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 12, 2026, 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 12, 2026.
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 Fourth Quarter and Full Year 2025 Results
NORTH BETHESDA, Md. (February 12, 2026) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the fourth quarter and full year ended December 31, 2025. Net income available for common shareholders was $4.68 per diluted share for the full year 2025 and $1.48 per diluted share for the fourth quarter, compared to $3.42 and $0.75 per diluted share for the same periods in 2024, respectively. Operating income for 2025 totaled $602.2 million, with $180.7 million in the fourth quarter, compared to $472.4 million and $109.3 million, respectively, in 2024.
Highlights for the full year, fourth quarter and subsequent to quarter-end include:
•Generated Nareit defined funds from operations available to common shareholders (Nareit FFO) per diluted share of $7.22 for the year, compared to $6.77 in 2024, an increase of 6.6%. For the fourth quarter, generated Nareit FFO per diluted share of $1.84, compared to $1.73 for the fourth quarter of 2024, an increase of 6.4%.
•Introduced Core FFO, a new measure intended to provide enhanced comparability across periods for Federal’s underlying operating results; Core FFO was $7.06 per diluted share in 2025, up 4.3% from $6.77 in 2024. See attachment for a full definition of Core FFO.
•Record-breaking leasing in 2025:
◦Achieved an all-time company record total leasing volume of 2.5 million square feet of retail space.
◦Strongest comparable rent spreads in over a decade of 15% on a cash basis and 27% on a straight-line basis.
•Achieved comparable portfolio occupancy of 94.5% and a leased rate of 96.6% at quarter end, with:
◦Occupancy up 40 basis points and leased rate up 90 basis points sequentially.
◦Occupancy up 50 basis points and leased rate up 40 basis points year-over-year.
◦Small shop leased rate of 93.8%, up 50 basis points sequentially.
•Generated comparable property operating income (POI) growth of 3.8% for the year, and 3.1% for the fourth quarter, excluding lease termination fees and prior period rents collected.
•Acquired two properties in the fourth quarter totaling $340 million, adding a new market to Federal Realty’s footprint in Omaha, NE with Village Pointe, and growing in its existing Maryland portfolio with Annapolis Town Center in Annapolis, MD.
•Completed $169 million of peripheral residential and mature retail dispositions in the fourth quarter, with an additional $159 million announced subsequent to quarter end.
•Announced a new redevelopment project at Willow Grove in Willow Grove, PA, at a projected cost of $110 - $120 million and projected return on investment (ROI) of 7%.
•Ended the quarter with approximately $1.3 billion in total liquidity.
•Introduced 2026 earnings per diluted share guidance of $3.90 to $4.00 and 2026 Nareit FFO and Core FFO per diluted share guidance of $7.42 to $7.52, representing 5.1% and 6.5% growth at the low and high end of the range for Core FFO year-over-year.
“Federal Realty delivered strong 2025 results, driven by exceptional leasing performance and strong rent spreads that produced solid year-over-year earnings growth. We also made meaningful strategic progress on our capital recycling and reinvestment initiative: entering new markets, acquiring dominant properties that enhance the quality of our portfolio, and advancing our residential development pipeline in the right retail locations,” said Donald C. Wood, Chief Executive Officer of
3
Federal Realty. “Even as we navigate the near-term refinancing environment, our momentum underpins expected 6% Core FFO growth in 2026.”
Financial Results
Net Income
For the full year 2025, net income available for common shareholders was $403.0 million and earnings per diluted share was $4.68, versus $287.2 million and $3.42, respectively, for the full year 2024.
For the fourth quarter 2025, net income available for common shareholders was $127.7 million and earnings per diluted share was $1.48, versus $63.5 million and $0.75, respectively, for the fourth quarter of 2024.
FFO
For the full year 2025, Nareit FFO was $624.3 million, or $7.22 per diluted share. This compares to Nareit FFO of $570.2 million, or $6.77 per diluted share for the full year 2024. Core FFO in 2025 was $611.0 million, or $7.06 per diluted share, versus $570.7 million, or $6.77 per diluted share for the full year 2024.
For the fourth quarter 2025, Nareit FFO was $159.2 million, or $1.84 per diluted share, compared to $147.6 million, or $1.73 per diluted share for the fourth quarter of 2024. Core FFO in the fourth quarter 2025 was $159.1 million, or $1.84 per diluted share, versus $150.5 million, or $1.76 per diluted share.
Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and definition of Core FFO.
Operational Update
Occupancy
The following operational metrics for the commercial portfolio are as of December 31, 2025:
•The comparable portfolio occupancy was 94.5%, up 40 basis points sequentially and up 50 basis points year-over-year.
•Comparable portfolio leased rate was 96.6%, up 90 basis points sequentially and up 40 basis points year-over-year.
•Small shop leased rate was 93.8%, up 50 basis points sequentially and up 20 basis points year-over-year.
•Anchor leased rate was 97.3%, up 80 basis points sequentially and down 20 basis points year-over-year.
The residential leased rate was 94.8% as of December 31, 2025.
Leasing Activity
For the full year 2025, Federal Realty signed 454 leases for 2,471,099 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 434 leases for 2,340,282 square feet at an average rent of $37.98 per square foot compared to the average contractual rent of $33.12 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 15%, 27% on a straight-line basis. Comparable leases represented 96% of total comparable and non-comparable leases signed during 2025.
During the fourth quarter 2025, Federal Realty signed 109 leases for 612,978 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 105 leases for 600,684 square feet at an average rent of $39.09 per square foot compared to the average contractual rent of $34.84 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 12%, 24% on a straight-line basis. Comparable leases represented 96% of total comparable and non comparable leases signed during the fourth quarter 2025.
4
Redevelopment
Announced a new redevelopment project at Willow Grove in Willow Grove, PA. This project will bring over 260 residential units, 52,000 square feet of retail space, and a 438-stall parking garage to the shopping center. The projected cost is $110 - $120 million and a 7% projected ROI1.
Transaction Activity
•February 5, 2026 — sold Misora, a peripherally located residential component of Santana Row in San Jose, CA, for $148.5 million; additionally, the Company sold Courthouse Center, a 33,000 square-foot neighborhood shopping center in Rockville, MD, for $10.0 million.
•December 17, 2025 — sold Pallas, a peripherally located residential component of Pike & Rose in North Bethesda, MD, for $125.0 million.
•December 16, 2025 — sold Bristol Plaza, a 264,000 square-foot grocery-anchored shopping center in Bristol, CT, for $44.4 million.
•November 24, 2025 — acquired Village Pointe, a leading open-air lifestyle center in Omaha, NE, totaling 452,000 square feet, for $153.3 million.
•October 10, 2025 – acquired Annapolis Town Center, a premier open-air retail center in Annapolis, MD, totaling 479,000 square feet, for $187.0 million.
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 April 15, 2026 to common shareholders of record as of April 1, 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 April 15, 2026 to shareholders of record as of April 1, 2026.
2026 Initial Guidance
The company’s initial 2026 guidance is based on the following assumptions:
2026 Guidance2
Net income available for common shareholders per diluted share
$3.90 - $4.00
Nareit FFO per diluted share
$7.42 – $7.52
Core FFO per diluted share
$7.42 – $7.52
Comparable properties growth
3.0% - 3.5%
Lease termination fees
$7 - $8 million
Incremental redevelopment / expansion POI3
$13 - $15 million
General and administrative expenses
$47 - $49 million
Development / redevelopment capital
$175 - $225 million
Capitalized interest
$11 - $12 million
Notes:
1See page 17 of our Form 8-K filed on February 12, 2026.
2Does not include the impact of acquisitions or dispositions other than those which have closed as of February 11, 2026. All amounts are estimates.
3Includes the expected additional POI to be recognized in 2026, which is incremental to the amount recognized in 2025 from our larger redevelopments at Santana West, Pike & Rose - 915 Meeting Street, Bala Cynwyd on City Avenue and Huntington Shopping Center as more fully discussed on page 17 of our Form 8-K filed on February 12, 2026.
5
The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:
Full Year 2026 Guidance Range
Low
High
Estimated net income available for common shareholders per diluted share
$3.90
$4.00
Adjustments:
Estimated gain on sale of real estate, net
(1.06)
(1.06)
Estimated depreciation and amortization
4.58
4.58
Estimated Nareit FFO and Core FFO per diluted share
$7.42
$7.52
Below is our Nareit FFO and Core FFO for 2024, 2025, and estimated 2026 range, per diluted share:
2024 Actual
2025 Actual
2026 Estimate
Nareit FFO per diluted share
$6.77
$7.22
$7.42 - $7.52
% growth over the prior year
6.6%
2.8% - 4.2%
Adjustments:
New market tax credit transaction income, net
—
(0.15)
—
Executive transition costs
0.04
—
—
Collection of prior period rents deferred during COVID
(0.04)
(0.00)
—
Core FFO
$6.77
$7.06
$7.42 - $7.52
% growth over the prior year
4.3%
5.1% - 6.5%
Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its fourth quarter 2025 earnings conference call, which is scheduled for Thursday, February 12, 2026 at 5:00 PM 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 February 26, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10205568.
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. As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 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.
6
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 12, 2026 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 12, 2026.
7
Federal Realty Investment Trust
Consolidated Income Statements
December 31, 2025
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income
$
327,537
$
303,878
$
1,245,491
$
1,170,078
Other property income
8,228
7,286
32,371
31,258
Mortgage interest income
280
280
1,113
1,116
Total revenue
336,045
311,444
1,278,975
1,202,452
EXPENSES
Rental expenses
70,551
65,121
267,445
249,569
Real estate taxes
40,012
36,828
151,438
142,230
General and administrative
12,464
14,819
46,913
49,739
Depreciation and amortization
97,378
87,117
367,842
342,598
Total operating expenses
220,405
203,885
833,638
784,136
New market tax credit transaction income
—
—
14,176
—
Gain on sale of real estate
72,439
1,760
150,111
54,040
Impairment charge
(7,425)
—
(7,425)
—
OPERATING INCOME
180,654
109,319
602,199
472,356
OTHER INCOME/(EXPENSE)
Other interest income
650
782
3,143
4,294
Interest expense
(48,922)
(43,234)
(183,614)
(175,476)
Income from partnerships
233
1,335
1,920
3,160
NET INCOME
132,615
68,202
423,648
304,334
Net income attributable to noncontrolling interests
(2,871)
(2,665)
(12,571)
(9,126)
NET INCOME ATTRIBUTABLE TO THE TRUST
129,744
65,537
411,077
295,208
Dividends on preferred shares
(2,008)
(2,008)
(8,032)
(8,032)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
$
127,736
$
63,529
$
403,045
$
287,176
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders
$
1.48
$
0.75
$
4.68
$
3.42
Weighted average number of common shares
85,983
84,685
85,852
83,559
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders
$
1.48
$
0.75
$
4.68
$
3.42
Weighted average number of common shares
86,604
84,692
86,405
83,566
8
Federal Realty Investment Trust
Consolidated Balance Sheets
December 31, 2025
December 31,
December 31,
2025
2024
(in thousands, except share and per share data)
ASSETS
Real estate, at cost
Operating (including $1,832,190 and $1,825,656 of consolidated variable interest entities, respectively)
$
11,265,167
$
10,363,961
Construction-in-progress (including $28,418 and $9,939 of consolidated variable interest entities, respectively)
374,735
539,752
11,639,902
10,903,713
Less accumulated depreciation and amortization (including $468,725 and $424,044 of consolidated variable interest entities, respectively)
(3,351,881)
(3,152,799)
Net real estate
8,288,021
7,750,914
Cash and cash equivalents
107,415
123,409
Accounts and notes receivable, net
249,755
229,080
Mortgage notes receivable, net
9,091
9,144
Investment in partnerships
31,881
33,458
Operating lease right of use assets, net
83,120
85,806
Finance lease right of use assets, net
6,410
6,630
Prepaid expenses and other assets
354,767
286,316
TOTAL ASSETS
$
9,130,460
$
8,524,757
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $194,176 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, 86,266,009 and 85,666,220 shares issued and outstanding, respectively
869
862
Additional paid-in capital
4,310,365
4,248,824
Accumulated dividends in excess of net income
(1,224,372)
(1,242,654)
Accumulated other comprehensive income
2,047
4,740
Total shareholders’ equity of the Trust
3,248,731
3,171,594
Noncontrolling interests
70,255
72,550
Total shareholders’ equity
3,318,986
3,244,144
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
9,130,460
$
8,524,757
9
Federal Realty Investment Trust
Funds From Operations
December 31, 2025
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(in thousands, except per share data)
Nareit Funds from Operations available for common shareholders (Nareit FFO) (1)
Net income
$
132,615
$
68,202
$
423,648
$
304,334
Net income attributable to noncontrolling interests
(2,871)
(2,665)
(12,571)
(9,126)
Gain on sale of real estate
(72,439)
(1,760)
(150,111)
(54,040)
Impairment charge
7,425
—
7,425
—
Depreciation and amortization of real estate assets
84,060
76,779
320,311
302,455
Amortization of initial direct costs of leases
12,207
8,704
42,671
33,377
Funds from operations
160,997
149,260
631,373
577,000
Dividends on preferred shares (2)
(1,875)
(1,875)
(7,500)
(7,500)
Income attributable to downREIT operating partnership units
595
675
2,463
2,743
Income attributable to unvested shares
(522)
(481)
(2,080)
(2,004)
Nareit FFO
$
159,195
$
147,579
$
624,256
$
570,239
Weighted average number of common shares, diluted (2)(4)
86,604
85,402
86,498
84,286
Nareit FFO per diluted share (4)
$
1.84
$
1.73
$
7.22
$
6.77
Core Funds from Operations (Core FFO) (1)(5)
Nareit FFO
$
159,195
$
147,579
$
624,256
$
570,239
Adjustments:
New market tax credit transaction income, net (3)
—
—
(13,004)
—
Executive transition costs
—
3,687
—
3,687
Collection of prior period rents deferred during COVID
(52)
(768)
(261)
(3,218)
Core FFO (5)
$
159,143
$
150,498
$
610,991
$
570,708
Core FFO per diluted share (4)(5)
$
1.84
$
1.76
$
7.06
$
6.77
Notes:
(1)See Glossary of Terms.
(2)For the three months and years ended December 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)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 New Market Tax Credit ("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, which is included in Nareit FFO, but excluded from Core FFO.
(4)The weighted average common shares used to compute FFO per diluted common share includes shares issuable upon the assumed redemption of outstanding downREIT operating partnership units that were excluded from the computation of diluted EPS. The assumed issuance of shares upon redemption of these operating partnership units is dilutive in the computation of FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS for the three months and year ended December 31, 2024.
(5)Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company’s underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.
10
Federal Realty Investment Trust
Other Supplemental Information
December 31, 2025
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(in thousands, except per share data)
EBITDA for Real Estate (EBITDAre) (1)
Net income
$
132,615
$
68,202
$
423,648
$
304,334
Interest expense
48,922
43,234
183,614
175,476
Other interest income
(650)
(782)
(3,143)
(4,294)
Income tax provision (benefit)
34
(48)
252
162
Depreciation and amortization
97,378
87,117
367,842
342,598
Gain on sale of real estate
(72,439)
(1,760)
(150,111)
(54,040)
Impairment charge
7,425
—
7,425
—
Adjustments of EBITDAre of unconsolidated affiliates
1,786
1,905
7,274
7,746
EBITDAre
$
215,071
$
197,868
$
836,801
$
771,982
Ratio of EBITDAre to combined fixed charges and preferred share dividends (2)(3)
3.9x
3.8x
3.9x
3.7x
Dividends and Payout Ratios
Regular common dividends declared
$
97,481
$
94,226
$
384,763
$
369,232
Dividend payout ratio as a percentage of NAREIT FFO
61%
64%
62%
65%
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions
$
66,554
$
35,929
$
193,719
$
144,327
Tenant improvements and incentives
21,671
19,128
80,082
83,566
Total non-maintenance capital expenditures
88,225
55,057
273,801
227,893
Maintenance capital expenditures
12,063
11,022
29,362
24,552
Total capital expenditures
$
100,288
$
66,079
$
303,163
$
252,445
Other Information
Leasing costs
$
5,610
$
13,814
$
23,114
$
31,049
Share-based compensation expense (non-cash)
$
3,695
$
5,204
$
14,608
$
16,357
Noncontrolling Interests Supplemental Information (4)
Property operating income (1)
$
3,564
$
3,718
$
14,170
$
13,742
New market tax credit transaction income
—
—
1,172
—
Depreciation and amortization
(1,124)
(1,567)
(4,603)
(6,713)
Interest expense
(164)
(161)
(631)
(646)
Net income
$
2,276
$
1,990
$
10,108
$
6,383
Notes:
(1)See Glossary of Terms.
(2)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.
(3)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 year ended December 31, 2025 would have been the same 3.9x.
(4)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."
11
Federal Realty Investment Trust
Components of Rental Income
December 31, 2025
Components of Rental Income (1)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(in thousands)
Minimum rents (2)
Commercial
$
221,007
$
203,895
$
847,246
$
789,947
Residential
25,774
27,607
104,892
108,318
Cost reimbursements
67,546
59,670
253,530
230,069
Percentage rents
6,912
5,706
19,149
18,646
Other lease related (3)
6,706
6,291
23,692
22,215
Collectibility related impacts (4)
(408)
709
(3,018)
883
Total rental income
$
327,537
$
303,878
$
1,245,491
$
1,170,078
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
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(in millions)
Straight-line rents
$
6.4
$
10.5
$
28.0
$
26.8
Amortization of in-place leases
$
4.6
$
3.2
$
14.8
$
13.5
(3)Includes lease termination fees of $1.4 million and $1.1 million for the three months ended December 31, 2025 and 2024, respectively, and $5.8 million and $4.3 million for the years ended December 31, 2025 and 2024.
(4)For the three months ended December 31, 2025 and 2024, our collectability related impacts include the collection of approximately $0.1 million and $0.8 million, respectively, and $0.3 million and $3.2 million for the years ended December 31, 2025 and 2024, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.
12
Federal Realty Investment Trust
Comparable Property Information
December 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 Q4 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 Q4 2024 to Q4 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. The amounts shown below for the years ended December 31, 2025 and 2024 reflect the summation of our reported quarterly results.
Reconciliation of GAAP operating income to Comparable Property POI
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(in thousands)
(in thousands)
Operating income
$
180,654
$
109,319
$
602,199
$
472,356
Add:
Depreciation and amortization
97,378
87,117
367,842
342,598
General and administrative
12,464
14,819
46,913
49,739
New market tax credit transaction income
—
—
(14,176)
—
Gain on sale of real estate
(72,439)
(1,760)
(150,111)
(54,040)
Impairment charge
7,425
—
7,425
—
Property operating income (POI)
225,482
209,495
860,092
810,653
Less: Non-comparable POI - acquisitions/dispositions
(14,723)
(5,066)
(39,028)
(16,657)
Less: Non-comparable POI - redevelopment, development & other
(8,923)
(8,104)
(30,778)
(30,889)
Comparable property POI
$
201,836
$
196,325
$
790,286
$
763,107
Additional information regarding the components of Comparable Property POI
Three Months Ended
Year Ended
December 31,
%
December 31,
%
2025
2024
Change
2025
2024
Change
(in thousands)
(in thousands)
Minimum rents (1)
$
221,112
$
216,848
$
871,147
$
846,457
Cost reimbursements
60,335
57,638
231,806
220,167
Other
16,163
14,891
57,201
54,791
Collectibility related impacts
(96)
148
(1,631)
235
Total property revenue
297,514
289,525
1,158,523
1,121,650
Rental expenses
(60,483)
(58,709)
(231,585)
(224,727)
Real estate taxes
(35,195)
(34,491)
(136,652)
(133,816)
Total property expenses
(95,678)
(93,200)
(368,237)
(358,543)
Comparable property POI
$
201,836
$
196,325
2.8%
$
790,286
$
763,107
3.6%
Less:
Lease termination fees
(1,278)
(1,125)
(5,446)
(4,261)
Prior period rents collected (2)
(52)
(648)
(261)
(2,986)
Comparable property POI excluding lease termination fees and prior period rents collected
$
200,506
$
194,552
3.1%
$
784,579
$
755,860
3.8%
Comparable Property - Summary of Capital Expenditures (3)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(in thousands)
(in thousands)
Redevelopment and tenant improvements and incentives
$
35,516
$
32,265
$
134,853
$
138,197
Maintenance capital expenditures
10,577
9,854
27,530
23,083
$
46,093
$
42,119
$
162,383
$
161,280
Comparable Property - Occupancy Statistics (3)
At December 31,
2025
2024
GLA - comparable commercial properties
25,073,000
25,163,000
Leased % - comparable commercial properties
96.6%
96.2%
Occupancy % - comparable commercial properties
94.5%
94.0%
Notes:
(1)For the three months ended December 31, 2025 and 2024, amounts include straight-line rents of $3.1 million and $6.6 million, respectively, and $17.2 million and $15.6 million for the years ended December 31, 2025 and 2024, respectively. For the three months ended December 31, 2025 and 2024, amounts include amortization of in-place leases of $3.9 million and $2.5 million, respectively, and $11.8 million and $10.5 million for the years ended December 31, 2025 and 2024, 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 11 for "Summary of Capital Expenditures" and page 27 for portfolio occupancy statistics for our entire portfolio.
13
Federal Realty Investment Trust
Market Data, Debt Metrics, and Senior Notes and Debentures Covenants
December 31, 2025
December 31,
2025
2024
(in thousands, except per share data)
Market Data
Common shares outstanding and downREIT operating partnership units (1)
86,793
86,275
Market price per common share
$
100.80
$
111.95
Common equity market capitalization including downREIT operating partnership units
$
8,748,734
$
9,658,486
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
$
8,908,559
$
9,818,311
Total debt
$
4,943,100
$
4,473,632
Less: cash and cash equivalents
(107,415)
(123,409)
Total net debt (3)
$
4,835,685
$
4,350,223
Total market capitalization
$
13,744,244
$
14,168,534
Leverage and Liquidity Ratio
Total net debt to market capitalization at market price per common share
35%
31%
Senior Notes and Debentures Covenants (4)
December 31, 2025
Debt Covenant Threshold (5)
Total Debt to Total Assets
40%
< 60%
Secured Debt to Total Assets
5%
< 40%
Consolidated Income to Annual Debt Service Charge
4.1x
> 1.5x
Unencumbered Assets to Unsecured Debt
246%
> 150%
Notes:
(1)Amounts include 526,915 and 608,348 downREIT operating partnership units outstanding at December 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)The reference period for calculating these covenants is the year ended December 31, 2025.
(5)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.
14
Federal Realty Investment Trust
Summary of Outstanding Debt
December 31, 2025
As of December 31, 2025
Stated maturity date
Stated interest rate
Balance
Weighted average effective rate (7)
(in thousands)
Mortgages payable (1)
Bell Gardens
8/1/2026
4.06%
$
10,885
Bethesda Row
12/28/2026 (2)
SOFR + 0.95%
200,000
Plaza El Segundo
6/5/2027
3.83%
125,000
The Grove at Shrewsbury (East)
9/1/2027
3.77%
43,600
Azalea (3)
10/30/2028 (4)
SOFR + 0.85%
55,000
Brook 35
7/1/2029
4.65%
11,500
Hoboken (24 Buildings)
12/15/2029
SOFR + 1.95% (5)
50,568
Various Hoboken (12 Buildings)
Various through 2029
3.91% to 5.00%
23,568
Chelsea
1/15/2031
5.36%
3,091
Subtotal
523,212
Net unamortized debt issuance costs and discount
(1,453)
Total mortgages payable, net
521,759
4.47%
Notes payable
Revolving credit facility (3)(6)
4/5/2027
SOFR + 0.775%
310,000
$750 million term loan (3)
3/20/2028
SOFR + 0.85%
750,000
$250 million term loan (3)
1/31/2031
SOFR + 0.85%
—
Various
Various through 2059
Various
1,190
Subtotal
1,061,190
Net unamortized debt issuance costs
(3,859)
Total notes payable, net
1,057,331
4.52%
(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
(15,190)
Total senior notes and debentures, net
3,364,010
3.77%
Total debt, net
$
4,943,100
Total fixed rate debt, net
$
4,080,487
83%
3.85%
Total variable rate debt, net
862,613
17%
4.70%
(8)
Total debt, net
$
4,943,100
100%
4.00%
(8)
Notes:
(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At December 31, 2025, our share of unconsolidated debt was approximately $61.9 million. At December 31, 2025, our noncontrolling interests' share of mortgages payable was $15.4 million.
(2)We have one one-year extension, at our option to extend the maturity date of this mortgage loan to December 28, 2027.
(3)Our Azalea mortgage loan, revolving credit facility SOFR loans and our term loans bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. The interest rate on $450.0 million of our $750.0 million term loan is fixed at a weighted average interest rate of 4.17% through March 1, 2028 through interest rate swap agreements.
(4)We have two one-year extensions, at our option to extend the maturity date of this mortgage loan to October 30, 2030.
(5)The interest rate on this mortgage loan is fixed at 3.67% through two interest rate swap agreements.
(6)The maximum amount drawn under our $1.25 billion revolving credit facility during both the three months and year ended December 31, 2025 was $461.6 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 4.8% and 5.0% for the three months and year ended December 31, 2025, respectively. On October 30, 2025, the interest rate on our revolving credit facility was reduced by removing the 0.10% adjustment to SOFR.
(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.
15
Federal Realty Investment Trust
Summary of Debt Maturities
December 31, 2025
Year
Scheduled Amortization
Maturities
Total
Percent of Debt Maturing
Weighted Average Rate (5)
(in thousands)
2026
$
3,145
$
452,450
$
455,595
9.2
%
2.0
%
2027
2,637
890,682
(1)
893,319
18.0
%
4.0
%
2028
2,511
660,000
(2)
662,511
13.4
%
5.1
%
(6)
2029
2,329
943,105
945,434
19.0
%
3.6
%
2030
684
1,205,000
(3)
1,205,684
24.3
%
4.3
%
2031
59
—
59
—
%
6.1
%
2032
—
—
—
—
%
—
%
2033
—
—
—
—
%
—
%
2034
—
—
—
—
%
—
%
2035
—
—
—
—
%
—
%
Thereafter
—
801,000
801,000
16.1
%
4.2
%
Total
$
11,365
$
4,952,237
$
4,963,602
(4)
100.0
%
Notes:
The above table assumes all extension options are exercised.
(1)Our $200.0 mortgage loan secured by Bethesda Row matures on December 28, 2026 plus one one-year extension, 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 December 31, 2025, there was $310.0 million outstanding under this credit facility.
(3)Our $750.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030. Additionally, our $55.0 million mortgage loan secured by Azalea matures on October 30, 2028, plus two one-year extensions at our option to October 30, 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 December 31, 2025. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 5 years.
(5)The weighted average rate reflects the weighted average interest rate, as of December 31, 2025, 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.
16
Federal Realty Investment Trust
Summary of Redevelopment and Expansion Opportunities
December 31, 2025
The following redevelopment opportunities are actively being worked on by the Trust. (1)
Projected POI Delivered (2)
Property
Location
Opportunity
Projected ROI (2)
Projected Cost (1)
Cost to Date
Delivered 2025
Projected 2026
(in millions)
(in millions)
(as a % of Total)
Projects stabilized:
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
%
$82
$80
95%
Stabilized
Projects in process:
Santana West (3)
San Jose, CA
Development of a 369,000 square foot office building. 345,000 square feet of office space leased
5% - 6%
$325 - $335
$308
15%
75% - 80%
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. The building is fully leased.
6
%
$180 - $190
$179
70%
90% - 95%
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
$28
—
—
Willow Grove
Willow Grove, PA
Demolition of 130,000 SF of existing retail to construct a new six story mixed use building with 261 residential units, a 438 space parking structure, and an additional 52,000 SF of retail space
7
%
$110 - $120
$14
—
—
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. Delivery expected to start in Q1 2026.
7
%
$90 - $95
$68
—
0% - 5%
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
$18
—
—
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
$23
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
$3
2029
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%
$48
$32
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 is an approximate calculation of the POI delivered or expected to be delivered and is calculated based on the Projected Cost and Projected ROI disclosed herewith and is based on the mid-point of the range, if applicable. 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.
17
Federal Realty Investment Trust
Future Redevelopment and Expansion Opportunities
December 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
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 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.
18
Federal Realty Investment Trust
Significant Transactions
December 31, 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 / Sephora
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 / Williams Sonoma / Life Time Fitness / Anthropologie
November 24, 2025
Village Pointe
Omaha, Nebraska
452,000
$
153.3
Nordstrom Rack / Best Buy / Apple / Sephora / lululemon
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
December 16, 2025
Bristol Plaza
Bristol, Connecticut
$
44.4
December 17, 2025
Pike & Rose Residential (1 building)
North Bethesda, Maryland
$
125.0
February 5, 2026
Santana Row Residential (1 building)
San Jose, California
$
148.5
February 5, 2026
Courthouse Center
Rockville, Maryland
$
10.0
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.
Term Loans
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, which we exercised on September 22, 2025, bringing our total amount outstanding under this agreement to $750.0 million as of December 31, 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
On November 17, 2025, we entered into an additional unsecured term loan agreement, which gives us the capacity to borrow up to $250.0 million at an interest rate of SOFR + 85 basis points, based on our current credit rating. The loan matures on January 31, 2031, and as of December 31, 2025, we do not have any outstanding borrowings under this agreement. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $500.0 million.
19
Federal Realty Investment Trust
Real Estate Status Report
December 31, 2025
Property Name
MSA Description
Real Estate at Cost
Acreage
GLA (1)
% Leased (1)
% Occupied(1)
Average Rent PSF (2)
Residential Units
Grocery Anchor GLA
Grocery Anchor (3)
Other Retail Tenants
(in thousands)
Washington Metropolitan Area
Barcroft Plaza
Washington-Arlington-Alexandria, DC-VA-MD-WV
$
52,348
10
113,000
98
%
98
%
$32.78
46,000
Harris Teeter
Bethesda Row
(4)
Washington-Arlington-Alexandria, DC-VA-MD-WV
275,625
17
532,000
99
%
98
%
$60.65
180
40,000
Giant Food
Apple / Anthropologie / Equinox / Multiple Restaurants
Birch & Broad
Washington-Arlington-Alexandria, DC-VA-MD-WV
26,265
10
144,000
100
%
100
%
$40.58
51,000
Giant Food
CVS / Staples
Chesterbrook
(5)
Washington-Arlington-Alexandria, DC-VA-MD-WV
51,246
9
89,000
91
%
85
%
$32.43
35,000
Safeway
Starbucks
Congressional Plaza
(5)
Washington-Arlington-Alexandria, DC-VA-MD-WV
109,667
21
309,000
91
%
79
%
$46.87
194
25,000
The Fresh Market
Ulta / Barnes & Noble / Container Store
Courthouse Center
Washington-Arlington-Alexandria, DC-VA-MD-WV
7,643
2
33,000
81
%
81
%
$30.44
Fairfax Junction
(6)
Washington-Arlington-Alexandria, DC-VA-MD-WV
46,839
11
124,000
98
%
98
%
$29.15
23,000
Aldi
CVS / Planet Fitness
Federal Plaza
Washington-Arlington-Alexandria, DC-VA-MD-WV
75,243
18
249,000
96
%
95
%
$40.51
14,000
Trader Joe's
TJ Maxx / Micro Center / Ross Dress for Less
Friendship Center
Washington-Arlington-Alexandria, DC-VA-MD-WV
39,840
1
25,000
100
%
100
%
$23.18
Maggiano's
Gaithersburg Square
Washington-Arlington-Alexandria, DC-VA-MD-WV
39,717
16
205,000
98
%
98
%
$33.44
Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS
Graham Park Plaza
Washington-Arlington-Alexandria, DC-VA-MD-WV
28,425
10
133,000
95
%
93
%
$39.72
58,000
Giant Food
Idylwood Plaza
Washington-Arlington-Alexandria, DC-VA-MD-WV
20,166
7
73,000
98
%
92
%
$51.51
23,000
TBA
Kingstowne Towne Center
Washington-Arlington-Alexandria, DC-VA-MD-WV
212,421
45
411,000
100
%
98
%
$29.03
135,000
Giant Food / Safeway
TJ Maxx / HomeGoods / Ross Dress for Less
Laurel
Washington-Arlington-Alexandria, DC-VA-MD-WV
62,369
26
367,000
96
%
96
%
$25.27
61,000
Giant Food
Marshalls / L.A. Fitness / HomeGoods
Montrose Crossing
Washington-Arlington-Alexandria, DC-VA-MD-WV
172,103
36
369,000
98
%
98
%
$35.06
73,000
Giant Food / Target (S)
Marshalls / Home Depot Design Center / Old Navy / Burlington
Mount Vernon/South Valley/7770 Richmond Hwy
(6)
Washington-Arlington-Alexandria, DC-VA-MD-WV
99,382
40
565,000
97
%
96
%
$21.43
62,000
Shoppers Food Warehouse
TJ Maxx / Home Depot / Old Navy / Burlington / Ulta
Restoration Hardware / Pottery Barn / Williams Sonoma / Life Time Fitness / Anthropologie
Governor Plaza
Baltimore-Columbia-Towson, MD
35,766
24
243,000
100
%
100
%
$20.62
16,500
Aldi
Dick's Sporting Goods / Ross Dress for Less / Petco / Bob's Discount Furniture
Perring Plaza
Baltimore-Columbia-Towson, MD
43,429
29
398,000
91
%
91
%
$17.07
57,000
Giant Food
Home Depot / Dick's Sporting Goods / Micro Center / Burlington
THE AVENUE at White Marsh
(6)
Baltimore-Columbia-Towson, MD
138,205
35
315,000
100
%
100
%
$29.05
AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham Square
Baltimore-Columbia-Towson, MD
19,656
4
33,000
100
%
91
%
$55.48
White Marsh Other
Baltimore-Columbia-Towson, MD
23,828
13
43,000
100
%
78
%
$47.89
White Marsh Plaza
Baltimore-Columbia-Towson, MD
27,185
7
80,000
98
%
98
%
$24.55
54,000
Giant Food
Total Baltimore
465,498
131
1,591,000
95
%
92
%
$26.98
South Florida
CocoWalk
(8)
Miami-Fort Lauderdale-West Palm Beach, FL
206,465
3
278,000
100
%
100
%
$50.24
Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar Village
Miami-Fort Lauderdale-West Palm Beach, FL
76,487
17
187,000
98
%
98
%
$25.59
44,000
Aldi
CVS / L.A. Fitness
Shops at Pembroke Gardens
Miami-Fort Lauderdale-West Palm Beach, FL
190,746
41
391,000
100
%
98
%
$33.70
Nike Factory / Old Navy / DSW / Barnes & Noble
Tower Shops
Miami-Fort Lauderdale-West Palm Beach, FL
106,378
67
431,000
99
%
99
%
$30.53
12,000
Trader Joe's / Costco (S)
TJ Maxx / Ross Dress For Less / Best Buy / Ulta
Total South Florida
580,076
128
1,287,000
99
%
99
%
$35.10
Chicago
Crossroads
Chicago-Naperville-Elgin, IL-IN-WI
38,127
14
168,000
97
%
97
%
$21.52
L.A. Fitness / Ulta / Binny's / Ferguson Home
Finley Square
Chicago-Naperville-Elgin, IL-IN-WI
42,033
21
258,000
93
%
93
%
$18.96
Marshalls / HomeGoods / Michaels / Portillo's
Garden Market
Chicago-Naperville-Elgin, IL-IN-WI
17,415
11
141,000
100
%
100
%
$16.62
63,000
Mariano's Fresh Market
Walgreens
23
Federal Realty Investment Trust
Real Estate Status Report
December 31, 2025
Property Name
MSA Description
Real Estate at Cost
Acreage
GLA (1)
% Leased (1)
% Occupied(1)
Average Rent PSF (2)
Residential Units
Grocery Anchor GLA
Grocery Anchor (3)
Other Retail Tenants
(in thousands)
Riverpoint Center
Chicago-Naperville-Elgin, IL-IN-WI
123,080
17
211,000
98
%
92
%
$22.00
86,000
Jewel Osco
Marshalls / Old Navy
Total Chicago
220,655
63
778,000
97
%
95
%
$19.88
Other
Barracks Road
Charlottesville, VA
78,566
40
487,000
91
%
91
%
$29.95
99,000
Harris Teeter / Kroger
Anthropologie / Old Navy / Ulta / Michaels
Camelback Colonnade
(5)
Phoenix-Mesa-Chandler, AZ
185,438
41
603,000
99
%
96
%
$18.82
82,000
Fry's Food & Drug
Marshalls / Nordstrom Last Chance / Best Buy / HomeGoods
Gratiot Plaza
Detroit-Warren-Dearborn, MI
21,714
20
205,000
85
%
85
%
$14.68
69,000
Kroger
Best Buy / Bob's Discount Furniture
Lancaster
(4)
Lancaster, PA
8,705
11
126,000
98
%
98
%
$20.42
75,000
Giant Food
AutoZone
The Shops at Hilton Village
(4)(5)
Phoenix-Mesa-Chandler, AZ
88,264
18
305,000
88
%
83
%
$36.78
CVS / Houston's
Town Center Crossing / Town Center Plaza
Kansas City, MO-KS
264,884
59
552,000
95
%
92
%
$37.14
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
41,068
15
168,000
99
%
99
%
$21.73
32,000
Lidl
HomeGoods / DSW / Staples
Willow Lawn
Richmond, VA
109,146
37
463,000
98
%
97
%
$23.49
66,000
Kroger
Old Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta
Village Pointe
Omaha, NE-IA
145,246
48
452,000
96
%
96
%
$26.43
Nordstrom Rack / Best Buy / Apple / Sephora / lululemon / Scheels (S)
Total Other
943,031
289
3,361,000
95
%
93
%
$26.51
Grand Total
$
11,639,902
2,318
28,798,000
96
%
94
%
$32.79
2,678
Notes:
(1)
Represents the GLA, percentage leased, and percentage occupied 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)
Calculated as the aggregate, annualized in-place contractual (defined as cash basis excluding rent abatements) minimum rents for all occupied spaces divided by the aggregate GLA of all occupied spaces.
(3)
TBA indicates that a lease is signed.
(4)
All or a portion of this property is owned pursuant to a ground lease.
(5)
The Trust has a controlling financial interest in this property.
(6)
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.
(7)
This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.
(8)
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.
24
Federal Realty Investment Trust
Retail Leasing Summary (1)
December 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
4th Quarter 2025
105
100
%
600,684
$
39.09
$
34.84
$
2,552,365
12
%
24
%
7.4
$
18,043,426
$
30.04
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
Total - 12 months
434
100
%
2,340,282
$
37.98
$
33.12
$
11,357,750
15
%
27
%
7.4
$
54,245,228
$
23.18
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
4th Quarter 2025
53
50
%
261,082
$
36.39
$
28.57
$
2,040,053
27
%
40
%
9.7
$
15,259,185
$
58.45
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
Total - 12 months
189
44
%
840,927
$
38.96
$
32.77
$
5,207,572
19
%
33
%
9.2
$
44,851,903
$
53.34
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
4th Quarter 2025
52
50
%
339,602
$
41.17
$
39.66
$
512,312
4
%
15
%
5.8
$
2,784,241
$
8.20
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
Total - 12 months
245
56
%
1,499,355
$
37.42
$
33.32
$
6,150,178
12
%
23
%
6.3
$
9,393,325
$
6.26
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
4th Quarter 2025
109
96
%
612,978
$
39.30
7.5
$
18,384,628
$
29.99
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
Total - 12 months
454
96
%
2,471,099
$
38.52
7.6
$
65,622,131
$
26.56
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
4th Quarter 2025
130
836,216
$
36.47
6.8
$
18,384,628
$
21.99
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
Total - 12 months
540
3,594,598
$
34.48
7.0
$
65,622,131
$
18.26
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.
25
Federal Realty Investment Trust
Lease Expirations
December 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)
2026
944,000
5
%
$17.68
916,000
10
%
$38.43
1,860,000
7
%
$27.90
2027
1,836,000
10
%
$22.95
1,180,000
13
%
$49.95
3,016,000
11
%
$33.51
2028
2,037,000
11
%
$17.99
1,263,000
14
%
$50.00
3,300,000
12
%
$30.25
2029
2,413,000
14
%
$26.19
1,313,000
14
%
$49.27
3,726,000
14
%
$34.32
2030
1,817,000
10
%
$21.90
1,062,000
11
%
$51.13
2,879,000
11
%
$32.68
2031
1,256,000
7
%
$24.55
941,000
10
%
$48.16
2,197,000
8
%
$34.67
2032
1,824,000
10
%
$29.71
747,000
8
%
$48.92
2,571,000
9
%
$35.29
2033
1,039,000
6
%
$25.90
568,000
6
%
$48.15
1,607,000
6
%
$33.76
2034
895,000
5
%
$21.88
508,000
5
%
$49.21
1,403,000
5
%
$31.78
2035
1,372,000
8
%
$30.69
514,000
6
%
$50.32
1,886,000
7
%
$36.04
Thereafter
2,330,000
13
%
$26.80
320,000
3
%
$54.63
2,650,000
10
%
$30.16
Total (3)(4)
17,763,000
100
%
$24.46
9,332,000
100
%
$48.63
27,095,000
100
%
$32.79
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)
2026
585,000
3
%
$16.63
820,000
9
%
$37.30
1,405,000
5
%
$28.69
2027
579,000
3
%
$22.30
699,000
7
%
$48.08
1,278,000
5
%
$36.39
2028
407,000
2
%
$19.71
711,000
8
%
$46.87
1,118,000
4
%
$36.97
2029
528,000
3
%
$32.09
732,000
8
%
$49.62
1,260,000
5
%
$42.28
2030
250,000
1
%
$22.44
652,000
7
%
$50.35
902,000
3
%
$42.60
2031
488,000
3
%
$21.80
507,000
5
%
$48.84
995,000
4
%
$35.57
2032
357,000
2
%
$33.85
538,000
6
%
$54.07
895,000
3
%
$46.01
2033
370,000
2
%
$25.03
519,000
6
%
$54.49
889,000
3
%
$42.22
2034
645,000
4
%
$28.11
515,000
6
%
$48.29
1,160,000
4
%
$37.07
2035
684,000
4
%
$25.23
485,000
5
%
$51.94
1,169,000
4
%
$36.32
Thereafter
12,870,000
72
%
$24.40
3,154,000
34
%
$49.14
16,024,000
59
%
$29.27
Total (3)(4)
17,763,000
100
%
$24.46
9,332,000
100
%
$48.63
27,095,000
100
%
$32.79
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 December 31, 2025.
(3)
Represents occupied square footage of the commercial portion of our portfolio as of December 31, 2025.
(4)
Individual items may not add up to total due to rounding.
26
94
Federal Realty Investment Trust
Portfolio Leased Statistics
December 31, 2025
As of:
December 31, 2025
September 30, 2025
December 31, 2024
Commercial Properties
Overall Portfolio (1)(2)
Gross Leasable Area (GLA)
28,798,000
27,936,000
26,832,000
Leased %
96.1
%
95.4
%
96.2
%
Occupied %
94.1
%
93.8
%
94.1
%
Leased % - anchor tenants
97.3
%
96.5
%
97.5
%
Leased % - small shop tenants
93.8
%
93.3
%
93.6
%
Active commercial tenant leases
3,733
3,629
3,474
Comparable Properties (1)(3)
GLA
25,073,000
25,102,000
25,163,000
Leased %
96.6
%
95.7
%
96.2
%
Occupied %
94.5
%
94.1
%
94.0
%
Residential Properties
Overall Portfolio (1)(2)
Residential units
2,678
2,996
3,104
Leased %
94.8
%
96.0
%
95.2
%
Comparable Properties (1)(3)
Residential units
2,678
2,677
2,677
Leased %
94.8
%
96.2
%
95.1
%
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.
27
Federal Realty Investment Trust
Summary of Top 25 Tenants
December 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
$
23,779,000
2.42
%
1,193,000
3.82
%
40
2
Ahold Delhaize
BBB+ / Baa1
$
16,675,000
1.69
%
829,000
2.65
%
13
3
NetApp, Inc.
BBB+ / Baa2
$
15,668,000
1.59
%
304,000
0.97
%
1
4
Cisco Systems, Inc.
AA- / A1
$
14,498,000
1.47
%
267,000
0.85
%
2
5
Gap, Inc., The
BB+ / Ba2
$
13,302,000
1.35
%
406,000
1.30
%
39
6
CVS Corporation
BBB / Baa3
$
10,902,000
1.11
%
261,000
0.84
%
19
7
KnitWell Group (Ann Taylor, Chico's, Loft, Talbots, White House Black Market, Soma, Lane Bryant)
NR / NR
$
9,701,000
0.99
%
228,000
0.73
%
46
8
Amazon/Whole Foods
AA / A1
$
8,891,000
0.90
%
284,000
0.91
%
6
9
Fitness International LLC
B / B2
$
8,824,000
0.90
%
347,000
1.11
%
9
10
Albertsons Companies Inc. (Acme, Balducci's, Safeway)
BB+ / Ba1
$
8,741,000
0.89
%
544,000
1.74
%
10
11
Ross Stores, Inc.
BBB+ / A2
$
8,638,000
0.88
%
389,000
1.25
%
14
12
Home Depot, Inc.
A / A2
$
7,801,000
0.79
%
478,000
1.53
%
6
13
Dick's Sporting Goods, Inc.
BBB / Baa2
$
7,507,000
0.76
%
401,000
1.28
%
9
14
AMC Entertainment Inc.
CCC+ / Caa2
$
7,433,000
0.76
%
283,000
0.91
%
6
15
Kroger Co., The
BBB / Baa1
$
7,430,000
0.75
%
611,000
1.96
%
12
16
PUMA North America, Inc.
NR / NR
$
7,292,000
0.74
%
155,000
0.50
%
2
17
Ulta Beauty, Inc.
NR / NR
$
7,167,000
0.73
%
204,000
0.65
%
19
18
Bank of America, N.A.
A- / A1
$
7,141,000
0.73
%
117,000
0.37
%
21
19
PwC US Group LLP
NR / NR
$
7,023,000
0.71
%
141,000
0.45
%
1
20
Bob's Discount Furniture, LLC
NR / NR
$
6,958,000
0.71
%
278,000
0.89
%
7
21
Choice Hotels International, Inc.
BBB- / Baa3
$
6,448,000
0.65
%
119,000
0.38
%
1
22
Michaels Stores, Inc.
B- / B3
$
6,116,000
0.62
%
316,000
1.01
%
14
23
J.Crew Group, LLC
CCC+ / Caa1
$
5,960,000
0.61
%
114,000
0.36
%
22
24
Starbucks Corporation
BBB+ / Baa1
$
5,947,000
0.60
%
80,000
0.26
%
44
25
Target Corporation
A / A2
$
5,452,000
0.55
%
588,000
1.88
%
6
Totals - Top 25 Tenants
$
235,294,000
23.90
%
8,937,000
28.61
%
369
Total (5):
$
984,491,000
(2)
31,242,000
(4)
Notes:
(1)
Credit Ratings are as of December 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.
28
Federal Realty Investment Trust
2026 Guidance
December 31, 2025
Full Year 2026 Guidance
2025 Actual
2026 Guidance (1)
Net income available for common shareholders per diluted share
$4.68
$3.90 - $4.00
Nareit FFO per diluted share (2)(3)
$7.22
$7.42 - $7.52
Core FFO per diluted share (2)(3)
$7.06
$7.42 - $7.52
Comparable properties growth
3.6%
3.0% - 3.5%
Lease termination fees
$6 million
$7 - $8 million
Incremental redevelopment/expansion POI (4)
$5 million
$13 - $15 million
General and administrative expenses
$47 million
$47 - $49 million
Development/redevelopment capital
$194 million
$175 - $225 million
Capitalized interest
$13 million
$11 - $12 million
Notes:
(1)Does not include the impact of acquisitions or dispositions other than those which have closed as of February 11, 2026. All amounts are estimates.
(2)The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:
Full Year 2026 Guidance Range
Low
High
Estimated net income available for common shareholders per diluted share
$
3.90
$
4.00
Adjustments:
Estimated gain on sale of real estate
(1.06)
(1.06)
Estimated depreciation and amortization
4.58
4.58
Estimated Nareit FFO and Core FFO per diluted share
$
7.42
$
7.52
See Glossary of Terms. Individual items may not add up to total due to rounding.
(3)Below is our Nareit FFO and Core FFO for 2024, 2025, and estimated 2026, per diluted share:
2024
2025
2026 Guidance
Nareit FFO per diluted share
$
6.77
$
7.22
$7.42 - $7.52
Percentage growth over the prior year
6.6%
2.8% - 4.2%
Adjustments:
New market tax credit transaction income, net
—
(0.15)
—
Executive transition costs
0.04
—
—
Collection of prior period rents deferred during COVID
(0.04)
(0.00)
—
Core FFO
$
6.77
$
7.06
$7.42 - $7.52
Percentage growth over the prior year
4.3%
5.1% - 6.5%
See Glossary of Terms. Individual items may not add up to total due to rounding.
(4)Reflects the estimated additional POI to be recognized in the period indicated versus the prior year or prior year quarter period as applicable. Projects included in incremental redevelopment/expansion POI included Huntington Shopping Center, Santana West, Pike & Rose - 915 Meeting Street, and Bala Cynwyd on City Avenue for all periods presented. See page 17 for information on these projects and note 2 of page 17 for the definition of POI.
Annual
2026 Quarterly Estimates
2024 Actual
2025 Actual
2026 Estimate
1Q
2Q
3Q
4Q
($ in millions)
Total redevelopment/expansion POI
$
12
$
17
$
31
$
20
$
23
$
27
$
31
Incremental redevelopment/expansion POI
$
5
$
14
$
3
$
3
$
4
$
4
29
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.
Nareit-defined Funds From Operations (Nareit FFO): Nareit 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, Nareit 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 Nareit 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 Nareit 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.
Core Funds From Operations (Core FFO): Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company’s underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other 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.
