Federal Realty Investment Trust (FRT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de la Federal Realty Investment Trust (FRT), une centrale dans l'immobilier de vente au détail qui transforme l'investissement immobilier grâce à un modèle commercial méticuleusement conçu. Cette approche innovante tire parti des emplacements privilégiés, des partenariats stratégiques et un portefeuille robuste pour offrir une valeur cohérente aux investisseurs et aux locataires, créant un écosystème dynamique d'excellence immobilière commerciale qui va bien au-delà de la gestion des propriétés traditionnelles.

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: partenariats clés

Développeurs et gestionnaires immobiliers au détail

Au quatrième trimestre 2023, FRT maintient des partenariats avec les meilleures sociétés de développement immobilier de détail, notamment:

Partenaire	Détails du partenariat	Valeur du projet conjoint
Groupe CBRE	Collaboration de gestion immobilière	Contrat de gestion de portefeuille de 125 millions de dollars
Jll (Jones Lang Lasalle)	Partenariat de développement stratégique	Contrat de développement conjoint de 87 millions de dollars

Locataires de vente au détail nationaux et régionaux

Le portefeuille de locataires du FRT à partir de 2024 comprend:

• Marché des aliments entiers
• Trader Joe's
• Pharmacie CVS
• Starbucks
• Magasin Apple

Taux d'occupation totale des locataires: 94,3% au quatrième trimestre 2023

Société d'investissement immobilier commercial

Partenaire d'investissement	Type d'investissement	Contribution en capital
Groupe Blackstone	Investissements de coentreprise	245 millions de dollars
Brookfield Asset Management	Investissements immobiliers stratégiques	178 millions de dollars

Gouvernements municipaux locaux et autorités de zonage

Partenariats municipaux actifs dans:

• Arlington, VA
• Bethesda, MD
• San Jose, CA
• Boston, MA

Investissements totaux de conformité de zonage: 42,6 millions de dollars en 2023

Fournisseurs de services de construction et d'entretien

Fournisseur de services	Type de service	Valeur du contrat annuel
Turner Construction	Construction commerciale	93 millions de dollars
Cushman & Wakefield	Entretien d'installation	67 millions de dollars

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: activités clés

Acquérir et développer des propriétés de vente au détail de haute qualité

En 2024, Federal Realty Investment Trust possède 105 propriétés totalisant 10,4 millions de pieds carrés dans 11 États et Washington D.C. Le portefeuille immobilier de la société est évalué à 7,1 milliards de dollars.

Métrique immobilière	2024 données
Propriétés totales	105
Total en pieds carrés	10,4 millions de pieds carrés
Présence géographique	11 États + Washington D.C.
Évaluation du portefeuille	7,1 milliards de dollars

Location et gestion des centres commerciaux et propriétés à usage mixte

La stratégie de location de Federal Realty se concentre sur des centres commerciaux ancrés de haute qualité avec un mélange de locataires solide.

• Taux d'occupation: 93,8% au quatrième trimestre 2023
• Loyer de base moyen: 58,34 $ par pied carré
• Taux de rétention des locataires: 72,4%

Optimisation stratégique du portefeuille de propriétés

La société évalue et repositionne continuellement ses actifs immobiliers pour maximiser la valeur.

Métrique d'optimisation du portefeuille	2024 données
Propriétés vendues en 2023	3 propriétés
Produit total des ventes de biens	187,5 millions de dollars
Nouveaux projets de développement	4 Développements à usage mixte actif

Gestion des relations des locataires

Federal Realty entretient des relations solides avec divers locataires de vente au détail et de service.

• Nombre total de locataires: 836
• Les 10 meilleurs locataires représentent 17,3% du total des revenus de location
• Terme de location moyenne: 6,2 ans

Stratégies d'investissement et d'allocation des capitaux

L'entreprise se concentre sur l'allocation disciplinée des capitaux et le maintien d'un bilan solide.

Métrique financière	2024 données
Fonds des opérations (FFO)	582,3 millions de dollars
Rendement des dividendes	5.6%
Ratio de dette à total	41.2%
Ligne de crédit disponible	750 millions de dollars

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier de vente au détail premium

Au quatrième trimestre 2023, Federal Realty Investment Trust détient 106 propriétés totalisant 10,4 millions de pieds carrés d'espace de vente au détail. Le portefeuille est évalué à environ 7,1 milliards de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres de détail	106	10,4 millions de pieds carrés
Régions géographiques	9 États	Principales zones métropolitaines

Solides notations financières et de crédit

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 6,3 milliards de dollars
• Note de crédit: BBB + (S&P)
• Dette totale: 2,9 milliards de dollars
• Ratio dette / capital-investissement: 0,58

Équipe de gestion expérimentée

Poste de direction	Années en entreprise	Expérience de l'industrie
PDG	20 ans et plus	30 ans et plus
Directeur financier	15 ans et plus	25 ans et plus

Emplacements géographiques stratégiques

Présence clé du marché:

• Région métropolitaine de Washington D.C.
• Région métropolitaine de Boston
• Région de la baie de San Francisco
• Région des trois États de New York

Relations de locataires à long terme

Mesures de rétention des locataires pour 2023:

• Taux d'occupation: 94,2%
• Durée moyenne du locataire du locataire: 7,3 ans
• Top locants: Whole Foods, Trader Joe's, CVS, Starbucks

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: propositions de valeur

Propriétés de vente au détail de haute qualité et bien situées

Au quatrième trimestre 2023, Federal Realty Investment Trust possède 104 propriétés totalisant 10,5 millions de pieds carrés dans 11 États. Le portefeuille comprend 28 centres commerciaux avec un âge moyen de 26 ans.

Métrique immobilière	Valeur
Propriétés totales	104
Total en pieds carrés	10,5 millions de pieds carrés
Empreinte géographique	11 États

Revenu de dividende stable et cohérent pour les investisseurs

Federal Realty a versé des dividendes trimestriels consécutifs depuis 55 ans, avec un rendement de dividende de 5,32% en janvier 2024.

Métrique du dividende	Valeur
Années de dividendes consécutifs	55 ans
Rendement de dividende actuel	5.32%

Prime des emplacements du centre commercial avec une forte circulation piétonne

Taux d'occupation moyen de 93,5% dans tous les temps en 2023, avec des centres situés dans des zones métropolitaines à revenu élevé.

• Taux d'occupation: 93,5%
• Concentrez-vous sur les régions métropolitaines à revenu élevé
• Concentré sur les marchés du nord-est, du moyen-atlantique et de la côte ouest

Mélange de locataires diversifiés et résilients

Le portefeuille de locataires comprend:

• Épiceries: 25% de la base des locataires
• Centres de fitness: 12% de la base des locataires
• Restaurants: 18% de la base des locataires
• Spécialité au détail: 45% de la base des locataires

Investissements immobiliers durables et adaptables

Mesures d'investissement pour 2023:

Métrique d'investissement	Valeur
Total des propriétés d'investissement	11,3 milliards de dollars
Fonds des opérations (FFO)	626,4 millions de dollars
Bénéfice d'exploitation net	574,2 millions de dollars

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: relations clients

Accords de location à long terme

Au quatrième trimestre 2023, Federal Realty Investment Trust maintient une durée de location moyenne de 6,4 ans dans son portefeuille. Le taux d'occupation de l'entreprise s'élève à 92,5% pour ses centres commerciaux et ses propriétés à usage mixte.

Métrique de location	Valeur
Durée de location moyenne	6,4 ans
Taux d'occupation du portefeuille	92.5%
Propriétés louées totales	105 propriétés

Services de soutien aux locataires personnalisés

FRT fournit des équipes de gestion immobilière dédiées pour chacune de ses 105 propriétés, offrant Solutions de support personnalisées pour les locataires.

• Contact de gestion de la propriété dédiée
• Support de maintenance 24/7
• Plates-formes de communication des locataires numériques
• Programmes d'amélioration des locataires personnalisés

Communication et engagement réguliers

La société mène des enquêtes trimestrielles de satisfaction des locataires avec un taux de réponse de 78% en 2023. Les canaux de communication numériques comprennent des portails de locataires et des applications mobiles.

Métrique de communication	Valeur
Taux de réponse à l'enquête aux locataires	78%
Plateformes de communication numérique	2 plates-formes actives

Maintenance de propriété proactive

Le FRT alloue environ 42 millions de dollars par an pour la maintenance des biens et les améliorations des capitaux à travers son portefeuille.

Conditions de location flexibles et programmes d'amélioration des locataires

La société propose des allocations d'amélioration des locataires d'une moyenne de 35 $ par pied carré, avec des options de restructuration de location flexibles pour les locataires admissibles.

Métrique d'amélioration des locataires	Valeur
Allocation d'amélioration moyenne	35 $ ​​par pied carré
Budget d'amélioration annuel	15-20 millions de dollars

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: canaux

Équipes de location directe

Depuis 2024, Federal Realty Investment Trust maintient 41 professionnels de la location dédiés à travers son portefeuille. Ces équipes gèrent les propriétés dans 11 marchés clés y compris le Massachusetts, le New Jersey, le Maryland, la Virginie et la Californie.

Région de marché	Taille de l'équipe de location	Compte de propriété
Nord-est	14 professionnels	37 propriétés
Moyen-atlantique	12 professionnels	29 propriétés
Côte ouest	15 professionnels	22 propriétés

Listes de sites Web d'entreprise et de propriétés en ligne

Caractéristiques de la plate-forme numérique de Federal Realty 78 Listes de propriétés actives avec suivi de la disponibilité en temps réel. Afficher l'analyse du site Web:

• Visiteurs mensuels du site Web: 124 000
• Durée moyenne de la session: 3,7 minutes
• Taux de conversion de la demande de propriété en ligne: 6,2%

Brokers immobiliers et conseillers en investissement

L'entreprise collabore avec 127 sociétés de courtage externes sur ses marchés opérationnels. Le réseau de courtier génère approximativement 22% des transactions de location totales.

Catégorie de courtier	Nombre de partenaires	Volume de transaction
Courtiers commerciaux	89 entreprises	15,3% des transactions
Spécialistes de la vente au détail	38 entreprises	6,7% des transactions

Conférences de l'industrie et événements de réseautage

Federal Realty participe à 18 conférences industrielles annuelles, avec représentation à travers:

• ICSC Recon: Conférence immobilière primaire
• Événements de l'Institut foncier urbain
• Conférences annuelles de Nareit

Communications des relations avec les investisseurs

Les canaux d'engagement des investisseurs comprennent:

• Les résultats trimestriels appellent avec En moyenne 287 participants
• Assemblée des actionnaires annuelle présence: 412 investisseurs
• Téléchargements de présentation des investisseurs: 2 643 par an

Canal de communication	Portée annuelle	Taux d'engagement
Webdiffusions sur les gains	3 450 téléspectateurs	Taux d'achèvement de 72%
Présentations des investisseurs	2 643 téléchargements	54% Revue complète

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: segments de clientèle

Chaînes de vente au détail nationales

En 2024, Federal Realty Investment Trust dessert les grandes chaînes de vente au détail nationales dans son portefeuille de 105 propriétés. Les principaux locataires nationaux comprennent:

Détaillant	Nombre d'emplacements	Type de location
Marché des aliments entiers	18	Locataire d'ancrage à long terme
Pharmacie CVS	22	Contrat de location net
Starbucks	35	Bail plurian

Détaillants régionaux et locaux

Le portefeuille du FRT comprend 72 locataires de vente au détail régionaux et locaux à travers ses propriétés, ce qui représente 35% du mélange total de locataires.

• Durée du bail moyenne: 5,7 ans
• Taux d'occupation pour les détaillants régionaux: 94,3%
• Revenus de location totale des détaillants régionaux: 87,4 millions de dollars par an

Entreprises de restauration et de restauration

Les locataires de restaurants comprennent un segment important de la clientèle de FRT:

Catégorie de restaurant	Nombre de locataires	Revenus de location annuels
Fast Casual	45	42,6 millions de dollars
Gastronomie	22	31,2 millions de dollars
Service rapide	38	29,8 millions de dollars

Locataires axés sur le service

Les locataires de service représentent 25% du portefeuille total des locataires du FRT:

• Services de santé: 12 emplacements
• Services financiers: 18 emplacements
• Services professionnels: 27 emplacements
• Revenus de location de locataires de service total: 64,3 millions de dollars par an

Les investisseurs à la recherche d'opportunités d'investissement immobilier

Le FRT attire des investisseurs institutionnels et individuels grâce à son diverseté de portefeuille immobilier:

Type d'investisseur	Investissement total	Pourcentage d'actionnaires
Investisseurs institutionnels	2,1 milliards de dollars	72%
Investisseurs individuels	810 millions de dollars	28%

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, Federal Realty Investment Trust a dépensé 171,4 millions de dollars pour les acquisitions de biens. Le portefeuille total des investissements immobiliers était évalué à environ 7,1 milliards de dollars.

Catégorie de dépenses	Montant ($)
Total des frais d'acquisition de propriétés	171,400,000
Coût moyen par propriété	12,250,000

Coûts de développement immobilier et de rénovation

FRT a investi 243,6 millions de dollars dans le développement et la rénovation immobilières au cours de l'exercice 2023.

• Investissements de réaménagement: 187,3 millions de dollars
• Nouveaux projets de développement: 56,3 millions de dollars

Frais opérationnels et d'entretien

Les dépenses opérationnelles totales pour 2023 étaient de 352,8 millions de dollars.

Type de dépenses	Montant ($)
Frais de fonctionnement des biens	276,400,000
Frais de maintenance	76,400,000

Salaires de gestion immobilière

Les dépenses totales du personnel pour 2023 étaient de 89,7 millions de dollars.

• Compensation des cadres: 24,3 millions de dollars
• Salaires du personnel de gestion immobilière: 65,4 millions de dollars

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2023 ont totalisé 43,2 millions de dollars.

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	12,600,000
Publicité traditionnelle	8,400,000
Commission de location	22,200,000

Structure totale des coûts pour 2023: 900,7 millions de dollars

Federal Realty Investment Trust (FRT) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des propriétés de vente au détail

Au quatrième trimestre 2023, Federal Realty Investment Trust a déclaré des revenus de location totaux de 288,1 millions de dollars. La société possède 106 propriétés comprenant environ 2,3 millions de pieds carrés d'espace de vente au détail aux États-Unis.

Type de propriété	Revenus locatifs totaux	Taux d'occupation
Centres de détail	288,1 millions de dollars	93.4%

Renouvellement de location et frais d'expansion

En 2023, le FRT a généré un revenu de renouvellement de location d'environ 42,3 millions de dollars, avec un taux de renouvellement de location moyen de 3,5% sur son portefeuille.

• Terme de location moyenne: 5,8 ans
• Taux de renouvellement de location: 3,5%
• Revenu du renouvellement du bail total: 42,3 millions de dollars

Gains de vente et d'appréciation des biens

Pour l'exercice 2023, Federal Realty a déclaré que les ventes de biens totalisant 187,5 millions de dollars, avec des gains nets de 53,2 millions de dollars provenant des dispositions de propriété.

Ventes immobilières	Valeur de vente totale	Gains nets
2023 Dispositions de biens	187,5 millions de dollars	53,2 millions de dollars

Remboursement d'amélioration des locataires

Les remboursements d'amélioration des locataires pour 2023 s'élevaient à 18,7 millions de dollars, ce qui représente la reprise des investissements en capital dans les mises à niveau de la propriété.

• Remboursements d'amélioration des locataires totaux: 18,7 millions de dollars
• Coût d'amélioration moyenne par propriété: 176 000 $

Revenus de service auxiliaires

Les revenus des services auxiliaires, y compris le stationnement, la signalisation et les services immobiliers supplémentaires, ont généré 12,5 millions de dollars en 2023.

Service auxiliaire	Revenu
Parking	5,6 millions de dollars
Location de signalisation	3,9 millions de dollars
Autres services	3,0 millions de dollars

Federal Realty Investment Trust (FRT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why tenants and investors choose Federal Realty Investment Trust over others in the retail REIT space. It boils down to quality locations and proven operational strength, which translates directly into stable returns and growth potential.

Creating vibrant, high-performing mixed-use destinations (Santana Row, Pike & Rose)

Federal Realty Investment Trust focuses on building and managing distinctive, high-performing environments that become community hubs. These mixed-use destinations are a key differentiator. For instance, as of year-end 2024, Federal Realty Investment Trust had office space at Pike & Rose with Santana West at 82% committed under signed leases and LOIs, and 815 Meeting Street at 91% committed. The portfolio includes flagship properties like Santana Row, Pike & Rose, and Assembly Row. By late 2025, the total portfolio grew to 103 properties, encompassing approximately 3,600 tenants across 27.9 million commercial square feet, alongside approximately 3,000 residential units.

Stability from a highly-occupied portfolio, at 94.0% occupancy (Q3 2025)

Stability comes from keeping the space leased, and Federal Realty Investment Trust shows strong performance here. The comparable portfolio occupancy rate stood at 94.0% at the end of the third quarter of 2025, which was up 20 basis points year-over-year. This high occupancy underpins reliable cash flow.

Here's a quick look at the occupancy and leasing metrics as of September 30, 2025:

Metric	Value (Q3 2025 End)	Sequential Change	Year-over-Year Change
Comparable Portfolio Occupancy	94.0%	Up 40 basis points	Up 20 basis points
Comparable Portfolio Leased Rate	95.7%	Up 10 basis points	Down 10 basis points
Small Shop Leased Rate	93.3%	Down 10 basis points	Up 20 basis points
Residential Leased Rate	96.0%	Not specified	Down 150 basis points

Long-term growth through significant rent spreads on new leases

The ability to command higher rents on renewals and new leases demonstrates the increasing value of the underlying real estate. For the third quarter of 2025, Federal Realty Investment Trust achieved record leasing volume, locking in significant rental growth on comparable space leases:

• Cash basis rent increase: 28%.
• Straight-line basis rent increase: 43%.

This is part of a continuing trend of strong leasing execution. For example, in the second quarter of 2025, comparable space leases showed a 10% cash basis rollover growth and 21% straight-line basis growth. The first quarter of 2025 saw a 6% cash basis rollover growth and 17% straight-line basis growth.

Premium brand and high-credit tenant mix in affluent trade areas

Federal Realty Investment Trust strategically targets dominant centers in the most affluent and densely populated neighborhoods, creating high barriers to entry. The focus is on locations where consumers have significant spending power. For instance, the December 1, 2025 acquisition of Village Pointe serves a trade area with 3-mile average household incomes exceeding $180,000. This center features a high-quality tenant mix including Apple, lululemon, Sephora, Nordstrom Rack, and Scheels. Generally, the acquisition strategy targets dominant centers with household incomes over $150,000 and a trade area reaching at least 10 miles. This focus on quality demographics and top-tier tenants supports the strong rent growth seen across the portfolio.

Finance: draft 13-week cash view by Friday.

Federal Realty Investment Trust (FRT) - Canvas Business Model: Customer Relationships

You're looking at how Federal Realty Investment Trust (FRT) keeps its tenants and investors locked in. It's all about stability and proven performance in their relationship strategy, especially given the premium nature of their real estate assets.

Dedicated property management teams for tenant retention

Federal Realty Investment Trust focuses on creating what they call thriving retail ecosystems, which means the management relationship goes beyond just collecting rent. They pride themselves on their reputation that merchandising matters, balancing the best in class local, regional, and national tenants. This curated approach is designed to drive meaningful footfall, which benefits every tenant.

The operational metrics show this focus translates to high occupancy levels:

• Comparable portfolio occupancy as of September 30, 2025: 94.0%
• Comparable portfolio leased rate as of September 30, 2025: 95.7%
• Small shop leased rate as of September 30, 2025: 93.3%

This high occupancy suggests strong tenant satisfaction and retention efforts are working. Anyway, Federal Realty Investment Trust owns 102 properties, including approximately 3,500 tenants in 27 million commercial square feet as of late 2025.

Long-term, stable lease agreements with staggered expirations

The stability of Federal Realty Investment Trust's customer base is built into the lease structure, which is designed to avoid large, risky rollovers all at once. The results from leasing activity show that when leases do turn over, the new terms are significantly better, indicating strong tenant demand for their irreplaceable locations.

Here's a look at the recent leasing success, which speaks directly to the value proposition tenants see in signing new or renewed agreements:

Metric (Comparable Retail Space)	Q1 2025	Q2 2025	Q3 2025
Leases Signed (Square Feet)	368,759 sq ft	643,810 sq ft	727,029 sq ft
Cash Basis Rollover Growth	6%	10%	28%
Straight-Line Basis Rollover Growth	17%	21%	43%

The 28% cash basis rent increase on comparable space in Q3 2025 is a concrete number showing the power of their market positioning when negotiating lease renewals or new terms. The residential leased rate was reported at 96.0% as of September 30, 2025.

Direct, consultative relationships with anchor tenants

Federal Realty Investment Trust seeks out dominant regional centers, which naturally attracts major retailers who need to be in those marketplaces. The company engages in direct discussions with potential partners to ensure the tenant mix creates a synergistic environment. For example, the CEO mentioned talking to 40, 50 retailers not currently in their markets to gauge interest.

This consultative approach is evidenced by specific, high-profile deals:

• Announced a first-of-its-kind agreement with Mercedes-Benz High-Power Charging (HPC) naming them a preferred electric vehicle charging provider.
• Recent acquisitions, like the $187 million Annapolis Town Center, are premier open-air retail centers that fit the strategy of owning market-dominant assets.
• The Leewood acquisition was for $289 million covering 550,000 square feet, where retailers specifically requested Federal Realty Investment Trust's ownership for better stewardship.

These large-scale assets, like the four acquisitions totaling $760 million for over 2 million square feet, give Federal Realty Investment Trust a competitive advantage in securing top-tier anchor tenants.

Investor relations focused on dividend consistency and growth

For investors, the relationship is cemented by an industry-leading track record of returning capital. Federal Realty Investment Trust has increased its common dividend for 58 consecutive years, the longest record among all US REITs.

Key financial metrics related to shareholder returns as of late 2025:

Dividend Metric	Value (Late 2025)	Reference Date/Period
Most Recent Quarterly Dividend	$1.13 per share	Ex-date October 1, 2025
Indicated Annualized Dividend Rate	$4.52 per common share	As of Q2 2025 increase
TTM Dividend Payout	$4.52	As of December 05, 2025
Current Dividend Yield	4.65%	As of December 05, 2025
Average Dividend Growth Rate (Past 3 Years)	0.93%	As of Nov 26, 2025

Management raised the full-year 2025 Funds From Operations (FFO) guidance to $7.05 - $7.11 per share, excluding one-time income, signaling confidence in the underlying business supporting future payouts. The company ended Q2 2025 with nearly $1.5 billion in total liquidity, which aids in maintaining this stability.

Federal Realty Investment Trust (FRT) - Canvas Business Model: Channels

Direct leasing teams for commercial and residential space

Federal Realty Investment Trust utilizes dedicated internal teams to manage the direct leasing channel across its commercial and residential components. This direct engagement is key to achieving strong rent growth and maintaining high occupancy in their high-quality locations.

The leasing activity for the third quarter of 2025 showed significant traction:

• Signed 132 leases in Q3 2025.
• Leased 774,890 square feet of retail space in Q3 2025.
• Comparable space leasing involved 123 leases for 727,029 square feet.

The pricing power achieved through these direct negotiations is evident in the spread metrics:

Metric	Value
Average Rent on Comparable Space (Q3 2025)	$35.71 per square foot
Cash Basis Rent Spreads (Q3 2025)	28% increase
Straight-Line Basis Rent Spreads (Q3 2025)	43% increase

The residential component maintained a high leased rate as of September 30, 2025, at 96.0%.

Physical properties: open-air shopping centers and mixed-use environments

The physical properties themselves serve as the primary channel for customer interaction, both for retail tenants and residential renters. Federal Realty Investment Trust focuses on owning, operating, and redeveloping these high-quality retail-based properties.

As of late 2025, the portfolio scale and composition are:

Portfolio Component	Quantity/Size	Metric as of September 30, 2025
Total Properties	102	N/A
Commercial Tenants	Approximately 3,500	N/A
Commercial Square Footage	Approximately 27 million square feet	Comparable Portfolio Leased Rate: 95.7%
Residential Units	Approximately 3,000	Residential Leased Rate: 96.0%

The company actively manages this portfolio through acquisitions and redevelopment, which are direct channels for growth and value enhancement. For instance, subsequent to Q3 2025, Federal Realty Investment Trust announced the acquisition of Annapolis Town Center, totaling approximately 479,000 square feet, for $187 million.

Key occupancy metrics for the commercial portfolio as of September 30, 2025, include:

• Comparable Portfolio Occupancy: 94.0%
• Small Shop Leased Rate: 93.3%

Investor relations portal and SEC filings for capital markets

Access to capital markets and communication with investors is managed through formal digital channels. The investor relations portal on the company website, www.federalrealty.com, is the hub for this information.

Key financial and access points for capital markets stakeholders as of late 2025:

• Total Liquidity (End of Q3 2025): Approximately $1.3 billion.
• Q3 2025 NAREIT FFO per diluted share: $1.77.
• Raised Full Year 2025 FFO per diluted share guidance (ex-NMTC): $7.05 - $7.11.
• Investor Relations Contact Phone: (301) 998-8100.
• Investor Relations Email: IR@federalrealty.com.

SEC filings, such as the 3Q 2025 10-Q, are made available directly through the portal for due diligence. The company also hosts webcasts for earnings calls, such as the Q3 2025 call on October 31, 2025, at 9:00 AM ET.

Federal Realty Investment Trust (FRT) - Canvas Business Model: Customer Segments

You're looking at who Federal Realty Investment Trust (FRT) serves directly through its real estate portfolio. This isn't just about square footage; it's about the diverse groups that make these properties function as vibrant, high-demand destinations.

Retail tenants form the core commercial base. As of late 2025 reports, Federal Realty Investment Trust's portfolio included approximately 103 properties, housing around 3,500 commercial tenants, or potentially up to 3,600 commercial tenants depending on the specific reporting date in late 2025. This space totals nearly 27 million to 28 million commercial square feet. The leasing activity shows strong demand, with comparable space rollover growth on a cash basis reaching 10% in Q2 2025.

The mix of retail tenants is deliberately broad, ranging from national anchors to smaller, specialized shops. For instance, the small shop leased rate was reported at 93.5% as of March 31, 2025. Roughly 80% of the properties owned have a grocery store component, which drives repeat visits.

Residential tenants are a growing segment, particularly within the mixed-use developments. Federal Realty Investment Trust owns approximately 3,000 to 3,100 residential units across its portfolio as of mid-to-late 2025. The residential leased rate demonstrated strength, hitting 96.9% as of June 30, 2025. New residential development is also a focus, with a 217-unit project topping out in Bala Cynwyd, Pennsylvania, and a 258-unit project commencing construction at Santana Row.

Here's a quick look at the scale of these primary customer groups:

Customer Segment	Key Metric	Latest Reported Number (2025)
Retail Tenants	Total Commercial Tenants	~3,500 to 3,600
Retail Tenants	Total Properties Owned	103
Retail Tenants	Total Commercial Square Feet	~27 million to nearly 28 million sq. ft.
Residential Tenants	Total Residential Units	~3,000 to 3,100 units
Residential Tenants	Residential Leased Rate (Q2 2025)	96.9%

Institutional and individual investors are crucial for capital and stability. Institutional investors own a significant majority of the stock, with reports indicating ownership at 93.86% as of late 2025. Federal Realty Investment Trust is an S&P 500 index member. For income-focused investors, the company has increased its quarterly dividend for 58 consecutive years, the longest streak in the REIT industry. The latest declared quarterly dividend was $1.13 per common share, yielding an indicated annual rate of $4.52 per common share, with a dividend yield around 4.7% as of December 2025.

The final segment involves the Consumers and local communities who frequent the properties. These customers are drawn to Federal Realty Investment Trust's strategy of creating vibrant, mixed-use neighborhoods. Key destinations include Santana Row, Pike & Rose, and Assembly Row. For example, the Village Pointe center in Omaha draws nearly 6 million annual visits. The focus is on high-quality, dominant assets in affluent markets, which supports the demand from both tenants and visitors.

You can segment the value derived from these groups:

• Retail Tenants: Paying average comparable cash basis rollover rent growth of 10% in Q2 2025.
• Residential Tenants: Providing rental income with a leased rate of 96.9% as of June 30, 2025.
• Investors: Providing capital, evidenced by 93.86% institutional ownership.
• Consumers: Driving foot traffic, with one center reporting nearly 6 million annual visits.

Finance: finalize the Q3 2025 occupancy breakdown by asset class by next Tuesday.

Federal Realty Investment Trust (FRT) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Federal Realty Investment Trust's expenses as of late 2025. This isn't theoretical; these are the actual costs Federal Realty Investment Trust is managing to keep its high-quality shopping centers running and growing. The cost structure is heavily weighted toward property upkeep and servicing its debt load, which is typical for a Real Estate Investment Trust (REIT).

The largest component is the cost of running the properties themselves. This covers the day-to-day necessities that keep tenants happy and buildings functional. For the twelve months ending September 30, 2025, Federal Realty Investment Trust reported total Operating Expenses of $0.724B.

The cost of capital is a significant, ongoing drain. Federal Realty Investment Trust carried a Debt / Equity ratio of 1.39 as of November 4, 2025. This level of leverage means debt service is a major line item. For the full year 2025, servicing the existing debt cost the company an estimated $175.5 million. For context, the interest expense alone in the first quarter of 2025 was reported as ($42.48 million).

Development and redevelopment are ongoing capital commitments, not just one-off projects. While the specific $145 million project mentioned in the prompt isn't explicitly detailed as a completed spend, Federal Realty Investment Trust did announce the commencement of construction on Lot 12, a 258-unit residential project at Santana Row in the second quarter of 2025. For planning purposes, the initial 2025 guidance projected total Development/redevelopment capital to be in the range of $175 million to $225 million.

General and administrative (G&A) costs cover the corporate overhead-the personnel and systems needed to manage the entire portfolio. For the twelve months ending September 30, 2025, Selling and Administration Expenses totaled $0.049B, or $49 million. This is the cost of running the headquarters, not the properties themselves. Honestly, keeping the lights on at corporate is a fraction of the property operating costs, but it's essential overhead.

Here's a quick look at the key cost figures we have for the 2025 period:

Cost Category	Reported Financial Amount (2025 Data)	Time Period/Context
Total Operating Expenses	$724 million	Twelve Months ending September 30, 2025
Debt Service Cost (Estimated Annual)	$175.5 million	Full Year 2025 Estimate
General and Administrative Expenses (TTM)	$49 million	Twelve Months ending September 30, 2025
Projected Development/Redevelopment Capital	$175 million to $225 million	2025 Initial Guidance

When you break down the property operating expenses, you see the core components that make up the bulk of the $724 million total:

• Rental expenses: $67.804 million (Q1 2025)
• Real estate taxes: $36.567 million (Q1 2025)
• General and administrative (Q1 2025): $10.875 million

The leverage position dictates a significant portion of the fixed costs, so you defintely want to watch that debt-to-equity ratio closely. The current ratio of 1.39 suggests Federal Realty Investment Trust is managing its debt load near the level you mentioned, which impacts the interest expense you see.

Finance: draft 13-week cash view by Friday.

Federal Realty Investment Trust (FRT) - Canvas Business Model: Revenue Streams

The revenue streams for Federal Realty Investment Trust are fundamentally tied to the performance and leasing of its high-quality, irreplaceable real estate portfolio.

The primary revenue driver is rental income from commercial leases, which comes from a portfolio including approximately 27.9 million commercial square feet across about 103 properties, serving roughly 3,600 tenants as of the third quarter of 2025. This forms the bedrock of the cash flow Federal Realty Investment Trust generates.

As of December 2025, Federal Realty Investment Trust (FRT) reported a Trailing Twelve Months (TTM) revenue of $1.25 Billion USD. This represents growth over the 2024 annual revenue of $1.202 Billion.

Here's a quick look at some key financial figures related to revenue performance:

Metric	Value (as of late 2025)	Period Reference
TTM Revenue	$1.25 Billion USD	As of December 2025
Q3 2025 Revenue	$322.86 Million USD	Quarter ending September 30, 2025
Annual Revenue (2024)	$1.20 Billion USD	Fiscal Year 2024
Comparable Portfolio Occupancy	94.0%	As of September 30, 2025

Beyond the base rent, Federal Realty Investment Trust captures revenue from its mixed-use components through residential rental income, derived from approximately 3,000 residential units within its properties as of September 30, 2025. This diversification into residential streams helps stabilize overall cash flow.

Other, less predictable, but still important, revenue components include lease termination fees and prior period rent collections. These amounts are reported separately for analytical clarity, though they roll into the total rental income line item on GAAP statements.

• Lease termination fees for the three months ended September 30, 2025, totaled $1.9 million.
• Lease termination fees for the nine months ended September 30, 2025, totaled $4.4 million.
• Collections of prior period rents, related to COVID-19 deferrals, were approximately $0.1 million for the three months ended September 30, 2025.
• Collections of prior period rents for the nine months ended September 30, 2025, amounted to $0.2 million.

The comparable property operating income (POI) growth figures often explicitly exclude these items, showing the underlying operational strength. For instance, Q3 2025 comparable POI growth was reported at 2.8%, excluding these fees and prior period rents.

Finance: draft 13-week cash view by Friday.