Federal Realty Investment Trust Reports Second Quarter 2025 Results
Federal Realty Investment Trust (NYSE:FRT) reported strong Q2 2025 results with net income of $1.78 per diluted share, up from $1.32 in Q2 2024. The company achieved FFO of $1.91 per share, including $0.15 from NMTC transaction income. Key highlights include 10% cash basis rollover growth on new leases and 93.6% portfolio occupancy.
Notable transactions include the $289 million acquisition of two retail centers in Leawood, KS, and $143 million in property sales in California. FRT also announced a partnership with Mercedes-Benz for EV charging infrastructure and increased its dividend by 3% to $1.13 quarterly, marking its 58th consecutive year of dividend increases.
The company raised its 2025 guidance, projecting earnings of $3.91-$4.01 per share and FFO of $7.16-$7.26 per share, representing over 6% growth at the midpoint year-over-year.
Federal Realty Investment Trust (NYSE:FRT) ha riportato risultati solidi per il secondo trimestre 2025, con un utile netto di $1,78 per azione diluita, in aumento rispetto a $1,32 nel secondo trimestre 2024. La società ha raggiunto un FFO di $1,91 per azione, inclusi $0,15 provenienti da ricavi da transazioni NMTC. Tra i principali risultati si evidenziano una crescita del 10% su base cash rollover sui nuovi contratti di locazione e un tasso di occupazione del portafoglio del 93,6%.
Tra le operazioni più rilevanti figurano l'acquisizione da $289 milioni di due centri commerciali a Leawood, KS, e vendite immobiliari per $143 milioni in California. FRT ha inoltre annunciato una partnership con Mercedes-Benz per infrastrutture di ricarica per veicoli elettrici e ha aumentato il dividendo del 3% a $1,13 trimestrale, segnando il suo 58° anno consecutivo di incrementi del dividendo.
La società ha rivisto al rialzo le previsioni per il 2025, prevedendo un utile per azione tra $3,91 e $4,01 e un FFO tra $7,16 e $7,26 per azione, con una crescita superiore al 6% rispetto all'anno precedente nel punto medio della forchetta.
Federal Realty Investment Trust (NYSE:FRT) reportó sólidos resultados en el segundo trimestre de 2025, con un ingreso neto de $1.78 por acción diluida, superior a $1.32 en el segundo trimestre de 2024. La compañía logró un FFO de $1.91 por acción, incluyendo $0.15 provenientes de ingresos por transacciones NMTC. Entre los aspectos destacados se incluye un crecimiento del 10% en base de efectivo rollover en nuevos arrendamientos y una ocupación del portafolio del 93.6%.
Las transacciones notables incluyen la adquisición de $289 millones de dos centros comerciales en Leawood, KS, y ventas de propiedades por $143 millones en California. FRT también anunció una asociación con Mercedes-Benz para infraestructura de carga de vehículos eléctricos y aumentó su dividendo en un 3% a $1.13 trimestral, marcando su 58° año consecutivo de incrementos en dividendos.
La compañía elevó su guía para 2025, proyectando ganancias de $3.91-$4.01 por acción y FFO de $7.16-$7.26 por acción, lo que representa un crecimiento superior al 6% en el punto medio año tras año.
Federal Realty Investment Trust (NYSE:FRT)는 2025년 2분기에 희석 주당 순이익 $1.78을 기록하며 2024년 2분기의 $1.32에서 크게 증가한 강력한 실적을 발표했습니다. 회사는 NMTC 거래 수익 $0.15를 포함하여 주당 $1.91의 FFO를 달성했습니다. 주요 성과로는 신규 임대 계약에서 현금 기준 10% 롤오버 성장과 93.6%의 포트폴리오 점유율을 포함합니다.
주요 거래로는 캔자스주 리우드에 위치한 두 개의 소매 센터를 $2억 8,900만에 인수한 것과 캘리포니아에서 $1억 4,300만 규모의 부동산 매각이 있습니다. FRT는 또한 메르세데스-벤츠와 전기차 충전 인프라 구축을 위한 파트너십을 발표했으며, 분기 배당금을 3% 인상하여 $1.13로 조정하며 58년 연속 배당금 인상을 기록했습니다.
회사는 2025년 가이던스를 상향 조정하여 주당 순이익을 $3.91-$4.01, FFO를 $7.16-$7.26로 예상하며, 이는 연간 기준 중간값에서 6% 이상의 성장을 의미합니다.
Federal Realty Investment Trust (NYSE:FRT) a annoncé de solides résultats pour le deuxième trimestre 2025 avec un bénéfice net de 1,78 $ par action diluée, en hausse par rapport à 1,32 $ au deuxième trimestre 2024. La société a réalisé un FFO de 1,91 $ par action, incluant 0,15 $ provenant des revenus de transactions NMTC. Les points clés comprennent une croissance de 10 % sur base de roulement en espèces sur les nouveaux baux et un taux d'occupation du portefeuille de 93,6 %.
Parmi les transactions notables figurent l'acquisition de 289 millions de dollars de deux centres commerciaux à Leawood, KS, et 143 millions de dollars de ventes immobilières en Californie. FRT a également annoncé un partenariat avec Mercedes-Benz pour l'infrastructure de recharge des véhicules électriques et a augmenté son dividende de 3 % à 1,13 $ par trimestre, marquant sa 58e année consécutive d'augmentation des dividendes.
La société a relevé ses prévisions pour 2025, projetant un bénéfice par action entre 3,91 $ et 4,01 $ et un FFO entre 7,16 $ et 7,26 $ par action, représentant une croissance de plus de 6 % à mi-parcours par rapport à l'année précédente.
Federal Realty Investment Trust (NYSE:FRT) meldete starke Ergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von $1,78 je verwässerter Aktie, im Vergleich zu $1,32 im zweiten Quartal 2024. Das Unternehmen erzielte ein FFO von $1,91 je Aktie, einschließlich $0,15 aus NMTC-Transaktionseinnahmen. Zu den wichtigsten Highlights zählen ein 10%iges Wachstum auf Cash-Basis bei neuen Mietverträgen und eine Portfoliobelegung von 93,6%.
Bemerkenswerte Transaktionen umfassen den $289 Millionen Erwerb von zwei Einzelhandelszentren in Leawood, KS, sowie $143 Millionen an Immobilienverkäufen in Kalifornien. FRT kündigte außerdem eine Partnerschaft mit Mercedes-Benz für die Ladeinfrastruktur von Elektrofahrzeugen an und erhöhte seine Dividende um 3% auf $1,13 pro Quartal, was das 58. aufeinanderfolgende Jahr mit Dividendenerhöhungen markiert.
Das Unternehmen hob seine Prognose für 2025 an und erwartet einen Gewinn von $3,91 bis $4,01 je Aktie sowie ein FFO von $7,16 bis $7,26 je Aktie, was einem Wachstum von über 6% im Jahresmittel entspricht.
- Net income increased 34.8% to $1.78 per share from $1.32 year-over-year
- Strong leasing activity with 10% cash basis and 21% straight-line rent growth on new leases
- Portfolio occupancy improved 50 basis points year-over-year to 93.6%
- Strategic $289M acquisition of 550,000 sq ft retail centers in Leawood, KS
- Partnership with Mercedes-Benz to add 500+ EV charging stations across 50+ locations
- 58th consecutive year of dividend increases, raising quarterly dividend by 3% to $1.13
- Raised 2025 FFO guidance to $7.16-$7.26 per share, indicating 6%+ growth
- Maintained strong liquidity position with over $1.5 billion available
- Leased rate declined 30 basis points quarter-over-quarter to 95.4%
- Small shop leased rate decreased 10 basis points sequentially
- Divested $143 million in California properties, potentially impacting near-term income
Insights
Federal Realty delivered strong Q2 results with FFO growth, raised guidance, and continued its 58-year dividend increase streak through strategic property management.
Federal Realty Investment Trust posted impressive Q2 2025 results with
The REIT demonstrated robust leasing momentum with 119 comparable retail leases signed at
Federal's portfolio quality remains evident with occupancy reaching
The REIT is executing a disciplined capital recycling strategy, acquiring two dominant retail centers in Leawood, KS for
The Mercedes-Benz HPC partnership to install 500+ ultra-fast EV charging stalls across 50+ locations demonstrates Federal's forward-thinking approach to increasing property utility and drawing higher-income consumers to their centers.
Most notably, Federal increased its dividend by
The REIT's raised 2025 guidance (
Highlights for the second quarter and subsequent to quarter-end include:
- Generated NAREIT funds from operations available to common shareholders (FFO) per diluted share of
$1.91 $1.69 - FFO for the second quarter of 2025 included
$13.0 million $0.15 $1.76
- FFO for the second quarter of 2025 included
- Signed 119 leases for 643,810 square feet of comparable retail space at a cash basis rollover growth of
10% and21% on a straight-line basis. - Generated comparable property operating income (POI) growth of
4.9% , excluding lease termination fees and prior period rents collected. - Reported overall portfolio occupancy of
93.6% and a leased rate of95.4% at quarter end, representing a change of:- +50 basis points of occupancy and +10 basis points of leased rate year-over-year
- Flat occupancy and -30 basis points of leased rate quarter-over-quarter
- Continued strong small shop leased rate, ending the quarter at
93.4% leased representing an increase of +90 basis points year-over-year. - During the quarter and subsequent to quarter end, announced the advancement of Federal's capital allocation strategy with the following transactions:
- Acquired two dominant open-air retail centers in Leawood, KS totaling 550,000 square feet for
$289 million - Sold two properties in
California for$143 million - Commenced construction on Lot 12, a 258-unit residential project at Santana Row in
San Jose, CA.
- Acquired two dominant open-air retail centers in Leawood, KS totaling 550,000 square feet for
- Announced a first-of-its-kind agreement with Mercedes-Benz High-Power Charging (HPC), naming the automaker its preferred electric vehicle charging provider.
- Increased the regular quarterly cash dividend by approximately
3% to$1.13 $4.52 - Ended the quarter with over
$1.5 billion - Raised guidance for 2025 earnings per diluted share to
$3.91 $4.01 $7.16 $7.26 $0.15 6% growth at the midpoint year-over-year.
"Our second quarter results were strong, and we feel great about the back half of the year – driving our confidence to raise guidance," said Donald C. Wood, Federal Realty's Chief Executive Officer. "Our consumer remains healthy, tenant credit is strong, and we're staying sharply focused on disciplined capital allocation. Our new partnership with Mercedes-Benz HCP further reinforces the strength of our premium brand and the caliber of companies that choose to partner with us."
Financial Results
Net Income
For the second quarter 2025, net income available for common shareholders was
FFO
For the second quarter 2025, FFO was
FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.
Operational Update
Occupancy
The following operational metrics for the commercial portfolio are as of June 30, 2025:
- The overall portfolio was
93.6% occupied, an increase of +50 basis points year-over-year and flat sequentially. - Leased rate for the overall portfolio was
95.4% , an increase of +10 basis points year-over-year and down 30 basis points sequentially. - Small shop leased rate was
93.4% , an increase of +90 basis points year-over-year and down 10 basis points sequentially.
The residential leased rate was
Leasing Activity
During the second quarter 2025, Federal Realty signed 122 leases for 653,366 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 119 leases for 643,810 square feet at an average rent of
Transaction Activity
- July 1, 2025 – acquired Town Center Plaza and Town Center Crossing, two dominant open-air retail centers in
Leawood, KS totaling approximately 550,000 square feet, for$289 million - June 23, 2025 – completed the sale of its 181,000 square feet Hollywood Boulevard retail property in
Los Angeles, CA for$69 million - May 12, 2025 – completed the sale of Levare, a 108-unit residential building located on the periphery of Santana Row (link to supplemental visuals) in
San Jose, CA for$74 million
Development
Federal Realty commenced construction on Lot 12 at Santana Row, a 258-unit residential project with an expected total investment of approximately
Other Activity
- Announced a first-of-its-kind agreement with Mercedes-Benz High-Power Charging (HPC), naming the automaker its preferred electric vehicle (EV) charging provider. The collaboration establishes the foundation for a scalable rollout, expected to bring more than 500 ultra-fast charging stalls to at least 50 of Federal Realty's premier open-air retail destinations in its national portfolio.
- Released the company's 2024 Sustainability Report.
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees increased the regular quarterly cash dividend to
Federal Realty's Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a
2025 Guidance
Federal Realty has raised and tightened its 2025 guidance, as summarized in the table below:
Full Year 2025 Guidance | Revised Guidance | Prior Guidance |
2025 Earnings per diluted share | ||
2025 FFO per diluted share | ||
2025 FFO per diluted share, excluding NMTC transaction income |
Conference Call Information
Federal Realty's management team will present an in-depth discussion of Federal Realty's operating performance on its second quarter 2025 earnings conference call, which is scheduled for Wednesday, August 6, 2025 at 5:00 PM ET. To participate, please call 833-821-4548 or 412-652-1258 five to ten minutes prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty's website at www.federalrealty.com. A telephonic replay of the conference call will also be available through August 20, 2025 by dialing 844-512-2921 or 412-317-6671; Passcode: 10201012.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 102 properties include approximately 3,500 tenants in 27 million commercial square feet, and approximately 3,000 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company 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.
Safe Harbor Language
Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 13, 2025 and include the following:
- risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
- risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
- risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
- risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
- risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;
- risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;
- risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and
- risks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.
Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2025 and subsequent quarterly reports on Form 10-Q.
Federal Realty Investment Trust | |||
Consolidated Balance Sheets | |||
June 30, 2025 | |||
June 30, | December 31, | ||
2025 | 2024 | ||
(in thousands, except share and | |||
(unaudited) | |||
ASSETS | |||
Real estate, at cost | |||
Operating (including | |||
Construction-in-progress (including | 324,435 | 539,752 | |
11,046,022 | 10,903,713 | ||
Less accumulated depreciation and amortization (including | (3,250,219) | (3,152,799) | |
Net real estate | 7,795,803 | 7,750,914 | |
Cash and cash equivalents | 177,003 | 123,409 | |
Accounts and notes receivable, net | 225,936 | 229,080 | |
Mortgage notes receivable, net | 9,118 | 9,144 | |
Investment in partnerships | 33,133 | 33,458 | |
Operating lease right of use assets, net | 84,517 | 85,806 | |
Finance lease right of use assets, net | 6,520 | 6,630 | |
Prepaid expenses and other assets | 291,764 | 286,316 | |
TOTAL ASSETS | $ 8,623,794 | $ 8,524,757 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Liabilities | |||
Mortgages payable, net (including | $ 511,951 | $ 514,378 | |
Notes payable, net | 614,631 | 601,414 | |
Senior notes and debentures, net | 3,360,925 | 3,357,840 | |
Accounts payable and accrued expenses | 192,122 | 183,564 | |
Dividends payable | 97,186 | 96,743 | |
Security deposits payable | 34,032 | 30,941 | |
Operating lease liabilities | 73,618 | 74,837 | |
Finance lease liabilities | 12,842 | 12,783 | |
Other liabilities and deferred credits | 225,196 | 227,827 | |
Total liabilities | 5,122,503 | 5,100,327 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 181,191 | 180,286 | |
Shareholders' equity | |||
Preferred shares, authorized 15,000,000 shares, | |||
| 150,000 | 150,000 | |
| 9,822 | 9,822 | |
Common shares of beneficial interest, | 869 | 862 | |
Additional paid-in capital | 4,302,220 | 4,248,824 | |
Accumulated dividends in excess of net income | (1,216,794) | (1,242,654) | |
Accumulated other comprehensive income | 2,912 | 4,740 | |
Total shareholders' equity of the Trust | 3,249,029 | 3,171,594 | |
Noncontrolling interests | 71,071 | 72,550 | |
Total shareholders' equity | 3,320,100 | 3,244,144 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 8,623,794 | $ 8,524,757 | |
Federal Realty Investment Trust | |||||||
Consolidated Income Statements | |||||||
June 30, 2025 | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
REVENUE | |||||||
Rental income | $ 302,477 | $ 287,095 | $ 604,771 | $ 571,081 | |||
Other property income | 8,769 | 8,680 | 15,354 | 15,739 | |||
Mortgage interest income | 277 | 277 | 552 | 555 | |||
Total revenue | 311,523 | 296,052 | 620,677 | 587,375 | |||
EXPENSES | |||||||
Rental expenses | 61,609 | 58,891 | 129,413 | 120,550 | |||
Real estate taxes | 36,681 | 35,289 | 73,248 | 69,349 | |||
General and administrative | 11,925 | 12,092 | 22,800 | 24,098 | |||
Depreciation and amortization | 89,241 | 85,049 | 176,187 | 168,453 | |||
Total operating expenses | 199,456 | 191,321 | 401,648 | 382,450 | |||
Gain on sale of real estate | 76,501 | 52,280 | 77,672 | 52,280 | |||
New market tax credit transaction income | 14,176 | — | 14,176 | — | |||
OPERATING INCOME | 202,744 | 157,011 | 310,877 | 257,205 | |||
OTHER INCOME/(EXPENSE) | |||||||
Other interest income | 905 | 1,051 | 1,648 | 2,534 | |||
Interest expense | (44,598) | (44,312) | (87,073) | (88,005) | |||
Income from partnerships | 905 | 905 | 1,082 | 937 | |||
NET INCOME | 159,956 | 114,655 | 226,534 | 172,671 | |||
Net income attributable to noncontrolling interests | (4,040) | (2,673) | (6,850) | (3,953) | |||
NET INCOME ATTRIBUTABLE TO THE TRUST | 155,916 | 111,982 | 219,684 | 168,718 | |||
Dividends on preferred shares | (2,008) | (2,008) | (4,016) | (4,016) | |||
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $ 153,908 | $ 109,974 | $ 215,668 | $ 164,702 | |||
EARNINGS PER COMMON SHARE, BASIC: | |||||||
Net income available for common shareholders | $ 1.78 | $ 1.32 | $ 2.51 | $ 1.98 | |||
Weighted average number of common shares | 85,969 | 82,932 | 85,722 | 82,768 | |||
EARNINGS PER COMMON SHARE, DILUTED: | |||||||
Net income available for common shareholders | $ 1.78 | $ 1.32 | $ 2.51 | $ 1.98 | |||
Weighted average number of common shares | 86,611 | 83,563 | 86,300 | 82,768 | |||
Federal Realty Investment Trust | ||||||||
Funds From Operations | ||||||||
June 30, 2025 | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in thousands, except per share data) | ||||||||
Funds from Operations available for common shareholders (FFO) | ||||||||
Net income | $ 159,956 | $ 114,655 | ||||||
Net income attributable to noncontrolling interests | (4,040) | (2,673) | (6,850) | (3,953) | ||||
Gain on sale of real estate | (76,501) | (52,280) | (77,672) | (52,280) | ||||
Depreciation and amortization of real estate assets | 78,598 | 75,157 | 155,096 | 149,095 | ||||
Amortization of initial direct costs of leases | 9,358 | 8,179 | 18,435 | 15,916 | ||||
Funds from operations | 167,371 | 143,038 | 315,543 | 281,449 | ||||
Dividends on preferred shares (1) | (1,875) | (1,875) | (3,750) | (3,750) | ||||
Income attributable to downREIT operating partnership units | 603 | 688 | 1,272 | 1,380 | ||||
Income attributable to unvested shares | (559) | (514) | (1,049) | (1,017) | ||||
FFO (2) | $ 165,540 | $ 141,337 | ||||||
Weighted average number of common shares, diluted (1)(3) | 86,611 | 83,657 | 86,393 | 83,495 | ||||
FFO per diluted share (2)(3) | $ 1.91 | $ 1.69 | $ 3.61 | $ 3.33 | ||||
Notes: | |
(1) | For the three and six months ended June 30, 2025 and 2024, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted." |
(2) | FFO available for common shareholders includes new market tax credit transaction income, net of noncontrolling interest of |
(3) | The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS for the six months ended June 30, 2024. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS for the six months ended June 30, 2024. |
Investor Inquiries: Jill Sawyer Senior Vice President, Investor Relations 301.998.8265 | Media Inquiries: Brenda Pomar Senior Director, Corporate Communications 301.998.8316 |
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SOURCE Federal Realty Investment Trust
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