greeksoup/ stock research

Federal Realty Investment Trust (FRT) FY2023 results: revenue $1.1 billion, up 5.4% on the year

Federal Realty Investment Trust (FRT) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, up 5.4% on the year before. Net income was $237 million, down 38.5%, and diluted earnings per share $2.80. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.

Revenue
$1.1 billion
+5.4% on the year
FY2016FY2023
Operating margin
35.9%
49.0% a year earlier
FY2016FY2023
Net income
$237 million
-38.5% on the year
FY2016FY2023
Diluted EPS
$2.80
-40.6% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue1,1321,074951+5.4%
Operating income406526395-22.8%
Operating margin35.9%49.0%41.5%
Interest expense168137128+22.5%
Net income237385261-38.5%
Net margin20.9%35.9%27.5%
Diluted EPS$2.80$4.71$3.26-40.6%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow556517471+7.6%
Cash from investing-358-786-660
Cash from financing-33.8190-453
Depreciation and amortisation322302280+6.4%
Share-based compensation14.313.713.0+4.4%
Dividend per share$4.34$4.30$4.26+0.9%
Diluted shares, weighted81m81m77m+1.0%
Shares outstanding at period end83m81m79m+1.8%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity2,9642,9542,581+0.3%
Non-controlling interest78.780.082.5-1.7%
Redeemable equity183178214+2.8%
Debt4,6164,3444,063+6.2%
Other liabilities595677682-12.1%
Total liabilities and equity8,4378,2347,622+2.5%
Cash and equivalents25185.6162+193.2%
Other assets8,1868,1487,460+0.5%
Total assets8,4378,2347,622+2.5%

10-K for the year ended 31 December 2023, filed 12 February 2024: the filing.