FRTFEDERAL REALTY INVESTMENT TRUST

Real Estate Investment Trusts

Revenue: $1.3B; 6.4% YoY
Operating margin: 47.1%; 20% YoY
EBITDA: $970M; 19% YoY
Market cap: $9.5B
Employees: 314; $4M revenue each
Net debt / EBITDA: 5.0×; $4.8B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
151% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$4M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$163K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$951M	$1.1B	$1.1B	$1.2B	$1.3B	6.4%
Operating income	$395M	$526M	$406M	$472M	$602M	27%
Net income	$261M	$385M	$237M	$295M	$411M	39%
Operating cash flow	$471M	$517M	$556M	$575M	$622M	8.3%
Stock-based comp	$13M	$14M	$14M	$16M	$15M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $163K · 10
Net: −$163K

Pay vs performance

No pay-versus-performance disclosure yet.