LIVE
FRT
Federal Realty Investment Trust · Real Estate - Retail REIT
$120.39
+4.83% this month
VERSUS
⟷
COMPARE
NNN
NNN REIT, Inc. (National Retail Properties) · Real Estate - Net Lease REIT
$45.00
+0.36% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
FRT
2
NNN
2
Comparison scoreboard
MIXED SETUPAI Score
FRT ✓35.5
NNN 25.7
1Y Return
FRT ✓+26.47%
NNN +11.62%
Fwd P/E
FRT 40.53
NNN ✓21.44
Target Up.
FRT -0.05%
NNN ✓+2.74%
Op. Margin
FRT 34.12%
NNN N/A
Metrics last refreshed: 6/20/2026
Quick take
FRT vs NNN Stock Comparison: AI Score, Valuation, Performance and Upside
FRT (Federal Realty) and NNN (NNN REIT) are both retail-focused REITs with exceptional dividend histories but with different portfolio strategies — Federal Realty owns complex mixed-use properties in high-income coastal markets requiring active development and tenant management, while NNN REIT owns a large diversified portfolio of freestanding single-tenant properties under passive triple-net leases that minimize landlord operating involvement. Federal Realty offers quality coastal mixed-use exposure; NNN offers passive net-lease income with geographic diversification.
FRT vs NNN is high-quality mixed-use urban retail with active management upside (Federal Realty's coastal market concentration, mixed-use development expertise, and Dividend King record reflecting exceptional long-term value creation) versus passive net-lease income diversified across service retail (NNN REIT's triple-net leased portfolio providing predictable rent income with minimal operating burden and 34+ years of dividend growth) — active value-add retail versus passive net-lease income.
Live analysis · updated 6/20/2026
FRT and NNN are closely matched — they split the tracked metrics evenly. FRT has delivered stronger 1-year price return (+26.47% vs +11.62%), though NNN trades at the lower forward P/E (21.44x vs 40.53x). Analyst consensus implies similar upside for both: -0.05% for FRT and +2.74% for NNN.
Normalized 1Y performance
FRT
NNN
Recent returns
FRT
NNN
Analyst price targets & sentiment
FRT
Price target range
analyst mean$125.78
current price$120.39
-0.1% upside to analyst mean
NNN · 15 analysts
Price target range
analyst low$44.00
analyst high$50.00
analyst mean$46.23
current price$45.00
+2.7% upside to analyst mean
Who should consider this stock?
FRT may suit investors who:
- →Want the highest-quality retail REIT with 55+ consecutive dividend increases and coastal market concentration in high-income demographics that support premium retail rents
- →Value Federal Realty's mixed-use development expertise as creating above-average long-term value through urban redevelopment projects that combine retail, residential, and office income
- →Prefer the active management and curation of Federal Realty's portfolio in proven high-demand markets over a more passive, geographically dispersed net-lease portfolio
NNN may suit investors who:
- →Want passive, predictable net-lease income from a geographically diversified retail portfolio with minimal landlord operating complexity — triple-net leases eliminate property operating cost variability
- →Value NNN's 34+ consecutive annual dividend increases and service-oriented tenant mix (convenience stores, automotive, restaurants) as providing durable income across retail cycles
- →Prefer NNN's lower complexity and broader tenant and geographic diversification versus Federal Realty's more concentrated coastal market and development activity exposure
Performance & AI score
| Metric | FRT | NNN |
|---|---|---|
| AI score | 35.5 | 25.7 |
| AI rank | #1582 | #2702 |
| Latest close | $120.39 | $45.00 |
| 1M return | +4.83% | +0.36% |
| 6M return | +18.38% | +13.80% |
| 1Y return | +26.47% | +11.62% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | FRT | NNN |
|---|---|---|
| 1Y ago | $12.59K (+25.9%) started 2025-06-18 | $11.83K (+18.3%) started 2025-06-18 |
| 5Y ago | $14.05K (+40.5%) started 2021-06-21 | $16.8K (+68.0%) started 2021-06-18 |
| 10Y ago | $15.96K (+59.6%) started 2016-06-20 | $29.33K (+193.3%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | FRT | NNN |
|---|---|---|
| Market cap | $10.94B | $8.56B |
| Trailing P/E | 21.77 | 21.95 |
| Forward P/E | 40.53 | 21.44 |
| Price/Sales | N/A | 9.15 |
| EV/Revenue | 12.26 | 14.57 |
| Analyst target | $125.78 | $46.23 |
| Target upside | -0.05% | +2.74% |
Growth, profitability & risk
| Metric | FRT | NNN |
|---|---|---|
| Revenue growth | 10.30% | 4.10% |
| Earnings growth | 152.50% | -2.70% |
| EPS growth | +152.50% | -2.70% |
| FCF margin | +34.20% | -148.90% |
| Operating margin | 34.12% | N/A |
| Profit margin | 38.57% | 41.38% |
| ROIC proxy | 14.78% | 8.85% |
| Return on equity | 14.78% | 8.85% |
| Dividend yield | 3.59% | 5.27% |
| Beta | 0.94 | 0.79 |
| Debt/equity | 138.43 | 110.44 |
| Current ratio | 0.66 | 0.16 |
| Quick ratio | 0.64 | 0.11 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
FRT max drawdown7.60%
NNN max drawdown8.83%
FRT max wkly drop5.86%
NNN max wkly drop6.01%
5Y risk snapshot
FRT max drawdown34.99%
NNN max drawdown25.22%
FRT max wkly drop15.23%
NNN max wkly drop11.62%
10Y risk snapshot
FRT max drawdown56.47%
NNN max drawdown54.99%
FRT max wkly drop35.40%
NNN max wkly drop43.12%
Performance metrics by period
| Period | Metric | FRT | NNN |
|---|---|---|---|
| 1Y | Growth | +25.90% | +11.62% |
| CAGR | +25.95% | +11.63% | |
| Sharpe ratio | 1.16 | 0.48 | |
| Max drawdown | 7.60% | 8.83% | |
| Max daily drop | 2.96% | 4.00% | |
| Max wkly drop | 5.86% | 6.01% | |
| 5Y | Growth | +17.47% | +24.57% |
| CAGR | +3.28% | +4.49% | |
| Sharpe ratio | 0.06 | 0.09 | |
| Max drawdown | 34.99% | 25.22% | |
| Max daily drop | 6.46% | 5.42% | |
| Max wkly drop | 15.23% | 11.62% | |
| 10Y | Growth | +6.99% | +56.61% |
| CAGR | +0.68% | +4.59% | |
| Sharpe ratio | 0.02 | 0.14 | |
| Max drawdown | 56.47% | 54.99% | |
| Max daily drop | 21.35% | 24.42% | |
| Max wkly drop | 35.40% | 43.12% |
Business comparison
| Category | FRT | NNN |
|---|---|---|
| Company | Federal Realty Investment Trust | NNN REIT, Inc. (National Retail Properties) |
| Sector | Real Estate | Real Estate - Net Lease REIT |
| Industry | N/A | N/A |
| Core business | Federal Realty Investment Trust owns, operates, and redevelops retail-focused mixed-use urban and suburban properties — primarily open-air shopping centers and mixed-use developments with ground-floor retail anchored by grocery, dining, and service tenants, with residential and office components above. Federal Realty concentrates in high-income, high-density markets (Boston, New York/New Jersey, Philadelphia, Washington DC, South Florida, San Francisco, Los Angeles) where affluent demographics drive consistent retail spending. | NNN REIT (formerly National Retail Properties) is a net lease REIT owning over 3,500 single-tenant retail properties — primarily freestanding buildings leased to convenience store operators, automotive service retailers, casual dining restaurants, home improvement retailers, and other retail tenants under long-term triple-net leases (NNN) where tenants pay rent, property taxes, insurance, and maintenance. NNN's properties are geographically diversified across the U.S. |
| Investor focus | Investors track Federal Realty's funds from operations (FFO) per share growth, same-store net operating income growth, leasing activity (new leases and renewals), and the REIT's record of dividend growth — Federal Realty has raised its dividend every year for 55+ consecutive years, making it one of only a handful of Dividend Kings among REITs. | Investors track NNN's occupancy rate, same-store rent growth, acquisition volume and cap rates on new acquisitions, lease expirations and re-leasing spreads, and the REIT's dividend consistency (NNN has raised its dividend for 34+ consecutive years). |
FRT strengths
- →Longest consecutive dividend increase record among REITs — Federal Realty is the only REIT in the S&P 500 Dividend Kings (55+ consecutive years of dividend increases), reflecting exceptional long-term performance and conservative financial management
- →High-income coastal market concentration creates demand resilience — FRT's properties are in markets with high household incomes, dense populations, and high barriers to retail development; affluent consumer demand is more recession-resistant than average
- →Mixed-use development expertise creates value beyond pure retail — FRT's ability to add residential apartments and office space above retail creates multiple income streams from single properties and improves project economics beyond what a single-use retail property could achieve
NNN strengths
- →Triple-net lease model minimizes landlord operating risk — under NNN leases, tenants pay all property operating expenses (taxes, insurance, maintenance); NNN REIT just collects rent, creating a passive, low-management-intensity business with predictable cash flows
- →Diversified single-tenant portfolio with convenience and service retail resilience — NNN's tenant mix emphasizes service-oriented retail (convenience stores, automotive services, restaurants) that are less susceptible to e-commerce displacement than merchandise retail categories
- →Long lease terms with annual rent escalators provide visibility — NNN's typical leases run 10-20 years with fixed annual rent increases of 1-2%, providing very long revenue visibility and built-in rent growth without requiring active lease management
Risks to watch — FRT
- →Retail sector structural challenges — even in FRT's high-quality markets, e-commerce has reduced in-store traffic in certain retail categories; maintaining tenant quality and occupancy through tenant mix curation requires active management
- →Development and redevelopment concentration risk — FRT has several large mixed-use developments underway; execution delays, construction cost inflation, or leasing velocity shortfalls could affect near-term FFO
- →Premium valuation versus other retail REITs — FRT trades at a premium cap rate to other retail REITs reflecting its dividend history and market quality; this premium means less margin of safety if fundamentals disappoint
Risks to watch — NNN
- →Tenant credit concentration risk — while NNN has hundreds of tenants, large tenants like 7-Eleven, Sunoco, and Camping World represent meaningful revenue concentrations; financial difficulties at key tenants affect NNN's occupancy and rent collection
- →Acquisition cap rate spread compression — NNN's acquisitions rely on finding retail properties priced at cap rates above NNN's cost of capital; when property cap rates compress (as in low interest rate environments) or NNN's cost of capital rises (higher interest rates), the accretive acquisition opportunity diminishes
- →Single-tenant retail concentration in evolving retail landscape — while NNN's service/convenience focus is more e-commerce-resistant than mall retail, changing consumer habits and retail concepts create long-term tenant risk across NNN's portfolio
Frequently asked questions
Free public comparison
Want deeper AI forecasts?
This comparison page is public and free forever. Subscribers can unlock saved watchlists, full AI rankings, detailed forecasts, and interactive analysis tools.
Related comparisons
More comparisons
Browse all 1,000 comparisons →