Federal Realty Investment Trust

federalrealty.com

What Do They Do?

Owns, manages and redevelops retail-focused shopping centers and mixed-use properties for retailers and other tenants.

How Do They Make Money?

Most revenue comes from tenants’ leases, with rent collected over the lease term; some leases also bring in rent tied to tenant sales and reimbursements for property taxes and operating costs.

FY2024 revenue

Who Are Their Customers?

Retailers and other businesses rent space in community and neighborhood shopping centers and mixed-use properties under lease agreements.

Do Revenues Turn Into Profits?

Yes. It kept 32 cents of every revenue dollar as net income in FY2024.

Operating income, FY2024

47% of revenue

▲ +27% vs FY2023 ($472.4M, 39%)

Net income, FY2024

32% of revenue

▲ +39% vs FY2023 ($295.2M, 25%)

How Are They Changing?

Since the FY2024 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $311.5M in Q2 FY2025
Net income: ▼ −45%; vs $155.9M in Q2 FY2025

Jul 31, 2026 Raised 2026 guidance The second-quarter release announced a raise to 2026 guidance.

Growing. Revenue grew 34% in 4 years, from $951.2M in FY2020 to $1.3B in FY2024, about 8% a year.

Rent increases The latest report explicitly includes negotiating contractual rent increases during a lease term; the older report described increases through renewals and new leases.

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