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FRTFederal Realty Investment Trust
$109.39$9.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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FRT logo

Federal Realty Investment Trust

FRT
NYSE · Retail REITs
$109.39
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$9.45B
P/E22.8x
52W High$128.21
Volume763.21K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Mixed-Use Growth Offsets FFO Volatility Risks

Federal Realty's irreplaceable mixed-use portfolio continues to drive robust revenue growth, with Q2 2026 revenue up 7.8% YoY to $335.7M and NOI margin expanding to 69.1%. The company's development pipeline and strong leasing momentum support long-term FFO gro...

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

FRT price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

8/12 Beats

EPS beat 8 of last 12 quarters

02

Valuation risk

-15% Peers

P/E is 15% below peer median

03

Market leadership

RS 47 · Lag

Laggard (Underperforming 53% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 31
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 7.8% YoY in Q2 2026, with NOI margin expanding to 69.1%, though FFO per share fell 24% YoY to $2.16 due to non-recurring items.

Analyst Consensus+19.8% target
Buy(33 analysts)
17 Buy15 Hold1 Sell

The Bull Case

Upside Catalysts

Strong Portfolio and Market Position

FRT owns and operates a portfolio of high-quality retail-based properties, primarily in major coastal markets like Washington D.C. to Boston, and in San Francisco and Los Angeles. This focus on desirable, supply-constrained markets is seen as a significant advantage, enhancing its market reach.

Dividend Growth and Stability

FRT boasts an impressive track record of 58 consecutive years of dividend increases, the longest in the REIT industry. This consistent dividend growth is a major draw for income-focused investors.

Financial Performance and Growth Outlook

The company has shown consistent revenue growth, with a 6.36% increase in revenue for 2025, reaching $1.279 billion. Earnings also saw a significant increase of 40.51% in 2025, with Funds From Operations (FFO) projected to grow by approximately 5.9% for 2025.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FRT+13.88%
S&P 500 (^GSPC)+12.39%
1-Year Return
FRT+13.84%
S&P 500 (^GSPC)+15.77%
3-Year Return
FRT+31.65%
S&P 500 (^GSPC)+77.19%
5-Year Return
FRT+8.99%
S&P 500 (^GSPC)+70.91%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
22.8x
Forward P/E
25.7x
EV/EBITDA60th %ile
17.4x
FCF YieldCash Flow
3.5%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
22.8x
32.7x
40th· Fair
EV/EBITDA
17.4x
16.9x
60th· Fair
Price/FCF
28.5x
34.2x
40th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$58.88-46.2%
Base (Fair)$78.07-29.6%
Bull$98.92-9.6%
$58.88 Bear$78.07 Base$98.92 Bull
Current Market Price: $109.39
Trades at a 40.1% premium to Base DCF ($78.07)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.28B+6.3% YoY
Net income
$411M+39.2% YoY
Free cash flow
$331M+1.0% YoY
Operating margin
35.9%-3.3 pts YoY
ROIC (TTM)4.2%
Avg ROIC 5Y-
ROE (TTM)11.9%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate8/12 (67%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 31, 2026
$0.97+35.1%
vs $0.72
$326M-1.8%
vs $332M
Q2 2026
May 1, 2026
$1.82+162.2%
vs $0.69
$333M+0.2%
vs $332M
Q1 2026
Feb 12, 2026
$1.51+104.9%
vs $0.74
$328M-0.3%
vs $329M
Q4 2025
Oct 31, 2025
$0.69-12.2%
vs $0.79
$313M-0.7%
vs $315M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·2d ago
Federal Realty: Pricing Power In A K-Shaped Economy

Federal Realty is positioned to outperform in a K-shaped economy, leveraging affluent, supply-constrained markets for superior growth and resiliency. FRT's multiple growth drivers—leasing spreads, incremental revenue streams, and residential development—are compounding its competitive advantage and supporting robust Core FFO growth. Shares trade below historical multiples despite strong fundamentals; management targets 6%+ Core FFO growth and shares currently offer a 4% dividend yield.

24/7 Wall Street·4d ago
3 Buy-Rated REITs Collecting Rent From Warehouses, Data Centers and Shopping Centers

Three landlords collecting rent from warehouses, data centers and grocery stores are all printing record leasing numbers heading into late 2026, and the common thread behind each one reveals a demand story that goes deeper than the property type.

Seeking Alpha·6d ago
The Dividend Kings Ranked By Quality Scores (September 2026)

Dividend Kings have a 50+ year track record of increasing dividends, showcasing resilience through economic challenges. I rank the Dividend Kings using my 9F Quality Scores, blending qualitative and quantitative factors for a robust, investment-grade assessment. ADP stands out as the best total-return candidate. It is undervalued, high-quality, and offering a strong projected dividend growth rate and Adjusted Chowder Number.

Zacks Investment Research·6d ago
EPR or FRT: Which Is the Better Value Stock Right Now?

Investors interested in stocks from the REIT and Equity Trust - Retail sector have probably already heard of EPR Properties (EPR) and Federal Realty Investment Trust (FRT). But which of these two stocks offers value investors a better bang for their buck right now?

Filtered for Federal Realty Investment TrustMore Headlines
04

Compare before deciding

Benchmark FRT against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Federal Realty Investment Trust (FRT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FRT logoFRTFederal Realty Investment TrustCurrent
$109.39$9.45B22.846.35%32.15%11.87%4.13%
REG logoREGRegency Centers Corporation
$72.73$13.28B25.793.39%38.24%9.22%—
KIM logoKIMKimco Realty Corporation
$22.22$14.98B26.775.06%27.73%5.76%—
AKR logoAKRAcadia Realty Trust
$19.11$2.62B201.1614.2%13.57%2.07%—
SPG logoSPGSimon Property Group, Inc.
$204.16$66.21B14.446.72%68.41%87.97%—
MAC logoMACThe Macerich Company
$22.67$6.75B-29.4410.58%-16.81%-6.44%—

Compare FRT vs Peers

Federal Realty Investment Trust (FRT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs REG

Most directly comparable listed peer for FRT.

Scale Benchmark

vs COST

Larger-name benchmark to compare FRT against a more recognizable public peer.

Peer Set

Compare Top 5

vs REG, KIM, AKR, SPG

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

FRT SEC Filings & Documents

Federal Realty Investment Trust (FRT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 31, 2026·SEC

Material company update

May 6, 2026·SEC

Material company update

Apr 15, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 13, 2025·SEC

FY 2024

Feb 12, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 31, 2026·SEC

FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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FRT Frequently Asked Questions

Federal Realty Investment Trust (FRT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Federal Realty Investment Trust's revenue?

Federal Realty Investment Trust (FRT) reported $1.34B in revenue for fiscal year 2025. This represents a 646% increase from $179.1M in 1996.

How fast is Federal Realty Investment Trust growing?

Federal Realty Investment Trust (FRT) grew revenue by 6.3% over the past year. This is steady growth.

Is FRT profitable?

Yes, Federal Realty Investment Trust (FRT) is profitable, generating $436.2M in net income for fiscal year 2025 (32.1% net margin).

Dividend & Returns
Does FRT pay dividends?

Yes, Federal Realty Investment Trust (FRT) pays a dividend with a yield of 4.13%. This makes it attractive for income-focused investors.

What is FRT's return on equity?

Federal Realty Investment Trust (FRT) has a return on equity (ROE) of 11.9%. This is reasonable for most industries.

Industry Metrics
What is Federal Realty Investment Trust's FFO?

Federal Realty Investment Trust (FRT) generated Funds From Operations (FFO) of $827.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is FRT a good dividend stock?

Federal Realty Investment Trust (FRT) offers a 4.13% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in FRT back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →