Open-air retail · Mixed-use properties · Long-duration rental income
Federal Realty Investment Trust
Federal Realty is a retail REIT owning 104 open-air shopping centers and mixed-use properties in coastal metropolitan and supply-constrained U.S. markets. It generated $1.245 billion of rental income in 2025, while its largest tenant, TJX, represented 2.41% of annualized base rent at June 2026. Growth comes from rent increases and property acquisitions, funded in part through credit and term-loan facilities administered by Wells Fargo and Truist.
Business categories Commercial Property & REITs · Real Estate · primary
- Commercial Property & REITs: Simon Property Group · BXP, Inc. · Host Hotels & Resorts · Kimco Realty · Link REIT
FRT Updated Oct 31, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Federal Realty Investment Trust is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 8 dated sources, 6 of them primary filings (as of 2026-10-31).
Financials & Segments
- Total revenue · FY2025 total revenue of $1.279 billion
- Customer concentration · 104 projects and 28.798 million commercial square feet at year-end 2025. No tenant exceeded 2.4% of annualized base rent then; TJX was the largest at 2.41% in June 2026.
- Segments · Rental income · Other property income · Mortgage interest income
Revenue from
- TJX Companies High confidence· Amount $24M · annualized as of 2026-06-30 · Annualized base rent reported by Federal Realty for 40 TJX leased locations
TJX was the largest tenant across 40 leased locations. Annualized base rent was $24.116 million, or 2.41% of the total, at June 30, 2026. - Ross Stores High confidence· Amount $9M · annualized as of 2026-06-30 · Annualized base rent reported by Federal Realty for 14 Ross Stores leased locations
Ross Stores leased 14 locations. Annualized base rent was $8.662 million, or 0.87% of the total, at June 30, 2026.
Pays to
- Truist Financial High confidence· Amount $250M · facility signed 2025-11-17 · Base commitment of the term facility administered by Truist
Truist Bank acts as administrative agent on an unsecured term facility with $250 million of capacity and an accordion to $500 million. No borrowings were outstanding when signed. - Wells Fargo High confidence
Federal Realty uses a $1.4 billion syndicated revolver administered by Wells Fargo. The aggregate drawn balance was zero at September 2026, but Wells Fargo's actual commitment share and administrative-agent fee were not disclosed.Confirms EN SEC EDGAR Published Oct 30, 2026: FEDERAL REALTY INVESTMENT TRUST Form 10-Q (2026-10-30)Confirms EN Federal Realty Investment Trust Published Jul 31, 2026: Federal Realty Investment Trust Reports Second Quarter 2026 Results and Guidance RaiseConfirms EN SEC EDGAR Published Apr 15, 2026: Federal Realty April 2026 Form 8-K: $1.4bn revolving credit facility
Investments
- Annapolis Town Center High confidence· Amount $187M · acquired 2025-10-10 · Property purchase price
Federal Realty acquired the 479,000-square-foot Annapolis Town Center in Maryland for $187 million.Confirms KO Investing.com Korea Published Dec 16, 2025: Jefferies upgrades Federal Realty to Buy on expansion strategy - Village Pointe High confidence· Amount $153M · acquired 2025-11-24 · Property purchase price
Federal Realty acquired the 452,000-square-foot Village Pointe open-air retail property in Omaha for $153.3 million.Confirms KO Investing.com Korea Published Dec 16, 2025: Jefferies upgrades Federal Realty to Buy on expansion strategy
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Ross Stores | lead1 | -6 | +2.9 | +20.6 | +10.4 | +20.4 | +28.6 |
| TJX Companies | lead1 | +12.8 | +6.7 | +19.7 | +30.6 | +28.7 | -13.2 |
| Federal Realty Investment Trust | node | +66 | -22.7 | +6.6 | +12.1 | -5.9 | +19.8 |
| Truist Financial | benef1 | +26.1 | -23.5 | -8.6 | +23.7 | +19 | +8.2 |
| Wells Fargo | benef1 | +61.1 | -11.9 | +22.9 | +46.5 | +35.6 | -10.1 |
| Fiserv | benef2 | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Federal Realty traded more like a rate- and asset-value-sensitive REIT than a direct extension of tenant sales. FRT rose 66.0% in 2021, ahead of TJX at 12.8% and Ross at -6.0%, but fell 22.7% in 2022 while TJX and Ross held gains of 6.7% and 2.9%. In 2023-2025, TJX returned 19.7%, 30.6% and 28.7%, and Ross returned 20.6%, 10.4% and 20.4%; FRT lagged at 6.6%, 12.1% and -5.9%. Tenant strength therefore did not transmit directly into the landlord's equity. FRT rebounded 19.8% in 2026, but TJX fell 13.2% while Ross rose 28.6%, suggesting REIT repricing rather than a broad consumer-led move. Funding partners also lagged, with Wells Fargo at -1.9% and Truist at 8.2%. The next test is whether a 15% cash rent spread and 93.8% occupancy persist and convert into core FFO growth. A renewed rate shock is the exception: higher funding costs and cap rates can break the chain even if tenant sales remain healthy.
Analysis generated from returns as of 2026-09-04Analyses covering this node
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