Short answer
Federal Realty Investment Trust (FRT) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $1.3B (+6.4% year over year) and net income of $411M.
- Top risk flagged: Regulatory risk from Community Renewal Tax Relief Act of 2000, $14.2 million income recognized as NMTC compliance period ended June 2025
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- +6.4% YoY
- Net income
- $411M
- +39.2% YoY
- Operating margin
- 47.1%
- +7.8 pp YoY
- EPS (diluted)
- $4.68
- +36.8% YoY
- ROE
- 12.7%
- +3.3 pp YoY
- Operating cash flow
- $622M
- +8.3% YoY
Source: XBRL data from the Federal Realty Investment Trust (FRT) FY2025 10-K on SEC EDGAR. USD.
Federal Realty Investment Trust FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Ownership, management, redevelopment of high-quality retail and mixed-use properties in major coastal and select underserved markets
- No new products or segments introduced; continued focus on retail-centered mixed-use properties with residential and office components
- Strategic emphasis on climate change resilience and creating unique customer experiences that insulate properties from online retail impact
- Employee count stable at 320 (314 full-time, 6 part-time) with expanded hybrid work model and wellness programs in 2026
- Maintained 96.1% leased and 94.1% occupied 28.8 million commercial sq ft portfolio across 104 properties as of December 31, 2025
Management Discussion & Analysis
- Revenue not explicitly stated; net income $423.6M up from $304.3M in 2024; Funds From Operations available for common shareholders $624.3M (+9.5% YoY)
- Operating margin figures not provided; Core FFO $611.0M vs $570.7M in 2024; Core FFO per diluted share $7.06 vs $6.77 in 2024
- Best performing: acquisition activity with $752.8M properties acquired in 2025; worst impact from increased investing cash outflow $743.1M vs $446.8M in 2024 (+$296.2M)
- Dividends paid $389.7M in 2025; revolving credit facility borrowings $310.0M; $750M term loan with $145M net proceeds; capex $322M in projects under construction
- Management expects liquidity from operations, $107.4M cash, $1.25B credit facility; plans to borrow $250M in Feb 2026; potential delays to development, capital flexibility if needed
Risk Factors
- Regulatory risk from Community Renewal Tax Relief Act of 2000, $14.2 million income recognized as NMTC compliance period ended June 2025
- Macroeconomic threat of inflation and higher interest rates impacting costs and interest expenses; weighted average borrowing rate 5.0% in 2025
- Operational risk of supply chain disruptions and tariffs potentially delaying project completions and tenant build-outs, affecting rental income timing
- Competitive risk from tenant creditworthiness variability; no tenant accounts for more than 2.4% of annualized base rent but tenant pay ability may be impaired by economic conditions
- Financial risk of $750 million unsecured term loan outstanding at December 31, 2025, with maturity March 20, 2028 plus extensions and $310 million outstanding on revolving credit facility
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