At a glance
Federal Realty Investment Trust is worth $9.58B, about 24 times its fiscal 2025 earnings. Revenue grew 6.4% to $1.28B in fiscal 2025, with 32.1% kept as profit; over 5 years it has grown 8.9% a year. It pays a 4.09% dividend yield, raised every year for at least 9 years, and returned $1.79B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.7% over the past year with dividends reinvested and +2.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.8% in the 2020 crash (S&P 500: 33.7%) and 34.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 43 months after the lows.
The business in plain English
Federal Realty Investment Trust is a real estate investment trust, or REIT. A REIT is a company that owns income-producing property and must generally pay out at least 90% of its taxable income to shareholders. Federal Realty was founded in 1962 and is based in North Bethesda, Maryland. It owns, manages and redevelops shopping centers and mixed-use properties, mostly in major coastal markets and in densely populated, affluent areas. As of December 31, 2025, it owned or held a majority stake in 104 mainly retail projects. Together they had about 28.8 million square feet of commercial space, 96.1% leased and 94.1% occupied.
Most of its revenue comes from leases with tenants. Its tenants include national and regional chains as well as local specialty shops, and many of its centers are anchored by a grocery store. Leases generally require tenants to repay the landlord for property taxes and operating costs. Some leases also charge percentage rent, an extra payment tied to a store's sales. The mixed-use sites center on shops but also include apartments and offices.
Revenue was $1.28 billion in fiscal 2025. That was up 6.4% from 2024 and up about 8.9% a year since 2020. The 10-K does not split revenue by segment or region. At the end of 2025, its tenants operated in 14 states and the District of Columbia. The company aims to grow by raising rents at renewal, replacing weaker tenants, and redeveloping or expanding centers it already owns.
Price history
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FRT +20.7% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $339.0M, up 5.2% from a year earlier, and net income was $66.2M (+7.3%).
- For fiscal 2025, revenue was $1.28B (+6.4% year over year; +8.9% a year from FY2020 to FY2025) with a 32.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.9% good |
|---|---|
| Operating margin | 47.1% good |
| Return on equity (FY2025) | 12.7% watch |
| Return on assets (FY2025) | 4.5% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $835.5M | $131.7M | — |
| FY2021 | $951.2M | $261.5M | — |
| FY2022 | $1.07B | $385.5M | — |
| FY2023 | $1.13B | $237.0M | — |
| FY2024 | $1.20B | $295.2M | — |
| FY2025 | $1.28B | $411.1M | — |
Valuation snapshot
| Market value | $9.58B |
|---|---|
| P/E ratio | 23.8 |
| Dividend yield | 4.09% |
Rank among 1514 US companies
Market value at each year end
Federal Realty Investment Trust’s market value went from $10.20B at the end of 2016 to $9.58B on Nov 2, 2026, down 6%; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $9.58B | +10.2% |
| 2025 | $8.70B | -8.6% |
| 2024 | $9.51B | +13.1% |
| 2023 | $8.41B | +2.5% |
| 2022 | $8.21B | -22.6% |
| 2021 | $10.60B | +64.7% |
| 2020 | $6.44B | -33.8% |
| 2019 | $9.72B | +11.5% |
| 2018 | $8.72B | -9.5% |
| 2017 | $9.63B | -5.6% |
| 2016 | $10.20B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FRT price data to Nov 2, 2026 | +15.2% | +20.7% | +10.6% | +2.0% | +1.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.2% |
| 2025 | -5.9% |
| 2024 | +12.1% |
| 2023 | +6.7% |
| 2022 | -22.7% |
| 2021 | +65.9% |
| 2020 | -30.6% |
| 2019 | +12.5% |
| 2018 | -8.1% |
| 2017 | -3.6% |
| 2016 | -0.2% |
| 2015 | +12.3% |
| 2014 | +35.2% |
| 2013 | +0.4% |
| 2012 | +18.7% |
| 2011 | +20.2% |
| 2010 | +19.2% |
| 2009 | +14.4% |
| 2008 | -21.7% |
| 2007 | -0.6% |
| 2006 | +44.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.1% over that stretch · deepest drop along the way 56.6%, back to its old high 19.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.4% over that stretch · deepest drop along the way 47.8%, back to its old high 14.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.7% over that stretch · deepest drop along the way 34.9%, back to its old high 43.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (13 read): 0 open-market purchases and 10 sales ($163K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 30, 2026 | Nicole Lamb-Hale Director | sell | $41K |
| Sep 30, 2026 | Nicole Lamb-Hale Director | sell | $22K |
| Sep 30, 2026 | Nicole Lamb-Hale Director | sell | $22K |
| Sep 30, 2026 | Nicole Lamb-Hale Director | sell | $22K |
| Sep 30, 2026 | Nicole Lamb-Hale Director | sell | $15K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.44% | Mar 31, 2026 |
| Vanguard Capital Management | 7.1% | Mar 31, 2026 |
| Norges Bank | 6.476% | Jun 30, 2026 |
ETFs with the most weight in FRT
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.11% |
| KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 1.29% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 1.27% |
| JPRE JPMorgan Realty Income ETF | 0.82% |
| SPLV Invesco S&P 500® Low Volatility ETF | 0.81% |
| HUSV First Trust Horizon Managed Volatility Domestic ETF | 0.78% |
| ALTL Pacer Lunt Large Cap Alternator ETF | 0.78% |
| NIXT Research Affiliates Deletions ETF | 0.68% |
What could go wrong
- Concentrated markets magnify local slumps. At December 31, 2025, tenants operated in only 14 states and the District of Columbia, mostly in major coastal markets. Local layoffs, cuts in federal government spending or new tariffs could hit many properties at once.
- Anchor tenant closures can ripple outward. Anchors are the big stores that draw shoppers, often grocers. They pay a large share of rent. If one closes, other tenants may pay less or leave. Anchor space was 95.5% occupied at December 31, 2025.
- Tenant troubles and bankruptcies. Rent depends on retailers staying healthy. Tariffs, interest rate swings and labor costs can squeeze them. Tenants that close early or file for bankruptcy may leave rent the trust cannot fully collect.
- Online shopping keeps pulling sales away. As more spending moves online, some tenants may shrink or close stores. Federal Realty says its densely populated locations and diverse portfolio soften this risk. It warns its centers could still be hurt.
- Sizable debt and interest rate exposure. Total debt was about $4.88 billion as of September 30, 2026, against total assets of $9.10 billion. Higher rates make refinancing costlier. Breaking covenants (rules set by lenders) could force faster repayment.
- Growth relies on new debt and shares. As a REIT, it must pay out at least 90% of taxable income, so growth often needs new debt or shares. The share count rose 10.6% from November 2021 to October 2026, diluting existing holders.
Recent events
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released
- Major agreement signed
- Executive or board change
For income and retirement investors
Federal Realty has paid quarterly dividends since 1962. It says it has raised its dividend per share for 58 years in a row. The raises have been small: from $4.22 a share in 2020 to $4.46 in 2025, about 1.1% a year. The yield was 4.09% as of November 2, 2026. Dividends paid equaled 93.6% of 2025 net income. Earnings per share fell short of the dividend in four of the six years from 2020 to 2025. That is common for REITs because depreciation, a non-cash charge, lowers reported earnings. The company repurchased no shares from 2021 to 2025, and its share count rose 10.6% from November 2021 to October 2026.
The shares have fallen hard in downturns. They dropped 56.6% in the 2008 financial crisis and 47.8% in the 2020 COVID crash, then recovered about 19 and 14.5 months after each low. After a 34.9% drop in 2022, they did not regain their earlier peak until May 6, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Federal Realty make money?
Mainly by collecting rent. Federal Realty is a real estate investment trust (REIT), a company that owns income-producing property and passes most of its taxable income to shareholders. As of December 31, 2025, it owned or held a majority interest in 104 predominantly retail properties, mainly in major coastal markets. These range from shopping centers often anchored by grocery stores to mixed-use sites with homes and offices. They covered about 28.8 million square feet and were 96.1% leased. Revenue reached $1.28 billion in fiscal 2025.
Does Federal Realty raise its dividend every year?
Yes. In its annual report for fiscal 2025, filed February 12, 2026, Federal Realty said it had raised its dividend per share for 58 consecutive years. It has also paid quarterly dividends without a break since its founding in 1962. The raises have been small. Regular dividends rose from $4.22 a share in fiscal 2020 to $4.46 in fiscal 2025, about 1.1% a year, and growth that slow can lag inflation. The company also warns that it cannot assure dividends will continue at historical rates.
Is Federal Realty's dividend payout ratio too high?
It is high, though not unusual for a REIT. In fiscal 2025, dividends paid equaled 93.6% of net income. In fiscal 2023 they were more than net income: $355 million paid against $237 million earned. REITs must generally distribute at least 90% of taxable income. Their net income is also reduced by depreciation, a non-cash charge for wear on buildings. So many investors also check funds from operations (FFO), which adds depreciation back. The dividend yield was 4.09% as of November 2, 2026.
How much debt does Federal Realty have?
About $4.88 billion of total debt as of September 30, 2026. On the same date it had $110 million of cash and investments and $3.25 billion of shareholders' equity. The company says it aims to keep an investment-grade balance sheet, meaning credit ratings that signal lower default risk. Its risk factors warn that rising interest rates could hurt cash flow. They also warn that loan covenants, or conditions set by lenders, could restrict its activities. Separately, the number of shares outstanding grew 10.6% from November 2021 to October 2026, diluting existing owners.
How did Federal Realty stock hold up in market crashes?
Slightly worse than the broader market. Federal Realty's share price fell 56.6% in the 2008 financial crisis (market: 55.1%), 47.8% in the 2020 COVID crash (market: 46.4%) and 34.9% in the 2022 bear market (market: 31.7%). After its September 2022 low, it took 43.3 months to regain its old peak, on May 6, 2026. Over the 10 years to November 2, 2026, the price rose 1.6% a year, not counting dividends. Retirees drawing income may find drops like these hard to ride out.