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FRT Federal Realty Investment Trust

Federal Realty Investment Trust is an equity real estate investment trust, which engages in the ownership, management and redevelopment of high quality retail focus properties. The company was founded by Samuel J. Gorlitz in 1962 and is headquartered in North Bethesda, MD.

FRT stock data

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Calendar

11 Feb 21
22 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 816.9M 816.9M 816.9M 816.9M 816.9M 816.9M
Cash burn (monthly) 23.85M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 89.24M n/a n/a n/a n/a n/a
Cash remaining 727.66M n/a n/a n/a n/a n/a
Runway (months of cash) 30.5 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Feb 21 Daniel Guglielmone Common Shares of Beneficial Interest Payment of exercise Dispose F No No 101.98 2,385 243.22K 36,541
12 Feb 21 Donald C Wood Common Shares of Beneficial Interest Payment of exercise Dispose F No No 101.98 18,999 1.94M 336,172
10 Feb 21 Jeffrey S Berkes Common Shares of Beneficial Interest Grant Aquire A No No 0 22,117 0 62,657
10 Feb 21 Donald C Wood Common Shares of Beneficial Interest Grant Aquire A No No 0 54,440 0 415,171
10 Aug 20 Donald C Wood Common Shares of Beneficial Interest Gift Aquire G Yes No 0 60,000 0 60,000
10 Aug 20 Donald C Wood Common Shares of Beneficial Interest Gift Dispose G No No 0 60,000 0 355,171

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

91.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 368 351 +4.8%
Opened positions 74 32 +131.3%
Closed positions 57 54 +5.6%
Increased positions 113 131 -13.7%
Reduced positions 138 137 +0.7%
13F shares
Current Prev Q Change
Total value 6.06B 4.81B +26.1%
Total shares 71.12M 65.37M +8.8%
Total puts 237.2K 176.6K +34.3%
Total calls 94.2K 111.7K -15.7%
Total put/call ratio 2.5 1.6 +59.3%
Largest owners
Shares Value Change
Vanguard 11.33M $964.47M -1.0%
STT State Street 8.45M $728.25M +1.9%
Norges Bank 7.21M $613.94M NEW
BLK Blackrock 7.15M $608.45M -4.3%
Capital Research Global Investors 4.25M $361.44M +10.4%
JPM JPMorgan Chase & Co. 3.9M $332.25M -1.5%
PGGM Investments 2.29M $194.87M +2.7%
BK Bank Of New York Mellon 1.53M $130.31M +26.9%
Geode Capital Management 1.4M $119.08M -4.2%
ProShare Advisors 1.35M $114.8M +3.8%
Largest transactions
Shares Bought/sold Change
Norges Bank 7.21M +7.21M NEW
Ceredex Value Advisors 0 -711.25K EXIT
TROW T. Rowe Price 482.72K -592.78K -55.1%
PUKPF Prudential 676.7K -447.3K -39.8%
Capital Research Global Investors 4.25M +401.63K +10.4%
MS Morgan Stanley 651.05K +355.42K +120.2%
BK Bank Of New York Mellon 1.53M +324.38K +26.9%
BLK Blackrock 7.15M -320.12K -4.3%
CMTDF Sumitomo Mitsui Trust 170.38K -268.03K -61.1%
AMP Ameriprise Financial 259.59K +240.19K +1238.0%

Financial report summary

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Risks
  • Revenue from our properties may be reduced or limited if the retail operations of our tenants are not successful.
  • Our net income depends on the success and continued presence of our “anchor” tenants.
  • A shift in retail shopping from brick and mortar stores to online shopping may have an adverse impact on our cash flow, financial condition and results of operations.
  • We have properties that are geographically concentrated, and adverse economic or real estate market declines in these areas could have a material adverse effect on us.
  • We may be unable to collect balances due from tenants that file for bankruptcy protection.
  • We may experience difficulty or delay in renewing leases or re-leasing space.
  • Our development activities have inherent risks.
  • Redevelopments and acquisitions may fail to perform as expected.
  • Our performance and value are subject to general risks associated with the real estate industry.
  • Many real estate costs are fixed, even if income from our properties decreases.
  • Competition may limit our ability to purchase new properties and generate sufficient income from tenants.
  • We may be unable to sell properties when appropriate because real estate investments are illiquid.
  • We may have limited flexibility in dealing with our jointly owned investments.
  • Our insurance coverage on our properties may be inadequate.
  • Natural disasters, climate change and health crises, including the COVID-19 pandemic, could have an adverse impact on our cash flow and operating results.
  • An increased focus on metrics and reporting related to corporate responsibility, specifically related to environmental, social and governance ("ESG") factors, may impose additional costs and expose us to new risks.
  • The amount of debt we have and the restrictions imposed by that debt could adversely affect our business and financial condition.
  • We are obligated to comply with financial and other covenants pursuant to our debt obligations that could restrict our operating activities, and the failure to comply with such covenants could result in defaults that accelerate payment under our debt agreements.
  • Adverse changes in our credit rating could affect our borrowing capacity and borrowing terms.
  • Our ability to grow will be limited if we cannot obtain additional capital.
  • Rising interest rates could adversely affect our cash flow and the market price of our outstanding debt and preferred shares.
  • The phase-out of LIBOR could affect interest rates under our variable rate debt and interest rate swap arrangements.
  • Environmental laws and regulations could reduce the value or profitability of our properties.
  • The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly acquired properties.
  • The revenues generated by our tenants could be negatively affected by various federal, state and local laws to which they are subject.
  • Failure to qualify as a REIT for federal income tax purposes would cause us to be taxed as a corporation, which would substantially reduce funds available for payment of distributions.
  • To maintain our status as a REIT, we limit the amount of shares any one shareholder can own.
  • Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us and our investors.
  • Certain tax and anti-takeover provisions of our declaration of trust and bylaws may inhibit a change of our control.
  • We may be required to incur additional debt to qualify as a REIT.
  • The market value of our debt and equity securities is subject to various factors that may cause significant fluctuations or volatility.
  • We cannot assure you we will continue to pay dividends in the current composition or at historical rates.
  • Loss of our key management could adversely affect performance and the value of our common shares.
  • We may adjust our business policies without shareholder approval.
  • We face risks relating to cyber attacks that could cause loss of confidential information and other business disruptions.
Management Discussion
  • ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • This section generally discusses 2020 and 2019 items and year-to-year comparisons between 2020 and 2019. Discussions of 2018 items and year-to-year comparisons between 2019 and 2018 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission on February 10, 2020.
  • We are an equity real estate investment trust ("REIT") specializing in the ownership, management, and redevelopment of high quality retail and mixed-use properties located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, California, and South Florida. As of December 31, 2020, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 101 predominantly retail real estate projects comprising approximately 23.4 million square feet. In total, the real estate projects were 92.2% leased and 90.2% occupied at December 31, 2020. We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 53 consecutive years.
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