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 and subsequent quarterly reports on Form 10-Q.
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 Third Quarter 2025 Results
NORTH BETHESDA, Md. (October 31, 2025) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the third quarter ended September 30, 2025. For the three months ended September 30, 2025 and 2024, net income available for common shareholders was $0.69 per diluted share and $0.70 per diluted share, respectively. Operating income for the same periods was $110.7 million and $105.8 million, respectively.
Highlights for the third quarter and subsequent to quarter-end include:
•Generated NAREIT funds from operations available to common shareholders (FFO) per diluted share of $1.77 for the quarter, compared to $1.71 for the third quarter of 2024, an increase of 3.5%.
•Achieved an all-time record leasing volume of 727,029 square feet of comparable retail space over 123 leases with rent growth of:
◦28% on a cash basis
◦43% on a straight-line basis
•Generated comparable property operating income (POI) growth of 4.4%, excluding lease termination fees and prior period rents collected.
•Reported comparable portfolio occupancy of 94.0% and a leased rate of 95.7% at quarter end, with:
◦Occupancy up 40 basis points and leased rate up 10 basis points quarter-over-quarter
◦Occupancy up 20 basis points and leased rate down 10 basis points year-over-year
•Continued strong small shop leased rate, ending the quarter at 93.3% leased representing an increase of 20 basis points year-over-year.
•Subsequent to quarter end, announced the acquisition of Annapolis Town Center in Annapolis, Maryland totaling 479,000 square feet for a purchase price of $187 million.
•Ended the quarter with approximately $1.3 billion in total liquidity.
•Updated guidance for 2025 earnings per diluted share to $3.93 - $3.99.
•Raised guidance for 2025 FFO per diluted share to $7.05 - $7.11, which excludes $0.15 of one-time new market tax credit (“NMTC”) transaction income that occurred in the second quarter, representing 4.6% growth at the midpoint year-over-year.
3
“Our third quarter performance reflects the strength of our portfolio and the discipline of our strategy,” said Donald C. Wood, Chief Executive Officer of Federal Realty. “Record leasing volume and some of the strongest rent spreads in our history underscore the demand for our properties and the power of our platform. We’re driving NOI growth and maintaining sharp focus on disciplined capital allocation that drives compounding growth over time.”
Financial Results
Net Income
For the third quarter 2025, net income available for common shareholders was $59.6 million and earnings per diluted share was $0.69 versus $58.9 million and $0.70, respectively, for the third quarter 2024.
FFO
For the third quarter 2025, FFO was $153.0 million, or $1.77 per diluted share. This compares to $144.6 million, or $1.71 per diluted share for the third 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 September 30, 2025:
•The comparable portfolio occupancy was 94.0%, up 40 basis points sequentially and up 20 basis points year-over-year.
•Comparable portfolio leased rate was 95.7%, up 10 basis points sequentially and down 10 basis points year-over-year.
•Small shop leased rate was 93.3%, down 10 basis points sequentially and up 20 basis points year-over-year.
The residential leased rate was 96.0% as of September 30, 2025.
Leasing Activity
During the third quarter 2025, Federal Realty signed 132 leases totaling 774,890 square feet of retail space. On a comparable space basis, the company signed 123 leases for 727,029 square feet at an average rent of $35.71 per square foot, compared to $27.85 under prior leases, representing a 28% increase on a cash basis and 43% increase on a straight-line basis.
Transaction Activity
•October 10, 2025 – acquired Annapolis Town Center, a premier open-air retail center in Annapolis, MD totaling approximately 479,000 square feet, for $187 million.
•July 1, 2025 – acquired Town Center Crossing and Town Center Plaza, two dominant open-air retail centers in Leawood, KS totaling approximately 552,000 square feet, for $289 million.
4
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.13 per common share, resulting in an indicated annual rate of $4.52 per common share. The regular common dividend will be payable on January 15, 2026 to common shareholders of record as of January 2, 2026.
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 January 15, 2026 to shareholders of record as of January 2, 2026.
2025 Guidance
Federal Realty has tightened its 2025 earnings per diluted share guidance and raised and tightened its 2025 FFO guidance, as summarized in the table below:
Full Year 2025 Guidance
Revised Guidance
Prior Guidance
2025 Earnings per diluted share
$3.93 to $3.99
$3.91 to $4.01
2025 FFO per diluted share
$7.20 to $7.26
$7.16 to $7.26
2025 FFO per diluted share, excluding NMTC transaction income1
$7.05 to $7.11
$7.01 to $7.11
1.See further discussion of NMTC transaction income in Form 10-Q filed with the Securities and Exchange Commission on August 6, 2025.
Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its third quarter 2025 earnings conference call, which is scheduled for Friday, October 31, 2025 at 9:00 AM ET. To participate, please call 833-821-4548 or 412-652-1258 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 November 14, 2025 by dialing 844-512-2921 or 412-317-6671; Passcode: 10203351.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 103 properties include approximately 3,600 tenants in 27.9 million commercial square feet, and approximately 3,000 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
5
Safe Harbor Language
Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 13, 2025 and include the following:
•risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
•risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
•risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
•risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
•risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;
•risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;
•risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and
•risks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.
Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2025 and subsequent quarterly reports on Form 10-Q.
6
Federal Realty Investment Trust
Consolidated Income Statements
September 30, 2025
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income
$
313,183
$
295,119
$
917,954
$
866,199
Other property income
8,789
8,233
24,143
23,973
Mortgage interest income
281
281
833
836
Total revenue
322,253
303,633
942,930
891,008
EXPENSES
Rental expenses
67,481
63,898
196,894
184,448
Real estate taxes
38,178
36,053
111,426
105,402
General and administrative
11,649
10,822
34,449
34,920
Depreciation and amortization
94,277
87,028
270,464
255,481
Total operating expenses
211,585
197,801
613,233
580,251
Gain on sale of real estate
—
—
77,672
52,280
New market tax credit transaction income
—
—
14,176
—
OPERATING INCOME
110,668
105,832
421,545
363,037
OTHER INCOME/(EXPENSE)
Other interest income
845
978
2,493
3,512
Interest expense
(47,619)
(44,237)
(134,692)
(132,242)
Income from partnerships
605
888
1,687
1,825
NET INCOME
64,499
63,461
291,033
236,132
Net income attributable to noncontrolling interests
(2,850)
(2,508)
(9,700)
(6,461)
NET INCOME ATTRIBUTABLE TO THE TRUST
61,649
60,953
281,333
229,671
Dividends on preferred shares
(2,008)
(2,008)
(6,024)
(6,024)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
$
59,641
$
58,945
$
275,309
$
223,647
EARNINGS PER COMMON SHARE, BASIC AND DILUTED
Net income available for common shareholders
$
0.69
$
0.70
$
3.20
$
2.68
Weighted average number of common shares
85,978
83,994
85,808
83,180
7
Federal Realty Investment Trust
Consolidated Balance Sheets
September 30, 2025
September 30,
December 31,
2025
2024
(in thousands, except share and per share data)
(unaudited)
ASSETS
Real estate, at cost
Operating (including $1,827,346 and $1,825,656 of consolidated variable interest entities, respectively)
$
11,035,704
$
10,363,961
Construction-in-progress (including $25,395 and $9,939 of consolidated variable interest entities, respectively)
338,990
539,752
11,374,694
10,903,713
Less accumulated depreciation and amortization (including $456,303 and $424,044 of consolidated variable interest entities, respectively)
(3,326,160)
(3,152,799)
Net real estate
8,048,534
7,750,914
Cash and cash equivalents
111,311
123,409
Accounts and notes receivable, net
239,887
229,080
Mortgage notes receivable, net
9,105
9,144
Investment in partnerships
32,708
33,458
Operating lease right of use assets, net
83,860
85,806
Finance lease right of use assets, net
6,465
6,630
Prepaid expenses and other assets
330,355
286,316
TOTAL ASSETS
$
8,862,225
$
8,524,757
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $183,493 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, $.01 par, 200,000,000 shares authorized, 86,265,563 and 85,666,220 shares issued and outstanding, respectively
869
862
Additional paid-in capital
4,306,262
4,248,824
Accumulated dividends in excess of net income
(1,254,627)
(1,242,654)
Accumulated other comprehensive income
2,232
4,740
Total shareholders’ equity of the Trust
3,214,558
3,171,594
Noncontrolling interests
70,587
72,550
Total shareholders’ equity
3,285,145
3,244,144
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
8,862,225
$
8,524,757
8
Federal Realty Investment Trust
Funds From Operations / Other Supplemental Information
September 30, 2025
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income
$
64,499
$
63,461
$
291,033
$
236,132
Net income attributable to noncontrolling interests
(2,850)
(2,508)
(9,700)
(6,461)
Gain on sale of real estate
—
—
(77,672)
(52,280)
Depreciation and amortization of real estate assets
81,155
76,581
236,251
225,676
Amortization of initial direct costs of leases
12,029
8,757
30,464
24,673
Funds from operations
154,833
146,291
470,376
427,740
Dividends on preferred shares (2)
(1,875)
(1,875)
(5,625)
(5,625)
Income attributable to downREIT operating partnership units
596
688
1,868
2,068
Income attributable to unvested shares
(509)
(506)
(1,558)
(1,524)
FFO (3)
$
153,045
$
144,598
$
465,061
$
422,659
Weighted average number of common shares, diluted (2)(4)
86,599
84,714
86,463
83,904
FFO per diluted share (3)(4)
$
1.77
$
1.71
$
5.38
$
5.04
Dividends and Payout Ratios
Regular common dividends declared
$
97,474
$
93,442
$
287,282
$
275,006
Dividend payout ratio as a percentage of FFO
64%
65%
62%
65%
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions
$
47,991
$
39,563
$
127,165
$
108,398
Tenant improvements and incentives
15,741
16,744
58,411
64,438
Total non-maintenance capital expenditures
63,732
56,307
185,576
172,836
Maintenance capital expenditures
6,898
5,670
17,299
13,530
Total capital expenditures
$
70,630
$
61,977
$
202,875
$
186,366
Other Information
Leasing costs
$
4,285
$
4,150
$
17,504
$
17,235
Share-based compensation expense (non-cash)
$
3,449
$
3,514
$
10,913
$
11,153
Noncontrolling Interests Supplemental Information (5)
Property operating income (1)
$
3,495
$
3,647
$
10,606
$
10,024
New market tax credit transaction income
—
—
1,172
—
Depreciation and amortization
(1,089)
(1,667)
(3,479)
(5,146)
Interest expense
(152)
(161)
(467)
(485)
Net income
$
2,254
$
1,819
$
7,832
$
4,393
Notes:
(1)See Glossary of Terms.
(2)For the three and nine months ended September 30, 2025 and 2024, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted."
(3)FFO available for common shareholders includes new market tax credit transaction income, net of noncontrolling interest of $13.0 million (see page # for additional information). Excluding this income, FFO for the nine months ended September 30, 2025 would have been $452.0 million, and FFO per diluted share would have been $5.23 per share.
(4)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.
(5)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
September 30, 2025
Components of Rental Income (1)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
(in thousands)
Minimum rents (2)
Commercial
$
214,568
$
198,564
$
626,239
$
586,052
Residential
25,844
27,401
79,118
80,711
Cost reimbursements
63,447
58,193
185,984
170,399
Percentage rents
4,429
4,233
12,237
12,940
Other lease related (3)
6,209
5,197
16,986
15,923
Collectibility related impacts (4)
(1,314)
1,531
(2,610)
174
Total rental income
$
313,183
$
295,119
$
917,954
$
866,199
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
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
(in millions)
Straight-line rents
$
7.7
$
5.7
$
21.5
$
16.4
Amortization of in-place leases
$
3.1
$
3.4
$
10.2
$
10.3
(3)Includes lease termination fees of $1.9 million and $1.1 million for the three months ended September 30, 2025 and 2024, respectively, and $4.4 million and $3.1 million for the nine months ended September 30, 2025 and 2024.
(4)For the three months ended September 30, 2025 and 2024, our collectability related impacts include the collection of approximately $0.1 million and $0.8 million, respectively, and $0.2 million and $2.5 million for the nine months ended September 30, 2025 and 2024, 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
September 30, 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 Q3 include: Friendship Center, Grossmont Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q3 2024 to Q3 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
September 30,
2025
2024
(in thousands)
Operating income
$
110,668
$
105,832
Add:
Depreciation and amortization
94,277
87,028
General and administrative
11,649
10,822
Property operating income (POI)
216,594
203,682
Less: Non-comparable POI - acquisitions/dispositions
(8,802)
(3,312)
Less: Non-comparable POI - redevelopment, development & other
(5,993)
(7,007)
Comparable property POI
$
201,799
$
193,363
Additional information regarding the components of Comparable Property POI
Three Months Ended
September 30,
%
2025
2024
Change
(in thousands)
Minimum rents (1)
$
222,312
$
215,808
Cost reimbursements
57,991
54,968
Other
14,722
13,428
Collectibility related impacts
(1,039)
480
Total property revenue
293,986
284,684
Rental expenses
(57,630)
(57,267)
Real estate taxes
(34,557)
(34,054)
Total property expenses
(92,187)
(91,321)
Comparable property POI
$
201,799
$
193,363
4.4%
Less:
Lease termination fees
(1,735)
(1,109)
Prior period rents collected (2)
(73)
(712)
Comparable property POI excluding lease termination fees and prior period rents collected
$
199,991
$
191,542
4.4%
Comparable Property - Summary of Capital Expenditures (3)
Three Months Ended
September 30,
2025
2024
(in thousands)
Redevelopment and tenant improvements and incentives
$
32,259
$
32,889
Maintenance capital expenditures
6,771
5,518
$
39,030
$
38,407
Comparable Property - Occupancy Statistics (3)
At September 30,
2025
2024
GLA - comparable commercial properties
25,150,000
25,210,000
Leased % - comparable commercial properties
95.7%
95.8%
Occupancy % - comparable commercial properties
94.0%
93.8%
Notes:
(1)For the three months ended September 30, 2025 and 2024, amount includes straight-line rents of $5.3 million and $3.3 million, respectively, and amortization of in-place leases of $2.3 million and $2.6 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.
11
Federal Realty Investment Trust
Market Data, Debt Metrics, and Senior Notes and Debentures Covenants
September 30, 2025
September 30,
2025
2024
(in thousands, except per share data)
Market Data
Common shares outstanding and downREIT operating partnership units (1)
86,792
85,575
Market price per common share
$
101.31
$
114.97
Common equity market capitalization including downREIT operating partnership units
$
8,792,898
$
9,838,558
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
$
8,952,723
$
9,998,383
Total debt
$
4,723,344
$
4,472,617
Less: cash and cash equivalents
(111,311)
(97,023)
Total net debt (3)
$
4,612,033
$
4,375,594
Total market capitalization
$
13,564,756
$
14,373,977
Leverage and Liquidity Ratios
Total net debt to market capitalization at market price per common share
34%
30%
Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5)
3.9x
3.7x
Ratio of EBITDAre to combined fixed charges and preferred share dividends, nine months ended (4)(5)(6)
4.0x
3.6x
Senior Notes and Debentures Covenants (7)
September 30, 2025
Debt Covenant Threshold (8)
Total Debt to Total Assets
39%
< 60%
Secured Debt to Total Assets
5%
< 40%
Consolidated Income to Annual Debt Service Charge
4.0x
> 1.5x
Unencumbered Assets to Unsecured Debt
252%
> 150%
Notes:
(1)Amounts include 526,915 and 622,399 downREIT operating partnership units outstanding at September 30, 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)Excluding the $14.2 million of new market tax credit transaction income, the ratio of EBITDAre to combined fixed charges and preferred share dividends for the nine months ended September 30, 2025 would have been 3.9x.
(7)The reference period for calculating these covenants is the most recent twelve months ended September 30, 2025.
(8)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
September 30, 2025
As of September 30, 2025
Stated maturity date
Stated interest rate
Balance
Weighted average effective rate (7)
(in thousands)
Mortgages payable (1)
Secured fixed rate
Azalea
11/1/2025 (2)
3.73%
$
40,000
Bethesda Row
12/28/2025 (3)
5.03% (4)
200,000
Bell Gardens
8/1/2026
4.06%
10,969
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% (4)
50,957
Various Hoboken (13 Buildings)
Various through 2029
3.91% to 5.00%
26,927
Chelsea
1/15/2031
5.36%
3,212
Subtotal
512,165
Net unamortized debt issuance costs and discount
(847)
Total mortgages payable, net
511,318
4.50%
Notes payable
Revolving credit facility (5)(6)
4/5/2027
SOFR + 0.775%
102,400
Term loan (5)
3/20/2028
SOFR + 0.85%
750,000
Various
Various through 2059
Various
1,281
Subtotal
853,681
Net unamortized debt issuance costs
(4,123)
Total notes payable, net
849,558
4.93%
(8)
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
(16,732)
Total senior notes and debentures, net
3,362,468
3.77%
Total debt, net
$
4,723,344
Total fixed rate debt, net
$
4,173,364
88%
3.91%
Total variable rate debt, net
549,980
12%
5.17%
(8)
Total debt, net
$
4,723,344
100%
4.06%
(8)
Notes:
(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At September 30, 2025, our share of unconsolidated debt was approximately $61.5 million. At September 30, 2025, our noncontrolling interests' share of mortgages payable was $14.8 million.
(2)On October 30, 2025, we refinanced our Azalea mortgage loan with a new $55.0 million mortgage loan that bears interest at SOFR + 85 basis points, based on our credit rating, and matures on October 30, 2028, plus two one-year extensions, at our option.
(3)We have two on-year extensions, at our option to extend the maturity date to December 28, 2027.
(4)These mortgage loans have interest rate swap agreements that effectively fix the interest rate through the initial maturity date.
(5)Our revolving credit facility SOFR loans and our term loan bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. Our revolving credit facility also includes a 0.10% adjustment to SOFR, which was removed through an amendment to the agreement on October 30, 2025. Effective September 2, 2025, the interest rate on $300.0 million of our term loan is effectively fixed at a weighted average interest rate of 4.21% through March 1, 2028 through interest rate swap agreements.
(6)The maximum amount drawn under our $1.25 billion revolving credit facility during both the three and nine months ended September 30, 2025 was $315.3 million, and the weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, for both periods was 5.2%.
(7)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 8.
(8)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
September 30, 2025
Year
Scheduled Amortization
Maturities
Total
Percent of Debt Maturing
Weighted Average Rate (6)
(in thousands)
2025
$
915
$
43,137
(1)
$
44,052
0.9
%
3.9
%
2026
3,131
452,450
455,581
9.6
%
2.1
%
2027
2,643
890,682
(2)
893,325
18.8
%
4.1
%
2028
2,511
452,400
(3)
454,911
9.6
%
5.5
%
(7)
2029
2,329
943,105
945,434
19.9
%
3.6
%
2030
684
1,150,000
(4)
1,150,684
24.3
%
4.5
%
2031
59
—
59
—
%
6.1
%
2032
—
—
—
—
%
—
%
2033
—
—
—
—
%
—
%
2034
—
—
—
—
%
—
%
Thereafter
—
801,000
801,000
16.9
%
4.2
%
Total
$
12,272
$
4,732,774
$
4,745,046
(5)
100.0
%
Notes:
The above table assumes all extension options are exercised.
(1)On October 1, 2025, we repaid a $3.1 million mortgage loan at our Hoboken property, at par. Additionally, on October 30, 2025, we refinanced our $40.0 million mortgage loan on Azalea. The new $55.0 million mortgage loan matures on October 30, 2028, plus two one-year extensions at our option to October 30, 2030.
(2)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.
(3)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 September 30, 2025, there was $102.4 million balance outstanding under this credit facility.
(4)Our $750.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030.
(5)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 September 30, 2025. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 6 years.
(6)The weighted average rate reflects the weighted average interest rate, as of September 30, 2025, on debt maturing in the respective year.
(7)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
September 30, 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. 327,000 square feet of office space leased
5% - 6%
$325 - $335
$284
5% - 10%
Pike & Rose - 915 Meeting Street (3)
North Bethesda, MD
Development of a 262,000 square foot office building with 10,000 square feet of retail space. 254,000 square feet of office and 10,000 square feet of retail space leased.
6
%
$180 - $190
$174
65% - 75%
Santana Row - Lot 12
San Jose, CA
Development of a new six story building with 258 residential units and associated parking
6% - 7%
$140 - $148
$19
—
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, 19,000 square feet of retail and a two-story parking structure with 234 parking stalls
7
%
$90 - $95
$57
—
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
$16
—
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
$15
2026
Grossmont Center
La Mesa, CA
Phase I of a multi-phase redevelopment of the property focusing on revitalizing the northern side of the property encompassing 131,000 square feet of anchor and small shop space
9% - 10%
$18
$2
2029
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
41
%
$3
$3
Stabilized
Mercer on One
Lawrenceville, NJ
Construction of a 2,225 square foot pad building with drive-thru for a restaurant tenant
8
%
$3
$3
Stabilized
Active Property Improvement Projects (6)
Ongoing improvements at 8 properties to better position those properties to capture a disproportionate amount of retail demand
8% - 16%
$50
$29
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
September 30, 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
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
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 137 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
September 30, 2025
Property Acquisitions
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
July 1, 2025
Town Center Crossing & Town Center Plaza
Leawood, Kansas
552,000
$
289.0
Trader Joe’s / Crate & Barrel / Pottery Barn / Restoration Hardware / Apple / Aritzia
October 10, 2025
Annapolis Town Center
Annapolis, Maryland
479,000
$
187.0
Whole Foods / Restoration Hardware / Pottery Barn / William Sonoma / Lifetime Fitness / Anthropologie
Property Dispositions
Date
Property
City/State
Sales Price
(in millions)
January 7, 2025
White Marsh Other (portion)
Baltimore, Maryland
$
3.4
May 12, 2025
Santana Row Residential (1 building)
San Jose, California
$
73.9
June 23, 2025
Hollywood Boulevard
Los Angeles, California
$
69.0
Financing Transactions
Issuance of Common Shares
On March 28, 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. We also had the right to borrow up to an additional $150.0 million in the form of an unsecured term loan, which we exercised on September 22, 2025, bringing our total amount outstanding under this agreement to $750.0 million as of September 30, 2025. 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 October 30, 2025, no common shares have been repurchased through the program.
17
Federal Realty Investment Trust
Real Estate Status Report
September 30, 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
$
52,118
10
113,000
98
%
46,000
Harris Teeter
Bethesda Row
(3)
Washington-Arlington-Alexandria, DC-VA-MD-WV
275,052
17
532,000
99
%
180
40,000
Giant Food
Apple / Anthropologie / Equinox / Multiple Restaurants
Birch & Broad
Washington-Arlington-Alexandria, DC-VA-MD-WV
26,155
10
144,000
100
%
51,000
Giant Food
CVS / Staples
Chesterbrook
(4)
Washington-Arlington-Alexandria, DC-VA-MD-WV
50,993
9
89,000
87
%
35,000
Safeway
Starbucks
Congressional Plaza
(4)
Washington-Arlington-Alexandria, DC-VA-MD-WV
109,273
21
309,000
79
%
194
25,000
The Fresh Market
Ulta / Barnes & Noble / Container Store
Courthouse Center
Washington-Arlington-Alexandria, DC-VA-MD-WV
7,639
2
33,000
81
%
Fairfax Junction
(5)
Washington-Arlington-Alexandria, DC-VA-MD-WV
46,829
11
124,000
98
%
23,000
Aldi
CVS / Planet Fitness
Federal Plaza
Washington-Arlington-Alexandria, DC-VA-MD-WV
75,003
18
249,000
96
%
14,000
Trader Joe's
TJ Maxx / Micro Center / Ross Dress for Less
Friendship Center
Washington-Arlington-Alexandria, DC-VA-MD-WV
39,822
1
25,000
100
%
Maggiano's
Gaithersburg Square
Washington-Arlington-Alexandria, DC-VA-MD-WV
39,707
16
204,000
98
%
Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS
Graham Park Plaza
Washington-Arlington-Alexandria, DC-VA-MD-WV
28,158
10
133,000
95
%
58,000
Giant Food
Idylwood Plaza
Washington-Arlington-Alexandria, DC-VA-MD-WV
19,467
7
73,000
98
%
23,000
TBA
Kingstowne Towne Center
Washington-Arlington-Alexandria, DC-VA-MD-WV
212,334
45
411,000
100
%
135,000
Giant Food / Safeway
TJ Maxx / HomeGoods / Ross Dress for Less
Laurel
Washington-Arlington-Alexandria, DC-VA-MD-WV
62,249
26
367,000
96
%
61,000
Giant Food
Marshalls / L.A. Fitness / HomeGoods
Montrose Crossing
Washington-Arlington-Alexandria, DC-VA-MD-WV
172,094
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
99,360
40
565,000
97
%
62,000
Shoppers Food Warehouse
TJ Maxx / Home Depot / Old Navy / Burlington / Ulta
Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar Village
Miami-Fort Lauderdale-West Palm Beach, FL
76,278
17
187,000
98
%
44,000
Winn Dixie
CVS / L.A. Fitness
Shops at Pembroke Gardens
Miami-Fort Lauderdale-West Palm Beach, FL
188,676
41
391,000
99
%
Nike Factory / Old Navy / DSW / Barnes & Noble
Tower Shops
Miami-Fort Lauderdale-West Palm Beach, FL
106,131
67
431,000
99
%
12,000
Trader Joe's / Costco (S)
TJ Maxx / Ross Dress For Less / Best Buy / Ulta
Total South Florida
577,361
128
1,287,000
98
%
Baltimore
Governor Plaza
Baltimore-Columbia-Towson, MD
35,692
24
243,000
100
%
16,500
Aldi
Dick's Sporting Goods / Ross Dress for Less / Petco / Bob's Discount Furniture
Perring Plaza
Baltimore-Columbia-Towson, MD
42,793
29
398,000
91
%
57,000
Giant Food
Home Depot / Dick's Sporting Goods / Micro Center
20
Federal Realty Investment Trust
Real Estate Status Report
September 30, 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)
THE AVENUE at White Marsh
(5)
Baltimore-Columbia-Towson, MD
137,469
35
315,000
100
%
AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham Square
Baltimore-Columbia-Towson, MD
19,674
4
32,000
100
%
White Marsh Other
Baltimore-Columbia-Towson, MD
23,821
13
43,000
100
%
White Marsh Plaza
Baltimore-Columbia-Towson, MD
27,177
7
80,000
98
%
54,000
Giant Food
Total Baltimore
286,626
112
1,111,000
97
%
Chicago
Crossroads
Chicago-Naperville-Elgin, IL-IN-WI
37,976
14
168,000
97
%
L.A. Fitness / Ulta / Binny's / Ferguson Home
Finley Square
Chicago-Naperville-Elgin, IL-IN-WI
41,936
21
258,000
93
%
Marshalls / HomeGoods / Michaels / Portillo's
Garden Market
Chicago-Naperville-Elgin, IL-IN-WI
17,240
11
141,000
100
%
63,000
Mariano's Fresh Market
Walgreens
Riverpoint Center
Chicago-Naperville-Elgin, IL-IN-WI
122,950
17
211,000
96
%
86,000
Jewel Osco
Marshalls / Old Navy
Total Chicago
220,102
63
778,000
96
%
Other
Barracks Road
Charlottesville, VA
77,460
40
487,000
91
%
99,000
Harris Teeter / Kroger
Anthropologie / Old Navy / Ulta / Michaels
Bristol Plaza
Hartford-West Hartford-East Hartford, CT
37,552
22
264,000
93
%
74,000
Stop & Shop
TJ Maxx / Burlington
Camelback Colonnade
(4)
Phoenix-Mesa-Chandler, AZ
184,806
41
643,000
91
%
82,000
Fry's Food & Drug
Marshalls / Nordstrom Last Chance / Best Buy / Floor & Décor / HomeGoods
Gratiot Plaza
Detroit-Warren-Dearborn, MI
20,325
20
205,000
85
%
69,000
Kroger
Best Buy / Bob's Discount Furniture
Lancaster
(3)
Lancaster, PA
8,652
11
126,000
98
%
75,000
Giant Food
AutoZone
The Shops at Hilton Village
(3)(4)
Phoenix-Mesa-Chandler, AZ
88,185
18
305,000
86
%
CVS / Houston's
Town Center Crossing / Town Center Plaza
Leawood, KS
263,452
59
552,000
95
%
12,000
Trader Joe’s
Crate & Barrel / Pottery Barn / Restoration Hardware / Apple / Aritzia / Macy's (S) / Dick's House of Sport (S)
29th Place
Charlottesville, VA
41,004
15
168,000
99
%
32,000
Lidl
HomeGoods / DSW / Staples
Willow Lawn
Richmond, VA
109,091
37
462,000
97
%
66,000
Kroger
Old Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta
Total Other
830,527
263
3,212,000
93
%
Grand Total
$
11,374,694
2,273
27,936,000
95
%
2,996
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)
Shadow anchor located adjacent to the property, but is not part of the owned property.
21
Federal Realty Investment Trust
Retail Leasing Summary (1)
September 30, 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
3rd Quarter 2025
123
100
%
727,029
$
35.71
$
27.85
$
5,710,439
28
%
43
%
8.1
$
15,446,743
$
21.25
2nd Quarter 2025
119
100
%
643,810
$
37.98
$
34.39
$
2,311,260
10
%
21
%
6.6
$
13,615,629
$
21.15
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
Total - 12 months
429
100
%
2,388,970
$
36.69
$
32.16
$
10,825,755
14
%
26
%
7.4
$
52,237,669
$
21.87
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
3rd Quarter 2025
57
46
%
234,886
$
45.16
$
35.52
$
2,263,260
27
%
43
%
8.9
$
12,947,803
$
55.12
2nd Quarter 2025
45
38
%
170,252
$
39.04
$
34.31
$
805,428
14
%
28
%
9.1
$
9,793,564
$
57.52
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
Total - 12 months
185
43
%
793,151
$
39.98
$
34.89
$
4,034,395
15
%
28
%
9.1
$
43,592,029
$
54.96
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
3rd Quarter 2025
66
54
%
492,143
$
31.20
$
24.19
$
3,447,179
29
%
42
%
7.6
$
2,498,940
$
5.08
2nd Quarter 2025
74
62
%
473,558
$
37.59
$
34.41
$
1,505,832
9
%
19
%
5.7
$
3,822,065
$
8.07
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
Total - 12 months
244
57
%
1,595,819
$
35.06
$
30.81
$
6,791,360
14
%
24
%
6.4
$
8,645,640
$
5.42
Total Lease Summary - Comparable and Non-comparable (2)
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
3rd Quarter 2025
132
93
%
774,890
$
36.97
8.3
$
20,185,470
$
26.05
2nd Quarter 2025
122
98
%
653,366
$
38.87
6.7
$
14,435,475
$
22.09
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
Total - 12 months
448
96
%
2,511,990
$
37.29
7.6
$
63,940,304
$
25.45
Total Lease Summary - Comparable, Non-comparable, and Option Exercises (2) (8)
Quarter
Number of Leases Signed
GLA Signed
Contractual Rent (3) PSF
Weighted Average Lease Term (5)
Tenant Improvements & Incentives (6)
Tenant Improvements & Incentives PSF
3rd Quarter 2025
151
1,013,278
$
34.24
7.7
$
20,185,470
$
19.92
2nd Quarter 2025
141
918,000
$
34.07
6.4
$
14,435,475
$
15.72
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
Total - 12 months
534
3,642,222
$
33.41
7.1
$
63,940,304
$
17.56
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)
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
September 30, 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
149,000
1
%
$25.06
272,000
3
%
$28.88
421,000
2
%
$27.53
2026
1,076,000
6
%
$17.26
859,000
10
%
$42.02
1,935,000
7
%
$28.25
2027
1,878,000
11
%
$23.45
1,148,000
13
%
$52.30
3,026,000
12
%
$34.40
2028
2,012,000
12
%
$18.85
1,179,000
13
%
$50.11
3,191,000
12
%
$30.40
2029
2,311,000
13
%
$25.47
1,277,000
14
%
$49.62
3,588,000
14
%
$34.06
2030
1,754,000
10
%
$21.22
991,000
11
%
$50.61
2,745,000
10
%
$31.84
2031
1,110,000
6
%
$23.62
826,000
9
%
$48.76
1,936,000
7
%
$34.35
2032
1,821,000
11
%
$28.99
688,000
8
%
$47.65
2,509,000
10
%
$34.10
2033
986,000
6
%
$25.30
545,000
6
%
$48.41
1,531,000
6
%
$33.53
2034
846,000
5
%
$22.07
484,000
5
%
$48.90
1,330,000
5
%
$31.83
Thereafter
3,278,000
19
%
$27.75
709,000
8
%
$52.20
3,987,000
15
%
$32.10
Total (3)(4)
17,221,000
100
%
$24.04
8,978,000
100
%
$48.64
26,199,000
100
%
$32.47
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
106,000
1
%
$26.15
270,000
3
%
$29.01
376,000
1
%
$28.21
2026
599,000
3
%
$13.94
699,000
8
%
$40.92
1,298,000
5
%
$28.47
2027
527,000
3
%
$25.36
660,000
7
%
$51.89
1,187,000
5
%
$40.10
2028
454,000
3
%
$20.85
660,000
7
%
$47.18
1,114,000
4
%
$36.45
2029
615,000
4
%
$29.89
705,000
8
%
$49.90
1,320,000
5
%
$40.58
2030
289,000
2
%
$22.19
611,000
7
%
$50.19
900,000
3
%
$41.18
2031
488,000
3
%
$22.50
482,000
5
%
$48.86
970,000
4
%
$35.61
2032
362,000
2
%
$32.26
507,000
6
%
$52.70
869,000
3
%
$44.19
2033
360,000
2
%
$23.45
497,000
6
%
$54.38
857,000
3
%
$41.37
2034
632,000
4
%
$27.45
510,000
6
%
$48.25
1,142,000
4
%
$36.74
Thereafter
12,789,000
74
%
$23.99
3,377,000
38
%
$49.50
16,166,000
62
%
$29.32
Total (3)(4)
17,221,000
100
%
$24.04
8,978,000
100
%
$48.64
26,199,000
100
%
$32.47
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 September 30, 2025.
(3)
Represents occupied square footage of the commercial portion of our portfolio as of September 30, 2025.
(4)
Individual items may not add up to total due to rounding.
23
Federal Realty Investment Trust
Portfolio Leased Statistics
September 30, 2025
As of:
September 30, 2025
June 30, 2025
September 30, 2024
Commercial Properties
Overall Portfolio (1)(2)
Gross Leasable Area (GLA)
27,936,000
27,397,000
26,826,000
Leased %
95.4
%
95.4
%
95.9
%
Occupied %
93.8
%
93.6
%
94.0
%
Leased % - anchor tenants
96.5
%
96.4
%
97.3
%
Leased % - small shop tenants
93.3
%
93.4
%
93.1
%
Active commercial tenant leases
3,629
3,547
3,456
Comparable Properties (1)(3)
GLA
25,150,000
25,183,000
25,210,000
Leased %
95.7
%
95.6
%
95.8
%
Occupied %
94.0
%
93.6
%
93.8
%
Residential Properties
Overall Portfolio (1)(2)
Residential units
2,996
2,996
3,104
Leased %
96.0
%
96.9
%
97.5
%
Comparable Properties (1)(3)
Residential units
2,996
2,996
2,996
Leased %
96.0
%
96.9
%
97.5
%
Notes:
(1)
See Glossary of terms.
(2)
Excludes redevelopment square footage and residential units not yet placed in service.
(3)
Prior periods are adjusted for the current comparable property pool.
24
Federal Realty Investment Trust
Summary of Top 25 Tenants
September 30, 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
$
24,008,000
2.51
%
1,221,000
3.98
%
41
2
Ahold Delhaize
BBB+ / Baa1
$
17,353,000
1.81
%
903,000
2.94
%
14
3
NetApp, Inc.
BBB+ / Baa2
$
15,668,000
1.64
%
304,000
0.99
%
1
4
Cisco Systems, Inc.
AA- / A1
$
14,146,000
1.48
%
267,000
0.87
%
2
5
Gap, Inc., The
BB / Ba2
$
12,509,000
1.31
%
359,000
1.17
%
35
6
CVS Corporation
BBB / Baa3
$
10,879,000
1.14
%
261,000
0.85
%
19
7
KnitWell Group (Ann Taylor, Chico's, Loft, Talbots, White House Black Market, Soma, Lane Bryant)
NR / NR
$
9,245,000
0.97
%
213,000
0.69
%
42
8
Fitness International LLC
B / B2
$
9,193,000
0.96
%
347,000
1.13
%
9
9
Ross Stores, Inc.
BBB+ / A2
$
8,638,000
0.90
%
389,000
1.27
%
14
10
Albertsons Companies Inc. (Acme, Balducci's, Safeway)
BB+ / Ba1
$
8,610,000
0.90
%
544,000
1.77
%
10
11
Home Depot, Inc.
A / A2
$
7,801,000
0.82
%
478,000
1.56
%
6
12
Dick's Sporting Goods, Inc.
BBB / Baa2
$
7,507,000
0.78
%
401,000
1.31
%
9
13
Kroger Co., The
BBB / Baa1
$
7,430,000
0.78
%
611,000
1.99
%
12
14
AMC Entertainment Inc.
CCC+ / Caa2
$
7,399,000
0.77
%
283,000
0.92
%
6
15
PUMA North America, Inc.
NR / NR
$
7,292,000
0.76
%
155,000
0.50
%
2
16
Ulta Beauty, Inc.
NR / NR
$
7,079,000
0.74
%
204,000
0.66
%
19
17
Bob's Discount Furniture, LLC
NR / NR
$
6,360,000
0.66
%
235,000
0.77
%
6
18
Bank of America, N.A.
A- / A1
$
6,340,000
0.66
%
113,000
0.37
%
20
19
Amazon/Whole Foods
AA / A1
$
6,206,000
0.65
%
213,000
0.69
%
5
20
Michaels Stores, Inc.
B- / B3
$
6,116,000
0.64
%
316,000
1.03
%
14
21
J.Crew Group, LLC
B- / B3
$
5,830,000
0.61
%
110,000
0.36
%
21
22
Starbucks Corporation
BBB+ / Baa1
$
5,801,000
0.61
%
80,000
0.26
%
44
23
Choice Hotels International, Inc.
BBB- / Baa3
$
5,728,000
0.60
%
109,000
0.36
%
1
24
JPMorgan Chase Bank
A / A1
$
5,613,000
0.59
%
86,000
0.28
%
20
25
Target Corporation
A / A2
$
5,452,000
0.57
%
588,000
1.92
%
6
Totals - Top 25 Tenants
$
228,203,000
23.85
%
8,790,000
28.63
%
378
Total (5):
$
956,935,000
(2)
30,701,000
(4)
Notes:
(1)
Credit Ratings are as of September 30, 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
September 30, 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
$
3.93
$
3.99
Adjustments:
Estimated gain on sale of real estate, net
(0.90)
(0.90)
Estimated depreciation and amortization
4.17
4.17
Estimated FFO per diluted share
$
7.20
$
7.26
Estimated FFO per diluted share, excluding NMTC transaction income (4)
$
7.05
$
7.11
Note:
See Glossary of Terms. Individual items may not add up to total due to rounding.
Guidance Assumptions:
Comparable properties growth (2)
3.5% - 4%
Lease termination fees
$5 - $6 million
Incremental redevelopment/expansion POI (3)
$3 - $5 million
General and administrative expenses
$45 - $47 million
Development/redevelopment capital
$170 - $190 million
Capitalized interest
$13 - $14 million
NMTC transaction income, net (4)
$13.0 million
Notes:
(1)Does not assume the impact of potential acquisitions or dispositions which have not closed as of October 31, 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 our larger redevelopments listed on page 15 (Santana West, Pike & Rose - 915 Meeting St, Huntington).
(4)In June 2018, we formed a joint venture to develop Freedom Plaza (formerly Jordan Downs Plaza), for which we own 92%. The investment in this development qualified for tax credits under the NMTC Program, established by the Community Renewal Tax Relief Act of 2000. In 2018, we transferred the earned tax credits to a third-party bank in exchange for cash proceeds. The proceeds received and related transaction costs were deferred until the end of the seven-year NMTC compliance period, which concluded in June 2025. As a result, in 2Q2025, we recognized $14.2 million ($13.0 million, net of income attributable to noncontrolling interest) in income related to the sale of the new market tax credits.
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 and nine months ended September 30, 2025 and 2024 is as follows:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
(in thousands)
Net income
$
64,499
$
63,461
$
291,033
$
236,132
Interest expense
47,619
44,237
134,692
132,242
Other interest income
(845)
(978)
(2,493)
(3,512)
Income tax provision (benefit)
181
(13)
218
210
Depreciation and amortization
94,277
87,028
270,464
255,481
Gain on sale of real estate
—
—
(77,672)
(52,280)
Adjustments of EBITDAre of unconsolidated affiliates
1,838
1,899
5,488
5,841
EBITDAre
$
207,569
$
195,634
$
621,730
$
574,114
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: Total revenue 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.
