# Federal Realty Investment Trust (FRT)

> Source: Nexqual · https://nexqual.com/FRT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Federal Realty Investment Trust (FRT), nexqual.com/FRT" · informational, not investment advice.

**Price:** USD 108.88 (+2.94% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 105.77 · day 105.7–108.96 · 52w 90.03–128.21 · market cap $9.52B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.34B, net income $436M (32.7% margin) (SEC filings).
- Valuation: P/E 21.8x (avg 29.4x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $163K; 1 not under a Rule 10b5-1 plan ($163K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.05 on a 1–5 scale) (19 analysts), mean target USD 127.74 (range 115–145).
- Total return with dividends: 1Y +12.7% vs S&P 500 +14.9%; 5Y +11.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 0.69, revenue estimate $338M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $951M | $1.07B | $1.13B | $1.20B | $1.28B | $1.34B |
| Operating income | $395M | $526M | $406M | $472M | $602M | $639M |
| Net income | $261M | $385M | $237M | $295M | $411M | $436M |
| EPS (diluted) | $3.26 | $4.71 | $2.80 | $3.42 | $4.68 | — |
| Operating margin | 41.5% | 49.0% | 35.9% | 39.3% | 47.1% | 47.9% |
| Net margin | 27.5% | 35.9% | 20.9% | 24.6% | 32.1% | 32.7% |
| Revenue growth | +13.9% | +12.9% | +5.4% | +6.2% | +6.4% | — |
| Cash + short-term investments | $162M | $85.6M | $251M | $123M | $107M | — |
| Total debt | $4.06B | $4.34B | $4.62B | $4.50B | $4.96B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.8x · P/S 7.1x · P/B 2.8x · Earnings yield 4.58%
P/E at fiscal year-ends: Dec 2025 21.2x, Dec 2024 31.7x, Dec 2023 35.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | Lamb-Hale Nicole | Director | 1,500 | $163K | 24.5% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.05 on a 1–5 scale), 19 analysts; mean target USD 127.74 (low 115, high 145).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $149 → $131 |
| 2026-10-09 | UBS | Target lowered | Neutral | $127 → $115 |
| 2026-10-05 | Wells Fargo | Target lowered | Overweight | $134 → $126 |
| 2026-09-28 | Barclays | Target lowered | Equal-Weight | $123 → $118 |
| 2026-09-24 | Mizuho | Target lowered | Outperform | $130 → $117 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $125 → $123 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Outperform | $128 → $126 |
| 2026-09-04 | JP Morgan | Target raised | Overweight | $124 → $129 |
| 2026-08-17 | Barclays | Target raised | Equal-Weight | $120 → $123 |
| 2026-08-05 | Citigroup | Target raised | Neutral | $120 → $130 |
| 2026-07-23 | Wells Fargo | Target raised | Overweight | $129 → $134 |
| 2026-07-21 | Piper Sandler | Target raised | Overweight | $127 → $149 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +12.7% | +11.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.7% | +2.2% |
| Volatility (annualized) | 16.6% | 22.4% |
| Max drawdown | -16.7% (Jul 2026→Oct 2026) | -32.6% (Dec 2021→May 2023) |

## Peers (REIT - Retail)
BRX (Brixmor Property Group Inc.) USD 28.26 +3.06% · ADC (Agree Realty Corporation) USD 67.07 +4.00% · NNN (NNN REIT, Inc.) USD 42.13 +3.46% · MAC (Macerich Company (The)) USD 23.95 +3.10% · REG (Regency Centers Corporation) USD 74.38 +2.99% · KIM (Kimco Realty Corporation (HC)) USD 23.59 +3.83%

## More
Full page: https://nexqual.com/FRT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-31)

- "Guidance 27 13 Glossary of Terms 28 909 Rose Avenue, Suite 200 North Bethesda, Maryland 20852 301-998-8100 1 Safe Harbor Language Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.69 | $0.72 | -3.6% | $338.0M | 5 |
| Next quarter (ends 2026-12-31) | $0.74 | $0.77 | -4.4% | $349.8M | 3 |
| Current fiscal year (ends 2026-12-31) | $3.71 | $4.02 | -7.8% | $1.36B | 3 |
| Next fiscal year (ends 2027-12-31) | $3.23 | $3.10 | +3.9% | $1.44B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-30): ±4.2%; last 8 reports averaged ±2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 18.1% | ±4.2% |
| 2026-12-18 | 56 | 18.5% | ±5.9% |
| 2027-02-19 | 119 | 18.4% | ±8.6% |
| 2027-05-21 | 210 | 19.9% | ±12.1% |