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.
2
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.
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“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.
4
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
5
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 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.
6
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
7
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)
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
8
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."
9
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.
10
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.
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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.
12
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.
13
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.
14
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.
15
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
ü
Bala Cynwyd on City Avenue
Bala Cynwyd, PA
ü
ü
Barracks Road
Charlottesville, VA
ü
ü
Bethesda Row
Bethesda, MD
ü
ü
Camelback Colonnade
Phoenix, AZ
ü
ü
Chelsea Commons
Chelsea, MA
ü
Dedham Plaza
Dedham, MA
ü
Del Monte Shopping Center
Monterey, CA
ü
Escondido Promenade
Escondido, CA
ü
Fairfax Junction
Fairfax, VA
ü
ü
Federal Plaza
Rockville, MD
ü
Finley Square
Downers Grove, IL
ü
Fresh Meadows
Queens, NY
ü
Friendship Center
Washington, DC
ü
ü
Governor Plaza
Glen Burnie, MD
ü
Grossmont Center
La Mesa, CA
ü
Huntington
Huntington, NY
ü
Huntington Square
East Northport, NY
ü
Langhorne Square
Levittown, PA
ü
Northeast
Philadelphia, PA
ü
Pike & Rose (2)
North Bethesda, MD
ü
Pike 7 Plaza
Vienna, VA
ü
Providence Place
Fairfax, VA
ü
ü
Riverpoint Center
Chicago, IL
ü
Santana Row (3)
San Jose, CA
ü
Shops at Pembroke Gardens
Pembroke Pines, FL
ü
The AVENUE at White Marsh
White Marsh, MD
ü
Tower Shopping Center
Springfield, VA
ü
Troy Hills
Parsippany-Troy, NJ
ü
Village at Shirlington
Arlington, VA
ü
Virginia Gateway
Gainesville, VA
ü
Willow Grove
Willow Grove, PA
ü
ü
Willow Lawn
Richmond, VA
ü
Wynnewood
Wynnewood, PA
ü
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.
16
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.
17
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
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
20
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.
21
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.
22
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.
23
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.
24
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.
25
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."
26
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.
