frt-20240212
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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) February 12, 2024
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 February 12, 2024, 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 December 31, 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 December 31, 2023 (including press release dated February 12, 2024)



    

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:February 12, 2024
 /s/ Daniel Guglielmone
Daniel Guglielmone
Executive Vice President-
Chief Financial Officer and Treasurer



EXHIBIT INDEX
                                
Exhibit NumberDescription
Supplemental Information at December 31, 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
December 31, 2023
TABLE OF CONTENTS
1Fourth 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, Dispositions, & 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 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.
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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 Operating Results for the Year and Quarter Ended December 31, 2023
NORTH BETHESDA, Md. (February 12, 2024) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its year and quarter ended December 31, 2023. For the year ended December 31, 2023 and 2022, net income available for common shareholders was $2.80 per diluted share and $4.71 per diluted share, respectively. For the three months ended December 31, 2023 and 2022, net income available for common shareholders was $0.76 per diluted share and $1.40 per diluted share, respectively. For the year ended December 31, 2023 and 2022, Federal Realty reported operating income of $406.5 million and $526.4 million, respectively. For the three months ended December 31, 2023 and 2022, operating income was $108.8 million and $155.1 million, respectively.
Highlights for the full year, fourth quarter and subsequent to quarter-end include:
Generated funds from operations available to common shareholders (FFO) per diluted share of $6.55 for the year, compared to $6.32 in 2022. For the fourth quarter, generated FFO per diluted share of $1.64, compared to $1.58 for the fourth quarter 2022.
Generated comparable property operating income (POI) excluding lease termination fees and prior period rents collected growth of 4.3% for the year 2023 and 4.4% for the fourth quarter.
Continued robust levels of leasing with 100 signed comparable retail leases in the fourth quarter at a cash basis rollover of 12%, bringing 2023 to 408 signed leases for over 2 million square feet of comparable space.
Comparable leases represented 98% of total retail leases signed in the fourth quarter.
Federal Realty’s portfolio was 92.2% occupied and 94.2% leased at quarter end.
Continued strong small shop leasing, ending the quarter at 90.7% representing an increase of 70 basis points year-over-year.
Announced second phase of residential redevelopment at Bala Cynwyd in Bala Cynwyd, PA at a projected cost of $90 - $95 million and projected return on investment (ROI) of 7%.
Raised $685.0 million of capital in two separate financings:
$200.0 million mortgage loan secured by Bethesda Row.
$485.0 million of 3.25% Exchangeable Senior Notes due January 2029.
Repaid $600.0 million 3.95% senior unsecured notes at maturity, January 16, 2024.
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Introduced 2024 earnings per diluted share guidance of $2.72 to $2.94 and 2024 FFO per diluted share guidance of $6.65 to $6.87.
“In 2023, Federal’s FFO per diluted share reached an all-time high, showcasing the Company's resilience in the face of elevated interest rates,” said Donald C. Wood, Federal Realty’s Chief Executive Officer. “Our multi-faceted business plan drove FFO growth, marked by continued growth in our comparable pool, contributions from our redevelopment and expansion program and accretive acquisition activity. We believe that Federal's high-quality open-air shopping centers and mixed-use communities located in the first-tier suburbs of major metropolitan markets remain the real-estate of choice for today’s top-tier tenants. We head into 2024 energized and optimistic, poised for another exceptional year ahead.”
Financial Results
Net Income
For the full year 2023, Federal Realty reported net income available for common shareholders of $229.0 million and earnings per diluted share of $2.80. This compares to net income available for common shareholders of $377.5 million and earnings per diluted share of $4.71 for the full year 2022, which included significant one-time gains from transaction activity.
For the fourth quarter 2023, net income available for common shareholders was $62.1 million and earnings per diluted share was $0.76 versus $113.7 million and $1.40, respectively, for the fourth quarter 2022.
FFO
For the full year 2023, Federal Realty generated funds from operations available for common shareholders (FFO) of $537.3 million, or $6.55 per diluted share. This compares to FFO of $509.2 million, or $6.32 per diluted share for the full year 2022.
For the fourth quarter 2023, FFO was $134.9 million, or $1.64 per diluted share, compared to $129.0 million, or $1.58 per diluted share for the fourth 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 92.2% occupied and 94.2% leased as of December 31, 2023.
Additionally, our comparable residential properties were 95.9% leased as of December 31, 2023.
Leasing Activity
For the full year 2023, Federal Realty signed 426 leases for 2,091,071 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 408 leases for 2,027,373 square feet at an average rent of $36.75 per square foot compared to the average contractual rent of $33.43 per square foot for
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the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 10%, 22% on a straight-line basis. Comparable leases represented 96% of total comparable and non-comparable leases signed during 2023.
During the fourth quarter 2023, Federal Realty signed 102 leases for 398,378 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 100 leases for 393,761 square feet at an average rent of $44.57 per square foot compared to the average contractual rent of $39.97 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 12%, 23% on a straight-line basis. Comparable leases represented 98% of total comparable and non-comparable leases signed during the fourth quarter 2023.
Redevelopment
Subsequent to quarter end, Federal Realty announced the second phase of residential redevelopment at Bala Cynwyd in Bala Cynwyd, PA. The redevelopment will include the demolition of a two level department store building to construct a new six story residential building with 217 residential units, 16,000 square feet of retail and a two-story parking structure with 234 parking stalls. The redevelopment has a projected cost of $90 - $95 million and projected ROI of 7%.
Financing Transactions
On December 28, 2023, one of our wholly-owned subsidiaries entered into a $200.0 million mortgage loan, which bears interest at SOFR plus a 95 basis point spread, matures on December 28, 2025, plus two one-year extensions, at our option, and is secured by our Bethesda Row property. The interest rate is effectively fixed at 5.03% through the initial maturity date.
On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes that mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. See our Form 8-K filing on January 11, 2024 for additional information on this transaction.
On January 16, 2024, we repaid the $600.0 million 3.95% senior unsecured notes at maturity.
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $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 April 15, 2024 to common shareholders of record as of March 13, 2024.
Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on April 15, 2024 to shareholders of record as of April 1, 2024.
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2024 Initial Guidance
2024 Earnings per diluted share$2.72 to $2.94
2024 FFO per diluted share$6.65 to $6.87
The company's initial 2024 guidance is based on the following assumptions (1):
Comparable properties growth2% - 3.5%
Comparable properties growth excluding prior period rents and lease termination fees2.5% - 4%
Prior period rents (2)
$2 - $3 million
Lease termination fees$4 - $7 million
Incremental redevelopment/expansion POI (3)
$9 - $12 million
General and administrative expenses$48 - $52 million
Development/redevelopment capital$100 - $150 million
Capitalized interest$18 - $21 million
(1)Does not assume the impact of potential acquisitions or dispositions which have not closed as of January 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 16 of our supplemental information document filed on Form 8-K on February 12, 2024. Does not include any additional POI from "Active Property Improvement Projects."
Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its fourth quarter 2023 earnings conference call, which is scheduled for Monday, February 12, 2024 at 5:00 PM ET. To participate, please call 844-826-3035 or 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 February 26, 2024 by dialing 844-512-2921 or 412-317-6671; Passcode: 10185405.
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 commercial 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 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 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.
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Federal Realty Investment Trust
Consolidated Income Statements
December 31, 2023
Three Months EndedYear Ended
December 31,December 31,
2023202220232022
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income$291,532 $279,776 $1,131,041 $1,073,292 
Mortgage interest income280 281 1,113 1,086 
Total revenue291,812 280,057 1,132,154 1,074,378 
EXPENSES
Rental expenses62,256 62,769 231,666 228,958 
Real estate taxes33,437 33,196 131,429 127,824 
General and administrative13,100 13,590 50,707 52,636 
Depreciation and amortization82,421 79,165 321,763 302,409 
Total operating expenses191,214 188,720 735,565 711,827 
Gain on deconsolidation of VIE— — — 70,374 
Gain on sale of real estate8,179 63,760 9,881 93,483 
OPERATING INCOME108,777 155,097 406,470 526,408 
OTHER INCOME/(EXPENSE)
Other interest income912 585 4,687 1,072 
Interest expense(42,974)(38,282)(167,809)(136,989)
Income from partnerships375 292 3,869 5,170 
NET INCOME67,090 117,692 247,217 395,661 
   Net income attributable to noncontrolling interests(2,987)(1,999)(10,232)(10,170)
NET INCOME ATTRIBUTABLE TO THE TRUST64,103 115,693 236,985 385,491 
Dividends on preferred shares(2,008)(2,008)(8,032)(8,034)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS$62,095 $113,685 $228,953 $377,457 
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders$0.76 $1.40 $2.80 $4.71 
Weighted average number of common shares81,617 80,966 81,313 79,854 
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders$0.76 $1.40 $2.80 $4.71 
Weighted average number of common shares81,617 81,613 81,313 80,508 

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Federal Realty Investment Trust
Consolidated Balance Sheets
December 31, 2023
December 31,December 31,
20232022
(in thousands, except share and per share data)
ASSETS
Real estate, at cost
Operating (including $2,021,622 and $1,997,583 of consolidated variable interest entities, respectively)
$9,932,891 $9,441,945 
Construction-in-progress (including $8,677 and $8,477 of consolidated variable interest entities, respectively)
613,296 662,554 
10,546,187 10,104,499 
Less accumulated depreciation and amortization (including $416,663 and $362,921 of consolidated variable interest entities, respectively)
(2,963,519)(2,715,817)
Net real estate7,582,668 7,388,682 
Cash and cash equivalents250,825 85,558 
Accounts and notes receivable, net201,733 197,648 
Mortgage notes receivable, net9,196 9,456 
Investment in partnerships34,870 145,205 
Operating lease right of use assets, net86,993 94,569 
Finance lease right of use assets, net6,850 45,467 
Prepaid expenses and other assets263,377 267,406 
TOTAL ASSETS$8,436,512 $8,233,991 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $189,286 and $191,827 of consolidated variable interest entities, respectively)
$516,936 $320,615 
Notes payable, net601,945 601,077 
Senior notes and debentures, net3,480,296 3,407,701 
Accounts payable and accrued expenses174,714 190,340 
Dividends payable92,634 90,263 
Security deposits payable30,482 28,508 
Operating lease liabilities75,870 77,743 
Finance lease liabilities12,670 67,660 
Other liabilities and deferred credits225,443 237,699 
Total liabilities5,210,990 5,021,606 
Commitments and contingencies
Redeemable noncontrolling interests183,363 178,370 
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 outstanding
150,000 150,000 
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
9,822 9,822 
Common shares of beneficial interest, $0.01 par, 200,000,000 and 100,000,000 shares authorized, respectively, 82,775,286 and 81,342,959 shares issued and outstanding, respectively
833 818 
Additional paid-in capital3,959,276 3,821,801 
Accumulated dividends in excess of net income(1,160,474)(1,034,186)
Accumulated other comprehensive income4,052 5,757 
Total shareholders’ equity of the Trust2,963,509 2,954,012 
Noncontrolling interests78,650 80,003 
Total shareholders’ equity3,042,159 3,034,015 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$8,436,512 $8,233,991 

9



Federal Realty Investment Trust
Funds From Operations / Other Supplemental Information
December 31, 2023
Three Months EndedYear Ended
December 31,December 31,
2023202220232022
(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income$67,090 $117,692 $247,217 $395,661 
Net income attributable to noncontrolling interests(2,987)(1,999)(10,232)(10,170)
Gain on deconsolidation of VIE— — — (70,374)
Gain on sale of real estate(8,179)(63,760)(9,881)(93,483)
Depreciation and amortization of real estate assets72,897 70,582 285,689 266,741 
Amortization of initial direct costs of leases7,740 8,139 31,208 27,268 
Funds from operations136,561 130,654 544,001 515,643 
Dividends on preferred shares (2)(1,875)(1,875)(7,500)(7,500)
Income attributable to downREIT operating partnership units693 699 2,767 2,810 
Income attributable to unvested shares(474)(445)(1,955)(1,797)
FFO$134,905 $129,033 $537,313 $509,156 
Weighted average number of common shares, diluted (2)(3)82,346 81,707 82,044 80,603 
FFO per diluted share (3)$1.64 $1.58 $6.55 $6.32 
Dividends and Payout Ratios
Regular common dividends declared$90,219 $87,844 $355,241 $344,711 
Dividend payout ratio as a percentage of FFO67 %68 %66%68%
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions$31,370 $72,531 $193,298 $288,518 
Tenant improvements and incentives17,358 23,993 72,741 79,140 
Total non-maintenance capital expenditures48,728 96,524 266,039 367,658 
Maintenance capital expenditures8,643 11,981 22,358 35,910 
Total capital expenditures$57,371 $108,505 $288,397 $403,568 
Other Information
Leasing costs$7,272 $4,937 $23,896 $21,451 
Share-based compensation expense (non-cash)$3,477 $3,449 $14,308 $13,704 
Noncontrolling Interests Supplemental Information (4)
Property operating income (1)$4,268 $3,339 $15,426 $16,931 
Depreciation and amortization(1,809)(1,873)(7,305)(8,405)
Interest expense(165)(166)(656)(1,166)
Net income$2,294 $1,300 $7,465 $7,360 
Notes:
(1)See Glossary of Terms.
(2)For the three months and year ended December 31, 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 number of common shares, diluted."
(3)For the three months and year ended December 31, 2023, 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."
10


Federal Realty Investment Trust
Components of Rental Income
December 31, 2023
Components of Rental Income (1)Three Months EndedYear Ended
December 31,December 31,
2023202220232022
(in thousands)
Minimum rents (2)
Commercial$190,122 $180,746 $742,977 $700,517 
Residential26,667 25,482 102,740 98,233 
Cost reimbursements56,110 53,401 211,693 200,393 
Percentage rents5,962 6,156 19,308 18,803 
Other (3)13,497 12,637 53,835 51,374 
Collectibility related impacts (4)(826)1,354 488 3,972 
Total rental income$291,532 $279,776 $1,131,041 $1,073,292 
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 EndedYear Ended
December 31,December 31,
2023202220232022
(in millions)
Straight-line rents$3.0 $3.9 $11.6 $18.3 
Amortization of in-place leases$3.0 $3.0 $12.6 $11.1 
(3)Includes lease termination fees of $1.3 million and $1.1 million for the three months ended December 31, 2023 and 2022, respectively, and $6.9 million and $9.5 million for the year ended December 31, 2023 and 2022, respectively.
(4)Our collectability related impacts include the collection of approximately $1.1 million and $1.8 million, for the three months ended December 31, 2023 and 2022, respectively, and $5.1 million and $8.9 million for the year ended December 31, 2023 and 2022, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.
11


Federal Realty Investment Trust
Comparable Property Information
December 31, 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 Q4 include: Assembly Row Phase III, Darien Commons, Friendship Center, Huntington Shopping Center, Pike & Rose Phases III and IV, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q4 2022 to Q4 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. The amounts shown below for the years ended December 31, 2023 and 2022 reflect the summation of our reported quarterly results.
Reconciliation of GAAP operating income to Comparable Property POI
Three Months EndedYear Ended
December 31,December 31,
2023202220232022
(in thousands)(in thousands)
Operating income$108,777 $155,097 $406,470 $526,408 
Add:
Depreciation and amortization82,421 79,165 321,763 302,409 
General and administrative13,100 13,590 50,707 52,636 
Gain on deconsolidation of VIE— — — (70,374)
Gain on sale of real estate(8,179)(63,760)(9,881)(93,483)
Property operating income (POI)196,119 184,092 769,059 717,596 
Less: Non-comparable POI - acquisitions/dispositions(872)(961)(21,423)(11,218)
Less: Non-comparable POI - redevelopment, development & other(14,822)(9,696)(63,005)(42,934)
Comparable property POI$180,425 $173,435 $684,631 $663,444 
Additional information regarding the components of Comparable Property POI
Three Months EndedYear Ended
December 31,%December 31,%
20232022Change20232022Change
(in thousands)(in thousands)
Minimum rents (1)$198,717 $192,857 $754,648 $731,273 
Cost reimbursements52,778 51,265 194,252 188,380 
Other14,448 13,889 49,644 51,846 
Collectibility related impacts174 1,495 1,121 3,839 
Total property revenue266,117 259,506 999,665 975,338 
Rental expenses(55,058)(54,955)(196,644)(195,153)
Real estate taxes(30,634)(31,116)(118,390)(116,741)
Total property expenses(85,692)(86,071)(315,034)(311,894)
Comparable property POI$180,425 $173,435 4.0%$684,631 $663,444 3.2%
Less:
Lease termination fees(1,281)(1,066)(6,640)(9,340)
Prior period rents collected (2)(993)(1,746)(4,346)(8,103)
Comparable property POI excluding lease termination fees and prior period rents collected$178,151 $170,623 4.4%$673,645 $646,001 4.3%
Comparable Property - Summary of Capital Expenditures (3)
Three Months EndedYear Ended
December 31,December 31,
2023202220232022
(in thousands)(in thousands)
Redevelopment and tenant improvements and incentives$27,217 $41,964 $123,378 $147,454 
Maintenance capital expenditures8,569 12,026 21,464 34,607 
$35,786 $53,990 $144,842 $182,061 
Comparable Property - Occupancy Statistics (3)
At December 31,
20232022
GLA - comparable commercial properties24,538,000 24,578,000 
Leased % - comparable commercial properties94.0%94.4%
Occupancy % - comparable commercial properties92.0%92.7%
Notes:
(1)For the three months ended December 31, 2023 and 2022, amount includes straight-line rents of $1.9 million and $2.9 million, respectively, and $6.7 million and $9.0 million for the year ended December 31, 2023 and 2022, respectively. For both the three months ended December 31, 2023 and 2022, amount includes amortization of in-place leases of $3.0 million, and $10.8 million and $10.6 million for the year ended December 31, 2023 and 2022, 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 10 for "Summary of Capital Expenditures" and page 26 for portfolio occupancy statistics for our entire portfolio.
12


Federal Realty Investment Trust
Market Data and Leverage and Liquidity Ratios
December 31, 2023
December 31,
20232022
(in thousands, except per share data)
Market Data
Common shares outstanding and downREIT operating partnership units (1)83,411 81,988 
Market price per common share$103.05 $101.04 
Common equity market capitalization including downREIT operating partnership units$8,595,504 $8,284,068 
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$8,755,329 $8,443,893 
Total debt$4,599,177 $4,329,393 
Less: cash and cash equivalents(250,825)(85,558)
Total net debt (3)$4,348,352 $4,243,835 
Total market capitalization$13,103,681 $12,687,728 
Leverage and Liquidity Ratios
Total net debt to market capitalization at market price per common share33%33%
Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5)3.5x3.7x
Ratio of EBITDAre to combined fixed charges and preferred share dividends, year ended (4)(5)
3.6x4.0x

Notes:
(1)Amounts include 635,431 and 644,554 downREIT operating partnership units outstanding at December 31, 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.



13


Federal Realty Investment Trust
Summary of Outstanding Debt
December 31, 2023
As of December 31, 2023
Stated maturity dateStated interest rateBalanceWeighted average effective rate (7)
(in thousands)
Mortgages Payable (1)
Secured fixed rate
Azalea11/1/20253.73%$40,000 
Bethesda Row12/28/2025 (2)5.03% (3)200,000 
Bell Gardens8/1/20264.06%11,531 
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)12/15/20293.67% (3)53,617 
Various Hoboken (14 Buildings)Various through 20293.91% to 5.00%29,878 
Chelsea1/15/20315.36%4,018 
Subtotal519,144 
Net unamortized debt issuance costs and discount(2,208)
Total mortgages payable, net516,936 4.50%
Notes payable
Term Loan (4)(5)4/16/2024SOFR + 0.85%600,000 
Revolving Credit Facility (5)(6)4/5/2027SOFR + 0.775%— 
Various Various through 2059Various 2,387 
Subtotal602,387 
Net unamortized debt issuance costs(442)
Total notes payable, net601,945 6.56%(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% notes5/1/20285.375%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% notes8/1/20463.625%250,000 
Subtotal3,494,200 
Net unamortized debt issuance costs and premium(13,904)
Total senior notes and debentures, net3,480,296 3.75%
Total debt, net$4,599,177 
Total fixed rate debt, net$3,999,592 87%3.85%
Total variable rate debt, net599,585 13%6.55%(8)
Total debt, net$4,599,177 100%4.20%(8)
Notes:
(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At December 31, 2023, our share of unconsolidated debt was approximately $62.4 million. At December 31, 2023, our noncontrolling interests' share of mortgages payable was $15.4 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)On February 6, 2024, we extended the maturity date to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026.
(5)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.
(6)The maximum amount drawn under our $1.25 billion revolving credit facility during the three months and year ended December 31, 2023 was $115.5 million for both periods. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, for the three months and year ended December 31, 2023 was 6.19% and 5.90%, respectively.
(7)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 8.
(8)The weighted average effective interest rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.
14


Federal Realty Investment Trust
Summary of Debt Maturities
December 31, 2023
YearScheduled AmortizationMaturitiesTotalPercent of Debt MaturingWeighted Average Rate (6)
(in thousands)
2024$3,936 $600,000 (1)$603,936 13.1 %3.7 %
20253,822 44,298 48,120 1.0 %3.9 %
20263,176 1,052,450 (2)1,055,626 22.9 %4.6 %
20272,679 890,682 (3)893,361 19.4 %4.1 %
20282,511 350,000 (4)352,511 7.6 %5.7 %(7)
20292,329 458,105 460,434 10.0 %3.3 %
2030684 400,000 400,684 8.7 %3.7 %
203159 — 59 — %6.0 %
2032— — — — %— %
2033— — — — %— %
Thereafter— 801,000 801,000 17.3 %4.2 %
Total$19,196 $4,596,535 $4,615,731 (5)100.0 %

Notes:
The above table assumes all extension options are exercised.
(1)On January 16, 2024, we repaid our $600.0 million 3.95% senior unsecured notes at maturity.
(2)Our $600.0 million term loan had an original maturity date of April 16, 2024. On February 6, 2024, we extended the maturity date to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026.
(3)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.
(4)Our $1.25 billion revolving credit facility matures on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. As of December 31, 2023, there was no balance outstanding under this credit facility.
(5)The total debt maturities differ from the total reported on the consolidated balance sheet due to the debt issuance costs and unamortized net premium/discount on certain mortgage loans, notes payable, and senior notes as of December 31, 2023. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 6 years.
(6)The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.
(7)The weighted average rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our $1.25 billion revolving credit facility.
15


Federal Realty Investment Trust
Summary of Redevelopment and Expansion Opportunities
December 31, 2023
The following redevelopment opportunities are actively being worked on by the Trust. (1)
Projected POI Delivered (2)
PropertyLocationOpportunityProjected ROI (2)Projected Cost (1)Cost to DateActual
2023
Projected
2024
(in millions)(in millions)(as a % of Total)
Santana West (3)San Jose, CADevelopment of a 376,000 square foot office building. 29,000 square feet of office space leased.%$315 - $330$228
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. 172,000 square feet of office and 8,000 square feet of retail space leased.%$185 - $200$14810%45 - 55%
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$11050%85 - 95%
Bala CynwydBala Cynwyd, PADemolition 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%$90 - $95$4
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$7025%60 - 70%
PropertyLocationOpportunityProjected ROI (4)Projected Cost (1)Cost to DateAnticipated Stabilization (5)
(in millions)(in millions)
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$162024
Willow GroveWillow Grove, PADevelopment of a new 17,000 square foot multi-tenant pad building%$11$82024
Pike 7 PlazaVienna, VADevelopment of a new 3,200 square foot pad building pre-leased to a restaurant tenant%$3$22024
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
Active Property Improvement Projects (6)Ongoing improvements at 16 properties to better position those properties to capture a disproportionate amount of retail demand6% - 13%$78$65
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.
16


Federal Realty Investment Trust
Future Redevelopment and Expansion Opportunities
December 31, 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
Shops at Pembroke GardensPembroke Pines, FLü
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.
17


Federal Realty Investment Trust
Property Acquisition, Dispositions, & Other Transactions
December 31, 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.
Other Investment Transactions
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 October 12, 2023, we acquired the fee interest under a portion of our Mercer on One (formerly known as Mercer Mall) shopping center for $55.0 million pursuant to the purchase option included in the master lease.
Property Dispositions
DatePropertyCity/StateSales Price
(in millions)
February 15, 2023Town Center of New BritainNew Britain, Pennsylvania$13.2 
October 27, 2023Third Street Promenade (1 building)Santa Monica, California$17.2 
Financing Transactions
Issuances of Debt
Issuance DateDebtPrincipal AmountStated Interest RateMaturity Date
(in millions)
April 12, 20235.375% Senior Notes (1)$350.0 5.375 %May 1, 2028
December 28, 2023Bethesda Row Mortgage Loan (2)$200.0 SOFR + 0.95%December 28, 2025
January 11, 20243.25% Exchangeable Senior Notes (3)$485.0 3.25 %January 15, 2029
(1)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.
(2)We have two one-year extensions, at our option. The interest rate is effectively fixed at 5.03% through the initial maturity date, as a result of three interest rate swap agreements. Our net proceeds were $199.1 million, after debt issuance costs. Our subsidiary's obligations under the mortgage loan are guaranteed by Federal Realty OP LP (the "Operating Partnership").
(3)These notes were issued by the Operating Partnership and can be earlier exchanged, purchased, or redeemed on or after July 15, 2028. The Notes will be exchangeable for cash up to the principal amount of the Notes and, if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount subject to capped call transactions. Net proceeds after the initial purchaser’s discount and estimated offering costs were approximately $471 million, of which $19.4 million was used to pay the capped call premium. See our Form 8-K filing on January 11, 2024 for additional information on this transaction.
Repayments of Debt
The following senior unsecured notes were repaid at maturity:
Repayment DateDebtPayoff Amount
(in millions)
June 1, 20232.75% Senior Notes$275.0 
January 16, 20243.95% Senior Notes $600.0 
18


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2023
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)% Occupied(1)Average Rent PSF (2)Residential Units Grocery Anchor GLAGrocery Anchor (3)Other Retail Tenants
(in thousands)
  California
Azalea(4)Los Angeles-Long Beach-Anaheim, CA$109,352 22 226,000 100 %100 %$30.13Walmart (S)Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens(4)(5)Los Angeles-Long Beach-Anaheim, CA119,259 32 330,000 97 %97 %$23.7467,000Food 4 LessMarshalls / Ross Dress for Less / Bob's Discount Furniture
Colorado Blvd(5)Los Angeles-Long Beach-Anaheim, CA13,983 42,000 73 %73 %$59.98Banana Republic / True Food Kitchen
Crow Canyon CommonsSan Francisco-Oakland-Hayward, CA92,236 22 239,000 85 %84 %$35.4932,000SproutsTotal Wine & More / Alamo Ace Hardware
East Bay BridgeSan Francisco-Oakland-Hayward, CA180,079 32 440,000 100 %100 %$20.45199,000Pak-N-Save / TargetHome Depot / Nordstrom Rack / Ulta / Michaels
Escondido PromenadeSan Diego-Carlsbad, CA135,199 18 298,000 98 %98 %$30.47Target (S)TJ Maxx / Dick’s Sporting Goods / Ross Dress for Less / Bob's Discount Furniture
Fourth Street(4)San Francisco-Oakland-Hayward, CA27,882 71,000 81 %81 %$33.57CB2
Freedom Plaza(4)(5)Los Angeles-Long Beach-Anaheim, CA44,205 114,000 96 %96 %$31.2131,000Smart & FinalNike / Blink Fitness / Ross Dress for Less
Grossmont Center(4)San Diego-Carlsbad, CA176,939 64 877,000 97 %97 %$14.75294,000Target / WalmartBarnes & Noble / Macy's / CVS
Hastings Ranch Plaza(5)Los Angeles-Long Beach-Anaheim, CA25,721 15 273,000 100 %100 %$9.15Marshalls / HomeGoods / CVS
Hollywood BlvdLos Angeles-Long Beach-Anaheim, CA62,045 181,000 86 %86 %$36.5839,000TargetMarshalls / L.A. Fitness / CVS
Kings Court(5)(6)San Jose-Sunnyvale-Santa Clara, CA 11,615 81,000 98 %98 %$44.4531,000Lunardi'sCVS
Old Town CenterSan Jose-Sunnyvale-Santa Clara, CA 43,249 98,000 85 %85 %$45.15Anthropologie / Sephora / Arhaus Furniture / Teleferic Barcelona
Olivo at Mission Hills(4)Los Angeles-Long Beach-Anaheim, CA82,910 12 156,000 100 %100 %$34.1332,000Target24 Hour Fitness / Ross Dress for Less / Ulta
Plaza Del Sol(4)Los Angeles-Long Beach-Anaheim, CA17,917 48,000 96 %96 %$24.07Superior Grocers (S)Marshalls
Plaza El Segundo / The PointLos Angeles-Long Beach-Anaheim, CA309,449 50 502,000 98 %84 %$48.9766,000Whole FoodsNordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center(5)(6)San Jose-Sunnyvale-Santa Clara, CA 52,094 22 213,000 100 %100 %$17.46141,000Trader Joe's / Walmart24 Hour Fitness
Santana Row(5)San Jose-Sunnyvale-Santa Clara, CA 1,315,616 45 1,206,000 99 %98 %$57.98662Crate & Barrel / Container Store / H&M / Best Buy / Multiple Restaurants
Sylmar Towne Center(4)Los Angeles-Long Beach-Anaheim, CA46,579 12 148,000 93 %90 %$17.8943,000Food 4 LessCVS
Third Street PromenadeLos Angeles-Long Beach-Anaheim, CA80,381 185,000 69 %69 %$81.93adidas / John Reed Fitness / Multiple Restaurants
Westgate CenterSan Jose-Sunnyvale-Santa Clara, CA 157,479 44 648,000 91 %91 %$20.26167,000TargetNordstrom Rack / Nike Factory / TJ Maxx / Ross Dress for Less
Total California3,104,189 428 6,376,000 95 %94 %$33.18
  Washington Metropolitan Area
Barcroft PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV51,519 10 113,000 100 %96 %$29.2546,000 Harris Teeter
Bethesda Row(5)Washington-Arlington-Alexandria, DC-VA-MD-WV265,817 17 529,000 92 %92 %$58.7818040,000 Giant FoodApple / Equinox / Anthropologie / Nike Live / Multiple Restaurants
19


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2023
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)% Occupied(1)Average Rent PSF (2)Residential Units Grocery Anchor GLAGrocery Anchor (3)Other Retail Tenants
(in thousands)
Birch & BroadWashington-Arlington-Alexandria, DC-VA-MD-WV26,089 10 144,000 100 %100 %$38.6351,000 Giant FoodCVS / Staples
Chesterbrook (4)Washington-Arlington-Alexandria, DC-VA-MD-WV46,333 89,000 81 %72 %$27.0135,000 SafewayStarbucks
Congressional Plaza(4)Washington-Arlington-Alexandria, DC-VA-MD-WV109,969 21 325,000 89 %89 %$42.8219425,000 The Fresh MarketUlta / Barnes & Noble / Container Store / Buy Buy Baby
Courthouse CenterWashington-Arlington-Alexandria, DC-VA-MD-WV7,336 37,000 73 %73 %$26.15
Fairfax Junction(6)Washington-Arlington-Alexandria, DC-VA-MD-WV46,241 11 124,000 94 %92 %$25.8023,000 AldiCVS / Planet Fitness
Federal PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV73,528 18 249,000 93 %90 %$37.2614,000 Trader Joe'sTJ Maxx / Micro Center / Ross Dress for Less
Friendship CenterWashington-Arlington-Alexandria, DC-VA-MD-WV37,256 54,000 100 %100 %$28.43Marshalls / Maggiano's
Gaithersburg SquareWashington-Arlington-Alexandria, DC-VA-MD-WV39,692 16 207,000 97 %96 %$31.06Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS
Graham Park PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV27,385 10 133,000 90 %90 %$38.9258,000 Giant Food
Idylwood PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV18,095 73,000 98 %83 %$48.1830,000 Whole Foods
Kingstowne Towne CenterWashington-Arlington-Alexandria, DC-VA-MD-WV211,223 45 410,000 99 %99 %$27.67135,000 Giant Food / SafewayTJ Maxx / HomeGoods / Five Below / Ross Dress for Less
LaurelWashington-Arlington-Alexandria, DC-VA-MD-WV61,611 26 364,000 96 %96 %$24.3661,000 Giant FoodMarshalls / L.A. Fitness / HomeGoods
Montrose CrossingWashington-Arlington-Alexandria, DC-VA-MD-WV172,499 36 369,000 99 %99 %$34.3373,000 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-WV95,403 29 565,000 98 %93 %$20.7962,000 Shoppers Food WarehouseTJ Maxx / Home Depot / Old Navy / Petsmart
Old Keene MillWashington-Arlington-Alexandria, DC-VA-MD-WV14,683 10 90,000 95 %67 %$45.9014,000 TBAWalgreens / Planet Fitness
Pan AmWashington-Arlington-Alexandria, DC-VA-MD-WV32,330 25 228,000 91 %91 %$24.4965,000 SafewayMicro Center / CVS / Michaels
Pike & RoseWashington-Arlington-Alexandria, DC-VA-MD-WV862,389 24 792,000 100 %100 %$45.07765Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants
Pike 7 PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV55,874 13 172,000 97 %97 %$48.2824,000 LidlTJ Maxx / DSW / Ulta
Plaza del MercadoWashington-Arlington-Alexandria, DC-VA-MD-WV46,771 10 116,000 93 %93 %$33.9718,000 AldiCVS / L.A. Fitness
Quince Orchard(5)Washington-Arlington-Alexandria, DC-VA-MD-WV41,118 16 271,000 81 %81 %$26.2219,000 AldiHomeGoods / L.A. Fitness / Staples
Tower Shopping CenterWashington-Arlington-Alexandria, DC-VA-MD-WV26,253 12 112,000 97 %95 %$28.4526,000 L.A. MartTotal Wine & More / Talbots
Twinbrooke Shopping CentreWashington-Arlington-Alexandria, DC-VA-MD-WV36,137 10 101,000 93 %93 %$27.4035,000 SafewayWalgreens
Tyson's StationWashington-Arlington-Alexandria, DC-VA-MD-WV7,164 48,000 88 %88 %$51.3615,000 Trader Joe's
Village at Shirlington(5)Washington-Arlington-Alexandria, DC-VA-MD-WV73,474 16 267,000 88 %87 %$40.9528,000 Harris TeeterCVS / AMC / Multiple Restaurants
20


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2023
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)% Occupied(1)Average Rent PSF (2)Residential Units Grocery Anchor GLAGrocery Anchor (3)Other Retail Tenants
(in thousands)
WestpostWashington-Arlington-Alexandria, DC-VA-MD-WV112,901 14 298,000 99 %88 %$32.7479,000 Harris Teeter / TargetTJ Maxx / Ulta / Walgreens / DSW
WildwoodWashington-Arlington-Alexandria, DC-VA-MD-WV28,542 12 88,000 100 %100 %$106.7320,000 Balducci'sCVS / Multiple Restaurants
Total Washington Metropolitan Area2,627,632 435 6,368,000 95 %93 %$36.88
  NY Metro/New Jersey
Brick Plaza(5)New York-Newark-Jersey City, NY-NJ-PA107,301 46 407,000 94 %94 %$22.3914,000Trader Joe'sAMC / HomeGoods / Ulta / Burlington
Brook 35 (4) (6) New York-Newark-Jersey City, NY-NJ-PA51,476 11 98,000 89 %89 %$39.97Banana Republic / Gap / Williams-Sonoma
Darien CommonsBridgeport-Stamford-Norwalk, CT148,937 99,000 92 %92 %$46.87124Equinox / Walgreens / Multiple Restaurants
Fresh MeadowsNew York-Newark-Jersey City, NY-NJ-PA96,597 17 408,000 98 %91 %$39.9632,000Island of Gold / TBAAMC / Kohl's / Planet Fitness
Georgetowne Shopping CenterNew York-Newark-Jersey City, NY-NJ-PA86,554 147,000 91 %91 %$42.7243,000FoodwayFive Below / IHOP
Greenlawn PlazaNew York-Newark-Jersey City, NY-NJ-PA33,835 13 103,000 79 %76 %$19.1446,000Greenlawn FarmsPlanet Fitness
Greenwich AvenueBridgeport-Stamford-Norwalk, CT23,748 35,000 100 %100 %$96.19Saks Fifth Avenue
HauppaugeNew York-Newark-Jersey City, NY-NJ-PA39,331 15 134,000 94 %94 %$26.8361,000Shop RiteTJ Maxx / Five Below
Hoboken (4) (7) New York-Newark-Jersey City, NY-NJ-PA228,281 171,000 99 %99 %$58.81129Nike Live / CVS / New York Sports Club / Sephora / Multiple Restaurants
HuntingtonNew York-Newark-Jersey City, NY-NJ-PA105,811 21 138,000 91 %91 %$34.47TBAPetsmart / Michaels / REI / Ulta
Huntington SquareNew York-Newark-Jersey City, NY-NJ-PA50,677 18 243,000 98 %97 %$22.82Stop & Shop (S)Barnes & Noble / At Home / AMC
Melville Mall(5)New York-Newark-Jersey City, NY-NJ-PA105,142 21 253,000 100 %100 %$29.8353,000Uncle Giuseppe's MarketplaceMarshalls / Dick's Sporting Goods / Macy's Backstage / Public Lands
Mercer on One (formerly Mercer Mall)(5)Trenton, NJ116,427 50 551,000 94 %88 %$27.1375,000Shop RiteNike / Ross Dress for Less / Nordstrom Rack / REI / Tesla
The Grove at Shrewsbury (4) (6) New York-Newark-Jersey City, NY-NJ-PA131,712 21 193,000 95 %95 %$50.98Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
Troy HillsNew York-Newark-Jersey City, NY-NJ-PA41,369 19 210,000 98 %95 %$23.0765,000TargetL.A. Fitness / Michaels
Total NY Metro/New Jersey1,367,198 275 3,190,000 95 %93 %$33.62
New England
Assembly Row / Assembly Square MarketplaceBoston-Cambridge-Newton, MA-NH1,128,962 65 1,212,000 96 %92 %$39.6394718,000Trader Joe'sTJ Maxx / AMC / Nike / Multiple Restaurants
Campus PlazaBoston-Cambridge-Newton, MA-NH31,132 15 114,000 94 %94 %$17.9446,000Roche Bros.Burlington / Five Below
Chelsea CommonsBoston-Cambridge-Newton, MA-NH38,106 36 230,000 100 %100 %$14.79Home Depot / Planet Fitness / CVS / Burlington
Dedham PlazaBoston-Cambridge-Newton, MA-NH52,156 20 253,000 91 %91 %$22.3980,000Star MarketPlanet Fitness
21


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2023
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)% Occupied(1)Average Rent PSF (2)Residential Units Grocery Anchor GLAGrocery Anchor (3)Other Retail Tenants
(in thousands)
Linden SquareBoston-Cambridge-Newton, MA-NH158,316 19 224,000 98 %95 %$50.81750,000Roche Bros.CVS / Multiple Restaurants
North DartmouthProvidence-Warwick, RI-MA9,369 28 48,000 100 %100 %$17.2248,000Stop & Shop
Queen Anne PlazaBoston-Cambridge-Newton, MA-NH19,662 17 149,000 99 %99 %$20.5550,000Big Y FoodsTJ Maxx / HomeGoods
Total New England1,437,703 200 2,230,000 96 %94 %$33.17
  Philadelphia Metropolitan Area
AndorraPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD33,981 22 270,000 87 %86 %$14.9924,000Acme MarketsTJ Maxx / Kohl's / L.A. Fitness / Five Below
Bala CynwydPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD76,829 23 174,000 97 %97 %$37.048745,000Acme MarketsMichaels / L.A. Fitness
EllisburgPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD38,664 28 260,000 98 %95 %$17.8347,000Whole FoodsFive Below / RH Outlet / Buy Buy Baby
FlourtownPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD19,653 24 158,000 96 %96 %$22.4275,000Giant FoodMovie Tavern
Langhorne SquarePhiladelphia-Camden-Wilmington, PA-NJ-DE-MD24,958 21 223,000 99 %99 %$18.8955,000Redner's Warehouse MarketsMarshalls / Planet Fitness
Lawrence ParkPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD64,945 29 357,000 97 %94 %$24.3953,000Acme MarketsTJ Maxx / HomeGoods / Barnes & Noble
NortheastPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD35,658 15 214,000 81 %81 %$22.61Lidl (S)Marshalls / Ulta / Skechers / Crunch Fitness
Willow GrovePhiladelphia-Camden-Wilmington, PA-NJ-DE-MD49,980 13 85,000 98 %98 %$24.2031,000TBAMarshalls / Five Below
WynnewoodPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD44,383 14 246,000 76 %73 %$32.09998,000Giant FoodOld Navy / DSW
Total Philadelphia Metropolitan Area389,051 189 1,987,000 92 %90 %$23.21
  South Florida
CocoWalk(4) (8)Miami-Fort Lauderdale-West Palm Beach, FL204,104 277,000 100 %99 %$46.70Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar VillageMiami-Fort Lauderdale-West Palm Beach, FL75,782 17 187,000 98 %96 %$24.3544,000Winn DixieCVS / L.A. Fitness
Shops at Pembroke GardensMiami-Fort Lauderdale-West Palm Beach, FL181,512 41 392,000 94 %90 %$32.43Nike Factory / Old Navy / DSW / Barnes & Noble
Tower ShopsMiami-Fort Lauderdale-West Palm Beach, FL105,292 67 431,000 99 %99 %$28.0812,000Trader Joe'sTJ Maxx / Ross Dress For Less / Best Buy / Ulta
Total South Florida566,690 128 1,287,000 98 %96 %$32.92
  Baltimore
Governor PlazaBaltimore-Columbia-Towson, MD34,997 24 243,000 100 %99 %$20.4216,500AldiDick's Sporting Goods / Ross Dress for Less / Petco / Bob's Discount Furniture
Perring PlazaBaltimore-Columbia-Towson, MD37,69329 397,000 88 %74 %$17.2957,000TBAHome Depot / Dick's Sporting Goods / Micro Center
THE AVENUE at White Marsh(6)Baltimore-Columbia-Towson, MD133,524 35 315,000 96 %90 %$29.08AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham SquareBaltimore-Columbia-Towson, MD19,517 33,000 100 %100 %$54.10
White Marsh PlazaBaltimore-Columbia-Towson, MD27,061 80,000 98 %98 %$24.0954,000Giant Food
22


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2023
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)% Occupied(1)Average Rent PSF (2)Residential Units Grocery Anchor GLAGrocery Anchor (3)Other Retail Tenants
(in thousands)
White Marsh OtherBaltimore-Columbia-Towson, MD27,933 16 56,000 87 %87 %$36.87
Total Baltimore280,725 115 1,124,000 94 %87 %$24.24
  Chicago
CrossroadsChicago-Naperville-Elgin, IL-IN-WI36,710 14 168,000 96 %96 %$23.72L.A. Fitness / Ulta / Binny's / Ferguson's Bath, Kitchen & Lighting Gallery
Finley SquareChicago-Naperville-Elgin, IL-IN-WI39,714 21 281,000 53 %53 %$20.35Michaels / Five Below / Portillo's
Garden MarketChicago-Naperville-Elgin, IL-IN-WI16,086 11 139,000 96 %96 %$14.9263,000Mariano's Fresh MarketWalgreens
Riverpoint CenterChicago-Naperville-Elgin, IL-IN-WI122,597 17 211,000 95 %95 %$22.1486,000Jewel OscoMarshalls / Old Navy
Total Chicago215,107 63 799,000 81 %81 %$20.63
  Other
Barracks RoadCharlottesville, VA75,656 40 495,000 88 %88 %$28.5599,000Harris Teeter / KrogerAnthropologie / Old Navy / Ulta / Michaels
Bristol PlazaHartford-West Hartford-East Hartford, CT36,992 22 264,000 88 %88 %$15.2074,000Stop & ShopTJ Maxx / Burlington
Camelback Colonnade(4)Phoenix-Mesa-Chandler, AZ180,534 41 642,000 90 %86 %$18.4782,000Fry's Food & DrugMarshalls / Nordstrom Last Chance / Best Buy / Floor & Décor
Gratiot PlazaDetroit-Warren-Dearborn, MI19,962 20 216,000 78 %78 %$13.4369,000KrogerBest Buy / DSW
Hilton Village(4)(5)Phoenix-Mesa-Chandler, AZ86,419 18 305,000 94 %90 %$33.92CVS / Houston's
Lancaster(5)Lancaster, PA8,796 11 126,000 99 %99 %$19.2875,000Giant FoodAutoZone
29th PlaceCharlottesville, VA40,869 15 168,000 98 %98 %$20.61HomeGoods / DSW / Staples
Willow LawnRichmond, VA108,664 37 462,000 99 %97 %$22.4666,000KrogerOld Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta
Total Other557,892 204 2,678,000 91 %90 %$22.33
Grand Total$10,546,187 2,037 26,039,000 94 %92 %$31.603,104
Notes:
(1)Represents the GLA and the percentage leased and percentage occupied of the commercial portion of the property. Some of our properties include office space which is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.
(2)Calculated as the aggregate, annualized in-place contractual (defined as cash basis excluding rent abatements) minimum rents for all occupied spaces divided by the aggregate GLA of all occupied spaces.
(3)TBA indicates that a lease is signed.
(4)The Trust has a controlling financial interest in this property.
(5)All or a portion of this property is owned pursuant to a ground lease.
(6)All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(7)This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.
(8)This property includes CocoWalk and interests in four buildings in Coconut Grove.
(S)Grocer is a shadow anchor located adjacent to the property, but is not part of the owned property.
23


Federal Realty Investment Trust
Retail Leasing Summary (1)
December 31, 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
4th Quarter 2023100 100 %393,761 $44.57 $39.97 $1,811,782 12 %23 %7.4 $13,762,615 $34.95 
3rd Quarter 2023100 100 %552,765 $34.51 $31.17 $1,848,740 11 %21 %8.8 $17,240,180 $31.19 
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 
Total - 12 months408 100 %2,027,373 $36.75 $33.43 $6,733,629 10 %22 %7.9 $60,497,083 $29.84 
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
4th Quarter 202345 45 %234,729 $38.77 $33.46 $1,247,214 16 %28 %9.4 $12,989,353 $55.34 
3rd Quarter 202356 56 %410,575 $28.18 $24.91 $1,340,705 13 %27 %11.0 $16,926,600 $41.23 
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 
Total - 12 months183 45 %1,016,187 $34.27 $30.38 $3,950,333 13 %27 %10.4 $57,867,531 $56.95 
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
4th Quarter 202355 55 %159,032 $53.12 $49.57 $564,568 %19 %5.3 $773,262 $4.86 
3rd Quarter 202344 44 %142,190 $52.80 $49.23 $508,035 %13 %5.4 $313,580 $2.21 
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 
Total - 12 months225 55 %1,011,186 $39.25 $36.50 $2,783,296 %17 %5.8 $2,629,552 $2.60 
Total Lease Summary - Comparable and Non-comparable (2) (8)
QuarterNumber of Leases Signed% of Comparable LeasesGLA SignedContractual Rent (3) PSFWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
4th Quarter 2023102 98 %398,378 $44.64 7.5 $14,057,750 $35.29 
3rd Quarter 2023105 95 %565,496 $35.00 8.9 $18,301,660 $32.36 
2nd Quarter 2023112 96 %602,911 $35.72 6.9 $11,511,825 $19.09 
1st Quarter 2023107 94 %524,286 $35.05 8.8 $20,974,263 $40.01 
Total - 12 months426 96 %2,091,071 $37.06 8.0 $64,845,498 $31.01 
Total Lease Summary - Comparable, Non-comparable, and Option Exercises (2) (8) (9)
QuarterNumber of Leases SignedGLA SignedContractual Rent (3) PSFWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
4th Quarter 2023139 696,428 $38.73 6.8 $14,057,726 $20.19 
3rd Quarter 2023137 1,047,182 $28.19 7.6 $18,301,660 $17.48 
2nd Quarter 2023141 938,977 $31.92 6.3 $11,511,825 $12.26 
1st Quarter 2023130 781,061 $31.50 7.9 $20,974,263 $26.85 
Total - 12 months547 3,463,648 $32.06 7.1 $64,845,474 $18.72 
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. 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, 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 both of our Assembly Row and Pike & Rose projects 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.
24


Federal Realty Investment Trust
Lease Expirations
December 31, 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)
20241,132,000 %$19.65 749,000 %$43.20 1,881,000 %$29.02 
20252,258,000 14 %$19.21 1,141,000 14 %$41.51 3,400,000 14 %$26.70 
20261,174,000 %$23.03 943,000 12 %$49.21 2,118,000 %$34.69 
20271,986,000 12 %$26.03 1,017,000 13 %$51.16 3,003,000 12 %$34.54 
20281,666,000 10 %$21.02 1,024,000 13 %$51.83 2,689,000 11 %$32.75 
20292,044,000 13 %$24.50 898,000 11 %$48.13 2,942,000 12 %$31.71 
2030789,000 %$19.90 376,000 %$51.94 1,165,000 %$30.24 
2031711,000 %$25.27 453,000 %$46.35 1,165,000 %$33.48 
20321,649,000 10 %$29.30 580,000 %$46.78 2,228,000 %$33.85 
2033909,000 %$25.28 465,000 %$46.27 1,374,000 %$32.38 
Thereafter1,750,000 11 %$26.48 300,000 %$48.39 2,049,000 %$29.69 
Total (3)16,068,000 100 %$23.69 7,946,000 100 %$47.59 24,014,000 100 %$31.60 
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)
2024831,000 %$19.88 664,000 %$42.53 1,495,000 %$29.94 
2025838,000 %$16.08 754,000 %$39.60 1,592,000 %$27.22 
2026359,000 %$28.48 552,000 %$48.95 911,000 %$40.89 
2027471,000 %$21.24 535,000 %$50.25 1,006,000 %$36.66 
2028464,000 %$19.82 549,000 %$47.59 1,014,000 %$34.86 
2029665,000 %$24.11 514,000 %$47.78 1,179,000 %$34.44 
2030477,000 %$23.92 410,000 %$49.28 887,000 %$35.64 
2031356,000 %$20.66 380,000 %$49.98 736,000 %$35.78 
2032345,000 %$31.94 464,000 %$52.35 809,000 %$43.63 
2033316,000 %$24.28 450,000 %$56.71 766,000 %$43.34 
Thereafter10,946,000 68 %$24.47 2,674,000 34 %$47.29 13,619,000 57 %$28.95 
Total (3)16,068,000 100 %$23.69 7,946,000 100 %$47.59 24,014,000 100 %$31.60 

Notes:
(1)Anchor is defined as a commercial tenant leasing 10,000 square feet or more.
(2)Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rent as of December 31, 2023.
(3)Represents occupied square footage of the commercial portion of our portfolio as of December 31, 2023.
(4)Individual items may not add up to total due to rounding.

25


Federal Realty Investment Trust
Portfolio Leased Statistics
December 31, 2023
As of:
December 31, 2023September 30, 2023December 31, 2022
Commercial Properties
Overall Portfolio (1)(2)
Gross Leasable Area (GLA)26,039,00026,093,00025,810,000
Leased %94.2 %94.0 %94.5 %
Occupied %92.2 %92.3 %92.8 %
Leased % - anchor tenants96.0 %95.8 %96.9 %
Leased % - small shop tenants90.7 %90.7 %90.0 %
Active commercial tenant leases3,2773,2853,261
Comparable Properties (1)
GLA 24,538,00024,593,00024,578,000
Leased %94.0 %93.9 %94.4 %
Occupied %92.0 %92.1 %92.7 %
Residential Properties
Overall Portfolio (1)(2)
Residential units3,1043,1043,039
Leased %95.9 %97.8 %95.7 %
Comparable Properties (1)
Residential units2,4802,4802,480
Leased %95.9 %97.7 %96.3 %

Notes:
(1)See Glossary of terms.
(2)Excludes redevelopment square footage and residential units not yet placed in service.
26


Federal Realty Investment Trust
Summary of Top 25 Tenants
December 31, 2023
RankTenant NameCredit Ratings
(S&P/Moody's) (1)
Annualized Base RentPercentage of Total Annualized Base Rent (3)Tenant GLAPercentage of Total GLA (3)Number of Locations Leased
TJX Companies, TheA / A2$23,443,000 2.71 %1,147,000 3.97 %37 
Ahold DelhaizeBBB+ / Baa1$14,960,000 1.73 %776,000 2.68 %12 
NetApp, Inc.BBB+ / Baa2$14,769,000 1.71 %304,000 1.05 %
Splunk, Inc.NR / NR$12,639,000 1.46 %235,000 0.81 %
CVS CorporationBBB / Baa2$11,225,000 1.30 %288,000 1.00 %21 
Gap, Inc., TheBB / Ba3$11,038,000 1.27 %320,000 1.11 %29 
L.A. Fitness International LLCB- / B3$10,900,000 1.26 %415,000 1.43 %10 
Albertsons Companies Inc. (Acme, Balducci's, Safeway)BB+ / Ba2$8,588,000 0.99 %568,000 1.96 %11 
Ross Stores, Inc.BBB+ / A2$7,554,000 0.87 %365,000 1.26 %13 
10 Home Depot, Inc.A / A2$7,485,000 0.86 %478,000 1.65 %
11 Kroger Co., TheBBB / Baa1$7,166,000 0.83 %611,000 2.11 %12 
12 AMC Entertainment Inc.CCC+ / Caa2$7,106,000 0.82 %283,000 0.98 %
13 PUMA North America, Inc.NR / NR$6,963,000 0.80 %155,000 0.54 %
14 Dick's Sporting Goods, Inc.BBB / Baa3$6,831,000 0.79 %358,000 1.24 %
15 Bank of America, N.A.A- / A1$6,682,000 0.77 %115,000 0.40 %22 
16 Target CorporationA / A2$6,310,000 0.73 %627,000 2.17 %
17 Ulta Beauty, Inc.NR / NR$6,292,000 0.73 %182,000 0.63 %17 
18 Michaels Stores, Inc.CCC+ / B3$5,774,000 0.67 %316,000 1.09 %14 
19 Choice Hotels International, Inc.BBB- / Baa3$5,588,000 0.65 %109,000 0.38 %
20 Hudson's Bay Company (Saks)NR / NR$5,155,000 0.60 %100,000 0.35 %
21 Starbucks CorporationBBB+ / Baa1$5,007,000 0.58 %73,000 0.25 %41 
22 Wells Fargo Bank, N.A.BBB+ / A1$4,948,000 0.57 %63,000 0.22 %15 
23 JPMorgan Chase BankA- / A1$4,948,000 0.57 %77,000 0.27 %19 
24 Burlington Stores, Inc.BB+ / NR$4,939,000 0.57 %280,000 0.97 %
25 DSW, IncNR / NR$4,853,000 0.56 %216,000 0.75 %11 
Totals - Top 25 Tenants$211,163,000 24.39 %8,461,000 29.25 %325 
Total (5):$865,747,000 (2)28,926,000 (4)
Notes:
(1)Credit Ratings are as of December 31, 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.


27


Federal Realty Investment Trust
Reconciliation of FFO Guidance
December 31, 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 2024.


Full Year 2024 Guidance Range
LowHigh
Estimated net income available to common shareholders, per diluted share$2.72 $2.94 
Adjustments:
Estimated depreciation and amortization3.93 3.93 
Estimated FFO per diluted share$6.65 $6.87 
Note:
See Glossary of Terms. Individual items may not add up to total due to rounding.


Guidance Assumptions (1):
Comparable properties growth2% - 3.5%
Comparable properties growth excluding prior period rents and lease termination fees2.5% - 4%
Prior period rents (2)$2 - $3 million
Lease termination fees$4 - $7 million
Incremental redevelopment/expansion POI (3)$9 - $12 million
General and administrative expenses$48 - $52 million
Development/redevelopment capital$100 - $150 million
Capitalized interest$18 - $21 million
Notes:
(1)Does not assume the impact of potential acquisitions or dispositions which have not closed as of January 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 16. 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 months and years ended December 31, 2023 and 2022 is as follows:
Three Months EndedYear Ended
December 31,December 31,
2023202220232022
(in thousands)
Net income $67,090 $117,692 $247,217 $395,661 
Interest expense42,974 38,282 167,809 136,989 
Other interest income(912)(585)(4,687)(1,072)
Income tax (benefit) provision(495)21 167 656 
Depreciation and amortization82,421 79,165 321,763 302,409 
Gain on deconsolidation of VIE— — — (70,374)
Gain on sale of real estate(8,179)(63,760)(9,881)(93,483)
Adjustments of EBITDAre of unconsolidated affiliates1,982 3,436 10,306 6,534 
EBITDAre$184,881 $174,251 $732,694 $677,320 

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, 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.
29