Latest revenue
$341.1M
as of 2026-03-31
Latest net income
$159.1M
as of 2026-03-31
Net margin
46.6%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $10.35B
- Enterprise value
- $11.59B
- P/E (trailing)
- 25.2×
- Forward P/E
- —
- P/B
- 3.12×
- Dividend yield
- 3.7%
- 52-wk high
- $120.20
- 52-wk low
- $89.99
- Beta
- —
- Shares out
- 86.4M
5-year trend
What this company does
Federal Realty owns and operates a portfolio of open-air shopping centers and mixed-use properties concentrated in affluent coastal U.S. metro areas. It earns nearly all revenue from rental income on retail and mixed-use space, generating $333 million of rental income in the latest quarter, up roughly 10% year-over-year. The trust just booked a $93 million gain on real estate sales and used proceeds plus new notes to repay $400 million of senior debt, signaling active capital recycling toward higher-quality assets.
Generated from FRT's filing dated 2026-02-12
Key risks
- Leverage: $4.85B total debt (mortgages $519M, notes $1.37B, senior notes $2.97B) against $3.38B equity; Q1 interest expense rose 16% to $49.1M.
- Earnings quality: Q1 2026 net income boosted by $92.7M real estate sale gain; excluding it, operating income would be ~$116M vs $107M prior year.
- Refinancing exposure: repaid $400M senior notes and drew $250M new notes plus $59M revolver in Q1, signaling rising-rate refinancing pressure.
Generated from FRT's filing dated 2026-02-12
Profitability
Operating margin
47.1%
19.9%Net margin
32.1%
30.9%Return on equity
12.7%
35.9%Return on assets
4.5%
30.0%Leverage
Debt / equity
1.81×
7.3%Long-term debt / equity
1.04×
2.2%Debt / assets
64.4%
2.6%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $341.1M | +10.3% | $159.1M | +149.5% | 46.6% |
Q4 2025 2025-12-31 | $336.0M | +7.9% | $129.7M | +98.0% | 38.6% |
Q3 2025 2025-09-30 | $322.3M | +6.1% | $61.6M | +1.1% | 19.1% |
Q2 2025 2025-06-30 | $311.5M | +5.2% | $155.9M | +39.2% | 50.0% |
Q1 2025 2025-03-31 | $309.2M | +6.1% | $63.8M | +12.4% | 20.6% |
Q4 2024 2024-12-31 | $311.4M | — | $65.5M | — | 21.0% |
Q3 2024 2024-09-30 | $303.6M | +5.9% | $61.0M | +6.8% | 20.1% |
Q2 2024 2024-06-30 | $296.1M | +5.5% | $112.0M | +85.1% | 37.8% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Real Estate Investment Trusts · SIC 6798
Your notes
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Insider activity
Insider buying
$0
Insider selling
$0
Net activity
+$0
Distinct insiders
0
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns FRT
Institutional value
$4.52B
Total shares held
43.0M
Distinct holders
373
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 8.6M | $917.9M | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 7.3M | $773.6M | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 5.4M | $571.5M | — | New |
| 4 | Invesco Ltd. | 2.7M | $285.5M | — | New |
| 5 | ProShare Advisors LLC | 1.6M | $173.0M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 1.3M | $136.4M | — | New |
| 7 | JPMORGAN CHASE & CO | 1.0M | $109.5M | — | New |
| 8 | Nuveen, LLC | 1.0M | $107.7M | — | New |
| 9 | WELLS FARGO & COMPANY/MN | 864.5K | $91.8M | — | New |
| 10 | Legal & General Group Plc | 705.7K | $75.0M | — | New |
| 11 | Bank of New York Mellon Corp | 660.5K | $70.1M | — | New |
| 12 | Vest Financial, LLC | 505.4K | $53.7M | — | New |
| 13 | NOMURA ASSET MANAGEMENT CO LTD | 495.3K | $52.6M | — | New |
| 14 | VANGUARD FIDUCIARY TRUST CO | 448.4K | $47.6M | — | New |
| 15 | Sumitomo Mitsui Trust Group, Inc. | 438.6K | $46.6M | — | New |
| 16 | UBS Group AG | 408.8K | $43.4M | — | New |
| 17 | DEUTSCHE BANK AG\ | 403.9K | $42.9M | — | New |
| 18 | SEI INVESTMENTS CO | 400.7K | $42.6M | — | New |
| 19 | FIRST TRUST ADVISORS LP | 382.1K | $40.6M | — | New |
| 20 | LASALLE INVESTMENT MANAGEMENT SECURITIES LLC | 353.2K | $37.5M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Excluding the $92.7M real estate gain, operating income was ~$116M versus $107M prior year—what's driving the modest core margin improvement given 10% revenue growth?
- 2
Rental expenses grew 10% and D&A grew 14% year-over-year, outpacing same-store NOI growth—where is operating leverage actually showing up in 2026?
- 3
You refinanced $400M senior notes with $250M new notes plus $59M revolver draw—what's the blended rate impact and refinancing pipeline through 2027?
Refreshed when FRT files a new report · last from 2026-02-12