Federal Realty Op Lp (FRT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed May 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FRT SEC filings page.
Federal Realty Op Lp (FRT) reported $1.3B in revenue over the twelve months to Mar 31, 2026, up 7.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Operating leverage restores earnings while cash conversion stays steadier than reported profit and leverage edges higher.
In FY2025, operating cash flow of$622M exceeded net income of$411M , showing that depreciation-heavy property accounting makes cash generation less volatile than earnings. That pattern persisted when net income fell38.5% in FY2023 while operating cash flow rose7.6% , pointing to accounting volatility without an equivalent cash deterioration.
The 2025 margin step-up was more than top-line expansion: operating margin rose from
Balance-sheet funding became more leveraged in FY2025: debt-to-equity rose from 1.4x to 1.5x even as equity increased, indicating asset growth was supported partly by renewed borrowing. Interest expense reached
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Federal Realty Op Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Federal Realty Op Lp scores 85/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Federal Realty Op Lp scores 75/100 on it among other REITs.
Federal Realty Op Lp's net debt of $4.9B, being $5.0B of long-term debt less $107.4M of cash, came to 5.01 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and Federal Realty Op Lp scores 52/100 among other REITs.
Federal Realty Op Lp's operating income of $602.2M covered its interest expense of $183.6M 3.28 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Federal Realty Op Lp scores 79/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Federal Realty Op Lp scores 85/100 on it among other REITs.
Not available for Federal Realty Op Lp, and counted as zero in the overall score.
Federal Realty Op Lp passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Federal Realty Op Lp generates $1.51 in operating cash flow ($622.4M OCF vs $411.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Federal Realty Op Lp earns $3.28 in operating income for every $1 of interest expense ($602.2M vs $183.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Federal Realty Op Lp generated $341.1M in revenue in Q1 2026. This represents an increase of 10.3% from the same quarter a year earlier. Against the prior quarter it is up 1.5%.
Federal Realty Op Lp's EBITDA was $308.2M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 58.0% from the same quarter a year earlier. Against the prior quarter it is up 10.9%.
Federal Realty Op Lp reported $159.1M in net income in Q1 2026. This represents an increase of 149.5% from the same quarter a year earlier. Against the prior quarter it is up 22.6%.
Federal Realty Op Lp earned $1.81 per diluted share (EPS) in Q1 2026. This represents an increase of 151.4% from the same quarter a year earlier. Against the prior quarter it is up 22.3%.
Cash & Balance Sheet
Federal Realty Op Lp held $115.6M in cash as of Q1 2026; long-term debt is not reported for that period.
Federal Realty Op Lp paid $1.13 per share in dividends in Q1 2026. This represents an increase of 2.7% from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q1 2026.
Margins & Returns
Federal Realty Op Lp's operating margin was 61.3% in Q1 2026, reflecting core business profitability. This is up 26.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.5 percentage points.
Federal Realty Op Lp's net profit margin was 46.7% in Q1 2026, showing the share of revenue converted to profit. This is up 26.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.0 percentage points.
Federal Realty Op Lp's ROE was 4.8% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Not reported for Q1 2026.
Capital Allocation
None of these metrics is reported for Q1 2026.
FRT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $341.1M+10.3% | $336.0M+7.9% | $322.3M+6.1% | $311.5M+5.2% | $309.2M+6.1% | $311.4M+6.7% | $303.6M+5.9% | $296.1M+5.5% |
| SG&A Expenses | $11.9M+9.7% | $12.5M-15.9% | $11.6M+7.6% | $11.9M-1.4% | $10.9M-9.4% | $14.8M+13.1% | $10.8M-17.7% | $12.1M+1.5% |
| Operating Income | $209.0M+93.3% | $180.7M+65.3% | $110.7M+4.6% | $202.7M+29.1% | $108.1M+7.9% | $109.3M+0.5% | $105.8M+5.7% | $157.0M+54.2% |
| EBITDA | $308.2M+58.0% | $278.0M+41.5% | $204.9M+6.3% | $292.0M+20.6% | $195.1M+6.3% | $196.4M+2.7% | $192.9M+6.1% | $242.1M+33.9% |
| Interest Expense | $49.1M+15.6% | $48.9M+13.2% | $47.6M+7.6% | $44.6M+0.6% | $42.5M-2.8% | $43.2M+0.6% | $44.2M+3.5% | $44.3M+3.3% |
| Net Income | $159.1M+149.5% | $129.7M+98.0% | $61.6M+1.1% | $155.9M+39.2% | $63.8M+12.4% | $65.5M+2.2% | $61.0M+6.8% | $112.0M+85.1% |
| EPS (Basic) | $1.82+152.8% | $1.48+100.0% | $0.69-1.4% | $1.78+34.8% | $0.72+9.1% | $0.74-2.6% | $0.70+4.5% | $1.32+83.3% |
| EPS (Diluted) | $1.81+151.4% | $1.48+100.0% | $0.69-1.4% | $1.78+34.8% | $0.72+9.1% | $0.74-2.6% | $0.70+4.5% | $1.32+83.3% |
| Diluted Shares (Avg) | 87M+1.4% | N/A | 86M+2.4% | 87M+3.6% | 85M+3.5% | N/A | 84M+3.3% | 84M+2.9% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Income Tax.
FRT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.1B+5.5% | $9.1B+7.1% | $8.9B+4.5% | $8.6B+2.4% | $8.6B+4.2% | $8.5B+1.0% | $8.5B+2.2% | $8.4B+1.7% |
| Cash & Equivalents | $115.6M+5.9% | $107.4M-13.0% | $111.3M+14.7% | $177.0M+71.5% | $109.2M+13.9% | $123.4M-50.8% | $97.0M-1.2% | $103.2M+5.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.5B+6.9% | $5.6B+10.4% | $5.4B+5.5% | $5.1B-0.9% | $5.2B+1.6% | $5.1B-2.1% | $5.1B-0.8% | $5.2B+0.9% |
| Long-Term Debt | N/A | $5.0B+10.4% | N/A | N/A | N/A | $4.5B-2.6% | N/A | N/A |
| Total Equity | $3.3B+3.7% | $3.2B+2.4% | $3.2B+3.3% | $3.2B+8.5% | $3.2B+9.4% | $3.2B+7.0% | $3.1B+8.0% | $3.0B+3.3% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Retained Earnings.
FRT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $184.6M+3.1% | $144.8M+21.1% | $147.8M+2.6% | $150.7M-11.2% | $179.0M+26.8% | $119.6M+6.2% | $144.1M-4.5% | $169.7M+13.7% |
| Depreciation & Amortization | $99.2M+14.1% | $97.4M+11.8% | $94.3M+8.3% | $89.2M+4.9% | $86.9M+4.2% | $87.1M+5.7% | $87.0M+6.5% | $85.0M+7.7% |
| Stock-Based Compensation | $4.3M+10.9% | N/A | $3.4M-1.8% | $3.6M+3.0% | $3.9M-6.7% | N/A | $3.5M+3.8% | $3.5M+3.9% |
| Investing Cash Flow | $20.5M+111.3% | -$269.6M-277.7% | -$357.2M-190.8% | $65.4M+135.2% | -$181.8M-171.5% | -$71.4M-2.4% | -$122.8M-45.5% | -$185.7M-79.6% |
| Financing Cash Flow | -$198.9M-1885.7% | $114.7M+724.1% | $133.5M+552.8% | -$135.2M-641.8% | -$10.0M+95.6% | -$18.4M-116.1% | -$29.5M+55.7% | $25.0M+149.5% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
FRT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 61.3%+26.3pp | 53.8%+18.7pp | 34.3%-0.5pp | 65.1%+12.1pp | 35.0%+0.6pp | 35.1%-2.2pp | 34.9%-0.1pp | 53.0%+16.8pp |
| Net Margin | 46.7%+26.0pp | 38.6%+17.6pp | 19.1%-0.9pp | 50.0%+12.2pp | 20.6%+1.2pp | 21.0%-0.9pp | 20.1%+0.2pp | 37.8%+16.3pp |
| Return on Equity | 4.8%+2.8pp | 4.0%+1.9pp | 1.9%0.0pp | 4.8%+1.1pp | 2.0%+0.1pp | 2.1%-0.1pp | 2.0%0.0pp | 3.7%+1.7pp |
| Return on Assets | 1.8%+1.0pp | 1.4%+0.7pp | 0.7%0.0pp | 1.8%+0.5pp | 0.7%+0.1pp | 0.8%0.0pp | 0.7%0.0pp | 1.3%+0.6pp |
| Debt-to-Equity | 1.670.0x | 1.53+0.1x | 1.680.0x | 1.58-0.1x | 1.62-0.1x | 1.42-0.1x | 1.64-0.1x | 1.730.0x |
| Asset Turnover | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Federal Realty Op Lp FRT | FY2025 | $1.3B | $411.1M | 32.1% | $10.3B | 63/100 |
| Brixmor Ppty Group Inc BRX | FY2025 | $1.4B | $386.2M | 28.2% | $9.0B | 36/100 |
| Agree Rlty Corp ADC | FY2025 | $718.4M | $204.3M | 28.4% | $9.0B | 47/100 |
| NNN REIT Inc NNN | FY2025 | $926.2M | $389.8M | 42.1% | $8.7B | 76/100 |
| Essential Properties Realty Trust EPRT | FY2025 | $561.2M | $253.0M | 45.1% | $6.5B | 79/100 |
| Kite Rlty Group Tr KRG | FY2025 | $844.4M | $298.7M | 35.4% | $5.2B | 40/100 |
Where Federal Realty Op Lp Ranks
Frequently Asked Questions
What is Federal Realty Op Lp's annual revenue?
Federal Realty Op Lp (FRT) reported $1.3B in total revenue for fiscal year 2025. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Federal Realty Op Lp's revenue growing?
Federal Realty Op Lp (FRT) revenue grew by 6.4% year-over-year, from $1.2B to $1.3B in fiscal year 2025.
Is Federal Realty Op Lp profitable?
Yes, Federal Realty Op Lp (FRT) reported a net income of $411.1M in fiscal year 2025, with a net profit margin of 32.1%.
What is Federal Realty Op Lp's EBITDA?
Federal Realty Op Lp (FRT) had EBITDA of $970.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Federal Realty Op Lp have?
As of fiscal year 2025, Federal Realty Op Lp (FRT) had $107.4M in cash and equivalents against $5.0B in long-term debt.
What is Federal Realty Op Lp's operating margin?
Federal Realty Op Lp (FRT) had an operating margin of 47.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Federal Realty Op Lp's net profit margin?
Federal Realty Op Lp (FRT) had a net profit margin of 32.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Federal Realty Op Lp pay dividends?
Yes, Federal Realty Op Lp (FRT) paid $4.46 per share in dividends during fiscal year 2025.
What is Federal Realty Op Lp's return on equity (ROE)?
Federal Realty Op Lp (FRT) has a return on equity of 12.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Federal Realty Op Lp's operating cash flow?
Federal Realty Op Lp (FRT) generated $622.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Federal Realty Op Lp's total assets?
Federal Realty Op Lp (FRT) had $9.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Federal Realty Op Lp's debt-to-equity ratio?
Federal Realty Op Lp (FRT) had a debt-to-equity ratio of 1.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Federal Realty Op Lp's return on assets (ROA)?
Federal Realty Op Lp (FRT) had a return on assets of 4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Federal Realty Op Lp's P/E ratio?
Federal Realty Op Lp (FRT) trades at 20.4x earnings, its market capitalization divided by net income of $506.4M net income, trailing 12 months to March 31, 2026. The market capitalization is $10.3B as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Federal Realty Op Lp's price-to-sales ratio?
Federal Realty Op Lp (FRT) trades at 7.9x sales, its market capitalization divided by revenue of $1.3B revenue, trailing 12 months to March 31, 2026. The market capitalization is $10.3B as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Federal Realty Op Lp's Piotroski F-Score?
Federal Realty Op Lp (FRT) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Federal Realty Op Lp's earnings high quality?
Federal Realty Op Lp (FRT) has an earnings quality ratio of 1.51x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Federal Realty Op Lp cover its interest payments?
Federal Realty Op Lp (FRT) has an interest coverage ratio of 3.28x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Federal Realty Op Lp?
Federal Realty Op Lp (FRT) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.