Document

EX-99.1 2 frt-3312025xex991.htm EX-99.1 Document


FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION
March 31, 2025

TABLE OF CONTENTS

1	First Quarter 2025 Earnings Press Release		3

2	Financial Highlights
		Consolidated Income Statements	7
		Consolidated Balance Sheets	8
		Funds From Operations / Other Supplemental Information	9

		Components of Rental Income	10
		Comparable Property Information	11
		Market Data, Debt Metrics, and Senior Notes and Debentures Covenants	12

3	Summary of Debt
		Summary of Outstanding Debt	13
		Summary of Debt Maturities	14

4	Summary of Redevelopment and Expansion Opportunities		15



5	Future Redevelopment and Expansion Opportunities		16

6	Significant Transactions		17

7	Real Estate Status Report		18

8	Retail Leasing Summary		22

9	Lease Expirations		23

10	Portfolio Leased Statistics		24

11	Summary of Top 25 Tenants		25



12	Reconciliation of FFO Guidance		26

13	Glossary of Terms		27


909 Rose Avenue, Suite 200
North Bethesda, Maryland 20852
301-998-8100

Safe Harbor Language

Certain matters discussed within this Supplemental Information 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 Supplemental Information. 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.


NEWS RELEASE			www.federalrealty.com

FOR IMMEDIATE RELEASE

Investor Inquiries:			Media Inquiries:
Jill Sawyer			Brenda Pomar
Senior Vice President, Investor Relations			Senior Director, Corporate Communications
301.998.8265			301.998.8316
jsawyer@federalrealty.com			bpomar@federalrealty.com

Federal Realty Investment Trust Reports First Quarter 2025 Results

NORTH BETHESDA, Md. (May 8, 2025) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the first quarter ended March 31, 2025. For the three months ended March 31, 2025 and 2024, net income available for common shareholders was $0.72 per diluted share and $0.66 per diluted share, respectively. Operating income for the same periods was $108.1 million and $100.2 million, respectively.

Highlights for the first quarter and subsequent to quarter-end include:

•Generated funds from operations available to common shareholders (FFO) per diluted share of $1.70 for the quarter, compared to $1.64 for the first quarter of 2024.

•Generated comparable property operating income (POI) growth of 2.8%, excluding lease termination fees and prior period rents collected.

•Reported comparable portfolio occupancy of 93.6% and a leased rate of 95.9% at quarter end, representing a change of:

◦+180 basis points of occupancy and +160 basis points of leased rate year-over-year

◦-10 basis points of occupancy and -20 basis points of leased rate quarter-over-quarter

•Continued strong small shop leased rate, ending the quarter at 93.5% leased representing an increase of +210 basis points year-over-year.

•Extended our $600 million unsecured term loan maturity date to March 2028, plus 2 one-year extension options, and increased the potential size to $750 million. We ended the quarter with nearly $1.5 billion of total liquidity.

•Subsequent to quarter end, announced a new common share repurchase program, under which we may purchase up to $300 million of our outstanding common shares.

•Closed on our previously announced acquisition of Del Monte Shopping Center in Monterey, California.

•Maintained 2025 earnings per diluted share guidance of $3.00 to $3.12 and raised 2025 FFO per share guidance to $7.11 to $7.23, which represents 6% growth at the midpoint year-over-year.

“We started the year with strong operating results and are encouraged to see continuing elevated foot traffic across our properties,” said Donald C. Wood, Federal Realty’s Chief Executive Officer. “Decades of experience have taught us how to insulate our portfolio against economic cycles and disruptive forces. With irreplaceable real estate and a high-quality, diverse tenant base in affluent markets, we are well positioned for continued growth and stability.”

Financial Results

Net Income

For the first quarter 2025, net income available for common shareholders was $61.8 million and earnings per diluted share was $0.72 versus $54.7 million and $0.66, respectively, for the first quarter 2024.

FFO

For the first quarter 2025, FFO was $146.5 million, or $1.70 per diluted share, compared to $136.7 million, or $1.64 per diluted share for the first quarter 2024.

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 March 31, 2025:

•The comparable portfolio was 93.6% occupied, an increase of 180 basis points year-over-year and down 10 basis points sequentially.

•Leased rate for the comparable portfolio was 95.9%, an increase of 160 basis points year-over-year and down 20 basis points sequentially.

•Small shop leased rate was 93.5%, an increase of 210 basis points year-over-year and down 10 basis points sequentially.

•Anchor tenant leased rate was 96.8%, an increase of +100 basis points year-over-year and down 70 basis points sequentially.

The residential leased rate was 94.9% as of March 31, 2025.

Leasing Activity

During the first quarter 2025, Federal Realty signed 91 leases for 429,865 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 87 leases for 368,759 square feet at an average rent of $40.63 per square foot, compared to the average contractual rent of $38.51 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 6%, and 17% on a straight-line basis. Comparable leases represented 96% of total comparable and non-comparable retail leases signed during the first quarter 2025.

Acquisitions

Federal Realty closed on the previously announced $123.5 million acquisition of Del Monte Shopping Center in Monterey, California on February 25, 2025.

Financing Activity

•Amended and restated our $600 million unsecured term loan, extending the maturity date to March 20, 2028 plus 2 one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150 million in the form of one or more unsecured term loans.

•Subsequent to quarter end, announced a new common share repurchase program, under which we may purchase up to $300 million of our outstanding common shares.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. The regular common dividend will be payable on July 15, 2025 to common shareholders of record as of July 1, 2025.

Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on July 15, 2025 to shareholders of record as of July 1, 2025.

2025 Guidance

Federal Realty has raised its 2025 FFO guidance, as summarized in the table below:


Full Year 2025 Guidance	Revised Guidance	Prior Guidance
2025 Earnings per diluted share	$3.00 to $3.12	$3.00 to $3.12
2025 FFO per diluted share	$7.11 to $7.23	$7.10 to $7.22

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its first quarter 2025 earnings conference call, which is scheduled for Thursday, May 8, 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 May 22, 2025 by dialing 844-512-2921 or 412-317-6671; Passcode: 10197791.

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 from Washington, D.C. to Boston as well as Northern and Southern California. 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 103 properties include approximately 3,500 tenants, in 27 million commercial square feet, and approximately 3,100 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 57 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.

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 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 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;

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.


Federal Realty Investment Trust
Consolidated Income Statements
March 31, 2025
	Three Months Ended
	March 31,
	2025		2024
	(in thousands, except per share data)
	(unaudited)
REVENUE
Rental income	$	302,294	$	283,986
Other property income	6,585		7,059
Mortgage interest income	275		278
Total revenue	309,154		291,323
EXPENSES
Rental expenses	67,804		61,659
Real estate taxes	36,567		34,060
General and administrative	10,875		12,006
Depreciation and amortization	86,946		83,404
Total operating expenses	202,192		191,129


Gain on sale of real estate	1,171		—

OPERATING INCOME	108,133		100,194

OTHER INCOME/(EXPENSE)
Other interest income	743		1,483
Interest expense	(42,475)		(43,693)

Income from partnerships	177		32

NET INCOME	66,578		58,016
Net income attributable to noncontrolling interests	(2,810)		(1,280)
NET INCOME ATTRIBUTABLE TO THE TRUST	63,768		56,736
Dividends on preferred shares	(2,008)		(2,008)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$	61,760	$	54,728

EARNINGS PER COMMON SHARE, BASIC AND DILUTED:




Net income available for common shareholders	$	0.72	$	0.66
Weighted average number of common shares	85,472		82,605


Federal Realty Investment Trust
Consolidated Balance Sheets
March 31, 2025
	March 31,		December 31,
	2025		2024
	(in thousands, except share and per share data)
	(unaudited)
ASSETS
Real estate, at cost
Operating (including $1,817,974 and $1,825,656 of consolidated variable interest entities, respectively)	$	10,521,108	$	10,363,961
Construction-in-progress (including $18,161 and $9,939 of consolidated variable interest entities, respectively)	561,101		539,752

	11,082,209		10,903,713
Less accumulated depreciation and amortization (including$434,226 and $424,044 of consolidated variable interest entities, respectively)	(3,220,113)		(3,152,799)
Net real estate	7,862,096		7,750,914
Cash and cash equivalents	109,224		123,409
Accounts and notes receivable, net	220,262		229,080
Mortgage notes receivable, net	9,131		9,144
Investment in partnerships	32,888		33,458
Operating lease right of use assets, net	85,165		85,806
Finance lease right of use assets, net	6,575		6,630
Prepaid expenses and other assets	296,509		286,316
TOTAL ASSETS	$	8,621,850	$	8,524,757
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $184,813 and $186,643 of consolidated variable interest entities, respectively)	$	512,579	$	514,378
Notes payable, net	641,331		601,414
Senior notes and debentures, net	3,359,383		3,357,840
Accounts payable and accrued expenses	197,422		183,564
Dividends payable	97,265		96,743
Security deposits payable	34,194		30,941
Operating lease liabilities	74,230		74,837
Finance lease liabilities	12,812		12,783
Other liabilities and deferred credits	247,029		227,827
Total liabilities	5,176,245		5,100,327
Commitments and contingencies
Redeemable noncontrolling interests	181,339		180,286
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding	150,000		150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding	9,822		9,822
Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 86,255,005 and 85,666,220 shares issued and outstanding, respectively	869		862
Additional paid-in capital	4,303,363		4,248,824
Accumulated dividends in excess of net income	(1,275,769)		(1,242,654)
Accumulated other comprehensive income	3,596		4,740
Total shareholders’ equity of the Trust	3,191,881		3,171,594
Noncontrolling interests	72,385		72,550
Total shareholders’ equity	3,264,266		3,244,144
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	8,621,850	$	8,524,757


Federal Realty Investment Trust
Funds From Operations / Other Supplemental Information
March 31, 2025
	Three Months Ended
	March 31,
	2025		2024
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income	$	66,578	$	58,016
Net income attributable to noncontrolling interests	(2,810)		(1,280)

Gain on sale of real estate	(1,171)		—

Depreciation and amortization of real estate assets	76,498		73,938
Amortization of initial direct costs of leases	9,077		7,737

Funds from operations	148,172		138,411
Dividends on preferred shares (2)	(1,875)		(1,875)
Income attributable to downREIT operating partnership units	669		692
Income attributable to unvested shares	(490)		(503)
FFO	$	146,476	$	136,725


Weighted average number of common shares, diluted (2)(3)	86,177		83,334

FFO per diluted share (3)	$	1.70	$	1.64



Dividends and Payout Ratios
Regular common dividends declared	$	94,875	$	90,479

Dividend payout ratio as a percentage of FFO	65%		66%

Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions	$	34,291	$	38,250
Tenant improvements and incentives	22,386		24,535
Total non-maintenance capital expenditures	56,677		62,785
Maintenance capital expenditures	4,843		3,215
Total capital expenditures	$	61,520	$	66,000

Other Information
Leasing costs	$	6,333	$	6,412
Share-based compensation expense (non-cash)	$	3,881	$	4,160

Noncontrolling Interests Supplemental Information (4)
Property operating income (1)	$	3,556	$	2,566

Depreciation and amortization	(1,258)		(1,816)
Interest expense	(157)		(162)
Net income	$	2,141	$	588

Notes:

(1)See Glossary of Terms.

(2)For the three months ended March 31, 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."

(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. 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.

(4)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."


Federal Realty Investment Trust
Components of Rental Income
March 31, 2025



Components of Rental Income (1)	Three Months Ended
	March 31,
	2025		2024
	(in thousands)
Minimum rents (2)
Commercial	$	203,124	$	192,937
Residential	26,911		26,519
Cost reimbursements	63,269		56,559
Percentage rents	4,457		4,775
Other lease related (3)	5,754		5,169
Collectibility related impacts (4)	(1,221)		(1,973)
Total rental income	$	302,294	$	283,986

Notes:

(1)All income from tenant leases is reported as a single line item called "rental income." We have provided the above supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation.

(2)Minimum rents include the following:


	Three Months Ended
	March 31,
	2025		2024
	(in millions)

Straight-line rents	$	7.5	$	5.2
Amortization of in-place leases	$	3.1	$	3.8

(3)Includes lease termination fees of $1.3 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively.

(4)For the three months ended March 31, 2025 and 2024, our collectability related impacts include the collection of approximately $0.1 million and $0.9 million, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.


Federal Realty Investment Trust
Comparable Property Information
March 31, 2025

The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q1 include: Friendship Center, Grossmont Center, Huntington Shopping Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q1 2024 to Q1 2025. Comparable Property property operating income ("Comparable Property POI") is a non-GAAP measure used by management in evaluating the operating performance of our properties period over period.

Reconciliation of GAAP operating income to Comparable Property POI
	Three Months Ended
	March 31,
	2025		2024
	(in thousands)
Operating income	$	108,133	$	100,194
Add:
Depreciation and amortization	86,946		83,404
General and administrative	10,875		12,006


Gain on sale of real estate	(1,171)		—
Property operating income (POI)	204,783		195,604
Less: Non-comparable POI - acquisitions/dispositions	(6,255)		(2,953)
Less: Non-comparable POI - redevelopment, development & other	(7,690)		(6,702)
Comparable property POI	$	190,838	$	185,949

Additional information regarding the components of Comparable Property POI
	Three Months Ended
	March 31,				%
	2025		2024		Change
	(in thousands)
Minimum rents (1)	$	213,518	$	207,827
Cost reimbursements	59,348		54,870
Other	13,666		13,270
Collectibility related impacts	(867)		(1,346)
Total property revenue	285,665		274,621


Rental expenses	(60,973)		(56,249)
Real estate taxes	(33,854)		(32,423)
Total property expenses	(94,827)		(88,672)

Comparable property POI	$	190,838	$	185,949	2.6%
Less:
Lease termination fees	(1,310)		(715)
Prior period rents collected (2)	(67)		(922)
Comparable property POI excluding lease termination fees and prior period rents collected	$	189,461	$	184,312	2.8%




Comparable Property - Summary of Capital Expenditures (3)
	Three Months Ended
	March 31,
	2025		2024
	(in thousands)
Redevelopment and tenant improvements and incentives	$	32,678	$	37,493
Maintenance capital expenditures	4,452		3,173
	$	37,130	$	40,666

Comparable Property - Occupancy Statistics (3)
	At March 31,
	2025		2024
GLA - comparable commercial properties	24,491,000		24,535,000
Leased % - comparable commercial properties	95.9%		94.3%
Occupancy % - comparable commercial properties	93.6%		91.8%

Notes:

(1)For the three months ended March 31, 2025 and 2024, amount includes straight-line rents of $5.1 million and $3.0 million, respectively, and amortization of in-place leases of $2.3 million and $3.1 million, respectively.

(2)Amount represents collection of prior period rents which were contractually deferred or payment renegotiated specifically related to the COVID-19 pandemic.

(3)See page 9 for "Summary of Capital Expenditures" and page 24 for portfolio occupancy statistics for our entire portfolio.


Federal Realty Investment Trust
Market Data, Debt Metrics, and Senior Notes and Debentures Covenants
March 31, 2025
		March 31,
		2025		2024
		(in thousands, except per share data)
Market Data
	Common shares outstanding and downREIT operating partnership units (1)	86,862		83,580
	Market price per common share	$	97.82	$	102.12
	Common equity market capitalization including downREIT operating partnership units	$	8,496,841	$	8,535,190

	Series C preferred shares outstanding	6		6
	Liquidation price per Series C preferred share	$	25,000	$	25,000
	Series C preferred equity market capitalization	$	150,000	$	150,000

	Series 1 preferred shares outstanding (2)	393		393
	Liquidation price per Series 1 preferred share	$	25.00	$	25.00
	Series 1 preferred equity market capitalization	$	9,825	$	9,825

	Equity market capitalization	$	8,656,666	$	8,695,015

	Total debt	$	4,513,293	$	4,483,397
	Less: cash and cash equivalents	(109,224)		(95,936)
	Total net debt (3)	$	4,404,069	$	4,387,461

	Total market capitalization	$	13,060,735	$	13,082,476

Leverage and Liquidity Ratios
	Total net debt to market capitalization at market price per common share	34%		34%


	Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5)	3.8x		3.5x


Senior Notes and Debentures Covenants (6)
		March 31, 2025		Debt Covenant Threshold (7)
	Total Debt to Total Assets	39%		< 60%
	Secured Debt to Total Assets	5%		< 40%
	Consolidated Income to Annual Debt Service Charge	3.9x		> 1.5x
	Unencumbered Assets to Unsecured Debt	258%		> 150%

Notes:

(1)Amounts include 607,190 and 631,271 downREIT operating partnership units outstanding at March 31, 2025 and 2024, respectively.

(2)These shares, issued March 8, 2007, are unregistered.

(3)Total net debt includes mortgages payable, notes payable, senior notes and debentures, net of premiums/discounts and debt issuance costs and net of cash and cash equivalents from our consolidated balance sheet.

(4)EBITDAre is reconciled to net income in the Glossary of Terms.

(5)Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor.

(6)The reference period for calculating these covenants is the most recent twelve months ended March 31, 2025.

(7)For a detailed description of the senior unsecured notes covenants and definitions of the terms, please refer to our filings with the Securities and Exchange Commission.


Federal Realty Investment Trust
Summary of Outstanding Debt
March 31, 2025
		As of March 31, 2025
		Stated maturity date	Stated interest rate	Balance			Weighted average effective rate (6)
				(in thousands)
Mortgages payable (1)
	Secured fixed rate
	Azalea	11/1/2025	3.73%	$	40,000
	Bethesda Row	12/28/2025 (2)	5.03% (3)	200,000
	Bell Gardens	8/1/2026	4.06%	11,133
	Plaza El Segundo	6/5/2027	3.83%	125,000
	The Grove at Shrewsbury (East)	9/1/2027	3.77%	43,600
	Brook 35	7/1/2029	4.65%	11,500
	Hoboken (24 Buildings)	12/15/2029	3.67% (3)	51,735
	Various Hoboken (13 Buildings)	Various through 2029	3.91% to 5.00%	27,421
	Chelsea	1/15/2031	5.36%	3,450
	Subtotal			513,839
	Net unamortized debt issuance costs and discount			(1,260)
	Total mortgages payable, net			512,579			4.50%

Notes payable
	Revolving credit facility (4)(5)	4/5/2027	Adjusted SOFR + 0.775%	44,550
	Term loan (4)	3/20/2028	Adjusted SOFR + 0.85%	600,000
	Various	Various through 2059	Various	1,627
	Subtotal			646,177
	Net unamortized debt issuance costs			(4,846)
	Total notes payable, net			641,331			5.56%	(7)

Senior notes and debentures
	Unsecured fixed rate
	1.25% notes	2/15/2026	1.25%	400,000
	7.48% debentures	8/15/2026	7.48%	29,200
	3.25% notes	7/15/2027	3.25%	475,000
	6.82% medium term notes	8/1/2027	6.82%	40,000
	5.375% notes	5/1/2028	5.375%	350,000
	3.25% exchangeable notes	1/15/2029	3.25%	485,000
	3.20% notes	6/15/2029	3.20%	400,000
	3.50% notes	6/1/2030	3.50%	400,000
	4.50% notes	12/1/2044	4.50%	550,000
	3.625% notes	8/1/2046	3.625%	250,000
	Subtotal			3,379,200
	Net unamortized debt issuance costs and premium			(19,817)
	Total senior notes and debentures, net			3,359,383			3.77%

	Total debt, net			$	4,513,293

Total fixed rate debt, net				$	3,873,576	86%	3.87%
Total variable rate debt, net				639,717		14%	5.56%	(7)
Total debt, net				$	4,513,293	100%	4.11%	(7)

Notes:

(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At March 31, 2025, our share of unconsolidated debt was approximately $61.8 million. At March 31, 2025, our noncontrolling interests' share of mortgages payable was $15.0 million.

(2)We have two one-year extensions, at our option to extend the maturity date to December 28, 2027.

(3)The mortgage loans have interest rate swap agreements that effectively fix the interest rate through the initial maturity date.

(4)Our revolving credit facility SOFR loans and our term loan bear interest at Daily Simple SOFR or Term SOFR, as defined in the respective credit agreements, plus 0.10%, plus a spread, based on our current credit rating. On May 1, 2025, the 0.10% adjustment to SOFR was removed from the term loan.

(5)The maximum amount drawn under our $1.25 billion revolving credit facility during the three months and year ended March 31, 2025 was $109.0 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 5.2%.

(6)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 7.

(7)The weighted average effective interest rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.


Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2025
Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing		Weighted Average Rate (5)
	(in thousands)
2025	$	1,774	$	44,298		$	46,072		1.0	%	3.8	%
2026	3,131		452,450			455,581			10.0	%	2.1	%
2027	2,643		890,682		(1)	893,325			19.7	%	4.1	%
2028	2,511		394,550		(2)	397,061			8.8	%	5.6	%	(6)
2029	2,329		943,105			945,434			20.8	%	3.6	%
2030	684		1,000,000		(3)	1,000,684			22.0	%	4.8	%
2031	59		—			59			—	%	6.1	%
2032	—		—			—			—	%	—	%
2033	—		—			—			—	%	—	%
2034	—		—			—			—	%	—	%
Thereafter	—		801,000			801,000			17.7	%	4.2	%
Total	$	13,131	$	4,526,085		$	4,539,216	(4)	100.0	%

Notes:

The above table assumes all extension options are exercised.

(1)Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2025 plus two one-year extensions, at our option to December 28, 2027.

(2)Our $1.25 billion revolving credit facility matures on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. As of March 31, 2025, there was $44.6 million balance outstanding under this credit facility.

(3)Our $600.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030.

(4)The total debt maturities differ from the total reported on the consolidated balance sheet due to the debt issuance costs and unamortized net premium/discount on certain mortgage loans, notes payable, and senior notes as of March 31, 2025. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 6 years.

(5)The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.

(6)The weighted average rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our $1.25 billion revolving credit facility.


Federal Realty Investment Trust
Summary of Redevelopment and Expansion Opportunities
March 31, 2025



The following redevelopment opportunities are actively being worked on by the Trust. (1)










Property	Location	Opportunity	Projected ROI (2)		Projected Cost (1)	Cost to Date	Projected 2025 POI Delivered (2)
					(in millions)	(in millions)	(as a % of Total)




Santana West (3)	San Jose, CA	Development of a 369,000 square foot office building. 302,000 square feet of office space leased	5% - 6%		$325 - $335	$271	5% - 10%
Pike & Rose - 915 Meeting Street (3)	North Bethesda, MD	Development of a 266,000 square foot office building with 10,000 square feet of retail space. 250,000 square feet of office and 10,000 square feet of retail space leased.	6	%	$180 - $190	$171	65% - 75%
Bala Cynwyd on City Avenue	Bala Cynwyd, PA	Demolition of two level department store building to construct a new six story building with 217 residential units, 16,000 square feet of retail and a two-story parking structure with 234 parking stalls	7	%	$90 - $95	$32	—
Huntington	Huntington, NY	Demolition of the main two level building consisting of 161,000 square feet of anchor and small shop space to construct 102,000 square feet of new ground-level anchor and small shop retail space	8	%	$80 - $85	$80	90% - 95%
Hoboken - 301 Washington Street	Hoboken, NJ	Development of a new 5 story, 45-unit residential building with 10,200 square feet of ground floor retail space	6% - 7%		$45 - $48	$12	—



Property	Location	Opportunity	Projected ROI (4)		Projected Cost (1)	Cost to Date	Anticipated Stabilization (5)
					(in millions)	(in millions)





Andorra	Philadelphia, PA	Demolition of 31,500 square feet of anchor and small shop spaces to construct a 50,000 square foot turnkey building for a national grocer tenant and redevelopment of 27,000 square feet of vacant small shop space at the north end of the property to construct 10,400 square feet of small shop, and a 10,000 square foot anchor tenant	7% - 8%		$32	$3	2026
Willow Grove	Willow Grove, PA	Development of a new 17,000 square foot multi-tenant pad building	7	%	$11	$10	2025
Santana Row	San Jose, CA	Installation and implementation of paid parking system	25	%	$3	$2	2025
Mercer on One	Lawrenceville, NJ	Construction of a 2,225 square foot pad building with drive-thru for a restaurant tenant	8	%	$3	$1	2025





Active Property Improvement Projects (6)		Ongoing improvements at 6 properties to better position those properties to capture a disproportionate amount of retail demand	8% - 13%		$34	$19

Notes:

(1)There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected returns on investment (ROI) and Projected Cost are management's best estimate based on current information and may change over time. Anticipated total cost, and projected ROI, and projected POI delivered are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.

(2)Projected ROI for mixed-use redevelopment/expansion projects reflects the unleveraged Property Operating Income (POI) generated by the project and is calculated as POI divided by cost. Projected POI delivered includes straight line rent.

(3)Projected costs for Pike & Rose include an allocation of infrastructure costs for the entire project. Santana West includes an allocation of infrastructure for the Santana West site.

(4)Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental POI generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects generally does not include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property but may for certain property improvement projects.

(5)Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time.

(6)Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor amenity spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, improve market rents, drive leasing demand, and/or provide outdoor spaces critical to meeting the needs of the current environment. Returns on these projects are typically seen over one to five years, however, some projects could extend beyond that. Projected ROI range reflects management's best estimate of the long term expected return on cost of these investments.

Federal Realty Investment Trust

Future Redevelopment and Expansion Opportunities

March 31, 2025

We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.

Redevelopment Opportunities

Property

Location

Expansion/Conversion (4)

Residential (5)

Mixed Use - Long Term

Assembly Row (1)

Somerville, MA

Bala Cynwyd on City Avenue

Bala Cynwyd, PA

Barracks Road

Charlottesville, VA

Bethesda Row

Bethesda, MD

Camelback Colonnade

Phoenix, AZ

Chelsea Commons

Chelsea, MA

Dedham Plaza

Dedham, MA

Del Monte Shopping Center

Monterey, CA

Escondido Promenade

Escondido, CA

Fairfax Junction

Fairfax, VA

Federal Plaza

Rockville, MD

Finley Square

Downers Grove, IL

Fresh Meadows

Queens, NY

Friendship Center

Washington, DC

Governor Plaza

Glen Burnie, MD

Grossmont Center

La Mesa, CA

Huntington

Huntington, NY

Huntington Square

East Northport, NY

Langhorne Square

Levittown, PA

Northeast

Philadelphia, PA

Pike & Rose (2)

North Bethesda, MD

Pike 7 Plaza

Vienna, VA

Providence Place

Fairfax, VA

Riverpoint Center

Chicago, IL

Santana Row (3)

San Jose, CA

Shops at Pembroke Gardens

Pembroke Pines, FL

The AVENUE at White Marsh

White Marsh, MD

Tower Shopping Center

Springfield, VA

Troy Hills

Parsippany-Troy, NJ

Village at Shirlington

Arlington, VA

Virginia Gateway

Gainesville, VA

Willow Grove

Willow Grove, PA

Willow Lawn

Richmond, VA

Wynnewood

Wynnewood, PA

Notes:

(1)Remaining entitlements at Assembly Row include approximately 1.5 million square feet of commercial-use buildings and 326 residential units.

(2)Remaining entitlements at Pike & Rose include approximately 530,000 square feet of commercial-use buildings and 741 residential units.

(3)Remaining entitlements at Santana Row include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space across from Santana Row.

(4)Property expansion/conversion includes opportunities at successful retail properties to convert previously underutilized land into new GLA, to convert other existing uses into more productive uses for the property, and/or to add both single tenant and multi-tenant stand alone pad buildings.

(5)Residential includes opportunities to add residential units to existing retail and mixed-use properties.

Federal Realty Investment Trust

Significant Transactions

March 31, 2025

Property Acquisition

Date

Property

City/State

GLA

Purchase Price

Principal Tenants

(in square feet)

(in millions)

February 25, 2025

Del Monte Shopping Center

Monterey, California

675,000

123.5

Whole Foods / Macy's / Petco / Pottery Barn / Apple

Property Disposition

Date

Property

City/State

Sales Price

(in millions)

January 7, 2025

White Marsh Other (portion)

Baltimore, Maryland

3.4

Financing Transactions

Issuance of Common Shares

During the three months ended March 31, 2025, we settled our remaining open forward sales agreements by issuing 476,497 common shares which were sold at a weighted average gross offering price of $115.43.

Amendment and Restatement of Term Loan

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $1.0 billion borrowed under the restated agreement. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10% adjustment to SOFR.

Share Repurchase Program

On April 10, 2025, we announced that our Board of Trustees had approved a new common share repurchase program, under which we may purchase up to $300.0 million of our outstanding common shares of beneficial interest, $0.01 par value per share from time to time using a variety of methods, including open market, privately negotiated transactions or otherwise. As of May 8, 2025, no common shares have been repurchased through the program.


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2025
Property Name		MSA Description	Real Estate at Cost		Acreage	GLA (1)	% Leased (1)		Residential Units	Grocery Anchor GLA	Grocery Anchor (2)	Other Retail Tenants
			(in thousands)
Washington Metropolitan Area
Barcroft Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	$	51,852	10	113,000	98	%		46,000	Harris Teeter
Bethesda Row	(3)	Washington-Arlington-Alexandria, DC-VA-MD-WV	271,965		17	531,000	97	%	180	40,000	Giant Food	Apple / Anthropologie / Equinox / Multiple Restaurants
Birch & Broad		Washington-Arlington-Alexandria, DC-VA-MD-WV	26,152		10	144,000	100	%		51,000	Giant Food	CVS / Staples
Chesterbrook	(4)	Washington-Arlington-Alexandria, DC-VA-MD-WV	48,742		9	89,000	83	%		35,000	Safeway	Starbucks
Congressional Plaza	(4)	Washington-Arlington-Alexandria, DC-VA-MD-WV	108,080		21	325,000	80	%	194	25,000	The Fresh Market	Ulta / Barnes & Noble / Container Store
Courthouse Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	7,618		2	33,000	81	%
Fairfax Junction	(5)	Washington-Arlington-Alexandria, DC-VA-MD-WV	46,804		11	124,000	98	%		23,000	Aldi	CVS / Planet Fitness
Federal Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	74,307		18	249,000	94	%		14,000	Trader Joe's	TJ Maxx / Micro Center / Ross Dress for Less
Friendship Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	40,261		1	54,000	100	%				Marshalls / Maggiano's
Gaithersburg Square		Washington-Arlington-Alexandria, DC-VA-MD-WV	39,670		16	204,000	99	%				Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS
Graham Park Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	27,991		10	133,000	95	%		58,000	Giant Food
Idylwood Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	18,616		7	73,000	100	%		30,000	Whole Foods
Kingstowne Towne Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	212,052		45	411,000	100	%		135,000	Giant Food / Safeway	TJ Maxx / HomeGoods / Ross Dress for Less
Laurel		Washington-Arlington-Alexandria, DC-VA-MD-WV	62,124		26	367,000	96	%		61,000	Giant Food	Marshalls / L.A. Fitness / HomeGoods
Montrose Crossing		Washington-Arlington-Alexandria, DC-VA-MD-WV	171,868		36	369,000	98	%		73,000	Giant Food / Target (S)	Marshalls / Home Depot Design Center / Old Navy / Burlington
Mount Vernon/South Valley/7770 Richmond Hwy	(5)	Washington-Arlington-Alexandria, DC-VA-MD-WV	98,249		40	565,000	97	%		62,000	Shoppers Food Warehouse	TJ Maxx / Home Depot / Old Navy / Burlington
Old Keene Mill		Washington-Arlington-Alexandria, DC-VA-MD-WV	19,809		10	90,000	100	%		14,000	Trader Joe's	Walgreens / Planet Fitness
Pike & Rose		Washington-Arlington-Alexandria, DC-VA-MD-WV	893,364		24	887,000	100	%	765			Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants
Pike 7 Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	56,721		13	175,000	98	%		24,000	Lidl	TJ Maxx / DSW / Ulta
Plaza del Mercado		Washington-Arlington-Alexandria, DC-VA-MD-WV	46,956		10	116,000	98	%		18,000	Aldi	CVS / L.A. Fitness
Providence Place		Washington-Arlington-Alexandria, DC-VA-MD-WV	37,653		25	228,000	93	%		65,000	Safeway	Micro Center / CVS / Michaels
Quince Orchard	(3)	Washington-Arlington-Alexandria, DC-VA-MD-WV	41,495		16	271,000	87	%		19,000	Aldi	HomeGoods / L.A. Fitness / Staples
Tower Shopping Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	29,037		12	109,000	97	%		26,000	L.A. Mart	Total Wine & More / Talbots
Twinbrooke Centre		Washington-Arlington-Alexandria, DC-VA-MD-WV	37,767		10	101,000	98	%		35,000	Safeway	Outback Steakhouse
Tyson's Station		Washington-Arlington-Alexandria, DC-VA-MD-WV	6,651		5	48,000	97	%		15,000	Trader Joe's
Village at Shirlington	(3)	Washington-Arlington-Alexandria, DC-VA-MD-WV	76,310		16	276,000	88	%		28,000	Harris Teeter	CVS / AMC / Multiple Restaurants
Virginia Gateway		Washington-Arlington-Alexandria, DC-VA-MD-WV	208,736		110	668,000	97	%		70,000	Giant Food / Target (S) / BJ's Wholesale Club (S)	HomeGoods / Total Wine & More / Best Buy / Ulta / Lowe's (S)
Westpost		Washington-Arlington-Alexandria, DC-VA-MD-WV	119,288		14	298,000	96	%		79,000	Harris Teeter / Target	TJ Maxx / Ulta / Walgreens / DSW
Wildwood		Washington-Arlington-Alexandria, DC-VA-MD-WV	28,561		12	88,000	100	%		20,000	Balducci's	CVS / Multiple Restaurants
Total Washington Metropolitan Area			2,908,699		556	7,139,000	96	%

California
Azalea	(4)	Los Angeles-Long Beach-Anaheim, CA	109,356		22	226,000	98	%			Walmart (S)	Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens	(3)(4)	Los Angeles-Long Beach-Anaheim, CA	119,893		32	371,000	97	%		108,000	Food 4 Less / El Super	Marshalls / Ross Dress for Less / Bob's Discount Furniture


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2025
Property Name		MSA Description	Real Estate at Cost	Acreage	GLA (1)	% Leased (1)		Residential Units	Grocery Anchor GLA	Grocery Anchor (2)	Other Retail Tenants
			(in thousands)
Colorado Blvd	(3)	Los Angeles-Long Beach-Anaheim, CA	14,045	1	42,000	73	%				Banana Republic / True Food Kitchen
Crow Canyon Commons		San Francisco-Oakland-Hayward, CA	93,707	22	239,000	84	%		32,000	Sprouts	Total Wine & More / Alamo Ace Hardware
Del Monte Shopping Center		Salinas, CA	129,566	46	675,000	83	%		25,000	Whole Foods	Macy's / Petco / Pottery Barn / Apple
East Bay Bridge		San Francisco-Oakland-Hayward, CA	178,946	32	441,000	88	%		199,000	Pak-N-Save / Target	Home Depot / Nordstrom Rack / Michaels
Escondido Promenade		San Diego-Carlsbad, CA	135,469	18	298,000	98	%			Target (S)	TJ Maxx / Dick’s Sporting Goods / Ross Dress for Less / Bob's Discount Furniture
Fourth Street	(4)	San Francisco-Oakland-Hayward, CA	28,108	3	70,000	47	%				CB2
Freedom Plaza	(3)(4)	Los Angeles-Long Beach-Anaheim, CA	44,139	9	114,000	95	%		31,000	Smart & Final	Nike / Blink Fitness / Ross Dress for Less
Grossmont Center	(4)	San Diego-Carlsbad, CA	178,133	64	866,000	96	%		294,000	Target / Walmart	Barnes & Noble / Macy's / CVS
Hastings Ranch Plaza	(3)	Los Angeles-Long Beach-Anaheim, CA	25,793	15	273,000	100	%				Marshalls / HomeGoods / CVS
Hollywood Blvd		Los Angeles-Long Beach-Anaheim, CA	62,109	3	181,000	86	%		39,000	Target	Marshalls / L.A. Fitness / CVS

Old Town Center		San Jose-Sunnyvale-Santa Clara, CA	44,304	8	99,000	89	%				Anthropologie / Sephora / Arhaus Furniture / Teleferic Barcelona
Olivo at Mission Hills	(4)	Los Angeles-Long Beach-Anaheim, CA	82,908	12	155,000	100	%		32,000	Target	24 Hour Fitness / Ross Dress for Less / Ulta
Pinole Vista Crossing		San Francisco-Oakland-Hayward, CA	58,505	19	216,000	100	%		43,000	FoodMaxx	TJ Maxx / Nordstrom Rack / HomeGoods / Ulta
Plaza Del Sol	(4)	Los Angeles-Long Beach-Anaheim, CA	17,923	4	48,000	98	%			Superior Grocers (S)	Marshalls
Plaza El Segundo / The Point		Los Angeles-Long Beach-Anaheim, CA	310,925	50	503,000	98	%		66,000	Whole Foods	Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center	(3)(5)	San Jose-Sunnyvale-Santa Clara, CA	52,261	22	213,000	100	%		141,000	Trader Joe's / Walmart	24 Hour Fitness
Santana Row	(3)	San Jose-Sunnyvale-Santa Clara, CA	1,364,959	45	1,231,000	98	%	662			Crate & Barrel / Container Store / Best Buy / Sephora / Multiple Restaurants
Sylmar Towne Center	(4)	Los Angeles-Long Beach-Anaheim, CA	48,563	12	148,000	92	%		43,000	Food 4 Less	CVS
Westgate Center		San Jose-Sunnyvale-Santa Clara, CA	161,472	44	650,000	92	%		210,000	Target / TBA	Nordstrom Rack / Nike Factory / TJ Maxx / Ross Dress for Less
		Total California	3,261,084	483	7,059,000	94	%

NY Metro/New Jersey
Brick Plaza	(3)	New York-Newark-Jersey City, NY-NJ-PA	104,881	46	403,000	97	%		14,000	Trader Joe's	AMC / HomeGoods / Ulta / Burlington
Brook 35	(4) (5)	New York-Newark-Jersey City, NY-NJ-PA	54,431	11	98,000	95	%				Banana Republic / Gap / Tommy's Tavern + Tap
Darien Commons		Bridgeport-Stamford-Norwalk, CT	152,059	9	120,000	89	%	124			Equinox / Walgreens / Multiple Restaurants
Fresh Meadows		New York-Newark-Jersey City, NY-NJ-PA	97,034	17	408,000	98	%		43,000	Lidl / Island of Gold	AMC / Kohl's / Planet Fitness
Georgetowne Shopping Center		New York-Newark-Jersey City, NY-NJ-PA	86,898	9	147,000	93	%		43,000	Foodway	Five Below / IHOP
Greenlawn Plaza		New York-Newark-Jersey City, NY-NJ-PA	34,347	13	103,000	94	%		46,000	Greenlawn Farms	Planet Fitness
Greenwich Avenue		Bridgeport-Stamford-Norwalk, CT	23,748	1	35,000	100	%				Saks Fifth Avenue
Hauppauge		New York-Newark-Jersey City, NY-NJ-PA	42,535	15	134,000	94	%		61,000	Shop Rite	TJ Maxx / Five Below
Hoboken	(4) (6)	New York-Newark-Jersey City, NY-NJ-PA	230,298	4	171,000	100	%	129			CVS / New York Sports Club / Sephora / Multiple Restaurants
Huntington		New York-Newark-Jersey City, NY-NJ-PA	113,817	21	211,000	98	%		43,000	Whole Foods	Petsmart / REI / Ulta / Container Store
Huntington Square		New York-Newark-Jersey City, NY-NJ-PA	52,271	18	244,000	94	%		20,000	Aldi / Stop & Shop (S)	At Home / AMC
Melville Mall	(3)	New York-Newark-Jersey City, NY-NJ-PA	105,155	21	253,000	100	%		53,000	Uncle Giuseppe's Marketplace	Marshalls / Dick's Sporting Goods


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2025
Property Name		MSA Description		Real Estate at Cost		Acreage		GLA (1)			% Leased (1)		Residential Units	Grocery Anchor GLA	Grocery Anchor (2)	Other Retail Tenants
				(in thousands)
Mercer on One	(3)	Trenton, NJ		123,480		50		549,000			100	%		75,000	Shop Rite	Nike / Ross Dress for Less / Nordstrom Rack / REI / Tesla
The Grove at Shrewsbury	(4) (5)	New York-Newark-Jersey City, NY-NJ-PA		137,031		21		191,000			99	%				Bloomies / Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
Troy Hills		New York-Newark-Jersey City, NY-NJ-PA		36,699		19		211,000			100	%		65,000	Target	Floor & Décor / Michaels
		Total NY Metro/New Jersey		1,394,684		275		3,278,000			97	%

New England
Assembly Row / Assembly Square Marketplace		Boston-Cambridge-Newton, MA-NH		1,143,241		65		1,230,000			97	%	947	18,000	Trader Joe's	TJ Maxx / AMC / Nike / Burlington / Multiple Restaurants
Campus Plaza		Boston-Cambridge-Newton, MA-NH		32,026		15		114,000			96	%		46,000	Roche Bros.	Burlington / Five Below
Chelsea Commons		Boston-Cambridge-Newton, MA-NH		40,824		36		233,000			100	%				Home Depot / Planet Fitness / CVS / Burlington
Dedham Plaza		Boston-Cambridge-Newton, MA-NH		52,839		20		253,000			95	%		80,000	Star Market	Planet Fitness
Linden Square		Boston-Cambridge-Newton, MA-NH		158,962		19		224,000			98	%	7	50,000	Roche Bros.	CVS / Multiple Restaurants
North Dartmouth		Providence-Warwick, RI-MA		9,369		28		48,000			100	%		48,000	Stop & Shop
Queen Anne Plaza		Boston-Cambridge-Newton, MA-NH		19,814		17		149,000			99	%		50,000	Big Y Foods	TJ Maxx / HomeGoods
		Total New England		1,457,075		200		2,251,000			98	%

Philadelphia Metropolitan Area
Andorra		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		33,562		22		222,000			95	%		31,000	TBA	TJ Maxx / Kohl's / L.A. Fitness / Five Below
Bala Cynwyd on City Avenue		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		96,806		23		174,000			95	%	87	45,000	Acme Markets	Michaels / L.A. Fitness
Ellisburg		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		39,379		28		260,000			88	%		47,000	Whole Foods	Five Below / RH Outlet
Flourtown		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		19,806		24		158,000			98	%		75,000	Giant Food	Movie Tavern
Langhorne Square		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		24,467		21		223,000			98	%		55,000	Redner's Warehouse Markets	Marshalls / Planet Fitness
Lawrence Park		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		66,026		29		357,000			100	%		53,000	Acme Markets	TJ Maxx / HomeGoods / Barnes & Noble
Northeast		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		35,703		15		209,000			96	%			Lidl (S)	Marshalls / Ulta / Skechers / Crunch Fitness
Willow Grove		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		54,503		13		86,000			98	%		31,000	Amazon Food	Marshalls / Five Below
Wynnewood		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		44,784		14		239,000			97	%	9	98,000	Giant Food	Old Navy / DSW
Total Philadelphia Metropolitan Area			415,036		189		1,928,000		96	%


South Florida
CocoWalk	(7)	Miami-Fort Lauderdale-West Palm Beach, FL		206,110		3		278,000			99	%				Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar Village		Miami-Fort Lauderdale-West Palm Beach, FL		76,220		17		187,000			99	%		44,000	Winn Dixie	CVS / L.A. Fitness
Shops at Pembroke Gardens		Miami-Fort Lauderdale-West Palm Beach, FL		187,293		41		391,000			100	%				Nike Factory / Old Navy / DSW / Barnes & Noble
Tower Shops		Miami-Fort Lauderdale-West Palm Beach, FL		105,704		67		431,000			99	%		12,000	Trader Joe's / Costco (S)	TJ Maxx / Ross Dress For Less / Best Buy / Ulta
		Total South Florida		575,327		128		1,287,000			99	%

Baltimore
Governor Plaza		Baltimore-Columbia-Towson, MD		35,459		24		243,000			100	%		16,500	Aldi	Dick's Sporting Goods / Ross Dress for Less / Petco / Bob's Discount Furniture


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2025
Property Name		MSA Description	Real Estate at Cost		Acreage	GLA (1)	% Leased (1)		Residential Units	Grocery Anchor GLA	Grocery Anchor (2)	Other Retail Tenants
			(in thousands)
Perring Plaza		Baltimore-Columbia-Towson, MD	42,316		29	397,000	100	%		57,000	Giant Food	Home Depot / Dick's Sporting Goods / Micro Center
THE AVENUE at White Marsh	(5)	Baltimore-Columbia-Towson, MD	137,303		35	315,000	100	%				AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham Square		Baltimore-Columbia-Towson, MD	19,669		4	33,000	100	%
White Marsh Other		Baltimore-Columbia-Towson, MD	23,800		13	43,000	100	%
White Marsh Plaza		Baltimore-Columbia-Towson, MD	27,099		7	80,000	98	%		54,000	Giant Food
		Total Baltimore	285,646		112	1,111,000	100	%

Chicago
Crossroads		Chicago-Naperville-Elgin, IL-IN-WI	37,789		14	168,000	97	%				L.A. Fitness / Ulta / Binny's / Ferguson Home
Finley Square		Chicago-Naperville-Elgin, IL-IN-WI	41,256		21	257,000	93	%				Michaels / Five Below / Portillo's
Garden Market		Chicago-Naperville-Elgin, IL-IN-WI	16,892		11	141,000	99	%		63,000	Mariano's Fresh Market	Walgreens
Riverpoint Center		Chicago-Naperville-Elgin, IL-IN-WI	123,000		17	211,000	96	%		86,000	Jewel Osco	Marshalls / Old Navy
		Total Chicago	218,937		63	777,000	96	%

Other
Barracks Road		Charlottesville, VA	76,235		40	495,000	90	%		99,000	Harris Teeter / Kroger	Anthropologie / Old Navy / Ulta / Michaels
Bristol Plaza		Hartford-West Hartford-East Hartford, CT	36,751		22	264,000	93	%		74,000	Stop & Shop	TJ Maxx / Burlington
Camelback Colonnade	(4)	Phoenix-Mesa-Chandler, AZ	184,397		41	643,000	91	%		82,000	Fry's Food & Drug	Marshalls / Nordstrom Last Chance / Best Buy / Floor & Décor
Gratiot Plaza		Detroit-Warren-Dearborn, MI	21,589		20	205,000	99	%		69,000	Kroger	Best Buy / DSW
Lancaster	(3)	Lancaster, PA	8,658		11	126,000	99	%		75,000	Giant Food	AutoZone
The Shops at Hilton Village	(3)(4)	Phoenix-Mesa-Chandler, AZ	88,164		18	305,000	85	%				CVS / Houston's
29th Place		Charlottesville, VA	41,007		15	168,000	99	%				HomeGoods / DSW / Staples
Willow Lawn		Richmond, VA	108,920		37	463,000	99	%		66,000	Kroger	Old Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta
		Total Other	565,721		204	2,669,000	93	%

Grand Total			$	11,082,209	2,210	27,499,000	96	%	3,104


Notes:
(1)			Represents the GLA and percentage leased of the commercial portion of the property. Some of our properties include office space which is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.

(2)			TBA indicates that a lease is signed.
(3)			All or a portion of this property is owned pursuant to a ground lease.
(4)			The Trust has a controlling financial interest in this property.
(5)			All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.


(6)			This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.
(7)			This property includes CocoWalk and four buildings in Coconut Grove.
(S)			Grocer is a shadow anchor located adjacent to the property, but is not part of the owned property.


Federal Realty Investment Trust
Retail Leasing Summary (1)
March 31, 2025

Total Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft. (PSF)		Prior Rent (4) PSF			Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
1st Quarter 2025	87	100	%	368,759	$	40.63	$	38.51		$	783,686	6	%	17		%	7.2	$	7,139,430	$	19.36
4th Quarter 2024	100	100	%	649,372	$	34.29	$	31.18		$	2,020,370	10	%	21		%	7.5	$	16,035,867	$	24.69
3rd Quarter 2024	126	100	%	580,977	$	34.94	$	30.51		$	2,570,061	14	%	26		%	6.8	$	15,265,974	$	26.28
2nd Quarter 2024	122	100	%	594,361	$	37.72	$	34.29		$	2,039,521	10	%	23		%	8.0	$	15,045,191	$	25.31
Total - 12 months	435	100	%	2,193,469	$	36.46	$	33.08		$	7,413,638	10	%	22		%	7.4	$	53,486,462	$	24.38

New Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) PSF		Prior Rent (4) PSF			Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
1st Quarter 2025	34	39	%	174,707	$	34.39	$	33.82		$	98,831	2	%	13		%	8.8	$	6,851,351	$	39.22
4th Quarter 2024	49	49	%	213,306	$	39.60	$	35.53		$	866,876	11	%	25		%	9.5	$	13,999,311	$	65.63
3rd Quarter 2024	61	48	%	229,736	$	39.27	$	32.77		$	1,493,915	20	%	32		%	9.0	$	15,140,988	$	65.91
2nd Quarter 2024	52	43	%	313,365	$	34.58	$	30.83		$	1,173,072	12	%	26		%	9.4	$	14,209,970	$	45.35
Total - 12 months	196	45	%	931,114	$	36.85	$	32.95		$	3,632,694	12	%	25		%	9.2	$	50,201,620	$	53.92

Renewal Lease Summary - Comparable (2) (7)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) PSF		Prior Rent (4) PSF			Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
1st Quarter 2025	53	61	%	194,052	$	46.25	$	42.72		$	684,855	8	%	19		%	6.2	$	288,079	$	1.48
4th Quarter 2024	51	51	%	436,066	$	31.69	$	29.05		$	1,153,494	9	%	18		%	6.2	$	2,036,556	$	4.67
3rd Quarter 2024	65	52	%	351,241	$	32.10	$	29.04		$	1,076,146	11	%	20		%	5.0	$	124,986	$	0.36
2nd Quarter 2024	70	57	%	280,996	$	41.24	$	38.15		$	866,449	8	%	21		%	6.6	$	835,221	$	2.97
Total - 12 months	239	55	%	1,262,355	$	36.17	$	33.17		$	3,780,944	9	%	20		%	6.0	$	3,284,842	$	2.60

Total Lease Summary - Comparable and Non-comparable (2) (8)
Quarter					Number of Leases Signed		% of Comparable Leases			GLA Signed				Contractual Rent (3) PSF			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
1st Quarter 2025					91		96		%	429,865				$	39.69		8.0	$	12,616,558	$	29.35
4th Quarter 2024					103		97		%	653,869				$	34.53		7.5	$	16,702,801	$	25.54
3rd Quarter 2024					129		98		%	592,527				$	35.04		6.8	$	15,952,885	$	26.92
2nd Quarter 2024					124		98		%	600,669				$	37.77		8.0	$	15,045,191	$	25.05
Total - 12 months					447		97		%	2,276,930				$	36.49		7.6	$	60,317,435	$	26.49

Total Lease Summary - Comparable, Non-comparable, and Option Exercises (2) (8) (9)
Quarter					Number of Leases Signed					GLA Signed				Contractual Rent (3) PSF			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
1st Quarter 2025					118					827,104				$	33.23		7.0	$	12,616,558	$	15.25
4th Quarter 2024					124					883,840				$	31.94		7.0	$	16,702,801	$	18.90
3rd Quarter 2024					158					813,665				$	33.17		6.4	$	15,952,885	$	19.61
2nd Quarter 2024					149					805,880				$	36.03		7.3	$	15,045,191	$	18.67
Total - 12 months					549					3,330,489				$	33.55		6.9	$	60,317,435	$	18.11


Notes:
(1)			Information reflects activity in retail spaces only for consolidated properties; office and residential spaces are not included. See Glossary of Terms for further discussion of information included above.
(2)			Comparable leases represent those leases signed on spaces for which there was a former tenant. Contractual option exercises are not included unless they are fair market value options.
(3)			Contractual rent represents annual rent under the new lease.
(4)			Prior rent represents contractual rent, including percentage rent considered part of base rent, from the prior tenant in the final 12 months of the term.
(5)			Weighted average is determined on the basis of contractual rent for the lease.
(6)			See Glossary of Terms.
(7)			Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new.
(8)			The Number of Leases Signed, GLA Signed, Contractual Rent Per Sq. Ft. and Weighted Average Lease Term columns include information for leases signed at Phase III of Assembly Row and Phase IV of Pike & Rose. The Tenant Improvements & Incentives and Tenant Improvements & Incentives Per Sq. Ft. columns do not include the tenant improvements and incentives on leases signed for those projects; these amounts for leases signed are included in the projected costs for the respective projects.
(9)			Option exercises reflect a fixed rate contractual option under the lease agreement that was exercised during the period reflected.


Federal Realty Investment Trust
Lease Expirations
March 31, 2025

Assumes no exercise of lease options

	Anchor Tenants (1)				Small Shop Tenants				Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)	Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)	Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2025	610,000	4	%	$21.29	587,000	7	%	$33.31	1,197,000	5	%	$27.19
2026	1,535,000	9	%	$17.46	1,070,000	12	%	$46.38	2,606,000	10	%	$29.34
2027	2,088,000	12	%	$21.53	1,127,000	13	%	$52.56	3,215,000	12	%	$32.40
2028	2,030,000	12	%	$18.87	1,125,000	13	%	$49.89	3,155,000	12	%	$29.93
2029	2,277,000	13	%	$25.22	1,198,000	14	%	$49.39	3,475,000	14	%	$33.55
2030	1,493,000	9	%	$20.41	866,000	10	%	$50.39	2,359,000	9	%	$31.41
2031	946,000	5	%	$26.43	600,000	7	%	$48.98	1,546,000	6	%	$35.18
2032	1,686,000	10	%	$29.15	648,000	8	%	$46.33	2,334,000	9	%	$33.92
2033	963,000	6	%	$24.67	530,000	6	%	$47.71	1,492,000	6	%	$32.85
2034	819,000	5	%	$22.26	459,000	5	%	$48.62	1,278,000	5	%	$31.72
Thereafter	2,647,000	15	%	$28.32	444,000	5	%	$51.86	3,091,000	12	%	$31.70
Total (3)	17,094,000	100	%	$23.52	8,654,000	100	%	$48.23	25,748,000	100	%	$31.82

Assumes all lease options are exercised

	Anchor Tenants (1)				Small Shop Tenants				Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)	Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)	Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2025	405,000	2	%	$24.71	562,000	6	%	$32.79	967,000	4	%	$29.40
2026	722,000	4	%	$15.21	745,000	9	%	$45.24	1,467,000	6	%	$30.46
2027	618,000	4	%	$20.18	627,000	7	%	$52.45	1,246,000	5	%	$36.43
2028	473,000	3	%	$20.19	613,000	7	%	$47.33	1,086,000	4	%	$35.52
2029	602,000	4	%	$26.89	663,000	8	%	$48.87	1,265,000	5	%	$38.41
2030	250,000	1	%	$22.67	528,000	6	%	$49.73	777,000	3	%	$41.04
2031	429,000	3	%	$20.44	420,000	5	%	$48.31	849,000	3	%	$34.22
2032	360,000	2	%	$30.62	475,000	5	%	$52.11	835,000	3	%	$42.84
2033	360,000	2	%	$23.43	486,000	6	%	$53.70	846,000	3	%	$40.80
2034	576,000	3	%	$28.09	498,000	6	%	$48.53	1,074,000	4	%	$37.57
Thereafter	12,299,000	72	%	$23.81	3,037,000	35	%	$49.19	15,336,000	60	%	$28.83
Total (3)	17,094,000	100	%	$23.52	8,654,000	100	%	$48.23	25,748,000	100	%	$31.82


Notes:
(1)			Anchor is defined as a commercial tenant leasing 10,000 square feet or more.
(2)			Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rent as of March 31, 2025.
(3)			Represents occupied square footage of the commercial portion of our portfolio as of March 31, 2025.
(4)			Individual items may not add up to total due to rounding.


Federal Realty Investment Trust
Portfolio Leased Statistics
March 31, 2025

	As of:
	March 31, 2025		December 31, 2024		March 31, 2024

Commercial Properties

Overall Portfolio (1)(2)
Gross Leasable Area (GLA)	27,499,000		26,832,000		26,198,000
Leased %	95.7	%	96.2	%	94.3	%
Occupied %	93.6	%	94.1	%	92.0	%
Leased % - anchor tenants	96.8	%	97.5	%	95.8	%
Leased % - small shop tenants	93.5	%	93.6	%	91.4	%
Active commercial tenant leases	3,539		3,474		3,303

Comparable Properties (1)(4)
GLA	24,491,000		24,516,000		24,535,000
Leased %	95.9	%	96.1	%	94.3	%
Occupied %	93.6	%	93.7	%	91.8	%

Residential Properties

Overall Portfolio (1)(2)(3)
Residential units	3,104		3,104		3,104
Leased %	94.9	%	95.2	%	96.3	%


Notes:
(1)			See Glossary of terms.

(2)			Excludes redevelopment square footage and residential units not yet placed in service.
(3)			As of March 31, 2025, all of our residential units are considered comparable.
(4)			Prior periods are adjusted for the current comparable property pool.


Federal Realty Investment Trust
Summary of Top 25 Tenants
March 31, 2025

Rank	Tenant Name	Credit Ratings (S&P/Moody's) (1)	Annualized Base Rent		Percentage of Total Annualized Base Rent (3)		Tenant GLA	Percentage of Total GLA (3)		Number of Locations Leased

1	TJX Companies, The	A / A2	$	23,964,000	2.59	%	1,220,000	4.01	%	40
2	Ahold Delhaize	BBB+ / Baa1	$	17,351,000	1.87	%	903,000	2.97	%	14
3	NetApp, Inc.	BBB+ / Baa2	$	15,212,000	1.64	%	304,000	1.00	%	1
4	Cisco Systems, Inc.	AA- / A1	$	14,076,000	1.52	%	267,000	0.88	%	2
5	Gap, Inc., The	BB / Ba2	$	11,671,000	1.26	%	338,000	1.11	%	32
6	CVS Corporation	BBB / Baa3	$	11,155,000	1.20	%	272,000	0.89	%	20
7	Fitness International LLC	B / B2	$	9,265,000	1.00	%	354,000	1.16	%	9
8	Albertsons Companies Inc. (Acme, Balducci's, Safeway)	BB+ / Ba1	$	8,610,000	0.93	%	544,000	1.79	%	10
9	Ross Stores, Inc.	BBB+ / A2	$	8,104,000	0.87	%	365,000	1.20	%	13
10	KnitWell Group (Ann Taylor, Chico's, Loft, Talbots, White House Black Market, Soma, Lane Bryant)	NR / NR	$	8,044,000	0.87	%	195,000	0.64	%	38
11	Home Depot, Inc.	A / A2	$	7,587,000	0.82	%	478,000	1.57	%	6
12	AMC Entertainment Inc.	CCC+ / Caa2	$	7,399,000	0.80	%	283,000	0.93	%	6
13	Kroger Co., The	BBB / Baa1	$	7,349,000	0.79	%	611,000	2.01	%	12
14	Dick's Sporting Goods, Inc.	BBB / Baa2	$	7,349,000	0.79	%	397,000	1.31	%	8
15	PUMA North America, Inc.	NR / NR	$	7,135,000	0.77	%	155,000	0.51	%	2
16	Bank of America, N.A.	A- / A1	$	6,719,000	0.72	%	113,000	0.37	%	21
17	Ulta Beauty, Inc.	NR / NR	$	6,622,000	0.71	%	192,000	0.63	%	18
18	Target Corporation	A / A2	$	6,578,000	0.71	%	627,000	2.06	%	7
19	Whole Foods Market, Inc.	AA- / A1	$	6,404,000	0.69	%	211,000	0.69	%	5
20	Bob's Discount Furniture, LLC	NR / NR	$	6,360,000	0.69	%	235,000	0.77	%	6
21	Michaels Stores, Inc.	B- / B3	$	5,952,000	0.64	%	316,000	1.04	%	14
22	Choice Hotels International, Inc.	BBB- / Baa3	$	5,728,000	0.62	%	109,000	0.36	%	1
23	Starbucks Corporation	BBB+ / Baa1	$	5,707,000	0.62	%	80,000	0.26	%	44
24	JPMorgan Chase Bank	A / A1	$	5,563,000	0.60	%	86,000	0.28	%	20
25	J.Crew Group, LLC	B / B2	$	5,198,000	0.56	%	102,000	0.34	%	19
	Totals - Top 25 Tenants		$	225,102,000	24.28	%	8,757,000	28.81	%	368

	Total (5):		$	927,005,000	(2)		30,400,000	(4)

Notes:
(1)	Credit Ratings are as of March 31, 2025. Subsequent rating changes have not been reflected.
(2)	See Glossary of Terms.
(3)	Individual items may not add up to total due to rounding.
(4)	Excludes redevelopment square footage not yet placed in service.
(5)	Totals reflect both the commercial and residential portions of our properties.

Federal Realty Investment Trust

Reconciliation of FFO Guidance

March 31, 2025

The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated FFO per diluted share for the full year 2025.


	Full Year 2025 Guidance Range (1)

	Low		High
Estimated net income available to common shareholders, per diluted share	$	3.00	$	3.12
Adjustments:
Estimated gain on sale of real estate, net	(0.01)		(0.01)
Estimated depreciation and amortization	4.12		4.12
Estimated FFO per diluted share	$	7.11	$	7.23

Note:

See Glossary of Terms. Individual items may not add up to total due to rounding.


Guidance Assumptions:

Comparable properties growth (2)			3% - 4%



Lease termination fees			$4 - $5 million
Incremental redevelopment/expansion POI (3)			$3 - $5 million
General and administrative expenses			$45 - $47 million

Development/redevelopment capital			$175 - $225 million

Capitalized interest			$12 - $14 million
Tax credit transaction income, net			~ $13 million
Disposed Properties - 2024 POI			$5 million

Notes:

(1)Does not assume the impact of potential acquisitions or dispositions which have not closed as of May 7, 2025.

(2)Includes a 0.4% negative impact from lower collection of prior period rents which were contractually deferred, specifically related to the COVID-19 pandemic.

(3)Includes the expected additional POI to be recognized in 2025 compared to the amount recognized in 2024 from all of the redevelopments listed on page 15. Does not include any additional POI from "Active Property Improvement Projects."

Glossary of Terms

EBITDA for Real Estate ("EBITDAre"): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("NAREIT") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain or loss on sale of real estate, impairments of real estate and change in control of interest, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We calculate EBITDAre consistent with the NAREIT definition. As EBITDA is a widely known and understood measure of performance, management believes EBITDAre represents an additional non-GAAP performance measure, independent of a company's capital structure, that will provide investors with a uniform basis to measure the enterprise value of a company. EBITDAre also approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three months ended March 31, 2025 and 2024 is as follows:


	Three Months Ended
	March 31,
	2025		2024
	(in thousands)
Net income	$	66,578	$	58,016
Interest expense	42,475		43,693
Other interest income	(743)		(1,483)
Income tax benefit	(32)		(98)
Depreciation and amortization	86,946		83,404

Gain on sale of real estate	(1,171)		—
Adjustments of EBITDAre of unconsolidated affiliates	1,834		2,044
EBITDAre	$	195,887	$	185,576

Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

Property Operating Income: Rental income and mortgage interest income, less rental expenses and real estate taxes.

Overall Portfolio: Includes all consolidated operating properties owned in reporting period.

Comparable Properties: Represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. Comparable property growth statistics are calculated on a GAAP basis.

Annualized Base Rent (ABR): Represents aggregate, annualized in-place contractual (defined as rents billed on a cash basis without taking the impact of rent abatements into account) minimum rent for all occupied spaces as of the reporting period.

Retail Leasing Summary - Lease Rollover Calculation: The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold during the quarter or under contract to be sold. The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent considered to be part of base rent, and the comparable annual rent and in some instances, projections of percentage rent, to be paid on the new lease. In atypical circumstances, management may exercise judgement as to how to most effectively reflect the comparability of rents reported in the calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, capital investment made in the space and the specific lease structure.

Tenant Improvements and Incentives: Represents the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.

General: Property related statistics are the for the consolidated property portfolio except where noted.