SEC Filing | Federal Realty Investment Trust

View:

Download DOC

Download PDF

Download XLS

Download XBRL

frt-20210505

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) May 05, 2021

Federal Realty Investment Trust

(Exact name of registrant as specified in its charter)

Maryland

1-07533

52-0782497

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

909 Rose Avenue, Suite 200

North Bethesda,

Maryland

20852

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number including area code: 301/998-8100


Title of Each Class	Trading Symbol	Name of Each Exchange On Which Registered
Common Shares of Beneficial Interest	FRT	New York Stock Exchange
$.01 par value per share, with associated Common Share Purchase Rights

Depositary Shares, each representing 1/1000 of a share	FRT-C	New York Stock Exchange
of 5.00% Series C Cumulative Redeemable Preferred Stock, $.01 par value per share

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))


☐			Emerging growth company


☐			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.

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 May 5, 2021, 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 March 31, 2021. The supplemental data and press release are furnished as Exhibit 99.1 hereto.

Item 9.01. Financial Statements and Exhibits.

99.1 Supplemental information at March 31, 2021 (including press release dated May 5, 2021)

104 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		FEDERAL REALTY INVESTMENT TRUST

Date:	May 5, 2021	/s/ Daniel Guglielmone

		Daniel Guglielmone
		Executive Vice President-
		Chief Financial Officer and Treasurer

EXHIBIT INDEX


Exhibit Number						Description
99.1						Supplemental Information at March 31, 2021

104						Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL Document

Document


FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
March 31, 2021

TABLE OF CONTENTS

1	First Quarter 2021 Earnings Press Release		3

2	Financial Highlights
		Consolidated Income Statements	7
		Consolidated Balance Sheets	8
		Funds From Operations / Other Supplemental Information	9
		COVID-19 Collectibility Related Impacts	10
		Components of Rental Income	11
		Comparable Property Information	12
		Market Data	13

3	Summary of Debt
		Summary of Outstanding Debt	14
		Summary of Debt Maturities	16

4	Summary of Redevelopment Opportunities		17

5	Assembly Row, Pike & Rose, and Santana Row		18

6	Future Redevelopment Opportunities		19

7	Significant Property Acquisition, Disposition, and Other Transactions		20

8	Real Estate Status Report		21

9	Retail Leasing Summary		25

10	Lease Expirations		26

11	Portfolio Leased Statistics		27

12	Summary of Top 25 Tenants		28

13	Tenant Diversification by Category		29

14	Reconciliation of FFO Guidance		30

15	Glossary of Terms		31


909 Rose Avenue, Suite 200
North Bethesda, Maryland 20852-8688
301/998-8100

Safe Harbor Language

Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 11, 2021 and subsequent quarterly reports on Form 10-Q, 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;

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

•risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;

•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;

•risks associated with general economic conditions, including 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 11, 2021 and subsequent quarterly reports on Form 10-Q and subsequent quarterly reports on Form 10-Q.

https://cdn.kscope.io/97874f556df0adf62e5425ace1110b91-logoa081.jpg


NEWS RELEASE			www.federalrealty.com

FOR IMMEDIATE RELEASE

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

Federal Realty Investment Trust Announces First Quarter 2021 Operating Results

NORTH BETHESDA, Md. (May 5, 2021) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its first quarter ended March 31, 2021. For the three months ended March 31, 2021 and 2020, net income available for common shareholders was $0.60 per diluted share and $0.70 per diluted share, respectively.

Highlights for the quarter and subsequent events include:

•Generated funds from operations available to common shareholders (FFO) per diluted share of $1.17 for the quarter compared to $1.50 for the first quarter 2020.

•Signed leases for 506,307 square feet of comparable space in the first quarter at an average rent of $36.58 psf and achieved cash basis rollover growth of 9%.

•Ended the quarter with $780 million of cash on hand, $1 billion of availability on its undrawn revolving credit facility and no public bonds maturing until 2023.

•Acquired an 80% interest in Chesterbrook, a grocery-anchored shopping center, in McLean, Virginia subsequent to quarter end based on a gross value of $32.1 million.

•Declared a regular quarterly cash dividend of $1.06 per common share, resulting in an indicated annual rate of $4.24 per common share payable on July 15, 2021 to common shareholders of record as of June 22, 2021.

•Provided 2021 earnings per diluted share guidance of $1.54 to $1.70 and an FFO per diluted share guidance range of $4.54 to $4.70.

•Provided 2022 earnings per diluted share guidance of $1.74 to $1.94 and an updated 2022 FFO per diluted share guidance range of $5.05 to $5.25.

“A strong quarter on all fronts as our markets continue the re-opening process,” said Donald C. Wood, Chief Executive Officer. “We saw another quarter of strong leasing demand from a broad base of high-quality tenants with first quarter 2021 leasing over 37% higher than our 10-year first quarter average. Federal’s high-quality open-air shopping centers and mixed-use communities remain at the top of the list as tenants look to relocate and expand their real estate presence.”

Financial Results

Net income available for common shareholders was $46.2 million and earnings per diluted share was $0.60 for first quarter 2021 versus $52.8 million and $0.70, respectively, for first quarter 2020.

In the first quarter 2021, Federal Realty generated FFO of $91.1 million, or $1.17 per diluted share. This compares to FFO of $114.3 million, or $1.50 per diluted share, in first quarter 2020.

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.

Portfolio Results

The portfolio was 91.8% leased as of March 31, 2021, and the comparable portfolio was 91.7% leased.

During the first quarter 2021, Federal Realty signed 110 leases for 514,636 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty leased 506,307 square feet at an average rent of $36.58 per square foot compared to the average contractual rent of $33.64 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 9%, 17% on a straight-line basis.

COVID-19 Operational Update

All 101 properties remain open and operating. Approximately 98% of our retail tenants based on annualized base rent were open and operating as of April 30, 2021. Annualized base rent reflects the 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 commercial spaces.

As of April 27, 2021, the Company has collected approximately 90% of total first quarter 2021 billed recurring rents. Including rent deferral and abatement agreements, total addressed recurring rent was 96%.

With $780 million of cash and cash equivalents as of March 31, 2021, Federal Realty has approximately $1.8 billion of liquidity in cash and undrawn availability under its $1 billion revolving credit facility.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.06 per common share, resulting in an indicated annual rate of $4.24 per common share. The regular common dividend will be payable on July 15, 2021 to common shareholders of record as of June 22, 2021.

Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per

depositary share. All dividends on the depositary shares will be payable on July 15, 2021, to shareholders of record as of July 1, 2021.

Summary of Other Quarterly Activities and Recent Developments

March 19, 2021 – Federal Realty sold an 8-acre portion of Graham Park Plaza in Falls Church, Virginia for gross proceeds of $20.3 million.

April 16, 2021 – Federal Realty amended its term loan subsequent to quarter end extending the term to April 16, 2024 plus two one-year extensions, reducing the spread over LIBOR from 135 bps to 80 bps and repaying $100.0 million of the existing loan for a remaining balance of $300.0 million.

April 30, 2021 – Federal Realty acquired Chesterbrook, a 90,000 square foot shopping center anchored by Safeway and Rite Aid located in McLean, Virginia. The acquisition closed subsequent to quarter end based on a gross value of $32.1 million. This acquisition was completed through a newly formed joint venture, in which Federal Realty owns an 80% interest.

Guidance

Federal Realty provided 2021 guidance for earnings per diluted share of $1.54 to $1.70 and 2021 FFO per diluted share guidance of $4.54 to $4.70.

Additionally, Federal Realty provided 2022 guidance for earnings per diluted share of $1.74 to $1.94 and 2021 FFO per diluted share guidance of $5.05 to $5.25.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its first quarter 2021 earnings conference call, which is scheduled for Wednesday, May 5, 2021 at 5:00 PM ET. To participate, please call 877.407.9208 five to ten minutes prior to the call start time and use the passcode 13718245 (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 May 19, 2021 by dialing 844.512.2921; Passcode: 13718245.

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 101 properties include approximately 2,800 tenants, in 23 million square feet, and approximately 2,900 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 11, 2021, 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;

•risks that our growth will be limited if we cannot obtain additional capital;

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

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2021 and subsequent quarterly reports on Form 10-Q.


Federal Realty Investment Trust
Consolidated Income Statements
March 31, 2021
	Three Months Ended
	March 31,
	2021		2020
	(in thousands, except per share data)
	(unaudited)
REVENUE
Rental income	$	217,135	$	230,798

Mortgage interest income	1,026		759
Total revenue	218,161		231,557
EXPENSES
Rental expenses	49,238		44,312
Real estate taxes	29,420		29,064
General and administrative	10,258		10,251
Depreciation and amortization	63,874		62,188
Total operating expenses	152,790		145,815


Gain on sale of real estate and change in control of interest	17,428		—

OPERATING INCOME	82,799		85,742

OTHER INCOME/(EXPENSE)
Other interest income	363		308
Interest expense	(32,085)		(28,445)

Loss from partnerships	(1,338)		(1,164)

NET INCOME	49,739		56,441
Net income attributable to noncontrolling interests	(1,503)		(1,678)
NET INCOME ATTRIBUTABLE TO THE TRUST	48,236		54,763
Dividends on preferred shares	(2,010)		(2,010)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$	46,226	$	52,753

EARNINGS PER COMMON SHARE, BASIC AND DILUTED:




Net income available for common shareholders	$	0.60	$	0.70
Weighted average number of common shares	76,842		75,360


Federal Realty Investment Trust
Consolidated Balance Sheets
March 31, 2021
	March 31,		December 31,
	2021		2020
	(in thousands, except share and per share data)
	(unaudited)
ASSETS
Real estate, at cost
Operating (including $1,731,961 and $1,703,202 of consolidated variable interest entities, respectively)	$	7,840,664	$	7,771,981
Construction-in-progress (including $35,359 and $44,896 of consolidated variable interest entities, respectively)	868,193		810,889

	8,708,857		8,582,870
Less accumulated depreciation and amortization (including $347,041 and $335,735 of consolidated variable interest entities, respectively)	(2,393,380)		(2,357,692)
Net real estate	6,315,477		6,225,178
Cash and cash equivalents	779,901		798,329
Accounts and notes receivable, net	161,249		159,780
Mortgage notes receivable, net	39,879		39,892
Investment in partnerships	12,148		22,128
Operating lease right of use assets	82,721		92,248
Finance lease right of use assets	50,795		51,116
Prepaid expenses and other assets	227,431		218,953
TOTAL ASSETS	$	7,669,601	$	7,607,624
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $397,084 and $413,681 of consolidated variable interest entities, respectively)	$	466,950	$	484,111
Notes payable, net	403,081		402,776
Senior notes and debentures, net	3,404,879		3,404,488
Accounts payable and accrued expenses	254,515		228,641
Dividends payable	84,872		83,839
Security deposits payable	20,867		20,388
Operating lease liabilities	63,023		72,441
Finance lease liabilities	72,045		72,049
Other liabilities and deferred credits	156,227		152,424
Total liabilities	4,926,459		4,921,157
Commitments and contingencies
Redeemable noncontrolling interests	138,182		137,720
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding	150,000		150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding	9,997		9,997
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 77,706,466 and 76,727,394 shares issued and outstanding, respectively	781		771
Additional paid-in capital	3,386,917		3,297,305
Accumulated dividends in excess of net income	(1,024,417)		(988,272)
Accumulated other comprehensive loss	(2,300)		(5,644)
Total shareholders’ equity of the Trust	2,520,978		2,464,157
Noncontrolling interests	83,982		84,590
Total shareholders’ equity	2,604,960		2,548,747
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,669,601	$	7,607,624


Federal Realty Investment Trust
Funds From Operations / Other Supplemental Information
March 31, 2021
	Three Months Ended
	March 31,
	2021			2020
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income	$	49,739		$	56,441
Net income attributable to noncontrolling interests	(1,503)			(1,678)
Gain on sale of real estate and change in control of interest	(17,428)			—


Depreciation and amortization of real estate assets	57,103			56,046
Amortization of initial direct costs of leases	4,744			4,900

Funds from operations	92,655			115,709
Dividends on preferred shares (2)	(2,010)			(1,875)
Income attributable to operating partnership units (3)	785			790
Income attributable to unvested shares	(325)			(356)
FFO	$	91,105		$	114,268


Weighted average number of common shares, diluted (2)(3)	77,582			76,208

FFO per diluted share	$	1.17		$	1.50



Dividends and Payout Ratios
Regular common dividends declared	$	82,371		$	79,403

Dividend payout ratio as a percentage of FFO	90		%	69		%

Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions	$	84,701		$	116,765
Tenant improvements and incentives	12,771			10,661
Total non-maintenance capital expenditures	97,472			127,426
Maintenance capital expenditures	3,861			2,762
Total capital expenditures	$	101,333		$	130,188

Noncontrolling Interests Supplemental Information (4)
Property operating income (1)	$	2,646		$	2,927

Depreciation and amortization	(1,464)			(1,457)
Interest expense	(464)			(582)
Net income	$	718		$	888

Notes:

1)See Glossary of Terms.

2)For the three months ended March 31, 2020, 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 included in "weighted average common shares, diluted."

3)For the three months ended March 31, 2021 and 2020, the weighted average common shares used to compute FFO per diluted common share includes 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 exclude "income attributable to operating partnership units."


Federal Realty Investment Trust
COVID-19 Collectibility Related Impacts
March 31, 2021

The following provides supplemental information regarding our collectibility related impacts resulting from COVID-19 for the three months ended March 31, 2021. The primary drivers of our collectibility impacts in the quarter are from tenants who we account for on a cash basis or converted to a cash basis of accounting during the quarter, as we did not receive full contractual rent payments, as well as COVID-19 related rent abatements. We change a tenant to a cash basis of accounting when we determine collection of substantially all lease payments during the lease term is not considered probable; revenue is then limited to the lesser of revenue recognized under accrual accounting or cash received. Our full revenue recognition policy with respect to leases can be found in Note 2 of our December 31, 2020 Annual Report on Form 10-K.

Collectibility Impacts for the Quarter Ended March 31, 2021


	Accounts Receivable Impact		Straight-Line Rent Receivable Impact		Total
	(in thousands)


Total collectibility impact (1)	$	14,351	$	449	$	14,800


Note:
1)			Includes approximately $10 million related to the abatement of Q1 2021 contractual rents due to COVID-19.

Other Information on Cash Basis Tenants


	As of March 31, 2021
	Total		% Recognized on a Cash Basis
Active commercial tenant leases	2,770		34%
Annualized base rent from commercial tenants (in millions) (2)	$	625	26%

Rent Deferrals and Rent Abatements


Cumulative contractual rent deferred (in millions) (3)	$	36
Cumulative deferral payments collected through March 31, 2021 (in millions) (4)	$	11
Contractual rent abated (in millions) (5)	$	10


Notes:
2)			See Glossary of Terms.
3)			Total contractual rent for April 2020 through March 2021 that has been deferred pursuant to modification agreements signed through March 31, 2021. Accrual basis tenants comprise approximately 58% of this cumulative deferred rent for executed agreements in place as of March 31, 2021.
4)			Deferral payments collected to date represent approximately 85% of the amounts agreed to be repaid by March 31, 2021.
5)			Total contractual rent abated related to the three months ended March 31, 2021.


Federal Realty Investment Trust
Components of Rental Income (1)
March 31, 2021








	Three Months Ended
	March 31,
	2021		2020
	(in thousands)
Minimum rents (2)
Commercial	$	156,838	$	158,805
Residential	19,297		20,618
Cost reimbursements	46,092		43,703
Percentage rents	1,045		1,820
Other	8,214		8,854
Collectibility related impact	(14,351)		(3,002)
Total rental income	$	217,135	$	230,798

Notes:

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

2)Minimum rents include the following:


	Three Months Ended
	March 31,
	2021		2020
	(in millions)

Straight-line rents	$	2.2	$	4.2
Amortization of in-place leases	$	1.6	$	0.9


Federal Realty Investment Trust
Comparable Property Information
March 31, 2021

The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q1 include: Assembly Row Phase 3, Cocowalk, The Commons at Darien, Pike & Rose Phase 3, 700 Santana Row, Freedom Plaza, and all properties acquired or disposed of from Q1 2020 to Q1 2021. 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. However, given the impacts of COVID-19, management believes this metric is less relevant in the current environment, and is not necessarily indicative of our results.

Reconciliation of GAAP operating income to Comparable Property POI
	Three Months Ended
	March 31,
	2021			2020
	(in thousands)
Operating income	$	82,799		$	85,742
Add:
Depreciation and amortization	63,874			62,188
General and administrative	10,258			10,251

Gain on sale of real estate and change in control of interest	(17,428)			—
Property operating income (POI)	139,503			158,181
Less: Non-comparable POI - acquisitions/dispositions	(18)			(2,592)
Less: Non-comparable POI - redevelopment, development & other	(6,078)			(3,066)
Comparable property POI	$	133,407		$	152,523

Additional information regarding the components of Comparable Property POI
	Three Months Ended
	March 31,
	2021			2020			% Change
	(in thousands)
Rental income	$	207,843		$	220,921




Rental expenses	(46,416)			(40,752)
Real estate taxes	(28,020)			(27,646)
	(74,436)			(68,398)

Comparable property POI	$	133,407		$	152,523		(12.5)	%




Comparable Property - Summary of Capital Expenditures (1)
	Three Months Ended
	March 31,
	2021			2020
	(in thousands)
Redevelopment and tenant improvements and incentives	$	23,782		$	32,272
Maintenance capital expenditures	3,725			2,562
	$	27,507		$	34,834

Comparable Property - Occupancy Statistics (2)
	At March 31,
	2021			2020
GLA - comparable commercial properties	22,521,000			22,628,000
Leased % - comparable commercial properties	91.7		%	94.3		%
Occupancy % - comparable commercial properties	89.4		%	92.3		%


Notes:
1)			See page 9 for "Summary of Capital Expenditures" for our entire portfolio.
2)			See page 27 for entire portfolio occupancy statistics.


Federal Realty Investment Trust
Market Data
March 31, 2021
		March 31,
		2021			2020
		(in thousands, except per share data)
Market Data
	Common shares outstanding and operating partnership units (1)	78,446			76,367
	Market price per common share	$	101.45		$	74.61
	Common equity market capitalization including operating partnership units	$	7,958,347		$	5,697,742

	Series C preferred shares outstanding	6			6
	Liquidation price per Series C preferred share	$	25,000		25,000
	Series C preferred equity market capitalization	$	150,000		$	150,000

	Series 1 preferred shares outstanding (2)	400			400
	Liquidation price per Series 1 preferred share	$	25.00		$	25.00
	Series 1 preferred equity market capitalization	$	10,000		$	10,000

	Equity market capitalization	$	8,118,347		$	5,857,742

	Total debt	$	4,274,910		$	4,354,413
	Less: cash and cash equivalents	(779,901)			(994,688)
	Total net debt (3)	$	3,495,009		$	3,359,725

	Total market capitalization	$	11,613,356		$	9,217,467

	Total net debt to market capitalization at market price per common share	30		%	36		%

Notes:

1)Amounts include 739,601 and 744,617 operating partnership units outstanding at March 31, 2021 and 2020, 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


Federal Realty Investment Trust
Summary of Outstanding Debt
March 31, 2021
		As of March 31, 2021
		Stated maturity date	Stated interest rate	Balance				Weighted average effective rate (8)
				(in thousands)
Mortgages Payable (1)
	Secured fixed rate






	Plaza Del Sol	12/1/2021	5.23%	$	7,992
	The AVENUE at White Marsh	1/1/2022	3.35%	52,705
	Montrose Crossing	1/10/2022	4.20%	65,109
	Azalea	11/1/2025	3.73%	40,000
	Bell Gardens	8/1/2026	4.06%	12,339
	Plaza El Segundo	6/5/2027	3.83%	125,000
	The Grove at Shrewsbury (East)	9/1/2027	3.77%	43,600
	Brook 35	7/1/2029	4.65%	11,500
	Hoboken (24 Buildings) (2)	12/15/2029	LIBOR + 1.95%	56,450
	Various Hoboken (14 Buildings)	Various through 2029	Various (3)	32,482
	Chelsea	1/15/2031	5.36%	5,140
	Hoboken (1 Building) (4)	7/1/2042	3.75%	16,478
	Subtotal			468,795
	Net unamortized debt issuance costs and premium			(1,845)
	Total mortgages payable, net			466,950				3.96%

Notes payable
	Term loan (5)	5/6/2021	LIBOR + 1.35%	400,000
	Revolving credit facility (6)	1/19/2024	LIBOR + 0.775%	—
	Various	Various through 2028	11.31%	3,256
	Subtotal			403,256
	Net unamortized debt issuance costs			(175)
	Total notes payable, net			403,081				2.00%	(9)

Senior notes and debentures
	Unsecured fixed rate
	2.75% notes	6/1/2023	2.75%	275,000
	3.95% notes	1/15/2024	3.95%	600,000
	1.25% notes	2/15/2026	1.25%	400,000
	7.48% debentures	8/15/2026	7.48%	29,200
	3.25% notes	7/15/2027	3.25%	475,000
	6.82% medium term notes	8/1/2027	6.82%	40,000
	3.20% notes	6/15/2029	3.20%	400,000
	3.50% notes	6/1/2030	3.50%	400,000
	4.50% notes	12/1/2044	4.50%	550,000
	3.625% notes	8/1/2046	3.63%	250,000
	Subtotal			3,419,200
	Net unamortized debt issuance costs and premium			(14,321)
	Total senior notes and debentures, net			3,404,879				3.49%

	Total debt, net			$	4,274,910	(7)

Total fixed rate debt, net				$	3,875,033	91	%	3.55%
Total variable rate debt, net				399,877		9	%	1.92%	(9)
Total debt, net				$	4,274,910	100	%	3.40%	(9)

Three Months Ended

March 31,

2021

2020

Operational Statistics

Ratio of EBITDAre to combined fixed charges and preferred share dividends (10)

3.07x

3.95x

Notes:

1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At March 31, 2021, our share of unconsolidated debt was approximately $27.9 million. At March 31, 2021, our noncontrolling interests' share of mortgages payable was $45.8 million.

2)We have two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%.

3)The interest rates on these mortgages range from 3.91% to 5.00%.

4)The mortgage loan has a fixed interest rate; however, the rate resets every five years until maturity. The current rate is fixed until July 1, 2022, and the loan is prepayable at par anytime after this date.

5)On April 16, 2021, we repaid $100.0 million of the term loan, amended the agreement on the remaining $300.0 million to lower the current spread over LIBOR from 135 basis points to 80 basis points based on our current credit rating, and extended the maturity date to April 16, 2024, along with two one-year extensions, at our option.

6)During the three months ended March 31, 2021, there were no borrowings on our revolving credit facility.

7)The weighted average remaining term, including the amendment of our term loan agreement as described in Note 5, on our mortgages payable, notes payable, and senior notes and debentures is approximately 9 years.

8)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 9.

9)The weighted average effective interest rate excludes $0.6 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.

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


Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2021
Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing		Cumulative Percent of Debt Maturing		Weighted Average Rate (3)
	(in thousands)
2021	$	3,805	$	107,718	(1)	$	111,523		2.6	%	2.6	%	2.1	%
2022	4,134		116,323			120,457			2.8	%	5.4	%	3.9	%
2023	4,314		275,000			279,314			6.5	%	11.9	%	3.0	%
2024	4,344		900,000		(1)	904,344			21.1	%	33.0	%	3.1	%	(4)
2025	4,068		44,298			48,366			1.1	%	34.1	%	3.9	%
2026	3,465		452,450			455,915			10.6	%	44.7	%	2.1	%
2027	3,048		690,570			693,618			16.2	%	60.9	%	3.8	%
2028	2,934		—			2,934			0.1	%	61.0	%	6.6	%
2029	2,770		458,099			460,869			10.7	%	71.7	%	3.3	%
2030	1,141		400,000			401,141			9.4	%	81.1	%	3.8	%
Thereafter	6,871		805,899			812,770			18.9	%	100.0	%	4.2	%
Total	$	40,894	$	4,250,357		$	4,291,251	(2)	100.0	%

Notes:

1)The "maturities" and "weighted average rate" reflect the April 16, 2021 amendment of our $400.0 million term loan, where we repaid $100.0 million, amended the agreement on the remaining $300.0 million to lower the current spread over LIBOR from 135 basis points to 80 basis points based on our current credit rating, and extended the maturity date to April 16, 2024, along with two one-year extensions, at our option.

2)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 and on certain mortgage loans, notes payable, and senior notes as of March 31, 2021.

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

4)The weighted average rate excludes $0.6 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility, which had no balance outstanding at March 31, 2021. Our revolving credit facility matures on January 19, 2024, plus two six-month extensions at our option.


Federal Realty Investment Trust
Summary of Redevelopment Opportunities
March 31, 2021

The following redevelopment opportunities have received or will shortly receive all necessary approvals to proceed and are actively being worked on by the Trust. (1)

Impacts of COVID-19 Pandemic:
Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19.

Property	Location	Opportunity	Projected ROI (2)		Projected Cost (1)		Cost to Date		Anticipated Stabilization (3)
					(in millions)		(in millions)

The Commons at Darien	Darien, CT	Demolition of a 45,000 square foot anchor space to construct 75,000 square feet of new retail space, 122 rental apartments, and 720 parking spaces	6	%	$110 - $120		$34		2023
Cocowalk	Coconut Grove, FL	Entire shopping center redevelopment to include: demolition of three story east wing of the property and construction of a 106,000 square foot 5-story office/retail building with 24,000 square feet of retail; complete renovation of the west wing.	6	%	$93 - $97		$77		2021
Freedom Plaza (5)	Los Angeles, CA	Development of a new 113,000 square foot single-story grocery anchored neighborhood shopping center	7	%	$38 - $42		$33		2021
Bala Cynwyd	Bala Cynwyd, PA	New 87 unit residential apartment building to be constructed on underutilized land behind our existing shopping center	6	%	$22		$22		2021
7021 Hollywood Blvd	Los Angeles, CA	Renovation of the center and three vacant spaces to accommodate a new 39,000 square foot anchor tenant	9	%	$19		$15		2021
Lawrence Park	Broomall, PA	Full shopping center redevelopment to include expansion of Main Line Health into vacant lower level space, creation of 17,800 square feet of small shop space converted from vacated anchor space, a new 2,000 square foot bank pad building, and a façade renovation for the entire center.	8	%	$12		$6		2022
Melville Mall	Huntington, NY	Development of a new 15,000 square foot pad site consisting of two multi-tenant retail buildings	8	%	$11		$10		2021
Flourtown	Flourtown, PA	Development of a new 4,550 square foot two-tenant pad building	7	%	$3		$0		2021
Sylmar Towne Center	Sylmar, CA	Development of a new 3,800 square foot two-tenant pad building	6	%	$3		$2		2021
Azalea	Southgate, CA	Development of a new 3,000 square foot single tenant pad building	7	%	$3		$0		2022

Total Active Redevelopment projects (4)			6	%	$314 - $332		$199

Active Property Improvement Projects (6)
Various Properties		Ongoing improvements at 17 properties to better position properties to capture a disproportionate amount of retail demand post-COVID	7% - 13%		$	76	$	10

Notes:

(1)There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the Projected Return on Investment (ROI) or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected ROI and Projected Cost are management's best estimate based on current information and may change over time.

(2)Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental Property Operating Income (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.

(3)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.

(4)All subtotals and totals reflect cost weighted-average ROIs.

(5)Project formerly known as Jordan Downs Plaza. Cost to date and projected cost are net of the proceeds we will receive from our New Market Tax Credit structure. See Note 3 of our December 31, 2019 Form 10-K for additional information. Stabilization has been impacted by the COVID-19 pandemic.

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

Federal Realty Investment Trust

Assembly Row, Pike & Rose, and Santana Row

March 31, 2021

Impacts of COVID-19 Pandemic:

Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19.

Projected

Total

Costs to

Property (1)

Opportunity

ROI (2)

Cost (3)

Date

Expected Opening Timeframe

(in millions)

Assembly Row, Somerville, MA

Phase III

- 277,000 SF of office
- 500 residential units
- 56,000 SF of retail

$465 - 485

$379

150,000 square feet of office space pre-leased

Opening projected to begin in 2021

Future Phases

- 1.5M SF of commercial
- 329 residential units

TBD

Pike & Rose, North Bethesda, MD

Phase III

-212,000 SF of office
-7,000 SF of retail

6-7%

$128 - 135

$103

(4)

Opening began in Q3 2020
138,000 square feet leased

Future Phases

- 740,000 SF of commercial
- 741 residential units

TBD

Santana Row, San Jose, CA

Santana West

- 376,000 SF of office
- 1,750 parking spaces

6-7%

$250 - 270

$141

Opening projected to begin in 2022

Future Phases

-321,000 SF of commercial
-395 residential units
-604,000 SF of commercial at Santana West

TBD

Notes:


(1)			Anticipated opening dates, total cost, and projected return on investment (ROI) 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 development projects reflects the unleveraged Property Operating Income (POI) generated by the development and is calculated as POI divided by cost.
(3)			Projected costs for Assembly Row and Pike & Rose include an allocation of infrastructure costs for the entire project. Phase I of Santana West includes an allocation of infrastructure for the Santana West site.
(4)			Federal Realty Investment Trust is leasing 45,000 square feet of office space at a market rent in Pike & Rose Phase III, which delivered in August 2020. Revenue related to this rent will be eliminated in the consolidated financial statements.

Federal Realty Investment Trust

Future Redevelopment Opportunities

March 31, 2021

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 new 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.

Pad Site Opportunities - Opportunities to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are "by right" and construction is awaiting appropriate retailer demand.

Escondido Promenade

Escondido, CA

Mercer Mall

Lawrenceville, NJ

Federal Plaza

Rockville, MD

Pan Am

Fairfax, VA

Fresh Meadows

Queens, NY

Sylmar Towne Center

Sylmar, CA

Property Expansion or Conversion - Opportunities at successful retail properties to convert previously underutilized land into new GLA and to convert other existing uses into more productive uses for the property.

Barracks Road

Charlottesville, VA

Huntington

Huntington, NY

Bethesda Row

Bethesda, MD

Plaza El Segundo

El Segundo, CA

Dedham Plaza

Dedham, MA

Riverpoint Center

Chicago, IL

Fairfax Junction

Fairfax, VA

Third Street Promenade

Santa Monica, CA

Fourth Street

Berkeley, CA

Wildwood

Bethesda, MD

Fresh Meadows

Queens, NY

Willow Grove

Willow Grove, PA

Hastings Ranch Plaza

Pasadena, CA

Residential Opportunities - Opportunity to add residential units to existing retail and mixed-use properties.

Barracks Road

Charlottesville, VA

Village at Shirlington

Arlington, VA

Bala Cynwyd

Bala Cynwyd, PA

Longer Term Mixed-Use Opportunities

Assembly Row (1)

Somerville, MA

Pike & Rose (2)

North Bethesda, MD

Bala Cynwyd

Bala Cynwyd, PA

Santana Row (3)

San Jose, CA

Pike 7 Plaza

Vienna, VA

Santana Row - Santana West (3)

San Jose, CA

Notes:

(1)

Assembly Row

Remaining entitlements after Phase III include approximately 1.5 million square feet of commercial-use buildings and 329 residential units.

(2)

Pike & Rose

Remaining entitlements after Phase III include approximately 740,000 square feet of commercial-use buildings, and 741 residential units.

(3)

Santana Row

Remaining entitlements include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space at Santana West.

Federal Realty Investment Trust

Significant Property Acquisition, Disposition, and Other Transactions

March 31, 2021

Significant Property Acquisition

Date

Property

City/State

GLA

Purchase Price

Principal Tenants

(in square feet)

(in millions)

April 30, 2021

Chesterbrook

McLean, Virginia

90,000

32.1

Safeway / Walgreens / Rite Aid / Starbucks

(1)

(1) This acquisition was completed through a newly formed joint venture, in which we own an 80% interest.

Significant Disposition

Date

Property

City/State

Sales Price

(in millions)

March 19, 2021

Graham Park Plaza (portion)

Falls Church, Virginia

20.3

Significant Other Transactions

Date

Type

Property

City/State

Purchase Price

(in millions)

January 4, 2021

Acquisition of partner interest

Pike & Rose (hotel)

North Bethesda, Maryland

2.3

(2)

February 22, 2021

Acquisition of fee interest (24 acres)

Mount Vernon Plaza

Alexandria, Virginia

5.6

(3)

(2) We acquired our partner's 20% interest; and consequently, now own 100% of the hotel and consolidated the asset. Additionally, we repaid the $31.5 million mortgage loan encumbering the hotel.

(3) We now own the entire fee interest on this property.


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2021
Property Name		MSA Description		Real Estate at Cost (1)		Mortgage/Finance Lease Liabilities (2)	Acreage		GLA (3)			% Leased (3)		Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
				(in thousands)		(in thousands)
Washington Metropolitan Area
Barcroft Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV		$	49,479		10		113,000			93	%		46,000	Harris Teeter
Bethesda Row		Washington-Arlington-Alexandria, DC-VA-MD-WV		245,732			17		529,000			93	%	180	40,000	Giant Food	Apple / Equinox / Anthropologie / Multiple Restaurants
Birch & Broad		Washington-Arlington-Alexandria, DC-VA-MD-WV		16,346			10		144,000			87	%		51,000	Giant Food	CVS / Staples
Congressional Plaza	(4)	Washington-Arlington-Alexandria, DC-VA-MD-WV		105,956			21		323,000			86	%	194	25,000	The Fresh Market	Buy Buy Baby / Ulta / Barnes & Noble
Courthouse Center		Washington-Arlington-Alexandria, DC-VA-MD-WV		7,093			2		37,000			76	%
Fairfax Junction	(5)	Washington-Arlington-Alexandria, DC-VA-MD-WV		41,228			11		124,000			99	%		23,000	Aldi	CVS / Planet Fitness
Federal Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV		70,727			18		249,000			96	%		14,000	Trader Joe's	TJ Maxx / Micro Center / Ross Dress For Less
Friendship Center		Washington-Arlington-Alexandria, DC-VA-MD-WV		38,218			1		119,000			100	%				Marshalls / Nordstrom Rack / DSW / Maggiano's
Gaithersburg Square		Washington-Arlington-Alexandria, DC-VA-MD-WV		31,029			16		208,000			87	%				Ross Dress For Less / Ashley Furniture HomeStore / CVS
Graham Park Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV		21,655			10		132,000			83	%		58,000	Giant Food
Idylwood Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV		17,495			7		73,000			100	%		30,000	Whole Foods
Laurel		Washington-Arlington-Alexandria, DC-VA-MD-WV		59,937			26		360,000			90	%		61,000	Giant Food	Marshalls / L.A. Fitness / HomeGoods
Leesburg Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV		37,684			26		235,000			93	%		55,000	Giant Food	Petsmart / Office Depot
Montrose Crossing		Washington-Arlington-Alexandria, DC-VA-MD-WV		165,101		65,109	36		368,000			93	%		73,000	Giant Food	Marshalls / Home Depot Design Center / Old Navy / Bob's Discount Furniture
Mount Vernon/South Valley/7770 Richmond Hwy	(5)	Washington-Arlington-Alexandria, DC-VA-MD-WV		93,008			29		564,000			97	%		62,000	Shoppers Food Warehouse	TJ Maxx / Home Depot / Bed, Bath & Beyond / Results Fitness
Old Keene Mill		Washington-Arlington-Alexandria, DC-VA-MD-WV		13,069			10		91,000			95	%		24,000	Whole Foods	Walgreens / Planet Fitness
Pan Am		Washington-Arlington-Alexandria, DC-VA-MD-WV		30,101			25		228,000			95	%		65,000	Safeway	Micro Center / CVS / Michaels
Pentagon Row		Washington-Arlington-Alexandria, DC-VA-MD-WV		106,982			14		297,000			84	%		45,000	Harris Teeter	TJ Maxx / DSW / Ulta
Pike & Rose	(6)	Washington-Arlington-Alexandria, DC-VA-MD-WV		699,057			24		527,000			97	%	765			Porsche / Uniqlo / REI / H&M / L.L. Bean / Multiple Restaurants
Pike 7 Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV		49,625			13		172,000			90	%				TJ Maxx / DSW / Crunch Fitness / Staples
Plaza del Mercado		Washington-Arlington-Alexandria, DC-VA-MD-WV		46,888			10		116,000			94	%		18,000	Aldi	CVS / L.A. Fitness
Quince Orchard		Washington-Arlington-Alexandria, DC-VA-MD-WV		41,146			16		268,000			96	%		19,000	Aldi	HomeGoods / L.A. Fitness / Staples
Rockville Town Square	(7)	Washington-Arlington-Alexandria, DC-VA-MD-WV		49,829		4,386	12		187,000			74	%		25,000	Dawson's Market	CVS / Gold's Gym / Multiple Restaurants
Rollingwood Apartments		Washington-Arlington-Alexandria, DC-VA-MD-WV		11,683			14		N/A			98	%	282
Tower Shopping Center		Washington-Arlington-Alexandria, DC-VA-MD-WV		22,728			12		111,000			88	%		26,000	L.A. Mart	Talbots / Total Wine & More
Tyson's Station		Washington-Arlington-Alexandria, DC-VA-MD-WV		5,786			5		50,000			90	%		11,000	Trader Joe's
Village at Shirlington	(7)	Washington-Arlington-Alexandria, DC-VA-MD-WV		69,103		6,851	16		262,000			79	%		28,000	Harris Teeter	CVS / AMC / Carlyle Grand Café
Wildwood Shopping Center		Washington-Arlington-Alexandria, DC-VA-MD-WV		27,453			12		88,000			98	%		20,000	Balducci's	CVS / Flower Child
		Total Washington Metropolitan Area	2,174,138			423		5,975,000		91	%

California
Azalea	(4)	Los Angeles-Long Beach-Anaheim, CA		107,480		40,000	22		223,000			99	%				Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens	(4)	Los Angeles-Long Beach-Anaheim, CA		111,203		12,339	32		330,000			91	%		67,000	Food 4 Less	Marshalls / Ross Dress for Less / Bob's Discount Furniture


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2021
Property Name		MSA Description	Real Estate at Cost (1)	Mortgage/Finance Lease Liabilities (2)	Acreage	GLA (3)	% Leased (3)		Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
			(in thousands)	(in thousands)
Colorado Blvd		Los Angeles-Long Beach-Anaheim, CA	13,294		1	42,000	88	%				Banana Republic / True Food Kitchen
Crow Canyon Commons		San Francisco-Oakland-Hayward, CA	90,605		22	243,000	94	%		32,000	Sprouts	Total Wine & More / Rite Aid
East Bay Bridge		San Francisco-Oakland-Hayward, CA	179,304		32	440,000	100	%		59,000	Pak-N-Save	Home Depot / Target / Nordstrom Rack
Escondido Promenade	(4)	San Diego-Carlsbad, CA	54,061		18	298,000	94	%				TJ Maxx / Dick’s Sporting Goods / Ross Dress For Less / Bob's Discount Furniture
Fourth Street	(4)	San Francisco-Oakland-Hayward, CA	27,076		3	71,000	78	%				CB2
Freedom Plaza	(4)	Los Angeles-Long Beach-Anaheim, CA	40,814		9	100,000	100	%		31,000	Smart & Final	Nike / Blink Fitness / Ross Dress For Less
Hastings Ranch Plaza		Los Angeles-Long Beach-Anaheim, CA	25,283		15	273,000	100	%				Marshalls / HomeGoods / CVS / Sears
Hollywood Blvd		Los Angeles-Long Beach-Anaheim, CA	61,737		3	181,000	86	%				Target / Marshalls / L.A. Fitness
Kings Court	(5)	San Jose-Sunnyvale-Santa Clara, CA	11,610		8	81,000	100	%		31,000	Lunardi's	CVS
Old Town Center		San Jose-Sunnyvale-Santa Clara, CA	37,877		8	97,000	90	%				Anthropologie / Banana Republic / Gap
Olivo at Mission Hills	(4)	Los Angeles-Long Beach-Anaheim, CA	81,547		12	155,000	94	%				Target / 24 Hour Fitness / Ross Dress For Less
Plaza Del Sol	(4)	Los Angeles-Long Beach-Anaheim, CA	17,858	7,992	4	48,000	93	%				Marshalls
Plaza El Segundo / The Point	(4)	Los Angeles-Long Beach-Anaheim, CA	297,111	125,000	50	500,000	90	%		66,000	Whole Foods	Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center	(5)	San Jose-Sunnyvale-Santa Clara, CA	46,690		22	211,000	100	%		11,000	Trader Joe's	Walmart / 24 Hour Fitness
Santana Row		San Jose-Sunnyvale-Santa Clara, CA	1,182,366		45	1,199,000	96	%	662			Crate & Barrel / H&M / Best Buy / Multiple Restaurants
Sylmar Towne Center	(4)	Los Angeles-Long Beach-Anaheim, CA	46,037		12	148,000	93	%		43,000	Food 4 Less	CVS
Third Street Promenade		Los Angeles-Long Beach-Anaheim, CA	80,675		2	209,000	61	%				adidas / Old Navy / J. Crew
Westgate Center		San Jose-Sunnyvale-Santa Clara, CA	157,611		44	648,000	97	%				Target / Nordstrom Rack / Nike Factory / TJ Maxx
		Total California	2,670,239		364	5,497,000	94	%

NY Metro/New Jersey
Brick Plaza		New York-Newark-Jersey City, NY-NJ-PA	103,235		46	408,000	90	%		14,000	Trader Joe's	AMC / HomeGoods / Ulta / Burlington
Brook 35	(4) (5)	New York-Newark-Jersey City, NY-NJ-PA	48,627	11,500	11	99,000	92	%				Banana Republic / Gap / Williams-Sonoma
Fresh Meadows		New York-Newark-Jersey City, NY-NJ-PA	93,790		17	409,000	94	%		15,000	Island of Gold	AMC / Kohl's / Michaels
Georgetowne Shopping Center		New York-Newark-Jersey City, NY-NJ-PA	83,658		9	147,000	88	%		43,000	Foodway	Five Below / IHOP
Greenlawn Plaza		New York-Newark-Jersey City, NY-NJ-PA	32,300		13	102,000	93	%		46,000	Greenlawn Farms	Tuesday Morning / Planet Fitness
Greenwich Avenue		Bridgeport-Stamford-Norwalk, CT	23,748		1	35,000	100	%				Saks Fifth Avenue
Hauppauge		New York-Newark-Jersey City, NY-NJ-PA	30,088		15	133,000	71	%		61,000	Shop Rite
Hoboken	(4) (8)	New York-Newark-Jersey City, NY-NJ-PA	215,885	105,410	3	171,000	93	%	129			CVS / New York Sports Club / Sephora / Multiple Restaurants
Huntington		New York-Newark-Jersey City, NY-NJ-PA	48,507		21	265,000	90	%				Nordstrom Rack / Buy Buy Baby / Michaels / Ulta
Huntington Square		New York-Newark-Jersey City, NY-NJ-PA	13,613		18	74,000	81	%				Barnes & Noble
Melville Mall		New York-Newark-Jersey City, NY-NJ-PA	103,791		21	243,000	100	%		53,000	Uncle Giuseppe's Marketplace	Marshalls / Dick's Sporting Goods / Field & Stream / Macy's Backstage
Mercer Mall	(7)	Trenton, NJ	128,422	55,276	50	551,000	88	%		75,000	Shop Rite	Ross Dress For Less / Nordstrom Rack / Bed, Bath & Beyond / REI


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2021
Property Name		MSA Description		Real Estate at Cost (1)	Mortgage/Finance Lease Liabilities (2)	Acreage		GLA (3)			% Leased (3)		Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
				(in thousands)	(in thousands)
The Commons at Darien		Bridgeport-Stamford-Norwalk, CT		83,053		9		58,000			89	%	2			Equinox / Walgreens
The Grove at Shrewsbury	(4) (5)	New York-Newark-Jersey City, NY-NJ-PA		127,539	43,600	21		193,000			94	%				Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
Troy		New York-Newark-Jersey City, NY-NJ-PA		41,094		19		211,000			100	%				Target / L.A. Fitness / Michaels
		Total NY Metro/New Jersey		1,177,350		274		3,099,000			91	%

Philadelphia Metropolitan Area
Andorra		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		31,264		22		270,000			87	%		24,000	Acme Markets	Kohl's / L.A. Fitness
Bala Cynwyd		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		64,823		23		174,000			96	%	87	45,000	Acme Markets	Michaels / L.A. Fitness
Ellisburg		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		34,358		28		262,000			82	%		47,000	Whole Foods	Buy Buy Baby
Flourtown		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		16,985		24		156,000			95	%		75,000	Giant Food	Movie Tavern
Langhorne Square		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		22,469		21		223,000			96	%		55,000	Redner's Warehouse Markets	Marshalls / Planet Fitness
Lawrence Park		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		43,258		29		362,000			98	%		53,000	Acme Markets	TJ Maxx / HomeGoods / Barnes & Noble
Northeast		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		34,059		15		227,000			82	%				Marshalls / Ulta / Skechers / Crunch Fitness
Town Center of New Britain		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		16,584		17		125,000			85	%		36,000	Giant Food	Rite Aid / Dollar Tree
Willow Grove		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		28,667		13		183,000			82	%				Marshalls / HomeGoods
Wynnewood		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD		42,567		14		249,000			93	%	9	98,000	Giant Food	Bed, Bath & Beyond / Old Navy / DSW
		Total Philadelphia Metropolitan Area	335,034		206		2,231,000		90	%

New England
Assembly Row / Assembly Square Marketplace	(6)	Boston-Cambridge-Newton, MA-NH		990,967		65		863,000			95	%	447	18,000	Trader Joe's	TJ Maxx / AMC / LEGOLAND Discovery Center / Multiple Restaurants
Campus Plaza		Boston-Cambridge-Newton, MA-NH		30,448		15		114,000			96	%		46,000	Roche Bros.	Burlington
Chelsea Commons		Boston-Cambridge-Newton, MA-NH		30,486	5,140	37		223,000			93	%				Home Depot / Planet Fitness
Dedham Plaza		Boston-Cambridge-Newton, MA-NH		47,269		19		245,000			90	%		80,000	Star Market	Planet Fitness
Linden Square		Boston-Cambridge-Newton, MA-NH		150,812		19		220,000			90	%	7	50,000	Roche Bros.	CVS
North Dartmouth		Providence-Warwick, RI-MA		9,369		28		48,000			100	%		48,000	Stop & Shop
Queen Anne Plaza		Boston-Cambridge-Newton, MA-NH		18,473		17		149,000			95	%		50,000	Big Y Foods	TJ Maxx / HomeGoods
Saugus Plaza		Boston-Cambridge-Newton, MA-NH		17,079		15		166,000			97	%		55,000	Super Stop & Shop	Floor & Décor
		Total New England		1,294,903		215		2,028,000			94	%

Baltimore
Governor Plaza		Baltimore-Columbia-Towson, MD		26,253		24		242,000			79	%		16,500	Aldi	Dick's Sporting Goods
Perring Plaza		Baltimore-Columbia-Towson, MD		32,165		29		397,000			88	%		58,000	Shoppers Food Warehouse	Home Depot / Micro Center / Burlington
THE AVENUE at White Marsh	(5)	Baltimore-Columbia-Towson, MD		122,614	52,705	35		315,000			85	%				AMC / Ulta / Old Navy / Barnes & Noble
The Shoppes at Nottingham Square		Baltimore-Columbia-Towson, MD		18,372		4		32,000			96	%
Towson Residential (Flats @ 703)		Baltimore-Columbia-Towson, MD		22,393		1		4,000			100	%	105
White Marsh Plaza		Baltimore-Columbia-Towson, MD		26,428		7		80,000			94	%		54,000	Giant Food


Federal Realty Investment Trust
Real Estate Status Report
March 31, 2021
Property Name		MSA Description	Real Estate at Cost (1)		Mortgage/Finance Lease Liabilities (2)		Acreage	GLA (3)	% Leased (3)		Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
			(in thousands)		(in thousands)
White Marsh Other		Baltimore-Columbia-Towson, MD	31,719				18	70,000	97	%
		Total Baltimore	279,944				118	1,140,000	87	%

South Florida
Cocowalk	(4) (9)	Miami-Fort Lauderdale-West Palm Beach, FL	184,059				3	208,000	88	%				Cinepolis Theaters / Youfit Health Club / Planta Restaurant
Del Mar Village		Miami-Fort Lauderdale-West Palm Beach, FL	73,828				17	186,000	88	%		44,000	Winn Dixie	CVS / L.A. Fitness
Tower Shops		Miami-Fort Lauderdale-West Palm Beach, FL	98,597				67	426,000	95	%		12,000	Trader Joe's	TJ Maxx / Ross Dress For Less / Best Buy / Ulta
		Total South Florida	356,484				87	820,000	92	%

Chicago
Crossroads		Chicago-Naperville-Elgin, IL-IN-WI	35,913				14	168,000	92	%				L.A. Fitness / Ulta / Binny's / Ferguson's Bath, Kitchen & Lighting Gallery
Finley Square		Chicago-Naperville-Elgin, IL-IN-WI	41,426				21	280,000	90	%				Bed, Bath & Beyond / Buy Buy Baby / Michaels / Portillo's
Garden Market		Chicago-Naperville-Elgin, IL-IN-WI	14,698				11	139,000	97	%		63,000	Mariano's Fresh Market	Walgreens
Riverpoint Center		Chicago-Naperville-Elgin, IL-IN-WI	121,534				17	211,000	91	%		86,000	Jewel Osco	Marshalls / Old Navy
		Total Chicago	213,571				63	798,000	92	%

Other
Barracks Road		Charlottesville, VA	69,574				40	497,000	91	%		99,000	Harris Teeter / Kroger	Anthropologie / Nike / Bed, Bath & Beyond / Old Navy
Bristol Plaza		Hartford-West Hartford-East Hartford, CT	33,012				22	264,000	81	%		74,000	Stop & Shop	TJ Maxx
Gratiot Plaza		Detroit-Warren-Dearborn, MI	20,098				20	215,000	100	%		69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Lancaster	(7)	Lancaster, PA	13,155		5,532		11	126,000	81	%		75,000	Giant Food
29th Place		Charlottesville, VA	38,802				15	168,000	96	%				HomeGoods / DSW / Staples
Willow Lawn		Richmond, VA	104,412				37	464,000	96	%		66,000	Kroger	Old Navy / Ross Dress For Less / Gold's Gym / Dick's Sporting Goods
		Total Other	279,053				145	1,734,000	92	%

Grand Total			$	8,780,716	$	540,840	1,895	23,322,000	92	%	2,869


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)			The Trust has a controlling financial interest in this property.
(5)			All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(6)			Portion of property is currently under development. See further discussion in the Assembly Row and Pike & Rose schedules.
(7)			All or a portion of the property is subject to finance lease liabilities.
(8)			This property includes 39 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.
(9)			This property includes interests in five buildings in addition to our initial acquisition.


Federal Realty Investment Trust
Retail Leasing Summary (1)
March 31, 2021

Total Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual (Decrease) Increase in Rent		Cash Basis % (Decrease) Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2021	103	100	%	506,307	$	36.58	$	33.64	$	1,488,763	9	%	17		%	7.7	$	16,231,682	$	32.06
4th Quarter 2020	96	100	%	449,783	$	32.16	$	31.95	$	93,635	1	%	11		%	6.0	$	12,945,573	$	28.78	(7)
3rd Quarter 2020	98	100	%	471,726	$	37.38	$	37.74	$	(169,801)	(1)	%	6		%	5.6	$	16,274,556	$	34.50	(7)
2nd Quarter 2020	47	100	%	277,681	$	28.55	$	25.64	$	805,618	11	%	23		%	8.2	$	8,590,153	$	30.94
Total - 12 months	344	100	%	1,705,497	$	34.33	$	33.03	$	2,218,215	4	%	13		%	6.7	$	54,041,964	$	31.69

New Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual (Decrease) Increase in Rent		Cash Basis % (Decrease) Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2021	54	52	%	220,014	$	39.70	$	33.62	$	1,337,437	18	%	23		%	8.5	$	14,773,582	$	67.15
4th Quarter 2020	39	41	%	156,262	$	35.65	$	37.27	$	(253,720)	(4)	%	8		%	9.1	$	12,731,293	$	81.47	(7)
3rd Quarter 2020	39	40	%	164,712	$	36.23	$	36.84	$	(100,451)	(2)	%	5		%	8.5	$	15,427,773	$	93.67	(7)
2nd Quarter 2020	12	26	%	122,726	$	26.79	$	20.36	$	789,852	32	%	52		%	14.9	$	8,483,168	$	69.12
Total - 12 months	144	42	%	663,714	$	35.50	$	32.83	$	1,773,118	8	%	17		%	9.5	$	51,415,816	$	77.47

Renewal Lease Summary - Comparable (2) (8)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual (Decrease) Increase in Rent		Cash Basis % (Decrease) Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2021	49	48	%	286,293	$	34.18	$	33.65	$	151,326	2	%	11		%	7.0	$	1,458,100	$	5.09
4th Quarter 2020	57	59	%	293,521	$	30.30	$	29.12	$	347,355	4	%	13		%	4.0	$	214,280	$	0.73
3rd Quarter 2020	59	60	%	307,014	$	38.00	$	38.23	$	(69,350)	(1)	%	7		%	4.1	$	846,783	$	2.76
2nd Quarter 2020	35	74	%	154,955	$	29.93	$	29.83	$	15,766	—	%	8		%	3.4	$	106,985	$	0.69
Total - 12 months	200	58	%	1,041,783	$	33.58	$	33.15	$	445,097	1	%	10		%	4.8	$	2,626,148	$	2.52

Total Lease Summary - Comparable and Non-comparable (2) (9)
Quarter							Number of Leases Signed		GLA Signed				Contractual Rent (3) Per Sq. Ft.			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2021							110		514,636				$	36.94		7.7	$	17,005,312	$	33.04
4th Quarter 2020							103		468,901				$	32.67		6.1	$	13,430,989	$	28.64
3rd Quarter 2020							101		481,105				$	37.66		5.7	$	16,304,772	$	33.89
2nd Quarter 2020							50		314,679				$	26.16		8.2	$	9,314,002	$	29.60
Total - 12 months							364		1,779,321				$	34.10		6.8	$	56,055,075	$	31.50


Notes:
(1)			Information reflects activity in retail spaces only; 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.
(3)			Contractual rent represents annual market rent under the new lease.
(4)			Prior rent represents contractual 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)			Approximately $0.1 million ($0.03 per square foot) in 4th Quarter 2020 and $0.5 million ($0.90 per square foot) in 3rd Quarter 2020 of the Tenant Improvements & Incentives are for properties under active redevelopment and are included in the Projected Cost for those properties on the Summary of Redevelopment Opportunities.
(8)			Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new.
(9)			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. 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 for Phase 3 of Assembly Row and Pike & Rose are included in the Projected Cost column for those projects shown on the Assembly Row and Pike & Rose schedule.


Federal Realty Investment Trust
Lease Expirations
March 31, 2021

Assumes no exercise of lease options

	Anchor Tenants (1)					Small Shop Tenants					Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)		Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)		Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2021	443,000	3	%	$	22.95	547,000	8	%	$	38.62	991,000	5	%	$	31.61
2022	1,704,000	12	%	$	17.10	877,000	14	%	$	45.01	2,581,000	12	%	$	26.59
2023	1,352,000	10	%	$	20.50	938,000	14	%	$	44.35	2,290,000	11	%	$	30.27
2024	2,421,000	17	%	$	18.12	904,000	14	%	$	46.63	3,324,000	16	%	$	25.87
2025	1,613,000	11	%	$	22.35	780,000	12	%	$	45.00	2,393,000	11	%	$	29.73
2026	1,183,000	8	%	$	22.12	628,000	10	%	$	49.42	1,811,000	9	%	$	31.59
2027	1,050,000	7	%	$	31.18	519,000	8	%	$	50.42	1,569,000	7	%	$	37.54
2028	883,000	6	%	$	20.96	400,000	6	%	$	52.65	1,283,000	6	%	$	30.84
2029	1,000,000	7	%	$	27.72	376,000	6	%	$	47.15	1,376,000	7	%	$	33.03
2030	981,000	7	%	$	28.31	260,000	4	%	$	50.98	1,242,000	6	%	$	33.06
Thereafter	1,719,000	12	%	$	25.01	286,000	4	%	$	46.43	2,005,000	10	%	$	28.07
Total (3)	14,349,000	100	%	$	22.50	6,515,000	100	%	$	46.35	20,865,000	100	%	$	29.95

Assumes all lease options are exercised

	Anchor Tenants (1)					Small Shop Tenants					Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)		Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)		Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2021	215,000	1	%	$	25.42	508,000	8	%	$	38.41	722,000	3	%	$	34.55
2022	340,000	2	%	$	20.68	589,000	9	%	$	45.05	928,000	4	%	$	36.13
2023	354,000	2	%	$	20.08	598,000	9	%	$	41.27	953,000	5	%	$	33.39
2024	578,000	4	%	$	20.61	488,000	7	%	$	45.04	1,067,000	5	%	$	31.80
2025	327,000	2	%	$	24.65	454,000	7	%	$	43.09	781,000	4	%	$	35.37
2026	392,000	3	%	$	24.05	332,000	5	%	$	50.14	724,000	3	%	$	36.01
2027	610,000	4	%	$	20.94	430,000	7	%	$	48.65	1,039,000	5	%	$	32.40
2028	657,000	5	%	$	18.19	383,000	6	%	$	48.28	1,041,000	5	%	$	29.27
2029	794,000	6	%	$	25.06	367,000	6	%	$	44.25	1,162,000	6	%	$	31.13
2030	524,000	4	%	$	19.62	343,000	5	%	$	45.61	867,000	4	%	$	29.89
Thereafter	9,558,000	67	%	$	22.91	2,023,000	31	%	$	50.31	11,581,000	56	%	$	27.69
Total (3)	14,349,000	100	%	$	22.50	6,515,000	100	%	$	46.35	20,865,000	100	%	$	29.95


Notes:
(1)			Anchor is defined as a commercial tenant leasing 10,000 square feet or more.
(2)			Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rent as of March 31, 2021.
(3)			Represents occupied square footage of the commercial portion of our portfolio as of March 31, 2021.
(4)			Individual items may not add up to total due to rounding.


Federal Realty Investment Trust
Portfolio Leased Statistics
March 31, 2021

Overall Portfolio Statistics (1)	At March 31, 2021				At March 31, 2020

Type	Size	Leased	Leased %		Size	Leased	Leased %

Commercial Properties (2) (3) (4) (sf)	23,322,000	21,411,000	91.8	%	24,055,000	22,508,000	93.6	%

Residential Properties (units) (5)	2,782	2,673	96.1	%	2,794	2,670	95.6	%


Comparable Property Statistics (1)	At March 31, 2021				At March 31, 2020

Type	Size	Leased	Leased %		Size	Leased	Leased %

Commercial Properties (2) (4) (sf)	22,521,000	20,643,000	91.7	%	22,628,000	21,328,000	94.3	%

Residential Properties (5) (units)	2,780	2,671	96.1	%	2,780	2,656	95.5	%

Notes


(1)			See Glossary of Terms.
(2)			Leasable square feet excludes redevelopment square footage not yet placed in service.
(3)			At March 31, 2021, leased percentage was 96.0% for anchor tenants and 83.8% for small shop tenants.
(4)			Occupied percentage was 89.5% and 91.5% at March 31, 2021 and 2020, respectively, and comparable property occupied percentage was 89.4% and 92.3% at March 31, 2021 and 2020, respectively.
(5)			Our residential metrics exclude "The Delwyn," our 87 unit residential building that opened at Bala Cynwyd in late 2020, 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 2,869 and our percentage leased would be 94.6%.


Federal Realty Investment Trust
Summary of Top 25 Tenants
March 31, 2021

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

1	Splunk, Inc.	NR / NR / NR	$	25,818,000	3.67	%	536,000	2.06	%	2
2	TJX Companies, The	A / A2 / NR	$	19,605,000	2.78	%	984,000	3.78	%	31
3	Ahold Delhaize	BBB / Baa1 / BBB+	$	15,166,000	2.15	%	852,000	3.27	%	14
4	Gap, Inc., The	BB- / Ba2 / NR	$	12,064,000	1.71	%	311,000	1.19	%	28
5	L.A. Fitness International LLC	CCC+ / Caa3 / NR	$	10,383,000	1.47	%	415,000	1.59	%	10
6	CVS Corporation	BBB / Baa2 / NR	$	9,573,000	1.36	%	248,000	0.95	%	19
7	Bed, Bath & Beyond, Inc.	B+ / Ba3 / NR	$	7,258,000	1.03	%	491,000	1.89	%	12
8	Home Depot, Inc.	A / A2 / A	$	7,193,000	1.02	%	478,000	1.84	%	6
9	Ross Stores, Inc.	BBB+ / A2 / NR	$	6,591,000	0.94	%	315,000	1.21	%	11
10	Michaels Stores, Inc.	B / Ba3 / NR	$	6,383,000	0.91	%	327,000	1.26	%	14
11	Dick's Sporting Goods, Inc.	NR / NR / NR	$	6,318,000	0.90	%	289,000	1.11	%	6
12	Bank of America, N.A.	A- / A2 / A+	$	6,296,000	0.89	%	107,000	0.41	%	25
13	Kroger Co., The	BBB / Baa1 / NR	$	6,162,000	0.88	%	529,000	2.03	%	11
14	Nordstrom, Inc.	BB+ / Baa3 / BBB-	$	6,136,000	0.87	%	218,000	0.84	%	6
15	Albertsons Companies, Inc. (Acme, Balducci's, Safeway)	BB- / Ba3 / NR	$	5,783,000	0.82	%	432,000	1.66	%	8
16	DSW, Inc	NR / NR / NR	$	5,692,000	0.81	%	224,000	0.86	%	11
17	Best Buy Co., Inc.	BBB / A3 / NR	$	5,670,000	0.81	%	186,000	0.71	%	4
18	AMC Entertainment Inc.	CCC- / Caa3 / NR	$	5,424,000	0.77	%	233,000	0.90	%	5
19	Ulta Beauty, Inc.	NR / NR / NR	$	5,388,000	0.77	%	152,000	0.58	%	14
20	Hudson's Bay Company (Saks)	NR / NR / NR	$	5,042,000	0.72	%	100,000	0.38	%	3
21	Whole Foods Market, Inc.	A+ / A2 / NR	$	4,772,000	0.68	%	167,000	0.64	%	4
22	Starbucks Corporation	BBB+ / Baa1 / BBB	$	4,438,000	0.63	%	67,000	0.26	%	38
23	Wells Fargo Bank, N.A.	BBB+ / A2 / A+	$	4,329,000	0.61	%	51,000	0.20	%	13
24	JPMorgan Chase Bank	A- / A2 / AA-	$	4,275,000	0.61	%	71,000	0.27	%	17
25	Target Corporation	A / A2 / A-	$	4,004,000	0.57	%	443,000	1.70	%	5
	Totals - Top 25 Tenants		$	199,763,000	28.37	%	8,226,000	31.61	%	317

	Total (5):		$	704,113,000	(2)		26,027,000	(4)

Notes:
(1)	Credit Ratings are as of March 31, 2021. Subsequent rating changes have not been reflected.
(2)	See Glossary of Terms.
(3)	Individual items may not add up to total due to rounding.
(4)	Excludes redevelopment square footage not yet placed in service.
(5)	Totals reflect both the commercial and residential portions of our properties.

Federal Realty Investment Trust

Tenant Diversification by Category

March 31, 2021

The below reflects the breakout of our Annualized Base Rent1 as of March 31, 2021 by type of tenant:

https://cdn.kscope.io/97874f556df0adf62e5425ace1110b91-chart-7b0e5cb22761458da141.jpg


						25% of Annualized Base Rent comes from Essential Retail

						21% of Annualized Base Rent comes from Office and Residential

Notes:


(1)						See Glossary of Terms. Excludes redevelopment square footage not yet placed in service.
(2)						Communications & Home Office includes: Telecommunications, Electronics, and Office Supply.
(3)						Other Essential includes: Auto, Liquor, Home Improvement, Pets, and Medical.
(4)						Total Restaurants comprise full service (8%) and quick service (8%).
(5)						Experiential includes: Activity, Cinema, and Entertainment.

Federal Realty Investment Trust

Reconciliation of FFO Guidance

March 31, 2021

The following tables provide a reconciliation of the range of estimated earnings per diluted share to estimated FFO per diluted share for the full year 2021 and 2022. Estimates do not include the impact from potential acquisitions or dispositions which have not closed as of May 5, 2021.


	Full Year 2021 Guidance Range

	Low		High
Estimated net income available to common shareholders, per diluted share	$	1.54	$	1.70
Adjustments:
Estimated gain on sale of real estate, net	(0.22)		(0.22)
Estimated depreciation and amortization	3.22		3.22
Estimated FFO per diluted share (1)	$	4.54	$	4.70


	Full Year 2022 Guidance Range

	Low		High
Estimated net income available to common shareholders, per diluted share	$	1.74	$	1.94
Adjustments:

Estimated depreciation and amortization	3.31		3.31
Estimated FFO per diluted share (1)	$	5.05	$	5.25

Note:

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

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 ended March 31, 2021 and 2020 is as follows:


	Three Months Ended
	March 31,
	2021		2020
	(in thousands)
Net income	$	49,739	$	56,441
Interest expense	32,085		28,445
Other interest income	(363)		(308)
Income tax benefit	(262)		(75)
Depreciation and amortization	63,874		62,188
Gain on sale of real estate and change in control of interest	(17,428)		—

Adjustments of EBITDAre of unconsolidated affiliates	970		1,730
EBITDAre	$	128,615	$	148,421

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 average rent for expiring leases and new leases is determined by including contractual rent on the expiring lease and annual market 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. As a result of accommodations made to certain tenants to help them stay open during and after the COVID-19 pandemic, we have found it necessary to exercise more judgement in 2020 and 2021 than in prior years in order to appropriately reflect the comparability of rents 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. Rent abatement and short term rent restructuring agreements that are a result of COVID-19 impacts are not included in this calculation.

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.