Federal Realty Investment Trust (FRT) vs NNN REIT, Inc. (NNN)
A side-by-side comparison of Federal Realty Investment Trust and NNN REIT, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 11, 2026. Differences are shown without an overall score or investment verdict.
Total return — FRT vs NNN
growth of $100 · dividends reinvested · last 10yFRT vs NNN: by the numbers
- •FRT is the larger company ($9.88B vs $8.35B market cap).
- •NNN converts more revenue to profit (40.35% vs 32.66% net margin).
- •FRT grew revenue faster over the past five years (8.77% vs 6.97% CAGR).
- •NNN pays the higher dividend yield (5.52% vs 3.94%).
Metrics side by side
Valuation
| Metric | FRT | NNN |
|---|---|---|
| P/E ratio | 22.78 | 21.50 |
| Forward P/E | 26.84 | 21.36 |
| P/S ratio | 7.40 | 8.76 |
| P/B ratio | 2.94 | 1.87 |
| EV / EBITDA | N/A | 15.36 |
| FCF yield | 3.17% | 2.92% |
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.
For REITs like NNN REIT, 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.
Profitability
| Metric | FRT | NNN |
|---|---|---|
| Gross margin | 9.73% | 38.00% |
| Operating margin | 34.49% | 62.03% |
| Net margin | 32.66% | 40.35% |
| ROE | 12.96% | 8.62% |
| ROIC | 5.08% | 6.18% |
Dividends
| Metric | FRT | NNN |
|---|---|---|
| Dividend yield | 3.94% | 5.52% |
| Payout ratio | 90.04% | 118.63% |
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.
NNN REIT, 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.
Growth (annualized)
| Metric | FRT | NNN |
|---|---|---|
| Revenue CAGR (5Y) | 8.77% | 6.97% |
| EPS CAGR (5Y) | 24.22% | 11.15% |
| FCF CAGR (5Y) | 69.34% | 8.18% |
| Total return CAGR (5Y) | 3.79% | 4.79% |
Frequently asked
- Which has grown faster, FRT or NNN?
- Over the past five years, FRT grew revenue faster — FRT at a 8.77% CAGR versus NNN at 6.97%.
- Does FRT or NNN pay a bigger dividend?
- FRT yields 3.94% and NNN yields 5.52% based on trailing dividends and the latest price.
- Is FRT or NNN more profitable?
- NNN runs the higher net margin — FRT at 32.66% versus NNN at 40.35%.
- How have FRT and NNN total returns compared?
- Over the past 10 years, FRT delivered 0.91% and NNN delivered 3.99% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Federal Realty Investment & NNN REIT 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 11, 2026.