FRT
Federal Realty Investment Trust
Price Chart
Latest Quote
$122.56
| Previous Close | $120.81 |
| Open | $120.66 |
| Day High | $123.59 |
| Day Low | $120.51 |
| Volume | 1,167,309 |
Stock Information
| Quarterly Dividend / Yield | $4.52 / 3.74% |
| Shares Outstanding | 86.39M |
| Quarterly Dividend Yield | 3.74% |
| Quarterly Dividend | $4.52 |
| Total Debt | $4.93B |
| Cash Equivalents | $120.92M |
| Revenue | $1.31B |
| Net Income | $496.81M |
| Sector | Real Estate |
| Industry | REIT - Retail |
| Market Cap | $10.65B |
| P/E Ratio | 21.24 |
| EPS (TTM) | $5.77 |
| Exchange | NYQ |
đ Comprehensive Analysis
Company Data
| Enterprise Value | $15.66B |
| Sales | $1.31B |
| Income | $496.81M |
| Book/sh | $36.48 |
| Cash/sh | $1.40 |
| Employees | 314 |
Financial Ratios
| Quick Ratio | 0.64 |
| Current Ratio | 0.66 |
| Debt/Eq | 138.43 |
| EPS Growth TTM | 149.50% |
Returns & Margins
| ROA | 3.32% |
| ROE | 14.78% |
| Gross Margin | 67.99% |
| Operating Margin | 34.12% |
| Profit Margin | 38.57% |
Ownership
| Insider Ownership | 1.08% |
| Institutional Ownership | 101.56% |
| Insider & Institutional transactions data not available | |
Valuation Ratios
| Forward P/E | 39.56 |
| PEG | 3.59 |
| P/S | 8.11 |
| P/B | 3.36 |
Analyst Data
| Recommendation | buy |
| Target Price | $125.46 |
Technical Indicators
| SMA20 | $117.73 |
| SMA50 | $112.97 |
| SMA200 | $102.56 |
| RSI | 83.15 |
| ATR | 1.9364 |
| Shares Float | 77.95M |
| Short Float | 0.01% |
| Short Ratio | 0.01 |
| Volatility | 0.94 |
| Rel Volume | 1.28 |
Performance History
| Week | +2.45% |
| Month | +4.96% |
| Quarter | +15.18% |
| 6 Months | +28.00% |
| YTD | +25.09% |
| Year | +34.73% |
| 3 Years | +58.30% |
| 5 Years | +32.16% |
| 10 Years | +15.71% |
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Recent Price History
| Date | Close | Volume |
|---|---|---|
| 2026-06-05 | $122.56 | 1,167,309 |
| 2026-06-04 | $120.81 | 802,100 |
| 2026-06-03 | $119.42 | 694,500 |
| 2026-06-02 | $119.32 | 809,300 |
| 2026-06-01 | $118.76 | 946,700 |
| 2026-05-29 | $119.63 | 1,768,200 |
| 2026-05-28 | $121.02 | 1,083,200 |
| 2026-05-27 | $121.06 | 807,000 |
| 2026-05-26 | $120.16 | 819,700 |
| 2026-05-22 | $119.75 | 1,122,500 |
| 2026-05-21 | $118.61 | 995,800 |
| 2026-05-20 | $116.06 | 633,800 |
| 2026-05-19 | $114.84 | 723,200 |
| 2026-05-18 | $114.93 | 725,600 |
| 2026-05-15 | $113.16 | 1,080,700 |
| 2026-05-14 | $113.82 | 699,000 |
| 2026-05-13 | $114.13 | 778,000 |
| 2026-05-12 | $115.55 | 885,000 |
| 2026-05-11 | $115.42 | 665,300 |
| 2026-05-08 | $115.68 | 984,300 |
| 2026-05-07 | $115.67 | 917,800 |
| 2026-05-06 | $116.77 | 798,100 |
About Federal Realty Investment Trust
Federal Realty Investment Trust is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinationsÂsuch as Santana Row, Pike & Rose and Assembly RowÂwhich together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member, and its shares are traded on the NYSE under the symbol FRT. Federal Realty Investment Trust was incorporated in 1962 and is based in North Bethesda, United States.
đ° Latest News
Federal Realty Stock Rises 12.3% in 3 Months: Will it Keep Going?
Zacks âĸ 2026-06-05T16:27:00ZHow The Federal Realty (FRT) Investment Story Is Evolving Without New Analyst Commentary
Simply Wall St. âĸ 2026-06-05T14:16:32ZMicrosoft initiated, Dell upgraded: Wall Street's top analyst calls
The Fly âĸ 2026-06-01T13:42:04ZHere Are Mondayâs Top Wall Street Analyst Research Calls: Accenture, Caesars Entertainment, Carnival, Dell Technologies, IBM, Kohlâs, Microsoft, Zscaler, and More
24/7 Wall St. âĸ 2026-06-01T12:01:10ZBofA Raises Target on Federal Realty Investment Trust (FRT) after Reviewing Market Conditions
Insider Monkey âĸ 2026-05-31T01:36:05ZWhy One Real Estate Fund Dumped $62 Million of Cousins Properties Stock
Motley Fool âĸ 2026-05-30T20:32:34ZHere Are Fridayâs Top Wall Street Analyst Research Calls: Best Buy, Cogent Communications, Dell Technologies, EPAM Systems, Federal Realty, Gap, Snowflake, Viper Energy, and More
24/7 Wall St. âĸ 2026-05-29T12:03:40ZRealty Income's Scale Test: Can 15,571 Properties Cushion the Business?
Zacks âĸ 2026-05-26T16:12:00ZFederal Realty Investment Trust Stock Outlook: Is Wall Street Bullish or Bearish?
Barchart âĸ 2026-05-25T20:24:02ZFederal Realty vs. Regency Centers: Which Retail REIT to Buy Now?
Zacks âĸ 2026-05-25T13:38:00ZIncome Statement (Annual)
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenue | ||||
| Reconciled Cost Of Revenue | $418,883,000 | $391,799,000 | $363,095,000 | $356,782,000 |
| Cost Of Revenue | $418,883,000 | $391,799,000 | $363,095,000 | $356,782,000 |
| Total Revenue | $1,278,975,000 | $1,202,452,000 | $1,132,154,000 | $1,074,378,000 |
| Operating Revenue | $1,246,604,000 | $1,171,194,000 | $1,102,552,000 | $1,048,879,000 |
| Expenses | ||||
| Interest Expense | $183,614,000 | $175,476,000 | $167,809,000 | $136,989,000 |
| Total Expenses | $819,462,000 | $784,136,000 | $735,565,000 | $711,827,000 |
| Rent Expense Supplemental | $267,445,000 | $249,569,000 | $231,666,000 | $228,958,000 |
| Other Income Expense | $144,606,000 | $57,200,000 | $13,750,000 | $169,027,000 |
| Net Non Operating Interest Income Expense | $-180,471,000 | $-171,182,000 | $-163,122,000 | $-135,917,000 |
| Interest Expense Non Operating | $183,614,000 | $175,476,000 | $167,809,000 | $136,989,000 |
| Operating Expense | $400,579,000 | $392,337,000 | $372,470,000 | $355,045,000 |
| General And Administrative Expense | $46,913,000 | $49,739,000 | $50,707,000 | $52,636,000 |
| Income & Earnings | ||||
| Net Income From Continuing Operation Net Minority Interest | $411,077,000 | $295,208,000 | $236,985,000 | $385,491,000 |
| Net Interest Income | $-180,471,000 | $-171,182,000 | $-163,122,000 | $-135,917,000 |
| Interest Income | $3,143,000 | $4,294,000 | $4,687,000 | $1,072,000 |
| Normalized Income | $298,355,060 | $252,516,400 | $229,179,010 | $256,043,970 |
| Net Income From Continuing And Discontinued Operation | $411,077,000 | $295,208,000 | $236,985,000 | $385,491,000 |
| Total Operating Income As Reported | $602,199,000 | $472,356,000 | $406,470,000 | $526,408,000 |
| Average Dilution Earnings | $2,455,000 | $0 | $0 | $2,810,000 |
| Net Income Common Stockholders | $401,703,000 | $285,893,000 | $227,667,000 | $376,129,000 |
| Net Income | $411,077,000 | $295,208,000 | $236,985,000 | $385,491,000 |
| Net Income Including Noncontrolling Interests | $423,648,000 | $304,334,000 | $247,217,000 | $395,661,000 |
| Net Income Continuous Operations | $423,648,000 | $304,334,000 | $247,217,000 | $395,661,000 |
| Pretax Income | $423,648,000 | $304,334,000 | $247,217,000 | $395,661,000 |
| Special Income Charges | $-7,425,000 | $0 | $0 | $70,374,000 |
| Earnings From Equity Interest | $1,920,000 | $3,160,000 | $3,869,000 | $5,170,000 |
| Interest Income Non Operating | $3,143,000 | $4,294,000 | $4,687,000 | $1,072,000 |
| Operating Income | $459,513,000 | $418,316,000 | $396,589,000 | $362,551,000 |
| Depreciation Amortization Depletion Income Statement | $367,842,000 | $342,598,000 | $321,763,000 | $302,409,000 |
| Depreciation And Amortization In Income Statement | $367,842,000 | $342,598,000 | $321,763,000 | $302,409,000 |
| Gross Profit | $860,092,000 | $810,653,000 | $769,059,000 | $717,596,000 |
| Per Share | ||||
| Diluted EPS | $4.68 | $3.42 | $2.80 | $4.71 |
| Basic EPS | $4.68 | $3.42 | $2.80 | $4.71 |
| Other | ||||
| Tax Effect Of Unusual Items | $29,964,060 | $11,348,400 | $2,075,010 | $34,409,970 |
| Tax Rate For Calcs | $0 | $0 | $0 | $0 |
| Normalized EBITDA (Bullshit earnings) | $832,418,000 | $768,368,000 | $726,908,000 | $671,202,000 |
| Total Unusual Items | $142,686,000 | $54,040,000 | $9,881,000 | $163,857,000 |
| Total Unusual Items Excluding Goodwill | $142,686,000 | $54,040,000 | $9,881,000 | $163,857,000 |
| Reconciled Depreciation | $367,842,000 | $342,598,000 | $321,763,000 | $302,409,000 |
| EBITDA (Bullshit earnings) | $975,104,000 | $822,408,000 | $736,789,000 | $835,059,000 |
| EBIT | $607,262,000 | $479,810,000 | $415,026,000 | $532,650,000 |
| Diluted Average Shares | $86,405,000 | $83,566,000 | $81,313,000 | $80,508,000 |
| Basic Average Shares | $85,852,000 | $83,559,000 | $81,313,000 | $79,854,000 |
| Diluted NI Availto Com Stockholders | $404,158,000 | $285,893,000 | $227,667,000 | $378,939,000 |
| Otherunder Preferred Stock Dividend | $1,342,000 | $1,283,000 | $1,286,000 | $1,328,000 |
| Preferred Stock Dividends | $8,032,000 | $8,032,000 | $8,032,000 | $8,034,000 |
| Minority Interests | $-12,571,000 | $-9,126,000 | $-10,232,000 | $-10,170,000 |
| Impairment Of Capital Assets | $7,425,000 | $0 | $0 | $0 |
| Gain On Sale Of Security | $150,111,000 | $54,040,000 | $9,881,000 | $93,483,000 |
| Other Taxes | $-14,176,000 | $0 | $0 | - |
| Selling General And Administration | $46,913,000 | $49,739,000 | $50,707,000 | $52,636,000 |
| Other Gand A | $46,913,000 | $49,739,000 | $50,707,000 | $52,636,000 |
| Gain On Sale Of Business | - | $0 | $0 | $70,374,000 |
Balance Sheet (Annual)
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Assets | ||||
| Net Tangible Assets | $3,248,731,000 | $3,171,594,000 | $2,963,509,000 | $2,954,012,000 |
| Total Assets | $9,130,460,000 | $8,524,757,000 | $8,436,512,000 | $8,233,991,000 |
| Total Non Current Assets | $8,764,199,000 | $8,163,124,000 | $7,974,758,000 | $7,941,329,000 |
| Other Non Current Assets | $354,767,000 | $286,316,000 | $263,377,000 | $267,406,000 |
| Current Assets | $366,261,000 | $361,633,000 | $461,754,000 | $292,662,000 |
| Receivables | $258,846,000 | $238,224,000 | $210,929,000 | $207,104,000 |
| Notes Receivable | $9,091,000 | $9,144,000 | $9,196,000 | $9,456,000 |
| Accounts Receivable | $249,755,000 | $229,080,000 | $201,733,000 | $197,648,000 |
| Cash Cash Equivalents And Short Term Investments | $107,415,000 | $123,409,000 | $250,825,000 | $85,558,000 |
| Cash And Cash Equivalents | $107,415,000 | $123,409,000 | $250,825,000 | $85,558,000 |
| Other Current Assets | - | - | - | $267,406,000 |
| Restricted Cash | - | - | - | - |
| Prepaid Assets | - | - | - | - |
| Debt | ||||
| Net Debt | $4,835,685,000 | $4,350,223,000 | $4,348,352,000 | $4,243,835,000 |
| Total Debt | $5,028,307,000 | $4,561,252,000 | $4,687,717,000 | $4,474,796,000 |
| Long Term Debt And Capital Lease Obligation | $5,028,307,000 | $4,561,252,000 | $4,687,717,000 | $4,474,796,000 |
| Long Term Debt | $4,943,100,000 | $4,473,632,000 | $4,599,177,000 | $4,329,393,000 |
| Liabilities | ||||
| Total Liabilities Net Minority Interest | $5,629,819,000 | $5,100,327,000 | $5,210,990,000 | $5,021,606,000 |
| Total Non Current Liabilities Net Minority Interest | $5,278,801,000 | $4,789,079,000 | $4,913,160,000 | $4,712,495,000 |
| Other Non Current Liabilities | $250,494,000 | $227,827,000 | $225,443,000 | $237,699,000 |
| Current Liabilities | $351,018,000 | $311,248,000 | $297,830,000 | $309,111,000 |
| Payables And Accrued Expenses | $351,018,000 | $311,248,000 | $297,830,000 | $309,111,000 |
| Payables | $351,018,000 | $311,248,000 | $297,830,000 | $309,111,000 |
| Other Payable | $31,548,000 | $30,941,000 | $30,482,000 | $28,508,000 |
| Dividends Payable | $99,792,000 | $96,743,000 | $92,634,000 | $90,263,000 |
| Accounts Payable | $219,678,000 | $183,564,000 | $174,714,000 | $190,340,000 |
| Equity | ||||
| Common Stock Equity | $3,088,909,000 | $3,011,772,000 | $2,803,687,000 | $2,794,190,000 |
| Preferred Stock Equity | $159,822,000 | $159,822,000 | $159,822,000 | $159,822,000 |
| Total Equity Gross Minority Interest | $3,500,641,000 | $3,424,430,000 | $3,225,522,000 | $3,212,385,000 |
| Stockholders Equity | $3,248,731,000 | $3,171,594,000 | $2,963,509,000 | $2,954,012,000 |
| Gains Losses Not Affecting Retained Earnings | $2,047,000 | $4,740,000 | $4,052,000 | $5,757,000 |
| Other Equity Adjustments | $2,047,000 | $4,740,000 | $4,052,000 | $5,757,000 |
| Retained Earnings | $-1,224,372,000 | $-1,242,654,000 | $-1,160,474,000 | $-1,034,186,000 |
| Long Term Equity Investment | $31,881,000 | $33,458,000 | $34,870,000 | $145,205,000 |
| Investments In Other Ventures Under Equity Method | $31,881,000 | $33,458,000 | $34,870,000 | $145,205,000 |
| Preferred Securities Outside Stock Equity | - | - | - | - |
| Other | ||||
| Preferred Shares Number | $6,000,000 | $6,000,000 | $6,000,000 | $6,000,000 |
| Ordinary Shares Number | $86,266,009 | $85,666,220 | $82,775,286 | $81,342,959 |
| Share Issued | $86,266,009 | $85,666,220 | $82,775,286 | $81,342,959 |
| Tangible Book Value | $3,088,909,000 | $3,011,772,000 | $2,803,687,000 | $2,794,190,000 |
| Invested Capital | $8,032,009,000 | $7,485,404,000 | $7,402,864,000 | $7,123,583,000 |
| Working Capital | $15,243,000 | $50,385,000 | $163,924,000 | $-16,449,000 |
| Capital Lease Obligations | $85,207,000 | $87,620,000 | $88,540,000 | $145,403,000 |
| Total Capitalization | $8,191,831,000 | $7,645,226,000 | $7,562,686,000 | $7,283,405,000 |
| Minority Interest | $251,910,000 | $252,836,000 | $262,013,000 | $258,373,000 |
| Additional Paid In Capital | $4,310,365,000 | $4,248,824,000 | $3,959,276,000 | $3,821,801,000 |
| Capital Stock | $160,691,000 | $160,684,000 | $160,655,000 | $160,640,000 |
| Common Stock | $869,000 | $862,000 | $833,000 | $818,000 |
| Preferred Stock | $159,822,000 | $159,822,000 | $159,822,000 | $159,822,000 |
| Long Term Capital Lease Obligation | $85,207,000 | $87,620,000 | $88,540,000 | $145,403,000 |
| Investments And Advances | $31,881,000 | $33,458,000 | $34,870,000 | $145,205,000 |
| Investment Properties | $8,288,021,000 | $7,750,914,000 | $7,582,668,000 | $7,388,682,000 |
| Net PPE | $89,530,000 | $92,436,000 | $93,843,000 | $140,036,000 |
| Gross PPE | $89,530,000 | $92,436,000 | $93,843,000 | $140,036,000 |
| Other Properties | $89,530,000 | $92,436,000 | $93,843,000 | $140,036,000 |
| Treasury Shares Number | - | - | $0 | - |
| Line Of Credit | - | - | - | $0 |
Cash Flow Statement (Annual)
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free Cash Flow | ||||
| Free Cash Flow | $331,040,000 | $327,803,000 | $244,710,000 | $100,068,000 |
| Operating Activities | ||||
| Operating Cash Flow | $622,378,000 | $574,563,000 | $555,830,000 | $516,769,000 |
| Cash Flow From Continuing Operating Activities | $622,378,000 | $574,563,000 | $555,830,000 | $516,769,000 |
| Operating Gains Losses | $-152,031,000 | $-57,200,000 | $-13,750,000 | $-169,027,000 |
| Investing Activities | ||||
| Capital Expenditure | $-291,338,000 | $-246,760,000 | $-311,120,000 | $-416,701,000 |
| Investing Cash Flow | $-743,068,000 | $-446,826,000 | $-358,325,000 | $-785,998,000 |
| Cash Flow From Continuing Investing Activities | $-743,068,000 | $-446,826,000 | $-358,325,000 | $-785,998,000 |
| Net Other Investing Changes | $-25,495,000 | $-30,809,000 | $-24,888,000 | $-44,037,000 |
| Capital Expenditure Reported | $-291,338,000 | $-246,760,000 | $-311,120,000 | $-416,701,000 |
| Financing Activities | ||||
| Repurchase Of Capital Stock | $-4,911,000 | $-6,709,000 | $-5,019,000 | $-4,900,000 |
| Issuance Of Capital Stock | $54,466,000 | $304,045,000 | $131,895,000 | $307,275,000 |
| Financing Cash Flow | $102,953,000 | $-252,298,000 | $-33,849,000 | $190,414,000 |
| Cash Flow From Continuing Financing Activities | $102,953,000 | $-252,298,000 | $-33,849,000 | $190,414,000 |
| Net Other Financing Charges | $-18,543,000 | $-45,157,000 | $-12,994,000 | $-43,802,000 |
| Cash Dividends Paid | $-388,058,000 | $-371,586,000 | $-359,194,000 | $-347,284,000 |
| Net Common Stock Issuance | $49,555,000 | $297,336,000 | $126,876,000 | $302,375,000 |
| Common Stock Issuance | $54,466,000 | $304,045,000 | $131,895,000 | $307,275,000 |
| Dividends Received Cfi | $4,109,000 | $4,742,000 | $9,860,000 | $6,864,000 |
| Other | ||||
| Repayment Of Debt | $-7,662,000 | $-604,398,000 | $-333,472,000 | $-19,443,000 |
| Issuance Of Debt | $467,661,000 | $471,507,000 | $544,935,000 | $298,568,000 |
| Interest Paid Supplemental Data | $171,945,000 | $169,333,000 | $158,796,000 | $130,912,000 |
| Income Tax Paid Supplemental Data | $369,000 | $177,000 | $284,000 | $624,000 |
| End Cash Position | $117,706,000 | $135,443,000 | $260,004,000 | $96,348,000 |
| Beginning Cash Position | $135,443,000 | $260,004,000 | $96,348,000 | $175,163,000 |
| Changes In Cash | $-17,737,000 | $-124,561,000 | $163,656,000 | $-78,815,000 |
| Common Stock Payments | $-4,911,000 | $-6,709,000 | $-5,019,000 | $-4,900,000 |
| Net Issuance Payments Of Debt | $459,999,000 | $-132,891,000 | $211,463,000 | $279,125,000 |
| Net Long Term Debt Issuance | $459,999,000 | $-132,891,000 | $211,463,000 | $279,125,000 |
| Long Term Debt Payments | $-7,662,000 | $-604,398,000 | $-333,472,000 | $-19,443,000 |
| Long Term Debt Issuance | $467,661,000 | $471,507,000 | $544,935,000 | $298,568,000 |
| Net Investment Properties Purchase And Sale | $-429,646,000 | $-173,999,000 | $-32,177,000 | $-304,777,000 |
| Sale Of Investment Properties | $305,628,000 | $99,928,000 | $28,451,000 | $133,717,000 |
| Purchase Of Investment Properties | $-735,274,000 | $-273,927,000 | $-60,628,000 | $-438,494,000 |
| Net Business Purchase And Sale | $-698,000 | $0 | $0 | $-27,347,000 |
| Purchase Of Business | $-698,000 | $0 | $0 | $-27,347,000 |
| Change In Working Capital | $6,152,000 | $-2,535,000 | $2,827,000 | $-2,840,000 |
| Change In Other Current Liabilities | $2,913,000 | $1,741,000 | $235,000 | $10,373,000 |
| Change In Payables And Accrued Expense | $5,588,000 | $1,550,000 | $6,005,000 | $77,000 |
| Change In Prepaid Assets | $-4,766,000 | $-5,030,000 | $-6,881,000 | $-1,219,000 |
| Change In Receivables | $2,417,000 | $-796,000 | $3,468,000 | $-12,071,000 |
| Changes In Account Receivables | $2,417,000 | $-796,000 | $3,468,000 | $-12,071,000 |
| Other Non Cash Items | $-31,090,000 | $-28,991,000 | $-16,535,000 | $-23,138,000 |
| Stock Based Compensation | $14,608,000 | $16,357,000 | $14,308,000 | $13,704,000 |
| Asset Impairment Charge | $7,425,000 | $0 | $0 | $0 |
| Deferred Tax | $-14,176,000 | $0 | $0 | - |
| Deferred Income Tax | $-14,176,000 | $0 | $0 | - |
| Depreciation Amortization Depletion | $367,842,000 | $342,598,000 | $321,763,000 | $302,409,000 |
| Depreciation And Amortization | $367,842,000 | $342,598,000 | $321,763,000 | $302,409,000 |
| Earnings Losses From Equity Investments | $-1,920,000 | $-3,160,000 | $-3,869,000 | $-5,170,000 |
| Gain Loss On Investment Securities | $-150,111,000 | $-54,040,000 | $-9,881,000 | $-93,483,000 |
| Net Income From Continuing Operations | $423,648,000 | $304,334,000 | $247,217,000 | $395,661,000 |
| Gain Loss On Sale Of Business | - | $0 | $0 | $-70,374,000 |
| Change In Other Working Capital | - | - | - | $10,373,000 |
| Depreciation | - | - | - | $302,409,000 |