Federal Realty: The Best Multi-Tenant Retail Real Estate Is On Sale (NYSE:FRT)

Investment Thesis

In the eyes of the market, Dividend King Federal Realty Trust (FRT) has lost much of its luster in the COVID-19 pandemic. Despite an astounding 53-year dividend growth streak, the stock has shed 43% of its value this year. The REIT owns and manages well-located mixed-use real estate and high-end open air shopping centers in major (mostly coastal) metropolitan markets across the United States. The focus on quality also extends to FRT’s balance sheet, as it is one of only six REITs that has earned an “A” credit rating.

I first bought FRT shares early this year after selling my rapidly appreciated shares of Taubman Centers (TCO) after the Simon Property Group (SPG) buyout agreement. After feeling very happy with myself for locking in a ~50% gain, it didn’t take long to see most of that value plummet in my FRT position.

Today, I am more bullish than

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