FRT on NYSE

Federal Realty Investment Trust

Logo: Federal Realty Investment Trust, Public domain, via Wikimedia Commons⁴

Real Estate Investment Trust in the United States

Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1984Founded¹

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TickerFRT on NYSE¹
Industryreal estate investment trust¹
HeadquartersRockville¹
Websitewww.federalrealty.com
Incorporated inMD⁵
Business address909 Rose Avenue, Suite 200, North Bethesda, Md 20852⁵
Filer categoryLarge accelerated filer⁵

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Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.1%Operating margin⁸

32.1%Net margin⁸

6.4%Revenue growth, 2025⁸

12.7%Return on equity⁸

1.53×Debt to equity⁸

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsInterestProfit

Other costs54¢$684.3M
Interest14¢$183.6M
Profit32¢$411.1M

Out of $1.3B in revenue.⁸

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Kept or used elsewhere100¢$622.4M

Out of $622.4M of cash from operations.⁸

Financial statements

Revenue⁹¹⁰¹¹¹²⁸$1.3B in 2025+37% since 2019

Operating income⁹¹⁰¹¹¹²⁸$602.2M in 2025+28% since 2019

Net income⁹¹⁰¹¹¹²⁸$411.1M in 2025+16% since 2019

Every line of the income statement in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Rental income	$1.2B	$1.2B	$1.1B
Other property income	$32.4M	$31.3M	$29.6M
Mortgage interest income	$1.1M	$1.1M	$1.1M
Total revenue	$1.3B	$1.2B	$1.1B
Rental expenses	$267.4M	$249.6M	$231.7M
Real estate taxes	$151.4M	$142.2M	$131.4M
General and administrative	$46.9M	$49.7M	$50.7M
Depreciation and amortization	$367.8M	$342.6M	$321.8M
Total operating expenses	$833.6M	$784.1M	$735.6M
New market tax credit transaction income	$14.2M	$0	$0
Gain on sale of real estate	$150.1M	$54.0M	$9.9M
Impairment charge	-$7.4M	$0	$0
OPERATING INCOME	$602.2M	$472.4M	$406.5M
Other interest income	$3.1M	$4.3M	$4.7M
Interest expense	-$183.6M	-$175.5M	-$167.8M
Income from partnerships	$1.9M	$3.2M	$3.9M
Net income attributable to noncontrolling interests	-$12.6M	-$9.1M	-$10.2M
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$411.1M	$295.2M	$237.0M
Dividends on preferred shares	-$8.0M	-$8.0M	-$8.0M
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$403.0M	$287.2M	$229.0M
Net income available for common shareholders	$4.68	$3.42	$2.80
Weighted average number of common shares	85.9M shares	83.6M shares	81.3M shares
Net income available for common shareholders	$4.68	$3.42	$2.80
Weighted average number of common shares	86.4M shares	83.6M shares	81.3M shares
NET INCOME	$423.6M	$304.3M	$247.2M
Other comprehensive (loss) income - change in value of interest rate swaps	-$2.9M	$711.0K	-$1.8M
COMPREHENSIVE INCOME	$420.7M	$305.0M	$245.4M
Comprehensive income attributable to noncontrolling interests	-$12.4M	-$9.1M	-$10.1M
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$408.4M	$295.9M	$235.3M

Total assets¹⁶⁹¹⁰¹¹¹²⁸$9.1B in 2025+34% since 2019

Total liabilities¹⁶⁹¹⁰¹¹¹²⁸$5.6B in 2025+40% since 2019

Shareholders’ equity¹⁶⁹¹⁰¹¹¹²⁸$3.2B in 2025+28% since 2019

Cash¹⁶⁹¹⁰¹¹¹²⁸$107.4M in 2025−16% since 2019

Long-term debt¹⁷¹⁶⁹¹⁰¹¹¹²⁸$5.0B in 2025+47% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Operating (including $1,832,190 and $1,825,656 of consolidated variable interest entities, respectively)	$11.3B	$10.4B
Construction-in-progress (including $28,418 and $9,939 of consolidated variable interest entities, respectively)	$374.7M	$539.8M
Real estate, at cost, total	$11.6B	$10.9B
Less accumulated depreciation and amortization (including $468,725 and $424,044 of consolidated variable interest entities, respectively)	-$3.4B	-$3.2B
Net real estate	$8.3B	$7.8B
Cash and cash equivalents	$107.4M	$123.4M
Accounts and notes receivable, net	$249.8M	$229.1M
Mortgage notes receivable, net	$9.1M	$9.1M
Investment in partnerships	$31.9M	$33.5M
Operating lease right of use assets, net	$83.1M	$85.8M
Finance lease right of use assets, net	$6.4M	$6.6M
Prepaid expenses and other assets	$354.8M	$286.3M
TOTAL ASSETS	$9.1B	$8.5B
Mortgages payable, net (including $194,176 and $186,643 of consolidated variable interest entities, respectively)	$521.8M	$514.4M
Notes payable, net	$1.1B	$601.4M
Senior notes and debentures, net	$3.4B	$3.4B
Accounts payable and accrued expenses	$219.7M	$183.6M
Dividends payable	$99.8M	$96.7M
Security deposits payable	$31.5M	$30.9M
Operating lease liabilities	$72.3M	$74.8M
Finance lease liabilities	$12.9M	$12.8M
Other liabilities and deferred credits	$250.5M	$227.8M
Total liabilities	$5.6B	$5.1B
Redeemable noncontrolling interests	$181.7M	$180.3M	$183.4M
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
Additional paid-in capital	$4.3B	$4.2B
Accumulated dividends in excess of net income	-$1.2B	-$1.2B
Total shareholders equity of the Trust	$3.2B	$3.2B
Noncontrolling interests	$70.3M	$72.5M
Total shareholders equity	$3.3B	$3.2B	$3.0B
Accumulated other comprehensive income	$2.0M	$4.7M
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	$9.1B	$8.5B
Operating real estate, consolidated variable interest entities	$1.8B	$1.8B
Construction-in-progress, consolidated variable interest entities	$28.4M	$9.9M
Accumulated depreciation and amortization, consolidated variable interest entities	$468.7M	$424.0M
Mortgages payable, consolidated variable interest entities	$194.2M	$186.6M
Preferred shares, authorized	15.0M shares	15.0M shares
Preferred shares, par value	$0.01	$0.01
Common shares of beneficial interest, par value	$0.01	$0.01
Common shares of beneficial interest, shares authorized	200.0M shares	200.0M shares
Common shares of beneficial interest, shares issued	86.3M shares	85.7M shares
Common shares of beneficial interest, shares outstanding	86.3M shares	85.7M shares

Cash from operations⁹¹⁰¹¹¹²⁸$622.4M in 2025+35% since 2019

Every line of the cash flow in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$423.6M	$304.3M	$247.2M
Depreciation and amortization	$367.8M	$342.6M	$321.8M
Gain on sale of real estate	-$150.1M	-$54.0M	-$9.9M
Income from partnerships	-$1.9M	-$3.2M	-$3.9M
New market tax credit transaction income	-$14.2M	$0	$0
Straight-line rent	-$28.0M	-$26.8M	-$11.6M
Share-based compensation expense	$14.6M	$16.4M	$14.3M
Impairment charge	$7.4M	$0	$0
Other, net	-$3.1M	-$2.2M	-$5.0M
Decrease (increase) in accounts receivable, net	$2.4M	-$796.0K	$3.5M
Increase in prepaid expenses and other assets	-$4.8M	-$5.0M	-$6.9M
Increase in accounts payable and accrued expenses	$5.6M	$1.6M	$6.0M
Increase in security deposits and other liabilities	$2.9M	$1.7M	$235.0K
Net cash provided by operating activities	$622.4M	$574.6M	$555.8M
Acquisition of real estate	-$735.3M	-$273.9M	-$60.6M
Capital expenditures - development and redevelopment	-$179.1M	-$139.5M	-$214.1M
Capital expenditures - other	-$112.3M	-$107.2M	-$97.1M
Costs associated with property sold under threat of condemnation	-$134.0K	$0	-$1.4M
Proceeds from sale of real estate	$305.6M	$99.9M	$28.5M
Investment in partnerships	-$698.0K	$0	$0
Distribution from partnerships in excess of earnings	$4.1M	$4.7M	$9.9M
Leasing costs	-$25.4M	-$30.8M	-$23.5M
Net cash used in investing activities	-$743.1M	-$446.8M	-$358.3M
Net borrowings under revolving credit facility	$310.0M	$0	$0
Issuance of senior notes, net of costs	$0	$471.5M	$345.7M
Repayment of senior notes	$0	-$600.0M	-$275.0M
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
Purchase of capped calls	$0	-$19.4M	$0
Issuance of common shares, net of costs	$54.5M	$304.0M	$131.9M
Dividends paid to common and preferred shareholders	-$388.1M	-$371.6M	-$359.2M
Shares withheld for employee taxes	-$4.9M	-$6.7M	-$5.0M
Contributions from noncontrolling interests	$2.7M	$725.0K	$1.1M
Distributions to and acquisition/redemptions of noncontrolling interests	-$21.2M	-$26.4M	-$14.1M
Net cash provided by (used in) financing activities	$103.0M	-$252.3M	-$33.8M
(Decrease) increase in cash, cash equivalents, and restricted cash	-$17.7M	-$124.6M	$163.7M

Compare Federal Realty Investment Trust with another company

The story

In 1962, the company was founded by Samuel J. Gorlitz in Washington, D.C. In 1999, the company was reorganized as a real estate investment trust in Maryland. In 2007, founder Samuel J. Gorlitz died. In 2015, the company acquired an 85% interest in The Shops at Sunset Place based on a property valuation of $110.2 million. In 2021, the company acquired a 60% ownership stake in Grossmont Center in La Mesa, California worth $175 million.

From Wikipedia’s article on Federal Realty Investment Trust, shared under CC BY-SA 4.0.⁶

Leadership

Who has led Federal Realty Investment Trust, and when. Pick a name to see everywhere that person has worked.

Chief executive

Donald C. Wood2004–now

President

Chief financial officer

Chief operating officer

1990200020102020

Chief executive officerDonald C. Wood Feb 13, 2004 to now¹⁸
PresidentJeffrey S. Berkes Feb 12, 2021 to Jan 3, 2025¹⁹
PresidentDonald C. Wood Feb 13, 2004 to Feb 12, 2021¹⁸
Chief financial officerDaniel Guglielmone Aug 17, 2016 to now²⁰
Chief financial officerJames M. Taylor Jr. Feb 11, 2013 to Feb 17, 2016²¹
Chief financial officerJoseph M. Squeri Jan 3, 2008 to Feb 12, 2008²²
Chief financial officerAndrew P. Blocher Sep 8, 2008 to Aug 16, 2012²³
Chief financial officerLarry E. Finger Feb 13, 2004 to Mar 22, 2007²⁴
Chief operating officerJeffrey S. Berkes Feb 12, 2021 to Jan 3, 2025¹⁹
Chief operating officerDawn M. Becker Feb 10, 2012 to Mar 16, 2015²⁵

Board members and other officers (19)

Executive Vice PresidentJames M. Taylor Jr. Aug 7, 2012 to Aug 7, 2012²⁶
Exec. VP-General Counse & Sec.Dawn M. Becker Sep 22, 2008 to Jun 8, 2012²⁷
Sr.VP-Chief Investment OfficerJeffrey S. Berkes Feb 13, 2004 to Mar 4, 2011²⁸
Board memberThomas McEachin Oct 6, 2022 to now²⁹
Board memberAnthony P. Nader Iii. Sep 8, 2020 to now³⁰
Board memberNicole Lamb-Hale Sep 8, 2020 to now³¹
Board memberElizabeth I. Holland Feb 9, 2017 to now³²
Board memberDawn M. Becker Feb 5, 2016 to Feb 5, 2016³³
Board memberWarren M. Thompson Jul 18, 2007 to Jan 4, 2019³⁴
Board memberGail P. Steinel Jul 14, 2006 to now³⁵
Board memberDavid W. Faeder Feb 17, 2005 to now³⁶
Board memberJoseph Vassalluzzo Feb 17, 2005 to Jan 6, 2021³⁷
Board memberKristin Gamble Feb 17, 2005 to Jan 5, 2017³⁸
Board memberJon E. Bortz Jul 1, 2005 to Jan 6, 2021³⁹
Board memberDonald C. Wood Feb 13, 2004 to now¹⁸
Board memberWalter F. Loeb Apr 9, 2004 to Feb 13, 2007⁴⁰
Board memberMark S. Ordan Sep 16, 2004 to Jan 4, 2022⁴¹
Board memberDennis L. Berman Jul 2, 2003 to Apr 8, 2004⁴²
General counselDawn M. Becker Feb 13, 2004 to now⁴³

Products and brands

shopping center

Listed on Wikidata.¹

Timeline

Feb 13, 2004New chief executive Donald C. Wood becomes CEO¹⁸
1984Founded Founded¹

Recent filings

Oct 1, 20264
Sep 30, 2026144
Aug 12, 2026SCHEDULE 13G/A
Aug 4, 20264
Jun 3, 20264
Jun 3, 20264
Apr 29, 2026SCHEDULE 13G
Apr 29, 2026SCHEDULE 13G
Mar 27, 2026DEF 14A
Mar 27, 2026DEFA14A
Mar 27, 2026ARS
Mar 26, 2026SCHEDULE 13G/A
Feb 13, 20264
Feb 13, 20264
Feb 13, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataFederal Realty Investment Trust on Wikidata
2
SEC EDGARFederal Realty Investment Trust filings on SEC EDGAR
3
WikipediaFederal Realty Investment Trust on Wikipedia
4
Wikimedia CommonsFederal Realty Investment Trust logo by Federal Realty Investment Trust, Public domain
5
SEC EDGARFederal Realty Investment Trust filings on SEC EDGAR
6
WikipediaFederal Realty Investment Trust on Wikipedia (revision used)
7
Wikimedia CommonsFederal Realty Investment Trust photo by G. Edward Johnson, Public domain
8
SEC EDGARFederal Realty Investment Trust 10-K for fiscal 2025
9
SEC EDGARFederal Realty Investment Trust 10-K for fiscal 2019
10
SEC EDGARFederal Realty Investment Trust 10-K for fiscal 2020
11
SEC EDGARFederal Realty Investment Trust 10-K for fiscal 2021
12
SEC EDGARFederal Realty Investment Trust 10-K for fiscal 2022
13
SEC EDGARFederal Realty Investment Trust 10-Q for fiscal 2025
14
SEC EDGARFederal Realty Investment Trust 10-Q for fiscal 2025
15
SEC EDGARFederal Realty Investment Trust 10-Q for fiscal 2026
16
SEC EDGARFederal Realty Investment Trust 10-K for fiscal 2019
17
SEC EDGARFederal Realty Investment Trust 10-K for fiscal 2019
18
SEC EDGARDonald C. Wood, Chief executive officer
19
SEC EDGARJeffrey S. Berkes, President
20
SEC EDGARDaniel Guglielmone, Chief financial officer
21
SEC EDGARJames M. Taylor Jr., Chief financial officer
22
SEC EDGARJoseph M. Squeri, Chief financial officer
23
SEC EDGARAndrew P. Blocher, Chief financial officer
24
SEC EDGARLarry E. Finger, Chief financial officer
25
SEC EDGARDawn M. Becker, Chief operating officer
26
SEC EDGARJames M. Taylor Jr., Executive Vice President
27
SEC EDGARDawn M. Becker, Exec. VP-General Counse & Sec.
28
SEC EDGARJeffrey S. Berkes, Sr.VP-Chief Investment Officer
29
SEC EDGARThomas McEachin, Board member
30
SEC EDGARAnthony P. Nader Iii., Board member
31
SEC EDGARNicole Lamb-Hale, Board member
32
SEC EDGARElizabeth I. Holland, Board member
33
SEC EDGARDawn M. Becker, Board member
34
SEC EDGARWarren M. Thompson, Board member
35
SEC EDGARGail P. Steinel, Board member
36
SEC EDGARDavid W. Faeder, Board member
37
SEC EDGARJoseph Vassalluzzo, Board member
38
SEC EDGARKristin Gamble, Board member
39
SEC EDGARJon E. Bortz, Board member
40
SEC EDGARWalter F. Loeb, Board member
41
SEC EDGARMark S. Ordan, Board member
42
SEC EDGARDennis L. Berman, Board member
43
SEC EDGARDawn M. Becker, General counsel