What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Federal Realty Investment Trust (FRT) spend its free cash flow?

For TTM through Q1 2026, Federal Realty Investment Trust generated $629M of operating cash flow and $529M of free cash flow — a free cash flow margin of 84.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Federal Realty Investment Trust (FRT) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Federal Realty Investment Trust's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Federal Realty Investment Trust (FRT) Cash Flow Waterfall

Operating CF

$629M

Capex

-$100M

Free Cash Flow

$529M

FCF Margin

+84.1%

Cash flow waterfall for Federal Realty Investment Trust (FRT) — TTM through Q1 2026

Free cash flow: $529M

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Federal Realty Investment Trust (FRT) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$629M	$629M
Capital Expenditure	-$100M	$529M
Free Cash Flow	$529M	$529M
Other Investing	-$439M	$90M
Dividends Paid	-$391M	-$301M
Net Debt Change	$221M	-$80M
Other Financing & FX	$83.2M	$3.22M
Net Cash Increase	$3.22M	$3.22M

Operating Cash Flow$629M
Capital Expenditure-$100M
Free Cash Flow$529M
Other Investing-$439M
Dividends Paid-$391M
Net Debt Change$221M
Other Financing & FX$83.2M
Net Cash Increase$3.22M

Want to see what drove the FCF change?Free Cash Flow Bridge

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