Company Overview - Federal Realty is a real estate investment trust (REIT) that specializes in owning strip malls and mixed-use properties, which often include apartments and offices alongside retail spaces [2] - The company has a relatively small portfolio of around 100 properties, which is less than its competitors, but these properties are strategically located in affluent areas with high population density [4] Portfolio Strength - Federal Realty's occupancy rates have rebounded after the pandemic, ending Q1 2025 at 93.6% and expected to approach 95% as the year progresses, with occupancy not falling below 89% during the pandemic [5] - The company actively engages in the development and redevelopment of its properties, enhancing their value through renovations and strategic improvements [8][10] Dividend Performance - Federal Realty has increased its dividend annually for 57 consecutive years, earning it the title of Dividend King, which is unique among REITs [7] - The current dividend yield stands at 4.6%, significantly higher than the S&P 500's 1.3% and the average REIT's 4.1%, indicating a strong return for investors [12] Business Model - The company focuses on acquiring well-located properties that require improvements, which can range from minor renovations to complete rebuilds [9][10] - Federal Realty's management emphasizes maintaining and enhancing property quality to attract tenants and customers, ensuring a dynamic and valuable portfolio [11]

Relative to the broader stock market, Dividend Kings are a very tiny group. A company becomes a Dividend King after increasing its dividend annually for 50 consecutive years. That doesn't happen by accident: It requires a good business model that's executed well in any economic cycle. Here's the only real estate investment trust (REIT) to have achieved this feat -- while yielding 4.7% today. The only Dividend King REIT Federal Realty owns strip malls and mixed-use developments, which usually include retail, ...