Federal Realty Investment Trust FRT

Real EstateResidential & Commercial REITsUnited States of America

Last close 111.37 USD on Nov 2, 2026, +15.2% year to date

Quant rating

Quant rating C Rank 107 of 175 in Real Estate

Growth C 97 of 175
Valuation B 69 of 175
Quality D 128 of 175
Revisions C 105 of 175
Momentum B 66 of 175

Wall Street consensus Buy (2.11)Average target 125.47 USD +12.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.6B
Enterprise value: 14.8B
52-week range: 90.57 – 128.15
3-year range: 83.56 – 128.15
Dividend yield: 4.16%
Beta (5 years): 0.95
Shares outstanding: 86.0M
Next earnings: Feb 11, 2027

About the company

Federal Realty Investment Trust (the Trust) is an equity real estate investment trust (REIT). The Trust specializes in the ownership, operation and redevelopment of retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Federal Realty OP LP (the Operating Partnership) is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust’s portfolio includes open-air shopping centers and mixed-use destinations. The Trust has approximately 105 properties, including Santana Row, Pike & Rose, Assembly Row, Assembly Square, Andorra Shopping Center, Bala Cynwyd On City Avenue, Town Center Plaza, Town Center Crossing, Del Monte Shopping Center, and Annapolis Town Center, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,279	1,202	1,132	1,074	951	–
Revenue growth	6.4%	6.2%	5.4%	12.9%	13.9%	8.9%
EPS (basic, normalized)	4.75	3.42	2.80	4.71	3.26	–
EPS growth	38.9%	22.1%	−40.6%	44.5%	–	–
Gross margin	67.2%	67.4%	67.9%	66.8%	66.7%	67.2%
Net margin	31.6%	23.8%	20.1%	35.0%	26.5%	27.4%
ROE	12.8%	9.6%	8.0%	13.9%	10.4%	10.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	110
Current ratio	–
Long-term debt (mil)	4,897
Net debt (mil)	5,203
Total equity (mil)	3,251
Net debt / equity	1.60x
Net debt / EBITDA	5.32x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,279	+6.4%	11.6x	977	+28.8%	15.1x	4.75	+38.9%	23.4x
2026	1,361	+6.5%	10.9x	869	−11.1%	17.0x	4.23	−10.9%	26.3x
2027	1,433	+5.2%	10.3x	928	+6.7%	15.9x	3.21	−24.0%	34.6x
2028	1,489	+3.9%	9.9x	976	+5.2%	15.1x	3.44	+6.8%	32.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,361	+0.2%	+0.4%	+0.8%	4.23	+0.6%	+7.7%	+28.5%
2027	1,433	+0.8%	+1.0%	+1.9%	3.21	−0.7%	+0.7%	+1.0%
2028	1,489	+0.3%	−1.0%	+1.7%	3.44	−1.9%	−4.2%	+2.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	291	296	304	311	309	312	313	336	341	326
Sales mean (mil)	290	294	301	311	306	310	315	328	331	333
Surprise	+0.4%	+0.8%	+1.0%	+0.1%	+0.9%	+0.5%	−0.6%	+2.3%	+3.0%	−2.0%
EPS reported	0.66	0.69	0.70	0.75	0.72	1.78	0.69	1.56	1.81	0.97
EPS mean	0.67	0.71	0.72	0.73	0.70	0.74	0.79	0.76	0.70	0.71
Surprise	−2.0%	−2.4%	−3.4%	+2.6%	+3.2%	+140.9%	−12.3%	+106.0%	+157.7%	+36.3%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FRT Federal Realty Investment Trust	9.6B	5.32x	31.6%	2.96x	26.3x	34.6x	17.0x	15.9x
WELL Welltower Inc.	175.3B	3.89x	−4.7%	3.60x	82.4x	73.3x	35.7x	29.6x
SPG Simon Property Group Inc	71.7B	6.33x	72.7%	16.18x	33.7x	31.4x	19.4x	18.5x
DLR Digital Realty Trust, Inc.	66.6B	6.45x	20.7%	2.35x	63.4x	63.8x	23.1x	20.2x
PSA Public Storage	62.3B	7.23x	32.9%	4.29x	33.3x	32.7x	21.8x	19.6x
O Realty Income Corporation	54.5B	6.26x	18.4%	1.38x	36.9x	32.4x	15.6x	14.3x
Mean		5.91x	28.6%	5.13x	46.0x	44.7x	22.1x	19.7x
Median		6.30x	26.2%	3.28x	35.3x	33.7x	20.6x	19.0x

Technical analysis

1M+4.4%
3M−9.3%
1Y+20.7%
3Y+35.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Federal Realty Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,279	1,202	1,132	1,074	951	835
Cost of revenue	419	392	363	357	317	290
Gross profit	860	811	769	718	635	545
Selling, general & administrative expenses	46.9	49.7	50.7	52.6	49.9	41.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	368	343	322	302	280	255
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−157	−54.0	−9.9	−164	−90.0	−29.7
Other operating expenses	0	0	0	0	0	0
Operating income	602	472	406	526	395	278
Net interest income (expense)	−179	−168	−159	−131	−126	−142
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	424	304	247	396	269	136
Provision for taxes	–	–	–	–	–	–
Minority interest	−12.6	−9.1	−10.2	−10.2	−7.6	−4.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	411	295	237	385	261	132
Extraordinary items	–	–	–	–	–	–
Net income	411	295	237	385	261	132
EBIT, normalized	445	418	397	363	305	249
EBITDA, normalized	813	761	718	665	585	504
Basic EPS, normalized	4.75	3.42	2.80	4.71	3.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Federal Realty Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	107	123	251	85.6	162	798
Receivables	259	238	211	207	179	200
Total inventory	–	–	–	–	–	–
Prepaid expenses	328	266	244	245	211	188
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	8,378	7,843	7,677	7,529	7,032	6,369
Goodwill	–	–	–	–	–	–
Intangibles	16.3	8.1	10.5	11.8	13.3	11.9
Long-term investments	31.9	33.5	34.9	145	13.0	22.1
Note receivable	–	–	–	–	–	–
Other long-term assets	705	640	715	548	564	1,205
Total assets	9,130	8,525	8,437	8,234	7,622	7,608
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	220	184	175	190	235	229
Accrued expenses	72.3	74.8	75.9	77.7	72.7	72.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	4,956	4,486	4,612	4,397	4,120	4,363
Minority interest	252	253	262	258	296	222
Other liabilities	674	614	599	625	626	558
Total liabilities	5,882	5,353	5,473	5,280	5,042	5,143
Shareholders' equity
Preferred stock	–	–	–	–	0	0
Common stock	0.9	0.9	0.8	0.8	0.8	0.8
Additional paid-in capital	4,310	4,249	3,959	3,822	3,489	3,297
Retained earnings (accumulated deficit)	−1,224	−1,243	−1,160	−1,034	−1,067	−988
Treasury stock	–	–	–	–	–	–
Other equity	162	165	164	166	158	154
Total equity	3,249	3,172	2,964	2,954	2,581	2,464
Total liabilities & shareholders' equity	9,130	8,525	8,437	8,234	7,622	7,608

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Federal Realty Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	424	304	247	396	269	136
Depreciation, depletion & amortization	368	343	322	302	280	255
Deferred taxes	–	–	–	–	–	–
Non-cash items	−175	−69.8	−16.0	−178	−90.8	−15.5
Changes in working capital	6.2	−2.5	2.8	−2.8	13.1	−5.5
Cash from operations	622	575	556	517	471	370
Investing activities
Capital expenditures	−1,027	−521	−372	−855	−807	−512
Other investing cash flows	284	73.9	13.4	69.2	147	143
Cash from investing	−743	−447	−358	−786	−660	−368
Financing activities
Financing cash flow items	134	−52.8	−18.0	−48.7	−12.6	−24.6
Cash dividends paid	−388	−372	−359	−347	−336	−325
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	357	172	343	586	−105	1,011
Cash from financing	103	−252	−33.8	190	−453	662
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−17.7	−125	164	−78.8	−642	663
Free cash flow	−404	53.9	184	−338	−336	−142

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.