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Federal Realty Investment Trust (FRT)

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 101 properties include approximately 2,800 tenants, in 23 million square feet, and approximately 2,900 residential units.

Company profile

Ticker
FRT, FRT-PC
Exchange
CEO
Donald Wood
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
FR Associates Limited Partnership • Berman Enterprises II Limited Partnership • FRIT Escondido Promenade, LLC • FRIT Leasing & Development Services, Inc. • Congressional Plaza Associates, LLC • FR Pike 7 Limited Partnership • Federal/LPF GP, Inc. • Federal Realty Partners L.P. • FRLP, Inc. • Federal Realty Partners, Inc. ...
IRS number
520782497

FRT stock data

Calendar

4 Aug 22
19 Aug 22
31 Dec 22
Quarter (USD) Sep 21 Jun 21 Mar 21 Dec 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
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 187.91M 187.91M 187.91M 187.91M 187.91M 187.91M
Cash burn (monthly) 43.01M 58.38M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 459.37M 623.5M n/a n/a n/a n/a
Cash remaining -271.47M -435.6M n/a n/a n/a n/a
Runway (months of cash) -6.3 -7.5 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
15 Aug 22 Daniel Guglielmone Common Shares of Beneficial Interest Payment of exercise Dispose F No No 111.79 432 48.29K 47,809
3 Aug 22 Daniel Guglielmone Common Shares of Beneficial Interest Payment of exercise Dispose F No No 104.17 827 86.15K 48,241
21 Jun 22 Faeder David W Common Shares of Beneficial Interest Buy Acquire P No No 94.815 265 25.13K 23,878
21 Jun 22 Faeder David W Common Shares of Beneficial Interest Buy Acquire P No No 95.87 10,300 987.46K 23,613
12 Feb 22 Donald C Wood Common Shares of Beneficial Interest Payment of exercise Dispose F No No 120.23 20,019 2.41M 129,891
12 Feb 22 Jeffrey S Berkes Common Shares of Beneficial Interest Payment of exercise Dispose F No No 120.23 6,338 762.02K 65,851
0.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 4 24 -83.3%
Opened positions 0 7 EXIT
Closed positions 20 288 -93.1%
Increased positions 0 5 EXIT
Reduced positions 1 5 -80.0%
13F shares Current Prev Q Change
Total value 3.43M 38.1M -91.0%
Total shares 35.8K 314.21K -88.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Cibc World Markets 35.71K $3.42M -10.6%
Sound Income Strategies 50 $5K 0.0%
Earnest Partners 34 $3K 0.0%
Huntington National Bank 1 $0 0.0%
Largest transactions Shares Bought/sold Change
MCQEF Macquarie 0 -199.8K EXIT
Kinloch Capital 0 -23.01K EXIT
Loudon Investment Management 0 -12.2K EXIT
Lockheed Martin Investment Management 0 -7.7K EXIT
CWM Advisors 0 -7.46K EXIT
Redpoint Investment Management Pty 0 -6.09K EXIT
Contravisory Investment Management 0 -4.38K EXIT
Cibc World Markets 35.71K -4.21K -10.6%
AE Wealth Management 0 -3.56K EXIT
Strategy Asset Managers 0 -2.7K EXIT

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 the Parent Company 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 of the Parent Company 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 the Parent Company's declaration of trust and bylaws, and certain restrictions in the Partnership's limited partnership agreement, may inhibit a change of our control.
  • 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.
  • The Parent Company is a holding company with no direct operations, and it will rely on funds received from the Partnership to pay its obligations and make distributions to its shareholders.
  • 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 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
  • •risks related to natural disasters, climate change and public health crises (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.

Content analysis

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