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Federal Realty OP LP earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026
Q3 2026 Revenue up 5% year over year to $339M · 20¢ of every $1 of revenue kept as net profit · operating margin 34.5%
Federal Realty OP LP made $339M in Q3 2026 (+5% Y/Y). Operating margin 34.5%, net earnings $66.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
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What changed this quarter
Revenue was $339.0M in Q3 2026, up 5% year over year and up 1% from the previous quarter.
Operating profit was $116.9M, a 34.5% margin (up 0.1 points year over year). Of the extra revenue versus Q3 2025, 37% reached operating profit, above the 34% margin then. Total costs grew 5% against revenue growth of 5%. The fastest-growing cost line was General & admin (+14%). Net earnings were $66.2M, up 7% year over year. The effective tax rate was 0.0%.
Operating cash flow was $168.7M (up 14% year over year), 245% of net income including minority interests. Non-cash charges added back $100.3M of depreciation and amortization and $3.8M of share-based compensation. Capital expenditures of $49.3M left free cash flow of $119.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $339M | +5% | 34.5% | $66.2M | $169M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $336M | +8% | 41.3% | $85.7M | $154M |
| Q1 2026 | 10-Q | May 1, 2026 | $341M | +10% | 61.3% | $159M | $185M |
| Q4 2025 | 10-K | Feb 12, 2026 | $336M | +8% | 53.8% | $130M | $145M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $322M | — | 34.3% | $61.6M | $148M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $312M | — | 65.1% | $156M | — |
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About Federal Realty OP LP
Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interest of, is sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties.
In its own words, from its 10-K, filed Feb 12, 2026.
Federal Realty OP LP against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +11%. Operating margin: 34.5% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Federal Realty OP LP | Q3 2026 | $339M | +5% | 34.5% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Federal Realty OP LP 10-Q on SEC EDGAR · CIK 1901876 · Real Estate Investment Trusts