Federal Realty Investment Trust.
Exchange: NYSESector: Real EstateIndustry: REIT - Retail
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT.
Did you know?
FRT's revenue grew at a 5.3% CAGR over the last 6 years.
Current Price
$111.50
+1.24%GoodMoat Value
$72.49
35.0% overvaluedProfile
Valuation (TTM)
Market Cap$9.62B
P/E23.87
EV$13.87B
P/B2.96
Shares Out86.27M
P/Sales7.52
Revenue$1.28B
EV/EBITDA15.11
Federal Realty Investment Trust. (FRT) Stock Analysis
GoodMoat Analysis
Federal Realty Investment Trust is a high-quality retail REIT with a durable moat from its portfolio of prime, grocery-anchored shopping centers. However, it currently trades at a premium to its estimated fair value and exhibits a concerning free cash flow profile, making further investigation necessary but requiring a cautious approach.
Read full analysis
Federal Realty Investment Trust (FRT) is a Real Estate Investment Trust (REIT) that owns, operates, and develops high-quality retail properties, primarily in densely populated, affluent coastal markets. Its business model focuses on creating vibrant, mixed-use destinations, often anchored by grocery stores and essential services, which drives consistent tenant demand and rental income. For a value investor, the primary question is whether its premium real estate portfolio translates into a durable competitive advantage and an attractive price.
Applying the GoodMoat framework, FRT likely scores well in Moat Identification (Section 1). Its advantages stem from a form of Niche Dominance in premier retail locations, high Switching Costs for tenants due to mission-critical foot traffic, and Strategic Partnerships with top grocery anchors. These factors contribute to a potentially durable moat. The company also shows strong Quality Indicators, including a robust 35.3% Operating Margin, a solid 12.7% ROE, and a 7.5% YoY revenue growth, supported by a 4.36% dividend yield.
However, the Decision Framework (Section 6) suggests proceeding with caution. The stock fails the initial Valuation Gate, as the provided GoodMoat Target of $72.49 implies the current price of $103.27 is at a significant premium, not a discount. Key financial metrics raise concerns: the negative Free Cash Flow Yield of -4.5% is unfavourable against the framework's >10-15% FCF margin target, and the Debt/Equity ratio of 1.55 is above the preferred sub-1.0 level. While the business possesses quality and a moat, the current valuation does not offer a margin of safety, and the weak cash flow conversion is a notable red flag that requires deep investigation.
Analysis based on data as of 2024-05-15.
Market Cap$9.62B
Current Price$111.50
P/E Ratio23.87
Forward P/E—
PEG Ratio0.24
EPS$4.68
Book Value$37.66
P/B Ratio2.96
FRT Financial Charts
FCF vs CAPEX
FCFCAPEX
Cash vs Debt
Net Debt: 4.9B
Revenue
936M
FY19
835M
FY20
951M
FY21
1.1B
FY22
1.1B
FY23
1.2B
FY24
1.3B
FY25
Net Income
354M
FY19
132M
FY20
261M
FY21
385M
FY22
237M
FY23
295M
FY24
411M
FY25
FRT 52-Week Range
$87.65
$112.53
50-Day MA: $106.52200-Day MA: $98.74
Did you know?
FRT's revenue grew at a 5.3% CAGR over the last 6 years.
Federal Realty Investment Trust. (FRT) Financial Summary
Federal Realty Investment Trust. (FRT) is a Real Estate company in the REIT - Retail industry, listed on NYSE. The stock currently trades at $111.50 with a market capitalization of $9.62B.
Key valuation metrics include a P/E ratio of 23.87, price-to-book ratio of 2.96, and EPS of $4.68. The company reports a profit margin of 32.1% and return on equity of 12.7%.
FRT Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $9.62B |
| P/E Ratio | 23.87 |
| EPS | $4.68 |
| P/B Ratio | 2.96 |
| P/S Ratio | 7.52 |
| EV/EBITDA | 15.11 |
| Dividend Yield | 4.03% |
| Profit Margin | 32.1% |
| Return on Equity | 12.7% |
| Debt/Equity | 1.55 |
FRT Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $935.79M | $353.87M |
| FY20 | $835.49M | $131.71M |
| FY21 | $951.22M | $261.50M |
| FY22 | $1.07B | $385.49M |
| FY23 | $1.13B | $236.99M |
| FY24 | $1.20B | $295.21M |
| FY25 | $1.28B | $411.08M |
Federal Realty Investment Trust. (FRT) Valuation
Based on GoodMoat's DCF model, Federal Realty Investment Trust. has a fair value estimate of $72.49. At the current price of $111.50, the stock appears 53.8% overvalued relative to our intrinsic value estimate.
FRT Quality Indicators
Federal Realty Investment Trust. maintains a profit margin of 32.1% and an operating margin of 35.3%. Return on equity stands at 12.7%. Debt-to-equity ratio is 1.55.
About Federal Realty Investment Trust.
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT.
FRT Free Cash Flow
Federal Realty Investment Trust. generated $-404.37M in trailing twelve-month free cash flow, representing an FCF yield of -4.20%. This low FCF yield may reflect heavy reinvestment or growth spending.
FRT Shares Outstanding
Federal Realty Investment Trust. has 0.09 billion shares outstanding at a share price of $111.50, giving it a market capitalization of $9.62B.