FRT: Competitive Growth at a Discounted Multiple, Initiate at Outperform ($143 PT, ~20% TR)

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FRT: Competitive Growth at a Discounted Multiple, Initiate at Outperform ($143 PT, ~20% TR)

REITs

Retail - Market Weight

FEDERAL REALTY INVESTMENT TRUST (FRT) July 8, 2026

FRT: Competitive Growth at a Discounted Multiple, Initiate Rating:

at Outperform ($143 PT, ~20% TR) Outperform

Price:

$122.11

The Wolfe Byte Price Target:

With a discounted valuation while offering competitive growth to 2027, we initiate $143

% Upside:on FRT with an Outperform rating and a $143 PT (~20% TR, including one dividend 17.1%

to YE). Our Price Target assumes FRT trades at a ~10% discount to coverage, still

View FRT Model

below its historical average. View Comp Table

Company Information

With this report, we initiate on Federal Realty Investment Trust (tk: FRT) at 52-Week Range $91 - $126

Outperform with a $143 Price Target (~20% Total Return, including one dividend Market Cap. (MM) $10,549

Value (MM) $15,814to year-end) which assumes a ~10% discount to coverage (better than current but Enterprise 86.4 Shares Out. (MM)

shy of historical average levels). Avg. Value Traded (MM) $104.61

SI% of Float 3.8%

●Company Background & Management: FRT owns and manages a

predominantly retail portfolio focused on coastal markets with the largest 130

concentrations in Washington and California (Exhibits 3-4). Within retail, the 125 120

company is overweight to grocery-anchored centers and has a meaningful 115

mixed-use component with office and residential each making up ~10% of 110105

the portfolio (Exhibits 5-6). The company is led by CEO Donald C. Wood 10095

alongside CFO Dan Guglielmone, COOs Wendy Seher & Jeffrey Kreshek, CIO 90

Jan Sweetnam, and SVP Jill Sawyer. 85 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26