FRT vs KIM: Which Is the Better Buy in 2026?
Last updated October 2026
Short answer
KIM is the larger of the two ($15.37B market cap): the incumbent the market prices for continued execution (25.46x forward earnings, beta 0.96). FRT is the smaller challenger ($9.24B), actually pricier on forward earnings (32.96x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
FRT vs KIM: the tie-breaker metrics
Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | FRT | KIM | What it tells you |
|---|---|---|---|
| Market cap | $9.24B | $15.37B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 32.96 | 25.46 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 21.48 | 26.95 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.94 | 0.96 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 43% of range | 46% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.88 | 1.50 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: KIM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how FRT and KIM affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FRT and KIM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FRT and KIM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Federal Realty Investment Trust (FRT) do?
Federal Realty Investment Trust is a self-managed real estate investment trust founded in 1962 and headquartered in North Bethesda, Maryland. It owns, operates, and redevelops open-air shopping centers and mixed-use neighborhoods concentrated in dense, affluent, supply-constrained coastal markets such as the Washington DC, Boston, New York, San Francisco, Los Angeles, and South Florida metros. Its portfolio spans roughly 100-plus properties and tens of millions of square feet, anchored by grocery, restaurant, service, and premium retail tenants, plus large mixed-use assets like Santana Row, Assembly Row, and Pike & Rose that blend retail with residential and office space.
What does Kimco Realty Corporation (KIM) do?
Kimco Realty Corporation is a real estate investment trust based in Jericho, New York, that owns and operates open-air shopping centers and mixed-use properties across the US. At mid-2026 the portfolio held 564 properties with about 100 million square feet of leasable space, concentrated in the Sun Belt and large coastal metro areas. Most centers are anchored by a grocery store, with tenants such as Kroger, Albertsons and Safeway, Publix, Whole Foods and Ahold Delhaize banners, alongside off-price retailers like TJX and Ross, plus restaurants, fitness, medical and personal-service shops. Kimco makes money by signing multi-year leases and collecting base rent plus reimbursements for taxes, insurance and maintenance. Two large deals shaped today's company: the 2021 merger with Weingarten Realty and the January 2024 acquisition of RPT Realty, which deepened its grocery focus.
FRT vs KIM: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- FRT drivers: Record leasing and rising occupancy; Dividend King consistency.
- KIM drivers: Signed-not-open leases and rent spreads; Grocery-anchored, necessity tenancy.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: As a REIT, FRT is sensitive to interest rates, since higher rates raise borrowing costs and can pressure property valuations and the relative appeal of its dividend versus bonds. For KIM, interest rates are the most direct risk.
FRT or KIM: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick FRT if you believe its drivers more; KIM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the FRT and KIM guides.
FRT vs KIM: the full fundamentals
FRT. At about $106.42 on October 16, 2026, FRT trades near the lower part of its 52-week range of about $90 to $128, with analysts' mean price target around $128 even after a round of cuts in early October. The yield of about 4.4% is higher than it was earlier in 2026 because the price fell while the dividend rose. As a REIT, FFO per share, occupancy, and rent spreads are more meaningful gauges than GAAP EPS, which in 2026 has been lifted by property gains; the October 30 report will be the first to reflect commentary on The Summit.
KIM. REITs are usually valued on funds from operations rather than GAAP earnings, because depreciation on buildings understates cash flow. At about 12.5 times guided 2026 FFO, Kimco trades in the middle of the shopping-center REIT range, below premium peers such as Federal Realty and Regency Centers. The stock ranged from about $19.76 to $26.65 over the past year, and the average analyst target of about $26 sits above the recent price, though several firms trimmed targets in September and October 2026. Third-quarter 2026 results are scheduled for October 29, 2026, with consensus FFO near $0.46 per share.
Headline figures (approximate, October 2026): FRT shows revenue (ttm) ~$1.34B, q2 2026 revenue ~$336M (up ~7% YoY), q2 2026 gaap eps ~$0.97 vs ~$0.72 expected, net income (ttm) ~$427M; KIM shows revenue (q2 2026) $550.8M (up from $525.2M); FY2025 ~$2.12B, ffo per share (2026 guidance) $1.83 to $1.84 (Q2 2026 $0.46, up 4.5%), market cap ~$15.4B (share price ~$23), price / ffo ~12.5x 2026 guided FFO.
The bottom line: FRT vs KIM
FRT and KIM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FRT and KIM exposure against your real portfolio. It is not an investment adviser.
Wondering how FRT or KIM fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Federal Realty Investment Trust with AI
Connect the broker you already use and ask Walnut's AI how FRT fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between FRT and KIM?
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Federal Realty Investment Trust is a self-managed real estate investment trust founded in 1962 and headquartered in North Bethesda, Maryland. Kimco Realty Corporation is a real estate investment trust based in Jericho, New York, that owns and operates open-air shopping centers and mixed-use properties across the US. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is FRT or KIM the better stock?
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Neither is universally better. KIM is the larger incumbent; FRT is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, FRT or KIM?
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On forward P/E (as of October 2026), FRT trades at 32.96x and KIM at 25.46x, so KIM is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both FRT and KIM?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of FRT vs KIM?
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FRT: As a REIT, FRT is sensitive to interest rates, since higher rates raise borrowing costs and can pressure property valuations and the relative appeal of its dividend versus bonds. The company carries meaningful debt (total debt of about $4.85 billion against roughly $115 million of cash as of mid-2026, before funding The Summit) and lost its A-level credit rating in 2021 after choosing to add leverage rather than cut its dividend. Retail real estate also faces secular pressure from e-commerce and shifting consumer habits, and tenant bankruptcies or a consumer slowdown could dent occupancy and rent growth. The stock has historically traded at a premium valuation to shopping-center peers, so disappointments can drive outsized price moves, as the roughly 15% drop over the three months to October 2026 and a wave of analyst target cuts showed. The dividend payout ratio is about 91% of GAAP earnings, so continued FFO growth matters for future increases, and total return depends heavily on that growth. KIM: Interest rates are the most direct risk. Higher Treasury yields raise Kimco's borrowing costs as debt refinances, and they make a ~4.9% dividend look less attractive next to bonds, which tends to weigh on REIT share prices regardless of how the centers perform. Notes payable rose to about $8.3 billion at mid-2026 from $7.7 billion at the end of 2025. Tenant bankruptcies are a recurring drag: lease rejections by Painted Tree took about 16 basis points off occupancy in the second quarter of 2026, and ongoing pressure on pharmacies, discount chains, home-goods and specialty retailers could add more vacancies. With occupancy already at a record, future growth depends mostly on rent spreads and the signed-not-open pipeline rather than filling empty space. Consolidation among grocers, a weaker consumer, or a slowdown in Sun Belt population growth could soften leasing demand. Asset sales and buybacks also have to be priced well to add value. Finally, GAAP figures can mislead: depreciation keeps net income low, so the trailing P/E near 27x and a payout ratio above 100% of GAAP earnings overstate how stretched the stock and dividend are compared with FFO-based measures.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell FRT or KIM; figures are approximate and dated (as of October 2026). Verify current data before investing.