FRTMEDIUM SIGNALOPPORTUNITY10-K

FRT expanded its portfolio significantly with 2 new properties and 2 million additional square feet while delivering strong 39% net income growth.

The company broadened its geographic strategy from specific regional markets to "major coastal markets and select underserved markets," suggesting expansion beyond traditional Mid-Atlantic/Northeast focus. This portfolio growth combined with strong financial performance indicates successful execution of growth initiatives, though increased debt levels require monitoring.

Comparing 2026-02-12 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

FRT demonstrated strong operational performance with net income surging 39% to $411.1M and operating income growing 27% to $602.2M, indicating effective portfolio management and revenue growth. However, the company increased leverage with total debt rising 10% to $5.0B while cash declined 13% to $107.4M, reflecting the capital requirements of their expansion strategy. The overall picture shows a company successfully investing in growth with strong profitability, though investors should monitor the increased debt load relative to the expanded asset base.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+39.2%
$295.2M→$411.1M

Net income grew 39.2% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+27.5%
$472.4M→$602.2M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Cash & Equivalents
Balance Sheet
-13%
$123.4M→$107.4M

Cash decreased 13% — monitor burn rate and upcoming capital needs.

Total Liabilities
Balance Sheet
+10.4%
$5.1B→$5.6B

Liabilities increased 10.4% — monitor debt-to-equity ratio and interest coverage.

Total Debt
Balance Sheet
+10.4%
$4.5B→$5.0B

Debt rose 10.4% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-13
ADDED
We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties.
These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals.
As of December 31, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet.
In total, the real estate projects were 96.1% leased and 94.1% occupied at December 31, 2025.
Human Capital At February 9, 2026, we had 314 full-time employees and 6 part-time employees.
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REMOVED
We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida.
As of December 31, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects comprising approximately 26.8 million commercial square feet.
In total, the real estate projects were 96.2% leased and 94.1% occupied at December 31, 2024.
Human Capital At February 10, 2025, we had 304 full-time employees and 5 part-time employees.
We are an Equal Opportunity/Affirmative Action employer, and strive to maintain a workplace that is free from discrimination on the basis of race, color, religion, sex, sexual orientation, nationality, disability, or protected Veteran status.
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