Income Statement

Revenue

+19%

+53%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	69	66	62	65	66	69	74	75	79	82	85	85	86	86	87	82	91	94	93	95	98	102	110	111	108	105	101	99	98	100	105	109	111	111	106	102	(1)	(2)	(4)	98	102	107	111	113	112	110	108	105	101	97	94	94	95	95	94	93	92	92	94	95	95	96	98	100	103	106	108	110	112	112	111	110	110	117	126	136	140	137	133	128	127	128	131	137	145	155	163	168	172	174	175	175	174	175	178	184
Revenue	300 N/A	303 +1%	306 +1%	310 +2%	324 +5%	333 +3%	342 +3%	346 +1%	363 +5%	376 +4%	387 +3%	384 -1%	392 +2%	394 +1%	399 +1%	391 -2%	416 +6%	424 +2%	422 0%	427 +1%	435 +2%	445 +2%	470 +6%	483 +3%	494 +2%	505 +2%	513 +2%	520 +1%	525 +1%	527 +0%	526 0%	529 +1%	535 +1%	538 +1%	540 +0%	542 +0%	542 0%	545 +1%	549 +1%	551 +0%	560 +2%	570 +2%	590 +3%	606 +3%	617 +2%	628 +2%	629 +0%	637 +1%	651 +2%	662 +2%	673 +2%	686 +2%	700 +2%	714 +2%	728 +2%	744 +2%	758 +2%	774 +2%	790 +2%	802 +1%	811 +1%	821 +1%	838 +2%	857 +2%	875 +2%	892 +2%	904 +1%	915 +1%	922 +1%	928 +1%	932 +0%	936 +0%	935 0%	881 -6%	855 -3%	836 -2%	822 -2%	878 +7%	917 +4%	951 +4%	990 +4%	1 022 +3%	1 049 +3%	1 074 +2%	1 091 +2%	1 107 +2%	1 121 +1%	1 132 +1%	1 150 +2%	1 166 +1%	1 183 +1%	1 202 +2%	1 220 +1%	1 236 +1%	1 254 +2%	1 279 +2%
Gross Profit
Cost of Revenue	(93)	(95)	(97)	(102)	(110)	(114)	(116)	(114)	(118)	(122)	(126)	(127)	(129)	(126)	(124)	(119)	(124)	(127)	(125)	(125)	(128)	(132)	(142)	(146)	(151)	(157)	(162)	(165)	(168)	(168)	(164)	(166)	(169)	(169)	(172)	(169)	0	(0)	0	(170)	(167)	(170)	(175)	(179)	(184)	(187)	(187)	(191)	(199)	(204)	(209)	(212)	(218)	(221)	(225)	(233)	(237)	(244)	(252)	(254)	(254)	(258)	(263)	(273)	(280)	(284)	(287)	(288)	(287)	(285)	(297)	(299)	(300)	(301)	(290)	(290)	(296)	(301)	(307)	(317)	(325)	(335)	(348)	(357)	(358)	(363)	(363)	(363)	(371)	(377)	(386)	(392)	(400)	(405)	(410)	(419)
Gross Profit	207 N/A	208 +1%	209 +0%	208 0%	215 +3%	220 +2%	226 +3%	231 +2%	245 +6%	254 +4%	260 +2%	256 -2%	263 +3%	268 +2%	274 +2%	272 -1%	292 +7%	297 +2%	298 +0%	302 +1%	306 +2%	313 +2%	328 +5%	337 +3%	343 +2%	348 +1%	352 +1%	355 +1%	357 +1%	359 +1%	362 +1%	362 +0%	367 +1%	369 +1%	368 0%	373 +1%	542 +45%	544 +0%	549 +1%	381 -31%	393 +3%	400 +2%	415 +4%	427 +3%	433 +1%	441 +2%	442 +0%	447 +1%	452 +1%	458 +1%	465 +2%	474 +2%	482 +2%	493 +2%	503 +2%	511 +1%	520 +2%	530 +2%	538 +2%	548 +2%	556 +2%	563 +1%	575 +2%	585 +2%	596 +2%	608 +2%	618 +2%	628 +2%	636 +1%	643 +1%	635 -1%	637 +0%	635 0%	580 -9%	566 -3%	545 -4%	527 -3%	577 +10%	609 +6%	635 +4%	665 +5%	687 +3%	701 +2%	718 +2%	733 +2%	744 +2%	757 +2%	769 +2%	779 +1%	789 +1%	797 +1%	811 +2%	820 +1%	831 +1%	844 +2%	860 +2%
Operating Income
Operating Expenses	(75)	(77)	(78)	(77)	(93)	(95)	(97)	(85)	(90)	(96)	(102)	(105)	(107)	(107)	(108)	(104)	(111)	(113)	(112)	(115)	(116)	(119)	(124)	(128)	(130)	(133)	(135)	(138)	(139)	(139)	(139)	(137)	(137)	(139)	(141)	(143)	(544)	(545)	(549)	(155)	(162)	(166)	(170)	(173)	(177)	(183)	(186)	(193)	(210)	(208)	(202)	(203)	(213)	(205)	(208)	(210)	(215)	(221)	(225)	(227)	(231)	(235)	(242)	(252)	(259)	(264)	(268)	(278)	(281)	(285)	(287)	(283)	(169)	(288)	(292)	(297)	(298)	(306)	(314)	(330)	(340)	(347)	(355)	(355)	(362)	(365)	(370)	(372)	(377)	(383)	(386)	(392)	(395)	(399)	(407)	(415)
Selling, General & Administrative	(14)	(14)	(15)	(14)	(14)	(14)	(13)	(12)	(13)	(14)	(16)	(18)	(19)	(19)	(19)	(20)	(20)	(20)	(21)	(22)	(23)	(24)	(25)	(27)	(28)	(29)	(27)	(27)	(25)	(23)	(23)	(22)	(22)	(23)	(23)	(24)	(1)	(1)	(2)	(29)	(30)	(31)	(32)	(31)	(31)	(33)	(31)	(32)	(33)	(32)	(33)	(32)	(34)	(35)	(36)	(36)	(35)	(35)	(33)	(33)	(34)	(33)	(34)	(36)	(36)	(36)	(34)	(34)	(35)	(38)	(42)	(43)	(44)	(42)	(40)	(42)	(42)	(45)	(48)	(50)	(52)	(53)	(54)	(53)	(53)	(51)	(51)	(51)	(50)	(50)	(48)	(50)	(49)	(48)	(49)	(47)
Depreciation & Amortization	(61)	(62)	(63)	(63)	(65)	(67)	(70)	(73)	(77)	(82)	(86)	(87)	(89)	(88)	(88)	(85)	(91)	(93)	(91)	(93)	(94)	(95)	(100)	(102)	(102)	(104)	(108)	(111)	(114)	(116)	(116)	(114)	(115)	(116)	(117)	(119)	(2)	(3)	(5)	(126)	(132)	(135)	(138)	(142)	(146)	(150)	(155)	(161)	(164)	(165)	(169)	(171)	(169)	(171)	(172)	(175)	(181)	(186)	(192)	(194)	(197)	(201)	(208)	(216)	(223)	(229)	(234)	(244)	(246)	(247)	(245)	(240)	(242)	(246)	(252)	(255)	(257)	(262)	(267)	(280)	(288)	(295)	(301)	(302)	(309)	(314)	(319)	(322)	(327)	(333)	(338)	(343)	(346)	(350)	(358)	(368)
Other Operating Expenses	0	0	0	0	(14)	(14)	(14)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(542)	(542)	(542)	0	0	0	0	0	0	0	0	0	(13)	(10)	0	0	(11)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	117	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	132 N/A	132 0%	131 -1%	131 +0%	121 -7%	125 +3%	129 +3%	147 +14%	155 +5%	158 +2%	159 +1%	152 -4%	156 +3%	161 +3%	167 +4%	168 +1%	181 +8%	185 +2%	185 +0%	187 +1%	190 +2%	194 +2%	204 +5%	208 +2%	213 +2%	215 +1%	216 +1%	217 +0%	218 +0%	220 +1%	222 +1%	226 +2%	230 +2%	230 +0%	228 -1%	230 +1%	(2) N/A	(1) +63%	0 N/A	227 N/A	231 +2%	234 +2%	244 +4%	254 +4%	256 +1%	258 +1%	256 -1%	254 -1%	242 -5%	250 +3%	263 +5%	271 +3%	269 -1%	288 +7%	296 +3%	300 +1%	305 +2%	309 +1%	313 +1%	321 +2%	326 +1%	329 +1%	333 +1%	332 0%	337 +1%	344 +2%	350 +2%	350 N/A	355 +1%	358 +1%	348 -3%	355 +2%	466 +31%	292 -37%	274 -6%	249 -9%	228 -8%	271 +19%	295 +9%	305 +3%	326 +7%	340 +5%	346 +2%	363 +5%	371 +2%	379 +2%	387 +2%	397 +2%	403 +2%	406 +1%	411 +1%	418 +2%	425 +2%	432 +2%	437 +1%	445 +2%
Pre-Tax Income
Interest Income Expense	(69)	(66)	(62)	(68)	(66)	(68)	(74)	(79)	(78)	(81)	(83)	(88)	(84)	(83)	(84)	(85)	(89)	(95)	(94)	(93)	(100)	(103)	(109)	(109)	(105)	(99)	(99)	(97)	(96)	(98)	(102)	(106)	(108)	(108)	(104)	(101)	1	3	5	(96)	(100)	(105)	(109)	(111)	(110)	(108)	(106)	(103)	(99)	(95)	(93)	(93)	(94)	(94)	(92)	(91)	(91)	(91)	(94)	(95)	(95)	(96)	(98)	(100)	(103)	(107)	(110)	(113)	(115)	(114)	(112)	(110)	(110)	(121)	(131)	(143)	(146)	(140)	(133)	(126)	(124)	(122)	(124)	(131)	(138)	(147)	(155)	(159)	(163)	(167)	(169)	(168)	(167)	(168)	(172)	(179)
Non-Reccuring Items	(9)	(9)	(9)	(22)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(21)	(22)	(22)	(19)	(1)	0	0	(3)	3	3	3	0	0	0	0	0	0	(3)	(3)	(13)	0	0	(10)	(11)	0	(30)	(30)	(19)	(19)	0	0	0	0	0	0	(12)	(9)	(5)	(2)	0	7	19	31	116	0	112	40	30	47	36	93	90	73	73	173	164	166	166	66	10	8	60	60	54	55	94	94	157
Gain/Loss on Disposition of Assets	(10)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	(5)	(5)	(5)	0	5	(4)	(4)	0	(5)	(5)	5	0	11	12	4	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Pre-Tax Income	41 N/A	52 +29%	56 +6%	41 -26%	61 +48%	53 -13%	52 -2%	68 +32%	72 +6%	72 0%	80 +12%	64 -20%	83 +29%	90 +8%	87 -3%	83 -4%	92 +10%	89 -3%	92 +3%	94 +3%	90 -4%	92 +2%	95 +4%	99 +4%	109 +9%	116 +6%	118 +2%	121 +3%	101 -16%	100 0%	99 -2%	101 +3%	121 +19%	122 +1%	124 +2%	126 +2%	2 -99%	5 +206%	8 +57%	130 +1 592%	131 +0%	130 -1%	135 +4%	143 +6%	146 +2%	147 +0%	147 +0%	138 -6%	143 +4%	155 +8%	160 +3%	168 +5%	176 +5%	164 -6%	174 +6%	190 +9%	195 +3%	218 +12%	220 +1%	226 +3%	231 +2%	233 +1%	235 +1%	220 -6%	225 +2%	231 +3%	237 +3%	237 0%	246 +4%	264 +7%	267 +1%	361 +35%	355 -1%	283 -20%	183 -36%	136 -26%	129 -5%	166 +29%	255 +53%	269 +6%	274 +2%	290 +6%	395 +36%	396 +0%	399 +1%	397 0%	298 -25%	247 -17%	248 +0%	299 +21%	303 +1%	304 +0%	313 +3%	358 +14%	359 +0%	424 +18%
Net Income
Tax Provision	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Income from Continuing Operations	41	52	56	41	61	53	52	68	72	72	80	64	83	90	87	83	92	89	92	94	90	92	95	99	109	116	118	121	101	100	99	101	121	122	124	126	2	5	8	130	131	130	135	143	146	147	147	138	143	155	160	168	176	164	174	190	195	218	220	226	231	233	235	220	225	231	237	237	246	264	267	361	355	283	183	136	129	166	255	269	274	290	395	396	399	397	298	247	248	299	303	304	313	358	359	424
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	(2)	(3)	(4)	0	0	0	0	(4)	0	0	0	(6)	(3)	(4)	(5)	(5)	(5)	(5)	(6)	(6)	(6)	(5)	(5)	(5)	0	(0)	(0)	(6)	(6)	(5)	(5)	(4)	(5)	(5)	(5)	(5)	(6)	(6)	(7)	(8)	(8)	(8)	(8)	(8)	(8)	(9)	(9)	(8)	(9)	(7)	(7)	(8)	(8)	(8)	(7)	(7)	(7)	(7)	(7)	(7)	(7)	(5)	2	(4)	(4)	(6)	(13)	(8)	(9)	(10)	(10)	(10)	(10)	(10)	(9)	(10)	(9)	(9)	(9)	(9)	(11)	(12)	(12)	(13)
Net Income (Common)	41 N/A	52 +25%	52 +1%	36 -31%	54 +49%	33 -38%	41 +24%	76 +84%	79 +4%	92 +17%	86 -6%	73 -16%	79 +9%	78 -2%	90 +15%	103 +15%	110 +7%	124 +12%	118 -5%	104 -12%	98 -5%	90 -9%	91 +1%	195 +114%	202 +4%	204 +1%	217 +7%	129 -41%	109 -15%	109 0%	99 -9%	97 -2%	116 +19%	119 +2%	121 +2%	122 +1%	2 -98%	6 +195%	23 +309%	143 +523%	154 +8%	152 -1%	144 -6%	151 +5%	142 -6%	147 +3%	171 +16%	161 -5%	165 +3%	171 +4%	156 -9%	163 +4%	171 +5%	171 +0%	176 +3%	209 +19%	240 +15%	252 +5%	259 +3%	249 -4%	228 -8%	248 +9%	296 +19%	287 -3%	290 +1%	275 -5%	229 -17%	233 +2%	232 0%	249 +8%	252 +1%	345 +37%	339 -2%	269 -21%	175 -35%	123 -30%	116 -5%	152 +31%	232 +53%	252 +9%	256 +2%	272 +6%	376 +38%	376 +0%	380 +1%	378 0%	279 -26%	228 -18%	229 +1%	281 +22%	284 +1%	286 +1%	293 +2%	337 +15%	337 +0%	404 +20%
EPS (Diluted)	1.03 N/A	1.21 +17%	1.11 -8%	0.83 -25%	1.17 +41%	0.71 -39%	0.84 +18%	1.56 +86%	1.56 N/A	1.85 +19%	1.63 -12%	1.41 -13%	1.5 +6%	1.45 -3%	1.69 +17%	1.94 +15%	2.06 +6%	1.88 -9%	3.17 +69%	1.91 -40%	1.76 -8%	1.57 -11%	1.61 +3%	3.44 +114%	3.43 0%	3.46 +1%	3.68 +6%	2.18 -41%	1.85 -15%	1.84 -1%	1.64 -11%	1.62 -1%	1.89 +17%	1.93 +2%	1.96 +2%	1.98 +1%	0.03 -98%	0.08 +167%	0.36 +350%	2.27 +531%	2.42 +7%	2.33 -4%	2.23 -4%	2.34 +5%	2.17 -7%	2.21 +2%	2.59 +17%	2.46 -5%	2.47 +0%	2.48 +0%	2.31 -7%	2.41 +4%	2.48 +3%	2.48 N/A	2.54 +2%	3.02 +19%	3.39 +12%	3.55 +5%	3.61 +2%	3.5 -3%	3.16 -10%	3.44 +9%	4.09 +19%	3.96 -3%	3.96 N/A	3.76 -5%	3.12 -17%	3.17 +2%	3.1 -2%	3.34 +8%	3.36 +1%	4.61 +37%	4.52 -2%	3.58 -21%	2.33 -35%	1.62 -30%	1.52 -6%	1.95 +28%	2.99 +53%	3.26 +9%	3.26 N/A	3.23 -1%	4.6 +42%	4.67 +2%	4.67 N/A	4.64 -1%	3.43 -26%	2.8 -18%	2.75 -2%	3.35 +22%	3.38 +1%	3.42 +1%	3.42 N/A	3.88 +13%	3.93 +1%	4.68 +19%

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Federal Realty Investment Trust
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Federal Realty Investment Trust

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Federal Realty Investment Trust

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Federal Realty Investment Trust NYSE:FRT

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Income Statement Federal Realty Investment Trust

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Federal Realty Investment Trust
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Federal Realty Investment Trust

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Federal Realty Investment Trust