Intrinsic value of Federal Realty Investment Trust - FRT

Previous Close

$125.64

  Intrinsic Value

$33.65

stock screener

  Rating & Target

str. sell

-73%

Previous close

$125.64

 
Intrinsic value

$33.65

 
Up/down potential

-73%

 
Rating

str. sell

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

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 2017), $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 9.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  917
  979
  1,044
  1,112
  1,182
  1,255
  1,331
  1,410
  1,493
  1,579
  1,669
  1,763
  1,861
  1,964
  2,071
  2,183
  2,300
  2,423
  2,551
  2,686
  2,826
  2,974
  3,128
  3,290
  3,460
  3,638
  3,825
  4,020
  4,226
  4,441
Variable operating expenses, $m
  549
  585
  622
  661
  702
  744
  788
  833
  881
  931
  963
  1,017
  1,074
  1,133
  1,195
  1,260
  1,327
  1,398
  1,472
  1,550
  1,631
  1,716
  1,805
  1,899
  1,997
  2,100
  2,207
  2,320
  2,439
  2,563
Fixed operating expenses, $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
Total operating expenses, $m
  549
  585
  622
  661
  702
  744
  788
  833
  881
  931
  963
  1,017
  1,074
  1,133
  1,195
  1,260
  1,327
  1,398
  1,472
  1,550
  1,631
  1,716
  1,805
  1,899
  1,997
  2,100
  2,207
  2,320
  2,439
  2,563
Operating income, $m
  368
  395
  422
  450
  480
  511
  543
  577
  612
  648
  706
  745
  787
  830
  876
  923
  973
  1,024
  1,079
  1,136
  1,195
  1,258
  1,323
  1,391
  1,463
  1,538
  1,617
  1,700
  1,787
  1,878
EBITDA, $m
  1,035
  1,105
  1,178
  1,254
  1,333
  1,416
  1,502
  1,591
  1,684
  1,782
  1,883
  1,989
  2,100
  2,216
  2,337
  2,463
  2,595
  2,734
  2,879
  3,030
  3,189
  3,356
  3,530
  3,713
  3,904
  4,105
  4,316
  4,536
  4,768
  5,011
Interest expense (income), $m
  90
  110
  113
  115
  118
  120
  123
  126
  129
  132
  135
  139
  142
  146
  150
  154
  158
  163
  167
  172
  177
  183
  188
  194
  200
  207
  214
  221
  228
  236
  244
Earnings before tax, $m
  258
  282
  307
  333
  360
  388
  417
  448
  480
  513
  567
  603
  641
  680
  722
  765
  810
  857
  906
  958
  1,012
  1,069
  1,129
  1,191
  1,256
  1,325
  1,397
  1,472
  1,551
  1,634
Tax expense, $m
  70
  76
  83
  90
  97
  105
  113
  121
  129
  138
  153
  163
  173
  184
  195
  206
  219
  231
  245
  259
  273
  289
  305
  322
  339
  358
  377
  397
  419
  441
Net income, $m
  189
  206
  224
  243
  263
  283
  305
  327
  350
  374
  414
  440
  468
  497
  527
  558
  591
  626
  662
  699
  739
  780
  824
  869
  917
  967
  1,020
  1,075
  1,132
  1,193

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  -784
  -837
  -892
  -950
  -1,010
  -1,072
  -1,138
  -1,205
  -1,276
  -1,350
  -1,426
  -1,507
  -1,591
  -1,678
  -1,770
  -1,866
  -1,966
  -2,071
  -2,180
  -2,295
  -2,416
  -2,542
  -2,674
  -2,812
  -2,957
  -3,109
  -3,269
  -3,436
  -3,612
  -3,796
Adjusted assets (=assets-cash), $m
  -784
  -837
  -892
  -950
  -1,010
  -1,072
  -1,138
  -1,205
  -1,276
  -1,350
  -1,426
  -1,507
  -1,591
  -1,678
  -1,770
  -1,866
  -1,966
  -2,071
  -2,180
  -2,295
  -2,416
  -2,542
  -2,674
  -2,812
  -2,957
  -3,109
  -3,269
  -3,436
  -3,612
  -3,796
Revenue / Adjusted assets
  -1.170
  -1.170
  -1.170
  -1.171
  -1.170
  -1.171
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
  -1.170
Average production assets, $m
  6,469
  6,909
  7,367
  7,842
  8,337
  8,853
  9,390
  9,949
  10,532
  11,140
  11,775
  12,437
  13,130
  13,853
  14,609
  15,399
  16,226
  17,092
  17,998
  18,946
  19,940
  20,980
  22,071
  23,213
  24,411
  25,667
  26,983
  28,364
  29,812
  31,330
Working capital, $m
  -4,004
  -4,276
  -4,559
  -4,853
  -5,160
  -5,479
  -5,811
  -6,157
  -6,518
  -6,894
  -7,287
  -7,697
  -8,125
  -8,573
  -9,041
  -9,530
  -10,042
  -10,577
  -11,138
  -11,725
  -12,340
  -12,984
  -13,658
  -14,366
  -15,107
  -15,884
  -16,699
  -17,553
  -18,449
  -19,389
Total debt, $m
  56
  57
  58
  60
  61
  62
  64
  65
  67
  69
  71
  72
  74
  76
  78
  81
  83
  85
  88
  90
  93
  96
  99
  102
  106
  109
  113
  117
  121
  125
Total liabilities, $m
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  58
  61
  65
  68
  72
  75
  79
  83
  87
Total equity, $m
  -802
  -856
  -913
  -972
  -1,033
  -1,097
  -1,164
  -1,233
  -1,305
  -1,381
  -1,459
  -1,541
  -1,627
  -1,717
  -1,811
  -1,909
  -2,011
  -2,118
  -2,231
  -2,348
  -2,471
  -2,600
  -2,735
  -2,877
  -3,025
  -3,181
  -3,344
  -3,515
  -3,695
  -3,883
Total liabilities and equity, $m
  -784
  -837
  -892
  -950
  -1,010
  -1,072
  -1,138
  -1,205
  -1,276
  -1,350
  -1,426
  -1,506
  -1,590
  -1,678
  -1,770
  -1,866
  -1,966
  -2,070
  -2,181
  -2,295
  -2,415
  -2,542
  -2,674
  -2,812
  -2,957
  -3,109
  -3,269
  -3,436
  -3,612
  -3,796
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  189
  206
  224
  243
  263
  283
  305
  327
  350
  374
  414
  440
  468
  497
  527
  558
  591
  626
  662
  699
  739
  780
  824
  869
  917
  967
  1,020
  1,075
  1,132
  1,193
Depreciation, amort., depletion, $m
  667
  711
  756
  804
  853
  905
  959
  1,014
  1,073
  1,134
  1,177
  1,244
  1,313
  1,385
  1,461
  1,540
  1,623
  1,709
  1,800
  1,895
  1,994
  2,098
  2,207
  2,321
  2,441
  2,567
  2,698
  2,836
  2,981
  3,133
Funds from operations, $m
  855
  916
  980
  1,047
  1,116
  1,188
  1,263
  1,341
  1,423
  1,508
  1,591
  1,684
  1,781
  1,882
  1,988
  2,098
  2,214
  2,335
  2,461
  2,594
  2,733
  2,879
  3,031
  3,191
  3,358
  3,534
  3,718
  3,911
  4,113
  4,326
Change in working capital, $m
  -262
  -272
  -283
  -294
  -306
  -319
  -332
  -346
  -361
  -376
  -393
  -410
  -428
  -448
  -468
  -489
  -512
  -536
  -561
  -587
  -615
  -644
  -675
  -707
  -741
  -777
  -815
  -854
  -896
  -940
Cash from operations, $m
  1,117
  1,189
  1,263
  1,341
  1,422
  1,507
  1,595
  1,687
  1,784
  1,884
  1,984
  2,094
  2,209
  2,329
  2,455
  2,587
  2,726
  2,870
  3,022
  3,181
  3,348
  3,522
  3,706
  3,898
  4,099
  4,311
  4,533
  4,765
  5,009
  5,266
Maintenance CAPEX, $m
  -605
  -647
  -691
  -737
  -784
  -834
  -885
  -939
  -995
  -1,053
  -1,114
  -1,177
  -1,244
  -1,313
  -1,385
  -1,461
  -1,540
  -1,623
  -1,709
  -1,800
  -1,895
  -1,994
  -2,098
  -2,207
  -2,321
  -2,441
  -2,567
  -2,698
  -2,836
  -2,981
New CAPEX, $m
  -421
  -440
  -457
  -476
  -495
  -515
  -537
  -559
  -583
  -608
  -635
  -663
  -692
  -723
  -756
  -791
  -827
  -865
  -906
  -949
  -993
  -1,041
  -1,090
  -1,143
  -1,198
  -1,256
  -1,316
  -1,381
  -1,448
  -1,519
Cash from investing activities, $m
  -1,026
  -1,087
  -1,148
  -1,213
  -1,279
  -1,349
  -1,422
  -1,498
  -1,578
  -1,661
  -1,749
  -1,840
  -1,936
  -2,036
  -2,141
  -2,252
  -2,367
  -2,488
  -2,615
  -2,749
  -2,888
  -3,035
  -3,188
  -3,350
  -3,519
  -3,697
  -3,883
  -4,079
  -4,284
  -4,500
Free cash flow, $m
  91
  102
  115
  129
  143
  158
  173
  189
  206
  223
  235
  254
  273
  293
  314
  336
  359
  382
  407
  433
  460
  488
  517
  548
  580
  614
  649
  686
  725
  766
Issuance/(repayment) of debt, $m
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
Issuance/(repurchase) of shares, $m
  -52
  -55
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -148
  -156
  -163
  -171
  -179
  -188
Cash from financing (excl. dividends), $m  
  -51
  -54
  -56
  -58
  -60
  -63
  -66
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -139
  -145
  -153
  -159
  -167
  -175
  -184
Total cash flow (excl. dividends), $m
  41
  48
  60
  71
  83
  95
  108
  121
  135
  149
  159
  174
  189
  206
  223
  240
  258
  277
  297
  318
  339
  362
  385
  410
  435
  462
  490
  519
  550
  582
Retained Cash Flow (-), $m
  52
  55
  57
  59
  61
  64
  67
  69
  72
  75
  79
  82
  86
  90
  94
  98
  102
  107
  112
  118
  123
  129
  135
  142
  148
  156
  163
  171
  179
  188
Prev. year cash balance distribution, $m
  749
  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
  842
  103
  116
  130
  144
  159
  175
  191
  207
  225
  237
  256
  275
  295
  316
  338
  361
  385
  410
  435
  463
  491
  520
  551
  584
  618
  653
  690
  729
  770
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  797
  92
  97
  101
  104
  105
  105
  104
  101
  98
  91
  85
  79
  72
  65
  58
  51
  44
  37
  31
  25
  20
  16
  12
  9
  7
  5
  3
  2
  2
Current shareholders' claim on cash, %
  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 is an equity real estate investment trust (REIT). The Company specializes in the ownership, management and redevelopment of retail and mixed-use properties located primarily in affluent communities in selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California and South Florida. As of December 31, 2016, the Company owned or had an interest in community and neighborhood shopping centers and mixed-use properties, which operated as 96 retail real estate projects and included approximately 22.6 million square feet. As of December 31, 2016, its 96 retail shopping center and mixed-use properties were located in 12 states and the District of Columbia. As of December 31, 2016, there were approximately 2,900 leases with tenants providing a range of retail products and services. These tenants range from sole proprietorships to national retailers, or corporate group of tenants.

FINANCIAL RATIOS  of  Federal Realty Investment Trust (FRT)

Valuation Ratios
P/E Ratio 36.2
Price to Sales 11.3
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow -56.2
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 $857 million for the last fiscal year's total revenue generated by Federal Realty Investment Trust. The default revenue input number comes from 2017 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 7% 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 5.6%, 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 60%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 202% 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 705.5%.

Life of production assets of 10 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 -436.6%. 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 - $0 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 72 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 $9.0 billion.

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COMPANY NEWS

▶ The 4 Cheapest 'Dividend Kings' to Buy Today   [Aug-04-18 12:00PM  TheStreet.com]
▶ Urban Edge swipes two Federal Realty executives   [Aug-02-18 12:03PM  American City Business Journals]
▶ Will Federal Realty move employees out of MoCo? Maybe, says its CEO.   [Jul-26-18 05:29PM  American City Business Journals]
▶ Retail REIT stocks worth your time?   [06:53PM  CNBC Videos]
▶ Bullish Signals Abound for Federal Realty Investment Trust   [Jul-09-18 01:59PM  TheStreet.com]
▶ Amazon Books now open at Bethesda Row   [Jun-26-18 06:00AM  American City Business Journals]
▶ 3 Rock-Solid REITs   [May-31-18 07:00AM  Forbes]
▶ First look: Go inside Xmbly, Somervilles next big mixed-use project   [May-15-18 12:16PM  American City Business Journals]
▶ Interest Rates to Be Less of a Drag for REITs?   [May-11-18 01:51PM  Zacks]
▶ Federal Realty Investment Trust: 1Q Earnings Snapshot   [May-02-18 05:04PM  Associated Press]
▶ The Hunt for HQ2: How a former shopping mall could become Amazon's second home   [Apr-16-18 05:00AM  American City Business Journals]
▶ 2 Of The Cheapest REITs To Own For The Long-Haul   [Mar-24-18 06:30AM  Forbes]
▶ 4 High-Quality REITs For Retirement   [Mar-13-18 12:22PM  Forbes]
▶ REIT stocks still very risky to own   [Mar-01-18 07:39PM  CNBC Videos]
▶ These 3 REITs Should Weather The Storms   [Feb-20-18 07:00AM  Forbes]
▶ Hedge Your Bet With These Dividend Payers   [Feb-18-18 08:02AM  Simply Wall St.]
▶ Federal Realty Investment Trust reports 4Q results   [Feb-13-18 05:19PM  Associated Press]
▶ See the D.C.-area stocks hit hardest in the last week   [Feb-06-18 10:22AM  American City Business Journals]
▶ [$$] Where the New Retail Space Is Being Built (Hint: Its Not in Malls)   [Dec-27-17 12:18AM  The Wall Street Journal]
▶ 3 REITs To Get Bullish On In 2018   [02:44PM  Benzinga]
▶ Federal Realty Investment Trust reports 3Q results   [Nov-01-17 04:46PM  Associated Press]
▶ /Disregard Release /   [Oct-06-17 02:19PM  ACCESSWIRE]
▶ Bethesda's vacant City Sports storefront finally finds a taker   [Oct-05-17 09:02AM  American City Business Journals]
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