of senior notes | $0 | ($600.0M) | ($275.0M) | $0 |
| Issuance and extension of mortgages and notes payable, net of costs | $157.7M | ($902.0K) | $199.2M | — |
| Repayment of mortgages, finance leases, and notes payable | ($7.7M) | ($3.5M) | ($58.5M) | ($19.4M) |
| Purchase of capped calls | $0 | ($19.4M) | — | — |
| Issuance of common shares, net of costs | 54.5M | 304.0M | 131.9M | 307.3M |
| Issuance of common units, net of costs | $54.5M | $304.0M | $131.9M | — |
| Dividends paid to common and preferred shareholders | ($388.1M) | ($371.6M) | ($359.2M) | ($347.3M) |
| Dividends paid to common and preferred unit holders | ($388.1M) | ($371.6M) | ($359.2M) | — |
| Shares withheld for employee taxes | -4.9M | -6.7M | -5.0M | -4.9M |
| Contributions from noncontrolling interests | $2.7M | $725.0K | $1.1M | $0 |
| Distributions to and acquisition/redemptions of noncontrolling interests | ($21.2M) | ($26.4M) | ($14.1M) | ($37.4M) |
| Net cash provided by (used in) financing activities | $103.0M | ($252.3M) | ($33.8M) | $190.4M |
| (Decrease) increase in cash, cash equivalents, and restricted cash | ($17.7M) | ($124.6M) | $163.7M | ($78.8M) |
| Cash, cash equivalents, and restricted cash at beginning of year | $135.4M | $260.0M | $96.3M | $175.2M |
| Cash, cash equivalents, and restricted cash at end of year | $117.7M | $135.4M | $260.0M | $96.3M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $249.6M | $161.1M | $291.0M | $226.5M |
| Depreciation and amortization | $199.8M | $99.2M | $270.5M | $176.2M |
| Gain on sale of real estate | ($113.3M) | ($92.7M) | ($77.7M) | ($77.7M) |
| Loss (income) from partnerships | $503.0K | ($161.0K) | ($1.7M) | ($1.1M) |
| New market tax credit transaction income | $0 | — | ($14.2M) | ($14.2M) |
| Straight-line rent | ($15.8M) | ($8.7M) | ($21.5M) | ($13.8M) |
| Share-based compensation expense | $7.9M | $4.3M | $10.9M | $7.5M |
| Other, net | ($2.3M) | ($1.8M) | ($1.3M) | ($1.2M) |
| Decrease in accounts receivable, net | $1.6M | $8.3M | $7.2M | $14.7M |
| Decrease in prepaid expenses and other assets | $12.0M | $4.8M | ($6.9M) | $15.3M |
| Increase (decrease) in accounts payable and accrued expenses | $2.3M | $12.4M | $23.6M | ($3.8M) |
| (Decrease) increase in security deposits and other liabilities | ($4.0M) | ($2.1M) | ($2.4M) | $1.3M |
| Net cash provided by operating activities | $338.3M | $184.6M | $477.5M | $329.7M |
| Acquisition of real estate | ($85.4M) | ($65.7M) | ($400.4M) | ($120.4M) |
| Capital expenditures - development and redevelopment | ($78.8M) | ($39.0M) | ($115.5M) | ($69.3M) |
| Capital expenditures - other | ($56.2M) | ($26.0M) | ($81.7M) | ($55.3M) |
| Proceeds from sale of real estate | $220.1M | $155.3M | $141.2M | $141.2M |
| Investment in partnerships | ($1.0M) | — | ($227.0K) | — |
| Distribution from partnerships in excess of earnings | $2.7M | $1.3M | $2.5M | $1.1M |
| Leasing costs | ($11.4M) | ($5.4M) | ($19.4M) | ($13.5M) |
| Net cash used in investing activities | ($10.0M) | $20.5M | ($473.5M) | ($116.3M) |
| Net borrowings under revolving credit facility, net of costs | ($30.7M) | $59.1M | $102.4M | $17.6M |
| Repayment of senior notes | ($400.0M) | ($400.0M) | $0 | $0 |
| Issuance and extension of notes payable, net of costs | $250.0M | $250.0M | $145.0M | — |
| Repayment of mortgages, finance leases and notes payable | ($3.8M) | ($3.0M) | ($3.7M) | ($2.8M) |
| Issuance of common shares, net of costs | 60.5M | -30.0K | 54.5M | 54.5M |
| Issuance of common units, net of costs | $60.5M | ($30.0K) | $54.5M | $54.5M |
| Dividends paid to common and preferred shareholders | ($198.4M) | ($99.1M) | ($289.0M) | ($192.5M) |
| Dividends paid to common and preferred unit holders | ($198.4M) | ($99.1M) | ($289.0M) | ($192.5M) |
| Shares withheld for employee taxes | -5.0M | -4.9M | -4.9M | -4.7M |
| Contributions from noncontrolling interests | $2.9M | $2.9M | $1.4M | $1.4M |
| Distributions to and redemptions of noncontrolling interests | ($6.8M) | ($3.9M) | ($17.6M) | ($13.9M) |
| Net cash used in financing activities | ($331.3M) | ($198.9M) | ($11.8M) | ($145.2M) |
| (Decrease) increase in cash, cash equivalents and restricted cash | ($2.9M) | $6.2M | ($7.8M) | $68.2M |
| Cash, cash equivalents, and restricted cash at beginning of year | $117.7M | $117.7M | $135.4M | $135.4M |
| Cash, cash equivalents, and restricted cash at end of period | $114.8M | $123.9M | $127.7M | $203.6M |
Federal Realty Investment Trust score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.