Shopping Center REIT Initiation: Federal Realty and Kimco Have Compelling Growth Levers, for Now
We are reinitiating coverage of shopping center REITs Federal Realty Trust and Kimco Realty, with fair value estimates of $138 and $29 per share, respectively, and no-moat ratings, taking Federal down from narrow. We view shares of Federal Realty as roughly fairly valued and shares of Kimco as 16% undervalued, with the companies currently yielding 2.7% and 4.2%, respectively.Despite e-commerce’s effect on various retail segments, we think Federal Realty and Kimco are well-positioned. The compan...
Federal Realty Investment Trust is an equity real estate investment trust that focuses on the ownership, management, and redevelopment of retail and mixed-use properties located primarily in communities in selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California and South Florida. The company owns or has a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as predominantly retail real estate projects.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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