10-K · February 12, 2026
Federal Realty (FRT) presents a stable, high-occupancy retail/mixed-use portfolio (104 projects, ~28.8M sq ft) with continued rent-driven revenue growth and a long dividend track record (58 consecutive annual…
Earnings analysis · 10-Q
FRT earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Federal Realty Investment Trust (FRT) reported significant growth in Q1 2026, with a 10.3% increase in total property revenue year-over-year, reaching $341.1 million. Operating income surged by 93.3% to $209 million,…
Read full summary
Federal Realty Investment Trust (FRT) reported significant growth in Q1 2026, with a 10.3% increase in total property revenue year-over-year, reaching $341.1 million. Operating income surged by 93.3% to $209 million, primarily due to a substantial gain on property sales and improved rental income from acquisitions and comparable properties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.88
What stood out
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Significant Revenue Growth
Total property revenue increased by 10.3% to $341.1 million, up from $309.2 million in Q1 2025.
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Strong Operating Income
Operating income surged by 93.3% to $209 million from $108.1 million in the prior year.
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Remarkable Gain on Property Sales
The gain on sale of real estate reached $92.7 million, compared to just $1.2 million in Q1 2025.
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Increased Rental Income
Rental income rose by 10.0% to $332.7 million year-over-year, driven by acquisitions and higher occupancy.
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Solid Property Operating Income
Property operating income increased by 11.1%, amounting to $227.4 million versus $204.8 million in the prior year.
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Enhanced Liquidity Position
Cash and cash equivalents at the end of the quarter amounted to $123.9 million, a slight increase from $122.7 million in Q1 2025.
What to watch
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Increase in Interest Expense
Interest expense rose by 15.6% to $49.1 million due to higher borrowings and interest rates compared to $42.5 million in Q1 2025.
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Covenant Risk
Existence of financial covenants in debt agreements which could trigger defaults if not complied with.
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Economic Uncertainty
General economic conditions including inflation and interest rate fluctuations present ongoing risks to operations.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 6, 2025
Federal Realty reported Q2 revenue of $311,523,000 (three months ended June 30, 2025), up $15,471,000 versus Q2 2024 revenue of $296,052,000 and up modestly versus Q1 2025 (Q1 implied $309,154,000). Diluted EPS rose to…
10-K · February 13, 2025
Federal Realty (10-K for year ended Dec 31, 2024) emphasizes a focused strategy of owning, managing and redeveloping high-quality retail and mixed-use properties in densely populated/affluent U.S. markets. The portfolio…
10-Q · October 30, 2024
Federal Realty reported Q3 revenue of $303,633,000 (three months ended September 30, 2024) and diluted EPS of $0.70. Revenue and operating income improved versus the year-ago quarter, operating margin remained robust at…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.