Federal Realty Investment Trust 8K Results of Operations and Financial Condition | FRT 30 Oct 24


FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION
September 30, 2024

TABLE OF CONTENTS

1	Third Quarter 2024 Earnings Press Release		3

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

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

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

4	Summary of Redevelopment and Expansion Opportunities		15



5	Future Redevelopment and Expansion Opportunities		16

6	2024 Transactions		17

7	Real Estate Status Report		18

8	Retail Leasing Summary		23

9	Lease Expirations		24

10	Portfolio Leased Statistics		25

11	Summary of Top 25 Tenants		26



12	Reconciliation of FFO Guidance		27

13	Glossary of Terms		28


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

Safe Harbor Language

Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2024, 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 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 the outbreak and worldwide spread of COVID-19), 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, 2024 and subsequent quarterly reports on Form 10-Q.


NEWS RELEASE			www.federalrealty.com

FOR IMMEDIATE RELEASE

Investor Inquiries:			Media Inquiries:
Leah Andress Brady			Brenda Pomar
Vice President, Investor Relations			Senior Director, Corporate Communications
301.998.8265			301.998.8316
lbrady@federalrealty.com			bpomar@federalrealty.com

Federal Realty Investment Trust Announces Third Quarter 2024 Operating Results

NORTH BETHESDA, Md. (October 30, 2024) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its third quarter ended September 30, 2024. For the three months ended September 30, 2024 and 2023, net income available for common shareholders was $0.70 per diluted share and $0.67 per diluted share, respectively. For the three months ended September 30, 2024 and 2023, operating income was $105.8 million and $100.1 million, respectively.

Highlights for the third quarter include:

•Generated funds from operations available to common shareholders (FFO) per diluted share of $1.71 for the quarter, compared to $1.65 for the third quarter of 2023.

•Signed 126 leases for 580,977 square feet of comparable retail space at a cash basis rollover growth of 14% and 26% on a straight-line basis.

•Generated comparable property operating income (POI) growth of 2.9% for the third quarter, excluding lease termination fees and prior period rents collected.

•Reported portfolio occupancy of 94.0% and a leased rate of 95.9% at quarter end, representing an increase of:

◦+90 basis points of occupancy and +60 basis points of leased rate quarter-over-quarter

◦+170 basis points of occupancy and +190 basis points of leased rate year-over-year

•Continued strong small shop leasing, ending the quarter at 93.1% leased, with an increase of +60 basis points quarter-over-quarter and +240 basis points year-over-year.

•Acquired Pinole Vista Crossing in Pinole, California, a grocery-anchored shopping center, comprising 216,000 square feet on 19 acres of land, for a purchase price of $60 million.

•Tightened and raised 2024 earnings per diluted share guidance to $3.40 – $3.50 and 2024 FFO per diluted share guidance to $6.76 – $6.86.

“Federal Realty delivered another strong quarter, driven by record FFO, elevated leasing activity, and significant occupancy gains,” said Donald C. Wood, Chief Executive Officer. “The demographics of our properties continue to be

our greatest asset. Looking ahead, we are confident that Federal Realty is well-positioned for continued success, thanks to our exposure to affluent and resilient shoppers who frequent our best-in-class properties.”

Financial Results

Net Income

For the third quarter 2024, net income available for common shareholders was $58.9 million and earnings per diluted share was $0.70 versus $55.0 million and $0.67, respectively, for the third quarter 2023.

FFO

For the third quarter 2024, FFO was $144.6 million, or $1.71 per diluted share, compared to $135.3 million, or $1.65 per diluted share for the third quarter 2023.

FFO is a non-GAAP supplemental earnings measure which the trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Operational Update

Occupancy

As of September 30, 2024, the portfolio was 94.0% occupied, an increase of 90 basis points quarter-over-quarter and 170 basis points year-over-year. The portfolio was 95.9% leased, an increase of 60 basis points quarter-over-quarter and 190 basis points year-over-year.

Small shop leased rate was 93.1% as of September 30, 2024, an increase of 60 basis points quarter-over-quarter and 240 basis points year-over-year.

The anchor tenant leased rate was 97.3%, reflecting an increase of 60 basis points quarter-over-quarter and 150 basis points year-over-year.

Additionally, residential properties were 97.5% leased as of September 30, 2024.

Leasing Activity

During the third quarter 2024, Federal Realty signed 129 leases for 592,527 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 126 leases for 580,977 square feet at an average rent of $34.94 per square foot compared to the average contractual rent of $30.51 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 14%, 26% on a straight-line basis. Comparable leases represented 98% of total comparable and non-comparable retail leases signed during the third quarter 2024.

Transaction Activity

•July 31, 2024 - Acquired Pinole Vista Crossing, a dominant 216,000-square-foot, 19-acre regional open-air grocery-anchored community center located along I-80 in Pinole, CA, 13 miles north of Federal Realty’s East

Bay Bridge Shopping Center, for $60 million, expanding the company’s presence in Northern California’s East Bay sub-market.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. The regular common dividend will be payable on January 15, 2025 to common shareholders of record as of January 2, 2025.

Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on January 15, 2025 to shareholders of record as of January 2, 2025.

2024 Guidance

Federal Realty has updated its 2024 guidance, as summarized in the table below:


Full Year 2024 Guidance	Revised Guidance	Prior Guidance
2024 Earnings per diluted share	$3.40 to $3.50	$3.33 to $3.51
2024 FFO per diluted share	$6.76 to $6.86	$6.70 to $6.88

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its third quarter 2024 earnings conference call, which is scheduled for Wednesday, October 30, 2024 at 5:00 PM ET. To participate, please call 1-844-826-3035 or 1-412-317-5195 five to ten minutes prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through November 13, 2024 by dialing 1-844-512-2921 or 1-412-317-6671; Passcode: 10192360.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as Northern and Southern California. Founded in 1962, Federal Realty’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 102 properties include approximately 3,500 tenants, in 27 million commercial square feet, and approximately 3,100 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 57 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2024 and include the following:

•risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment, or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;

•risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;

•risks associated with general economic conditions, including inflation and local economic conditions in our geographic markets;

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2024 and subsequent quarterly reports on Form 10-Q.


Federal Realty Investment Trust
Consolidated Income Statements
September 30, 2024
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands, except per share data)
	(unaudited)
REVENUE
Rental income	$	303,352	$	286,323	$	890,172	$	839,509

Mortgage interest income	281		281		836		833
Total revenue	303,633		286,604		891,008		840,342
EXPENSES
Rental expenses	63,898		58,595		184,448		169,410
Real estate taxes	36,053		33,045		105,402		97,992
General and administrative	10,822		13,149		34,920		37,607
Depreciation and amortization	87,028		81,731		255,481		239,342
Total operating expenses	197,801		186,520		580,251		544,351


Gain on sale of real estate	—		—		52,280		1,702

OPERATING INCOME	105,832		100,084		363,037		297,693

OTHER INCOME/(EXPENSE)
Other interest income	978		721		3,512		3,775
Interest expense	(44,237)		(42,726)		(132,242)		(124,835)

Income from partnerships	888		1,313		1,825		3,494

NET INCOME	63,461		59,392		236,132		180,127
Net income attributable to noncontrolling interests	(2,508)		(2,344)		(6,461)		(7,245)
NET INCOME ATTRIBUTABLE TO THE TRUST	60,953		57,048		229,671		172,882
Dividends on preferred shares	(2,008)		(2,008)		(6,024)		(6,024)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$	58,945	$	55,040	$	223,647	$	166,858

EARNINGS PER COMMON SHARE, BASIC AND DILUTED:




Net income available for common shareholders	$	0.70	$	0.67	$	2.68	$	2.04
Weighted average number of common shares	83,994		81,274		83,180		81,210


Federal Realty Investment Trust
Consolidated Balance Sheets
September 30, 2024
	September 30,		December 31,
	2024		2023
	(in thousands, except share and per share data)
	(unaudited)
ASSETS
Real estate, at cost
Operating (including $1,822,143 and $2,021,622 of consolidated variable interest entities, respectively)	$	10,355,292	$	9,932,891
Construction-in-progress (including $8,352 and $8,677 of consolidated variable interest entities, respectively)	524,707		613,296

	10,879,999		10,546,187
Less accumulated depreciation and amortization (including $414,128 and $416,663 of consolidated variable interest entities, respectively)	(3,115,910)		(2,963,519)
Net real estate	7,764,089		7,582,668
Cash and cash equivalents	97,023		250,825
Accounts and notes receivable, net	206,513		201,733
Mortgage notes receivable, net	9,157		9,196
Investment in partnerships	33,008		34,870
Operating lease right of use assets, net	86,415		86,993
Finance lease right of use assets, net	6,685		6,850
Prepaid expenses and other assets	276,328		263,377
TOTAL ASSETS	$	8,479,218	$	8,436,512
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $187,311 and $189,286 of consolidated variable interest entities, respectively)	$	515,012	$	516,936
Notes payable, net	601,307		601,945
Senior notes and debentures, net	3,356,298		3,480,296
Accounts payable and accrued expenses	201,066		174,714
Dividends payable	95,849		92,634
Security deposits payable	30,284		30,482
Operating lease liabilities	75,409		75,870
Finance lease liabilities	12,754		12,670
Other liabilities and deferred credits	224,693		225,443
Total liabilities	5,112,672		5,210,990
Commitments and contingencies
Redeemable noncontrolling interests	180,946		183,363
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding	150,000		150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding	9,822		9,822
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, respectively, 84,952,538 and 82,775,286 shares issued and outstanding, respectively	855		833
Additional paid-in capital	4,160,451		3,959,276
Accumulated dividends in excess of net income	(1,211,833)		(1,160,474)
Accumulated other comprehensive income	2,172		4,052
Total shareholders’ equity of the Trust	3,111,467		2,963,509
Noncontrolling interests	74,133		78,650
Total shareholders’ equity	3,185,600		3,042,159
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	8,479,218	$	8,436,512


Federal Realty Investment Trust
Funds From Operations / Other Supplemental Information
September 30, 2024
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024		2023
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income	$	63,461		$	59,392		$	236,132	$	180,127
Net income attributable to noncontrolling interests	(2,508)			(2,344)			(6,461)		(7,245)

Gain on sale of real estate	—			—			(52,280)		(1,702)

Depreciation and amortization of real estate assets	76,581			71,802			225,676		212,792
Amortization of initial direct costs of leases	8,757			8,116			24,673		23,468

Funds from operations	146,291			136,966			427,740		407,440
Dividends on preferred shares (2)	(1,875)			(1,875)			(5,625)		(5,625)
Income attributable to downREIT operating partnership units	688			693			2,068		2,074
Income attributable to unvested shares	(506)			(494)			(1,524)		(1,481)
FFO	$	144,598		$	135,290		$	422,659	$	402,408


Weighted average number of common shares, diluted (2)(3)	84,714			82,004			83,904		81,942

FFO per diluted share (3)	$	1.71		$	1.65		$	5.04	$	4.91



Dividends and Payout Ratios
Regular common dividends declared	$	93,442		$	88,958		$	275,006	$	265,022

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

Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions	$	39,563		$	56,514		$	108,398	$	161,928
Tenant improvements and incentives	16,744			16,965			64,438		55,383
Total non-maintenance capital expenditures	56,307			73,479			172,836		217,311
Maintenance capital expenditures	5,670			5,034			13,530		13,715
Total capital expenditures	$	61,977		$	78,513		$	186,366	$	231,026

Other Information
Leasing costs	$	4,150		$	7,071		$	17,235	$	16,624
Share-based compensation expense (non-cash)	$	3,514		$	3,386		$	11,153	$	10,831

Noncontrolling Interests Supplemental Information (4)
Property operating income (1)	$	3,647		$	3,641		$	10,024	$	11,158

Depreciation and amortization	(1,667)			(1,827)			(5,146)		(5,496)
Interest expense	(161)			(163)			(485)		(491)
Net income	$	1,819		$	1,651		$	4,393	$	5,171

Notes:

(1)See Glossary of Terms.

(2)For the three and nine months ended September 30, 2024 and 2023, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted."

(3)The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share, but is anti-dilutive for the computation of dilutive EPS for the three and nine months ended September 30, 2024 and 2023.

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


Federal Realty Investment Trust
Components of Rental Income
September 30, 2024



Components of Rental Income (1)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Minimum rents (2)
Commercial	$	198,564	$	187,301	$	586,052	$	552,855
Residential	27,401		26,280		80,711		76,073
Cost reimbursements	58,193		53,642		170,399		155,583
Percentage rents	4,233		4,439		12,940		13,346
Other (3)	13,430		14,008		39,896		40,338
Collectibility related impacts (4)	1,531		653		174		1,314
Total rental income	$	303,352	$	286,323	$	890,172	$	839,509

Notes:

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

(2)Minimum rents include the following:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions)

Straight-line rents	$	5.7	$	3.6	$	16.4	$	8.6
Amortization of in-place leases	$	3.4	$	3.3	$	10.3	$	9.6

(3)Includes lease termination fees of $1.1 million and $2.4 million for the three months ended September 30, 2024 and 2023, respectively, and $3.1 million and $5.6 million for the nine months ended September 30, 2024 and 2023, respectively.

(4)For the three months ended September 30, 2024 and 2023, our collectability related impacts include the collection of approximately $0.8 million and $1.1 million, respectively, and $2.5 million and $4.1 million for the nine months ended September 30, 2024 and 2023, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.


Federal Realty Investment Trust
Comparable Property Information
September 30, 2024

The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q3 include: Darien Commons, Friendship Center, Huntington Shopping Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q3 2023 to Q3 2024. Comparable Property property operating income ("Comparable Property POI") is a non-GAAP measure used by management in evaluating the operating performance of our properties period over period.

Reconciliation of GAAP operating income to Comparable Property POI
	Three Months Ended
	September 30,
	2024			2023
	(in thousands)
Operating income	$	105,832		$	100,084
Add:
Depreciation and amortization	87,028			81,731
General and administrative	10,822			13,149



Property operating income (POI)	203,682			194,964
Less: Non-comparable POI - acquisitions/dispositions	(5,388)			(2,590)
Less: Non-comparable POI - redevelopment, development & other	(6,964)			(4,783)
Comparable property POI	$	191,330		$	187,591

Additional information regarding the components of Comparable Property POI
	Three Months Ended
	September 30,						%
	2024			2023			Change
	(in thousands)
Minimum rents (1)	$	213,506		$	206,691
Cost reimbursements	55,096			52,898
Other	13,791			14,775
Collectibility related impacts	263			365
Total property revenue	282,656			274,729


Rental expenses	(57,379)			(54,301)
Real estate taxes	(33,947)			(32,837)
Total property expenses	(91,326)			(87,138)

Comparable property POI	$	191,330		$	187,591		2.0%
Less:
Lease termination fees	(1,108)			(2,400)
Prior period rents collected (2)	(704)			(1,064)
Comparable property POI excluding lease termination fees and prior period rents collected	$	189,518		$	184,127		2.9%




Comparable Property - Summary of Capital Expenditures (3)
	Three Months Ended
	September 30,
	2024			2023
	(in thousands)
Redevelopment and tenant improvements and incentives	$	36,474		$	31,811
Maintenance capital expenditures	5,523			5,007
	$	41,997		$	36,818

Comparable Property - Occupancy Statistics (3)
	At September 30,
	2024			2023
GLA - comparable commercial properties	25,284,000			25,343,000
Leased % - comparable commercial properties	95.8		%	94.2		%
Occupancy % - comparable commercial properties	93.8		%	92.4		%

Notes:

(1)For the three months ended September 30, 2024 and 2023, amount includes straight-line rents of $2.8 million and $3.3 million, respectively, and amortization of in-place leases of $3.1 million and $3.3 million, respectively.

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

(3)See page 9 for "Summary of Capital Expenditures" and page 25 for portfolio occupancy statistics for our entire portfolio.


Federal Realty Investment Trust
Market Data, Debt Metrics, and Senior Notes and Debentures Covenants
September 30, 2024
		September 30,
		2024		2023
		(in thousands, except per share data)
Market Data
	Common shares outstanding and downREIT operating partnership units (1)	85,575		82,254
	Market price per common share	$	114.97	$	90.63
	Common equity market capitalization including downREIT operating partnership units	$	9,838,558	$	7,454,680

	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	$	9,998,383	$	7,614,505

	Total debt	$	4,472,617	$	4,450,525
	Less: cash and cash equivalents	(97,023)		(98,210)
	Total net debt (3)	$	4,375,594	$	4,352,315

	Total market capitalization	$	14,373,977	$	11,966,820

Leverage and Liquidity Ratios
	Total net debt to market capitalization at market price per common share	30%		36%


	Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5)	3.7x		3.5x
	Ratio of EBITDAre to combined fixed charges and preferred share dividends, nine months ended (4)(5)	3.6x		3.6x

Senior Notes and Debentures Covenants (6)
		September 30, 2024		Debt Covenant Threshold (7)
	Total Debt to Total Assets	39%		< 60%
	Secured Debt to Total Assets	5%		< 40%
	Consolidated Income to Annual Debt Service Charge	3.7x		> 1.5x
	Unencumbered Assets to Unsecured Debt	255%		> 150%

Notes:

(1)Amounts include 622,399 and 635,431 downREIT operating partnership units outstanding at September 30, 2024 and 2023, respectively.

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

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

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

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

(6)The reference period for calculating these covenants is the most recent twelve months ended September 30, 2024.

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


Federal Realty Investment Trust
Summary of Outstanding Debt
September 30, 2024
		As of September 30, 2024
		Stated maturity date	Stated interest rate	Balance			Weighted average effective rate (6)
				(in thousands)
Mortgages payable (1)
	Secured fixed rate
	Azalea	11/1/2025	3.73%	$	40,000
	Bethesda Row	12/28/2025 (2)	5.03% (3)	200,000
	Bell Gardens	8/1/2026	4.06%	11,295
	Plaza El Segundo	6/5/2027	3.83%	125,000
	The Grove at Shrewsbury (East)	9/1/2027	3.77%	43,600
	Brook 35	7/1/2029	4.65%	11,500
	Hoboken (24 Buildings)	12/15/2029	3.67% (3)	52,497
	Various Hoboken (14 Buildings)	Various through 2029	3.91% to 5.00%	29,104
	Chelsea	1/15/2031	5.36%	3,682
	Subtotal			516,678
	Net unamortized debt issuance costs and discount			(1,666)
	Total mortgages payable, net			515,012			4.50%

Notes payable
	Term loan (4)	4/16/2025	SOFR + 0.85%	600,000
	Revolving credit facility (4)(5)	4/5/2027	SOFR + 0.775%	—
	Various	Various through 2059	Various	1,789
	Subtotal			601,789
	Net unamortized debt issuance costs			(482)
	Total notes payable, net			601,307			6.02%	(7)

Senior notes and debentures
	Unsecured fixed rate
	1.25% notes	2/15/2026	1.25%	400,000
	7.48% debentures	8/15/2026	7.48%	29,200
	3.25% notes	7/15/2027	3.25%	475,000
	6.82% medium term notes	8/1/2027	6.82%	40,000
	5.375% notes	5/1/2028	5.375%	350,000
	3.25% exchangeable notes	1/15/2029	3.25%	485,000
	3.20% notes	6/15/2029	3.20%	400,000
	3.50% notes	6/1/2030	3.50%	400,000
	4.50% notes	12/1/2044	4.50%	550,000
	3.625% notes	8/1/2046	3.625%	250,000
	Subtotal			3,379,200
	Net unamortized debt issuance costs and premium			(22,902)
	Total senior notes and debentures, net			3,356,298			3.78%

	Total debt, net			$	4,472,617

Total fixed rate debt, net				$	3,873,083	87%	3.87%
Total variable rate debt, net				599,534		13%	6.02%	(7)
Total debt, net				$	4,472,617	100%	4.16%	(7)

Notes:

(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At September 30, 2024, our share of unconsolidated debt was approximately $62.1 million. At September 30, 2024, our noncontrolling interests' share of mortgages payable was $15.2 million.

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

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

(4)Our revolving credit facility SOFR loans bear interest at Daily Simple SOFR or Term SOFR, and our term loan bears interest at Term SOFR as defined in the respective credit agreements, plus 0.10%, plus a spread, based on our current credit rating.

(5)The maximum amount drawn under our $1.25 billion revolving credit facility during the three and nine months ended September 30, 2024 was $152.7 million and $202.7 million, respectively. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 6.2% for both the three and nine months ended September 30, 2024.

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

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


Federal Realty Investment Trust
Summary of Debt Maturities
September 30, 2024
Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing		Weighted Average Rate (5)
	(in thousands)
2024	$	872	$	—		$	872		—	%	—	%
2025	3,822		44,298			48,120			1.1	%	3.9	%
2026	3,176		1,052,450		(1)	1,055,626			23.5	%	4.3	%
2027	2,679		890,682		(2)	893,361			19.9	%	4.1	%
2028	2,511		350,000		(3)	352,511			7.8	%	5.7	%	(6)
2029	2,329		943,105			945,434			21.0	%	3.6	%
2030	684		400,000			400,684			8.9	%	3.7	%
2031	59		—			59			—	%	6.0	%
2032	—		—			—			—	%	—	%
2033	—		—			—			—	%	—	%
Thereafter	—		801,000			801,000			17.8	%	4.2	%
Total	$	16,132	$	4,481,535		$	4,497,667	(4)	100.0	%

Notes:

The above table assumes all extension options are exercised.

(1)Our $600.0 million term loan matures on April 16, 2025, plus one one-year extension at our option to April 16, 2026.

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

(3)Our $1.25 billion revolving credit facility matures on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. As of September 30, 2024, there was no balance outstanding under this credit facility.

(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 September 30, 2024. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 6 years.

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

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


Federal Realty Investment Trust
Summary of Redevelopment and Expansion Opportunities
September 30, 2024

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 2024 POI Delivered (2)
					(in millions)	(in millions)	(as a % of Total)

Santana West (3)	San Jose, CA	Development of a 369,000 square foot office building. 193,000 square feet of office space leased.	5% - 6%		$325 - $335	$258	—
Pike & Rose - 915 Meeting Street (3)	North Bethesda, MD	Development of a 266,000 square foot office building with 10,000 square feet of retail space. 204,000 square feet of office and 10,000 square feet of retail space leased.	6	%	$180 - $190	$164	45% - 55%
Darien Commons	Darien, CT	Demolition of a 45,000 square foot anchor space to construct 75,000 square feet of new retail space, 122 rental apartments, and 720 parking spaces	6	%	$110 - $120	$113	85% - 95%
Bala Cynwyd	Bala Cynwyd, PA	Demolition of two level department store building to construct a new six story building with 217 residential units, 16,000 square feet of retail and a two-story parking structure with 234 parking stalls	7	%	$90 - $95	$13	—
Huntington	Huntington, NY	Demolition of the main two level building consisting of 161,000 square feet of anchor and small shop space to construct 102,000 square feet of new ground-level anchor and small shop retail space	8	%	$80 - $85	$77	65% - 75%



Property	Location	Opportunity	Projected ROI (4)		Projected Cost (1)	Cost to Date	Anticipated Stabilization (5)
					(in millions)	(in millions)
Lawrence Park	Broomall, PA	Full shopping center redevelopment to include expansion of Main Line Health into vacant lower level space, creation of 17,800 square feet of small shop space converted from vacated anchor space, a new 2,000 square foot bank pad building, and a façade renovation for the entire center	8	%	$17	$17	Stabilized
Willow Grove	Willow Grove, PA	Development of a new 17,000 square foot multi-tenant pad building	7	%	$11	$10	2024
Santana Row	San Jose, CA	Installation and implementation of paid parking system	25	%	$3	$2	2025
Pike 7 Plaza	Vienna, VA	Development of a new 3,200 square foot pad building pre-leased to a restaurant tenant	8	%	$3	$3	Stabilized
Chelsea Commons	Chelsea, MA	Development of a new 2,500 square foot pre-leased pad building with drive-thru	7	%	$3	$3	2025






Active Property Improvement Projects (6)		Ongoing improvements at 9 properties to better position those properties to capture a disproportionate amount of retail demand	8% - 13%		$56	$41

Notes:

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

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

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

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

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

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

Federal Realty Investment Trust

Future Redevelopment and Expansion Opportunities

September 30, 2024

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

Andorra

Philadelphia, PA

Bala Cynwyd

Bala Cynwyd, PA

Barracks Road

Charlottesville, VA

Bethesda Row

Bethesda, MD

Camelback Colonnade

Phoenix, AZ

Chelsea Commons

Chelsea, MA

Dedham Plaza

Dedham, MA

Escondido Promenade

Escondido, CA

Fairfax Junction

Fairfax, VA

Federal Plaza

Rockville, MD

Fresh Meadows

Queens, NY

Friendship Center

Washington, DC

Grossmont Center

La Mesa, CA

Hoboken

Hoboken, NJ

Huntington

Huntington, NY

Huntington Square

East Northport, NY

Mercer on One

Lawrenceville, NJ

Pike & Rose (2)

North Bethesda, MD

Pike 7 Plaza

Vienna, VA

Providence Place (formerly Pan Am)

Fairfax, VA

Riverpoint Center

Chicago, IL

Santana Row (3)

San Jose, CA

Shops at Pembroke Gardens

Pembroke Pines, FL

The AVENUE at White Marsh

White Marsh, MD

Village at Shirlington

Arlington, VA

Virginia Gateway

Gainesville, VA

Willow Grove

Willow Grove, PA

Willow Lawn

Richmond, VA

Notes:

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

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

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

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

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

Federal Realty Investment Trust

2024 Transactions

September 30, 2024

Property Acquisitions

Date

Property

City/State

GLA

Purchase Price

Principal Tenants

(in square feet)

(in millions)

May 31, 2024

Virginia Gateway

Gainesville, Virginia

664,000

215.0

Giant Food / HomeGoods / Total Wine & More / Best Buy / Ulta

July 31, 2024

Pinole Vista Crossing

Pinole, California

216,000

60.0

FoodMaxx / TJ Maxx / Nordstrom Rack / HomeGoods / Ulta

Other Investment Transaction

On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for $12.4 million, bringing our ownership to 100%.

Property Disposition

Date

Property

City/State

Sales Price

(in millions)

June 5, 2024

Third Street Promenade

Santa Monica, California

103.0

Financing Transactions

Issuance of Common Shares

During the nine months ended September 30, 2024, we sold 1,996,759 common shares for gross proceeds of $218.3 million. We also entered into forward sales contracts for 709,925 common shares under our ATM equity program at a weighted average gross offering price of $115.91.

Issuance of Debt

Issuance Date

Debt

Principal Amount

Stated Interest Rate

Maturity Date

(in millions)

January 11, 2024

3.25% Exchangeable Senior Notes (1)

485.0

3.25

January 15, 2029

(1) See our Form 8-K filing on January 11, 2024 and Note 4 of our September 30, 2024 Form 10-Q for additional information on this transaction.

Repayment of Debt

The following senior unsecured note was repaid at maturity:

Repayment Date

Debt

Payoff Amount

(in millions)

January 16, 2024

3.95% Senior Notes

600.0


Federal Realty Investment Trust
Real Estate Status Report
September 30, 2024
Property Name		MSA Description	Real Estate at Cost		Acreage	GLA (1)	% Leased (1)		Residential Units	Grocery Anchor GLA	Grocery Anchor (2)	Other Retail Tenants
			(in thousands)
Washington Metropolitan Area
Barcroft Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	$	51,630	10	113,000	98	%		46,000	Harris Teeter
Bethesda Row	(4)	Washington-Arlington-Alexandria, DC-VA-MD-WV	270,346		17	530,000	97	%	180	40,000	Giant Food	Apple / Equinox / Anthropologie / Nike Live / Multiple Restaurants
Birch & Broad		Washington-Arlington-Alexandria, DC-VA-MD-WV	26,107		10	144,000	100	%		51,000	Giant Food	CVS / Staples
Chesterbrook	(3)	Washington-Arlington-Alexandria, DC-VA-MD-WV	47,777		9	89,000	83	%		35,000	Safeway	Starbucks
Congressional Plaza	(3)	Washington-Arlington-Alexandria, DC-VA-MD-WV	110,382		21	325,000	94	%	194	25,000	The Fresh Market	Ulta / Barnes & Noble / Container Store / Buy Buy Baby
Courthouse Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	7,498		2	33,000	74	%
Fairfax Junction	(5)	Washington-Arlington-Alexandria, DC-VA-MD-WV	46,406		11	124,000	97	%		23,000	Aldi	CVS / Planet Fitness
Federal Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	73,988		18	249,000	94	%		14,000	Trader Joe's	TJ Maxx / Micro Center / Ross Dress for Less
Friendship Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	38,372		1	54,000	100	%				Marshalls / Maggiano's
Gaithersburg Square		Washington-Arlington-Alexandria, DC-VA-MD-WV	39,938		16	204,000	99	%				Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS
Graham Park Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	28,119		10	133,000	92	%		58,000	Giant Food
Idylwood Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	18,415		7	73,000	100	%		30,000	Whole Foods
Kingstowne Towne Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	211,830		45	411,000	100	%		135,000	Giant Food / Safeway	TJ Maxx / HomeGoods / Five Below / Ross Dress for Less
Laurel		Washington-Arlington-Alexandria, DC-VA-MD-WV	62,135		26	367,000	94	%		61,000	Giant Food	Marshalls / L.A. Fitness / HomeGoods
Montrose Crossing		Washington-Arlington-Alexandria, DC-VA-MD-WV	172,133		36	369,000	100	%		73,000	Giant Food / Target (S)	Marshalls / Home Depot Design Center / Old Navy / Burlington
Mount Vernon/South Valley/7770 Richmond Hwy	(5)	Washington-Arlington-Alexandria, DC-VA-MD-WV	97,489		40	565,000	98	%		62,000	Shoppers Food Warehouse	TJ Maxx / Home Depot / Old Navy / Burlington
Old Keene Mill		Washington-Arlington-Alexandria, DC-VA-MD-WV	18,581		10	90,000	100	%		14,000	Trader Joe's	Walgreens / Planet Fitness
Pike & Rose		Washington-Arlington-Alexandria, DC-VA-MD-WV	882,874		24	854,000	100	%	765			Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants
Pike 7 Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	56,071		13	175,000	98	%		24,000	Lidl	TJ Maxx / DSW / Ulta
Plaza del Mercado		Washington-Arlington-Alexandria, DC-VA-MD-WV	46,850		10	116,000	98	%		18,000	Aldi	CVS / L.A. Fitness
Providence Place (formerly Pan Am)		Washington-Arlington-Alexandria, DC-VA-MD-WV	34,654		25	228,000	96	%		65,000	Safeway	Micro Center / CVS / Michaels
Quince Orchard	(4)	Washington-Arlington-Alexandria, DC-VA-MD-WV	41,446		16	271,000	87	%		19,000	Aldi	HomeGoods / L.A. Fitness / Staples
Tower Shopping Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	27,789		12	109,000	99	%		26,000	L.A. Mart	Total Wine & More / Talbots
Twinbrooke Shopping Centre		Washington-Arlington-Alexandria, DC-VA-MD-WV	36,902		10	101,000	98	%		35,000	Safeway	Walgreens


Federal Realty Investment Trust
Real Estate Status Report
September 30, 2024
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)
Tyson's Station		Washington-Arlington-Alexandria, DC-VA-MD-WV	6,902	5	48,000	97	%		15,000	Trader Joe's
Village at Shirlington	(4)	Washington-Arlington-Alexandria, DC-VA-MD-WV	75,602	16	277,000	87	%		28,000	Harris Teeter	CVS / AMC / Multiple Restaurants
Virginia Gateway		Washington-Arlington-Alexandria, DC-VA-MD-WV	208,403	110	664,000	97	%		70,000	Giant Food / Target (S) / BJ's Wholesale Club (S)	HomeGoods / Total Wine & More / Best Buy / Ulta / Lowes (S)
Westpost		Washington-Arlington-Alexandria, DC-VA-MD-WV	118,838	14	298,000	97	%		79,000	Harris Teeter / Target	TJ Maxx / Ulta / Walgreens / DSW
Wildwood		Washington-Arlington-Alexandria, DC-VA-MD-WV	28,959	12	88,000	100	%		20,000	Balducci's	CVS / Multiple Restaurants
Total Washington Metropolitan Area			2,886,436	556	7,102,000	96	%

California
Azalea	(3)	Los Angeles-Long Beach-Anaheim, CA	109,590	22	226,000	100	%			Walmart (S)	Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens	(3)(4)	Los Angeles-Long Beach-Anaheim, CA	119,238	32	371,000	98	%		108,000	Food 4 Less / El Super	Marshalls / Ross Dress for Less / Bob's Discount Furniture
Colorado Blvd	(4)	Los Angeles-Long Beach-Anaheim, CA	13,998	1	42,000	73	%				Banana Republic / True Food Kitchen
Crow Canyon Commons		San Francisco-Oakland-Hayward, CA	92,935	22	239,000	85	%		32,000	Sprouts	Total Wine & More / Alamo Ace Hardware
East Bay Bridge		San Francisco-Oakland-Hayward, CA	178,929	32	440,000	98	%		199,000	Pak-N-Save / Target	Home Depot / Nordstrom Rack / Michaels
Escondido Promenade		San Diego-Carlsbad, CA	135,244	18	298,000	98	%			Target (S)	TJ Maxx / Dick’s Sporting Goods / Ross Dress for Less / Bob's Discount Furniture
Fourth Street	(3)	San Francisco-Oakland-Hayward, CA	27,799	3	71,000	47	%				CB2
Freedom Plaza	(3)(4)	Los Angeles-Long Beach-Anaheim, CA	44,138	9	114,000	95	%		31,000	Smart & Final	Nike / Blink Fitness / Ross Dress for Less
Grossmont Center	(3)	San Diego-Carlsbad, CA	176,924	64	877,000	97	%		294,000	Target / Walmart	Barnes & Noble / Macy's / CVS
Hastings Ranch Plaza	(4)	Los Angeles-Long Beach-Anaheim, CA	25,793	15	273,000	100	%				Marshalls / HomeGoods / CVS
Hollywood Blvd		Los Angeles-Long Beach-Anaheim, CA	62,085	3	181,000	86	%		39,000	Target	Marshalls / L.A. Fitness / CVS

Old Town Center		San Jose-Sunnyvale-Santa Clara, CA	44,499	8	98,000	93	%				Anthropologie / Sephora / Arhaus Furniture / Teleferic Barcelona
Olivo at Mission Hills	(3)	Los Angeles-Long Beach-Anaheim, CA	82,908	12	155,000	100	%		32,000	Target	24 Hour Fitness / Ross Dress for Less / Ulta
Pinole Vista Crossing		San Francisco-Oakland-Hayward, CA	58,505	19	216,000	100	%		43,000	FoodMaxx	TJ Maxx / Nordstrom Rack / HomeGoods / Ulta
Plaza Del Sol	(3)	Los Angeles-Long Beach-Anaheim, CA	17,922	4	48,000	93	%			Superior Grocers (S)	Marshalls
Plaza El Segundo / The Point		Los Angeles-Long Beach-Anaheim, CA	311,918	50	502,000	98	%		66,000	Whole Foods	Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center	(4)(5)	San Jose-Sunnyvale-Santa Clara, CA	52,248	22	213,000	100	%		141,000	Trader Joe's / Walmart	24 Hour Fitness
Santana Row	(4)	San Jose-Sunnyvale-Santa Clara, CA	1,349,624	45	1,231,000	98	%	662			Crate & Barrel / Container Store / Best Buy / Sephora /Multiple Restaurants
Sylmar Towne Center	(3)	Los Angeles-Long Beach-Anaheim, CA	48,159	12	148,000	92	%		43,000	Food 4 Less	CVS
Westgate Center		San Jose-Sunnyvale-Santa Clara, CA	159,593	44	648,000	93	%		210,000	Target / TBA	Nordstrom Rack / Nike Factory / TJ Maxx / Ross Dress for Less
		Total California	3,112,049	437	6,391,000	96	%

NY Metro/New Jersey
Brick Plaza	(4)	New York-Newark-Jersey City, NY-NJ-PA	108,060	46	403,000	97	%		14,000	Trader Joe's	AMC / HomeGoods / Ulta / Burlington
Brook 35	(3) (5)	New York-Newark-Jersey City, NY-NJ-PA	53,139	11	98,000	94	%				Banana Republic / Gap
Darien Commons		Bridgeport-Stamford-Norwalk, CT	151,852	9	113,000	91	%	124			Equinox / Walgreens / Multiple Restaurants


Federal Realty Investment Trust
Real Estate Status Report
September 30, 2024
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)
Fresh Meadows		New York-Newark-Jersey City, NY-NJ-PA	96,885	17	408,000	98	%		43,000	Lidl / Island of Gold	AMC / Kohl's / Planet Fitness
Georgetowne Shopping Center		New York-Newark-Jersey City, NY-NJ-PA	86,644	9	147,000	92	%		43,000	Foodway	Five Below / IHOP
Greenlawn Plaza		New York-Newark-Jersey City, NY-NJ-PA	34,073	13	103,000	83	%		46,000	Greenlawn Farms	Planet Fitness
Greenwich Avenue		Bridgeport-Stamford-Norwalk, CT	23,748	1	35,000	100	%				Saks Fifth Avenue
Hauppauge		New York-Newark-Jersey City, NY-NJ-PA	40,975	15	134,000	95	%		61,000	Shop Rite	TJ Maxx / Five Below
Hoboken	(3) (6)	New York-Newark-Jersey City, NY-NJ-PA	229,283	4	171,000	99	%	129			Nike Live / CVS / New York Sports Club / Sephora / Multiple Restaurants
Huntington		New York-Newark-Jersey City, NY-NJ-PA	111,316	21	207,000	98	%		43,000	Whole Foods	Petsmart / Michaels / REI / Ulta / Container Store
Huntington Square		New York-Newark-Jersey City, NY-NJ-PA	52,198	18	244,000	94	%		20,000	TBA / Stop & Shop (S)	At Home / AMC
Melville Mall	(4)	New York-Newark-Jersey City, NY-NJ-PA	105,172	21	253,000	100	%		53,000	Uncle Giuseppe's Marketplace	Marshalls / Dick's Sporting Goods / Macy's Backstage / Public Lands
Mercer on One	(4)	Trenton, NJ	121,639	50	549,000	100	%		75,000	Shop Rite	Nike / Ross Dress for Less / Nordstrom Rack / REI / Tesla
The Grove at Shrewsbury	(3) (5)	New York-Newark-Jersey City, NY-NJ-PA	135,283	21	191,000	99	%				Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
Troy Hills		New York-Newark-Jersey City, NY-NJ-PA	40,138	19	211,000	100	%		65,000	Target	Michaels
		Total NY Metro/New Jersey	1,390,405	275	3,267,000	97	%

New England
Assembly Row / Assembly Square Marketplace		Boston-Cambridge-Newton, MA-NH	1,134,883	65	1,230,000	97	%	947	18,000	Trader Joe's	TJ Maxx / AMC / Nike / Bob's Discount Furniture / Multiple Restaurants
Campus Plaza		Boston-Cambridge-Newton, MA-NH	31,990	15	114,000	96	%		46,000	Roche Bros.	Burlington / Five Below
Chelsea Commons		Boston-Cambridge-Newton, MA-NH	40,534	36	230,000	100	%				Home Depot / Planet Fitness / CVS / Burlington
Dedham Plaza		Boston-Cambridge-Newton, MA-NH	52,438	20	254,000	92	%		80,000	Star Market	Planet Fitness
Linden Square		Boston-Cambridge-Newton, MA-NH	158,801	19	224,000	98	%	7	50,000	Roche Bros.	CVS / Multiple Restaurants
North Dartmouth		Providence-Warwick, RI-MA	9,369	28	48,000	100	%		48,000	Stop & Shop
Queen Anne Plaza		Boston-Cambridge-Newton, MA-NH	19,760	17	149,000	99	%		50,000	Big Y Foods	TJ Maxx / HomeGoods
		Total New England	1,447,775	200	2,249,000	97	%

Philadelphia Metropolitan Area
Andorra		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	34,757	22	252,000	98	%		31,000	TBA	TJ Maxx / Kohl's / L.A. Fitness / Five Below
Bala Cynwyd		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	79,160	23	174,000	95	%	87	45,000	Acme Markets	Michaels / L.A. Fitness
Ellisburg		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	39,584	28	260,000	97	%		47,000	Whole Foods	Five Below / RH Outlet / Buy Buy Baby
Flourtown		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	20,071	24	158,000	97	%		75,000	Giant Food	Movie Tavern
Langhorne Square		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	24,676	21	224,000	98	%		55,000	Redner's Warehouse Markets	Marshalls / Planet Fitness
Lawrence Park		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	67,180	29	357,000	100	%		53,000	Acme Markets	TJ Maxx / HomeGoods / Barnes & Noble
Northeast		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	35,928	15	209,000	86	%			Lidl (S)	Marshalls / Ulta / Skechers / Crunch Fitness


Federal Realty Investment Trust
Real Estate Status Report
September 30, 2024
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)
Willow Grove		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		53,331		13		89,000			98	%		31,000	TBA	Marshalls / Five Below
Wynnewood		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		45,067		14		240,000			77	%	9	98,000	Giant Food	Old Navy / DSW
Total Philadelphia Metropolitan Area			399,754		189		1,963,000		94	%


South Florida
CocoWalk	(7)	Miami-Fort Lauderdale-West Palm Beach, FL		205,506		3		277,000			99	%				Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar Village		Miami-Fort Lauderdale-West Palm Beach, FL		76,082		17		187,000			96	%		44,000	Winn Dixie	CVS / L.A. Fitness
Shops at Pembroke Gardens		Miami-Fort Lauderdale-West Palm Beach, FL		185,394		41		391,000			98	%				Nike Factory / Old Navy / DSW / Barnes & Noble
Tower Shops		Miami-Fort Lauderdale-West Palm Beach, FL		106,242		67		431,000			99	%		12,000	Trader Joe's / Costco (S)	TJ Maxx / Ross Dress For Less / Best Buy / Ulta
		Total South Florida		573,224		128		1,286,000			98	%

Baltimore
Governor Plaza		Baltimore-Columbia-Towson, MD		35,771		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		43,521		29		397,000			94	%		57,000	Giant Food	Home Depot / Dick's Sporting Goods / Micro Center
THE AVENUE at White Marsh	(5)	Baltimore-Columbia-Towson, MD		136,552		35		315,000			99	%				AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham Square		Baltimore-Columbia-Towson, MD		19,607		4		33,000			100	%
White Marsh Plaza		Baltimore-Columbia-Towson, MD		27,007		7		80,000			98	%		54,000	Giant Food
White Marsh Other		Baltimore-Columbia-Towson, MD		27,939		16		56,000			100	%
		Total Baltimore		290,397		115		1,124,000			98	%

Chicago
Crossroads		Chicago-Naperville-Elgin, IL-IN-WI		37,801		14		168,000			95	%				L.A. Fitness / Ulta / Binny's / Ferguson's Bath, Kitchen & Lighting Gallery
Finley Square		Chicago-Naperville-Elgin, IL-IN-WI		40,401		21		258,000			78	%				Michaels / Five Below / Portillo's
Garden Market		Chicago-Naperville-Elgin, IL-IN-WI		16,863		11		139,000			99	%		63,000	Mariano's Fresh Market	Walgreens
Riverpoint Center		Chicago-Naperville-Elgin, IL-IN-WI		122,680		17		211,000			95	%		86,000	Jewel Osco	Marshalls / Old Navy
		Total Chicago		217,745		63		776,000			90	%

Other
Barracks Road		Charlottesville, VA		76,020		40		495,000			91	%		99,000	Harris Teeter / Kroger	Anthropologie / Old Navy / Ulta / Michaels
Bristol Plaza		Hartford-West Hartford-East Hartford, CT		37,213		22		264,000			90	%		74,000	Stop & Shop	TJ Maxx / Burlington
Camelback Colonnade	(3)	Phoenix-Mesa-Chandler, AZ		181,496		41		642,000			94	%		82,000	Fry's Food & Drug	Marshalls / Nordstrom Last Chance / Best Buy / Floor & Décor
Gratiot Plaza		Detroit-Warren-Dearborn, MI		20,147		20		206,000			99	%		69,000	Kroger	Best Buy / DSW


Federal Realty Investment Trust
Real Estate Status Report
September 30, 2024
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)
Hilton Village	(3)(4)	Phoenix-Mesa-Chandler, AZ	87,515		18	305,000	87	%				CVS / Houston's
Lancaster	(4)	Lancaster, PA	8,867		11	126,000	100	%		75,000	Giant Food	AutoZone
29th Place		Charlottesville, VA	40,813		15	168,000	99	%				HomeGoods / DSW / Staples
Willow Lawn		Richmond, VA	110,143		37	462,000	99	%		66,000	Kroger	Old Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta
		Total Other	562,214		204	2,668,000	94	%

Grand Total			$	10,879,999	2,167	26,826,000	96	%	3,104


Notes:
(1)			Represents the GLA and the 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)			The Trust has a controlling financial interest in this property.
(4)			All or a portion of this property is owned pursuant to a ground lease.
(5)			All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.


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


Federal Realty Investment Trust
Retail Leasing Summary (1)
September 30, 2024

Total Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft. (PSF)		Prior Rent (4) PSF			Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
3rd Quarter 2024	126	100	%	580,977	$	34.94	$	30.51		$	2,570,061	14	%	26		%	6.8	$	15,265,974	$	26.28
2nd Quarter 2024	122	100	%	594,361	$	37.72	$	34.29		$	2,039,521	10	%	23		%	8.0	$	15,045,191	$	25.31
1st Quarter 2024	104	100	%	566,865	$	36.39	$	33.30		$	1,750,831	9	%	20		%	7.2	$	15,902,708	$	28.05
4th Quarter 2023	100	100	%	393,761	$	44.57	$	39.97		$	1,811,782	12	%	23		%	7.4	$	13,762,615	$	34.95
Total - 12 months	452	100	%	2,135,964	$	37.87	$	34.05		$	8,172,195	11	%	23		%	7.3	$	59,976,488	$	28.08

New Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) PSF		Prior Rent (4) PSF			Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
3rd Quarter 2024	61	48	%	229,736	$	39.27	$	32.77		$	1,493,915	20	%	32		%	9.0	$	15,140,988	$	65.91
2nd Quarter 2024	52	43	%	313,365	$	34.58	$	30.83		$	1,173,072	12	%	26		%	9.4	$	14,209,970	$	45.35
1st Quarter 2024	42	40	%	222,415	$	39.45	$	32.99		$	1,438,272	20	%	34		%	9.5	$	14,313,788	$	64.36
4th Quarter 2023	45	45	%	234,729	$	38.77	$	33.46		$	1,247,214	16	%	28		%	9.4	$	12,989,353	$	55.34
Total - 12 months	200	44	%	1,000,245	$	37.72	$	32.37		$	5,352,473	17	%	30		%	9.3	$	56,654,099	$	56.64

Renewal Lease Summary - Comparable (2) (7)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) PSF		Prior Rent (4) PSF			Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
3rd Quarter 2024	65	52	%	351,241	$	32.10	$	29.04		$	1,076,146	11	%	20		%	5.0	$	124,986	$	0.36
2nd Quarter 2024	70	57	%	280,996	$	41.24	$	38.15		$	866,449	8	%	21		%	6.6	$	835,221	$	2.97
1st Quarter 2024	62	60	%	344,450	$	34.41	$	33.51		$	312,559	3	%	10		%	5.5	$	1,588,920	$	4.61
4th Quarter 2023	55	55	%	159,032	$	53.12	$	49.57		$	564,568	7	%	19		%	5.3	$	773,262	$	4.86
Total - 12 months	252	56	%	1,135,719	$	38.01	$	35.52		$	2,819,722	7	%	17		%	5.6	$	3,322,389	$	2.93

Total Lease Summary - Comparable and Non-comparable (2) (8)
Quarter					Number of Leases Signed		% of Comparable Leases			GLA Signed				Contractual Rent (3) PSF			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
3rd Quarter 2024					129		98		%	592,527				$	35.04		6.8	$	15,952,885	$	26.92
2nd Quarter 2024					124		98		%	600,669				$	37.77		8.0	$	15,045,191	$	25.05
1st Quarter 2024					111		94		%	587,329				$	36.94		7.4	$	16,427,528	$	27.97
4th Quarter 2023					102		98		%	398,378				$	44.64		7.5	$	14,057,750	$	35.29
Total - 12 months					466		97		%	2,178,903				$	38.06		7.4	$	61,483,354	$	28.22

Total Lease Summary - Comparable, Non-comparable, and Option Exercises (2) (8) (9)
Quarter					Number of Leases Signed					GLA Signed				Contractual Rent (3) PSF			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives PSF
3rd Quarter 2024					158					813,665				$	33.17		6.4	$	15,952,885	$	19.61
2nd Quarter 2024					149					805,880				$	36.03		7.3	$	15,045,191	$	18.67
1st Quarter 2024					143					831,076				$	34.55		6.8	$	16,427,528	$	19.77
4th Quarter 2023					139					696,428				$	38.73		6.8	$	14,057,750	$	20.19
Total - 12 months					589					3,147,049				$	35.50		6.8	$	61,483,354	$	19.54


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


Federal Realty Investment Trust
Lease Expirations
September 30, 2024

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)
2024	246,000	1	%	$19.71	222,000	3	%	$31.79	468,000	2	%	$25.43
2025	1,444,000	9	%	$20.60	863,000	10	%	$37.55	2,306,000	9	%	$26.94
2026	1,544,000	9	%	$18.73	1,038,000	12	%	$48.84	2,582,000	10	%	$30.83
2027	2,205,000	13	%	$24.98	1,095,000	13	%	$51.58	3,300,000	13	%	$33.80
2028	1,774,000	10	%	$20.60	1,058,000	13	%	$50.43	2,832,000	11	%	$31.75
2029	2,350,000	14	%	$24.62	1,170,000	14	%	$48.61	3,519,000	14	%	$32.59
2030	1,119,000	7	%	$19.95	657,000	8	%	$49.53	1,777,000	7	%	$30.90
2031	793,000	5	%	$26.98	514,000	6	%	$46.61	1,308,000	5	%	$34.70
2032	1,669,000	10	%	$29.03	606,000	7	%	$46.26	2,275,000	9	%	$33.63
2033	963,000	6	%	$24.67	519,000	6	%	$46.55	1,482,000	6	%	$32.34
Thereafter	2,716,000	16	%	$26.27	659,000	8	%	$50.16	3,375,000	14	%	$30.93
Total (3)	16,823,000	100	%	$23.79	8,401,000	100	%	$47.45	25,224,000	100	%	$31.67

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)
2024	246,000	1	%	$19.71	222,000	3	%	$31.79	468,000	2	%	$25.43
2025	674,000	4	%	$22.41	675,000	8	%	$36.68	1,350,000	6	%	$29.55
2026	653,000	4	%	$15.68	627,000	7	%	$48.12	1,280,000	5	%	$31.58
2027	558,000	3	%	$20.03	595,000	7	%	$50.73	1,153,000	5	%	$35.87
2028	473,000	3	%	$19.09	575,000	7	%	$47.77	1,048,000	4	%	$34.83
2029	632,000	4	%	$26.75	653,000	8	%	$48.17	1,284,000	5	%	$37.63
2030	298,000	2	%	$23.64	476,000	6	%	$47.50	774,000	3	%	$38.31
2031	382,000	2	%	$20.56	420,000	5	%	$49.11	802,000	3	%	$35.51
2032	370,000	2	%	$32.22	462,000	5	%	$52.17	832,000	3	%	$43.29
2033	316,000	2	%	$24.42	476,000	6	%	$52.94	792,000	3	%	$41.57
Thereafter	12,221,000	73	%	$24.42	3,220,000	38	%	$48.14	15,441,000	61	%	$29.37
Total (3)	16,823,000	100	%	$23.79	8,401,000	100	%	$47.45	25,224,000	100	%	$31.67


Notes:
(1)			Anchor is defined as a commercial tenant leasing 10,000 square feet or more.
(2)			Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rent as of September 30, 2024.
(3)			Represents occupied square footage of the commercial portion of our portfolio as of September 30, 2024.
(4)			Individual items may not add up to total due to rounding.


Federal Realty Investment Trust
Portfolio Leased Statistics
September 30, 2024

	As of:
	September 30, 2024		June 30, 2024		September 30, 2023

Commercial Properties

Overall Portfolio (1)(2)
Gross Leasable Area (GLA)	26,826,000		26,681,000		26,093,000
Leased %	95.9	%	95.3	%	94.0	%
Occupied %	94.0	%	93.1	%	92.3	%
Leased % - anchor tenants	97.3	%	96.7	%	95.8	%
Leased % - small shop tenants	93.1	%	92.5	%	90.7	%
Active commercial tenant leases	3,456		3,420		3,285

Comparable Properties (1)
GLA	25,284,000		25,290,000		25,343,000
Leased %	95.8	%	95.2	%	94.2	%
Occupied %	93.8	%	92.9	%	92.4	%

Residential Properties

Overall Portfolio (1)(2)
Residential units	3,104		3,104		3,104
Leased %	97.5	%	97.6	%	97.8	%

Comparable Properties (1)
Residential units	2,980		2,980		2,980
Leased %	97.4	%	97.5	%	97.8	%


Notes:
(1)			See Glossary of terms.

(2)			Excludes redevelopment square footage and residential units not yet placed in service.


Federal Realty Investment Trust
Summary of Top 25 Tenants
September 30, 2024

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

1	TJX Companies, The	A / A2	$	24,761,000	2.72	%	1,220,000	4.11	%	40
2	Ahold Delhaize	BBB+ / Baa1	$	17,326,000	1.90	%	903,000	3.04	%	14
3	NetApp, Inc.	BBB+ / Baa2	$	15,212,000	1.67	%	304,000	1.02	%	1
4	Cisco Systems, Inc.	AA- / A1	$	14,964,000	1.64	%	268,000	0.90	%	2
5	Gap, Inc., The	BB / Ba3	$	11,228,000	1.23	%	321,000	1.08	%	30
6	CVS Corporation	BBB / Baa2	$	10,996,000	1.21	%	272,000	0.92	%	20
7	L.A. Fitness International LLC	B / B2	$	9,374,000	1.03	%	354,000	1.19	%	9
8	Albertsons Companies Inc. (Acme, Balducci's, Safeway)	BB+ / Ba1	$	8,495,000	0.93	%	544,000	1.83	%	10
9	Ross Stores, Inc.	BBB+ / A2	$	7,856,000	0.86	%	365,000	1.23	%	13
10	Home Depot, Inc.	A / A2	$	7,587,000	0.83	%	478,000	1.61	%	6
11	AMC Entertainment Inc.	CCC+ / Caa2	$	7,240,000	0.80	%	283,000	0.95	%	6
12	Kroger Co., The	BBB / Baa1	$	7,172,000	0.79	%	611,000	2.06	%	12
13	PUMA North America, Inc.	NR / NR	$	7,135,000	0.78	%	155,000	0.52	%	2
14	KnitWell Group (Ann Taylor, Chico's, Loft, Talbots, White House Black Market, Soma)	NR / NR	$	7,049,000	0.77	%	172,000	0.58	%	34
15	Dick's Sporting Goods, Inc.	BBB / Baa2	$	6,856,000	0.75	%	358,000	1.20	%	7
16	Ulta Beauty, Inc.	NR / NR	$	6,476,000	0.71	%	192,000	0.65	%	18
17	Bank of America, N.A.	A- / A1	$	6,406,000	0.70	%	113,000	0.38	%	21
18	Target Corporation	A / A2	$	6,375,000	0.70	%	627,000	2.11	%	7
19	Whole Foods Market, Inc.	AA- / A1	$	5,947,000	0.65	%	186,000	0.63	%	4
20	Bob's Discount Furniture, LLC	B / B2	$	5,905,000	0.65	%	200,000	0.67	%	5
21	Michaels Stores, Inc.	B- / B3	$	5,807,000	0.64	%	316,000	1.06	%	14
22	Choice Hotels International, Inc.	BBB- / Baa3	$	5,607,000	0.62	%	110,000	0.37	%	1
23	JPMorgan Chase Bank	A- / A1	$	5,573,000	0.61	%	87,000	0.29	%	21
24	Starbucks Corporation	BBB+ / Baa1	$	5,291,000	0.58	%	77,000	0.26	%	42
25	Hudson's Bay Company (Saks)	NR / NR	$	5,155,000	0.57	%	100,000	0.34	%	3
	Totals - Top 25 Tenants		$	221,793,000	24.37	%	8,616,000	28.99	%	342

	Total (5):		$	909,950,000	(2)		29,716,000	(4)

Notes:
(1)	Credit Ratings are as of September 30, 2024. Subsequent rating changes have not been reflected.
(2)	See Glossary of Terms.
(3)	Individual items may not add up to total due to rounding.
(4)	Excludes redevelopment square footage not yet placed in service.
(5)	Totals reflect both the commercial and residential portions of our properties.

Federal Realty Investment Trust

Reconciliation of FFO Guidance

September 30, 2024

The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated FFO per diluted share for the full year 2024.


	Full Year 2024 Guidance Range

	Low		High
Estimated net income available to common shareholders, per diluted share	$	3.40	$	3.50
Adjustments:
Estimated gain on sale of real estate, net	(0.62)		(0.62)
Estimated depreciation and amortization	3.98		3.98
Estimated FFO per diluted share	$	6.76	$	6.86

Note:

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


Guidance Assumptions (1):

Comparable properties growth			2.5% - 3.25%
Comparable properties growth excluding prior period rents and lease termination fees			3% - 4%
Prior period rents (2)			$3 million
Lease termination fees			$4 - $5 million
Incremental redevelopment/expansion POI (3)			$10 - $12 million
General and administrative expenses			$48 - $51 million

Development/redevelopment capital			$125 - $150 million

Capitalized interest			$19 - $21 million

Notes:

(1)Does not assume the impact of potential acquisitions or dispositions which have not closed as of October 31, 2024.

(2)Reflects amounts which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.

(3)Includes the expected additional POI to be recognized in 2024 compared to the amount recognized in 2023 from all of the redevelopments listed on page 15. Does not include any additional POI from "Active Property Improvement Projects."

Glossary of Terms

EBITDA for Real Estate ("EBITDAre"): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("NAREIT") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain or loss on sale of real estate, impairments of real estate and change in control of interest, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We calculate EBITDAre consistent with the NAREIT definition. As EBITDA is a widely known and understood measure of performance, management believes EBITDAre represents an additional non-GAAP performance measure, independent of a company's capital structure, that will provide investors with a uniform basis to measure the enterprise value of a company. EBITDAre also approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three and nine months ended September 30, 2024 and 2023 is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Net income	$	63,461	$	59,392	$	236,132	$	180,127
Interest expense	44,237		42,726		132,242		124,835
Other interest income	(978)		(721)		(3,512)		(3,775)
Income tax (benefit) provision	(13)		322		210		662
Depreciation and amortization	87,028		81,731		255,481		239,342

Gain on sale of real estate	—		—		(52,280)		(1,702)
Adjustments of EBITDAre of unconsolidated affiliates	1,899		2,070		5,841		8,324
EBITDAre	$	195,634	$	185,520	$	574,114	$	547,813

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

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

Overall Portfolio: Includes all 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.

Federal Realty Investment Trust (FRT) 8-KResults of Operations and Financial Condition