{"slug":"federal-realty-investment-trust","name":"페더럴 리얼티 인베스트먼트 트러스트","name_en":"Federal Realty Investment Trust","ticker":"FRT","updated_at":"2026-10-13T20:25:00.283+00:00","canonical":"https://valuechain.wiki/federal-realty-investment-trust","citable":"밸류체인 그래프 기준 페더럴 리얼티 인베스트먼트 트러스트의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-10-13 기준).","citable_en":"Per the valuechain.wiki graph, Federal Realty Investment Trust is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 6 dated sources, 4 of them primary filings (as of 2026-10-13).","kicker":"오픈에어 리테일 · 복합시설 · 장기 임대수익","kicker_en":"Open-air retail · Mixed-use properties · Long-duration rental income","lead":"Federal Realty는 미국 연안 대도시와 공급이 제한된 상권의 오픈에어 쇼핑센터·복합시설 104곳을 보유한 리테일 리츠다. 2025년 임대수익 12억4,549만달러를 올렸고, 최대 임차인 TJX 비중은 2026년 6월 말 연환산 기본임대료의 2.41%다. 성장은 임대료 인상과 자산 인수에서 나오며, 웰스파고·트루이스트가 관리하는 신용한도와 기간대출이 자금조달 축이다.","lead_en":"Federal Realty is a retail REIT owning 104 open-air shopping centers and mixed-use properties in coastal metropolitan and supply-constrained U.S. markets. It generated $1.245 billion of rental income in 2025, while its largest tenant, TJX, represented 2.41% of annualized base rent at June 2026. Growth comes from rent increases and property acquisitions, funded in part through credit and term-loan facilities administered by Wells Fargo and Truist.","categories":[{"key":"commercial-property-reits","ko":"상업용 부동산·리츠","en":"Commercial Property & REITs","theme":"real-estate","theme_ko":"부동산","theme_en":"Real Estate","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"임대수익","note":"FY2025 12억4,549만1,000달러"},{"name":"기타 부동산수익","note":"FY2025 3,237만1,000달러"},{"name":"모기지 이자수익","note":"FY2025 111만3,000달러"}],"total":"FY2025 총수익 12억7,897만5,000달러","track":"F","concentration":"2025년 말 104개 프로젝트·상업면적 2,879만8,000제곱피트. 단일 임차인 비중은 연환산 기본임대료의 2.4% 이하였고, 2026년 6월 말 최대 임차인 TJX는 2.41%."},"segments_en":{"parts":[{"name":"Rental income","note":"FY2025 $1.245 billion"},{"name":"Other property income","note":"FY2025 $32.371 million"},{"name":"Mortgage interest income","note":"FY2025 $1.113 million"}],"total":"FY2025 total revenue of $1.279 billion","concentration":"104 projects and 28.798 million commercial square feet at year-end 2025. No tenant exceeded 2.4% of annualized base rent then; TJX was the largest at 2.41% in June 2026."},"returns_yearly":{"2021":66,"2022":-22.7,"2023":6.6,"2024":12.1,"2025":-5.9,"2026":19.8},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"ross-stores","name":"로스 스토어스","name_en":"Ross Stores","tier":1,"returns_yearly":{"2021":-6,"2022":2.9,"2023":20.6,"2024":10.4,"2025":20.4,"2026":28.6}},{"slug":"tjx-companies","name":"TJX 컴퍼니스","name_en":"TJX Companies","tier":1,"returns_yearly":{"2021":12.8,"2022":6.7,"2023":19.7,"2024":30.6,"2025":28.7,"2026":-13.2}}],"benefiting":[{"slug":"truist-financial","name":"트루이스트 파이낸셜","name_en":"Truist Financial","tier":1,"returns_yearly":{"2021":26.1,"2022":-23.5,"2023":-8.6,"2024":23.7,"2025":19,"2026":8.2}},{"slug":"wells-fargo","name":"웰스파고","name_en":"Wells Fargo","tier":1,"returns_yearly":{"2021":61.1,"2022":-11.9,"2023":22.9,"2024":46.5,"2025":35.6,"2026":-1.9}}],"analysis":"Federal Realty 주가는 임차인 매출 회복보다 금리와 자산가치에 더 민감하게 움직였다. 2021년 FRT가 66.0% 올라 TJX 12.8%와 로스 -6.0%를 앞섰지만, 2022년에는 -22.7%로 떨어지는 동안 TJX와 로스는 각각 6.7%, 2.9%를 지켰다. 2023~2025년에는 TJX가 19.7%, 30.6%, 28.7%, 로스가 20.6%, 10.4%, 20.4% 상승했지만 FRT는 6.6%, 12.1%, -5.9%에 그쳤다. 임차인 강세가 임대인 주가로 곧바로 전파되지 않은 구간이다. 2026년 FRT는 19.8% 반등했지만 TJX는 -13.2%, 로스는 28.6%로 갈려 광범위한 소비 회복보다 리츠 재평가 성격이 강하다. 자금조달 쪽도 웰스파고 -1.9%, 트루이스트 8.2%로 FRT보다 약했다. 다음 확인점은 15%의 현금 임대료 스프레드와 93.8% 점유율이 유지되면서 코어 FFO 증가로 이어지는지다. 예외는 금리 급등이다. 임차인 매출이 견조해도 조달비용과 자산 할인율이 오르면 전파가 끊길 수 있다.","analysis_en":"Federal Realty traded more like a rate- and asset-value-sensitive REIT than a direct extension of tenant sales. FRT rose 66.0% in 2021, ahead of TJX at 12.8% and Ross at -6.0%, but fell 22.7% in 2022 while TJX and Ross held gains of 6.7% and 2.9%. In 2023-2025, TJX returned 19.7%, 30.6% and 28.7%, and Ross returned 20.6%, 10.4% and 20.4%; FRT lagged at 6.6%, 12.1% and -5.9%. Tenant strength therefore did not transmit directly into the landlord's equity. FRT rebounded 19.8% in 2026, but TJX fell 13.2% while Ross rose 28.6%, suggesting REIT repricing rather than a broad consumer-led move. Funding partners also lagged, with Wells Fargo at -1.9% and Truist at 8.2%. The next test is whether a 15% cash rent spread and 93.8% occupancy persist and convert into core FFO growth. A renewed rate shock is the exception: higher funding costs and cap rates can break the chain even if tenant sales remain healthy.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"웰스파고","counterparty_slug":"wells-fargo","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-30","basis":"웰스파고가 행정대리인인 회전신용한도의 사용 잔액","value":286200000,"period":"as_of_2026-06-30","basis_en":"Amount drawn on the revolving facility administered by Wells Fargo","qualifier":"outstanding_balance"},"note":"웰스파고가 행정대리인인 14억달러 회전신용한도에서 2026년 6월 말 2억8,620만달러를 사용했다.","note_en":"Federal Realty had drawn $286.2 million at June 30, 2026 under its $1.4 billion revolving facility, for which Wells Fargo serves as administrative agent.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-31","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000042/frt-20260630.htm","title":"Federal Realty Investment Trust 2026년 2분기 10-Q","title_en":"Federal Realty Investment Trust Q2 2026 Form 10-Q","excerpt":"2026년 6월 말 변동금리 부채에는 회전신용한도 사용액 2억8,620만달러가 포함되며, 계약상 행정대리인은 웰스파고다.","excerpt_en":"At June 30, 2026, variable-rate debt included $286.2 million outstanding on the revolving credit facility; Wells Fargo is administrative agent."},{"stance":"confirms","publisher":"Federal Realty Investment Trust","publisher_en":"Federal Realty Investment Trust","kind":"ir","lang":"en","published_at":"2026-07-31","url":"https://ir.federalrealty.com/news-releases/news-release-details/federal-realty-investment-trust-reports-second-quarter-2026","title":"Federal Realty Investment Trust 2026년 2분기 실적과 가이던스 상향","title_en":"Federal Realty Investment Trust Reports Second Quarter 2026 Results and Guidance Raise","excerpt":"회사는 회전신용한도를 14억달러로 늘리고 만기를 2030년 4월까지 연장했다고 발표했다.","excerpt_en":"The company increased revolving capacity to $1.4 billion and extended maturity to April 2030."}]},{"direction":"cost","counterparty":"트루이스트 파이낸셜","counterparty_slug":"truist-financial","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-11-17","basis":"트루이스트가 행정대리인인 기간대출 기본 약정한도","value":250000000,"period":"facility_signed_2025-11-17","basis_en":"Base commitment of the term facility administered by Truist","qualifier":"committed_no_draw_at_signing"},"note":"트루이스트은행이 행정대리인을 맡은 무담보 기간대출은 최대 2억5,000만달러, 증액 선택권 포함 최대 5억달러다. 계약 체결일에는 인출 잔액이 없었다.","note_en":"Truist Bank acts as administrative agent on an unsecured term facility with $250 million of capacity and an accordion to $500 million. No borrowings were outstanding when signed.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000017/frt-20251231.htm","title":"Federal Realty Investment Trust 2025 연차보고서","title_en":"Federal Realty Investment Trust 2025 Form 10-K","excerpt":"연차보고서의 계약 목록은 트루이스트은행을 2025년 기간대출의 행정대리인으로 확인한다.","excerpt_en":"The annual report exhibit index identifies Truist Bank as administrative agent for the 2025 term loan."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-19","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490325000067/frt-20251117.htm","title":"Federal Realty OP LP 2억5,000만달러 기간대출 계약","title_en":"Federal Realty OP LP $250 Million Term Loan Agreement","excerpt":"Federal Realty OP LP는 트루이스트은행을 행정대리인으로 하는 최대 2억5,000만달러의 기간대출 계약을 체결했으며 당시 사용액은 없었다.","excerpt_en":"The partnership entered a term loan agreement administered by Truist Bank with capacity up to $250 million; no borrowings were outstanding at filing."}]},{"direction":"investment","counterparty":"애너폴리스 타운 센터","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-10-10","basis":"부동산 취득가격","value":187000000,"period":"acquired_2025-10-10","basis_en":"Property purchase price","qualifier":"completed_acquisition"},"note":"메릴랜드주 애너폴리스의 47만9,000제곱피트 복합 리테일 자산을 1억8,700만달러에 인수했다.","note_en":"Federal Realty acquired the 479,000-square-foot Annapolis Town Center in Maryland for $187 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000017/frt-20251231.htm","title":"Federal Realty Investment Trust 2025 연차보고서","title_en":"Federal Realty Investment Trust 2025 Form 10-K","excerpt":"Federal Realty는 2025년 10월 10일 애너폴리스 타운 센터 47만9,000제곱피트를 1억8,700만달러에 인수했다.","excerpt_en":"On October 10, 2025, Federal Realty acquired Annapolis Town Center, 479,000 square feet, for $187.0 million."},{"stance":"confirms","publisher":"Investing.com 한국","publisher_en":"Investing.com Korea","kind":"research","lang":"ko","published_at":"2025-12-16","url":"https://kr.investing.com/news/analyst-ratings/article-93CH-1756072","title":"페더럴 리얼티, 제퍼리스 매수로 상향: 확장 전략 주목","title_en":"Jefferies upgrades Federal Realty to Buy on expansion strategy","excerpt":"제퍼리스 분석을 전한 한국어 기사도 애너폴리스 타운 센터 인수가 1억8,700만달러이며 무레버리지 수익률이 7%라고 확인했다.","excerpt_en":"The Korean-language Jefferies report also identifies a $187 million acquisition price and a 7% unlevered yield for Annapolis Town Center."}]},{"direction":"investment","counterparty":"빌리지 포인트","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-11-24","basis":"부동산 취득가격","value":153300000,"period":"acquired_2025-11-24","basis_en":"Property purchase price","qualifier":"completed_acquisition"},"note":"네브래스카주 오마하의 45만2,000제곱피트 야외형 리테일 자산을 1억5,330만달러에 인수했다.","note_en":"Federal Realty acquired the 452,000-square-foot Village Pointe open-air retail property in Omaha for $153.3 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000017/frt-20251231.htm","title":"Federal Realty Investment Trust 2025 연차보고서","title_en":"Federal Realty Investment Trust 2025 Form 10-K","excerpt":"Federal Realty는 2025년 11월 24일 빌리지 포인트 45만2,000제곱피트를 1억5,330만달러에 인수했다.","excerpt_en":"On November 24, 2025, Federal Realty acquired Village Pointe, 452,000 square feet, for $153.3 million."},{"stance":"confirms","publisher":"Investing.com 한국","publisher_en":"Investing.com Korea","kind":"research","lang":"ko","published_at":"2025-12-16","url":"https://kr.investing.com/news/analyst-ratings/article-93CH-1756072","title":"페더럴 리얼티, 제퍼리스 매수로 상향: 확장 전략 주목","title_en":"Jefferies upgrades Federal Realty to Buy on expansion strategy","excerpt":"한국어 제퍼리스 분석 기사는 오마하 빌리지 포인트 인수가격을 1억5,330만달러로 확인했다.","excerpt_en":"The Korean-language Jefferies report confirms the $153.3 million purchase price for Village Pointe in Omaha."}]},{"direction":"revenue","counterparty":"TJX 컴퍼니스","counterparty_slug":"tjx-companies","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-30","basis":"Federal Realty가 공시한 TJX 40개 임차지점의 연환산 기본임대료","value":24116000,"period":"annualized_as_of_2026-06-30","basis_en":"Annualized base rent reported by Federal Realty for 40 TJX leased locations","qualifier":"counterparty_reported_rent"},"note":"TJX는 40개 지점을 임차한 최대 임차인이다. 2026년 6월 말 연환산 기본임대료는 2,411만6,000달러로 전체의 2.41%다.","note_en":"TJX was the largest tenant across 40 leased locations. Annualized base rent was $24.116 million, or 2.41% of the total, at June 30, 2026.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-31","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000040/frt-6302026xex991.htm","title":"Federal Realty Investment Trust 2026년 2분기 보충자료","title_en":"Federal Realty Investment Trust Second Quarter 2026 Supplemental Information","excerpt":"Federal Realty는 TJX를 40개 지점, 연환산 기본임대료 2,411만6,000달러, 전체의 2.41%인 최대 임차인으로 공시했다.","excerpt_en":"TJX Companies, The ... $24,116,000 ... 2.41% ... 40."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000017/frt-20251231.htm","title":"Federal Realty Investment Trust 2025 연차보고서","title_en":"Federal Realty Investment Trust 2025 Form 10-K","excerpt":"2025년 말 어떤 단일 임차인 또는 계열 임차인군도 연환산 기본임대료의 2.4%를 넘지 않아 임차인 집중도가 낮았다.","excerpt_en":"No one tenant or affiliated group of tenants accounted for more than 2.4% of annualized base rent at December 31, 2025."}]},{"direction":"revenue","counterparty":"로스 스토어스","counterparty_slug":"ross-stores","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-30","basis":"Federal Realty가 공시한 로스 스토어스 14개 임차지점의 연환산 기본임대료","value":8662000,"period":"annualized_as_of_2026-06-30","basis_en":"Annualized base rent reported by Federal Realty for 14 Ross Stores leased locations","qualifier":"counterparty_reported_rent"},"note":"로스 스토어스는 14개 지점을 임차한다. 2026년 6월 말 연환산 기본임대료는 866만2,000달러로 전체의 0.87%다.","note_en":"Ross Stores leased 14 locations. Annualized base rent was $8.662 million, or 0.87% of the total, at June 30, 2026.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-31","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000040/frt-6302026xex991.htm","title":"Federal Realty Investment Trust 2026년 2분기 보충자료","title_en":"Federal Realty Investment Trust Second Quarter 2026 Supplemental Information","excerpt":"Federal Realty는 로스 스토어스를 14개 지점, 연환산 기본임대료 866만2,000달러, 전체의 0.87%인 11위 임차인으로 공시했다.","excerpt_en":"Ross Stores, Inc. ... $8,662,000 ... 0.87% ... 14."},{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000017/frt-20251231.htm","title":"Federal Realty Investment Trust 2025 연차보고서","title_en":"Federal Realty Investment Trust 2025 Form 10-K","excerpt":"Federal Realty의 2025년 연차보고서는 Willow Lawn 등 보유 자산의 주요 임차인으로 Ross Dress for Less를 열거한다.","excerpt_en":"The 2025 Form 10-K lists Ross Dress for Less among principal tenants at properties including Willow Lawn."}]}]}