$FRT
FEDERAL REALTY INVESTMENT TRUST

2024 Q3 Form 10-Q Financial Statement

#000003490324000056 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $303.6M $296.1M
YoY Change 5.94% 5.48%
Cost Of Revenue $99.95M $94.18M
YoY Change 9.12% 7.03%
Gross Profit $203.7M $201.9M
YoY Change 4.45% 4.77%
Gross Profit Margin 67.08% 68.19%
Selling, General & Admin $10.82M $12.09M
YoY Change -17.39% 1.5%
% of Gross Profit 5.31% 5.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.03M $85.05M
YoY Change 6.52% 7.69%
% of Gross Profit 42.73% 42.13%
Operating Expenses $197.8M $191.3M
YoY Change 6.05% 6.96%
Operating Profit $105.8M $157.0M
YoY Change 5.74% 54.23%
Interest Expense $44.24M $44.31M
YoY Change 3.54% 3.33%
% of Operating Profit 41.8% 28.22%
Other Income/Expense, Net
YoY Change
Pretax Income $63.46M $114.7M
YoY Change 6.84% 81.98%
Income Tax
% Of Pretax Income
Net Earnings $60.95M $112.0M
YoY Change 6.85% 85.1%
Net Earnings / Revenue 20.07% 37.83%
Basic Earnings Per Share $0.70 $1.32
Diluted Earnings Per Share $0.70 $1.32
COMMON SHARES
Basic Shares Outstanding 83.67M shares 82.95M shares
Diluted Shares Outstanding 83.99M shares 83.56M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.02M $103.2M
YoY Change -1.2% 5.27%
Cash & Equivalents $97.02M $103.2M
Short-Term Investments
Other Short-Term Assets $276.3M $254.5M
YoY Change 8.28% 5.04%
Inventory
Prepaid Expenses
Receivables $206.5M $194.6M
Other Receivables $9.157M $9.170M
Total Short-Term Assets $589.0M $561.6M
YoY Change 6.19% 2.98%
LONG-TERM ASSETS
Property, Plant & Equipment $7.857B $7.815B
YoY Change 2.05% 1.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.01M $33.94M
YoY Change -7.02% -2.88%
Other Assets $8.583M $10.58M
YoY Change 86.59% 125.55%
Total Long-Term Assets $7.890B $7.860B
YoY Change 1.95% 1.63%
TOTAL ASSETS
Total Short-Term Assets $589.0M $561.6M
Total Long-Term Assets $7.890B $7.860B
Total Assets $8.479B $8.421B
YoY Change 2.24% 1.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $201.1M $176.7M
YoY Change -4.21% -5.53%
Accrued Expenses $75.41M $75.95M
YoY Change -1.3% -1.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $402.6M $375.9M
YoY Change -1.3% -2.02%
LONG-TERM LIABILITIES
Long-Term Debt $4.485B $4.566B
YoY Change -0.73% 1.49%
Other Long-Term Liabilities $224.7M $225.5M
YoY Change -2.26% -4.99%
Total Long-Term Liabilities $4.710B $4.792B
YoY Change -0.8% 1.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $402.6M $375.9M
Total Long-Term Liabilities $4.710B $4.792B
Total Liabilities $5.113B $5.168B
YoY Change -0.84% 0.93%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.161B $4.006B
YoY Change 8.15% 4.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.111B $2.996B
YoY Change
Total Liabilities & Shareholders Equity $8.479B $8.421B
YoY Change 2.24% 1.72%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $60.95M $112.0M
YoY Change 6.85% 85.1%
Depreciation, Depletion And Amortization $87.03M $85.05M
YoY Change 6.52% 7.69%
Cash From Operating Activities $144.1M $169.7M
YoY Change -4.52% 13.7%
INVESTING ACTIVITIES
Capital Expenditures $118.4M $274.2M
YoY Change 47.2% 165.5%
Acquisitions
YoY Change
Other Investing Activities -$4.473M $88.55M
YoY Change 9.1% -90455.1%
Cash From Investing Activities -$122.8M -$185.7M
YoY Change 45.53% 79.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.47M 24.96M
YoY Change -55.62% -149.52%
NET CHANGE
Cash From Operating Activities 144.1M 169.7M
Cash From Investing Activities -122.8M -185.7M
Cash From Financing Activities -29.47M 24.96M
Net Change In Cash -8.211M 8.996M
YoY Change -8311.0% -298.94%
FREE CASH FLOW
Cash From Operating Activities $144.1M $169.7M
Capital Expenditures $118.4M $274.2M
Free Cash Flow $25.73M -$104.5M
YoY Change -63.5% -327.3%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
82775286 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82768000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81214000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82768000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81178000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.32
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.98
us-gaap Interest Costs Incurred
InterestCostsIncurred
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us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
11147000 usd
us-gaap Interest Expense
InterestExpense
82109000 usd
us-gaap Interest Paid Net
InterestPaidNet
75389000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
779000 usd
frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
851000 usd
frt Redemptionofdown Rei Toperatingpartnershipunitsforcommonshares
RedemptionofdownREIToperatingpartnershipunitsforcommonshares
668000 usd
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82932000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83563000 shares
CY2024Q2 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
12358000 usd
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3070813000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3042159000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
3437000 usd
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
169234000 usd
frt Other Comprehensive Income Loss Attributable To Redeemable Noncontrolling Interest
OtherComprehensiveIncomeLossAttributableToRedeemableNoncontrollingInterest
79000 usd
frt Other Comprehensive Income Loss Net Of Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfPortionAttributableToNoncontrollingInterest
2990000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.18
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
181564000 usd
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
4016000 usd
frt Redeemable Noncontrolling Interest Decrease From Distributions To Redeemable Noncontrolling Interest Holders
RedeemableNoncontrollingInterestDecreaseFromDistributionsToRedeemableNoncontrollingInterestHolders
4321000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1890000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
847000 usd
frt Share Based Compensation Expense Net Value
ShareBasedCompensationExpenseNetValue
8175000 usd
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4686000 usd
frt Contributionsfromnoncontrollinginterests
Contributionsfromnoncontrollinginterests
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us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
12358000 usd
frt Capped Call Premium
CappedCallPremium
19448000 usd
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3070813000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3004241000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1551000 usd
CY2023Q2 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
61453000 usd
CY2023Q2 frt Other Comprehensive Income Loss Attributable To Redeemable Noncontrolling Interest
OtherComprehensiveIncomeLossAttributableToRedeemableNoncontrollingInterest
112000 usd
CY2023Q2 frt Other Comprehensive Income Loss Net Of Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfPortionAttributableToNoncontrollingInterest
950000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.08
CY2023Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
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CY2023Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
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CY2023Q2 frt Redeemable Noncontrolling Interest Decrease From Distributions To Redeemable Noncontrolling Interest Holders
RedeemableNoncontrollingInterestDecreaseFromDistributionsToRedeemableNoncontrollingInterestHolders
1867000 usd
CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1154000 usd
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2023Q2 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
482000 usd
CY2023Q2 frt Share Based Compensation Expense Net Value
ShareBasedCompensationExpenseNetValue
3696000 usd
CY2023Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2023Q2 frt Contributionsfromnoncontrollinginterests
Contributionsfromnoncontrollinginterests
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2980431000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
3219000 usd
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
117516000 usd
frt Other Comprehensive Income Loss Attributable To Redeemable Noncontrolling Interest
OtherComprehensiveIncomeLossAttributableToRedeemableNoncontrollingInterest
-13000 usd
frt Other Comprehensive Income Loss Net Of Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfPortionAttributableToNoncontrollingInterest
-261000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.16
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
176064000 usd
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
4016000 usd
frt Redeemable Noncontrolling Interest Decrease From Distributions To Redeemable Noncontrolling Interest Holders
RedeemableNoncontrollingInterestDecreaseFromDistributionsToRedeemableNoncontrollingInterestHolders
3427000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2202000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
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frt Share Based Compensation Expense Net Value
ShareBasedCompensationExpenseNetValue
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4711000 usd
frt Contributionsfromnoncontrollinginterests
Contributionsfromnoncontrollinginterests
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2980431000 usd
us-gaap Profit Loss
ProfitLoss
172671000 usd
us-gaap Profit Loss
ProfitLoss
120735000 usd
frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
168453000 usd
frt Adjustment Depreciation And Amortization
AdjustmentDepreciationAndAmortization
157611000 usd
frt Gain On Sale Of Real Estate
GainOnSaleOfRealEstate
52280000 usd
frt Gain On Sale Of Real Estate
GainOnSaleOfRealEstate
1702000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
937000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2181000 usd
us-gaap Straight Line Rent
StraightLineRent
10686000 usd
us-gaap Straight Line Rent
StraightLineRent
5021000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
7639000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
7445000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
990000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2611000 usd
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-16294000 usd
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-3018000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-15084000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-13505000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1383000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1431000 usd
frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
-5748000 usd
frt Increase Decrease In Security Deposits And Other Liabilities
IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
2908000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
310883000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
292276000 usd
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
213875000 usd
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
59568000 usd
frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
68616000 usd
frt Capital Expenditures Development Redevelopment
CapitalExpendituresDevelopmentRedevelopment
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frt Capital Expenditures Other
CapitalExpendituresOther
55489000 usd
frt Capital Expenditures Other
CapitalExpendituresOther
50913000 usd
us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
96324000 usd
us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
12626000 usd
us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
2142000 usd
us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
7569000 usd
us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
13113000 usd
us-gaap Increase Decrease In Lease Acquisition Costs
IncreaseDecreaseInLeaseAcquisitionCosts
9247000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-252627000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-204199000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
81800000 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
31500000 usd
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
471507000 usd
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
345685000 usd
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
600000000 usd
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
275000000 usd
frt Costs To Extend And Issue Notes Payable And Mortgages
CostsToExtendAndIssueNotesPayableAndMortgages
902000 usd
frt Costs To Extend And Issue Notes Payable And Mortgages
CostsToExtendAndIssueNotesPayableAndMortgages
0 usd
frt Repayment Of Mortgages Finance Leases And Notes Payable
RepaymentOfMortgagesFinanceLeasesAndNotesPayable
1640000 usd
frt Repayment Of Mortgages Finance Leases And Notes Payable
RepaymentOfMortgagesFinanceLeasesAndNotesPayable
1636000 usd
frt Purchase Of Capped Calls
PurchaseOfCappedCalls
19448000 usd
frt Purchase Of Capped Calls
PurchaseOfCappedCalls
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
70938000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6246000 usd
frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
183875000 usd
frt Dividends Paid To Common And Preferred Shareholders
DividendsPaidToCommonAndPreferredShareholders
179043000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4686000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4711000 usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
725000 usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
927000 usd
frt Paymentsofdividendsandredemptionsminorityinterest
Paymentsofdividendsandredemptionsminorityinterest
18862000 usd
frt Paymentsofdividendsandredemptionsminorityinterest
Paymentsofdividendsandredemptionsminorityinterest
5637000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-204443000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-81669000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6408000 usd
us-gaap Nature Of Operations
NatureOfOperations
BUSINESS AND ORGANIZATION<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Federal Realty Investment Trust (the "Parent Company" and the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of June 30, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General Economic Conditions</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Heightened levels of inflation and higher interest rates present risks for our business and our tenants. We continue to monitor and address risks related to the general state of the economy. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.</span></div>
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
102 project
frt Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.90
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect </span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</span></div>
us-gaap Interest Costs Incurred
InterestCostsIncurred
98466000 usd
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
10461000 usd
us-gaap Interest Expense
InterestExpense
88005000 usd
us-gaap Interest Paid Net
InterestPaidNet
86045000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
191000 usd
frt Dividends Reinvested In Noncash Financing Transaction
DividendsReinvestedInNoncashFinancingTransaction
839000 usd
frt Redemptionofdown Rei Toperatingpartnershipunitsforcommonshares
RedemptionofdownREIToperatingpartnershipunitsforcommonshares
366000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
103234000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
250825000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10583000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9179000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
113817000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260004000 usd
CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.09
CY2024Q2 us-gaap Derivative Assets
DerivativeAssets
7500000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.180
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.180
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.160
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.160
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3745000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3696000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8175000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8130000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
266000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
348000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
536000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
685000 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3479000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3348000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
7639000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
7445000 usd
CY2023Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
300000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
300000 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
300000 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
300000 shares
CY2024Q2 us-gaap Profit Loss
ProfitLoss
114655000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
63004000 usd
us-gaap Profit Loss
ProfitLoss
172671000 usd
us-gaap Profit Loss
ProfitLoss
120735000 usd
CY2024Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2008000 usd
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2008000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4016000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4016000 usd
CY2024Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2673000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2505000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3953000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4901000 usd
CY2024Q2 frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
399000 usd
CY2023Q2 frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
324000 usd
frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
663000 usd
frt Earnings Allocated To Unvested Shares
EarningsAllocatedToUnvestedShares
651000 usd
CY2024Q2 frt Net Income Available For Common Shareholders Basic
NetIncomeAvailableForCommonShareholdersBasic
109575000 usd
CY2023Q2 frt Net Income Available For Common Shareholders Basic
NetIncomeAvailableForCommonShareholdersBasic
58167000 usd
frt Net Income Available For Common Shareholders Basic
NetIncomeAvailableForCommonShareholdersBasic
164039000 usd
frt Net Income Available For Common Shareholders Basic
NetIncomeAvailableForCommonShareholdersBasic
111167000 usd
CY2024Q2 frt Income Attributable To Down Reit Operating Partnership Units
IncomeAttributableToDownREITOperatingPartnershipUnits
686000 usd
CY2023Q2 frt Income Attributable To Down Reit Operating Partnership Units
IncomeAttributableToDownREITOperatingPartnershipUnits
0 usd
frt Income Attributable To Down Reit Operating Partnership Units
IncomeAttributableToDownREITOperatingPartnershipUnits
0 usd
frt Income Attributable To Down Reit Operating Partnership Units
IncomeAttributableToDownREITOperatingPartnershipUnits
0 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
110261000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
58167000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
164039000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
111167000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82932000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81214000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82768000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81178000 shares
CY2024Q2 frt Common Shares Attributable To Dilutive Effect Of Down Reit Operating Partnership Units
CommonSharesAttributableToDilutiveEffectOfDownREITOperatingPartnershipUnits
631000 shares
CY2023Q2 frt Common Shares Attributable To Dilutive Effect Of Down Reit Operating Partnership Units
CommonSharesAttributableToDilutiveEffectOfDownREITOperatingPartnershipUnits
0 shares
frt Common Shares Attributable To Dilutive Effect Of Down Reit Operating Partnership Units
CommonSharesAttributableToDilutiveEffectOfDownREITOperatingPartnershipUnits
0 shares
frt Common Shares Attributable To Dilutive Effect Of Down Reit Operating Partnership Units
CommonSharesAttributableToDilutiveEffectOfDownREITOperatingPartnershipUnits
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83563000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81214000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82768000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81178000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.32
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.32
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.98
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.98
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37

Files In Submission

Name View Source Status
frt-20240630_def.xml Edgar Link unprocessable
0000034903-24-000056-index-headers.html Edgar Link pending
0000034903-24-000056-index.html Edgar Link pending
0000034903-24-000056.txt Edgar Link pending
0000034903-24-000056-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
frt-06302024xex311.htm Edgar Link pending
frt-06302024xex312.htm Edgar Link pending
frt-06302024xex313.htm Edgar Link pending
frt-06302024xex314.htm Edgar Link pending
frt-06302024xex321.htm Edgar Link pending
frt-06302024xex322.htm Edgar Link pending
frt-06302024xex323.htm Edgar Link pending
frt-06302024xex324.htm Edgar Link pending
frt-20240630.htm Edgar Link pending
frt-20240630.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
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frt-20240630_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
frt-20240630_lab.xml Edgar Link unprocessable
frt-20240630_pre.xml Edgar Link unprocessable
frt-20240630_htm.xml Edgar Link completed
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