Federal Realty Investment Trust vs Kite Realty Group Trust
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The short version
- Federal Realty Investment Trust is the larger business, with $1.3B of revenue in fiscal 2025 against $844M for Kite Realty Group Trust, about 1.5 times as much.
- Federal Realty Investment Trust grew revenue faster (6.4%, against 0.8%).
- Kite Realty Group Trust earned a higher return on the capital invested in it (7.1%, against 6.0%).
- Investors pay more for each dollar of Federal Realty Investment Trust’s earnings: a P/E of 18.9x against 15.3x for Kite Realty Group Trust.
| Latest fiscal year | FRT · FY25 | KRG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $5.0B |
| Revenue | $1.3B | $844M |
| Free cash flow | — | $278M |
| Net income | $411M | $299M |
| Growth | ||
| Revenue growth | 6.4% | 0.8% |
| 5-year growth | 8.9% | 25.9% |
| Share count change | 3.4% | −0.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 47.1% | — |
| Net margin | 32.1% | 35.4% |
| FCF margin | — | 32.9% |
| Return on capital | 6.0% | 7.1% |
| Return on equity | 12.8% | 9.4% |
| Balance sheet | ||
| Net debt | $4.9B | $3.0B |
| Net debt / EBITDA | 5.0x | 3.7x |
| Dividends and buybacks | $0.0M | $238M |
| Valuation & quality | ||
| P/E | 18.9x | 15.3x |
| Piotroski F-score | — | — |
Revenue
FY16
FRT $802M
KRG $354M
FY17
FRT $857M
KRG $359M
FY18
FRT $915M
KRG $354M
FY19
FRT $936M
KRG $315M
FY20
FRT $836M
KRG $267M
FY21
FRT $951M
KRG $373M
FY22
FRT $1.1B
KRG $802M
FY23
FRT $1.1B
KRG $821M
FY24
FRT $1.2B
KRG $838M
FY25
FRT $1.3B
KRG $844M
FRT
KRG
Operating margin
FY16
FRT 40.0%
KRG 19.7%
FY17
FRT 47.9%
KRG 22.3%
FY18
FRT 39.5%
KRG 5.9%
FY19
FRT 50.3%
KRG 22.8%
FY20
FRT 34.7%
KRG 13.1%
FY21
FRT 41.5%
KRG −5.8%
FY22
FRT 49.0%
KRG 11.4%
FY23
FRT 35.9%
KRG 18.5%
FY24
FRT 39.3%
KRG 13.3%
FY25
FRT 47.1%
KRG —
FRT
KRG
Free cash flow
FY16
FRT —
KRG $60.8M
FY17
FRT —
KRG $82.2M
FY18
FRT —
KRG $95.1M
FY19
FRT —
KRG $84.7M
FY20
FRT —
KRG $57.3M
FY21
FRT —
KRG $43.0M
FY22
FRT —
KRG $221M
FY23
FRT —
KRG $250M
FY24
FRT —
KRG $279M
FY25
FRT —
KRG $278M
FRT
KRG
Return on capital
FY16
FRT 5.6%
KRG 1.2%
FY17
FRT 6.2%
KRG 2.4%
FY18
FRT 5.1%
KRG 0.5%
FY19
FRT 6.5%
KRG 2.1%
FY20
FRT 3.8%
KRG 1.2%
FY21
FRT 4.9%
KRG −0.4%
FY22
FRT 5.9%
KRG 1.1%
FY23
FRT 4.4%
KRG 2.3%
FY24
FRT 5.0%
KRG 1.7%
FY25
FRT 6.0%
KRG 7.1%
FRT
KRG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.