frt-20230802
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 2, 2023
Federal Realty Investment Trust
Federal Realty OP LP
(Exact name of registrant as specified in its charter)
 
Maryland (Federal Realty Investment Trust)
 1-07533 87-3916363
Delaware (Federal Realty OP LP)
333-262016-0152-0782497
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
 (IRS Employer
Identification No.)
909 Rose Avenue, Suite 200North Bethesda,Maryland 20852
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: 301/998-8100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
 
Federal Realty Investment Trust
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Common Shares of Beneficial InterestFRTNew York Stock Exchange
$.01 par value per share, with associated Common Share Purchase Rights
Depositary Shares, each representing 1/1000 of a share FRT-CNew York Stock Exchange
of 5.00% Series C Cumulative Redeemable Preferred Stock, $.01 par value per share
Federal Realty OP LP
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
NoneN/AN/A
Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Federal Realty Investment Trust Yes No ☒
Federal Realty OP LP Yes No ☒
If an emerging growth company, indicate by checkmark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Federal Realty Investment Trust ☐Federal Realty OP LP ☐




Item 2.02. Results of Operations and Financial Condition.

    The following information is being furnished under Item 2.02-Results of Operations and Financial Condition. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in such filing.

    On August 2, 2023, Federal Realty Investment Trust issued supplemental data pertaining to its operations, as well as a press release, to report its financial results for the quarter ended June 30, 2023. The supplemental data and press release are furnished as Exhibit 99.1 hereto.

Item 9.01.     Financial Statements and Exhibits.

    (c)    Exhibits

    99.1    Supplemental information at June 30, 2023 (including press release dated August 2, 2023)



    

SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

FEDERAL REALTY INVESTMENT TRUST
FEDERAL REALTY OP LP
Date:August 2, 2023
 /s/ Daniel Guglielmone
Daniel Guglielmone
Executive Vice President-
Chief Financial Officer and Treasurer



EXHIBIT INDEX
                                
Exhibit NumberDescription
Supplemental Information at June 30, 2023
104Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)

Document

FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
June 30, 2023
TABLE OF CONTENTS
1Second Quarter 2023 Earnings Press Release
2Financial Highlights
Consolidated Income Statements
Consolidated Balance Sheets
Funds From Operations / Other Supplemental Information
Components of Rental Income
Comparable Property Information
Market Data and Leverage and Liquidity Ratios
3Summary of Debt
Summary of Outstanding Debt
Summary of Debt Maturities
4Summary of Redevelopment and Expansion Opportunities
5Future Redevelopment and Expansion Opportunities
6Property Acquisition, Disposition, & Other Transactions
7Real Estate Status Report
8Retail Leasing Summary
9Lease Expirations
10Portfolio Leased Statistics
11Summary of Top 25 Tenants
12Reconciliation of FFO Guidance
13Glossary of Terms
909 Rose Avenue, Suite 200
North Bethesda, Maryland 20852
301-998-8100

1


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 8, 2023, 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 8, 2023 and subsequent quarterly reports on Form 10-Q.
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NEWS RELEASEwww.federalrealty.com
FOR IMMEDIATE RELEASE
Investor Inquiries:Media Inquiries:
Leah Andress BradyBrenda Pomar
Vice President, Investor RelationsSenior Director, Corporate Communications
301.998.8265301.998.8316
lbrady@federalrealty.combpomar@federalrealty.com

Federal Realty Investment Trust Announces Second Quarter 2023 Operating Results
NORTH BETHESDA, Md. (August 2, 2023) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its second quarter ended June 30, 2023. For the three months ended June 30, 2023 and 2022, net income available for common shareholders was $0.72 per diluted share and $0.75 per diluted share, respectively. For the three months ended June 30, 2023 and 2022, operating income was $101.8 million and $93.6 million, respectively.
Highlights for the second quarter and subsequent to quarter-end include:
Generated funds from operations available to common shareholders (FFO) per diluted share of $1.67 for the quarter, a company record.
Generated 4.6% comparable property operating income (POI) growth excluding lease termination fees and COVID-19 pandemic related prior period rents collected for the second quarter.
Continued robust levels of leasing with 107 signed leases for 576,345 square feet of comparable space in the second quarter at a cash basis rollover of 7%, highest second quarter comparable leasing volume on record.
Federal Realty’s portfolio was 92.8% occupied and 94.3% leased, representing year-over-year increases of 80 basis points and 20 basis points, respectively.
Issued $350.0 million of fixed rate senior unsecured notes, as a green bond, that mature on May 1, 2028 and bear interest at 5.375%. The notes were offered at 99.590% of the principal amount with a yield to maturity of 5.468%.
Increased the regular quarterly cash dividend to $1.09 per common share, resulting in an indicated annual rate of $4.36 per common share. This increase represents the 56th consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.
Increased 2023 earnings per diluted share guidance to $2.64 - $2.76 and increased 2023 FFO per diluted share guidance to $6.46 - $6.58.
Issued the Company’s annual Environmental, Social and Governance Report.
“A record quarter for Federal Realty; $1.67 of FFO per share driven by strong results in all aspects of our company and our 56th consecutive year of increased common dividends to our shareholders, also a REIT industry record,” said
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Donald C. Wood, Federal Realty’s Chief Executive Officer. “Continued robust leasing activity demonstrates the strength of retail demand for the high-quality product that Federal Realty offers.”
Financial Results
Net Income
For the second quarter 2023, net income available for common shareholders was $58.5 million and earnings per diluted share was $0.72 versus $59.7 million and $0.75, respectively, for the second quarter 2022.
FFO
For the second quarter 2023, FFO was $136.9 million, or $1.67 per diluted share, compared to $131.6 million, or $1.65 per diluted share for the second quarter 2022.
FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.
Operational Update
Occupancy
The portfolio was 92.8% occupied as of June 30, 2023, an increase of 80 basis points year-over-year. The portfolio was 94.3% leased as of June 30, 2023, an increase of 20 basis points year-over-year.
Additionally, our comparable residential properties were 98.0% leased as of June 30, 2023.
Leasing Activity
During the second quarter 2023, Federal Realty signed 112 leases for 602,911 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 107 leases for 576,345 square feet at an average rent of $35.34 per square foot compared to the average contractual rent of $33.09 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 7%, 19% on a straight-line basis.
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees increased the regular quarterly cash dividend to $1.09 per common share, resulting in an indicated annual rate of $4.36 per common share. The regular common dividend will be payable on October 16, 2023 to common shareholders of record as of September 22, 2023. This increase represents the 56th consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.
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 October 16, 2023 to shareholders of record as of October 2, 2023.
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Summary of Other Quarterly Activities
April 12, 2023 – Federal Realty issued $350.0 million of fixed rate senior unsecured notes, as a green bond, that mature on May 1, 2028 and bear interest at 5.375%. The notes were offered at 99.590% of the principal amount with a yield to maturity of 5.468%. The net proceeds, after issuance discount, underwriting fees, and other costs were $345.7 million.
June 1, 2023 – Federal Realty repaid its $275.0 million 2.75% senior unsecured notes at maturity.
June 1, 2023 – Federal Realty issued its 2022 Environmental, Social and Governance Report highlighting the Company’s commitment to its ESG initiatives and accomplishments.
June 21, 2023 – Federal Realty was named to The Washington Post’s 2023 Top Workplaces list for its leadership in employee satisfaction and engagement.
Guidance
Federal Realty increased its 2023 guidance for earnings per diluted share to $2.64 to $2.76 from $2.59 to $2.79 and 2023 FFO per diluted share to $6.46 to $6.58 from $6.38 to $6.58.
Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its second quarter 2023 earnings conference call, which is scheduled for Wednesday, August 2, 2023 at 5:30 PM ET. To participate, please call 1-844-826-3035 five to ten minutes prior to the call start time and use the passcode 3865860 (required). 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 August 16, 2023 by dialing 1-844-512-2921; Passcode: 10180484.
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 San Francisco and Los Angeles. 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 3,300 tenants, in 26 million square feet, and approximately 3,100 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 56 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.
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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 8, 2023, 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 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 8, 2023 and subsequent quarterly reports on Form 10-Q.
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Federal Realty Investment Trust
Consolidated Income Statements
June 30, 2023
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income$280,388 $263,830 $553,186 $520,337 
Mortgage interest income291 269 552 533 
Total revenue280,679 264,099 553,738 520,870 
EXPENSES
Rental expenses55,610 51,169 110,815 107,380 
Real estate taxes32,381 31,265 64,947 61,825 
General and administrative11,913 13,604 24,458 25,946 
Depreciation and amortization78,974 74,461 157,611 146,135 
Total operating expenses178,878 170,499 357,831 341,286 
Gain on sale of real estate— — 1,702 — 
OPERATING INCOME101,801 93,600 197,609 179,584 
OTHER INCOME/(EXPENSE)
Other interest income2,422 133 3,054 253 
Interest expense(42,884)(32,074)(82,109)(63,647)
Income from partnerships1,665 2,808 2,181 3,005 
NET INCOME63,004 64,467 120,735 119,195 
   Net income attributable to noncontrolling interests(2,505)(2,791)(4,901)(5,535)
NET INCOME ATTRIBUTABLE TO THE TRUST60,499 61,676 115,834 113,660 
Dividends on preferred shares(2,008)(2,008)(4,016)(4,018)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS$58,491 $59,668 $111,818 $109,642 
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders$0.72 $0.75 $1.37 $1.38 
Weighted average number of common shares81,214 79,202 81,178 78,826 
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders$0.72 $0.75 $1.37 $1.38 
Weighted average number of common shares81,214 79,202 81,178 78,855 

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Federal Realty Investment Trust
Consolidated Balance Sheets
June 30, 2023
June 30,December 31,
20232022
(in thousands, except share and per share data)
(unaudited)
ASSETS
Real estate, at cost
Operating (including $2,008,167 and $1,997,583 of consolidated variable interest entities, respectively)
$9,732,833 $9,441,945 
Construction-in-progress (including $11,441 and $8,477 of consolidated variable interest entities, respectively)
667,554 662,554 
10,400,387 10,104,499 
Less accumulated depreciation and amortization (including $388,881 and $362,921 of consolidated variable interest entities, respectively)
(2,839,550)(2,715,817)
Net real estate7,560,837 7,388,682 
Cash and cash equivalents98,064 85,558 
Accounts and notes receivable, net195,689 197,648 
Mortgage notes receivable, net9,222 9,456 
Investment in partnerships34,942 145,205 
Operating lease right of use assets, net88,215 94,569 
Finance lease right of use assets44,891 45,467 
Prepaid expenses and other assets247,016 267,406 
TOTAL ASSETS$8,278,876 $8,233,991 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $190,562 and $191,827 of consolidated variable interest entities, respectively)
$319,208 $320,615 
Notes payable, net633,095 601,077 
Senior notes and debentures, net3,479,333 3,407,701 
Accounts payable and accrued expenses187,027 190,340 
Dividends payable90,441 90,263 
Security deposits payable29,292 28,508 
Operating lease liabilities76,928 77,743 
Finance lease liabilities67,655 67,660 
Other liabilities and deferred credits237,317 237,699 
Total liabilities5,120,296 5,021,606 
Commitments and contingencies
Redeemable noncontrolling interests178,149 178,370 
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $0.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding150,000 150,000 
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 and 100,000,000 shares authorized, respectively, 81,515,511 and 81,342,959 shares issued and outstanding, respectively
820 818 
Additional paid-in capital3,832,983 3,821,801 
Accumulated dividends in excess of net income(1,098,432)(1,034,186)
Accumulated other comprehensive income5,496 5,757 
Total shareholders’ equity of the Trust2,900,689 2,954,012 
Noncontrolling interests79,742 80,003 
Total shareholders’ equity2,980,431 3,034,015 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$8,278,876 $8,233,991 

8



Federal Realty Investment Trust
Funds From Operations / Other Supplemental Information
June 30, 2023
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income$63,004 $64,467 $120,735 $119,195 
Net income attributable to noncontrolling interests(2,505)(2,791)(4,901)(5,535)
Gain on sale of real estate— — (1,702)— 
Depreciation and amortization of real estate assets70,486 65,727 140,990 128,704 
Amortization of initial direct costs of leases7,567 5,882 15,352 11,675 
Funds from operations138,552 133,285 270,474 254,039 
Dividends on preferred shares (2)(1,875)(1,875)(3,750)(3,750)
Income attributable to downREIT operating partnership units688 701 1,381 1,407 
Income attributable to unvested shares(505)(467)(987)(904)
FFO$136,860 $131,644 $267,118 $250,792 
Weighted average number of common shares, diluted (2)(3)81,945 79,952 81,911 79,608 
FFO per diluted share (3)$1.67 $1.65 $3.26 $3.15 
Dividends and Payout Ratios
Regular common dividends declared$88,031 $84,977 $176,064 $169,173 
Dividend payout ratio as a percentage of FFO64 %65 %66%67%
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions$49,560 $73,428 $105,414 $145,071 
Tenant improvements and incentives18,423 19,657 38,418 36,626 
Total non-maintenance capital expenditures67,983 93,085 143,832 181,697 
Maintenance capital expenditures4,404 8,445 8,681 13,868 
Total capital expenditures$72,387 $101,530 $152,513 $195,565 
Noncontrolling Interests Supplemental Information (4)
Property operating income (1)$3,826 $4,755 $7,517 $9,575 
Depreciation and amortization(1,844)(2,269)(3,669)(4,613)
Interest expense(164)(394)(328)(833)
Net income$1,818 $2,092 $3,520 $4,129 
Notes:
(1)See Glossary of Terms.
(2)For the three and six months ended June 30, 2023 and 2022, 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 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 these periods.
(4)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."

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Federal Realty Investment Trust
Components of Rental Income
June 30, 2023
Components of Rental Income (1)Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(in thousands)
Minimum rents (2)
Commercial$184,212 $170,916 $365,554 $340,547 
Residential25,243 24,149 49,793 47,210 
Cost reimbursements51,217 46,457 101,941 96,769 
Percentage rents4,371 3,894 8,907 7,529 
Other (3)14,290 16,565 26,330 26,599 
Collectibility related impact (4)1,055 1,849 661 1,683 
Total rental income$280,388 $263,830 $553,186 $520,337 
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 EndedSix Months Ended
June 30,June 30,
2023202220232022
(in millions)
Straight-line rents$2.5 $4.9 $5.0 $9.8 
Amortization of in-place leases$3.2 $2.6 $6.3 $5.4 
(3)Includes lease termination fees of $1.6 million and $5.6 million for the three months ended June 30, 2023 and 2022, respectively, and $3.2 million and $7.1 million for the six months ended June 30, 2023 and 2022, respectively.
(4)For the three months ended June 30, 2023 and 2022, our collectability related impact includes the collection of approximately $1.4 million and $2.6 million, respectively, and $3.0 million and $5.1 million for the six months ended June 30, 2023 and 2022, respectively, of prior period rents which were contractually deferred or payment renegotiated specifically related to the COVID-19 pandemic.
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Federal Realty Investment Trust
Comparable Property Information
June 30, 2023
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 Q2 include: Assembly Row Phase 3, CocoWalk, Darien Commons, Friendship Center, Huntington Shopping Center, Pike & Rose Phase 3, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q2 2022 to Q2 2023. 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
June 30,
20232022
(in thousands)
Operating income$101,801 $93,600 
Add:
Depreciation and amortization78,974 74,461 
General and administrative11,913 13,604 
Property operating income (POI)192,688 181,665 
Less: Non-comparable POI - acquisitions/dispositions(7,461)(3,397)
Less: Non-comparable POI - redevelopment, development & other(16,698)(11,987)
Comparable property POI$168,529 $166,281 
Additional information regarding the components of Comparable Property POI
Three Months Ended
June 30,
20232022% Change
(in thousands)
Minimum rent (1)$184,375 $177,892 
Cost reimbursements46,383 43,460 
Other11,899 15,480 
Collectibility related impacts771 1,436 
243,428 238,268 
Rental expenses(46,117)(43,413)
Real estate taxes(28,782)(28,574)
(74,899)(71,987)
Comparable property POI$168,529 $166,281 1.4%
Less:
Lease termination fees(1,594)(5,517)
Prior period rents collected (2)(1,172)(2,248)
Comparable property POI excluding lease termination fees and prior period rents collected$165,763 $158,516 4.6%
Comparable Property - Summary of Capital Expenditures (3)
Three Months Ended
June 30,
20232022
(in thousands)
Redevelopment and tenant improvements and incentives$32,722 $39,672 
Maintenance capital expenditures4,042 7,768 
$36,764 $47,440 
Comparable Property - Occupancy Statistics (3)
At June 30,
20232022
GLA - comparable commercial properties23,313,00023,316,000
Leased % - comparable commercial properties93.9 %94.1 %
Occupancy % - comparable commercial properties92.4 %92.2 %
Notes:
(1)For the three months ended June 30, 2023 and 2022, amount includes straight-line rents of $1.3 million and $1.5 million and amortization of in-place leases of $2.6 million and $2.5 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.
11


Federal Realty Investment Trust
Market Data and Leverage and Liquidity Ratios
June 30, 2023
June 30,
20232022
(in thousands, except per share data)
Market Data
Common shares outstanding and downREIT operating partnership units (1)82,153 81,549 
Market price per common share$96.77 $95.74 
Common equity market capitalization including downREIT operating partnership units$7,949,946 $7,807,501 
Series C preferred shares outstanding
Liquidation price per Series C preferred share$25,000 $25,000 
Series C preferred equity market capitalization$150,000 $150,000 
Series 1 preferred shares outstanding (2)393 393 
Liquidation price per Series 1 preferred share$25.00 $25.00 
Series 1 preferred equity market capitalization$9,825 $9,825 
Equity market capitalization$8,109,771 $7,967,326 
Total debt$4,431,636 $4,030,350 
Less: cash and cash equivalents(98,064)(176,559)
Total net debt (3)$4,333,572 $3,853,791 
Total market capitalization$12,443,343 $11,821,117 
Leverage and Liquidity Ratios
Total net debt to market capitalization at market price per common share35%33%
Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5)3.5x4.3x
Ratio of EBITDAre to combined fixed charges and preferred share dividends, six months ended (4)(5)3.6x4.2x

Notes:
(1)Amounts include 637,031 and 652,233 downREIT operating partnership units outstanding at June 30, 2023 and 2022, 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.



12


Federal Realty Investment Trust
Summary of Outstanding Debt
June 30, 2023
As of June 30, 2023
Stated maturity dateStated interest rateBalanceWeighted average effective rate (7)
(in thousands)
Mortgages Payable (1)
Secured fixed rate
Azalea11/1/20253.73%$40,000 
Bell Gardens8/1/20264.06%11,685 
Plaza El Segundo6/5/20273.83%125,000 
The Grove at Shrewsbury (East)9/1/20273.77%43,600 
Brook 357/1/20294.65%11,500 
Hoboken (24 Buildings) (2)12/15/2029SOFR + 1.95%54,338 
Various Hoboken (14 Buildings)Various through 2029Various (3)30,381 
Chelsea1/15/20315.36%4,234 
Subtotal320,738 
Net unamortized debt issuance costs and premium(1,530)
Total mortgages payable, net319,208 4.01%
Notes payable
Term Loan (4)4/16/2024SOFR + 0.85%600,000 
Revolving Credit Facility (4)(5)4/5/2027SOFR + 0.775%31,500 
Various Various through 2059Various 2,753 
Subtotal634,253 
Net unamortized debt issuance costs(1,158)
Total notes payable, net633,095 6.33%(8)
Senior notes and debentures
Unsecured fixed rate
3.95% notes1/15/20243.95%600,000 
1.25% notes2/15/20261.25%400,000 
7.48% debentures8/15/20267.48%29,200 
3.25% notes7/15/20273.25%475,000 
6.82% medium term notes8/1/20276.82%40,000 
5.375% notes5/1/20285.38%350,000 
3.20% notes6/15/20293.20%400,000 
3.50% notes6/1/20303.50%400,000 
4.50% notes12/1/20444.50%550,000 
3.625% notes8/1/20463.63%250,000 
Subtotal3,494,200 
Net unamortized debt issuance costs and premium(14,867)
Total senior notes and debentures, net3,479,333 3.75%
Total debt, net$4,431,636 (6)
Total fixed rate debt, net$3,801,264 86%3.77%
Total variable rate debt, net630,372 14%6.32%(8)
Total debt, net$4,431,636 100%4.13%(8)
Notes:
(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At June 30, 2023, our share of unconsolidated debt was approximately $62.5 million. At June 30, 2023, our noncontrolling interests' share of mortgages payable was $15.6 million.
(2)We have two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%. The reference rate for the mortgage loan and related swaps was amended from LIBOR to SOFR in May 2023. This amendment is effective for interest payments subsequent to July 1, 2023.
(3)The interest rates on these mortgages range from 3.91% to 5.00%.
(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 six months ended June 30, 2023 was $77.5 million and $80.5 million, respectively. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, for the three and six months ended June 30, 2023 was 5.8% and 5.5%, respectively.
(6)The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 7 years.
(7)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 8.
(8)The weighted average effective interest rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.
13


Federal Realty Investment Trust
Summary of Debt Maturities
June 30, 2023
YearScheduled AmortizationMaturitiesTotalPercent of Debt MaturingWeighted Average Rate (4)
(in thousands)
2023$2,110 $— $2,110 — %— %
20243,970 600,000 603,970 13.6 %3.7 %
20253,750 44,298 48,048 1.1 %3.9 %
20263,066 1,052,450 (1)1,055,516 23.7 %4.5 %
20272,633 690,682 693,315 15.6 %3.8 %
20282,509 381,500 (2)384,009 8.6 %5.7 %(5)
20292,327 458,105 460,432 10.4 %3.3 %
2030681 400,000 400,681 9.0 %3.7 %
2031110 — 110 — %6.0 %
2032— — — — %— %
Thereafter— 801,000 801,000 18.0 %4.2 %
Total$21,156 $4,428,035 $4,449,191 (3)100.0 %

Notes:
The above table assumes all extension options are exercised.
(1)Our $600.0 million term loan matures on April 16, 2024, plus two one-year extensions at our option to April 16, 2026.
(2)Our $1.25 billion revolving credit facility matures on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. As of June 30, 2023, there was $31.5 million outstanding under this credit facility.
(3)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 June 30, 2023.
(4)The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.
(5)The weighted average rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our $1.25 billion revolving credit facility.
14


Federal Realty Investment Trust
Summary of Redevelopment and Expansion Opportunities
June 30, 2023
The following redevelopment opportunities are actively being worked on by the Trust. (1)
Active Mixed-Use Redevelopment/Expansion Projects
Property (1)LocationOpportunityProjected ROI (2)Projected Cost (1)Cost to DateProjected 2023 POI Delivered(2)
(in millions)(in millions)
Santana West (3)San Jose, CADevelopment of a 376,000 square foot office building%$315 - $330$215
Pike & Rose - 915 Meeting Street (3)North Bethesda, MDDevelopment of a 266,000 square foot office building with 10,000 square feet of retail space. 160,000 square feet of office and 5,000 square feet of retail space pre-leased.%$185 - $200$126
Darien CommonsDarien, CTDemolition 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%$110 - $120$10750 - 60 %
Total Active Mixed-Use Redevelopment/Expansion Projects%$610 - $650$448
Active Redevelopment/Expansion Projects
PropertyLocationOpportunityProjected ROI (4)Projected Cost (1)Cost to DateAnticipated Stabilization (5)
(in millions)(in millions)
HuntingtonHuntington, NYDemolition 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 space7 - 8 %$80 - $85$562024
Lawrence ParkBroomall, PAFull 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%$17$152024
Willow GroveWillow Grove, PADevelopment of a new 17,000 square foot multi-tenant pad building%$11$52024
Pike 7 PlazaVienna, VADevelopment of a new 3,200 square foot pad building pre-leased to a restaurant tenant%$3$12024
FlourtownFlourtown, PADevelopment of a new 2,450 square foot bank pad building%$2$2Stabilized
DedhamDedham, MADevelopment of a new 4,000 square foot pad building with drive-thru pre-leased to a restaurant tenant%$2$2Stabilized
Total Active Redevelopment/Expansion Projects7 - 8 % $115 - $120$81
Active Property Improvement Projects (6)
Various PropertiesOngoing improvements at 15 properties to better position those properties to capture a disproportionate amount of retail demand6% - 13%$76$57
Notes:
(1)There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected returns on investment (ROI) and Projected Cost are management's best estimate based on current information and may change over time. Anticipated total cost, and projected ROI, and projected POI delivered are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.
(2)Projected ROI for mixed-use redevelopment/expansion projects reflects the unleveraged Property Operating Income (POI) generated by the project and is calculated as POI divided by cost. Projected POI delivered includes straight line rent.
(3)Projected costs for Pike & Rose include an allocation of infrastructure costs for the entire project. Santana West includes an allocation of infrastructure for the Santana West site.
(4)Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental POI generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects generally does not include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property but may for certain property improvement projects.
(5)Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time.
(6)Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor amenity spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, improve market rents, drive leasing demand, and/or provide outdoor spaces critical to meeting the needs of the current environment. Returns on these projects are typically seen over one to five years, however, some projects could extend beyond that. Projected ROI range reflects management's best estimate of the long term expected return on cost of these investments.
15


Federal Realty Investment Trust
Future Redevelopment and Expansion Opportunities
June 30, 2023
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
PropertyLocationExpansion/Conversion (4)Residential (5)Mixed Use - Long Term
Assembly Row (1)Somerville, MAü
AndorraPhiladelphia, PAü
Bala CynwydBala Cynwyd, PAüü
Barracks RoadCharlottesville, VAüü
Bethesda RowBethesda, MDüü
Camelback ColonnadePhoenix, AZüü
Chelsea CommonsChelsea, MAü
Dedham PlazaDedham, MAü
Escondido PromenadeEscondido, CAü
Fairfax JunctionFairfax, VAüü
Federal PlazaRockville, MDü
Fresh MeadowsQueens, NYü
Friendship CenterWashington, DCüü
Grossmont CenterLa Mesa, CAü
HobokenHoboken, NJü
HuntingtonHuntington, NYü
Mercer MallLawrenceville, NJü
Pan AmFairfax, VAüü
Pike & Rose (2)North Bethesda, MDü
Pike 7 PlazaVienna, VAü
Riverpoint CenterChicago, ILü
Santana Row (3)San Jose, CAü
Santana Row - Santana West (3)San Jose, CAü
The AVENUE at White MarshWhite Marsh, MDü
Village at ShirlingtonArlington, VAü
Willow GroveWillow Grove, PAüü
Willow LawnRichmond, VAü
Notes:
(1)Remaining entitlements at Assembly Row include approximately 1.5 million square feet of commercial-use buildings and 326 residential units.
(2)Remaining entitlements at Pike & Rose include approximately 530,000 square feet of commercial-use buildings and 741 residential units.
(3)Remaining entitlements at Santana Row include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space across from Santana Row.
(4)Property expansion/conversion includes opportunities at successful retail properties to convert previously underutilized land into new GLA, to convert other existing uses into more productive uses for the property, and/or to add both single tenant and multi-tenant stand alone pad buildings.
(5)Residential includes opportunities to add residential units to existing retail and mixed-use properties.
16


Federal Realty Investment Trust
Property Acquisition, Disposition, & Other Transactions
June 30, 2023

Property Acquisition
DatePropertyCity/StateGLAPurchase PricePrincipal Tenants
(in square feet)(in millions)
January 31, 2023Huntington Square (1)East Northport, New York168,000$35.5 At Home / AMC
(1)The purchase price includes the acquisition of the portions of the property not previously owned, as well as the acquisition of the fee interest in the land underneath the portion of Huntington Square shopping center which we control under a long-term ground lease.

Property Disposition
DatePropertyCity/StateSales Price
(in millions)
February 15, 2023Town Center of New BritainNew Britain, Pennsylvania$13.2 

Other Transactions
On April 12, 2023, we issued $350.0 million of fixed rate senior unsecured notes that mature on May 1, 2028 and bear interest at 5.375%. The notes were offered at 99.590% of the principal amount with a yield to maturity of 5.468%. The net proceeds, after issuance discount, underwriting fees, and other costs were $345.7 million.
On May 26, 2023, we exercised our option and acquired the 22.3% tenancy in common ("TIC") interest from our co-owner at Escondido Promenade for $30.5 million, bringing our ownership interest to 100%. As a result of the transaction, we gained control of this property, and effective May 26, 2023, we have consolidated this property.
On June 1, 2023, we repaid our $275.0 million 2.75% senior unsecured notes at maturity.
17


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2023
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)Residential Units Grocery Anchor GLAGrocery Anchor (4)Other Retail Tenants
(in thousands) (in thousands)
  California
Azalea(5)Los Angeles-Long Beach-Anaheim, CA$109,661 $40,000 22 226,000 100 %Walmart (S)Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens(5)Los Angeles-Long Beach-Anaheim, CA119,102 11,685 32 330,000 97 %67,000Food 4 LessMarshalls / Ross Dress for Less / Bob's Discount Furniture
Colorado BlvdLos Angeles-Long Beach-Anaheim, CA13,962 42,000 73 %Banana Republic / True Food Kitchen
Crow Canyon CommonsSan Francisco-Oakland-Hayward, CA91,340 22 243,000 99 %32,000SproutsTotal Wine & More / Rite Aid / Alamo Ace Hardware
East Bay BridgeSan Francisco-Oakland-Hayward, CA179,890 32 440,000 100 %199,000Pak-N-Save / TargetHome Depot / Nordstrom Rack / Ulta / Michaels
Escondido PromenadeSan Diego-Carlsbad, CA135,018 18 298,000 99 %Target (S)TJ Maxx / Dick’s Sporting Goods / Ross Dress For Less / Bob's Discount Furniture
Fourth Street(5)San Francisco-Oakland-Hayward, CA27,865 71,000 81 %CB2
Freedom Plaza(5)Los Angeles-Long Beach-Anaheim, CA44,113 114,000 97 %31,000Smart & FinalNike / Blink Fitness / Ross Dress For Less
Grossmont Center(5)San Diego-Carlsbad, CA176,558 64 932,000 98 %294,000Target / WalmartBarnes & Noble / / Macy's / CVS / Restoration Hardware Outlet
Hastings Ranch PlazaLos Angeles-Long Beach-Anaheim, CA25,718 15 273,000 100 %Marshalls / HomeGoods / CVS / Sears
Hollywood BlvdLos Angeles-Long Beach-Anaheim, CA62,003 181,000 86 %39,000TargetMarshalls / L.A. Fitness / CVS
Kings Court(6)San Jose-Sunnyvale-Santa Clara, CA 11,631 81,000 100 %31,000Lunardi'sCVS
Old Town CenterSan Jose-Sunnyvale-Santa Clara, CA 41,104 99,000 87 %Anthropologie / Sephora / Teleferic Barcelona
Olivo at Mission Hills(5)Los Angeles-Long Beach-Anaheim, CA82,910 12 155,000 100 %32,000Target24 Hour Fitness / Ross Dress For Less / Ulta
Plaza Del Sol(5)Los Angeles-Long Beach-Anaheim, CA17,957 48,000 96 %Superior Grocers (S)Marshalls
Plaza El Segundo / The PointLos Angeles-Long Beach-Anaheim, CA307,721 125,000 50 502,000 89 %66,000Whole FoodsNordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center(6)San Jose-Sunnyvale-Santa Clara, CA 51,821 22 213,000 100 %141,000Trader Joe's / Walmart24 Hour Fitness
Santana RowSan Jose-Sunnyvale-Santa Clara, CA 1,293,882 45 1,206,000 99 %662Crate & Barrel / Container Store / H&M / Best Buy / Multiple Restaurants
Sylmar Towne Center(5)Los Angeles-Long Beach-Anaheim, CA46,444 12 148,000 92 %43,000Food 4 LessCVS
Third Street PromenadeLos Angeles-Long Beach-Anaheim, CA90,205 207,000 72 %adidas / Patagonia / Multiple Restaurants
Westgate CenterSan Jose-Sunnyvale-Santa Clara, CA 157,308 44 648,000 91 %167,000TargetNordstrom Rack / Nike Factory / TJ Maxx / Burlington
Total California3,086,213 428 6,457,000 95 %
  Washington Metropolitan Area
Barcroft PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV51,509 10 113,000 98 %46,000 Harris Teeter
Bethesda RowWashington-Arlington-Alexandria, DC-VA-MD-WV261,782 17 529,000 95 %18040,000 Giant FoodApple / Equinox / Anthropologie / Nike Live / Multiple Restaurants
Birch & BroadWashington-Arlington-Alexandria, DC-VA-MD-WV25,647 10 144,000 100 %51,000 Giant FoodCVS / Staples
Chesterbrook (5)Washington-Arlington-Alexandria, DC-VA-MD-WV44,576 89,000 79 %35,000 SafewayStarbucks
Congressional Plaza(5)Washington-Arlington-Alexandria, DC-VA-MD-WV109,668 21 325,000 84 %19425,000 The Fresh MarketBuy Buy Baby / Ulta / Barnes & Noble / Container Store
Courthouse CenterWashington-Arlington-Alexandria, DC-VA-MD-WV7,297 37,000 73 %
Fairfax Junction(6)Washington-Arlington-Alexandria, DC-VA-MD-WV45,947 11 124,000 92 %23,000 AldiCVS / Planet Fitness
18


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2023
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)Residential Units Grocery Anchor GLAGrocery Anchor (4)Other Retail Tenants
(in thousands) (in thousands)
Federal PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV73,306 18 249,000 93 %14,000 Trader Joe'sTJ Maxx / Micro Center / Ross Dress For Less
Friendship CenterWashington-Arlington-Alexandria, DC-VA-MD-WV37,173 54,000 100 %Marshalls / Maggiano's
Gaithersburg SquareWashington-Arlington-Alexandria, DC-VA-MD-WV39,712 16 207,000 94 %Marshalls / Ross Dress For Less / Ashley Furniture HomeStore / CVS
Graham Park PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV26,984 10 133,000 91 %58,000 Giant Food
Idylwood PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV18,131 73,000 84 %30,000 Whole Foods
Kingstowne Towne CenterWashington-Arlington-Alexandria, DC-VA-MD-WV210,381 45 410,000 99 %66,000 Giant Food / SafewayTJ Maxx / HomeGoods / Five Below / Ross Dress For Less
LaurelWashington-Arlington-Alexandria, DC-VA-MD-WV61,306 26 364,000 96 %61,000 Giant FoodMarshalls / L.A. Fitness / HomeGoods
Montrose CrossingWashington-Arlington-Alexandria, DC-VA-MD-WV172,476 36 368,000 100 %73,000 Giant Food / Target (S)Marshalls / Home Depot Design Center / Old Navy / Burlington
Mount Vernon/South Valley/7770 Richmond Hwy(6)Washington-Arlington-Alexandria, DC-VA-MD-WV94,905 29 565,000 97 %62,000 Shoppers Food WarehouseTJ Maxx / Home Depot / Old Navy / Petsmart
Old Keene MillWashington-Arlington-Alexandria, DC-VA-MD-WV14,013 10 91,000 95 %24,000 Whole FoodsWalgreens / Planet Fitness
Pan AmWashington-Arlington-Alexandria, DC-VA-MD-WV32,006 25 228,000 91 %65,000 SafewayMicro Center / CVS / Michaels
Pike & RoseWashington-Arlington-Alexandria, DC-VA-MD-WV838,833 24 684,000 100 %765Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants
Pike 7 PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV54,714 13 172,000 97 %24,000 TBATJ Maxx / DSW / Ulta
Plaza del MercadoWashington-Arlington-Alexandria, DC-VA-MD-WV46,813 10 116,000 95 %18,000 AldiCVS / L.A. Fitness
Quince OrchardWashington-Arlington-Alexandria, DC-VA-MD-WV41,038 16 271,000 81 %19,000 AldiHomeGoods / L.A. Fitness / Staples
Tower Shopping CenterWashington-Arlington-Alexandria, DC-VA-MD-WV23,282 12 111,000 95 %26,000 L.A. MartTalbots / Total Wine & More
Twinbrooke Shopping CentreWashington-Arlington-Alexandria, DC-VA-MD-WV35,875 10 100,000 91 %35,000 SafewayWalgreens
Tyson's StationWashington-Arlington-Alexandria, DC-VA-MD-WV7,121 48,000 88 %15,000 Trader Joe's
Village at Shirlington(7)Washington-Arlington-Alexandria, DC-VA-MD-WV77,651 7,020 16 265,000 90 %28,000 Harris TeeterCVS / AMC / Multiple Restaurants
Westpost (formerly Pentagon Row)Washington-Arlington-Alexandria, DC-VA-MD-WV114,875 14 297,000 98 %79,000 Harris Teeter / TargetTJ Maxx / Ulta / Walgreens / DSW
Wildwood Shopping CenterWashington-Arlington-Alexandria, DC-VA-MD-WV28,387 12 88,000 100 %20,000 Balducci'sCVS / Multiple Restaurants
Total Washington Metropolitan Area2,595,408 435 6,255,000 94 %
  NY Metro/New Jersey
Brick PlazaNew York-Newark-Jersey City, NY-NJ-PA107,203 46 407,000 94 %14,000Trader Joe'sAMC / HomeGoods / Ulta / Burlington
Brook 35(5) (6)New York-Newark-Jersey City, NY-NJ-PA50,871 11,500 11 98,000 88 %Banana Republic / Gap / Williams-Sonoma
Darien CommonsBridgeport-Stamford-Norwalk, CT145,762 81,000 91 %123Equinox / Walgreens
19


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2023
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)Residential Units Grocery Anchor GLAGrocery Anchor (4)Other Retail Tenants
(in thousands) (in thousands)
Fresh MeadowsNew York-Newark-Jersey City, NY-NJ-PA95,713 17 408,000 97 %15,000Island of GoldAMC / Kohl's / Planet Fitness
Georgetowne Shopping CenterNew York-Newark-Jersey City, NY-NJ-PA86,424 147,000 89 %43,000FoodwayFive Below / IHOP
Greenlawn PlazaNew York-Newark-Jersey City, NY-NJ-PA33,779 13 103,000 75 %46,000Greenlawn FarmsPlanet Fitness
Greenwich AvenueBridgeport-Stamford-Norwalk, CT23,748 35,000 100 %Saks Fifth Avenue
HauppaugeNew York-Newark-Jersey City, NY-NJ-PA37,695 15 134,000 86 %61,000Shop Rite
Hoboken(5) (8)New York-Newark-Jersey City, NY-NJ-PA227,817 84,719 171,000 99 %129Nike Live / CVS / New York Sports Club / Sephora / Multiple Restaurants
HuntingtonNew York-Newark-Jersey City, NY-NJ-PA93,574 21 116,000 90 %Petsmart / Michaels / Ulta
Huntington SquareNew York-Newark-Jersey City, NY-NJ-PA50,495 18 243,000 97 %Stop & Shop (S)Barnes & Noble / At Home / AMC
Melville MallNew York-Newark-Jersey City, NY-NJ-PA105,099 21 253,000 100 %53,000Uncle Giuseppe's MarketplaceMarshalls / Dick's Sporting Goods / Macy's Backstage / Public Lands
Mercer Mall(7)Trenton, NJ133,455 55,039 50 551,000 89 %75,000Shop RiteNike / Ross Dress for Less / Nordstrom Rack / REI / Tesla
The Grove at Shrewsbury(5) (6)New York-Newark-Jersey City, NY-NJ-PA130,567 43,600 21 193,000 95 %Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
TroyNew York-Newark-Jersey City, NY-NJ-PA41,367 19 211,000 99 %65,000TargetL.A. Fitness / Michaels
Total NY Metro/New Jersey1,363,569 275 3,151,000 93 %
New England
Assembly Row / Assembly Square MarketplaceBoston-Cambridge-Newton, MA-NH1,125,318 65 1,186,000 98 %94718,000Trader Joe'sTJ Maxx / AMC / Nike / Multiple Restaurants
Campus PlazaBoston-Cambridge-Newton, MA-NH31,111 15 114,000 94 %46,000Roche Bros.Burlington
Chelsea CommonsBoston-Cambridge-Newton, MA-NH34,299 4,234 36 222,000 100 %Home Depot / Planet Fitness / CVS
Dedham PlazaBoston-Cambridge-Newton, MA-NH51,525 20 253,000 88 %80,000Star MarketPlanet Fitness
Linden SquareBoston-Cambridge-Newton, MA-NH158,104 19 224,000 96 %750,000Roche Bros.CVS / Multiple Restaurants
North DartmouthProvidence-Warwick, RI-MA9,369 28 48,000 100 %48,000Stop & Shop
Queen Anne PlazaBoston-Cambridge-Newton, MA-NH19,441 17 149,000 99 %50,000Big Y FoodsTJ Maxx / HomeGoods
Total New England1,429,167 200 2,196,000 97 %
  Philadelphia Metropolitan Area
AndorraPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD33,587 22 270,000 86 %24,000Acme MarketsTJ Maxx / Kohl's / L.A. Fitness / Five Below
Bala CynwydPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD74,865 23 174,000 97 %8745,000Acme MarketsMichaels / L.A. Fitness
EllisburgPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD37,986 28 260,000 96 %47,000Whole FoodsBuy Buy Baby / RH Outlet
FlourtownPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD19,599 24 156,000 96 %75,000Giant FoodMovie Tavern
Langhorne SquarePhiladelphia-Camden-Wilmington, PA-NJ-DE-MD24,772 21 223,000 100 %55,000Redner's Warehouse MarketsMarshalls / Planet Fitness
20


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2023
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)Residential Units Grocery Anchor GLAGrocery Anchor (4)Other Retail Tenants
(in thousands) (in thousands)
Lawrence ParkPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD63,350 29 357,000 98 %53,000Acme MarketsTJ Maxx / HomeGoods / Barnes & Noble
NortheastPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD35,623 15 214,000 82 %Lidl (S)Marshalls / Ulta / Skechers / Crunch Fitness
Willow GrovePhiladelphia-Camden-Wilmington, PA-NJ-DE-MD45,218 13 105,000 94 %31,000TBAMarshalls / Five Below
WynnewoodPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD43,962 14 246,000 73 %998,000Giant FoodOld Navy / DSW
Total Philadelphia Metropolitan Area378,962 189 2,005,000 91 %
  South Florida
CocoWalk(5) (9)Miami-Fort Lauderdale-West Palm Beach, FL203,250 277,000 100 %Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar VillageMiami-Fort Lauderdale-West Palm Beach, FL75,443 17 187,000 97 %44,000Winn DixieCVS / L.A. Fitness
The Shops at Pembroke GardensMiami-Fort Lauderdale-West Palm Beach, FL181,043 41 391,000 96 %Nike Factory / Old Navy / DSW / Barnes & Noble
Tower ShopsMiami-Fort Lauderdale-West Palm Beach, FL102,551 67 430,000 100 %12,000Trader Joe'sTJ Maxx / Ross Dress For Less / Best Buy / Ulta
Total South Florida562,287 128 1,285,000 98 %
  Baltimore
Governor PlazaBaltimore-Columbia-Towson, MD34,877 24 243,000 100 %16,500AldiDick's Sporting Goods / Ross Dress for Less / Petco
Perring PlazaBaltimore-Columbia-Towson, MD35,50429 398,000 71 %58,000Shoppers Food WarehouseHome Depot / Micro Center
THE AVENUE at White Marsh(6)Baltimore-Columbia-Towson, MD129,611 35 315,000 97 %AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham SquareBaltimore-Columbia-Towson, MD19,514 33,000 100 %
White Marsh PlazaBaltimore-Columbia-Towson, MD27,063 80,000 98 %54,000Giant Food
White Marsh OtherBaltimore-Columbia-Towson, MD27,927 16 56,000 87 %
Total Baltimore274,496 115 1,125,000 88 %
  Chicago
CrossroadsChicago-Naperville-Elgin, IL-IN-WI36,651 14 168,000 91 %L.A. Fitness / Ulta / Binny's / Ferguson's Bath, Kitchen & Lighting Gallery
Finley SquareChicago-Naperville-Elgin, IL-IN-WI42,344 21 281,000 92 %Bed, Bath & Beyond / Michaels / Portillo's
Garden MarketChicago-Naperville-Elgin, IL-IN-WI15,744 11 139,000 96 %63,000Mariano's Fresh MarketWalgreens
Riverpoint CenterChicago-Naperville-Elgin, IL-IN-WI122,339 17 211,000 95 %86,000Jewel OscoMarshalls / Old Navy
Total Chicago217,078 63 799,000 93 %
  Other
Barracks RoadCharlottesville, VA75,611 40 495,000 96 %99,000Harris Teeter / KrogerAnthropologie / Old Navy / Ulta / Michaels
Bristol PlazaHartford-West Hartford-East Hartford, CT36,791 22 264,000 85 %74,000Stop & ShopTJ Maxx / Burlington
Camelback Colonnade(5)Phoenix-Mesa-Chandler, AZ180,390 41 642,000 90 %82,000Fry's Food & DrugFloor & Décor / Marshalls / Nordstrom Last Chance / Best Buy
Gratiot PlazaDetroit-Warren-Dearborn, MI20,776 20 215,000 100 %69,000KrogerBed, Bath & Beyond / Best Buy / DSW
21


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2023
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)Residential Units Grocery Anchor GLAGrocery Anchor (4)Other Retail Tenants
(in thousands) (in thousands)
Hilton Village(5)Phoenix-Mesa-Chandler, AZ86,189 18 305,000 92 %CVS / Houston's
Lancaster(7)Lancaster, PA13,638 5,596 11 126,000 99 %75,000Giant FoodAutoZone
29th PlaceCharlottesville, VA40,941 15 168,000 99 %32,000LidlHomeGoods / DSW / Staples
Willow LawnRichmond, VA106,174 37 463,000 98 %66,000KrogerOld Navy / Ross Dress For Less / Gold's Gym / Dick's Sporting Goods
Total Other560,510 204 2,678,000 94 %
Grand Total$10,467,690 $388,393 2,037 25,951,000 94 %3,103
Notes:
(1)Includes "Finance lease right of use assets."
(2)The mortgage or finance lease liabilities differ from the total reported on the consolidated balance sheet due to the unamortized discount, premium, and/or debt issuance costs on certain mortgages payable.
(3)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.
(4)TBA indicates that a lease is signed and tenant is currently in the process of building out its space.
(5)The Trust has a controlling financial interest in this property.
(6)All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(7)All or a portion of the property is subject to finance lease liabilities.
(8)This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.
(9)This property includes CocoWalk and interests in four buildings in Coconut Grove.
(S)Grocer is a shadow anchor and is not part of the owned property.
22


Federal Realty Investment Trust
Retail Leasing Summary (1)
June 30, 2023
Total Lease Summary - Comparable (2)
QuarterNumber of Leases Signed% of Comparable Leases SignedGLA SignedContractual Rent (3) Per Sq. Ft. (PSF)Prior Rent (4) PSF Annual Increase in RentCash Basis % Increase Over Prior RentStraight-lined Basis % Increase Over Prior RentWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
2nd Quarter 2023107 100 %576,345 $35.34 $33.09 $1,295,986 %19 %6.8 $9,582,941 $16.63 
1st Quarter 2023101 100 %504,502 $34.72 $31.20 $1,777,121 11 %24 %8.8 $19,911,347 $39.47 
4th Quarter 2022105 100 %415,519 $43.52 $39.60 $1,624,898 10 %21 %7.0 $12,991,578 $31.27 
3rd Quarter 2022119 100 %562,859 $34.57 $33.61 $540,007 %13 %6.4 $14,564,905 $25.88 
Total - 12 months432 100 %2,059,225 $36.63 $34.08 $5,238,012 %19 %7.2 $57,050,771 $27.70 
New Lease Summary - Comparable (2)
QuarterNumber of Leases Signed% of Comparable Leases SignedGLA SignedContractual Rent (3) PSFPrior Rent (4) PSFAnnual Increase in RentCash Basis % Increase Over Prior RentStraight-lined Basis % Increase Over Prior RentWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
2nd Quarter 202342 39 %128,861 $42.96 $37.91 $651,591 13 %30 %8.3 $8,784,091 $68.17 
1st Quarter 202340 40 %242,022 $35.60 $32.66 $710,823 %23 %11.9 $19,167,487 $79.20 
4th Quarter 202235 33 %146,428 $43.39 $37.01 $934,794 17 %32 %10.1 $10,896,153 $74.41 
3rd Quarter 202245 38 %215,351 $35.81 $35.71 $21,602 — %10 %8.6 $13,415,915 $62.30 
Total - 12 months162 38 %732,662 $38.51 $35.35 $2,318,810 %22 %9.9 $52,263,646 $71.33 
Renewal Lease Summary - Comparable (2) (7)
QuarterNumber of Leases Signed% of Comparable Leases SignedGLA SignedContractual Rent (3) PSFPrior Rent (4) PSFAnnual Increase in RentCash Basis % Increase Over Prior RentStraight-lined Basis % Increase Over Prior RentWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
2nd Quarter 202365 61 %447,484 $33.15 $31.71 $644,395 %15 %6.2 $798,850 $1.79 
1st Quarter 202361 60 %262,480 $33.92 $29.85 $1,066,298 14 %24 %5.8 $743,860 $2.83 
4th Quarter 202270 67 %269,091 $43.58 $41.02 $690,104 %15 %5.4 $2,095,425 $7.79 
3rd Quarter 202274 62 %347,508 $33.80 $32.31 $518,405 %14 %5.0 $1,148,990 $3.31 
Total - 12 months270 62 %1,326,563 $35.59 $33.39 $2,919,202 %17 %5.6 $4,787,125 $3.61 
Total Lease Summary - Comparable and Non-comparable (2) (8)
QuarterNumber of Leases SignedGLA SignedContractual Rent (3) PSFWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
2nd Quarter 2023112 602,911 $35.72 6.9 $11,511,825 $19.09 
1st Quarter 2023107 524,286 $35.05 8.8 $20,974,263 $40.01 
4th Quarter 2022110 425,159 $43.76 7.1 $13,601,431 $31.99 
3rd Quarter 2022126 584,949 $35.28 6.6 $16,825,343 $28.76 
Total - 12 months455 2,137,305 $37.04 7.3 $62,912,862 $29.44 
Notes:
(1)Information reflects activity in retail spaces only for consolidated properties and Escondido Promenade, which was not consolidated from Q3 2022 through Q1 2023; office and residential spaces are not included. Contractual option exercises 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.
(3)Contractual rent represents annual rent under the new lease.
(4)Prior rent represents contractual rent, including percentage 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 3 of both of our Assembly Row and Pike & Rose projects and Phase 4 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.

23


Federal Realty Investment Trust
Lease Expirations
June 30, 2023
Assumes no exercise of lease options
Anchor Tenants (1)Small Shop TenantsTotal
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)
2023316,000 %$20.80 348,000 %$34.99 664,000 %$28.24 
20241,700,000 11 %$19.89 992,000 12 %$46.80 2,692,000 11 %$29.80 
20252,320,000 14 %$19.16 1,176,000 15 %$41.56 3,497,000 15 %$26.70 
20261,200,000 %$21.50 919,000 12 %$48.96 2,118,000 %$33.40 
20272,016,000 13 %$25.66 994,000 13 %$51.13 3,010,000 13 %$34.07 
20281,703,000 11 %$20.35 975,000 12 %$51.07 2,678,000 11 %$31.54 
20291,670,000 10 %$26.57 601,000 %$49.27 2,270,000 %$32.58 
2030713,000 %$20.11 321,000 %$52.11 1,034,000 %$30.03 
2031711,000 %$25.13 441,000 %$45.52 1,152,000 %$32.93 
20321,638,000 10 %$29.17 587,000 %$45.30 2,225,000 %$33.42 
Thereafter2,168,000 13 %$25.08 568,000 %$44.46 2,737,000 11 %$29.10 
Total (3)16,155,000 100 %$23.26 7,922,000 100 %$46.87 24,077,000 100 %$31.03 
Assumes all lease options are exercised
Anchor Tenants (1)Small Shop TenantsTotal
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)
2023306,000 %$21.11 331,000 %$34.56 637,000 %$28.10 
2024668,000 %$20.19 627,000 %$48.41 1,294,000 %$33.85 
2025824,000 %$16.06 760,000 %$39.19 1,584,000 %$27.15 
2026308,000 %$22.59 528,000 %$49.03 836,000 %$39.28 
2027487,000 %$21.21 530,000 %$51.17 1,016,000 %$36.83 
2028458,000 %$19.47 532,000 %$47.03 990,000 %$34.28 
2029877,000 %$24.46 461,000 %$45.04 1,338,000 %$31.55 
2030477,000 %$23.82 401,000 %$49.33 879,000 %$35.47 
2031390,000 %$21.48 365,000 %$49.08 756,000 %$34.82 
2032346,000 %$31.48 461,000 %$51.14 807,000 %$42.73 
Thereafter11,014,000 68 %$24.00 2,926,000 37 %$47.74 13,940,000 58 %$28.98 
Total (3)16,155,000 100 %$23.26 7,922,000 100 %$46.87 24,077,000 100 %$31.03 

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 June 30, 2023.
(3)Represents occupied square footage of the commercial portion of our portfolio as of June 30, 2023.
(4)Individual items may not add up to total due to rounding.

24


Federal Realty Investment Trust
Portfolio Leased Statistics
June 30, 2023
As of:
June 30, 2023March 31, 2023June 30, 2022
Commercial Properties
Overall Portfolio (1)(2)
Gross Leasable Area (GLA)25,951,00025,852,00025,234,000
Leased %94.3 %94.2 %94.1 %
Occupied %92.8 %92.6 %92.0 %
Leased % - anchor tenants96.4 %96.5 %96.6 %
Leased % - small shop tenants90.2 %90.0 %89.3 %
Active commercial tenant leases3,2703,2483,119
Comparable Properties (1)
GLA 23,313,00023,315,00023,316,000
Leased %93.9 %94.0 %94.1 %
Occupied %92.4 %92.5 %92.2 %
Residential Properties
Overall Portfolio (1)(2)(3)
Residential units2,9822,9823,369
Leased %98.3 %96.4 %96.8 %
Comparable Properties (1)
Residential units2,4802,4802,480
Leased %98.0 %96.9 %98.3 %

Notes:
(1)See Glossary of terms.
(2)March 31, 2023 statistics include our 77.7% pro-rata share of Escondido Promenade.
(2)Excludes redevelopment square footage and residential units not yet placed in service.
(3)Excludes our new residential building at Darien Commons that opened in 4Q22 and is currently in the process of being leased-up for the first time. If these units were included, our total residential units would be 3,103 at both June 30, 2023 and March 31, 2023, and our percentage leased would be 97.6% and 95.0%, respectively.
25


Federal Realty Investment Trust
Summary of Top 25 Tenants
June 30, 2023
RankTenant NameCredit Ratings
(S&P/Moody's/Fitch) (1)
Annualized Base RentPercentage of Total Annualized Base Rent (3)Tenant GLAPercentage of Total GLA (3)Number of Locations Leased
TJX Companies, TheA / A2 / NR$23,010,000 2.70 %1,130,000 3.92 %36 
Ahold DelhaizeBBB+ / Baa1 / NR$14,885,000 1.75 %776,000 2.69 %12 
NetApp, Inc.BBB+ / Baa2 / NR$14,769,000 1.73 %304,000 1.05 %
Splunk, Inc.NR / NR / NR$12,271,000 1.44 %235,000 0.81 %
CVS CorporationBBB / Baa2 / NR$11,172,000 1.31 %288,000 1.00 %21 
Gap, Inc., TheBB / Ba3 / NR$11,013,000 1.29 %320,000 1.11 %29 
L.A. Fitness International LLCB- / B3 / NR$10,807,000 1.27 %415,000 1.44 %10 
Albertsons Companies Inc. (Acme, Balducci's, Safeway)BB / Ba2 / NR$8,455,000 0.99 %568,000 1.97 %11 
Ross Stores, Inc.BBB+ / A2 / NR$7,554,000 0.89 %365,000 1.27 %13 
10 Home Depot, Inc.A / A2 / A$7,386,000 0.87 %478,000 1.66 %
11 Kroger Co., TheBBB / Baa1 / NR$7,166,000 0.84 %611,000 2.12 %12 
12 AMC Entertainment Inc.CCC+ / Caa2 / NR$7,105,000 0.83 %283,000 0.98 %
13 PUMA North America, Inc.NR / NR / NR$6,813,000 0.80 %155,000 0.54 %
14 Bank of America, N.A.A- / A1 / AA-$6,430,000 0.76 %111,000 0.38 %21 
15 Dick's Sporting Goods, Inc.BBB / Baa3 / NR$6,389,000 0.75 %289,000 1.00 %
16 Target CorporationA / A2 / A$6,310,000 0.74 %627,000 2.17 %
17 Ulta Beauty, Inc.NR / NR / NR$5,890,000 0.69 %171,000 0.59 %16 
18 Michaels Stores, Inc.B- / B3 / NR$5,774,000 0.68 %316,000 1.10 %14 
19 Wells Fargo Bank, N.A.BBB+ / A1 / A+$5,182,000 0.61 %66,000 0.23 %16 
20 Hudson's Bay Company (Saks)NR / NR / NR$5,155,000 0.61 %100,000 0.35 %
21 Whole Foods Market, Inc.AA- / A1 / NR$5,016,000 0.59 %167,000 0.58 %
22 Starbucks CorporationBBB+ / Baa1 / NR$4,935,000 0.58 %73,000 0.25 %41 
23 Bed, Bath & Beyond, Inc.NR / NR / NR$4,906,000 0.58 %323,000 1.12 %
24 JPMorgan Chase BankA- / A1 / AA-$4,893,000 0.57 %77,000 0.27 %19 
25 DSW, IncNR / NR / NR$4,869,000 0.57 %215,000 0.75 %11 
Totals - Top 25 Tenants$208,155,000 24.45 %8,463,000 29.35 %326 
Total (5):$851,253,000 (2)28,838,000 (4)
Notes:
(1)Credit Ratings are as of June 30, 2023. 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
Reconciliation of FFO Guidance
June 30, 2023


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 2023. Estimates do not include the impact from potential acquisitions or dispositions which have not closed as of July 31, 2023.


Full Year 2023 Guidance Range
LowHigh
Estimated net income available to common shareholders, per diluted share$2.64 $2.76 
Adjustments:
Estimated gain on sale of real estate, net(0.02)(0.02)
Estimated depreciation and amortization3.84 3.84 
Estimated FFO per diluted share$6.46 $6.58 
Note:
See Glossary of Terms. Individual items may not add up to total due to rounding.


Guidance Assumptions (1):
Comparable properties growth2% - 4%
Comparable properties growth excluding prior period rents and term fees3% - 5%
Incremental redevelopment/expansion POI (2)$16 - $19 million
General and administrative expenses$51 - $54 million (annual)
2022 Dispositions POI$5 million
Development/redevelopment capital$175 - $200 million (annual)
Equity to be issued$100 - $125 million (annual)
Capitalized interest$20 - $22 million (annual)
Notes:
(1)Does not assume any material changes of tenants moving to or from a cash basis of accounting.
(2)Includes the expected additional POI to be recognized in 2023 compared to the amount recognized in 2022 from all of the redevelopments listed on pages 16 and 17 of our supplemental information document filed on Form 8-K on February 8, 2023. Does not include any additional POI from "Active Property Improvement Projects."
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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 six months ended June 30, 2023 and 2022 is as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(in thousands)
Net income $63,004 $64,467 $120,735 $119,195 
Interest expense42,884 32,074 82,109 63,647 
Other interest income(2,422)(133)(3,054)(253)
Income tax provision (benefit)276 (135)340 169 
Depreciation and amortization78,974 74,461 157,611 146,135 
Gain on sale of real estate — — (1,702)— 
Adjustments of EBITDAre of unconsolidated affiliates2,800 875 6,254 1,796 
EBITDAre$185,516 $171,609 $362,293 $330,689 

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. The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage 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.
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