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Arphra AIPlain-English read on Federal Realty Investment Trust’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $951.22M | $1.07B | $1.13B | $1.2B | $1.28B | $1.36B | $1.42B | $1.5B | $1.64B |
| Cost of revenue | $316.62M | $356.78M | $363.1M | $391.8M | $1.15B | $706.62M | $735.58M | $783.74M | $853.68M |
| Gross profit | $634.61M | $717.6M | $769.06M | $810.65M | $124.41M | $642.31M | $690.02M | $744.4M | $792.52M |
| Gross margin | +66.71% | +66.79% | +67.93% | +67.42% | +9.73% | +47.32% | +48.64% | +49.60% | +48.38% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $49.86M | $52.64M | $50.71M | $49.74M | $46.91M | $55.16M | $58.16M | $62.43M | $65.21M |
| Total operating expenses | $239.88M | $191.19M | $362.59M | $338.3M | -$335.11M | $157.08M | $162.29M | $172.94M | $185.73M |
| Operating income | $394.73M | $526.41M | $406.47M | $472.36M | $459.51M | $506.76M | $512.09M | $569.23M | $619.83M |
| Operating margin | +41.50% | +49.00% | +35.90% | +39.28% | +35.93% | +37.34% | +36.10% | +37.93% | +37.84% |
| EBITDA | $676.76M | $835.06M | $736.79M | $822.41M | $972.6M | $937.64M | $998.95M | $1.03B | $1.12B |
| EBIT | $396.78M | $532.65M | $415.03M | $479.81M | $604.76M | $567.04M | $591.58M | $637.04M | $664.18M |
| Below the line | |||||||||
| Interest expense | $127.7M | $136.99M | $167.81M | $175.48M | $181.11M | $192.6M | $208.95M | $223.99M | $242.06M |
| Interest income | $809K | $1.07M | $4.69M | $4.29M | $4.26M | $4.9M | $5.14M | $5.39M | $6.19M |
| Other income / expense | -$125.64M | -$130.75M | -$159.25M | -$168.02M | -$35.87M | — | — | — | — |
| Pre-tax income | $269.08M | $395.66M | $247.22M | $304.33M | $423.65M | $358.81M | $390.2M | $411.24M | $429.26M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Earnings | |||||||||
| Net income | $261.5M | $385.49M | $236.99M | $295.21M | $411.08M | $348.85M | $371.3M | $396.17M | $415.18M |
| Net income · continuing ops | $269.08M | $395.66M | $247.22M | $304.33M | $423.65M | $373.93M | $389.81M | $404.04M | $430.01M |
| Net margin | +27.49% | +35.88% | +20.93% | +24.55% | +32.15% | +25.70% | +26.17% | +26.40% | +25.34% |
| EPS · basic | $3.26 | $4.71 | $2.80 | $3.42 | $4.79 | $3.79 | $3.07 | $3.46 | $3.35 |
| EPS · diluted | $3.26 | $4.71 | $2.80 | $3.42 | $4.79 | $3.74 | $3.08 | $3.51 | $3.39 |
| EPS · low estimate | — | — | — | — | — | $3.71 | $3.01 | $3.27 | $3.28 |
| EPS · high estimate | — | — | — | — | — | $3.76 | $3.15 | $3.79 | $3.50 |
| Shares · basic | 77.34M | 79.85M | 81.31M | 83.56M | 85.85M | 85.48M | 86.22M | 85.87M | 86.7M |
| Shares · diluted | 77.37M | 80.51M | 81.31M | 83.57M | 85.85M | 86.43M | 85.07M | 85.3M | 85.75M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 7 | 8 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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