A Business at a Glance
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FEDERAL REALTY INVESTMENT TRUST
FRT
$10.9B
Mkt Cap
$126.08
+1.00%
FEDERAL REALTY INVESTMENT TRUST (FRT) has a current P/E ratio of 27.0, compared to its historical median P/E of 27.6. The stock is currently considered Fair based on its historical valuation range.
FEDERAL REALTY INVESTMENT TRUST (FRT) has a 5-year average return on invested capital (ROIC) of 6.7%. This is below average and may indicate limited pricing power.
FEDERAL REALTY INVESTMENT TRUST (FRT) has a market capitalization of $10.9B. It is classified as a large-cap stock.
Yes, FEDERAL REALTY INVESTMENT TRUST (FRT) pays a dividend with a trailing twelve-month yield of 3.54%.
Based on historical P/E analysis, FEDERAL REALTY INVESTMENT TRUST (FRT) appears fair. The current P/E of 27.0 is 2% below its historical median of 27.6. The estimated fair value CAGR (P/E method) is 3.6%.
FEDERAL REALTY INVESTMENT TRUST (FRT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
FEDERAL REALTY INVESTMENT TRUST (FRT) reported annual revenue of $1.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Federal Realty Investment Trust is an equity REIT that owns, manages, and redevelops high-quality retail and mixed-use properties located primarily in major coastal markets and select underserved markets with strong economic and demographic fundamentals. As of December 31, 2025, the company owned or had a majority interest in 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet, with properties 96.1% leased and 94.1% occupied. The company generates revenue primarily through lease agreements with tenants, operating a diversified portfolio that includes community and neighborhood shopping centers anchored by grocery stores and mixed-use properties that combine retail with residential and office components. Federal Realty's operating strategy focuses on maximizing rents and maintaining occupancy by attracting and retaining a strong tenant base, actively managing merchandising mix, and leveraging the company's expertise in densely populated and affluent submarkets where barriers to entry are high. The company pursues capital deployment through acquisitions of quality retail and mixed-use properties, redevelopment and expansion of existing properties, and retenanting initiatives, while maintaining an investment-grade balance sheet through disciplined financing strategies including asset recycling, unsecured borrowings, and opportunistic refinancing. Federal Realty has paid quarterly dividends continuously since its founding in 1962 and has increased dividends per common share for 58 consecutive years.
【Strong operational momentum continuing】 Management expects continued strength in leasing activity and occupancy growth through 2026 and into 2027, with comparable property operating income growth forecasted at 3.125%-3.625% for 2026 and occupancy anticipated to reach the mid-to-upper 94% range by year-end. The company expects free cash flow after dividends and maintenance capital to exceed $100 million in 2026 and head higher in 2027 as straight-line rent converts to cash-paying rent, with fixed charge coverage expected to eclipse the 4.0x target over the balance of 2026. Anchor box leasing and repositioning, particularly on the West Coast, is expected to provide strong income contributions in 2027 and 2028, while the company continues to pursue accretive acquisitions and dispositions as a laser-focused priority, with activity in the form of additional interesting centers coming to market expected to continue improving overall growth. Management expects to continue creating value through more efficient operations via internal scaling, vendor management, and scope alignment, with California positioned as the largest source of growth for the next several years given the backlog of leasing and development activity.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share | $7.46–$7.55 | FY2026 |
| Comparable POI growth | 3.125%–3.625% | FY2026 |
| Incremental POI from redevelopment | $14 million–$15 million | FY2026 |
| Term fees | $8 million–$9 million | FY2026 |
| Free cash flow after dividends and maintenance capital | exceed $100 million | FY2026 |
| Q3 2026 FFO per share | $1.84–$1.87 | Q3 2026 |
| Q4 2026 FFO per share | low to mid $1.90s | Q4 2026 |
Core FFO per share (FY2026): “we are raising guidance for both NAREIT and core FFO to $7.46-$7.55 per share”
Comparable POI growth (FY2026): “our comparable POI growth outlook improving to 3.125% -3.625% from the previous range of 3%-3.5%”
Incremental POI from redevelopment (FY2026): “We increased our expected incremental POI for redevelopment to $14 million-$15 million as we get tenants open and operating sooner than forecast”
Term fees (FY2026): “Our outlook on term fees also improved to $8 million-$9 million as our strong leasing contracts allow us to leverage underperforming tenants”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.3B | 1.2B | 1.1B | 1.1B | 951M |
| Net Income | 498M | 403M | 287M | 229M | 377M | 253M |
| EPS | $5.77 | $4.68 | $3.42 | $2.80 | $4.71 | $3.26 |
| Free Cash Flow | 219M | -113M | 301M | 495M | 78M | 105M |
| ROIC | 15.0% | 7.5% | 6.4% | 5.6% | 7.7% | 6.3% |
| Gross Margin | - | 62.8% | 63.2% | 63.9% | 63.4% | 62.4% |
| Debt/Equity | 0.41 | 1.62 | 1.42 | 1.56 | 1.47 | 1.57 |
| Dividends/Share | $0.00 | $4.46 | $4.38 | $4.34 | $4.30 | $4.26 |
| Operating Income | 703M | 602M | 472M | 406M | 526M | 395M |
| Operating Margin | 53.6% | 47.1% | 39.3% | 35.9% | 49.0% | 41.5% |
| ROE | 15.1% | 12.6% | 9.4% | 7.7% | 13.6% | 10.0% |
| Shares Outstanding | 86M | 86M | 84M | 82M | 80M | 78M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 686M | 744M | 802M | 857M | 915M | 936M | 835M | 951M | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B |
| Gross Margin | 67.0% | 68.1% | 67.7% | 66.9% | 65.9% | 66.6% | 61.5% | 62.4% | 63.4% | 63.9% | 63.2% | 62.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 32M | 36M | 33M | 36M | 34M | 43M | 42M | 50M | 53M | 51M | 50M | 47M | 48M |
| EBIT | 271M | 300M | 321M | 410M | 362M | 471M | 290M | 395M | 526M | 406M | 472M | 602M | 703M |
| Op. Margin | 39.5% | 40.3% | 40.0% | 47.8% | 39.5% | 50.3% | 34.7% | 41.5% | 49.0% | 35.9% | 39.3% | 47.1% | 53.6% |
| Net Income | 164M | 210M | 249M | 287M | 234M | 346M | 124M | 253M | 377M | 229M | 287M | 403M | 498M |
| Net Margin | 23.9% | 28.2% | 31.1% | 33.5% | 25.5% | 37.0% | 14.8% | 26.6% | 35.1% | 20.2% | 23.9% | 31.5% | 38.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 57M | 0 | 0 | 0 | 0 | 7.4M | 7.4M |
| Returns on Capital | |||||||||||||
| ROIC | 7.2% | 7.3% | 7.1% | 8.0% | 6.6% | 8.4% | 4.9% | 6.3% | 7.7% | 5.6% | 6.4% | 7.5% | 15.0% |
| ROE | 10.7% | 12.8% | 13.7% | 13.5% | 10.1% | 14.2% | 4.9% | 10.0% | 13.6% | 7.7% | 9.4% | 12.6% | 15.1% |
| ROA | 3.7% | 4.4% | 4.8% | 4.9% | 3.7% | 5.3% | 1.7% | 3.3% | 4.8% | 2.7% | 3.4% | 4.6% | 5.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 346M | 369M | 428M | 459M | 517M | 462M | 370M | 471M | 517M | 556M | 575M | 622M | 628M |
| Free Cash Flow | 300M | 323M | 370M | 382M | 451M | 379M | 360M | 105M | 78M | 495M | 301M | -113M | 219M |
| Owner Earnings | 164M | 183M | 224M | 232M | 261M | 210M | 103M | 178M | 201M | 220M | 216M | 240M | 233M |
| CapEx | 46M | 46M | 58M | 77M | 66M | 83M | 9.6M | 366M | 438M | 61M | 274M | 735M | 409M |
| Maint. CapEx | 171M | 175M | 194M | 216M | 244M | 240M | 255M | 280M | 302M | 322M | 343M | 368M | 380M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86M | 136M | 0 | 0 | 367M | 29M |
| D&A | 171M | 175M | 194M | 216M | 244M | 240M | 255M | 280M | 302M | 322M | 343M | 368M | 380M |
| CapEx/OCF | 90.9% | 65.7% | 89.6% | 96.3% | 58.5% | 70.8% | 117.3% | 78.2% | 59.8% | 38.5% | 24.3% | 118.1% | 65.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 11M | 9.9M | 11M | 12M | 12M | 12M | 13M | 14M | 14M | 16M | 15M | 15M |
| Debt Repayment | 94M | 181M | 50M | 56M | 17M | 301M | 70M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.3B | 2.6B | 2.8B | 3.3B | 3.1B | 3.2B | 3.5B | 3.9B | 4.3B | 4.4B | 4.4B | 5.2B | 1.2B |
| Cash & Equiv. | 48M | 21M | 23M | 15M | 64M | 127M | 798M | 162M | 86M | 251M | 123M | 107M | 116M |
| Long-Term Debt | 2.3B | 2.6B | 2.7B | 3.2B | 3.2B | 3.4B | 4.3B | 4.1B | 4.3B | 4.6B | 4.5B | 5.0B | 1.4B |
| Debt/Equity | 1.47 | 1.60 | 1.43 | 1.44 | 1.35 | 1.33 | 1.75 | 1.57 | 1.47 | 1.56 | 1.42 | 1.62 | 0.41 |
| Interest Coverage | 2.9 | 3.2 | 3.4 | 4.1 | 3.3 | 4.3 | 2.1 | 3.1 | 3.8 | 2.4 | 2.7 | 3.3 | 3.7 |
| Equity | 1.6B | 1.7B | 2.0B | 2.3B | 2.3B | 2.5B | 2.5B | 2.6B | 3.0B | 3.0B | 3.2B | 3.2B | 3.3B |
| Total Assets | 4.5B | 4.9B | 5.4B | 6.3B | 6.3B | 6.8B | 7.6B | 7.6B | 8.2B | 8.4B | 8.5B | 9.1B | 9.1B |
| Total Liabilities | 2.7B | 3.0B | 3.2B | 3.7B | 3.7B | 4.0B | 4.9B | 4.7B | 5.0B | 5.2B | 5.1B | 5.6B | 5.5B |
| Intangibles | N/A | N/A | 59M | 87M | 84M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | 0 | -6.0M | -7.1M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 146M | N/A | 202M | 196M | N/A | 256M | N/A | N/A | N/A | N/A | N/A | N/A | 222M |
| Per Share Data | |||||||||||||
| EPS | 2.41 | 3.03 | 3.50 | 3.97 | 3.18 | 4.61 | 1.62 | 3.26 | 4.71 | 2.80 | 3.42 | 4.68 | 5.77 |
| Owner EPS | 2.40 | 2.65 | 3.15 | 3.20 | 3.55 | 2.80 | 1.35 | 2.29 | 2.50 | 2.69 | 2.57 | 2.79 | 2.69 |
| Book Value | 23.58 | 24.04 | 27.74 | 31.31 | 31.90 | 33.80 | 32.28 | 33.19 | 36.86 | 36.24 | 37.77 | 37.72 | 38.33 |
| Cash Flow/Share | 5.09 | 5.33 | 6.00 | 6.34 | 7.03 | 6.16 | 4.85 | 6.06 | 6.45 | 6.80 | 6.84 | 7.23 | 10.17 |
| Dividends/Share | 3.30 | 3.62 | 3.84 | 3.96 | 4.04 | 4.14 | 4.22 | 4.26 | 4.30 | 4.34 | 4.38 | 4.46 | 0.00 |
| Shares Out. | 68.0M | 69.2M | 71.2M | 72.4M | 73.5M | 75.0M | 76.3M | 77.7M | 80.1M | 81.8M | 84.0M | 86.1M | 86.4M |
| Valuation | |||||||||||||
| P/E Ratio | 37.2 | 33.3 | 27.4 | 24.0 | 27.9 | 21.1 | 42.5 | 34.2 | 18.4 | 33.8 | 30.5 | 21.4 | 21.8 |
| P/FCF | 20.3 | 21.6 | 18.5 | 18.1 | 14.5 | 19.3 | 14.6 | 82.7 | 88.6 | 15.6 | 29.1 | N/A | 49.8 |
| EV/EBIT | 31.0 | 31.9 | 29.9 | 30.6 | 26.6 | 22.1 | 27.5 | 31.5 | 21.1 | 29.1 | 27.5 | 22.7 | 17.3 |
| Price/Book | 3.8 | 4.2 | 3.5 | 3.0 | 2.8 | 2.9 | 2.1 | 3.4 | 2.3 | 2.6 | 2.8 | 2.7 | 3.3 |
| Price/Sales | 7.7 | 8.6 | 9.3 | 7.8 | 7.2 | 8.0 | 6.4 | 7.6 | 6.9 | 6.2 | 6.9 | 6.4 | 8.3 |
| FCF Yield | 4.9% | 4.6% | 5.4% | 5.5% | 6.9% | 5.2% | 6.9% | 1.2% | 1.1% | 6.4% | 3.4% | -1.3% | 2.0% |
| Market Cap | 6.1B | 7.0B | 6.8B | 6.9B | 6.5B | 7.3B | 5.3B | 8.7B | 6.9B | 7.7B | 8.8B | 8.6B | 10.9B |
| Avg. Price | 77.95 | 92.95 | 104.37 | 92.51 | 89.01 | 99.23 | 69.80 | 92.49 | 92.94 | 86.49 | 98.51 | 94.60 | 126.08 |
| Year-End Price | 89.65 | 100.89 | 96.01 | 95.21 | 88.58 | 97.35 | 68.84 | 111.62 | 86.52 | 94.59 | 104.31 | 100.13 | 126.08 |
FEDERAL REALTY INVESTMENT TRUST passes 5 of 9 quality checks, suggesting mixed fundamentals.
FEDERAL REALTY INVESTMENT TRUST trades at 27.0x trailing earnings, compared to its 15-year median P/E of 27.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.5x vs a median of 18.5x. The company's 5-year average ROIC is 6.7% with a gross margin of 63.1%. Total shareholder yield (dividends) is 3.5%. At current prices, the estimated annualized return to fair value is +28.7%.
FEDERAL REALTY INVESTMENT TRUST (FRT) has a net profit margin of 31.5%. This is a strong margin indicating high profitability.
FEDERAL REALTY INVESTMENT TRUST (FRT) generated $-113 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
FEDERAL REALTY INVESTMENT TRUST (FRT) has a debt-to-equity ratio of 1.62. This indicates higher leverage, which may increase financial risk.
FEDERAL REALTY INVESTMENT TRUST (FRT) reported earnings per share (EPS) of $4.68 in its most recent fiscal year.
FEDERAL REALTY INVESTMENT TRUST (FRT) has a return on equity (ROE) of 12.6%. This indicates moderate shareholder returns.
FEDERAL REALTY INVESTMENT TRUST (FRT) has a 5-year average gross margin of 63.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for FEDERAL REALTY INVESTMENT TRUST (FRT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FEDERAL REALTY INVESTMENT TRUST (FRT) has a book value per share of $37.72, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strength in leasing activity and occupancy growth through 2026 and into 2027, with comparable property operating income growth forecasted at 3.125%-3.625% for 2026 and occupancy anticipated to reach the mid-to-upper 94% range by year-end. The company expects free cash flow after dividends and maintenance capital to exceed $100 million in 2026 and head higher in 2027 as straight-line rent converts to cash-paying rent, with fixed charge coverage expected to eclipse the 4.0x target over the balance of 2026. Anchor box leasing and repositioning, particularly on the West Coast, is expected to provide strong income contributions in 2027 and 2028, while the company continues to pursue accretive acquisitions and dispositions as a laser-focused priority, with activity in the form of additional interesting centers coming to market expected to continue improving overall growth. Management expects to continue creating value through more efficient operations via internal scaling, vendor management, and scope alignment, with California positioned as the largest source of growth for the next several years given the backlog of leasing and development activity.
Based on recent SEC filings and earnings calls, FEDERAL REALTY INVESTMENT TRUST (FRT) has provided the following forward guidance: Core FFO per share: $7.46–$7.55 (FY2026); Comparable POI growth: 3.125%–3.625% (FY2026); Incremental POI from redevelopment: $14 million–$15 million (FY2026); Term fees: $8 million–$9 million (FY2026); Free cash flow after dividends and maintenance capital: exceed $100 million (FY2026), plus 2 additional metrics.
Free cash flow after dividends and maintenance capital (FY2026): “We continue to forecast strong free cash flow after dividends and maintenance capital and expect to exceed $100 million in 2026 and head higher in 2027 and 2028 as we convert straight-line rent to cash paying rent”
Q3 2026 FFO per share (Q3 2026): “The third quarter is $1.84-$1.87”
Q4 2026 FFO per share (Q4 2026): “with the fourth quarter in the low to mid $1.90s per share”