Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Federal Realty Investment Trust (FRT) delivered strong FY2024 results with revenue up 6.4% to $1.28B, operating income surging 27.5% to $602M, and net income jumping 39.2% to $411M, reflecting robust operational performance across its retail-focused REIT portfolio.
Revenue
$1.28B
+6.36% YoY
EPS (Diluted)
$4.68
+36.84% YoY
Operating Income
$602.2M
+27.49% YoY
Source: SEC XBRL
FRT reported FY2024 revenue of $1.28B, up 6.4% year over year. Operating margin was 47.1%, up 7.8 points from 39.3% a year earlier. Operating cash flow was $622.38M, up 8.3% year over year.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.97 | 0.72 | Beat +34.9% |
| Mar 2026 | 1.81 | 0.71 | Beat +155.1% |
| Dec 2025 | 1.56 | 0.76 | Beat +104.0% |
| Sep 2025 | 0.69 | 0.79 | Miss -13.2% |
Compiled by AI from this SEC filing
FRT grew total revenue by 6.4% year-over-year to $1.279B in FY2024 (from $1.202B in FY2023), reflecting strong leasing activity and rent growth across its high-quality mixed-use and retail properties.
Source: 10-K Income Statement, Financial Data
Operating margin expanded approximately 780 basis points to 47.1% in FY2024 from 39.3% in FY2023, indicating improved cost efficiency and stronger net operating income contribution from the property portfolio.
Source: 10-K Income Statement, Financial Data
Net income rose 39.2% to $411.1M and basic/diluted EPS increased 36.8% to $4.68 (from $3.42), demonstrating meaningful earnings accretion for shareholders in FY2024.
Source: 10-K Income Statement, Financial Data
Investing cash outflows increased sharply by 66.3% to -$743.1M in FY2024 (from -$446.8M in FY2023), suggesting accelerated acquisition or development spending to expand the portfolio.
Source: 10-K Cash Flow Statement, Financial Data
Long-term debt rose 10.4% to $4.964B, while financing cash flows turned positive at $102.9M (vs. -$252.3M in FY2023), indicating FRT raised new capital — likely debt or equity — to fund its investment pipeline.
Source: 10-K Balance Sheet & Cash Flow Statement, Financial Data
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
FRT's long-term debt increased 10.4% to approximately $4.96B in FY2024, with a debt-to-equity ratio of 1.73x. In a higher-for-longer interest rate environment, refinancing risk and increased interest expense could pressure future earnings and cash flows.
Source: 10-K Balance Sheet, Financial Data
As a retail-focused REIT, FRT's revenue is heavily dependent on the health of brick-and-mortar retail tenants. Any deterioration in consumer spending, tenant bankruptcies, or store closures could negatively impact occupancy rates and rental income.
Source: 10-K Income Statement, Financial Data
Cash and equivalents declined 13.0% to $107.4M in FY2024, even as operating cash flow grew. With significant ongoing capital expenditures (-$743M in investing activities), liquidity headroom is relatively limited relative to the company's asset base.
Source: 10-K Balance Sheet & Cash Flow Statement, Financial Data
Investing outflows surged 66.3% to $743.1M in FY2024, reflecting aggressive development or acquisition activity. Development projects carry execution risk including cost overruns, construction delays, and the possibility that completed assets underperform underwriting assumptions.
Source: 10-K Cash Flow Statement, Financial Data
Total assets grew 7.1% to $9.13B while stockholders' equity grew only 2.4% to $3.25B, meaning liabilities grew disproportionately faster (10.4%). This leverage creep could constrain FRT's financial flexibility if market conditions deteriorate.
Source: 10-K Balance Sheet, Financial Data
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 1.28 $B | 1.20 $B | +6.36% |
Operating Income $M | 602.20 $M | 472.36 $M | +27.49% |
Net Income $M | 411.08 $M | 295.21 $M | +39.25% |
EPS (Basic) $ | 4.68 $ | 3.42 $ | +36.84% |
EPS (Diluted) $ | 4.68 $ | 3.42 $ | +36.84% |
Answers draw on this SEC filing and the data on this page
In 2026-Q2, Federal Realty Investment Trust achieved a 7.8% YoY increase in total property revenue to $335.7 million, though net income attributable to the Trust fell 45.0% YoY to $85.7 million primarily due to lower real estate disposition gains.
FRT delivered a strong Q1 FY2026 with revenue up 10.3% YoY to $341.1M and net income surging 149.5% to $159.1M, driven by a dramatic expansion in operating margin to 61.3%.
Other companies in Retail REITs