FRT
FEDERAL REALTY INVESTMENT TRUST
Next earnings Jul 31, 2026 (after close) · consensus $0.72 EPS, $334M rev
Last earnings +4.0% on 2026-05-01
$121.69
▼ -2.97%$121.69▲ +34.45%
over 1Y
L $87.65H $125.84
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-3.0%
1W-2.3%
1M+2.0%
3M+14.0%
YTD+24.2%
1Y+34.4%
Buy
Conviction
Horizon
Long (>12mo)
Street · 24 analysts
Buy
Premier grocery-anchored retail REIT compounding steadily — revenue +6.4%, net income +39% — with a best-in-class dividend record.
Revenue $1.28B · FY2025
The read
Quality fundamentals and an attractive price line up (~46% below fair value) — the rarer case where both the business and the entry look good.
Federal Realty is among the highest-quality retail REITs, owning first-ring, high-income, mixed-use and grocery-anchored centers. FY2025 showed healthy growth: revenue rose 6.4% to $1.28B, operating income climbed 27.5% to $602M (a 47.1% operating margin), and net income jumped 39.2% to $411M (EPS $4.68). Operating cash flow of $622M (+8.3%) comfortably supports the REIT's distribution, and the company continued to invest, acquiring $1.0B of properties across 2025-2024.
The portfolio's defensiveness is the core of the thesis. The MD&A details rigorous collectibility analysis on operating leases — a 1% write-off of rental income would cut net income by $12.5M, a manageable sensitivity — reflecting a creditworthy, productive tenant base. Returns are solid at 12.7% ROE and the balance sheet is reasonable for a REIT at 1.73x liabilities/equity, though long-term debt rose 10.4% to $4.96B to fund acquisitions, a point to monitor in a higher-rate environment.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:48 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $951M | $1.07B | $1.13B | $1.20B | $1.28B |
| Gross profit | — | — | — | — | — |
| Operating income | $395M | $526M | $406M | $472M | $602M |
| Net income | $261M | $385M | $237M | $295M | $411M |
| Diluted EPS | $3.26 | $4.71 | $2.80 | $3.42 | $4.68 |
| Net margin | 27.5% | 35.9% | 20.9% | 24.6% | 32.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)0.66
Earnings yield3.9%
FCF yield—
Quality & risk
ROIC (est.)5.8%
Free cash flow—
Total debt$4.96B
Net cash-$4.86B
Piotroski F-Score4/7
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+0.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRed flag in recent filings — agreement terminated (2026-04-15). Worth a closer look.
Recent filings
all on EDGAR ↗4Period ending 2026-06-032026-06-03open ↗4Period ending 2026-06-032026-06-03open ↗8-KPeriod ending 2026-05-062026-05-06open ↗10-QPeriod ending 2026-03-312026-05-01open ↗8-KPeriod ending 2026-05-012026-05-01open ↗SCHEDULE 13GFiling2026-04-29open ↗SCHEDULE 13GFiling2026-04-29open ↗8-KPeriod ending 2026-04-142026-04-15open ↗ARSPeriod ending 2025-12-312026-03-27open ↗DEFA14AFiling2026-03-27open ↗DEF 14APeriod ending 2026-05-062026-03-27open ↗SCHEDULE 13G/AFiling2026-03-26open ↗
Frequently asked
- Is FEDERAL REALTY INVESTMENT TRUST (FRT) a buy?
- FRT currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Premier grocery-anchored retail REIT compounding steadily — revenue +6.4%, net income +39% — with a best-in-class dividend record.
- What is FRT's fair value?
- A Modified-Graham model based on FRT's SEC fundamentals estimates a fair value of about $177.84. It is an estimate from reported earnings, not a price target.
- Is FRT overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, FRT currently appears undervalued relative to its SEC-grounded earnings power.
- What is FEDERAL REALTY INVESTMENT TRUST's quality score?
- FRT scores 76.48862413182697/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000034903, latest 10-Q filed 2026-05-01) · EODHD · Proprietary analysis · as of 6/21/2026, 8:48:42 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.