Federal Realty Investment Trust management check
FRT · Real Estate · Retail REITs · CEO Donald C Wood
Filings as of
3 good · 2 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $134, against $155 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.97 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.3% of net income$9.9m of reported pay in fiscal 2025, against $423.6m of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $163k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +3.1% a year over the last three fiscal years. Stock-based pay was 1.1% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Mr. Wood. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 33 | 45 | |
| Pay for performance | 98 | 86 | |
| CEO cost | 19 | 23 | |
| Skin in the game | — | — | 32 |
| Dilution | 11 | 23 | |
| Stable leadership | 100 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Retail REITs, by management score. Federal Realty Investment Trust is 16th of 29 in its sector.
- 51SPGSimon Property Group80
- 138REGRegency Centers73
- 276ORealty Income63
- 289VTRVentas62
- 312FRTFederal Realty Investment Trust60
- 358KIMKimco Realty57
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Wood | $9.9m | $8.4m | $2.9m | $134 | $155 | $423.6m |
| 2024 | — | $9.2m | $11.3m | $2.3m | $153 | $171 | $304.3m |
| 2023 | — | $8.9m | $10.0m | $2.4m | $137 | $155 | $247.2m |
| 2022 | — | $8.9m | $6.6m | $2.0m | $128 | $142 | $395.7m |
| 2021 | — | $7.5m | $15.4m | $2.3m | $166 | $164 | $269.1m |
The board says pay is tied most to NAREIT FFO per diluted share. Its other key measures: Return on invested capital, Relative total shareholder return compared to the BBRESHOP Index, Relative NAREIT FFO per diluted share multiple premium, Individual performance including consideration of things such as leasing and occupancy activity, investment activity and advancement of ESG objectives.
Insiders and the CEO's stake
Donald C Wood (CEO & President) held 422,342 shares directly after their latest Form 4 on Jun 3, 2026.
Light activity: no buys, $163k sold in six months.
- SoldNicole Lamb-HaleDirector$163kSep 30, 2026
Leadership and governance on file
- Nov 10, 2025Leadership change8-K 5.02
- May 9, 2025Leadership change8-K 5.02
- Feb 14, 2025Leadership change8-K 5.02
- Nov 15, 2024Leadership change8-K 5.02
- Feb 9, 2023Leadership change8-K 5.02
- Sep 26, 2022Leadership change8-K 5.02
- Feb 11, 2022Leadership change8-K 5.02
- Jan 5, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 6, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $0 returned to owners in buybacks and dividends, 0% of net income, and $72.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $951.2m | $1.1bn | $1.1bn | $1.2bn | $1.3bn |
| Net income | $261.5m | $385.5m | $237.0m | $295.2m | $411.1m |
| Stock-based pay | $13.0m | $13.7m | $14.3m | $16.4m | $14.6m |
| Buybacks | — | — | — | — | — |
| Dividends | — | — | — | — | — |
| Diluted shares | 77m | 81m | 81m | 84m | 86m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.