Federal Realty Investment TrustFRT
NYSE•Real Estate•REIT - Retail
Federal Realty Investment Trust 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 destinationssuch as Santana Row, Pike & Rose and Assembly Rowwhich 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. Federal Realty Investment Trust was incorporated in 1962 and is based in North Bethesda, United States.
Federal Realty Investment Trust (FRT) reported trailing twelve months revenue of $1.31B as of March 2026, a 7.5% increase year-over-year. Quarterly revenue reached $341.08M, reflecting continued top-line momentum.
Federal Realty Investment Trust generated $506.41M in TTM net income, with quarterly EBITDA of $310.10M. The operating margin contracted from 35.0% to 34.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (34.1%) and net margin (46.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 20.6% a year ago, signaling stronger bottom-line efficiency.
FRT trades at a P/E of 17.9x (in line with broad market averages) and a P/S of 6.9x. The price-to-book ratio of 2.7x reflects a moderate premium to book value.
The company generated $120.96M in free cash flow over the trailing twelve months, a 0.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.10B in total assets with $4.85B in long-term debt against $3.31B in stockholders equity for a debt-to-equity ratio of 1.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~40.7%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.9% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~12.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~42.0% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 3.7% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation