Comprehensive Stock Comparison
Compare Acadia Realty Trust (AKR) vs Federal Realty Investment Trust (FRT) vs Alexander's, Inc. (ALX) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | AKR | 14.2% revenue growth vs ALX's -100.0% |
| Value | ALX | Lower P/E (19.4x vs 73.4x) |
| Quality / Margins | FRT | 27.6% net margin vs AKR's 4.4% |
| Stability / Safety | ALX | Beta 0.36 vs AKR's 0.77 |
| Dividends | ALX | 7.7% yield, vs AKR's 3.8% |
| Momentum (1Y) | ALX | +17.9% vs AKR's -5.8% |
| Efficiency (ROA) | FRT | 3.9% ROA vs AKR's 0.4%, ROIC 7.3% vs 1.5% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Acadia Realty Trust is a retail-focused real estate investment trust that owns and operates shopping centers and urban retail properties primarily in high-density, affluent metropolitan areas. It generates revenue through rental income from its Core Portfolio — which contributes about 70% of earnings — and through management fees and carried interest from its series of institutional real estate funds. The company's competitive advantage lies in its strategic focus on high-barrier-to-entry urban retail locations and its dual-platform structure that provides both stable income and opportunistic growth potential.
Federal Realty Investment Trust is a retail-focused real estate investment trust that owns, operates, and redevelops high-quality shopping centers and mixed-use properties in affluent coastal markets. It generates revenue primarily through rental income from retail tenants—with additional income from residential units and parking—while its development expertise creates value through property repositioning. The company's competitive advantage lies in its prime, supply-constrained locations in high-barrier-to-entry markets and its multi-decade track record of creating successful mixed-use destinations.
Alexander's is a specialized real estate investment trust that owns and operates premier office and retail properties in prime New York City locations. It generates revenue primarily through long-term leases — with office space contributing roughly 70% and retail about 30% of rental income — along with property management fees. Its competitive advantage lies in its irreplaceable portfolio of trophy properties in Manhattan's most desirable locations, particularly its flagship 731 Lexington Avenue building.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
FRT leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). AKR leads in 1 (Total Returns). 2 tied.
Financial Metrics (TTM)
FRT and ALX operate at a comparable scale, with $1.3B and $0 in trailing revenue. FRT is the more profitable business, keeping 27.6% of every revenue dollar as net income compared to AKR's 4.4%. On growth, AKR holds the edge at +15.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | AKRAcadia Realty Tru… | FRTFederal Realty In… | ALXAlexander's, Inc. |
|---|---|---|---|
| RevenueTrailing 12 months | $399M | $1.3B | $0 |
| EBITDAEarnings before interest/tax | $198M | $888M | -$35M |
| Net IncomeAfter-tax profit | $18M | $347M | $28M |
| Free Cash FlowCash after capex | $104M | $533M | $73M |
| Gross MarginGross profit ÷ Revenue | +69.9% | +67.3% | — |
| Operating MarginEBIT ÷ Revenue | +11.3% | +42.3% | — |
| Net MarginNet income ÷ Revenue | +4.4% | +27.6% | — |
| FCF MarginFCF ÷ Revenue | +26.1% | +42.5% | — |
| Rev. Growth (YoY)Latest quarter vs prior year | +15.1% | +6.3% | -3.9% |
| EPS Growth (YoY)Latest quarter vs prior year | -50.4% | -1.4% | -68.6% |
Valuation Metrics
At 22.7x trailing earnings, FRT trades at a 89% valuation discount to AKR's 209.2x P/E. On an enterprise value basis, FRT's 10.7x EV/EBITDA is more attractive than AKR's 19.0x.
| Metric | AKRAcadia Realty Tru… | FRTFederal Realty In… | ALXAlexander's, Inc. |
|---|---|---|---|
| Market CapShares × price | $2.7B | $9.4B | $1.2B |
| Enterprise ValueMkt cap + debt − cash | $4.6B | $10.4B | $1.9B |
| Trailing P/EPrice ÷ TTM EPS | 209.20x | 22.71x | 42.66x |
| Forward P/EPrice ÷ next-FY EPS est. | 73.40x | 38.00x | 19.42x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.94x | — |
| EV / EBITDAEnterprise value multiple | 19.04x | 10.74x | — |
| Price / SalesMarket cap ÷ Revenue | 6.67x | 7.34x | — |
| Price / BookPrice ÷ Book value/share | 1.03x | 2.72x | 11.04x |
| Price / FCFMarket cap ÷ FCF | 16.42x | 15.08x | 16.32x |
Profitability & Efficiency
ALX delivers a 25.9% return on equity — every $100 of shareholder capital generates $26 in annual profit, vs $1 for AKR. FRT carries lower financial leverage with a 0.33x debt-to-equity ratio, signaling a more conservative balance sheet compared to ALX's 7.98x. On the Piotroski fundamental quality scale (0–9), AKR scores 5/9 vs ALX's 4/9, reflecting solid financial health.
| Metric | AKRAcadia Realty Tru… | FRTFederal Realty In… | ALXAlexander's, Inc. |
|---|---|---|---|
| ROE (TTM)Return on equity | +0.7% | +10.0% | +25.9% |
| ROA (TTM)Return on assets | +0.4% | +3.9% | +2.5% |
| ROICReturn on invested capital | +1.5% | +7.3% | — |
| ROCEReturn on capital employed | +1.8% | +7.4% | — |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 | 4 |
| Debt / EquityFinancial leverage | 0.73x | 0.33x | 7.98x |
| Net DebtTotal debt minus cash | $1.9B | $1.0B | -$128M |
| Cash & Equiv.Liquid assets | $57M | $107M | $128M |
| Total DebtShort + long-term debt | $1.9B | $1.1B | $871M |
| Interest CoverageEBIT ÷ Interest expense | 0.88x | — | — |
Total Returns (with DRIP)
A $10,000 investment in AKR five years ago would be worth $12,800 today (with dividends reinvested), compared to $11,690 for ALX. Over the past 12 months, ALX leads with a +17.9% total return vs AKR's -5.8%. The 3-year compound annual growth rate (CAGR) favors AKR at 16.7% vs FRT's 4.5% — a key indicator of consistent wealth creation.
| Metric | AKRAcadia Realty Tru… | FRTFederal Realty In… | ALXAlexander's, Inc. |
|---|---|---|---|
| YTD ReturnYear-to-date | +1.4% | +11.0% | +9.3% |
| 1-Year ReturnPast 12 months | -5.8% | +7.4% | +17.9% |
| 3-Year ReturnCumulative with dividends | +59.1% | +14.2% | +31.8% |
| 5-Year ReturnCumulative with dividends | +28.0% | +25.5% | +16.9% |
| 10-Year ReturnCumulative with dividends | -11.6% | +1.8% | +7.1% |
| CAGR (3Y)Annualised 3-year return | +16.7% | +4.5% | +9.7% |
Risk & Volatility
ALX is the less volatile stock with a 0.36 beta — it tends to amplify market swings less than AKR's 0.77 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FRT currently trades 99.0% from its 52-week high vs AKR's 89.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | AKRAcadia Realty Tru… | FRTFederal Realty In… | ALXAlexander's, Inc. |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.77x | 0.72x | 0.36x |
| 52-Week HighHighest price in past year | $23.46 | $109.90 | $260.84 |
| 52-Week LowLowest price in past year | $16.98 | $80.65 | $189.05 |
| % of 52W HighCurrent price vs 52-week peak | +89.2% | +99.0% | +89.9% |
| RSI (14)Momentum oscillator 0–100 | 54.6 | 65.5 | 55.5 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 629K | 80K |
Analyst Outlook
Analyst consensus: AKR as "Buy", FRT as "Buy", ALX as "Buy". Consensus price targets imply 2.3% upside for FRT (target: $111) vs -46.7% for ALX (target: $125). For income investors, ALX offers the higher dividend yield at 7.67% vs AKR's 3.76%.
| Metric | AKRAcadia Realty Tru… | FRTFederal Realty In… | ALXAlexander's, Inc. |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $20.50 | $111.30 | $125.00 |
| # AnalystsCovering analysts | 12 | 33 | 2 |
| Dividend YieldAnnual dividend ÷ price | +3.8% | +4.2% | +7.7% |
| Dividend StreakConsecutive years of raises | 1 | 3 | 0 |
| Dividend / ShareAnnual DPS | $0.79 | $4.52 | $18.00 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Acadia Realty Trust (AKR) | 100 | 85.24 | -14.8% |
| Federal Realty Inve… (FRT) | 100 | 83.66 | -16.3% |
| Alexander's, Inc. (ALX) | 100 | 79.7 | -20.3% |
Acadia Realty Trust (AKR) returned +28% over 5 years vs Alexander's, Inc. (ALX)'s +17%. A $10,000 investment in AKR 5 years ago would be worth $12,800 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Acadia Realty Trust (AKR) | $190M | $411M | +116.3% |
| Federal Realty Inve… (FRT) | $802M | $1.3B | +59.6% |
| Alexander's, Inc. (ALX) | $227M | $0.00 | -100.0% |
Acadia Realty Trust's revenue grew from $190M (2016) to $411M (2025) — a 8.9% CAGR. Federal Realty Investment Trust's revenue grew from $802M (2016) to $1.3B (2025) — a 5.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Acadia Realty Trust (AKR) | 38.3% | 4.1% | -89.3% |
| Federal Realty Inve… (FRT) | 31.2% | 32.1% | +3.1% |
| Alexander's, Inc. (ALX) | 38.1% | 19.2% | -49.6% |
Acadia Realty Trust's net margin went from 38% (2016) to 4% (2025). Federal Realty Investment Trust's net margin went from 31% (2016) to 32% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Acadia Realty Trust (AKR) | 37.5 | 205.4 | +447.7% |
| Federal Realty Inve… (FRT) | 33.5 | 21 | -37.3% |
| Alexander's, Inc. (ALX) | 25.1 | 39.6 | +57.8% |
Acadia Realty Trust has traded in a 38x–205x P/E range over 7 years; current trailing P/E is ~209x. Federal Realty Investment Trust has traded in a 21x–53x P/E range over 9 years; current trailing P/E is ~23x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Acadia Realty Trust (AKR) | 0.94 | 0.1 | -89.4% |
| Federal Realty Inve… (FRT) | 3.5 | 4.79 | +36.9% |
| Alexander's, Inc. (ALX) | 16.91 | 5.5 | -67.5% |
Acadia Realty Trust's EPS grew from $0.94 (2016) to $0.10 (2025) — a -22% CAGR. Federal Realty Investment Trust's EPS grew from $3.50 (2016) to $4.79 (2025) — a 4% CAGR.
Chart 6Free Cash Flow — 5 Years
Acadia Realty Trust generated $167M FCF in 2025 (+181% vs 2021). Federal Realty Investment Trust generated $622M FCF in 2025 (+1918% vs 2021).
AKR vs FRT vs ALX: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is AKR or FRT or ALX a better buy right now?
Federal Realty Investment Trust (FRT) offers the better valuation at 22.7x trailing P/E (38.0x forward), making it the more compelling value choice. Analysts rate Acadia Realty Trust (AKR) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — AKR or FRT or ALX?
On trailing P/E, Federal Realty Investment Trust (FRT) is the cheapest at 22.7x versus Acadia Realty Trust at 209.2x. On forward P/E, Alexander's, Inc. is actually cheaper at 19.4x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — AKR or FRT or ALX?
Over the past 5 years, Acadia Realty Trust (AKR) delivered a total return of +28.0%, compared to +16.9% for Alexander's, Inc. (ALX). A $10,000 investment in AKR five years ago would be worth approximately $13K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ALX returned +7.1% versus AKR's -11.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — AKR or FRT or ALX?
By beta (market sensitivity over 5 years), Alexander's, Inc. (ALX) is the lower-risk stock at 0.36β versus Acadia Realty Trust's 0.77β — meaning AKR is approximately 112% more volatile than ALX relative to the S&P 500. On balance sheet safety, Federal Realty Investment Trust (FRT) carries a lower debt/equity ratio of 33% versus 8% for Alexander's, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — AKR or FRT or ALX?
Federal Realty Investment Trust (FRT) is the more profitable company, earning 32.1% net margin versus 0.0% for Alexander's, Inc. — meaning it keeps 32.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FRT leads at 47.1% versus 0.0% for ALX. At the gross margin level — before operating expenses — AKR leads at 69.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is AKR or FRT or ALX more undervalued right now?
On forward earnings alone, Alexander's, Inc. (ALX) trades at 19.4x forward P/E versus 73.4x for Acadia Realty Trust — 54.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FRT: 2.3% to $111.30.
07Which pays a better dividend — AKR or FRT or ALX?
All stocks in this comparison pay dividends. Alexander's, Inc. (ALX) offers the highest yield at 7.7%, versus 3.8% for Acadia Realty Trust (AKR).
08Is AKR or FRT or ALX better for a retirement portfolio?
For long-horizon retirement investors, Alexander's, Inc. (ALX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.36), 7.7% yield). Both have compounded well over 10 years (ALX: +7.1%, AKR: -11.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between AKR and FRT and ALX?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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