(FRT) Federal Realty Investment - Overview
Sector: Real Estate | Industry: REIT - Retail | Exchange: NYSE (USA) | Market Cap: 10.309m USD | Total Return: 32.1% in 12m
Avg Turnover: 100M
EPS Trend: 16.6%
Qual. Beats: 2
Rev. Trend: 99.7%
Qual. Beats: 4
Warnings
Altman Z'' -0.02 < 1.0 - financial distress zone
Tailwinds
Supp Ema20
Federal Realty Investment Trust (NYSE: FRT) is an S&P 500 real estate investment trust specializing in the ownership and redevelopment of high-quality retail and mixed-use properties. The company focuses on supply-constrained coastal markets and regions with dense demographics, managing a portfolio of 104 properties encompassing 28.8 million square feet and approximately 3,700 tenants. Its business model integrates commercial retail with residential units to create high-density destinations that drive consistent foot traffic.
Operating as a Retail REIT, Federal Realty generates revenue primarily through long-term lease agreements with a diverse tenant base, ranging from essential services to luxury retail. The company holds the longest record of consecutive annual dividend increases in the REIT industry, spanning 58 years. This performance is supported by a strategy of aggressive redevelopment and asset repositioning within established suburban and urban corridors. You can further analyze these historical dividend trends and valuation metrics on ValueRay.
The Retail REIT sector relies heavily on the location intelligence of its portfolio, as high barriers to entry in major metropolitan areas protect established landlords from new competition. Federal Realty’s focus on open-air shopping centers and mixed-use environments aligns with current consumer preferences for accessible, outdoor-oriented retail spaces over traditional enclosed malls.
- High-density coastal market concentration drives premium rental rate growth and occupancy
- Mixed-use redevelopment projects convert underutilized retail space into high-margin residential revenue
- Sustained dividend growth record attracts income-focused institutional and retail capital flows
- Elevated interest rates increase debt servicing costs for capital-intensive property acquisitions
- Consumer discretionary spending shifts impact tenant sales and base rent collection levels
| Net Income: 506.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 1.15 > 1.0 |
| NWC/Revenue: 8.57% < 20% (prev 0.80%; Δ 7.77% < -1%) |
| CFO/TA 0.07 > 3% & CFO 629.2m > Net Income 506.4m |
| Net Debt (4.90b) to EBITDA (1.09b): 4.51 < 3 |
| Current Ratio: 1.45 > 1.5 & < 3 |
| Outstanding Shares: last quarter (86.7m) vs 12m ago 1.39% < -2% |
| Gross Margin: 53.60% > 18% (prev 0.67%; Δ 5.29k% > 0.5%) |
| Asset Turnover: 14.80% > 50% (prev 14.15%; Δ 0.65% > 0%) |
| Interest Coverage Ratio: 3.73 > 6 (EBITDA TTM 1.09b / Interest Expense TTM 189.5m) |
| A: 0.01 (Total Current Assets 365.1m - Total Current Liabilities 252.6m) / Total Assets 9.10b |
| B: -0.13 (Retained Earnings -1.16b / Total Assets 9.10b) |
| C: 0.08 (EBIT TTM 707.4m / Avg Total Assets 8.86b) |
| D: -0.21 (Book Value of Equity -1.16b / Total Liabilities 5.53b) |
| Altman-Z'' = -0.02 = B |
| DSRI: 1.01 (Receivables 249.4m/229.4m, Revenue 1.31b/1.22b) |
| GMI: 1.25 (GM 53.60% / 67.18%) |
| AQI: 1.00 (AQ_t 0.95 / AQ_t-1 0.95) |
| SGI: 1.07 (Revenue 1.31b / 1.22b) |
| TATA: -0.01 (NI 506.4m - CFO 629.2m) / TA 9.10b) |
| Beneish M = -2.75 (Cap -4..+1) = A |
As of May 27, 2026, the stock is trading at USD 120.16 with a total of 819,640 shares traded.
Over the past week, the price has changed by +4.55%,
over one month by +8.09%,
over three months by +12.00% and
over the past year by +32.12%.
Federal Realty Investment has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy FRT.
- StrongBuy: 6
- Buy: 5
- Hold: 6
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 120.6 | 0.4% |
P/E Trailing = 20.592
P/E Forward = 39.6825
P/S = 7.8529
P/B = 3.1816
P/EG = 3.6481
Revenue TTM = 1.31b USD
EBIT TTM = 707.4m USD
EBITDA TTM = 1.09b USD
Long Term Debt = 4.85b USD (from longTermDebt, last quarter)
Short Term Debt = 252.6m USD (from shortTermDebt, last quarter)
Debt = 5.02b USD (from shortLongTermDebtTotal, last quarter) + Leases 84.4m
Net Debt = 4.90b USD (calculated: Debt 5.02b - CCE 115.6m)
Enterprise Value = 15.2b USD (10.3b + Debt 5.02b - CCE 115.6m)
Interest Coverage Ratio = 3.73 (Ebit TTM 707.4m / Interest Expense TTM 189.5m)
EV/FCF = 27.09x (Enterprise Value 15.2b / FCF TTM 561.5m)
FCF Yield = 3.69% (FCF TTM 561.5m / Enterprise Value 15.2b)
FCF Margin = 42.81% (FCF TTM 561.5m / Revenue TTM 1.31b)
Net Margin = 38.61% (Net Income TTM 506.4m / Revenue TTM 1.31b)
Gross Margin = 53.60% ((Revenue TTM 1.31b - Cost of Revenue TTM 608.5m) / Revenue TTM)
Gross Margin QoQ = 70.91% (prev 9.14%)
Tobins Q-Ratio = 1.67 (Enterprise Value 15.2b / Total Assets 9.10b)
Interest Expense / Debt = 3.78% (Interest Expense 189.5m / Debt 5.02b)
Taxrate = 21.0% (US default 21%)
NOPAT = 558.9m (EBIT 707.4m * (1 - 21.00%))
Current Ratio = 0.77 (Total Current Assets 365.1m / Total Current Liabilities 474.8m)
Debt / Equity = 1.52 (Debt 5.02b / totalStockholderEquity, last quarter 3.31b)
Debt / EBITDA = 4.51 (Net Debt 4.90b / EBITDA 1.09b)
Debt / FCF = 8.73 (Net Debt 4.90b / FCF TTM 561.5m)
Total Stockholder Equity = 3.26b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.72% (Net Income 506.4m / Total Assets 9.10b)
RoE = 11.46% (Net Income TTM 506.4m / Total Stockholder Equity 4.42b)
RoCE = 7.63% (EBIT 707.4m / Capital Employed (Equity 4.42b + L.T.Debt 4.85b))
RoIC = 6.15% (NOPAT 558.9m / Invested Capital 9.08b)
WACC = 5.69% (E(10.3b)/V(15.3b) * Re(7.01%) + D(5.02b)/V(15.3b) * Rd(3.78%) * (1-Tc(0.21)))
Discount Rate = 7.01% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.11 | Cagr: 2.70%
[DCF] Terminal Value 77.97% ; FCFF base≈510.1m ; Y1≈584.8m ; Y5≈860.6m
[DCF] Fair Price = 93.16 (EV 13.0b - Net Debt 4.90b = Equity 8.05b / Shares 86.4m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 16.59 | EPS CAGR: 3.90% | SUE: 3.59 | # QB: 2
Revenue Correlation: 99.68 | Revenue CAGR: 6.18% | SUE: 2.38 | # QB: 4
EPS current Quarter (2026-06-30): EPS=0.71 | Chg30d=-2.29% | Revisions=+0% | Analysts=6
EPS next Quarter (2026-09-30): EPS=0.72 | Chg30d=-3.16% | Revisions=-20% | Analysts=6
EPS current Year (2026-12-31): EPS=3.36 | Chg30d=+15.14% | Revisions=+33% | GrowthEPS=-29.4% | GrowthRev=+6.1%
EPS next Year (2027-12-31): EPS=3.09 | Chg30d=-2.86% | Revisions=-20% | GrowthEPS=-7.9% | GrowthRev=+4.7%
[Analyst] Revisions Ratio: +33%