FEDERAL REALTY INVESTMENT TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FEDERAL REALTY INVESTMENT TRUST files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2024
Revenue	802	857	915	936	835	951	1,074	1,132	1,202	1,279
General and administrative	33.4	36.3	33.6	42.8	41.7	49.9	52.6	50.7	49.7	46.9
Operating expenses	481	525	566	581	587	646	712	736	784	834
Operating income	321	410	362	471	290	395	526	406	472	602
Interest expense	95	100	110	110	136	128	137	168	175	184
Interest income	0.37	0.48	0.94	1.27	1.89	0.81	1.07	4.69	4.29	3.14
Income from continuing operations	219	212	230
Net income to minority interests	8.97	7.96	7.12	6.68	4.18	7.58	10.2	10.2	9.13	12.6
Net income	250	290	242	354	132	261	385	237	295	411
EBITDA	515	626	606	711	545	675	829	728	815	970
EPS, basic	3.51	3.97	3.18	4.61	1.62	3.26	4.71	2.80	3.42	4.68
EPS, diluted	3.50	3.97	3.18	4.61	1.62	3.26	4.71	2.80	3.42	4.68
Shares, basic (weighted)	70.9	72.1	73.3	74.8	75.5	77.3	79.9	81.3	83.6	85.9
Shares, diluted (weighted)	71	72.2	73.3	74.8	75.5	77.4	80.5	81.3	83.6	86.4
Dividend per share	3.84	3.96	4.04	4.14	4.22	4.26	4.30	4.34	4.38	4.46

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2024
Cash and equivalents	23.4	15.2	64.1	127	798	162	85.6	251	123	107
Lease right-of-use assets			0	93.8	92.2	90.7	94.6	87	85.8	83.1
Intangible assets	58.6	87	83.7
Total assets	5,423	6,276	6,290	6,795	7,608	7,622	8,234	8,437	8,525	9,130
Total liabilities	3,204	3,743	3,686	4,019	4,921	4,745	5,022	5,211	5,100	5,630
Total debt	2,741	3,232	3,174	3,370	4,309	4,063	4,344	4,616	4,497	4,964
Paid-in capital	2,718	2,855	3,004	3,167	3,297	3,489	3,822	3,959	4,249	4,310
Other comprehensive income	-2.58	0.02	-0.42	-0.81	-5.64	-2.05	5.76	4.05	4.74	2.05
Shareholders' equity	1,977	2,267	2,346	2,535	2,464	2,581	2,954	2,964	3,172	3,249
Minority interests	99.1	125	121	101	84.6	82.5	80	78.7	72.6	70.3
Total equity	2,076	2,392	2,467	2,636	2,549	2,663	3,034	3,042	3,244	3,319
Total liabilities and equity	5,423	6,276	6,290	6,795	7,608	7,622	8,234	8,437	8,525	9,130
Shares outstanding	72	73.1	74.2	75.5	76.7	78.6	81.3	82.8	85.7	86.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2024
Net income	259	298	249	361	136	269	396	247	304	424
Depreciation and amortization	194	216	244	240	255	280	302	322	343	368
Stock-based compensation	9.92	11	11.7	12.3	11.9	13	13.7	14.3	16.4	14.6
Change in payables	7.16	14.2	2.65	2.33	5.62	6.78	0.08	6.01	1.55	5.59
Cash from operations	428	459	517	462	370	471	517	556	575	622
Capital expenditures	-57.6	-77	-66.1	-82.8
Cash from investing	-590	-838	-192	-317	-368	-660	-786	-358	-447	-743
Debt issued	242	572	0	400	1,094	0	0	346	472	0
Debt repaid	0	-162	0	0	-510	0	0	-275	-600	0
Stock issued	329	119	131	143	99.2	173	307	132	304	54.5
Cash from financing	169	369	-241	-100	662	-453	190	-33.8	-252	103
Net change in cash	6.29	-9.65	83.1	45.3	663	-642	-78.8	164	-125	-17.7
Free cash flow	370	382	451	379
Interest paid	90.2	105	107	106	130	124	131	159	169	172
Income taxes paid	0.3	0.35	0.68	0.48	0.58	0.39	0.62	0.28	0.18	0.37

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $110.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	53.6%	Operating income / revenue.
EBITDA margin	82.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	38.6%	Net income / revenue.
Operating cash flow margin	47.9%	Cash from operations / revenue.
Return on equity (ROE)	15.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	17.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	29.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	27.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	39.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	36.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	23.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	60.8%	Total liabilities / total assets.
Interest coverage	3.70x	Operating income / interest expense.
Tangible book value	$3.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.13	Revenue / diluted weighted shares.
Operating cash flow per share	$7.25	Cash from operations / diluted weighted shares.
Book value per share	$38.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$38.33	Tangible book value / shares outstanding.
Cash per share	$1.34	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.60B	Share price x shares outstanding.
Enterprise value	$9.49B	Market cap + total debt - cash - short-term investments.
P/E	19.0x	Market cap / net income. Only when net income is positive.
P/S	7.33x	Market cap / revenue.
P/B	2.90x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.90x	Market cap / tangible book value, when positive.
P/OCF	15.3x	Market cap / cash from operations, when positive.
EV/Sales	7.24x	Enterprise value / revenue.
EV/EBIT	13.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.76x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).

What was FEDERAL REALTY INVESTMENT TRUST's revenue in fiscal 2024?

FEDERAL REALTY INVESTMENT TRUST reported revenue of $1.28B for fiscal 2024, 6.4% higher than the year before.

Was FEDERAL REALTY INVESTMENT TRUST profitable in fiscal 2024?

Yes. Net income was $411.1M, a net margin of 32.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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