Intrinsic value of Federal Realty Investment Trust - FRT

Previous Close

$129.65

  Intrinsic Value

$6.92

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+53%

Previous close

$129.65

 
Intrinsic value

$6.92

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+53%

Our model is not good at valuating stocks of financial companies, such as FRT.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FRT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.80
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  802
  838
  876
  916
  959
  1,004
  1,051
  1,101
  1,153
  1,208
  1,266
  1,328
  1,392
  1,459
  1,531
  1,605
  1,684
  1,767
  1,853
  1,945
  2,041
  2,141
  2,247
  2,359
  2,475
  2,598
  2,727
  2,863
  3,005
  3,155
  3,311
Variable operating expenses, $m
 
  260
  272
  284
  297
  311
  326
  341
  357
  375
  393
  412
  431
  452
  474
  498
  522
  548
  575
  603
  633
  664
  697
  731
  767
  805
  845
  887
  932
  978
  1,027
Fixed operating expenses, $m
 
  244
  250
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
  380
  390
  400
  410
  420
  430
  441
  452
  464
  475
  487
  499
Total operating expenses, $m
  481
  504
  522
  540
  560
  580
  602
  624
  647
  672
  698
  724
  751
  780
  810
  843
  875
  910
  946
  983
  1,023
  1,064
  1,107
  1,151
  1,197
  1,246
  1,297
  1,351
  1,407
  1,465
  1,526
Operating income, $m
  321
  334
  355
  376
  399
  423
  449
  477
  506
  537
  569
  604
  640
  679
  720
  763
  809
  857
  908
  961
  1,018
  1,078
  1,141
  1,207
  1,278
  1,352
  1,430
  1,512
  1,598
  1,690
  1,786
EBITDA, $m
  515
  537
  567
  598
  631
  667
  704
  743
  785
  829
  876
  925
  978
  1,033
  1,091
  1,152
  1,217
  1,285
  1,357
  1,433
  1,513
  1,597
  1,686
  1,779
  1,878
  1,981
  2,091
  2,206
  2,327
  2,454
  2,588
Interest expense (income), $m
  90
  98
  103
  109
  115
  121
  128
  135
  142
  150
  158
  167
  176
  186
  196
  207
  218
  230
  242
  255
  269
  283
  298
  314
  331
  348
  367
  386
  406
  428
  450
Earnings before tax, $m
  226
  236
  252
  267
  284
  302
  321
  342
  363
  386
  411
  437
  464
  493
  524
  556
  591
  627
  666
  706
  749
  795
  843
  893
  947
  1,003
  1,063
  1,126
  1,192
  1,262
  1,336
Tax expense, $m
  0
  64
  68
  72
  77
  82
  87
  92
  98
  104
  111
  118
  125
  133
  141
  150
  159
  169
  180
  191
  202
  215
  228
  241
  256
  271
  287
  304
  322
  341
  361
Net income, $m
  250
  173
  184
  195
  208
  221
  235
  250
  265
  282
  300
  319
  339
  360
  382
  406
  431
  458
  486
  516
  547
  580
  615
  652
  691
  732
  776
  822
  870
  921
  975

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  23
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,423
  5,625
  5,881
  6,151
  6,436
  6,737
  7,054
  7,388
  7,739
  8,110
  8,499
  8,910
  9,341
  9,795
  10,272
  10,774
  11,302
  11,856
  12,439
  13,052
  13,696
  14,372
  15,083
  15,830
  16,614
  17,438
  18,304
  19,213
  20,168
  21,171
  22,225
Adjusted assets (=assets-cash), $m
  5,400
  5,625
  5,881
  6,151
  6,436
  6,737
  7,054
  7,388
  7,739
  8,110
  8,499
  8,910
  9,341
  9,795
  10,272
  10,774
  11,302
  11,856
  12,439
  13,052
  13,696
  14,372
  15,083
  15,830
  16,614
  17,438
  18,304
  19,213
  20,168
  21,171
  22,225
Revenue / Adjusted assets
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
Average production assets, $m
  4,743
  4,956
  5,182
  5,420
  5,671
  5,936
  6,216
  6,510
  6,820
  7,146
  7,490
  7,851
  8,231
  8,631
  9,052
  9,494
  9,959
  10,448
  10,961
  11,501
  12,068
  12,664
  13,291
  13,949
  14,640
  15,366
  16,129
  16,930
  17,772
  18,656
  19,584
Working capital, $m
  0
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -96
Total debt, $m
  2,798
  2,941
  3,104
  3,276
  3,458
  3,650
  3,852
  4,065
  4,290
  4,526
  4,775
  5,036
  5,312
  5,601
  5,906
  6,226
  6,562
  6,916
  7,288
  7,679
  8,090
  8,521
  8,975
  9,451
  9,952
  10,477
  11,030
  11,610
  12,219
  12,859
  13,531
Total liabilities, $m
  3,447
  3,589
  3,752
  3,924
  4,106
  4,298
  4,500
  4,713
  4,938
  5,174
  5,423
  5,684
  5,960
  6,249
  6,554
  6,874
  7,210
  7,564
  7,936
  8,327
  8,738
  9,169
  9,623
  10,099
  10,600
  11,125
  11,678
  12,258
  12,867
  13,507
  14,179
Total equity, $m
  1,977
  2,036
  2,129
  2,227
  2,330
  2,439
  2,553
  2,674
  2,802
  2,936
  3,077
  3,225
  3,381
  3,546
  3,719
  3,900
  4,091
  4,292
  4,503
  4,725
  4,958
  5,203
  5,460
  5,730
  6,014
  6,313
  6,626
  6,955
  7,301
  7,664
  8,045
Total liabilities and equity, $m
  5,424
  5,625
  5,881
  6,151
  6,436
  6,737
  7,053
  7,387
  7,740
  8,110
  8,500
  8,909
  9,341
  9,795
  10,273
  10,774
  11,301
  11,856
  12,439
  13,052
  13,696
  14,372
  15,083
  15,829
  16,614
  17,438
  18,304
  19,213
  20,168
  21,171
  22,224
Debt-to-equity ratio
  1.415
  1.440
  1.460
  1.470
  1.480
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.630
  1.630
  1.640
  1.640
  1.650
  1.650
  1.660
  1.660
  1.670
  1.670
  1.680
  1.680
Adjusted equity ratio
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  250
  173
  184
  195
  208
  221
  235
  250
  265
  282
  300
  319
  339
  360
  382
  406
  431
  458
  486
  516
  547
  580
  615
  652
  691
  732
  776
  822
  870
  921
  975
Depreciation, amort., depletion, $m
  194
  203
  212
  222
  232
  243
  255
  267
  279
  293
  307
  322
  337
  354
  371
  389
  408
  428
  449
  471
  495
  519
  545
  572
  600
  630
  661
  694
  728
  765
  803
Funds from operations, $m
  418
  376
  396
  417
  440
  464
  489
  516
  545
  575
  607
  640
  676
  714
  753
  795
  839
  886
  935
  987
  1,042
  1,099
  1,160
  1,224
  1,291
  1,362
  1,437
  1,516
  1,598
  1,686
  1,778
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  419
  377
  397
  419
  441
  465
  491
  518
  546
  577
  608
  642
  678
  716
  755
  797
  842
  888
  938
  990
  1,044
  1,102
  1,163
  1,227
  1,295
  1,366
  1,441
  1,520
  1,603
  1,690
  1,782
Maintenance CAPEX, $m
  0
  -194
  -203
  -212
  -222
  -232
  -243
  -255
  -267
  -279
  -293
  -307
  -322
  -337
  -354
  -371
  -389
  -408
  -428
  -449
  -471
  -495
  -519
  -545
  -572
  -600
  -630
  -661
  -694
  -728
  -765
New CAPEX, $m
  -580
  -213
  -226
  -238
  -251
  -265
  -279
  -294
  -310
  -326
  -343
  -361
  -380
  -400
  -421
  -442
  -465
  -489
  -514
  -540
  -567
  -596
  -626
  -658
  -691
  -726
  -763
  -801
  -842
  -884
  -928
Cash from investing activities, $m
  -590
  -407
  -429
  -450
  -473
  -497
  -522
  -549
  -577
  -605
  -636
  -668
  -702
  -737
  -775
  -813
  -854
  -897
  -942
  -989
  -1,038
  -1,091
  -1,145
  -1,203
  -1,263
  -1,326
  -1,393
  -1,462
  -1,536
  -1,612
  -1,693
Free cash flow, $m
  -171
  -31
  -31
  -32
  -32
  -32
  -32
  -31
  -30
  -29
  -28
  -26
  -24
  -22
  -19
  -16
  -12
  -8
  -4
  1
  6
  11
  18
  24
  32
  40
  48
  57
  67
  78
  89
Issuance/(repayment) of debt, $m
  135
  143
  163
  172
  182
  192
  202
  213
  224
  236
  249
  262
  275
  290
  305
  320
  337
  354
  372
  391
  411
  432
  453
  476
  500
  526
  552
  580
  609
  640
  672
Issuance/(repurchase) of shares, $m
  329
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  441
  143
  163
  172
  182
  192
  202
  213
  224
  236
  249
  262
  275
  290
  305
  320
  337
  354
  372
  391
  411
  432
  453
  476
  500
  526
  552
  580
  609
  640
  672
Total cash flow (excl. dividends), $m
  270
  112
  132
  140
  150
  160
  170
  182
  194
  207
  221
  236
  251
  268
  286
  304
  324
  345
  368
  391
  416
  443
  471
  501
  532
  565
  600
  637
  676
  718
  761
Retained Cash Flow (-), $m
  -313
  -82
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
  -257
  -270
  -284
  -298
  -313
  -329
  -346
  -363
  -381
Prev. year cash balance distribution, $m
 
  23
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  52
  39
  43
  47
  51
  56
  61
  67
  73
  80
  87
  95
  104
  113
  123
  133
  145
  157
  170
  183
  198
  214
  230
  248
  267
  287
  308
  331
  355
  380
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  48
  33
  32
  31
  30
  29
  27
  25
  23
  21
  19
  17
  14
  12
  10
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Federal Realty Investment Trust operates as a real estate investment trust, which engages in the ownership, management, development, and redevelopment of retail and mixed-use properties. As of June 30, 2005, it owned or had a majority interest in 103 community and neighborhood shopping centers, and retail mixed-use properties (excluding joint venture properties) comprising approximately 17.4 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, it had 30% interest in approximately 0.5 million square feet of retail space through its joint venture with an affiliate of Clarion Lion Properties Fund, and one apartment complex in Maryland. The company has elected to be taxed as a REIT. As a REIT, it is not subject to federal income tax on taxable income that it distributes to its shareholders. The company was founded in 1962 and is headquartered in Rockville, Maryland.

FINANCIAL RATIOS  of  Federal Realty Investment Trust (FRT)

Valuation Ratios
P/E Ratio 37.3
Price to Sales 11.6
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 22.3
Price to Free Cash Flow -58
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.7%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 141.5%
Total Debt to Equity 141.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 68.3%
Gross Margin - 3 Yr. Avg. 68.7%
EBITDA Margin 63.6%
EBITDA Margin - 3 Yr. Avg. 64.1%
Operating Margin 40%
Oper. Margin - 3 Yr. Avg. 38.6%
Pre-Tax Margin 28.2%
Pre-Tax Margin - 3 Yr. Avg. 26.1%
Net Profit Margin 31.2%
Net Profit Margin - 3 Yr. Avg. 27.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 107.2%

FRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRT stock intrinsic value calculation we used $802 million for the last fiscal year's total revenue generated by Federal Realty Investment Trust. The default revenue input number comes from 2016 income statement of Federal Realty Investment Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FRT stock valuation model: a) initial revenue growth rate of 4.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.1%, whose default value for FRT is calculated based on our internal credit rating of Federal Realty Investment Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Federal Realty Investment Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FRT stock the variable cost ratio is equal to 31%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $238 million in the base year in the intrinsic value calculation for FRT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Federal Realty Investment Trust.

Corporate tax rate of 27% is the nominal tax rate for Federal Realty Investment Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FRT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FRT are equal to 591.4%.

Life of production assets of 24.4 years is the average useful life of capital assets used in Federal Realty Investment Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FRT is equal to -2.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1977 million for Federal Realty Investment Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 71.382 million for Federal Realty Investment Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Federal Realty Investment Trust at the current share price and the inputted number of shares is $9.3 billion.

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COMPANY NEWS

▶ Federal Realty Investment Trust reports 2Q results   [Aug-02-17 09:55PM  Associated Press]
▶ The D.C. area is getting a huge Anthropologie department store   [Jul-12-17 01:37PM  American City Business Journals]
▶ Tysons getting another Cava as Federal Realty expands shopping center   [Jun-22-17 11:55AM  American City Business Journals]
▶ Heres a look at Federal Realtys plans for Barcroft Plaza   [May-25-17 11:20AM  American City Business Journals]
▶ S&P Dividend Aristocrats: Which Stocks Make the List?   [May-05-17 07:20AM  Motley Fool]
▶ Federal Realty Investment Trust reports 1Q results   [May-03-17 04:28PM  Associated Press]
▶ Amazon expands brick-and-mortar bookstore to Silicon Valley   [Apr-21-17 02:30PM  American City Business Journals]
▶ Silicon Valley's first Amazon Books heads to San Jose   [Apr-20-17 06:21PM  American City Business Journals]
▶ 3 Dividend Stocks to Put on Your Shopping List   [Mar-23-17 09:29AM  Motley Fool]
▶ 2 Retail REIT Picks Selling At A Discount   [Mar-21-17 10:32AM  Barrons.com]
▶ 52-Week Company Lows   [Mar-02-17 12:43PM  GuruFocus.com]
▶ New Additions For A Dividend Growth ETF   [Mar-01-17 01:01PM  at Investopedia]
▶ Dividend Aristocrats ETF Still Attractive Amid Rising Rates   [Feb-01-17 12:41PM  at Barrons.com]
▶ Meet the New Members of S&P's 'Dividend Aristocrats'   [Jan-25-17 04:20PM  at Barrons.com]
▶ Final piece of Santana Row project underway   [10:06AM  at bizjournals.com]
▶ Should You Buy Chipotle Mexican Grill, Inc. (CMG)?   [Nov-29-16 08:00AM  at Insider Monkey]
▶ How technology is impacting real estate development   [Nov-28-16 04:14PM  at bizjournals.com]
▶ How Greater Washington stocks fared post-election   [Nov-09-16 04:29PM  at bizjournals.com]
Stock chart of FRT Financial statements of FRT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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