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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
Federal Realty Investment Trust is the larger business by last-quarter revenue ($336.0M vs $187.0M, roughly 1.8× National Storage Affiliates Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 12.2%, a 26.4% gap on every dollar of revenue. On growth, Federal Realty Investment Trust posted the faster year-over-year revenue change (8.7% vs -1.6%). Over the past eight quarters, Federal Realty Investment Trust's revenue compounded faster (6.5% CAGR vs -2.4%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
FRT vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $187.0M |
| Net Profit | $129.7M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | 53.8% | 20.2% |
| Net Margin | 38.6% | 12.2% |
| Revenue YoY | 8.7% | -1.6% |
| Net Profit YoY | 103.5% | 36.8% |
| EPS (diluted) | $1.49 | $0.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $187.0M | ||
| Q3 25 | $322.3M | $188.7M | ||
| Q2 25 | $311.5M | $188.8M | ||
| Q1 25 | $309.2M | $188.4M | ||
| Q4 24 | $311.4M | $190.1M | ||
| Q3 24 | $303.6M | $193.6M | ||
| Q2 24 | $296.1M | $190.4M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $22.9M | ||
| Q3 25 | $61.6M | $18.4M | ||
| Q2 25 | $155.9M | $19.5M | ||
| Q1 25 | $63.8M | $13.0M | ||
| Q4 24 | $65.5M | $16.7M | ||
| Q3 24 | $61.0M | $18.7M | ||
| Q2 24 | $112.0M | $17.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | 20.2% | ||
| Q3 25 | 34.3% | 15.8% | ||
| Q2 25 | 65.1% | 16.5% | ||
| Q1 25 | 35.0% | 11.0% | ||
| Q4 24 | 35.1% | 14.5% | ||
| Q3 24 | 34.9% | 15.8% | ||
| Q2 24 | 53.0% | 17.2% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | 12.2% | ||
| Q3 25 | 19.1% | 9.8% | ||
| Q2 25 | 50.0% | 10.3% | ||
| Q1 25 | 20.6% | 6.9% | ||
| Q4 24 | 21.0% | 8.8% | ||
| Q3 24 | 20.1% | 9.7% | ||
| Q2 24 | 37.8% | 9.0% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $0.23 | ||
| Q3 25 | $0.69 | $0.17 | ||
| Q2 25 | $1.78 | $0.19 | ||
| Q1 25 | $0.72 | $0.10 | ||
| Q4 24 | $0.74 | $0.19 | ||
| Q3 24 | $0.70 | $0.18 | ||
| Q2 24 | $1.32 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | $23.3M |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $946.0M |
| Total Assets | $9.1B | $5.1B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $23.3M | ||
| Q3 25 | $111.3M | $26.3M | ||
| Q2 25 | $177.0M | $26.1M | ||
| Q1 25 | $109.2M | $19.3M | ||
| Q4 24 | $123.4M | $50.4M | ||
| Q3 24 | $97.0M | $69.9M | ||
| Q2 24 | $103.2M | $59.0M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $946.0M | ||
| Q3 25 | $3.2B | $973.1M | ||
| Q2 25 | $3.2B | $1.0B | ||
| Q1 25 | $3.2B | $1.0B | ||
| Q4 24 | $3.2B | $1.1B | ||
| Q3 24 | $3.1B | $986.9M | ||
| Q2 24 | $3.0B | $1.2B |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $5.1B | ||
| Q3 25 | $8.9B | $5.1B | ||
| Q2 25 | $8.6B | $5.2B | ||
| Q1 25 | $8.6B | $5.3B | ||
| Q4 24 | $8.5B | $5.4B | ||
| Q3 24 | $8.5B | $5.4B | ||
| Q2 24 | $8.4B | $5.3B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $338.5M |
| Free Cash FlowOCF − Capex | — | $299.8M |
| FCF MarginFCF / Revenue | — | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $338.5M | ||
| Q3 25 | $147.8M | $100.2M | ||
| Q2 25 | $150.7M | $79.9M | ||
| Q1 25 | $179.0M | $85.6M | ||
| Q4 24 | $574.6M | $363.1M | ||
| Q3 24 | $144.1M | $105.7M | ||
| Q2 24 | $169.7M | $83.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $299.8M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $79.9M | ||
| Q4 24 | — | $344.4M | ||
| Q3 24 | — | $101.8M | ||
| Q2 24 | — | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 160.3% | ||
| Q3 25 | — | 46.6% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | — | 181.2% | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | — | 41.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.7% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | 14.79× | ||
| Q3 25 | 2.40× | 5.44× | ||
| Q2 25 | 0.97× | 4.10× | ||
| Q1 25 | 2.81× | 6.59× | ||
| Q4 24 | 8.77× | 21.70× | ||
| Q3 24 | 2.36× | 5.65× | ||
| Q2 24 | 1.52× | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
