First Industrial Realty Trust, Inc. (FR) vs Federal Realty Investment Trust (FRT)
A side-by-side comparison of First Industrial Realty Trust, Inc. and Federal Realty Investment Trust across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — FR vs FRT
growth of $100 · dividends reinvested · last 10yFR vs FRT: by the numbers
- •FRT is the larger company ($9.61B vs $8.20B market cap).
- •FR converts more revenue to profit (47.96% vs 32.66% net margin).
- •FR grew revenue faster over the past five years (10.47% vs 8.77% CAGR).
- •FRT pays the higher dividend yield (3.95% vs 3.08%).
Metrics side by side
Valuation
| Metric | FR | FRT |
|---|---|---|
| P/E ratio | 22.57 | 22.15 |
| Forward P/E | 24.71 | 26.10 |
| P/S ratio | 10.79 | 7.19 |
| P/B ratio | 2.95 | 2.86 |
| EV / EBITDA | 21.04 | N/A |
| FCF yield | 5.00% | 3.26% |
For REITs like First Industrial Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Federal Realty Investment Trust, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | FR | FRT |
|---|---|---|
| Gross margin | 22.60% | 9.73% |
| Operating margin | 41.59% | 34.49% |
| Net margin | 47.96% | 32.66% |
| ROE | 13.12% | 12.96% |
| ROIC | 5.63% | 5.08% |
Dividends
| Metric | FR | FRT |
|---|---|---|
| Dividend yield | 3.08% | 3.95% |
| Payout ratio | 68.98% | 90.04% |
First Industrial Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Federal Realty Investment Trust's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | FR | FRT |
|---|---|---|
| Revenue CAGR (5Y) | 10.47% | 8.77% |
| EPS CAGR (5Y) | 4.10% | 24.22% |
| FCF CAGR (5Y) | 7.52% | 69.34% |
| Total return CAGR (5Y) | 5.56% | 3.70% |
Frequently asked
- Which has grown faster, FR or FRT?
- Over the past five years, FR grew revenue faster — FR at a 10.47% CAGR versus FRT at 8.77%.
- Does FR or FRT pay a bigger dividend?
- FR yields 3.08% and FRT yields 3.95% based on trailing dividends and the latest price.
- Is FR or FRT more profitable?
- FR runs the higher net margin — FR at 47.96% versus FRT at 32.66%.
- How have FR and FRT total returns compared?
- Over the past 10 years, FR delivered 11.19% and FRT delivered 0.86% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
First Industrial Realty Trust & Federal Realty Investment appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.