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REIT owning grocery-anchored and mixed-use shopping centers in wealthy, densely populated US coastal metros.
REIT owning grocery-anchored and mixed-use shopping centers in wealthy, densely populated US coastal metros.
Collects rent under leases that include built-in annual increases, with grocers and other everyday retailers anchoring centers and drawing traffic to smaller tenants. It also redevelops older centers into mixed-use projects with apartments and offices on the same land. It has the longest-running record of annual dividend increases among US real estate investment trusts.
Moat: narrow (scale, installed base). Irreplaceable infill locations in affluent, supply-constrained coastal markets with long operating history.
Headquarters: North Bethesda, Maryland, United States · Founded: 1962 · Employees: 320
Size Federal Realty Investment Trust (FRT) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $9.74B, the 790th largest of 3,117 United States companies the cockpit tracks. Shares closed at $112.58 on 6 Nov 2026.
Performance Over six months the shares fell 1.8%, against -1.5% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median +5.1%); the operating margin is 34.5% (peer median 38.6%).
Valuation It trades at 3.14× book value against a peer median of 1.88× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 23.7%; Federal Realty Investment Trust delivers 13.6%, so the price asks more than the business earns today.
Credit Federal Realty Investment Trust has 6 bonds outstanding ($2.66B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 75 bp.
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.28B | $1.20B | $1.13B | $1.07B |
| Revenue growth | — | +6% | +6% | +5% | — |
| Gross profit | $517M | $492M | $468M | $447M | $415M |
| EBITDA | $864M | $827M | $761M | $718M | $665M |
| Net income | $439M | $410M | $294M | $236M | $384M |
| Free cash flow | $345M | $335M | $333M | $255M | $107M |
| Capital expenditure | $312M | $291M | $247M | $311M | $417M |
| Total debt | $4.97B | $5.23B | $4.73B | $4.86B | $4.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Federal Realty Investment Trust FRT | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% |
| Kimco Realty KIM | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% |
| Regency Centers REG | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% |
| Brixmor Property BRX | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% |
| Simon Property SPG | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FRT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.8% | +6.5% | 11th highest of 21 |
| 6-month return | -1.8% | -1.5% | 11th highest of 21 |
| Return on equity | 13.6% | 8.9% | 5th highest of 20 |
| Price / book | 3.14× | 1.88× | 4th most expensive of 21 |
| Trailing P/E | 22.5× | 22.9× | 9th cheapest of 17 |
| ROE the price implies | 23.7% | 13.9% | 3rd most demanding of 21 |
| ROE delivered | 13.6% | 8.9% | 5th highest of 20 |
| Bond spread | 75 bp | 90 bp | tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Federal Realty Investment Trust FRT | United States | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% | 13.6% |
| Janus Living JAN | United States | $9.93B | +15% | n/a | n/a | 2.41× | 15.7% | n/a |
| CubeSmart CUBE | United States | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% | 13.1% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| BXP BXP | United States | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% | 10.4% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| EastGroup Properties EGP | United States | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% | 8.9% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| AGNC Investment AGNC | United States | $11.2B | -19% | +152% | 1% | 1.15× | 13.1% | 0.9% |
| Gaming and Leisure Properties GLPI | United States | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% | 19.6% |
| UDR UDR | United States | $11.6B | -1% | +1% | 22% | 3.76× | 22.9% | 21.8% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
Federal Realty Investment Trust has 6 bonds outstanding with $2.66B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.51%, a spread of 75 bp over government bonds.