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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.

Company profile

FRT stock data

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Calendar

5 May 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 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) 808.44M 808.44M 808.44M 808.44M 808.44M 808.44M
Cash burn (monthly) 2.82M 17.58M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 6.85M 42.73M n/a n/a n/a n/a
Cash remaining 801.59M 765.71M n/a n/a n/a n/a
Runway (months of cash) 284.5 43.6 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.

85.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 373 369 +1.1%
Opened positions 57 75 -24.0%
Closed positions 53 57 -7.0%
Increased positions 140 113 +23.9%
Reduced positions 119 138 -13.8%
13F shares
Current Prev Q Change
Total value 6.75B 6.09B +10.9%
Total shares 66.41M 71.44M -7.0%
Total puts 188.1K 237.2K -20.7%
Total calls 120.2K 94.2K +27.6%
Total put/call ratio 1.6 2.5 -37.9%
Largest owners
Shares Value Change
Vanguard 11.65M $1.18B +2.8%
STT State Street 8.19M $839.73M -3.1%
BLK Blackrock 7.08M $718.25M -1.0%
Capital Research Global Investors 4.23M $429.54M -0.3%
JPM JPMorgan Chase & Co. 4.1M $415.72M +5.0%
PGGM Investments 2.13M $216.49M -6.8%
Resolution Capital 1.84M $186.48M NEW
BK Bank Of New York Mellon 1.52M $154.29M -0.7%
Geode Capital Management 1.41M $142.8M +0.6%
ProShare Advisors 1.28M $130.33M -4.8%
Largest transactions
Shares Bought/sold Change
Norges Bank 0 -7.21M EXIT
Resolution Capital 1.84M +1.84M NEW
Centersquare Investment Management 1.01M +918.37K +1056.8%
CNS Cohen & Steers 622.85K +622.85K NEW
IVZ Invesco 712.81K -593.56K -45.4%
PUKPF Prudential 108.63K -568.08K -83.9%
BAM Brookfield Asset Management 444.89K +444.89K NEW
MS Morgan Stanley 284.69K -366.36K -56.3%
Heitman Real Estate Securities 542.47K +349.64K +181.3%
Vanguard 11.65M +317.06K +2.8%

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 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 Federal Realty Investment Trust (“we” “our” or “us”) 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.
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