# Federal Realty Investment Trust (FRT) — Stock CV

Federal Realty Investment Trust is a $9.22B real estate company. Revenue grew 7.8% over the last year, it keeps 32¢ of every dollar of sales as profit, and its net debt equals ~7.8 years of free cash flow. It trades at 21.3× earnings — near the lowest of its own history.

> Federal Realty Investment Trust is a shopping center-focused retail real estate investment trust that owns high-quality properties in eight of the largest metropolitan markets. Its portfolio includes an interest in 103 properties, which includes 28.8 million square feet of retail space and 2,500 multifamily units.

## Identity

- **Ticker**: FRT
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: NORTH BETHESDA, MD
- **Employees**: 320
- **Website**: https://www.federalrealty.com
- **Market cap**: $9.22B
- **Last price**: $106.16
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.34B
- **Net income**: $432M
- **Free cash flow**: $631M
- **Net debt**: $4.92B
- **P/E**: 21.3
- **Revenue growth (YoY)**: 7.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 77 |
| Growth | 57 |
| Profitability | 67 |
| Health | 31 |
| Quality | 60 |
| Moat | 63 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +7.8% YoY
- [x] Profitable — $432M TTM
- [ ] Profit growing — -0.2% YoY
- [x] Generates cash — $631M TTM
- [ ] Debt under control — ~7.8y of cash flow to repay
- [x] Established company — $9.22B market cap
- [ ] Not printing shares — +13.7% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 4.24%
- [x] Valuation not extreme — P/E 21.3

## Experience (career milestones)

- **FY2025** — Best year on record: $402M net income
- **FY2022** — Revenue crossed $1B: $1.08B for the year
- **2021** — The company acquired a 60% ownership stake in Grossmont Center in La Mesa, California worth $175 million
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — The company acquired an 85% interest in The Shops at Sunset Place based on a property valuation of $110.2…
- **1999** — The company was reorganized as a real estate investment trust in Maryland
- **1962** — The company was founded by Samuel J

## Strengths

- High gross margin (67.5%)
- Strongly profitable — 32.3% net margin
- Strong cash conversion — FCF is 47.2% of revenue

## Watch-outs

- Altman Z-Score 0.07 — elevated financial-distress risk
- Net debt equals ~7.8 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $952M | $252M | $471M |
| FY2022 | $1.08B | $376M | $517M |
| FY2023 | $1.13B | $237M | $556M |
| FY2024 | $1.21B | $286M | $575M |
| FY2025 | $1.28B | $402M | $622M |

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Source: https://stockcv.com/FRT — derived from company filings; may be delayed or incomplete. Information, not investment advice.