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.
FRT holds the edge across 3 of 5 key metrics in this comparison. FRT has delivered stronger 1-year price return (+16.68% vs +1.96%), though NNN has the better forward P/E setup (21.42x vs 37.76x for FRT). NNN leads on both revenue growth (7.70%) and operating margin (61.70%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for FRT (+14.13%) than for NNN (+5.76%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- 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
- 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
| Metric | FRT | NNN |
|---|---|---|
| AI scorei | 37.8 | 26.6 |
| AI ranki | #1416 | #2478 |
| Latest closei | $111.64 | $41.69 |
| 1M returni | +4.64% | +1.81% |
| 3M returni | -9.10% | -11.62% |
| 6M returni | -3.17% | -6.12% |
| 1Y returni | +16.68% | +1.96% |
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 | $11.62K (+16.2%) started 2025-11-04 | $10.47K (+4.7%) started 2025-11-04 |
| 5Y ago | $11.95K (+19.5%) started 2021-11-04 | $9.03K (-9.7%) started 2021-11-04 |
| 10Y ago | $16.39K (+63.9%) started 2016-11-04 | $9.58K (-4.2%) started 2016-11-04 |
Hypothetical — past performance does not guarantee future results.
| Metric | FRT | NNN |
|---|---|---|
| Market capi | $10.21B | $8.57B |
| Trailing P/Ei | 23.59 | 22.20 |
| Forward P/Ei | 37.76 | 21.42 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 11.45 | 14.35 |
| Analyst targeti | $133.25 | $47.67 |
| Target upsidei | +14.13% | +5.76% |
| Metric | FRT | NNN |
|---|---|---|
| Revenue growthi | 7.20% | 7.70% |
| Earnings growthi | -45.60% | -3.70% |
| EPS growthi | -45.60% | -3.70% |
| FCF margini | +34.16% | -143.91% |
| Operating margini | 35.03% | 61.70% |
| Profit margini | 32.66% | 40.35% |
| ROIC proxyi | 12.55% | 8.72% |
| Return on equityi | 12.55% | 8.72% |
| Dividend yieldi | 3.97% | 5.48% |
| Payout ratioi | 91.00% | 118.81% |
| Dividend growth streaki | No increase yet | N/A |
| Betai | 0.93 | 0.78 |
| Debt/equityi | 134.11 | 112.12 |
| Current ratioi | 0.56 | 0.18 |
| Quick ratioi | 0.55 | 0.12 |
Over the past year, FRT and NNN have moved moderately in the same direction (correlation of 0.61), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | FRT | NNN |
|---|---|---|---|
| 1Y | Growthi | +16.22% | +4.70% |
| CAGRi | +16.25% | +4.71% | |
| Volatilityi | 16.54% | 17.29% | |
| Sharpe ratioi | 0.73 | 0.10 | |
| Sortino ratioi | 1.13 | 0.14 | |
| Max drawdowni | 17.59% | 19.66% | |
| Current drawdowni | 12.18% | 15.93% | |
| Avg drawdowni | 4.15% | 4.99% | |
| Ulcer Indexi | 6.42% | 7.39% | |
| Max daily dropi | 3.22% | 4.00% | |
| Max wkly dropi | 5.27% | 6.01% | |
| 5Y | Growthi | +1.99% | -9.72% |
| CAGRi | +0.40% | -2.03% | |
| Volatilityi | 22.86% | 19.74% | |
| Sharpe ratioi | -0.07 | -0.23 | |
| Sortino ratioi | -0.09 | -0.32 | |
| Max drawdowni | 34.99% | 28.35% | |
| Current drawdowni | 12.18% | 15.93% | |
| Avg drawdowni | 17.60% | 11.66% | |
| Ulcer Indexi | 19.37% | 13.06% | |
| Max daily dropi | 6.46% | 5.52% | |
| Max wkly dropi | 15.23% | 11.62% | |
| 10Y | Growthi | +11.74% | -4.25% |
| CAGRi | +1.12% | -0.43% | |
| Volatilityi | 29.43% | 28.06% | |
| Sharpe ratioi | 0.03 | -0.03 | |
| Sortino ratioi | 0.04 | -0.04 | |
| Max drawdowni | 52.52% | 55.19% | |
| Current drawdowni | 12.18% | 29.23% | |
| Avg drawdowni | 16.17% | 20.93% | |
| Ulcer Indexi | 19.60% | 24.04% | |
| Max daily dropi | 21.35% | 24.42% | |
| Max wkly dropi | 35.40% | 43.12% |
| Category | FRT | NNN |
|---|---|---|
| Company | Federal Realty Investment Trust | NNN REIT, Inc. (National Retail Properties) |
| Sector | Real Estate | Real Estate |
| Industry | REIT - Retail | REIT - Retail |
| 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). |
- 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
- 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
- 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
- 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
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