Market Summary
USD95.16-2.03
Market Closed-2.09%
FRT Alerts
FRT Stock Price
FRT RSI Chart
FRT Valuation
FRT Price/Sales (Trailing)
FRT Profitability
FRT Fundamentals
FRT Revenue
FRT Earnings
Price Action
52 Week Range
86.43125.26
(Low)(High)
Last 7 days
-6.4%
Last 30 days
-13.4%
Last 90 days
-7.0%
Trailing 12 Months
-14.8%
FRT Financial Health
FRT Investor Care
Peers (Alternatives to Federal Realty Investment Trust)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
PSA | 51.7B | 4.2B | -4.61% | -14.88% | 11.88 | 12.36 | 22.43% | 122.66% |
DLR | 30.0B | 4.7B | -6.82% | -21.36% | 79.47 | 6.4 | 5.96% | -77.90% |
EQR | 22.3B | 2.7B | -9.31% | -29.65% | 28.69 | 8.21 | 11.91% | -41.71% |
ARE | 21.2B | 2.6B | -23.98% | -31.95% | 40.62 | 8.18 | 22.46% | -8.68% |
KIM | 13.2B | 1.7B | -4.07% | -13.87% | 104.43 | 7.61 | 26.61% | -85.07% |
| MID-CAP | ||||||||
FRT | 7.7B | 1.1B | -13.38% | -14.77% | 20.08 | 7.2 | 12.95% | 47.42% |
KRG | 4.3B | 802.0M | -9.03% | -5.22% | -341.02 | 5.37 | 114.83% | 84.36% |
VNO | 2.9B | 1.8B | -31.59% | -62.57% | -8.47 | 1.63 | 13.26% | -296.88% |
MAC | 2.1B | 859.2M | -25.44% | -29.31% | -31.63 | 2.43 | 1.38% | -563.21% |
| SMALL-CAP | ||||||||
SKT | 1.9B | 421.4M | -3.41% | 12.84% | 22.56 | 4.55 | 3.35% | 1705.32% |
SLG | 1.7B | 826.7M | -30.54% | -63.53% | -22.04 | 2.08 | -2.04% | -117.36% |
AIV | 1.0B | 190.3M | -7.76% | -1.93% | 11.27 | 5.46 | 12.08% | 1950.56% |
PGRE | 983.2M | 740.4M | -22.73% | -54.50% | -27.01 | 1.33 | 1.87% | -78.85% |
Financials for Federal Realty Investment Trust
| Income Statement (Last 12 Months) | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Revenue | 2.5% | 1,074 | 1,048 | 1,022 | 990 | 951 |
| Operating Expenses | 1.4% | 712 | 702 | 682 | 664 | 646 |
| S&GA Expenses | -1.7% | 53.00 | 54.00 | 53.00 | 52.00 | 50.00 |
| Interest Expenses | 4.7% | 137 | 131 | 128 | 127 | 128 |
| Net Income | 0.2% | 385 | 385 | 281 | 265 | 261 |
| Net Income Margin | -2.2% | 0.36* | 0.37* | 0.27* | 0.27* | - |
| Free Cahsflow | 0.4% | 517 | 515 | 485 | 459 | - |
| Balance Sheet | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Assets | 0.2% | 8,234 | 8,217 | 7,810 | 7,668 | 7,622 |
| Cash Equivalents | -41.5% | 86.00 | 146 | 177 | 158 | 162 |
| Liabilities | -0.5% | 5,022 | 5,049 | 4,725 | 4,740 | 4,745 |
| Shareholder's Equity | 1.8% | 2,954 | 2,901 | 2,876 | 2,715 | 2,581 |
| Additional Paid-In Capital | 0.7% | 3,822 | 3,794 | 3,758 | 3,573 | 3,489 |
| Shares Outstanding | 0.2% | 81.00 | 81.00 | 81.00 | 79.00 | 79.00 |
| Minority Interest | -1.2% | 80.00 | 81.00 | 81.00 | 81.00 | 83.00 |
| Cashflow (Last 12 Months) | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Cashflow From Operations | 0.4% | 517 | 515 | 485 | 459 | 471 |
| Share Based Compensation | 6.0% | 14.00 | 13.00 | 13.00 | - | - |
| Cashflow From Investing | -17.6% | -786 | -668 | -450 | -673 | -660 |
| Cashflow From Financing | 52.9% | 190 | 125 | -156 | -416 | -452 |
Risks for FRT
What is the probability of a big loss on FRT?
40.8%
Probability that Federal Realty Investment Trust stock will be more than 20% underwater in next one year
25.8%
Probability that Federal Realty Investment Trust stock will be more than 30% underwater in next one year.
19.2%
Probability that Federal Realty Investment Trust stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does FRT drawdown profile look like?
Y-axis is the maximum loss one would have experienced if Federal Realty Investment Trust was unfortunately bought at previous high price.
Drawdowns
Returns for FRT
Cumulative Returns on FRT
2.4%
10-Year Cumulative Returns
-3.3%
7-Year Cumulative Returns
-0.4%
5-Year Cumulative Returns
0.7%
3-Year Cumulative Returns
What are the long-term rolling returns for FRT?
FIve years rolling returns for Federal Realty Investment Trust.
Annualized Returns
Which funds bought or sold FRT recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-03-10 | VICTORY CAPITAL MANAGEMENT INC | added | 6.98 | 3,686,280 | 22,168,300 | 0.02% |
2023-03-06 | Rockefeller Capital Management L.P. | reduced | -2.95 | 134,000 | 1,656,000 | 0.01% |
2023-02-28 | Voya Investment Management LLC | added | 2.67 | 357,056 | 2,716,060 | -% |
2023-02-24 | SRS Capital Advisors, Inc. | reduced | -36.36 | -1,756 | 4,244 | -% |
2023-02-24 | NATIXIS | reduced | -87.4 | -17,071,600 | 2,807,400 | 0.02% |
2023-02-22 | TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY | unchanged | - | 69,000 | 636,000 | 0.01% |
2023-02-22 | CVA Family Office, LLC | reduced | -15.00 | -823 | 17,177 | -% |
2023-02-21 | NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC | reduced | -15.31 | -12,618 | 231,382 | 0.01% |
2023-02-21 | MACQUARIE GROUP LTD | reduced | -3.89 | 1,429,480 | 22,817,500 | 0.03% |
2023-02-21 | NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | added | 24.14 | 79,597 | 281,597 | -% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
FRT Alerts
Federal Realty Investment Trust News
Schedule 13G FIlings of Federal Realty Investment Trust
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Feb 14, 2023 | norges bank | 8.88% | 7,212,626 | SC 13G/A | |
| Feb 13, 2023 | capital research global investors | 7.3% | 5,956,420 | SC 13G/A | |
| Feb 09, 2023 | state street corp | 12.56% | 10,198,880 | SC 13G/A | |
| Feb 09, 2023 | vanguard group inc | 15.77% | 12,802,837 | SC 13G/A | |
| Jan 24, 2023 | blackrock inc. | 9.4% | 7,606,970 | SC 13G | |
| Jan 20, 2023 | jpmorgan chase & co | 5.3% | 4,377,501 | SC 13G/A | |
| Feb 11, 2022 | state street corp | 9.60% | 7,465,999 | SC 13G/A | |
| Feb 11, 2022 | capital research global investors | 5.2% | 4,039,858 | SC 13G/A | |
| Feb 10, 2022 | vanguard group inc | 15.30% | 11,900,087 | SC 13G/A | |
| Feb 08, 2022 | norges bank | 9.27% | 7,212,626 | SC 13G/A |
FRT Fair Value
Federal Realty Investment Trust fair value in different scenarios
The table shows the Fair Value estimates for Federal Realty Investment Trust for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.
| Fair Value | Very Pessimistic | Pessimistic | Base Case | Optimistic | Very Optimistic |
|---|---|---|---|---|---|
| Very Low Inflation | 48.96 -48.55% | 60.29 -36.64% | 86.99 -8.59% | 110.35 15.96% | 130.09 36.71% |
| Current Inflation | 45.81 -51.86% | 55.63 -41.54% | 78.10 -17.93% | 97.66 2.63% | 114.12 19.92% |
| Very High Inflation | 41.89 -55.98% | 49.92 -47.54% | 67.61 -28.95% | 82.92 -12.86% | 95.73 0.60% |
Historical Federal Realty Investment Trust Fair Value Estimates
Very Pessimistic Case
Pessimistic Case
Fair Value
Optimistic Case
Very Optimistic Case
Closing Stock Price
Recent SEC filings of Federal Realty Investment Trust
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Feb 24, 2023 | PRE 14A | PRE 14A | |
| Feb 14, 2023 | 4 | Insider Trading | |
| Feb 14, 2023 | 4 | Insider Trading | |
| Feb 14, 2023 | 4 | Insider Trading | |
| Feb 14, 2023 | SC 13G/A | Major Ownership Report | |
| Feb 13, 2023 | SC 13G/A | Major Ownership Report | |
| Feb 09, 2023 | 4 | Insider Trading | |
| Feb 09, 2023 | 4 | Insider Trading | |
| Feb 09, 2023 | 4 | Insider Trading | |
| Feb 09, 2023 | 4 | Insider Trading |
Latest Insider Trading transactions for FRT
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-02-14 | WOOD DONALD C | sold | -212,196 | 112 | -1,891 | chief executive officer |
2023-02-13 | WOOD DONALD C | sold | -1,112,350 | 111 | -10,000 | chief executive officer |
2023-02-13 | Guglielmone Daniel | sold | -276,732 | 110 | -2,500 | evp-cfo and treasurer |
2023-02-12 | BERKES JEFFREY S | sold (taxes) | -739,108 | 109 | -6,721 | president and coo |
2023-02-12 | WOOD DONALD C | sold (taxes) | -2,503,360 | 109 | -22,764 | chief executive officer |
2023-02-12 | Guglielmone Daniel | sold (taxes) | -387,314 | 109 | -3,522 | evp-cfo and treasurer |
2023-02-07 | BERKES JEFFREY S | acquired | - | - | 11,210 | president and coo |
2023-02-07 | Guglielmone Daniel | acquired | - | - | 8,995 | evp-cfo and treasurer |
2023-02-07 | WOOD DONALD C | acquired | - | - | 59,082 | chief executive officer |
2023-02-07 | BECKER DAWN M | acquired | - | - | 10,954 | evp-general counsel &secretary |
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 106 properties include approximately 3,100 tenants, in 25 million square feet, and approximately 3,200 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 54 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
FRT Income Statement
2022-09-30Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
| REVENUE | ||||
| Rental income | $ 273,179 | $ 247,024 | $ 793,516 | $ 694,954 |
| Mortgage interest income | 272 | 260 | 805 | 2,116 |
| Total revenue | 273,451 | 247,284 | 794,321 | 697,070 |
| EXPENSES | ||||
| Rental expenses | 58,809 | 49,318 | 166,189 | 141,474 |
| Real estate taxes | 32,803 | 29,529 | 94,628 | 88,272 |
| General and administrative | 13,100 | 12,253 | 39,046 | 35,357 |
| Depreciation and amortization | 77,109 | 70,611 | 223,244 | 202,160 |
| Total operating expenses | 181,821 | 161,711 | 523,107 | 467,263 |
| Gain on deconsolidation of VIE | 70,374 | 0 | 70,374 | 0 |
| Gain on sale of real estate and change in control of interest | 29,723 | 0 | 29,723 | 17,428 |
| OPERATING INCOME | 191,727 | 85,573 | 371,311 | 247,235 |
| OTHER INCOME/(EXPENSE) | ||||
| Other interest income | 234 | 88 | 487 | 701 |
| Interest expense | (35,060) | (32,249) | (98,707) | (95,511) |
| Income (loss) from partnerships | 1,873 | 1,129 | 4,878 | (86) |
| NET INCOME | 158,774 | 54,541 | 277,969 | 152,339 |
| Net income attributable to noncontrolling interests | (2,636) | (2,419) | (8,171) | (5,777) |
| NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | 156,138 | 52,122 | 269,798 | 146,562 |
| Dividends on preferred shares | (2,008) | (2,010) | (6,026) | (6,031) |
| NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $ 154,130 | $ 50,112 | $ 263,772 | $ 140,531 |
| EARNINGS PER COMMON SHARE, BASIC: | ||||
| Net income available for common shareholders | $ 1.90 | $ 0.64 | $ 3.31 | $ 1.81 |
| Weighted average number of common shares | 80,765 | 77,485 | 79,480 | 77,269 |
| EARNINGS PER COMMON SHARE, DILUTED: | ||||
| Net income available for common shareholders | $ 1.89 | $ 0.64 | $ 3.31 | $ 1.81 |
| Weighted average number of common shares | 81,511 | 77,575 | 80,137 | 77,287 |
| EARNINGS PER COMMON UNIT, DILUTED: | ||||
| COMPREHENSIVE INCOME | $ 161,569 | $ 55,095 | $ 286,902 | $ 155,530 |
| COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | 158,672 | 52,634 | 277,929 | 149,480 |
| Federal Realty OP LP | ||||
| REVENUE | ||||
| Rental income | 273,179 | 247,024 | 793,516 | 694,954 |
| Mortgage interest income | 272 | 260 | 805 | 2,116 |
| Total revenue | 273,451 | 247,284 | 794,321 | 697,070 |
| EXPENSES | ||||
| Rental expenses | 58,809 | 49,318 | 166,189 | 141,474 |
| Real estate taxes | 32,803 | 29,529 | 94,628 | 88,272 |
| General and administrative | 13,100 | 12,253 | 39,046 | 35,357 |
| Depreciation and amortization | 77,109 | 70,611 | 223,244 | 202,160 |
| Total operating expenses | 181,821 | 161,711 | 523,107 | 467,263 |
| Gain on deconsolidation of VIE | 70,374 | 0 | 70,374 | 0 |
| Gain on sale of real estate and change in control of interest | 29,723 | 0 | 29,723 | 17,428 |
| OPERATING INCOME | 191,727 | 85,573 | 371,311 | 247,235 |
| OTHER INCOME/(EXPENSE) | ||||
| Other interest income | 234 | 88 | 487 | 701 |
| Interest expense | (35,060) | (32,249) | (98,707) | (95,511) |
| Income (loss) from partnerships | 1,873 | 1,129 | 4,878 | (86) |
| NET INCOME | 158,774 | 54,541 | 277,969 | 152,339 |
| Net income attributable to noncontrolling interests | (2,636) | (2,419) | (8,171) | (5,777) |
| NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | 156,138 | 52,122 | 269,798 | 146,562 |
| Distributions declared to preferred unit holders | (2,008) | (2,010) | (6,026) | (6,031) |
| NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS | $ 154,130 | $ 50,112 | $ 263,772 | $ 140,531 |
| EARNINGS PER COMMON UNIT, BASIC: | ||||
| Net income available for common unit holders | $ 1.90 | $ 0.64 | $ 3.31 | $ 1.81 |
| Weighted average common units outstanding | 80,765 | 77,485 | 79,480 | 77,269 |
| EARNINGS PER COMMON UNIT, DILUTED: | ||||
| Net income available for common unit holders | $ 1.89 | $ 0.64 | $ 3.31 | $ 1.81 |
| Weighted average common units outstanding | 81,511 | 77,575 | 80,137 | 77,287 |
| COMPREHENSIVE INCOME | $ 161,569 | $ 55,095 | $ 286,902 | $ 155,530 |
| COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP | $ 158,672 | $ 52,634 | $ 277,929 | $ 149,480 |
FRT Balance Sheet
2022-09-30Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
|---|---|---|
| ASSETS | ||
| Operating (including $1,963,129 and $2,207,648 of consolidated variable interest entities, respectively) | $ 9,323,359 | $ 8,814,791 |
| Construction-in-progress (including $23,448 and $18,752 of consolidated variable interest entities, respectively) | 681,641 | 607,271 |
| Real estate, at cost, total | 10,005,000 | 9,422,062 |
| Less accumulated depreciation and amortization (including $349,553 and $389,950 of consolidated variable interest entities, respectively) | (2,660,799) | (2,531,095) |
| Net real estate | 7,344,201 | 6,890,967 |
| Cash and cash equivalents | 146,214 | 162,132 |
| Accounts and notes receivable, net | 187,149 | 169,007 |
| Mortgage notes receivable, net | 9,475 | 9,543 |
| Investment in partnerships | 122,822 | 13,027 |
| Operating lease right of use assets, net | 95,187 | 90,743 |
| Finance lease right of use assets, net | 45,756 | 49,832 |
| Prepaid expenses and other assets | 266,203 | 237,069 |
| TOTAL ASSETS | 8,217,007 | 7,622,320 |
| Liabilities | ||
| Mortgages payable, net (including $192,442 and $335,301 of consolidated variable interest entities, respectively) | 321,299 | 339,993 |
| Notes payable, net | 568,302 | 301,466 |
| Senior notes and debentures, net | 3,407,298 | 3,406,088 |
| Accounts payable and accrued expenses | 245,610 | 235,168 |
| Dividends payable | 90,121 | 86,538 |
| Security deposits payable | 28,042 | 25,331 |
| Operating lease liabilities | 78,234 | 72,661 |
| Finance lease liabilities | 67,662 | 72,032 |
| Other liabilities and deferred credits | 242,800 | 206,187 |
| Total liabilities | 5,049,368 | 4,745,464 |
| Commitments and contingencies (Note 6) | ||
| Redeemable noncontrolling interests | 185,759 | 213,708 |
| Shareholders’ equity | ||
| Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 81,204,286 and 78,603,305 shares issued and outstanding, respectively | 817 | 790 |
| Additional paid-in capital | 3,794,247 | 3,488,794 |
| Accumulated dividends in excess of net income | (1,060,027) | (1,066,932) |
| Accumulated other comprehensive income (loss) | 6,084 | (2,047) |
| Total shareholders’ equity of the Trust | 2,900,943 | 2,580,602 |
| Noncontrolling interests | 80,937 | 82,546 |
| Total shareholders’ equity | 2,981,880 | 2,663,148 |
| Partner capital | ||
| Accumulated other comprehensive income (loss) | 6,084 | (2,047) |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL | 8,217,007 | 7,622,320 |
| Federal Realty OP LP | ||
| ASSETS | ||
| Operating (including $1,963,129 and $2,207,648 of consolidated variable interest entities, respectively) | 9,323,359 | 8,814,791 |
| Construction-in-progress (including $23,448 and $18,752 of consolidated variable interest entities, respectively) | 681,641 | 607,271 |
| Real estate, at cost, total | 10,005,000 | 9,422,062 |
| Less accumulated depreciation and amortization (including $349,553 and $389,950 of consolidated variable interest entities, respectively) | (2,660,799) | (2,531,095) |
| Net real estate | 7,344,201 | 6,890,967 |
| Cash and cash equivalents | 146,214 | 162,132 |
| Accounts and notes receivable, net | 187,149 | 169,007 |
| Mortgage notes receivable, net | 9,475 | 9,543 |
| Investment in partnerships | 122,822 | 13,027 |
| Operating lease right of use assets, net | 95,187 | 90,743 |
| Finance lease right of use assets, net | 45,756 | 49,832 |
| Prepaid expenses and other assets | 266,203 | 237,069 |
| TOTAL ASSETS | 8,217,007 | 7,622,320 |
| Liabilities | ||
| Mortgages payable, net (including $192,442 and $335,301 of consolidated variable interest entities, respectively) | 321,299 | 339,993 |
| Notes payable, net | 568,302 | 301,466 |
| Senior notes and debentures, net | 3,407,298 | 3,406,088 |
| Accounts payable and accrued expenses | 245,610 | 235,168 |
| Dividends payable | 90,121 | 86,538 |
| Security deposits payable | 28,042 | 25,331 |
| Operating lease liabilities | 78,234 | 72,661 |
| Finance lease liabilities | 67,662 | 72,032 |
| Other liabilities and deferred credits | 242,800 | 206,187 |
| Total liabilities | 5,049,368 | 4,745,464 |
| Commitments and contingencies (Note 6) | ||
| Redeemable noncontrolling interests | 185,759 | 213,708 |
| Shareholders’ equity | ||
| Accumulated other comprehensive income (loss) | 6,084 | (2,047) |
| Partner capital | ||
| Preferred units, 398,878 and 405,896 units issued and outstanding, respectively | 154,788 | 154,963 |
| Common units, 81,204,286 and 78,603,305 units issued and outstanding, respectively | 2,740,071 | 2,427,686 |
| Accumulated other comprehensive income (loss) | 6,084 | (2,047) |
| Total partner capital | 2,900,943 | 2,580,602 |
| Noncontrolling interests in consolidated partnerships | 80,937 | 82,546 |
| Total capital | 2,981,880 | 2,663,148 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL | 8,217,007 | 7,622,320 |
| 5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding | ||
| Shareholders’ equity | ||
| Preferred shares, authorized 15,000,000 shares, $.01 par: | 150,000 | 150,000 |
| 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 and 399,896 shares issued and outstanding, respectively | ||
| Shareholders’ equity | ||
| Preferred shares, authorized 15,000,000 shares, $.01 par: | $ 9,822 | $ 9,997 |