Intrinsic value of Federal Realty Investment Trust - FRT

Previous Close

$114.08

  Intrinsic Value

$6.77

stock screener

  Rating & Target

str. sell

-94%

Previous close

$114.08

 
Intrinsic value

$6.77

 
Up/down potential

-94%

 
Rating

str. sell

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Federal Realty Investment Trust (FRT) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  802
  870
  941
  1,015
  1,091
  1,171
  1,254
  1,340
  1,429
  1,522
  1,619
  1,720
  1,825
  1,934
  2,048
  2,167
  2,291
  2,420
  2,555
  2,696
  2,844
  2,998
  3,159
  3,328
  3,505
  3,690
  3,884
  4,087
  4,299
  4,522
  4,756
Variable operating expenses, $m
 
  270
  292
  315
  338
  363
  389
  415
  443
  472
  502
  533
  566
  600
  635
  672
  710
  750
  792
  836
  882
  929
  979
  1,032
  1,087
  1,144
  1,204
  1,267
  1,333
  1,402
  1,474
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
  514
  542
  571
  601
  632
  665
  698
  733
  769
  807
  845
  886
  928
  971
  1,017
  1,063
  1,112
  1,163
  1,216
  1,272
  1,329
  1,389
  1,452
  1,517
  1,585
  1,656
  1,731
  1,808
  1,889
  1,973
Operating income, $m
  321
  356
  399
  444
  490
  539
  589
  642
  696
  753
  812
  874
  939
  1,006
  1,077
  1,150
  1,227
  1,308
  1,392
  1,480
  1,572
  1,669
  1,770
  1,877
  1,988
  2,105
  2,228
  2,356
  2,491
  2,633
  2,782
EBITDA, $m
  515
  567
  627
  690
  755
  823
  893
  966
  1,043
  1,122
  1,205
  1,291
  1,381
  1,475
  1,573
  1,675
  1,782
  1,894
  2,011
  2,133
  2,261
  2,396
  2,536
  2,683
  2,838
  2,999
  3,169
  3,347
  3,534
  3,729
  3,935
Interest expense (income), $m
  90
  98
  108
  118
  129
  141
  153
  165
  178
  192
  205
  220
  235
  251
  267
  284
  302
  321
  340
  360
  381
  404
  427
  451
  476
  503
  530
  559
  590
  622
  655
Earnings before tax, $m
  226
  259
  292
  326
  361
  398
  436
  476
  518
  562
  607
  654
  704
  756
  810
  866
  925
  987
  1,052
  1,120
  1,191
  1,265
  1,344
  1,426
  1,512
  1,602
  1,697
  1,797
  1,902
  2,012
  2,127
Tax expense, $m
  0
  70
  79
  88
  97
  107
  118
  129
  140
  152
  164
  177
  190
  204
  219
  234
  250
  266
  284
  302
  322
  342
  363
  385
  408
  433
  458
  485
  513
  543
  574
Net income, $m
  250
  189
  213
  238
  264
  290
  319
  348
  378
  410
  443
  478
  514
  552
  591
  632
  675
  721
  768
  817
  869
  924
  981
  1,041
  1,104
  1,170
  1,239
  1,312
  1,388
  1,469
  1,553

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
  5,840
  6,316
  6,811
  7,325
  7,860
  8,415
  8,992
  9,593
  10,217
  10,866
  11,542
  12,246
  12,979
  13,744
  14,541
  15,373
  16,241
  17,148
  18,095
  19,086
  20,121
  21,204
  22,338
  23,524
  24,766
  26,066
  27,428
  28,856
  30,351
  31,919
Adjusted assets (=assets-cash), $m
  5,400
  5,840
  6,316
  6,811
  7,325
  7,860
  8,415
  8,992
  9,593
  10,217
  10,866
  11,542
  12,246
  12,979
  13,744
  14,541
  15,373
  16,241
  17,148
  18,095
  19,086
  20,121
  21,204
  22,338
  23,524
  24,766
  26,066
  27,428
  28,856
  30,351
  31,919
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
  5,146
  5,566
  6,002
  6,455
  6,926
  7,415
  7,924
  8,453
  9,003
  9,575
  10,171
  10,791
  11,437
  12,111
  12,813
  13,546
  14,311
  15,110
  15,945
  16,818
  17,730
  18,685
  19,684
  20,729
  21,823
  22,969
  24,169
  25,427
  26,745
  28,126
Working capital, $m
  0
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
Total debt, $m
  2,798
  3,078
  3,382
  3,697
  4,025
  4,366
  4,721
  5,089
  5,472
  5,870
  6,285
  6,716
  7,165
  7,633
  8,120
  8,629
  9,160
  9,714
  10,292
  10,897
  11,529
  12,189
  12,880
  13,603
  14,360
  15,152
  15,982
  16,851
  17,762
  18,716
  19,716
Total liabilities, $m
  3,447
  3,726
  4,030
  4,345
  4,673
  5,014
  5,369
  5,737
  6,120
  6,518
  6,933
  7,364
  7,813
  8,281
  8,768
  9,277
  9,808
  10,362
  10,940
  11,545
  12,177
  12,837
  13,528
  14,251
  15,008
  15,800
  16,630
  17,499
  18,410
  19,364
  20,364
Total equity, $m
  1,977
  2,114
  2,286
  2,466
  2,652
  2,845
  3,046
  3,255
  3,473
  3,698
  3,934
  4,178
  4,433
  4,698
  4,975
  5,264
  5,565
  5,879
  6,208
  6,551
  6,909
  7,284
  7,676
  8,086
  8,516
  8,965
  9,436
  9,929
  10,446
  10,987
  11,555
Total liabilities and equity, $m
  5,424
  5,840
  6,316
  6,811
  7,325
  7,859
  8,415
  8,992
  9,593
  10,216
  10,867
  11,542
  12,246
  12,979
  13,743
  14,541
  15,373
  16,241
  17,148
  18,096
  19,086
  20,121
  21,204
  22,337
  23,524
  24,765
  26,066
  27,428
  28,856
  30,351
  31,919
Debt-to-equity ratio
  1.415
  1.460
  1.480
  1.500
  1.520
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.610
  1.620
  1.620
  1.630
  1.640
  1.650
  1.650
  1.660
  1.660
  1.670
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.700
  1.700
  1.700
  1.710
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
  189
  213
  238
  264
  290
  319
  348
  378
  410
  443
  478
  514
  552
  591
  632
  675
  721
  768
  817
  869
  924
  981
  1,041
  1,104
  1,170
  1,239
  1,312
  1,388
  1,469
  1,553
Depreciation, amort., depletion, $m
  194
  211
  228
  246
  265
  284
  304
  325
  346
  369
  392
  417
  442
  469
  496
  525
  555
  587
  619
  653
  689
  727
  766
  807
  850
  894
  941
  991
  1,042
  1,096
  1,153
Funds from operations, $m
  418
  400
  441
  484
  528
  574
  622
  673
  725
  779
  836
  895
  956
  1,020
  1,087
  1,157
  1,231
  1,307
  1,387
  1,471
  1,559
  1,650
  1,747
  1,847
  1,953
  2,064
  2,180
  2,302
  2,430
  2,565
  2,706
Change in working capital, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from operations, $m
  419
  402
  443
  486
  530
  577
  625
  675
  727
  782
  838
  897
  959
  1,023
  1,091
  1,161
  1,234
  1,311
  1,391
  1,475
  1,563
  1,655
  1,751
  1,852
  1,958
  2,069
  2,186
  2,308
  2,436
  2,571
  2,712
Maintenance CAPEX, $m
  0
  -194
  -211
  -228
  -246
  -265
  -284
  -304
  -325
  -346
  -369
  -392
  -417
  -442
  -469
  -496
  -525
  -555
  -587
  -619
  -653
  -689
  -727
  -766
  -807
  -850
  -894
  -941
  -991
  -1,042
  -1,096
New CAPEX, $m
  -580
  -403
  -419
  -436
  -453
  -471
  -489
  -509
  -529
  -550
  -572
  -596
  -620
  -646
  -674
  -703
  -733
  -765
  -799
  -835
  -873
  -912
  -954
  -999
  -1,045
  -1,094
  -1,146
  -1,200
  -1,258
  -1,318
  -1,381
Cash from investing activities, $m
  -590
  -597
  -630
  -664
  -699
  -736
  -773
  -813
  -854
  -896
  -941
  -988
  -1,037
  -1,088
  -1,143
  -1,199
  -1,258
  -1,320
  -1,386
  -1,454
  -1,526
  -1,601
  -1,681
  -1,765
  -1,852
  -1,944
  -2,040
  -2,141
  -2,249
  -2,360
  -2,477
Free cash flow, $m
  -171
  -196
  -187
  -178
  -169
  -159
  -148
  -138
  -126
  -115
  -103
  -91
  -78
  -65
  -52
  -38
  -24
  -10
  5
  21
  37
  53
  70
  88
  106
  126
  146
  166
  188
  211
  235
Issuance/(repayment) of debt, $m
  135
  280
  304
  316
  328
  341
  354
  368
  383
  398
  414
  431
  449
  468
  488
  509
  531
  554
  579
  604
  632
  661
  691
  723
  757
  792
  830
  869
  911
  954
  1,000
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
  280
  304
  316
  328
  341
  354
  368
  383
  398
  414
  431
  449
  468
  488
  509
  531
  554
  579
  604
  632
  661
  691
  723
  757
  792
  830
  869
  911
  954
  1,000
Total cash flow (excl. dividends), $m
  270
  84
  116
  137
  159
  182
  206
  231
  257
  283
  311
  341
  371
  403
  436
  471
  507
  544
  584
  625
  669
  714
  761
  811
  863
  918
  975
  1,036
  1,099
  1,165
  1,235
Retained Cash Flow (-), $m
  -313
  -160
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -235
  -245
  -255
  -265
  -277
  -289
  -301
  -314
  -328
  -343
  -358
  -375
  -392
  -410
  -429
  -450
  -471
  -493
  -517
  -541
  -567
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
 
  -53
  -56
  -42
  -27
  -11
  5
  22
  39
  57
  76
  96
  116
  137
  159
  182
  206
  230
  256
  282
  310
  339
  369
  401
  434
  468
  505
  542
  582
  624
  668
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
 
  -49
  -47
  -31
  -18
  -7
  3
  10
  15
  18
  20
  21
  20
  19
  17
  15
  13
  11
  8
  7
  5
  4
  3
  2
  1
  1
  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 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 32.9
Price to Sales 10.2
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow -51
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 8.5% 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 72.961 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 $8.3 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
Financial statements of FRT
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