NYSE · Real Estate Investment Trusts
Quote as of Oct 9, 2:31 PM ET · delayed
Fairly Valued. Our fair value estimate is USD 109.00 against a price of USD 105.91, +3% implied upside. Reasoning and scenarios are in Federal Realty stock: strong leasing, but today’s move has no verified cause.
Federal Realty Investment Trust declared USD 4.46 per share in dividends in FY2025, up 1.8% from USD 4.38 in FY2024. At USD 105.91 that is a 4.21% trailing yield. The dividend took 95% of FY2025 diluted EPS of USD 4.68.
Federal Realty stock is down 1.2% today, but the available company filings do not explain the move. Its leasing and FFO data support steady operations; at $106.69, valuation looks roughly fair on our preliminary assumptions.
StockLarge CapReal EstateNo earnings notes for this company yet.
Revenue (USD, billions)
Margins (%)
Free cash flow (USD, billions)
Estimated ROIC (%)
Net debt (USD, billions)
Monetary values are in USD; revenue, FCF and net debt are in billions; EPS is per share. Missing values appear as gaps and “Not available.” Source: SEC EDGAR XBRL filings, latest restated values; quarterly cash flow derived from year-to-date figures; Q4 = fiscal year minus nine months. ROIC is NOPAT (21% tax) over debt plus equity.
| Period | Revenue | Gross % | Op % | FCF | EPS | ROIC % | Net debt |
|---|---|---|---|---|---|---|---|
| FY2016 | 0.80 | Not available | 40.0 | Not available | 3.50 | 5.38 | 2.72 |
| FY2017 | 0.86 | Not available | 47.9 | Not available | 3.97 | 5.89 | 3.22 |
| FY2018 | 0.92 | Not available | 39.5 | Not available | 3.18 | 5.18 | 3.11 |
| FY2019 | 0.94 | Not available | 50.3 | Not available | 4.61 | 6.30 | 3.24 |
| FY2020 | 0.84 | Not available | 34.6 | Not available | 1.62 | 3.38 | 3.51 |
| FY2021 | 0.95 | Not available | 41.5 | Not available | 3.26 | 4.69 | 3.90 |
| FY2022 | 1.07 | Not available | 49.0 | Not available | 4.71 | 5.70 | 4.26 |
| FY2023 | 1.13 | Not available | 35.9 | Not available | 2.80 | 4.24 | 4.36 |
| FY2024 | 1.20 | Not available | 39.3 | Not available | 3.42 | 4.87 | 4.37 |
| FY2025 | 1.28 | Not available | 47.1 | Not available | 4.68 | 5.79 | 4.86 |
Current price
USD 105.91
Fair value estimate
USD 109.00
Implied upside
+2.9%
Bear
25%USD 90
Direct equity valuation using assumed 12.0x 2026 Core FFO midpoint guidance.
This case assumes a lower multiple as operating growth disappoints or financing conditions weigh on valuation. The company identifies tenant occupancy, leasing, project execution and borrowing costs as risks.
Base
55%USD 109
Direct equity valuation using assumed 14.5x 2026 Core FFO midpoint guidance.
This case assumes the company broadly delivers its guided FFO while leasing gains and investment costs remain in balance. The estimate is preliminary and uses an analyst-selected multiple.
Bull
20%USD 132
Direct equity valuation using assumed 17.5x 2026 Core FFO midpoint guidance.
This case assumes sustained rent spreads, stronger income from leased space and continued investor willingness to pay a premium multiple for the portfolio’s growth profile.
No news items logged for this company yet.