Federal Realty (NYSE: FRT) is focused on the three most important things in real estate -- location, location, and location. That's a bit of a joke, but the sentiment is very real. Unlike many of its peers, this real estate investment trust (REIT) stresses quality over quantity. And the impact of recent retail bankruptcies highlight just how important this focus happens to be.

Most of Federal Realty's most prominent strip mall peers own several hundred properties. Federal Realty only owns about 100. The real difference here shows up when you compare the average population within three miles of a Federal Realty property and the average family income. 

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Source Fool.com