Federal Realty Investment Trust is a REIT that owns, manages, and redevelops retail and mixed-use properties across the U.S. Its portfolio spans roughly 104 projects and 28.8 million commercial square feet, concentrated in dense, affluent coastal markets including the Washington D.C., Boston, San Francisco Bay Area, and Philadelphia metros. The portfolio is primarily community and neighborhood shopping centers, anchored by grocery stores or large-format retailers, alongside flagship mixed-use properties — Santana Row, Pike & Rose, and Assembly Row — that combine retail, residential, and office in single destination environments. Federal Realty makes money by leasing retail space to tenants under long-term leases, with growth driven by contractual annual rent bumps, re-leasing expiring leases at higher market rates, and occupancy gains. Residential income, generated from apartment buildings co-located at mixed-use properties, represents roughly 11% of total income. Office income is a smaller and growing contributor, concentrated at Santana West and 915 Meeting Street. For external growth, Federal Realty acquires dominant shopping centers in affluent markets, targeting initial cash yields around 7%, and recycles lower-growth and peripheral residential assets — sold at sub-5% cap rates — to fund those acquisitions. The company also redevelops and densifies existing properties by adding residential units or reconfiguring retail layouts. As a REIT, Federal Realty distributes at least 90% of taxable income and has raised its dividend for 58 consecutive years, qualifying it as a Dividend King.