Federal Realty Investment Trust (FRT) FY2019 results: revenue $936 million, up 2.2% on the year
Federal Realty Investment Trust (FRT) reported revenue of $936 million for fiscal 2019, the year ended 31 December 2019, up 2.2% on the year before. Net income was $354 million, up 46.3%, and diluted earnings per share $4.61. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2020.
Revenue
$936 million
+2.2% on the year
FY2012FY2019
Operating margin
50.3%
39.5% a year earlier
FY2012FY2019
Net income
$354 million
+46.3% on the year
FY2012FY2019
Diluted EPS
$4.61
+45.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
936
915
857
+2.2%
Operating income
471
362
410
+30.2%
Operating margin
50.3%
39.5%
47.8%
Interest expense
110
110
100
-0.5%
Net income
354
242
290
+46.3%
Net margin
37.8%
26.4%
33.8%
Diluted EPS
$4.61
$3.18
$3.97
+45.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
462
517
459
-10.6%
Capital expenditure
82.8
66.1
77.0
+25.2%
Free cash flow
379
451
382
-15.9%
Free cash flow margin
40.5%
49.2%
44.6%
Cash from investing
-317
-192
-837
Cash from financing
-100
-241
369
Depreciation and amortisation
240
244
216
-1.8%
Share-based compensation
12.3
11.7
11.0
+4.8%
Dividend per share
$4.14
$4.04
$3.96
+2.5%
Diluted shares, weighted
75m
73m
72m
+2.0%
Shares outstanding at period end
76m
74m
73m
+1.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,535
2,346
2,267
+8.1%
Non-controlling interest
101
121
125
-17.0%
Redeemable equity
140
136
141
+2.6%
Debt
3,370
3,174
3,232
+6.2%
Other liabilities
649
512
512
+26.7%
Total liabilities and equity
6,795
6,290
6,276
+8.0%
Intangible assets
n/a
83.7
87.0
Cash and equivalents
127
64.1
15.2
+98.8%
Other assets
6,668
6,142
6,174
+8.6%
Total assets
6,795
6,290
6,276
+8.0%
10-K for the year ended 31 December 2019, filed 10 February 2020: the filing.