Federal Realty Investment Trust (FRT)

FRT Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	346.87	295.21	236.99	385.49	261.5	131.71
Depreciation & Amortization	344.26	329.28	309.33	291.58	271.52	250.98
Gain (Loss) on Sale of Assets	-79.43	-54.04	-9.88	-163.86	-89.95	-98.12
Asset Writedown	-	-	-	-	-	57.22
Stock-Based Compensation	16.12	16.36	14.31	13.7	13.01	11.92
Income (Loss) on Equity Investments	-3.02	-3.16	-3.87	-5.17	-1.25	8.06
Change in Accounts Receivable	-4.59	-0.8	3.47	-12.07	1.21	-6.03
Change in Accounts Payable	2.33	1.55	6.01	0.08	6.78	5.62
Change in Other Net Operating Assets	-3.08	-3.29	-6.65	9.15	5.11	-5.06
Other Operating Activities	-22.33	-6.55	6.13	-2.14	3.42	13.62
Operating Cash Flow	597.13	574.56	555.83	516.77	471.35	369.93
Operating Cash Flow Growth	5.21%	3.37%	7.56%	9.63%	27.42%	-19.91%
Acquisition of Real Estate Assets	-661.94	-520.69	-371.75	-855.2	-806.98	-511.53
Sale of Real Estate Assets	144.76	99.93	28.45	133.72	137.87	183.46
Net Sale / Acq. of Real Estate Assets	-517.19	-420.76	-343.3	-721.48	-669.11	-328.06
Investment in Marketable & Equity Securities	3.45	4.74	9.86	-16.29	-0.15	-2.05
Other Investing Activities	-	-	-1.38	-18.03	-	-12.92
Investing Cash Flow	-544.88	-446.83	-358.33	-786	-660.12	-368.38
Long-Term Debt Issued	-	471.51	544.94	298.57	-	1,493
Long-Term Debt Repaid	-	-604.4	-333.47	-19.44	-277.64	-580.6
Net Debt Issued (Repaid)	242.9	-132.89	211.46	279.13	-277.64	912.41
Issuance of Common Stock	136.14	304.05	131.9	307.28	172.98	99.18
Repurchase of Common Stock	-26.04	-26.16	-5.02	-4.9	-3	-4.05
Common & Preferred Dividends Paid	-371.59	-371.59	-359.19	-347.28	-335.66	-324.6
Total Dividends Paid	-384.03	-371.59	-359.19	-347.28	-335.66	-324.6
Other Financing Activities	0.86	-25.71	-12.99	-43.8	-9.65	-21.2
Net Cash Flow	22.08	-124.56	163.66	-78.82	-641.73	663.28
Cash Interest Paid	169.33	169.33	158.8	130.91	123.59	130.25
Cash Income Tax Paid	0.18	0.18	0.28	0.62	0.39	0.58
Levered Free Cash Flow	425.26	387.79	600.73	240.56	312.28	227.58
Unlevered Free Cash Flow	536.46	497.46	705.61	326.18	392.09	312.76
Change in Working Capital	-5.34	-2.54	2.83	-2.84	13.1	-5.47

Updated Oct 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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