| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 37 | 22.9x | 17.8x | Bottom tier | |
Growth | 61 | 12.2% | 7.1% | Around median | |
Quality | 64 | 8.4% | 4.5% | Around median | |
Safety | 45 | 4.5x | 2.6x | Around median | |
Capital Return | 43 | 3.90% | 2.12% | Around median | |
Momentum | 76 | 19.4% | 2.9% | Top tier | |
Sentiment | 79 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Federal Realty Investment Trust is a real estate investment trust listed under the ticker FRT on the NYSE, and it generates its income primarily from leasing large, dominant shopping centers in their markets, alongside mixed-use assets and residential projects developed on surplus land within its existing centers. Growth sources include raising rents upon lease renewals, increasing occupancy, redeveloping assets, acquiring centers with operational improvement potential, and generating additional revenue from parking, sponsorships, signage, and events; the company targeted a 20% increase in these additional initiatives during fiscal year 2026 compared with the comparable group in the prior year.
In Q2 fiscal year 2026, FFO per share was $1.88, up 7% year over year and $0.03 above the midpoint of guidance, while adjusted comparable-property growth on a cash basis was 4.2% and growth under GAAP was approximately 2.8%. Total occupancy reached 96%, and the company signed 124 comparable deals covering 819 thousand square feet, with first-year cash rent of $33.68 per square foot and a 15% cash increase over prior rents; the small-shop leased rate was 93.9% and the occupancy rate was 92.3%.
The latest available EDGAR data for Q1 fiscal year 2026 shows revenue of $341.1 million, net income of $159.1 million, and earnings per share of $1.81, equivalent to a calculated net income margin of approximately 46.6%. On a trailing-twelve-month basis in fiscal year 2026, revenue was $1.3 billion, net income was $440.4 million, and earnings per share were approximately $5.08; meanwhile, the operating growth mix in Q2 fiscal year 2026 was driven by rents and collections, percentage rents, parking, lease termination fees, and capital recycling.
The average analyst price target is $131.27, within a wide range of $118 to $149, compared with a 52-week trading range of $90.03 to $128.21; accordingly, the average target is slightly above the top of the 52-week range, while the highest target assumes substantially greater valuation expansion. The “Buy” consensus is supported by the increase in Core FFO guidance for fiscal year 2026 and leasing growth, but the wide range of targets reflects uncertainty related to the timing of occupancy, slowing comparable-property growth in the second half, and higher acquisition and financing costs.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
FFO per share was $1.88 in Q2 fiscal year 2026, up 7% year over year and $0.03 above the midpoint of guidance. Higher rental income and collections contributed $0.03, percentage rents, parking, and additional initiatives added $0.02, and capital recycling added $0.05. In contrast, $0.015 was deducted due to a one-time investment write-off, alongside $0.01 each for a straight-line rent write-off and higher general and administrative expenses.
FRT signed a 20-year lease with Bass Pro Shops for 161 thousand square feet to replace Macy's and adjacent underperforming small shops. It also signed a lease with AMC for 53 thousand square feet to create a modern theater in place of a smaller operator that had closed. The company plans a $56 million redevelopment of Grossmont, targeting a 10% incremental cash return, with a roster of anchor tenants that also includes Walmart and Target.
Total occupancy was 96% in Q2 fiscal year 2026, while the small-shop leased rate reached 93.9% and occupancy reached 92.3%. The company added more than 100 thousand square feet of net small-shop occupancy during the quarter, raising the occupancy rate for this category by 100 basis points over three months. Management expects total occupancy to reach the mid-to-high 94% range by the end of fiscal year 2026, with some volatility remaining during Q3 before improvement in Q4.
Automated analysis for informational purposes only — not investment advice.
The company allocated $400 million to four residential projects being developed on surplus land at its existing centers. The portfolio includes Blair at Ballard, which was two-thirds leased as of July 31, 2026, 301 Washington Street, scheduled for delivery in January 2027, Lot 12 at Santana Row, scheduled for delivery in late 2027, and 261 units at Willow Grove. Management expects these projects together to add approximately 800 units and $27 million in net operating income after stabilization.
Liquidity was $1.2 billion at the end of Q2 fiscal year 2026, and after a $30 million maturity in August 2026, the company had no debt due until mid-2027. The annualized net debt-to-EBITDA ratio improved to 5.4 times, and fixed-charge coverage was 3.9 times. The company also sold $225 million in assets from the beginning of fiscal year 2026 through the end of the quarter and expects free cash flow after dividends and maintenance capital to exceed $100 million during the year.
The acquisition opportunity pipeline exceeded $1.4 billion in Q2 fiscal year 2026, but competition for the best assets pushed capitalization rates on some deals below 5%. Management explained that it withdrew from opportunities where it could not achieve an 8% unlevered internal rate of return, despite the quality of the properties. The company typically targets capitalization rates near 6%, or slightly lower when it can achieve compound annual growth of between 4% and 5% during the first five years and an unlevered internal rate of return above 8%.
