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 First Quarter 2026 Results
NORTH BETHESDA, Md. (May 1, 2026) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the first quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, net income available for common shareholders was $1.81 per diluted share and $0.72 per diluted share, respectively. Operating income for the same periods was $209.0 million and $108.1 million, respectively. Results for the current quarter include a $92.7 million gain on sale of real estate, primarily related to the February sale of Misora at Santana Row, compared to $1.2 million in the first quarter of 2025.
Highlights for the first quarter and subsequent to quarter-end include:
•Generated Nareit defined funds from operations available to common shareholders (Nareit FFO) per diluted share of $1.88 for the quarter, a 10.6% increase over $1.70 in the first quarter of 2025.
•Generated Core funds from operations available to common shareholders (Core FFO) per diluted share of $1.88 for the quarter, also a 10.6% increase year-over-year.
•Signed 101 leases for 649,078 square feet of comparable retail space - a first quarter volume record - with rent growth of 13% on a cash basis and 23% on a straight-line basis.
•On a trailing twelve-month basis, signed 448 leases for 2,620,601 square feet of comparable retail space - also a volume record - with rent growth of 16% on a cash basis and 28% on a straight-line basis.
•Generated comparable property operating income (POI) growth of 4.7%.
•Adjusted comparable POI growth (excluding straight-line rents and amortization of in-place leases) was 5.1%.
•Reported overall portfolio occupancy of 93.8% and a leased rate of 96.1% at quarter end, with:
•Occupancy down 30 basis points and leased rate flat quarter-over-quarter.
•Occupancy up 20 basis points and leased rate up 40 basis points year-over-year.
•Continued strong small shop leased rate, ending the quarter at 93.8% leased, representing an increase of 30 basis points year-over-year.
•Acquired two properties:
•Acquired Congressional North Shopping Center in Montgomery County, MD on March 12, 2026 for $72.3 million, expanding Federal’s presence along Rockville Pike, one of the Washington DC region’s most established commercial corridors.
•Acquired an adjacent retail parcel at Kingstowne Towne Center in Alexandria, VA for $19.7 million on April 17, 2026, completing the retail assemblage at the center.
•Completed approximately $159 million of peripheral residential and mature retail dispositions in the first quarter.
•Raised and tightened guidance for 2026 earnings per diluted share to $3.94 - $4.03.
•Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per diluted share to $7.46 - $7.55, representing 6.3% growth at the midpoint year-over-year.
“We delivered a strong start to the year, exceeding expectations and continuing the momentum we built in 2025. Our portfolio is performing well amid a volatile macro environment, reflecting both the strength of our platform and the resilience of the higher-income consumer we serve,” said Donald C. Wood, Chief Executive Officer of Federal Realty. “With this performance, we are increasing our outlook for 2026, reinforcing our confidence in the consistency and durability of our earnings growth.”
3
Financial Results
Net Income
For the first quarter of 2026, net income available for common shareholders was $157.1 million and earnings per diluted share was $1.81 versus $61.8 million and $0.72, respectively, for the first quarter of 2025.
FFO
Nareit FFO was $162.6 million, or $1.88 per diluted share, for the first quarter of 2026, compared to $146.5 million, or $1.70 per diluted share, in the first quarter of 2025, a 10.6% per-share increase.
Core FFO was $162.6 million, or $1.88 per diluted share, for the first quarter of 2026, compared to $146.4 million, or $1.70 per diluted share, in the first quarter of 2025, a 10.6% per-share increase.
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 a full definition of Core FFO.
Operational Update
Occupancy
The following operational metrics for the commercial portfolio are as of March 31, 2026:
•Overall portfolio occupancy was 93.8%, down 30 basis points sequentially and up 20 basis points year-over-year.
•Overall portfolio leased rate was 96.1%, flat sequentially and up 40 basis points year-over-year.
•Small shop leased rate was 93.8%, flat sequentially and up 30 basis points year-over-year.
The residential leased rate for comparable properties was 95.6% as of March 31, 2026, up 100 basis points year-over-year.
Leasing Activity
During the first quarter of 2026, Federal Realty signed 106 leases totaling 661,158 square feet of retail space. On a comparable space basis, the company signed 101 leases for 649,078 square feet - a first-quarter volume record - at an average rent of $35.79 per square foot, compared to $31.75 under prior leases, representing a 13% increase on a cash basis and 23% increase on a straight-line basis.
On a trailing twelve-month basis, Federal Realty signed 448 comparable leases totaling 2,620,601 square feet - also a volume record - representing 16% rent spreads on a cash basis and 28% on a straight-line basis.
Transaction Activity
•February 5, 2026 — sold two assets for a combined $158.5 million:
•Misora, a peripherally located residential component of Santana Row in San Jose, CA, for $148.5 million; and
•Courthouse Center, a 33,000 square-foot neighborhood shopping center in Rockville, MD, for $10.0 million.
•March 12, 2026 — acquired Congressional North Shopping Center for $72.3 million, a 217,000 square foot grocery anchored center, strategically deepening Federal’s presence along Rockville Pike in Montgomery County, MD.
•April 17, 2026 — acquired an adjacent 88,000-square-foot retail parcel at Kingstowne Towne Center in Alexandria, VA for $19.7 million, completing the retail assemblage at the center, which Federal originally acquired in 2022.
Financing Activity
•On February 17, 2026, the company repaid its $400 million 1.25% senior notes at maturity, refinanced with a draw on its previously announced delayed draw $250 million term loan and the remaining $150 million funded from the revolving credit facility.
•On April 14, 2026, the company amended and restated the $1.25 billion revolving credit facility, increasing the borrowing capacity to $1.4 billion, reducing the SOFR spread to 72.5 basis points, and extending the maturity date to April 12, 2030, plus two optional six-month extensions.
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 July 15, 2026 to common shareholders of record as of July 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 July 15, 2026 to shareholders of record as of July 1, 2026.
2026 Guidance
Federal Realty has raised and tightened its 2026 earnings per diluted share, Nareit FFO, and Core FFO guidance, as summarized in the table below:
Full Year 2026 Guidance
Revised Guidance
Prior Guidance
Net income available for common shareholders per diluted share
$3.94 to $4.03
$3.90 to $4.00
Nareit FFO per diluted share
$7.46 to $7.55
$7.42 to $7.52
Core FFO per diluted share
$7.46 to $7.55
$7.42 to $7.52
% Core FFO growth over the prior year
5.7% - 6.9%
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 first quarter 2026 earnings conference call, which is scheduled for Friday, May 1, 2026 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 May 15, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10207838.
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 104 properties include approximately 3,800 tenants in 29.0 million commercial square feet, and approximately 2,500 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.
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;
5
•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.
6
Federal Realty Investment Trust
Consolidated Income Statements
March 31, 2026
Three Months Ended
March 31,
2026
2025
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income
$
332,658
$
302,294
Other property income
7,890
6,585
Mortgage interest income
536
275
Total revenue
341,084
309,154
EXPENSES
Rental expenses
74,697
67,804
Real estate taxes
38,971
36,567
General and administrative
11,925
10,875
Depreciation and amortization
99,217
86,946
Total operating expenses
224,810
202,192
Gain on sale of real estate
92,711
1,171
OPERATING INCOME
208,985
108,133
OTHER INCOME/(EXPENSE)
Other interest income
1,040
743
Interest expense
(49,116)
(42,475)
Income from partnerships
161
177
NET INCOME
161,070
66,578
Net income attributable to noncontrolling interests
(1,971)
(2,810)
NET INCOME ATTRIBUTABLE TO THE TRUST
159,099
63,768
Dividends on preferred shares
(2,008)
(2,008)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
$
157,091
$
61,760
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders
$
1.82
$
0.72
Weighted average number of common shares
86,040
85,472
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders
$
1.81
$
0.72
Weighted average number of common shares
86,662
85,472
7
Federal Realty Investment Trust
Consolidated Balance Sheets
March 31, 2026
March 31,
December 31,
2026
2025
(in thousands, except share and per share data)
(unaudited)
ASSETS
Real estate, at cost
Operating (including $1,898,790 and $1,832,190 of consolidated variable interest entities, respectively)
$
11,302,971
$
11,265,167
Construction-in-progress (including $30,376 and $28,418 of consolidated variable interest entities, respectively)
358,950
374,735
11,661,921
11,639,902
Less accumulated depreciation and amortization (including $474,534 and $468,725 of consolidated variable interest entities, respectively)
(3,394,099)
(3,351,881)
Net real estate
8,267,822
8,288,021
Cash and cash equivalents
115,633
107,415
Accounts and notes receivable, net
249,428
249,755
Mortgage notes receivable, net
—
9,091
Investment in partnerships
31,105
31,881
Operating lease right of use assets, net
82,234
83,120
Finance lease right of use assets, net
6,356
6,410
Prepaid expenses and other assets
344,192
354,767
TOTAL ASSETS
$
9,096,770
$
9,130,460
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $191,475 and $194,176 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, 86,386,687 and 86,266,009 shares issued and outstanding, respectively
870
869
Additional paid-in capital
4,310,277
4,310,365
Accumulated dividends in excess of net income
(1,164,907)
(1,224,372)
Accumulated other comprehensive income
5,075
2,047
Total shareholders’ equity of the Trust
3,311,137
3,248,731
Noncontrolling interests
70,380
70,255
Total shareholders’ equity
3,381,517
3,318,986
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
9,096,770
$
9,130,460
8
Federal Realty Investment Trust
Funds From Operations
March 31, 2026
Three Months Ended
March 31,
2026
2025
(in thousands, except per share data)
Nareit Funds from Operations available for common shareholders (Nareit FFO) (1)
Net income
$
161,070
$
66,578
Net income attributable to noncontrolling interests
(1,971)
(2,810)
Gain on sale of real estate
(92,711)
(1,171)
Depreciation and amortization of real estate assets
84,778
76,498
Amortization of initial direct costs of leases
13,233
9,077
Funds from operations
164,399
148,172
Dividends on preferred shares (2)
(1,875)
(1,875)
Income attributable to downREIT operating partnership units
596
669
Income attributable to unvested shares
(567)
(490)
Nareit FFO
$
162,553
$
146,476
Weighted average number of common shares, diluted (2)(3)
86,662
86,177
Nareit FFO per diluted share (3)
$
1.88
$
1.70
Core Funds from Operations (Core FFO) (1)
Nareit FFO
$
162,553
$
146,476
Adjustments:
Collection of prior period rents deferred during COVID
—
(67)
Core FFO
$
162,553
$
146,409
Core FFO per diluted share (3)
$
1.88
$
1.70
Notes:
(1)See Glossary of Terms.
(2)For the three months ended March 31, 2026 and 2025, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted."
(3)The weighted average common shares used to compute Nareit and Core 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 Nareit and Core FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS for the three months ended March 31, 2025.
9
Federal Realty Investment Trust
Other Supplemental Information
March 31, 2026
Three Months Ended
March 31,
2026
2025
(in thousands, except ratios)
EBITDA for Real Estate (EBITDAre) (1)
Net income
$
161,070
$
66,578
Interest expense
49,116
42,475
Other interest income
(1,040)
(743)
Income tax provision (benefit)
(81)
(32)
Depreciation and amortization
99,217
86,946
Gain on sale of real estate
(92,711)
(1,171)
Adjustments of EBITDAre of unconsolidated affiliates
1,762
1,834
EBITDAre
$
217,333
$
195,887
Ratio of EBITDAre to combined fixed charges and preferred share dividends (2)
3.9x
3.8x
Dividends and Payout Ratios
Regular common dividends declared
$
97,626
$
94,875
Dividend payout ratio as a percentage of Nareit FFO
60%
65%
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions
$
35,159
$
34,291
Tenant improvements and incentives
17,468
22,386
Total non-maintenance capital expenditures
52,627
56,677
Maintenance capital expenditures
3,815
4,843
Total capital expenditures
$
56,442
$
61,520
Other Information
Leasing costs
$
6,279
$
6,333
Share-based compensation expense (non-cash)
$
4,303
$
3,881
Noncontrolling Interests Supplemental Information (3)
Property operating income (1)
$
2,749
$
3,556
Depreciation and amortization
(1,209)
(1,258)
Interest expense
(164)
(157)
Net income
$
1,376
$
2,141
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)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."
10
Federal Realty Investment Trust
Components of Rental Income
March 31, 2026
Components of Rental Income (1)
Three Months Ended
March 31,
2026
2025
(in thousands)
Minimum rents (2)
Commercial
$
225,359
$
203,124
Residential
22,502
26,911
Cost reimbursements
71,913
63,269
Percentage rents
5,191
4,457
Other lease related (3)
8,689
5,754
Collectibility related impacts
(996)
(1,221)
Total rental income
$
332,658
$
302,294
Notes:
(1)All income from tenant leases is reported as a single line item called "rental income." We have provided the above supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation.
(2)Minimum rents include the following:
Three Months Ended
March 31,
2026
2025
(in millions)
Straight-line rents
$
8.7
$
7.5
Amortization of in-place leases
$
4.3
$
3.1
(3)Includes lease termination fees of $4.1 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively.
11
Federal Realty Investment Trust
Comparable Property Information
March 31, 2026
The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q1 include: Bala Cynwyd on City Avenue residential - Blayr, Friendship Center, Grossmont Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q1 2025 to Q1 2026. Comparable Property property operating income ("Comparable Property POI") and Comparable Property POI - Adjusted are non-GAAP measures used by management in evaluating the operating performance of our properties period over period. Comparable Property POI - Adjusted excludes the impact of straight-line rents and amortization of in-place leases from Comparable Property POI.
Reconciliation of GAAP operating income to Comparable Property POI and Comparable Property POI - Adjusted
Three Months Ended
March 31,
2026
2025
(in thousands)
Operating income
$
208,985
$
108,133
Add:
Depreciation and amortization
99,217
86,946
General and administrative
11,925
10,875
Gain on sale of real estate
(92,711)
(1,171)
Property operating income (POI)
227,416
204,783
Less: Non-comparable POI - acquisitions/dispositions
(15,912)
(7,130)
Less: Non-comparable POI - redevelopment, development & other
(10,934)
(6,024)
Comparable Property POI
$
200,570
$
191,629
Less: Straight-line rents
(4,591)
(5,392)
Less: Amortization of in-place leases
(3,021)
(2,691)
Comparable Property POI - Adjusted
$
192,958
$
183,546
Additional information regarding the components of Comparable Property POI
Three Months Ended
March 31,
%
2026
2025
Change
(in thousands)
Minimum rents
$
220,135
$
213,335
Cost reimbursements
64,078
60,237
Other (1)
16,402
12,908
Collectibility related impacts
(1,182)
(1,072)
Total property revenue
299,433
285,408
Rental expenses
(64,570)
(60,118)
Real estate taxes
(34,293)
(33,661)
Total property expenses
(98,863)
(93,779)
Comparable Property POI
$
200,570
$
191,629
4.7%
Comparable Property POI - Adjusted
$
192,958
$
183,546
5.1%
Comparable Property - Summary of Capital Expenditures (2)
Three Months Ended
March 31,
2026
2025
(in thousands)
Redevelopment and tenant improvements and incentives
$
26,584
$
34,667
Maintenance capital expenditures
3,065
4,319
$
29,649
$
38,986
Comparable Property - Occupancy Statistics (2)
As of March 31,
2026
2025
GLA - comparable commercial properties
25,015,000
25,109,000
Leased % - comparable commercial properties
96.5%
96.1%
Occupancy % - comparable commercial properties
94.1%
93.9%
Notes:
(1)Includes lease termination fees of $3.3 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.
(2)See page 10 for "Summary of Capital Expenditures" and page 25 for portfolio occupancy statistics for our entire portfolio.
12
Federal Realty Investment Trust
Market Data, Debt Metrics, and Senior Notes and Debentures Covenants
March 31, 2026
March 31,
2026
2025
(in thousands, except per share data)
Market Data
Common shares outstanding and downREIT operating partnership units (1)
86,913
86,862
Market price per common share
$
106.21
$
97.82
Common equity market capitalization including downREIT operating partnership units
$
9,231,030
$
8,496,841
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
$
9,390,855
$
8,656,666
Total debt
$
4,849,768
$
4,513,293
Less: cash and cash equivalents
(115,633)
(109,224)
Total net debt (3)
$
4,734,135
$
4,404,069
Total market capitalization
$
14,124,990
$
13,060,735
Leverage and Liquidity Ratio
Total net debt to market capitalization at market price per common share
34%
34%
Senior Notes and Debentures Covenants (4)
March 31, 2026
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
4.0x
> 1.5x
Unencumbered Assets to Unsecured Debt
252%
> 150%
Notes:
(1)Amounts include 526,408 and 607,190 downREIT operating partnership units outstanding at March 31, 2026 and 2025, 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 most recent twelve months ended March 31, 2026.
(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.
13
Federal Realty Investment Trust
Summary of Outstanding Debt
March 31, 2026
As of March 31, 2026
Stated maturity date
Stated interest rate
Balance
Weighted average effective rate (7)
(in thousands)
Mortgages payable (1)
Bell Gardens
8/1/2026
4.06%
$
10,800
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)
50,165
Various Hoboken (10 Buildings)
Various through 2029
3.91% to 5.00%
21,260
Chelsea
1/15/2031
5.36%
2,955
Subtotal
520,280
Net unamortized debt issuance costs and discount
(1,259)
Total mortgages payable, net
519,021
4.39%
Notes payable
Revolving credit facility (3)(6)
4/5/2027
SOFR + 0.775%
369,100
$750 million term loan (3)
3/20/2028
SOFR + 0.85%
750,000
$250 million term loan (3)
1/31/2031
SOFR + 0.85%
250,000
Various
Various through 2059
Various
1,156
Subtotal
1,370,256
Net unamortized debt issuance costs
(4,923)
Total notes payable, net
1,365,333
4.50%
(8)
Senior notes and debentures
Unsecured fixed rate
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
2,979,200
Net unamortized debt issuance costs and premium
(13,786)
Total senior notes and debentures, net
2,965,414
4.07%
Total debt, net
$
4,849,768
Total fixed rate debt, net
$
3,679,262
76%
4.11%
Total variable rate debt, net
1,170,506
24%
4.59%
(8)
Total debt, net
$
4,849,768
100%
4.22%
(8)
Notes:
(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At March 31, 2026, our share of unconsolidated debt was approximately $61.8 million. At March 31, 2026, our noncontrolling interests' share of mortgages payable was $15.1 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 unsecured 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 the three months ended March 31, 2026 was $699.5 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 4.4% for the three months ended March 31, 2026. On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option.
(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.
14
Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2026
Year
Scheduled Amortization
Maturities
Total
Percent of Debt Maturing
Weighted Average Rate (5)
(in thousands)
2026
$
2,257
$
50,372
$
52,629
1.1
%
6.1
%
2027
2,637
890,682
(1)
893,319
18.3
%
4.0
%
2028
2,511
719,100
(2)
721,611
14.8
%
5.0
%
(6)
2029
2,329
943,105
945,434
19.4
%
3.6
%
2030
684
1,205,000
(3)
1,205,684
24.8
%
4.3
%
2031
59
250,000
250,059
5.1
%
4.5
%
2032
—
—
—
—
%
—
%
2033
—
—
—
—
%
—
%
2034
—
—
—
—
%
—
%
2035
—
—
—
—
%
—
%
Thereafter
—
801,000
801,000
16.5
%
4.2
%
Total
$
10,477
$
4,859,259
$
4,869,736
(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)At March 31, 2026, our $1.25 billion revolving credit facility had $369.1 million outstanding, which was scheduled to mature on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. On April 14, 2026, we amended and restated the agreement, increasing the borrowing capacity to $1.4 billion and extending the maturity date to April 12, 2030, plus two six-month extensions at our option to April 12, 2031.
(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 March 31, 2026. 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 March 31, 2026, 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.
15
Federal Realty Investment Trust
Summary of Redevelopment and Expansion Opportunities
March 31, 2026
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 2026 POI Delivered (2)
(in millions)
(in millions)
(as a % of Total)
Projects in process:
Santana West (3)
San Jose, CA
Development of a 369,000 square foot office building. The building is fully leased.
5% - 6%
$325 - $335
$312
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 - $185
$180
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
$34
—
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
$16
—
Bala Cynwyd on City Avenue - Blayr
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 started in Q1 2026.
7
%
$90 - $95
$76
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
$20
—
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
$26
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
$4
2029
Santana Row
San Jose, CA
Reconfiguration of a 52,000 square foot building to accommodate a new fitness tenant.
9
%
$8
$0
2027
Active Property Improvement Projects (6)
Ongoing improvements at 6 properties to better position those properties to capture a disproportionate amount of retail demand
8% - 16%
$44
$17
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.
16
Federal Realty Investment Trust
Future Redevelopment and Expansion Opportunities
March 31, 2026
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
Congressional North Shopping Center
Rockville, MD
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
Westgate Center
San Jose, CA
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.
(1)This retail building will be operated as part of our existing Kingstowne Towne Center property.
Property Dispositions
Date
Property
City/State
Sales Price
(in millions)
February 5, 2026
Santana Row Residential (1 building)
San Jose, California
$
148.5
February 5, 2026
Courthouse Center
Rockville, Maryland
$
10.0
Financing Transaction
Revolving Credit Facility
On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option. In addition, we have an option to increase the credit facility through an accordion feature to $2.0 billion.
18
Federal Realty Investment Trust
Real Estate Status Report
March 31, 2026
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
$
52,349
10
113,000
98
%
46,000
Harris Teeter
Bethesda Row
(3)
Washington-Arlington-Alexandria, DC-VA-MD-WV
276,385
17
532,000
99
%
180
40,000
Giant Food
Apple / Anthropologie / Equinox / Multiple Restaurants
Restoration Hardware / Pottery Barn / Williams Sonoma / Life Time Fitness / Anthropologie
Governor Plaza
Baltimore-Columbia-Towson, MD
35,857
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
43,659
29
398,000
100
%
57,000
Giant Food
Home Depot / Dick's Sporting Goods / Micro Center / Burlington
THE AVENUE at White Marsh
(5)
Baltimore-Columbia-Towson, MD
138,207
35
315,000
100
%
AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham Square
Baltimore-Columbia-Towson, MD
19,658
4
33,000
100
%
White Marsh Other
Baltimore-Columbia-Towson, MD
23,956
13
43,000
100
%
White Marsh Plaza
Baltimore-Columbia-Towson, MD
27,272
7
80,000
98
%
54,000
Giant Food
Total Baltimore
466,091
131
1,591,000
97
%
21
Federal Realty Investment Trust
Real Estate Status Report
March 31, 2026
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)
South Florida
CocoWalk
(7)
Miami-Fort Lauderdale-West Palm Beach, FL
206,624
3
278,000
100
%
Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar Village
Miami-Fort Lauderdale-West Palm Beach, FL
76,286
17
187,000
97
%
44,000
Aldi
CVS / L.A. Fitness
Shops at Pembroke Gardens
Miami-Fort Lauderdale-West Palm Beach, FL
193,654
41
392,000
99
%
Nike Factory / Old Navy / DSW
Tower Shops
Miami-Fort Lauderdale-West Palm Beach, FL
106,496
67
431,000
99
%
12,000
Trader Joe's / Costco (S)
TJ Maxx / Ross Dress For Less / Best Buy / Ulta / Home Depot (S)
Total South Florida
583,060
128
1,288,000
99
%
Chicago
Crossroads
Chicago-Naperville-Elgin, IL-IN-WI
37,927
14
168,000
96
%
L.A. Fitness / Ulta / Binny's / Ferguson Home
Finley Square
Chicago-Naperville-Elgin, IL-IN-WI
40,809
21
258,000
78
%
Marshalls / HomeGoods / Michaels / Portillo's
Garden Market
Chicago-Naperville-Elgin, IL-IN-WI
17,418
11
141,000
100
%
63,000
Mariano's Fresh Market
Walgreens
Riverpoint Center
Chicago-Naperville-Elgin, IL-IN-WI
123,456
17
211,000
98
%
86,000
Jewel Osco
Marshalls / Old Navy
Total Chicago
219,610
63
778,000
91
%
Other
Barracks Road
Charlottesville, VA
78,952
40
487,000
91
%
99,000
Harris Teeter / Kroger
Anthropologie / Old Navy / Ulta / Michaels
Camelback Colonnade
(4)
Phoenix-Mesa-Chandler, AZ
185,933
41
603,000
99
%
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
%
69,000
Kroger
Best Buy / Bob's Discount Furniture
Lancaster
(3)
Lancaster, PA
8,743
11
126,000
98
%
75,000
Giant Food
AutoZone
The Shops at Hilton Village
(3)(4)
Phoenix-Mesa-Chandler, AZ
89,162
18
305,000
85
%
CVS / Houston's
Town Center Crossing / Town Center Plaza
Kansas City, MO-KS
265,204
59
552,000
97
%
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
41,087
15
168,000
99
%
32,000
Lidl
HomeGoods / DSW / Staples
Village Pointe
Omaha, NE-IA
146,822
48
454,000
96
%
Nordstrom Rack / Best Buy / Apple / Sephora / lululemon / Scheels (S)
Willow Lawn
Richmond, VA
109,360
37
463,000
98
%
66,000
Kroger
Old Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta
Total Other
946,977
289
3,363,000
95
%
Grand Total
$
11,661,921
2,327
28,961,000
96
%
2,548
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.
22
Federal Realty Investment Trust
Retail Leasing Summary (1)
March 31, 2026
Total Lease Summary - Comparable (2)
Quarter
Number of Leases Signed
% of Comparable Leases Signed
GLA Signed
Contractual Rent (3) Per Sq. Ft. (PSF)
Prior Rent (4) PSF
Annual Increase in Rent
Cash Basis % Increase Over Prior Rent
Straight-lined Basis % Increase Over Prior Rent
Weighted Average Lease Term (5)
Tenant Improvements & Incentives (6)
Tenant Improvements & Incentives PSF
1st Quarter 2026
101
100
%
649,078
$
35.79
$
31.75
$
2,619,479
13
%
23
%
7.4
$
14,278,520
$
22.00
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
Total - 12 months
448
100
%
2,620,601
$
37.06
$
32.03
$
13,193,543
16
%
28
%
7.4
$
61,384,318
$
23.42
New Lease Summary - Comparable (2)
Quarter
Number of Leases Signed
% of Comparable Leases Signed
GLA Signed
Contractual Rent (3) PSF
Prior Rent (4) PSF
Annual Increase in Rent
Cash Basis % Increase Over Prior Rent
Straight-lined Basis % Increase Over Prior Rent
Weighted Average Lease Term (5)
Tenant Improvements & Incentives (6)
Tenant Improvements & Incentives PSF
1st Quarter 2026
41
41
%
242,901
$
37.98
$
30.24
$
1,880,171
26
%
35
%
8.6
$
13,563,195
$
55.84
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
Total - 12 months
196
44
%
909,121
$
39.58
$
31.89
$
6,988,912
24
%
37
%
9.1
$
51,563,747
$
56.72
Renewal Lease Summary - Comparable (2) (7)
Quarter
Number of Leases Signed
% of Comparable Leases Signed
GLA Signed
Contractual Rent (3) PSF
Prior Rent (4) PSF
Annual Increase in Rent
Cash Basis % Increase Over Prior Rent
Straight-lined Basis % Increase Over Prior Rent
Weighted Average Lease Term (5)
Tenant Improvements & Incentives (6)
Tenant Improvements & Incentives PSF
1st Quarter 2026
60
59
%
406,177
$
34.48
$
32.66
$
739,308
6
%
16
%
6.6
$
715,325
$
1.76
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
Total - 12 months
252
56
%
1,711,480
$
35.72
$
32.10
$
6,204,631
11
%
22
%
6.4
$
9,820,571
$
5.74
Total Lease Summary - Comparable and Non-comparable (2)
Quarter
Number of Leases Signed
Comparable % of Total Leases
GLA Signed
Contractual Rent (3) PSF
Weighted Average Lease Term (5)
Tenant Improvements & Incentives (6)
Tenant Improvements & Incentives PSF
1st Quarter 2026
106
95
%
661,158
$
36.10
7.4
$
15,024,805
$
22.72
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
Total - 12 months
469
96
%
2,702,392
$
37.75
7.5
$
68,030,378
$
25.17
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
1st Quarter 2026
134
881,718
$
34.86
6.9
$
15,024,805
$
17.04
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
Total - 12 months
556
3,649,212
$
34.86
7.0
$
68,030,378
$
18.64
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.
23
Federal Realty Investment Trust
Lease Expirations
March 31, 2026
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
612,000
3
%
$16.08
612,000
7
%
$36.76
1,224,000
5
%
$26.42
2027
1,634,000
9
%
$23.31
1,133,000
12
%
$49.41
2,767,000
10
%
$33.99
2028
2,138,000
12
%
$17.99
1,273,000
14
%
$50.64
3,411,000
13
%
$30.18
2029
2,358,000
13
%
$26.44
1,331,000
14
%
$49.75
3,689,000
14
%
$34.85
2030
1,907,000
11
%
$21.70
1,079,000
12
%
$51.18
2,986,000
11
%
$32.35
2031
1,396,000
8
%
$24.17
1,046,000
11
%
$48.79
2,442,000
9
%
$34.71
2032
1,896,000
11
%
$29.97
806,000
9
%
$49.40
2,702,000
10
%
$35.77
2033
1,016,000
6
%
$25.87
596,000
6
%
$47.97
1,612,000
6
%
$34.04
2034
896,000
5
%
$21.82
511,000
5
%
$49.50
1,407,000
5
%
$31.88
2035
1,372,000
8
%
$30.81
514,000
5
%
$50.92
1,886,000
7
%
$36.29
Thereafter
2,584,000
15
%
$27.59
457,000
5
%
$55.29
3,041,000
11
%
$31.76
Total (3) (4)
17,809,000
100
%
$24.71
9,358,000
100
%
$49.21
27,167,000
100
%
$33.15
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
502,000
3
%
$16.76
572,000
6
%
$36.43
1,074,000
4
%
$27.24
2027
590,000
3
%
$23.91
733,000
8
%
$46.94
1,323,000
5
%
$36.67
2028
455,000
3
%
$18.46
714,000
8
%
$47.52
1,169,000
4
%
$36.21
2029
512,000
3
%
$32.63
728,000
8
%
$50.19
1,240,000
5
%
$42.94
2030
331,000
2
%
$22.66
664,000
7
%
$50.34
995,000
4
%
$41.13
2031
488,000
3
%
$22.18
556,000
6
%
$48.92
1,044,000
4
%
$36.42
2032
348,000
2
%
$35.58
550,000
6
%
$54.77
898,000
3
%
$47.34
2033
370,000
2
%
$25.03
535,000
6
%
$54.43
905,000
3
%
$42.39
2034
645,000
4
%
$28.16
522,000
6
%
$48.71
1,167,000
4
%
$37.36
2035
695,000
4
%
$25.39
487,000
5
%
$52.52
1,182,000
4
%
$36.57
Thereafter
12,873,000
72
%
$24.60
3,297,000
35
%
$49.73
16,170,000
60
%
$29.73
Total (3) (4)
17,809,000
100
%
$24.71
9,358,000
100
%
$49.21
27,167,000
100
%
$33.15
Notes:
(1)
Anchor is defined as a commercial tenant leasing 10,000 square feet or more.
(2)
Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rent as of March 31, 2026.
(3)
Represents occupied square footage of the commercial portion of our portfolio as of March 31, 2026.
(4)
Individual items may not add up to total due to rounding.
24
Federal Realty Investment Trust
Portfolio Leased Statistics
March 31, 2026
As of:
March 31, 2026
December 31, 2025
March 31, 2025
Commercial Properties
Overall Portfolio (1)(2)
Gross Leasable Area (GLA)
28,961,000
28,798,000
27,499,000
Leased %
96.1
%
96.1
%
95.7
%
Occupied %
93.8
%
94.1
%
93.6
%
Leased % - anchor tenants
97.3
%
97.3
%
96.8
%
Leased % - small shop tenants
93.8
%
93.8
%
93.5
%
Active commercial tenant leases
3,753
3,733
3,539
Comparable Properties (1)(3)
GLA
25,015,000
25,040,000
25,109,000
Leased %
96.5
%
96.6
%
96.1
%
Occupied %
94.1
%
94.6
%
93.9
%
Residential Properties
Overall Portfolio (1)(2)(4)
Residential units
2,466
2,678
3,104
Leased %
95.6
%
94.8
%
94.9
%
Comparable Properties (1)(3)
Residential units
2,466
2,466
2,465
Leased %
95.6
%
94.9
%
94.6
%
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.
(4)
Excludes our new residential building at Bala Cynwyd on City Avenue called Blayr that opened in 1Q26 and currently is in the process of being leased-up for the first time. If these units were included at March 31, 2026, our total residential units would be 2,548 and our percentage leased would be 93.9%.
25
Federal Realty Investment Trust
Summary of Top 25 Tenants
March 31, 2026
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
$
23,914,000
2.42
%
1,193,000
3.82
%
40
2
Ahold Delhaize
BBB+ / Baa1
$
15,918,000
1.61
%
781,000
2.50
%
12
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
$
13,368,000
1.35
%
406,000
1.30
%
39
6
CVS Corporation
BBB / Baa3
$
11,016,000
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
$
9,794,000
0.99
%
228,000
0.73
%
46
8
Fitness International LLC
B / B2
$
9,044,000
0.92
%
347,000
1.11
%
9
9
Amazon/Whole Foods
AA / A1
$
8,891,000
0.90
%
284,000
0.91
%
6
10
Albertsons Companies Inc. (Acme, Balducci's, Safeway)
BB+ / Ba1
$
8,807,000
0.89
%
545,000
1.74
%
10
11
Ross Stores, Inc.
A- / A2
$
8,662,000
0.88
%
389,000
1.24
%
14
12
Home Depot, Inc.
A / A2
$
7,851,000
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
0.75
%
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
PwC US Group LLP
NR / NR
$
7,023,000
0.71
%
141,000
0.45
%
1
19
Bob's Discount Furniture, LLC
NR / NR
$
6,958,000
0.70
%
278,000
0.89
%
7
20
Burlington Stores, Inc.
BB+ / Ba1
$
6,776,000
0.69
%
301,000
0.96
%
9
21
Bank of America, N.A.
A- / A1
$
6,743,000
0.68
%
108,000
0.35
%
20
22
Choice Hotels International, Inc.
BBB- / Baa3
$
6,448,000
0.65
%
119,000
0.38
%
1
23
Michaels Stores, Inc.
B- / B2
$
6,097,000
0.62
%
312,000
1.00
%
14
24
J.Crew Group, LLC
CCC+ / Caa1
$
6,082,000
0.62
%
114,000
0.36
%
22
25
JPMorgan Chase Bank
A / A1
$
5,787,000
0.59
%
87,000
0.28
%
19
Totals - Top 25 Tenants
$
236,174,000
23.90
%
8,597,000
27.51
%
345
Total (5):
$
988,289,000
(2)
31,250,000
(4)
Notes:
(1)
Credit Ratings are as of March 31, 2026. 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.
26
Federal Realty Investment Trust
2026 Guidance
March 31, 2026
Full Year 2026 Guidance
2026 Guidance (1)
2026 Prior Guidance
Net income available for common shareholders per diluted share
$3.94 - $4.03
$3.90 - $4.00
Nareit FFO per diluted share (2)
$7.46 - $7.55
$7.42 - $7.52
Core FFO per diluted share (2)
$7.46 - $7.55
$7.42 - $7.52
Comparable properties growth
3.125% - 3.625%
3.0% - 3.5%
Lease termination fees
$8 - $9 million
$7 - $8 million
Incremental redevelopment/expansion POI (3)
$14 - $15 million
$13 - $15 million
General and administrative expenses
$47 - $49 million
$47 - $49 million
Development/redevelopment capital
$175 - $225 million
$175 - $225 million
Capitalized interest
$11 - $12 million
$11 - $12 million
Notes:
(1)Does not include the impact of acquisitions or dispositions other than those which have closed as of April 30, 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
$
3.94
$
4.03
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
$
7.46
$
7.55
See Glossary of Terms. Individual items may not add up to total due to rounding.
(3)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 - Blayr for all periods presented. See page 16 for information on these projects and note 2 of page 16 for the definition of POI. See also page 17 in our Form 8-K filed on February 12, 2026 related to Huntington Shopping Center.
Annual
2026 Quarterly
2024 Actual
2025 Actual
2026 Estimate
1Q Actual
2Q Estimate
3Q Estimate
4Q Estimate
($ in millions)
Total redevelopment/expansion POI
$
12
$
17
$
32
$
21
$
24
$
28
$
32
Incremental redevelopment/expansion POI
$
5
$
15
$
4
$
3
$
4
$
4
27
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 judgment 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.
