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Federal Realty Investment Trust

FRT Real Estate Reit Retail

Federal Realty Investment Trust’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 6.36% from fiscal 2024.

Revenue
+5.20%
EPS
+15.5%
Free cash flow
+14.0%
Total debt
+3.39%

Quarter to September 2026, against a year earlier

113.22 1.41 −1.23%
Market cap
$9.8B
P/E
22.3×
Fwd P/E
25.9×
Dividend yield
4.02%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Federal Realty Investment Trust (FRT) valuation and DCF model

What the price implies · reverse DCF

At $113.22 the price implies FFO a share growing 1.9% a year for ten years.

FFO a share grew 4.3% a year over the last ten years, 10.2% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 1.5%.

In December 2017 the price assumed 6.9% a year; Federal Realty Investment Trust went on to grow FFO a share 2.7% a year to FY2025.

FFO a share is worked out from Federal Realty Investment Trust’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
1.9%
Last 5 years, reported
10.2%
Last 10 years, reported
4.3%
Industry median implies
1.5%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
1.9% a year for ten years
$113.22
today’s price
Its base case
4.3% a year for five years, then 2.6%
$128.64
13.6% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Federal Realty Investment Trust’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 1.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Federal Realty Investment Trust’s own cost of capital: risk-free 4.3% + beta 0.96 × equity premium 4.5% = 8.6% cost of equity; weighted, 8.6%.

Use 8.6%
Base case value per share $128.64 ten years discounted, and what follows
Current price $113.22 market price per share
Above today’s price 13.6% upside at the base case’s assumptions

How we got there$58.27 10 years of FFO+$70.37 terminal value=$128.64 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Retail).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 22.30× 27.14× 32.89× 32% below 24.06× 7% below
P/FCF 28.85× 43.68× 100.45× 71% below 17.80× 62% above
P/B 3.10× 2.93× 3.35× 8% below 1.77× 75% above
EV/EBITDA 13.99× 15.50× 17.56× 20% below 15.96× 12% below
EV/Sales 10.79× 11.15× 12.47× 13% below 10.99× 2% below
P/FFO 15.08× 14.91× 17.90× 16% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
24.23×33.07×41.91×50.75×10Y avg 32.89×2017201820192020202120222023202420252026

FRT trades at 22.30× P/E, against a 10-year average of 32.89× (range 21.54×–52.54×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $166.98 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.