NYSE:FRT

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Federal Realty Investment Trust

Executive Summary

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. More Details


Snowflake Analysis

6 star dividend payer and overvalued.


Similar Companies

Share Price & News

How has Federal Realty Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FRT is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 12% a week.

Volatility Over Time: FRT's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of US stocks.


Market Performance


7 Day Return

-1.2%

FRT

-1.2%

US REITs

0.7%

US Market


1 Year Return

-31.3%

FRT

-8.7%

US REITs

22.2%

US Market

Return vs Industry: FRT underperformed the US REITs industry which returned -7.6% over the past year.

Return vs Market: FRT underperformed the US Market which returned 22.7% over the past year.


Shareholder returns

FRTIndustryMarket
7 Day-1.2%-1.2%0.7%
30 Day25.9%6.9%11.8%
90 Day9.2%1.6%8.6%
1 Year-28.3%-31.3%-4.9%-8.7%25.0%22.2%
3 Year-23.0%-30.8%19.1%5.0%49.4%39.5%
5 Year-26.6%-37.6%48.7%18.9%100.2%78.1%

Long-Term Price Volatility Vs. Market

How volatile is Federal Realty Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Federal Realty Investment Trust undervalued compared to its fair value and its price relative to the market?

11.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FRT ($89.96) is trading below our estimate of fair value ($101.69)

Significantly Below Fair Value: FRT is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: FRT is poor value based on its PE Ratio (38.7x) compared to the US REITs industry average (38.2x).

PE vs Market: FRT is poor value based on its PE Ratio (38.7x) compared to the US market (19.4x).


Price to Earnings Growth Ratio

PEG Ratio: FRT is poor value based on its PEG Ratio (3.3x)


Price to Book Ratio

PB vs Industry: FRT is overvalued based on its PB Ratio (3.1x) compared to the US REITs industry average (1.6x).


Next Steps

Future Growth

How is Federal Realty Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

11.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FRT's forecast earnings growth (11.7% per year) is above the savings rate (2.2%).

Earnings vs Market: FRT's earnings (11.7% per year) are forecast to grow slower than the US market (21.8% per year).

High Growth Earnings: FRT's earnings are forecast to grow, but not significantly.

Revenue vs Market: FRT's revenue (6.1% per year) is forecast to grow slower than the US market (10.2% per year).

High Growth Revenue: FRT's revenue (6.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FRT's Return on Equity is forecast to be low in 3 years time (8.7%).


Next Steps

Past Performance

How has Federal Realty Investment Trust performed over the past 5 years?

3.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FRT has a large one-off gain of $40.4M impacting its September 30 2020 financial results.

Growing Profit Margin: FRT's current net profit margins (20.7%) are lower than last year (27.2%).


Past Earnings Growth Analysis

Earnings Trend: FRT's earnings have grown by 3.6% per year over the past 5 years.

Accelerating Growth: FRT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FRT had negative earnings growth (-30.8%) over the past year, making it difficult to compare to the REITs industry average (2%).


Return on Equity

High ROE: FRT's Return on Equity (7.1%) is considered low.


Next Steps

Financial Health

How is Federal Realty Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: FRT's short term assets ($1.3B) exceed its short term liabilities ($426.7M).

Long Term Liabilities: FRT's short term assets ($1.3B) do not cover its long term liabilities ($4.7B).


Debt to Equity History and Analysis

Debt Level: FRT's debt to equity ratio (173%) is considered high.

Reducing Debt: FRT's debt to equity ratio has increased from 130.1% to 173% over the past 5 years.

Debt Coverage: FRT's debt is not well covered by operating cash flow (8.7%).

Interest Coverage: FRT's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Federal Realty Investment Trust current dividend yield, its reliability and sustainability?

4.71%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: FRT's dividend (4.71%) is higher than the bottom 25% of dividend payers in the US market (1.48%).

High Dividend: FRT's dividend (4.71%) is in the top 25% of dividend payers in the US market (4.14%)


Stability and Growth of Payments

Stable Dividend: FRT's dividends per share have been stable in the past 10 years.

Growing Dividend: FRT's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (85.6%), FRT's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FRT's dividends in 3 years are forecast to be covered by earnings (73.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average management tenure


CEO

Don Wood (59 yo)

17.92yrs

Tenure

US$7,630,858

Compensation

Mr. Donald C. Wood, also known as Don, CPA, has been the President and Chief Executive Officer of Federal Realty Investment Trust since 2003. Mr. Wood serves as the President and Chief Executive Officer of...


CEO Compensation Analysis

Compensation vs Market: Don's total compensation ($USD7.63M) is about average for companies of similar size in the US market ($USD6.94M).

Compensation vs Earnings: Don's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Donald Wood
President17.92yrsUS$7.63m0.56%
$ 37.8m
Daniel Guglielmone
Executive VP4.33yrsUS$1.81m0.039%
$ 2.6m
Dawn Becker
Executive VP18.67yrsUS$1.50m0.18%
$ 12.0m
Melissa Solis
Chief Accounting Officer & Senior VP9.42yrsno datano data
Porter Bellew
Chief Information Officer & VP5.83yrsno datano data
Leah Andress Brady
Senior Manager of Investor Relations4.92yrsno datano data
Michael Ennes
Senior Vice President of Mixed-Use Initiatives & Corporate Communications0.83yrno datano data
Jeffrey Berkes
EVP & President of Western Regionno dataUS$968.32kno data
Deborah Colson
Senior Vice President of Legal Operations15.83yrsno datano data
Wendy Seher
Executive VP & Eastern Region Presidentno datano datano data
Jan Sweetnam
Executive VP & COO of Western Region4.75yrsno datano data
John Tschiderer
Senior Vice President of Development5.83yrsno datano data

5.8yrs

Average Tenure

56yo

Average Age

Experienced Management: FRT's management team is seasoned and experienced (5.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Donald Wood
President17.92yrsUS$7.63m0.56%
$ 37.8m
Joseph Vassalluzzo
Independent Non-Executive Chairman14.83yrsUS$273.70k0.031%
$ 2.1m
David Faeder
Independent Trustee17.67yrsUS$200.00k0.015%
$ 987.7k
Mark Ordan
1.83yrsUS$174.05k0.0012%
$ 78.3k
Jon Bortz
Independent Trustee15.5yrsUS$190.00k0.015%
$ 1.0m
Gail Steinel
Independent Trustee14.42yrsUS$210.00k0.014%
$ 969.7k
Anthony Nader
Member of Board of Trustees0.25yrno datano data
Nicole Lamb-Hale
Member of Board of Trustees0.25yrno datano data
Elizabeth Holland
Independent Trustee3.83yrsUS$195.10k0.0035%
$ 236.2k

14.4yrs

Average Tenure

62yo

Average Age

Experienced Board: FRT's board of directors are seasoned and experienced ( 14.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Federal Realty Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Federal Realty Investment Trust
  • Ticker: FRT
  • Exchange: NYSE
  • Founded: 1962
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$6.692b
  • Market Cap: US$6.805b
  • Shares outstanding: 76.39m
  • Website: https://www.federalrealty.com

Number of Employees


Location

  • Federal Realty Investment Trust
  • 909 Rose Avenue
  • Suite 200
  • North Bethesda
  • Maryland
  • 20852
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FRTNYSE (New York Stock Exchange)YesCommon SharesUSUSDDec 1972
WX2DB (Deutsche Boerse AG)YesCommon SharesDEEURDec 1972
FRIT *BMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNDec 1972
0IL1LSE (London Stock Exchange)YesCommon SharesGBUSDDec 1972
FRT.PRCNYSE (New York Stock Exchange)5% CUM PFD CUSUSDSep 2017
F1RI34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 4 REPR 1 COMBRBRLJan 2020

Biography

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as wel...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/02 23:51
End of Day Share Price2020/12/02 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.