frt-20240801
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 1, 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 August 1, 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 June 30, 2024. The supplemental data and press release are furnished as Exhibit 99.1 hereto.

Item 9.01.     Financial Statements and Exhibits.

    (c)    Exhibits

    99.1    Supplemental information at June 30, 2024 (including press release dated August 1, 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:August 1, 2024
 /s/ Daniel Guglielmone
Daniel Guglielmone
Executive Vice President-
Chief Financial Officer and Treasurer



EXHIBIT INDEX
                                
Exhibit NumberDescription
Supplemental Information at June 30, 2024
104Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)

Document

FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
June 30, 2024
TABLE OF CONTENTS
1Second Quarter 2024 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, Debt Metrics, and Senior Notes and Debentures Covenants
3Summary of Debt
Summary of Outstanding Debt
Summary of Debt Maturities
4Summary of Redevelopment and Expansion Opportunities
5Future Redevelopment and Expansion Opportunities
62024 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 and subsequent quarterly reports on Form 10-Q.
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NEWS RELEASEwww.federalrealty.com
FOR IMMEDIATE RELEASE
Inquiries:
Brenda Pomar
Senior Director, Corporate Communications
301.998.8316
bpomar@federalrealty.com

Federal Realty Investment Trust Announces Second Quarter 2024 Operating Results
Active acquisition activity with $287 million of investments
NORTH BETHESDA, Md. (August 1, 2024) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its second quarter ended June 30, 2024. For the three months ended June 30, 2024 and 2023, net income available for common shareholders was $1.32 per diluted share and $0.72 per diluted share, respectively. For the three months ended June 30, 2024 and 2023, operating income was $157.0 million and $101.8 million, respectively.
Highlights for the second quarter include:
Generated funds from operations available to common shareholders (FFO) per diluted share of $1.69 for the quarter, compared to $1.67 for the second quarter of 2023.
Signed 122 leases for 594,361 square feet of comparable retail space, a record level of comparable square footage signed in any second quarter and the second highest of any quarter, at a cash basis rollover growth of 10% and 23% on a straight-line basis.
Generated comparable property operating income (POI) growth of 2.9% for the second quarter, excluding lease termination fees and prior period rents collected.
Reported portfolio occupancy of 93.1% and a leased rate of 95.3% at quarter end, representing an increase of 110 basis points and 100 basis points, respectively, quarter-over-quarter.
Continued strong small shop leasing, ending the quarter at 92.5% leased, with an increase of 110 basis points quarter-over-quarter and 230 basis points year-over-year.
During the quarter and subsequent to quarter end:
Acquired two assets totaling 880,000 square feet on 129 acres for a total purchase price of $275 million.
Completed the sale of its remaining assets on Third Street Promenade in Santa Monica, CA, for $103 million.
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Increased the regular quarterly cash dividend to $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. This marks the 57th consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.
Tightened and raised 2024 earnings per diluted share guidance to $3.33 - $3.51, 2024 FFO per diluted share guidance to $6.70 - $6.88, and 2024 comparable properties growth excluding lease termination fees and prior period rents collected assumption to 3% - 4%.
Issued the company’s 2023 Sustainability Report.
“Another record quarter for Federal Realty, starting with funds from operations per share of $1.69, to continued record leasing volume, to furthering our REIT industry record with the 57th consecutive year of increased common dividends,” said Donald C. Wood, Chief Executive Officer. “The robust leasing demand we continue to see is a clear indicator of the value and attractiveness of our properties, setting a solid foundation for strong future earnings growth.”
Financial Results
Net Income
For the second quarter 2024, net income available for common shareholders was $110.0 million and earnings per diluted share was $1.32 versus $58.5 million and $0.72, respectively, for the second quarter 2023.
FFO
For the second quarter 2024, FFO was $141.3 million, or $1.69 per diluted share, compared to $136.9 million, or $1.67 per diluted share for the second quarter 2023.
FFO is a non-GAAP supplemental earnings measure which the trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.
Operational Update
Occupancy
The portfolio was 93.1% occupied and 95.3% leased as of June 30, 2024.
Small shop leased rate was 92.5% as of June 30, 2024, an increase of 110 basis points quarter-over-quarter and 230 basis points year-over-year.
The anchor tenant leased rate was 96.7%, reflecting an increase of 90 basis points quarter-over-quarter and 30 basis points year-over-year.
Additionally, residential properties were 97.6% leased as of June 30, 2024.
Leasing Activity
During the second quarter 2024, Federal Realty signed 124 leases for 600,669 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 122 leases for 594,361 square feet at an average rent of $37.72 per square foot compared to the average contractual rent of $34.29 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable
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spaces of 10%, 23% on a straight-line basis. Comparable leases represented 98% of total comparable and non-comparable retail leases signed during the second quarter 2024.
Transaction Activity
April 1, 2024 – Acquired the approximately 10% non-controlling interest in the partnership that owns CocoWalk in suburban Miami, Florida for $12.4 million bringing Federal Realty’s ownership to 100%.
May 31, 2024 - Acquired Virginia Gateway, a 664,000 square-foot, 110-acre super-regional community center comprising five adjacent open-air retail properties located at the highly trafficked intersection of I-66 and Route 29 in Gainesville, VA, for $215 million, further expanding Federal Realty’s presence in Northern Virginia.
July 31, 2024 - Acquired Pinole Vista Crossing, a dominant 216,000-square-foot, 19-acre regional open-air grocery-anchored community center located along I-80 in Pinole, CA, 13 miles north of Federal Realty’s East Bay Bridge Shopping Center, for $60 million, expanding the company’s presence in Northern California’s East Bay sub-market.
June 5, 2024 - Completed the sale of its remaining assets on Third Street Promenade in Santa Monica, CA, for $103 million, resulting in a gain on sale of $52 million.
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees increased the regular quarterly cash dividend to $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. The regular common dividend will be payable on October 15, 2024 to common shareholders of record as of October 1, 2024. This increase represents the 57th consecutive year that Federal Realty has increased its common dividend, the longest record of consecutive annual dividend increases in the REIT sector.
Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on October 15, 2024 to shareholders of record as of October 1, 2024.
2024 Guidance
Federal Realty has updated its 2024 guidance, as summarized in the table below:
Full Year 2024 GuidanceRevised GuidancePrior Guidance
2024 Earnings per diluted share$3.33 to $3.51$2.74 to $2.94
2024 FFO per diluted share$6.70 to $6.88$6.67 to $6.87

Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its second quarter 2024 earnings conference call, which is scheduled for Thursday, August 1, 2024 at 5:00 PM ET. To participate, please call 1-844-826-3035 or 1-412-317-5195 five to ten minutes prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of
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the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through August 15, 2024 by dialing 1-844-512-2921 or 1-412-317-6671; Passcode: 10189450.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as Northern and Southern California. Founded in 1962, Federal Realty’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 102 properties include approximately 3,400 tenants, in 27 million commercial square feet, and approximately 3,100 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 57 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Safe Harbor Language
Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2024 and include the following:

risks that 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 and subsequent quarterly reports on Form 10-Q.
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Federal Realty Investment Trust
Consolidated Income Statements
June 30, 2024
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income$295,775 $280,388 $586,820 $553,186 
Mortgage interest income277 291 555 552 
Total revenue296,052 280,679 587,375 553,738 
EXPENSES
Rental expenses58,891 55,610 120,550 110,815 
Real estate taxes35,289 32,381 69,349 64,947 
General and administrative12,092 11,913 24,098 24,458 
Depreciation and amortization85,049 78,974 168,453 157,611 
Total operating expenses191,321 178,878 382,450 357,831 
Gain on sale of real estate52,280 — 52,280 1,702 
OPERATING INCOME157,011 101,801 257,205 197,609 
OTHER INCOME/(EXPENSE)
Other interest income1,051 2,422 2,534 3,054 
Interest expense(44,312)(42,884)(88,005)(82,109)
Income from partnerships905 1,665 937 2,181 
NET INCOME114,655 63,004 172,671 120,735 
   Net income attributable to noncontrolling interests(2,673)(2,505)(3,953)(4,901)
NET INCOME ATTRIBUTABLE TO THE TRUST111,982 60,499 168,718 115,834 
Dividends on preferred shares(2,008)(2,008)(4,016)(4,016)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS$109,974 $58,491 $164,702 $111,818 
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders$1.32 $0.72 $1.98 $1.37 
Weighted average number of common shares82,932 81,214 82,768 81,178 
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders$1.32 $0.72 $1.98 $1.37 
Weighted average number of common shares83,563 81,214 82,768 81,178 

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Federal Realty Investment Trust
Consolidated Balance Sheets
June 30, 2024
June 30,December 31,
20242023
(in thousands, except share and per share data)
(unaudited)
ASSETS
Real estate, at cost
Operating (including $1,829,059 and $2,021,622 of consolidated variable interest entities, respectively)
$10,222,540 $9,932,891 
Construction-in-progress (including $9,132 and $8,677 of consolidated variable interest entities, respectively)
553,365 613,296 
10,775,905 10,546,187 
Less accumulated depreciation and amortization (including $410,922 and $416,663 of consolidated variable interest entities, respectively)
(3,054,555)(2,963,519)
Net real estate7,721,350 7,582,668 
Cash and cash equivalents103,234 250,825 
Accounts and notes receivable, net194,611 201,733 
Mortgage notes receivable, net9,170 9,196 
Investment in partnerships33,937 34,870 
Operating lease right of use assets, net86,997 86,993 
Finance lease right of use assets, net6,740 6,850 
Prepaid expenses and other assets265,128 263,377 
TOTAL ASSETS$8,421,167 $8,436,512 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $187,972 and $189,286 of consolidated variable interest entities, respectively)
$515,637 $516,936 
Notes payable, net683,280 601,945 
Senior notes and debentures, net3,354,755 3,480,296 
Accounts payable and accrued expenses176,686 174,714 
Dividends payable93,492 92,634 
Security deposits payable29,805 30,482 
Operating lease liabilities75,950 75,870 
Finance lease liabilities12,726 12,670 
Other liabilities and deferred credits225,465 225,443 
Total liabilities5,167,796 5,210,990 
Commitments and contingencies
Redeemable noncontrolling interests182,558 183,363 
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
150,000 150,000 
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
9,822 9,822 
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, respectively, 83,590,543 and 82,775,286 shares issued and outstanding, respectively
841 833 
Additional paid-in capital4,005,249 3,959,276 
Accumulated dividends in excess of net income(1,177,336)(1,160,474)
Accumulated other comprehensive income7,042 4,052 
Total shareholders’ equity of the Trust2,995,618 2,963,509 
Noncontrolling interests75,195 78,650 
Total shareholders’ equity3,070,813 3,042,159 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$8,421,167 $8,436,512 

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Federal Realty Investment Trust
Funds From Operations / Other Supplemental Information
June 30, 2024
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income$114,655 $63,004 172,671 120,735 
Net income attributable to noncontrolling interests(2,673)(2,505)(3,953)(4,901)
Gain on sale of real estate(52,280)— (52,280)(1,702)
Depreciation and amortization of real estate assets75,157 70,486 149,095 140,990 
Amortization of initial direct costs of leases8,179 7,567 15,916 15,352 
Funds from operations143,038 138,552 281,449 270,474 
Dividends on preferred shares (2)(1,875)(1,875)(3,750)(3,750)
Income attributable to downREIT operating partnership units688 688 1,380 1,381 
Income attributable to unvested shares(514)(505)(1,017)(987)
FFO$141,337 $136,860 $278,062 $267,118 
Weighted average number of common shares, diluted (2)(3)83,657 81,945 83,495 81,911 
FFO per diluted share (3)$1.69 $1.67 $3.33 $3.26 
Dividends and Payout Ratios
Regular common dividends declared$91,085 $88,031 $181,564 $176,064 
Dividend payout ratio as a percentage of FFO64 %64 %65%66%
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions$30,585 $49,560 $68,835 $105,414 
Tenant improvements and incentives23,159 18,423 47,694 38,418 
Total non-maintenance capital expenditures53,744 67,983 116,529 143,832 
Maintenance capital expenditures4,645 4,404 7,860 8,681 
Total capital expenditures$58,389 $72,387 $124,389 $152,513 
Other Information
Leasing costs$6,673 $5,186 $13,085 $9,554 
Share-based compensation expense (non-cash)$3,479 $3,348 $7,639 $7,445 
Noncontrolling Interests Supplemental Information (4)
Property operating income (1)$3,811 $3,826 $6,377 $7,517 
Depreciation and amortization(1,663)(1,844)(3,479)(3,669)
Interest expense(162)(164)(324)(328)
Net income$1,986 $1,818 $2,574 $3,520 
Notes:
(1)See Glossary of Terms.
(2)For the three and six months ended June 30, 2024 and 2023, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted."
(3)The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share for all period presented, but is anti-dilutive for the computation of dilutive EPS for the six months ended June 30, 2024 and the three and six months ended June 30, 2023.
(4)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."
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Federal Realty Investment Trust
Components of Rental Income
June 30, 2024
Components of Rental Income (1)Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(in thousands)
Minimum rents (2)
Commercial$194,551 $184,212 $387,488 $365,554 
Residential26,791 25,243 53,310 49,793 
Cost reimbursements55,647 51,217 112,206 101,941 
Percentage rents3,932 4,371 8,707 8,907 
Other (3)14,238 14,290 26,466 26,330 
Collectibility related impacts (4)616 1,055 (1,357)661 
Total rental income$295,775 $280,388 $586,820 $553,186 
Notes:
(1)All income from tenant leases is reported as a single line item called "rental income." We have provided the above supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation.
(2)Minimum rents include the following:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(in millions)
Straight-line rents$5.5 $2.5 $10.7 $5.0 
Amortization of in-place leases$3.1 $3.2 $6.8 $6.3 
(3)Includes lease termination fees of $1.3 million and $1.6 million for the three months ended June 30, 2024 and 2023, respectively, and $2.0 million and $3.2 million for the six months ended June 30, 2024 and 2023, respectively.
(4)For the three months ended June 30, 2024 and 2023, our collectability related impacts include the collection of approximately $0.8 million and $1.4 million, respectively, and $1.7 million and $3.0 million for the six months ended June 30, 2024 and 2023, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.
10


Federal Realty Investment Trust
Comparable Property Information
June 30, 2024
The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q2 include: Darien Commons, Friendship Center, Huntington Shopping Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q2 2023 to Q2 2024. Comparable Property property operating income ("Comparable Property POI") is a non-GAAP measure used by management in evaluating the operating performance of our properties period over period.
Reconciliation of GAAP operating income to Comparable Property POI
Three Months Ended
June 30,
20242023
(in thousands)
Operating income$157,011 $101,801 
Add:
Depreciation and amortization85,049 78,974 
General and administrative12,092 11,913 
Gain on sale of real estate(52,280)— 
Property operating income (POI)201,872 192,688 
Less: Non-comparable POI - acquisitions/dispositions(2,461)(2,707)
Less: Non-comparable POI - redevelopment, development & other(9,470)(4,267)
Comparable property POI$189,941 $185,714 
Additional information regarding the components of Comparable Property POI
Three Months Ended
June 30,%
20242023Change
(in thousands)
Minimum rents (1)$208,549 $203,152 
Cost reimbursements53,786 50,232 
Other13,514 13,896 
Collectibility related impacts949 1,129 
Total property revenue276,798 268,409 
Rental expenses(53,341)(51,112)
Real estate taxes(33,516)(31,583)
Total property expenses(86,857)(82,695)
Comparable property POI$189,941 $185,714 2.3%
Less:
Lease termination fees(1,306)(1,618)
Prior period rents collected (2)(696)(1,373)
Comparable property POI excluding lease termination fees and prior period rents collected$187,939 $182,723 2.9%
Comparable Property - Summary of Capital Expenditures (3)
Three Months Ended
June 30,
20242023
(in thousands)
Redevelopment and tenant improvements and incentives$36,423 $34,374 
Maintenance capital expenditures4,519 4,162 
$40,942 $38,536 
Comparable Property - Occupancy Statistics (3)
At June 30,
20242023
GLA - comparable commercial properties25,074,000 25,090,000 
Leased % - comparable commercial properties95.1%94.4%
Occupancy % - comparable commercial properties92.8%92.9%
Notes:
(1)For the three months ended June 30, 2024 and 2023, amount includes straight-line rents of $2.6 million and $2.7 million, respectively, and amortization of in-place leases of $3.0 million and $3.1 million, respectively.
(2)Amount represents collection of prior period rents which were contractually deferred or payment renegotiated specifically related to the COVID-19 pandemic.
(3)See page 9 for "Summary of Capital Expenditures" and page 25 for portfolio occupancy statistics for our entire portfolio.
11


Federal Realty Investment Trust
Market Data, Debt Metrics, and Senior Notes and Debentures Covenants
June 30, 2024
June 30,
20242023
(in thousands, except per share data)
Market Data
Common shares outstanding and downREIT operating partnership units (1)84,219 82,153 
Market price per common share$100.97 $96.77 
Common equity market capitalization including downREIT operating partnership units$8,503,592 $7,949,946 
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$8,663,417 $8,109,771 
Total debt$4,553,672 $4,431,636 
Less: cash and cash equivalents(103,234)(98,064)
Total net debt (3)$4,450,438 $4,333,572 
Total market capitalization$13,113,855 $12,443,343 
Leverage and Liquidity Ratios
Total net debt to market capitalization at market price per common share34%35%
Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5)3.6x3.5x
Ratio of EBITDAre to combined fixed charges and preferred share dividends, six months ended (4)(5)
3.6x3.6x
Senior Notes and Debentures Covenants (6)
June 30, 2024Debt Covenant Threshold (7)
Total Debt to Total Assets40%< 60%
Secured Debt to Total Assets5%< 40%
Consolidated Income to Annual Debt Service Charge3.6x> 1.5x
Unencumbered Assets to Unsecured Debt247%> 150%

Notes:
(1)Amounts include 628,419 and 637,031 downREIT operating partnership units outstanding at June 30, 2024 and 2023, respectively.
(2)These shares, issued March 8, 2007, are unregistered.
(3)Total net debt includes mortgages payable, notes payable, senior notes and debentures, net of premiums/discounts and debt issuance costs and net of cash and cash equivalents from our consolidated balance sheet.
(4)EBITDAre is reconciled to net income in the Glossary of Terms.
(5)Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor.
(6)The reference period for calculating these covenants is the most recent twelve months ended June 30, 2024.
(7)For a detailed description of the senior unsecured notes covenants and definitions of the terms, please refer to our filings with the Securities and Exchange Commission.
12


Federal Realty Investment Trust
Summary of Outstanding Debt
June 30, 2024
As of June 30, 2024
Stated maturity dateStated interest rateBalanceWeighted average effective rate (6)
(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%11,375 
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)52,870 
Various Hoboken (14 Buildings)Various through 20293.91% to 5.00%29,364 
Chelsea1/15/20315.36%3,795 
Subtotal517,504 
Net unamortized debt issuance costs and discount(1,867)
Total mortgages payable, net515,637 4.50%
Notes payable
Term loan (4)4/16/2025SOFR + 0.85%600,000 
Revolving credit facility (4)(5)4/5/2027SOFR + 0.775%81,800 
Various Various through 2059Various 2,180 
Subtotal683,980 
Net unamortized debt issuance costs(700)
Total notes payable, net683,280 6.41%(7)
Senior notes and debentures
Unsecured fixed rate
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 
3.25% exchangeable notes1/15/20293.25%485,000 
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 
Subtotal3,379,200 
Net unamortized debt issuance costs and premium(24,445)
Total senior notes and debentures, net3,354,755 3.78%
Total debt, net$4,553,672 
Total fixed rate debt, net$3,872,552 85%3.88%
Total variable rate debt, net681,120 15%6.41%(7)
Total debt, net$4,553,672 100%4.25%(7)
Notes:
(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At June 30, 2024, our share of unconsolidated debt was approximately $62.3 million. At June 30, 2024, our noncontrolling interests' share of mortgages payable was $15.3 million.
(2)We have two one-year extensions, at our option to extend the maturity date to December 28, 2027.
(3)The mortgage loans have interest rate swap agreements that effectively fix the interest rate through the initial maturity date.
(4)Our revolving credit facility SOFR loans bear interest at Daily Simple SOFR or Term SOFR, and our term loan bears interest at Term SOFR as defined in the respective credit agreements, plus 0.10%, plus a spread, based on our current credit rating.
(5)The maximum amount drawn under our $1.25 billion revolving credit facility during both the three and six months ended June 30, 2024 was $202.7 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, for both the three and six months ended June 30, 2024 was 6.2%.
(6)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 7.
(7)The weighted average effective interest rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.
13


Federal Realty Investment Trust
Summary of Debt Maturities
June 30, 2024
YearScheduled AmortizationMaturitiesTotalPercent of Debt MaturingWeighted Average Rate (5)
(in thousands)
2024$2,089 $— $2,089 — %— %
20253,822 44,298 48,120 1.1 %3.9 %
20263,176 1,052,450 (1)1,055,626 23.0 %4.6 %
20272,679 890,682 (2)893,361 19.5 %4.1 %
20282,511 431,800 (3)434,311 9.5 %5.8 %(6)
20292,329 943,105 945,434 20.6 %3.6 %
2030684 400,000 400,684 8.8 %3.7 %
203159 — 59 — %6.0 %
2032— — — — %— %
2033— — — — %— %
Thereafter— 801,000 801,000 17.5 %4.2 %
Total$17,349 $4,563,335 $4,580,684 (4)100.0 %

Notes:
The above table assumes all extension options are exercised.
(1)Our $600.0 million term loan matures on April 16, 2025, plus one one-year extension at our option to April 16, 2026.
(2)Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2025 plus two one-year extensions, at our option to December 28, 2027.
(3)Our $1.25 billion revolving credit facility matures on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. As of June 30, 2024, there was $81.8 million outstanding under this credit facility.
(4)The total debt maturities differ from the total reported on the consolidated balance sheet due to the debt issuance costs and unamortized net premium/discount on certain mortgage loans, notes payable, and senior notes as of June 30, 2024. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 7 years.
(5)The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.
(6)The weighted average rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our $1.25 billion revolving credit facility.
14


Federal Realty Investment Trust
Summary of Redevelopment and Expansion Opportunities
June 30, 2024
The following redevelopment opportunities are actively being worked on by the Trust. (1)
PropertyLocationOpportunityProjected ROI (2)Projected Cost (1)Cost to DateProjected 2024 POI Delivered (2)
(in millions)(in millions)(as a % of Total)
Santana West (3)San Jose, CADevelopment of a 369,000 square foot office building. 170,000 square feet of office space leased.%$315 - $330$249
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. 201,000 square feet of office and 10,000 square feet of retail space leased.%$185 - $200$16045 - 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$11285 - 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$7
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$7560 - 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$17Stabilized
Willow GroveWillow Grove, PADevelopment of a new 17,000 square foot multi-tenant pad building%$11$102024
Santana RowSan Jose, CAInstallation and implementation of paid parking system25 %$3$12025
Pike 7 PlazaVienna, VADevelopment of a new 3,200 square foot pad building pre-leased to a restaurant tenant%$3$3Stabilized
Chelsea CommonsChelsea, MADevelopment of a new 2,500 square foot pre-leased pad building with drive-thru%$3$12025
Active Property Improvement Projects (6)Ongoing improvements at 9 properties to better position those properties to capture a disproportionate amount of retail demand8% - 13%$53$36
Notes:
(1)There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected returns on investment (ROI) and Projected Cost are management's best estimate based on current information and may change over time. Anticipated total cost, and projected ROI, and projected POI delivered are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.
(2)Projected ROI for mixed-use redevelopment/expansion projects reflects the unleveraged Property Operating Income (POI) generated by the project and is calculated as POI divided by cost. Projected POI delivered includes straight line rent.
(3)Projected costs for Pike & Rose include an allocation of infrastructure costs for the entire project. Santana West includes an allocation of infrastructure for the Santana West site.
(4)Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental POI generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects generally does not include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property but may for certain property improvement projects.
(5)Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time.
(6)Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor amenity spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, improve market rents, drive leasing demand, and/or provide outdoor spaces critical to meeting the needs of the current environment. Returns on these projects are typically seen over one to five years, however, some projects could extend beyond that. Projected ROI range reflects management's best estimate of the long term expected return on cost of these investments.
15


Federal Realty Investment Trust
Future Redevelopment and Expansion Opportunities
June 30, 2024
We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.
Redevelopment Opportunities
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
Huntington SquareEast Northport, NYü
Mercer on OneLawrenceville, 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
Virginia GatewayGainesville, VAü
Willow GroveWillow Grove, PAüü
Willow LawnRichmond, VAü
Notes:
(1)Remaining entitlements at Assembly Row include approximately 1.5 million square feet of commercial-use buildings and 326 residential units.
(2)Remaining entitlements at Pike & Rose include approximately 530,000 square feet of commercial-use buildings and 741 residential units.
(3)Remaining entitlements at Santana Row include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space across from Santana Row.
(4)Property expansion/conversion includes opportunities at successful retail properties to convert previously underutilized land into new GLA, to convert other existing uses into more productive uses for the property, and/or to add both single tenant and multi-tenant stand alone pad buildings.
(5)Residential includes opportunities to add residential units to existing retail and mixed-use properties.
16


Federal Realty Investment Trust
2024 Transactions
June 30, 2024

Property Acquisitions
DatePropertyCity/StateGLAPurchase PricePrincipal Tenants
(in square feet)(in millions)
May 31, 2024Virginia GatewayGainesville, Virginia664,000 $215.0 Giant Food / HomeGoods / Total Wine & More / Best Buy / Ulta
July 31, 2024Pinole Vista CrossingPinole, California216,000 $60.0 FoodMaxx / TJ Maxx / Nordstrom Rack / HomeGoods / Ulta
Other Investment Transaction
On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for $12.4 million, bringing our ownership to 100%.
Property Disposition
DatePropertyCity/StateSales Price
(in millions)
June 5, 2024Third Street PromenadeSanta Monica, California$103.0 
Financing Transactions
Issuance of Common Shares
During the six months ended June 30, 2024, we sold 713,821 common shares (of which, 76,000 settled on July 1, 2024), for gross proceeds of $73.0 million.
Issuance of Debt
Issuance DateDebtPrincipal AmountStated Interest RateMaturity Date
(in millions)
January 11, 20243.25% Exchangeable Senior Notes (1)$485.0 3.25 %January 15, 2029
(1)See our Form 8-K filing on January 11, 2024 and Note 4 of our June 30, 2024 Form 10-Q for additional information on this transaction.
Repayment of Debt
The following senior unsecured note was repaid at maturity:
Repayment DateDebtPayoff Amount
(in millions)
January 16, 20243.95% Senior Notes $600.0 


17


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2024
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)Residential Units Grocery Anchor GLAGrocery Anchor (2)Other Retail Tenants
(in thousands)
  Washington Metropolitan Area
Barcroft PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV$51,687 10 113,000 98 %46,000 Harris Teeter
Bethesda Row(4)Washington-Arlington-Alexandria, DC-VA-MD-WV268,485 17 530,000 97 %18040,000 Giant FoodApple / Equinox / Anthropologie / Nike Live / Multiple Restaurants
Birch & BroadWashington-Arlington-Alexandria, DC-VA-MD-WV26,100 10 144,000 100 %51,000 Giant FoodCVS / Staples
Chesterbrook (3)Washington-Arlington-Alexandria, DC-VA-MD-WV47,361 89,000 80 %35,000 SafewayStarbucks
Congressional Plaza(3)Washington-Arlington-Alexandria, DC-VA-MD-WV110,175 21 325,000 94 %19425,000 The Fresh MarketUlta / Barnes & Noble / Container Store / Buy Buy Baby
Courthouse CenterWashington-Arlington-Alexandria, DC-VA-MD-WV7,497 33,000 74 %
Fairfax Junction(5)Washington-Arlington-Alexandria, DC-VA-MD-WV46,379 11 124,000 95 %23,000 AldiCVS / Planet Fitness
Federal PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV73,886 18 249,000 93 %14,000 Trader Joe'sTJ Maxx / Micro Center / Ross Dress for Less
Friendship CenterWashington-Arlington-Alexandria, DC-VA-MD-WV37,685 54,000 100 %Marshalls / Maggiano's
Gaithersburg SquareWashington-Arlington-Alexandria, DC-VA-MD-WV39,707 16 204,000 99 %Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS
Graham Park PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV28,092 10 133,000 92 %58,000 Giant Food
Idylwood PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV18,104 73,000 99 %30,000 Whole Foods
Kingstowne Towne CenterWashington-Arlington-Alexandria, DC-VA-MD-WV211,425 45 411,000 100 %135,000 Giant Food / SafewayTJ Maxx / HomeGoods / Five Below / Ross Dress for Less
LaurelWashington-Arlington-Alexandria, DC-VA-MD-WV62,198 26 367,000 94 %61,000 Giant FoodMarshalls / L.A. Fitness / HomeGoods
Montrose CrossingWashington-Arlington-Alexandria, DC-VA-MD-WV172,511 36 369,000 100 %73,000 Giant Food / Target (S)Marshalls / Home Depot Design Center / Old Navy / Burlington
Mount Vernon/South Valley/7770 Richmond Hwy(5)Washington-Arlington-Alexandria, DC-VA-MD-WV97,362 40 565,000 98 %62,000 Shoppers Food WarehouseTJ Maxx / Home Depot / Old Navy / Burlington
Old Keene MillWashington-Arlington-Alexandria, DC-VA-MD-WV18,129 10 90,000 97 %14,000 TBAWalgreens / Planet Fitness
Pan AmWashington-Arlington-Alexandria, DC-VA-MD-WV32,741 25 228,000 94 %65,000 SafewayMicro Center / CVS / Michaels
Pike & RoseWashington-Arlington-Alexandria, DC-VA-MD-WV875,273 24 854,000 100 %765Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants
Pike 7 PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV56,559 13 175,000 97 %24,000 LidlTJ Maxx / DSW / Ulta
Plaza del MercadoWashington-Arlington-Alexandria, DC-VA-MD-WV46,843 10 116,000 94 %18,000 AldiCVS / L.A. Fitness
Quince Orchard(4)Washington-Arlington-Alexandria, DC-VA-MD-WV41,402 16 271,000 87 %19,000 AldiHomeGoods / L.A. Fitness / Staples
Tower Shopping CenterWashington-Arlington-Alexandria, DC-VA-MD-WV26,952 12 111,000 100 %26,000 L.A. MartTotal Wine & More / Talbots
Twinbrooke Shopping CentreWashington-Arlington-Alexandria, DC-VA-MD-WV36,807 10 101,000 91 %35,000 SafewayWalgreens
18


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2024
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)Residential Units Grocery Anchor GLAGrocery Anchor (2)Other Retail Tenants
(in thousands)
Tyson's StationWashington-Arlington-Alexandria, DC-VA-MD-WV6,890 48,000 92 %15,000 Trader Joe's
Village at Shirlington(4)Washington-Arlington-Alexandria, DC-VA-MD-WV74,530 16 276,000 88 %28,000 Harris TeeterCVS / AMC / Multiple Restaurants
Virginia GatewayWashington-Arlington-Alexandria, DC-VA-MD-WV208,327 110 664,000 97 %70,000 Giant Food / Target (S) / BJ's Wholesale Club (S)HomeGoods / Total Wine & More / Best Buy / Ulta / Lowes (S)
WestpostWashington-Arlington-Alexandria, DC-VA-MD-WV117,903 14 298,000 100 %79,000 Harris Teeter / TargetTJ Maxx / Ulta / Walgreens / DSW
WildwoodWashington-Arlington-Alexandria, DC-VA-MD-WV28,919 12 88,000 100 %20,000 Balducci'sCVS / Multiple Restaurants
Total Washington Metropolitan Area2,869,929 556 7,103,000 96 %
  California
Azalea(3)Los Angeles-Long Beach-Anaheim, CA109,540 22 226,000 100 %Walmart (S)Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens(3)(4)Los Angeles-Long Beach-Anaheim, CA119,273 32 371,000 98 %108,000Food 4 Less / El SuperMarshalls / Ross Dress for Less / Bob's Discount Furniture
Colorado Blvd(4)Los Angeles-Long Beach-Anaheim, CA13,994 42,000 73 %Banana Republic / True Food Kitchen
Crow Canyon CommonsSan Francisco-Oakland-Hayward, CA92,914 22 239,000 85 %32,000SproutsTotal Wine & More / Alamo Ace Hardware
East Bay BridgeSan Francisco-Oakland-Hayward, CA178,856 32 440,000 98 %199,000Pak-N-Save / TargetHome Depot / Nordstrom Rack / Michaels
Escondido PromenadeSan Diego-Carlsbad, CA135,239 18 298,000 98 %Target (S)TJ Maxx / Dick’s Sporting Goods / Ross Dress for Less / Bob's Discount Furniture
Fourth Street(3)San Francisco-Oakland-Hayward, CA27,781 71,000 47 %CB2
Freedom Plaza(3)(4)Los Angeles-Long Beach-Anaheim, CA44,224 114,000 96 %31,000Smart & FinalNike / Blink Fitness / Ross Dress for Less
Grossmont Center(3)San Diego-Carlsbad, CA177,010 64 877,000 97 %294,000Target / WalmartBarnes & Noble / Macy's / CVS
Hastings Ranch Plaza(4)Los Angeles-Long Beach-Anaheim, CA25,790 15 273,000 100 %Marshalls / HomeGoods / CVS
Hollywood BlvdLos Angeles-Long Beach-Anaheim, CA62,082 181,000 86 %39,000TargetMarshalls / L.A. Fitness / CVS
Kings Court(4)(5)San Jose-Sunnyvale-Santa Clara, CA 11,615 81,000 93 %31,000Lunardi'sCVS
Old Town CenterSan Jose-Sunnyvale-Santa Clara, CA 44,517 98,000 84 %Anthropologie / Sephora / Arhaus Furniture / Teleferic Barcelona
Olivo at Mission Hills(3)Los Angeles-Long Beach-Anaheim, CA82,910 12 155,000 100 %32,000Target24 Hour Fitness / Ross Dress for Less / Ulta
Plaza Del Sol(3)Los Angeles-Long Beach-Anaheim, CA17,954 48,000 93 %Superior Grocers (S)Marshalls
Plaza El Segundo / The PointLos Angeles-Long Beach-Anaheim, CA311,800 50 502,000 98 %66,000Whole FoodsNordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center(4)(5)San Jose-Sunnyvale-Santa Clara, CA 52,247 22 213,000 100 %141,000Trader Joe's / Walmart24 Hour Fitness
Santana Row(4)San Jose-Sunnyvale-Santa Clara, CA 1,334,971 45 1,231,000 98 %662Crate & Barrel / Container Store / Best Buy / Sephora /Multiple Restaurants
Sylmar Towne Center(3)Los Angeles-Long Beach-Anaheim, CA47,239 12 148,000 92 %43,000Food 4 LessCVS
Westgate CenterSan Jose-Sunnyvale-Santa Clara, CA 158,670 44 649,000 92 %210,000Target / TBANordstrom Rack / Nike Factory / TJ Maxx / Ross Dress for Less
Total California3,048,626 426 6,257,000 95 %
  NY Metro/New Jersey
Brick Plaza(4)New York-Newark-Jersey City, NY-NJ-PA107,592 46 403,000 95 %14,000Trader Joe'sAMC / HomeGoods / Ulta / Burlington
Brook 35(3) (5)New York-Newark-Jersey City, NY-NJ-PA52,489 11 98,000 94 %Banana Republic / Gap
Darien CommonsBridgeport-Stamford-Norwalk, CT151,464 101,000 93 %124Equinox / Walgreens / Multiple Restaurants
19


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2024
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)Residential Units Grocery Anchor GLAGrocery Anchor (2)Other Retail Tenants
(in thousands)
Fresh MeadowsNew York-Newark-Jersey City, NY-NJ-PA96,777 17 408,000 98 %43,000Island of Gold / LidlAMC / Kohl's / Planet Fitness
Georgetowne Shopping CenterNew York-Newark-Jersey City, NY-NJ-PA86,600 147,000 92 %43,000FoodwayFive Below / IHOP
Greenlawn PlazaNew York-Newark-Jersey City, NY-NJ-PA34,032 13 103,000 83 %46,000Greenlawn FarmsPlanet Fitness
Greenwich AvenueBridgeport-Stamford-Norwalk, CT23,748 35,000 100 %Saks Fifth Avenue
HauppaugeNew York-Newark-Jersey City, NY-NJ-PA39,794 15 134,000 95 %61,000Shop RiteTJ Maxx / Five Below
Hoboken (3) (6) New York-Newark-Jersey City, NY-NJ-PA228,726 171,000 98 %129Nike Live / CVS / New York Sports Club / Sephora / Multiple Restaurants
HuntingtonNew York-Newark-Jersey City, NY-NJ-PA109,773 21 207,000 98 %43,000Whole FoodsPetsmart / Michaels / REI / Ulta / Container Store
Huntington SquareNew York-Newark-Jersey City, NY-NJ-PA51,835 18 244,000 94 %20,000TBA / Stop & Shop (S)At Home / AMC
Melville Mall(4)New York-Newark-Jersey City, NY-NJ-PA105,161 21 253,000 100 %53,000Uncle Giuseppe's MarketplaceMarshalls / Dick's Sporting Goods / Macy's Backstage / Public Lands
Mercer on One(4)Trenton, NJ120,414 50 549,000 99 %75,000Shop RiteNike / Ross Dress for Less / Nordstrom Rack / REI / Tesla
The Grove at Shrewsbury(3) (5)New York-Newark-Jersey City, NY-NJ-PA134,680 21 192,000 100 %Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
Troy HillsNew York-Newark-Jersey City, NY-NJ-PA39,717 19 211,000 97 %65,000TargetMichaels
Total NY Metro/New Jersey1,382,802 275 3,256,000 97 %
New England
Assembly Row / Assembly Square MarketplaceBoston-Cambridge-Newton, MA-NH1,132,677 65 1,212,000 96 %94718,000Trader Joe'sTJ Maxx / AMC / Nike / Multiple Restaurants
Campus PlazaBoston-Cambridge-Newton, MA-NH31,979 15 114,000 95 %46,000Roche Bros.Burlington / Five Below
Chelsea CommonsBoston-Cambridge-Newton, MA-NH39,072 36 230,000 100 %Home Depot / Planet Fitness / CVS / Burlington
Dedham PlazaBoston-Cambridge-Newton, MA-NH52,387 20 254,000 92 %80,000Star MarketPlanet Fitness
Linden SquareBoston-Cambridge-Newton, MA-NH158,267 19 224,000 97 %750,000Roche Bros.CVS / Multiple Restaurants
North DartmouthProvidence-Warwick, RI-MA9,369 28 48,000 100 %48,000Stop & Shop
Queen Anne PlazaBoston-Cambridge-Newton, MA-NH19,691 17 149,000 99 %50,000Big Y FoodsTJ Maxx / HomeGoods
Total New England1,443,442 200 2,231,000 97 %
  Philadelphia Metropolitan Area
AndorraPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD34,447 22 252,000 97 %31,000TBATJ Maxx / Kohl's / L.A. Fitness / Five Below
Bala CynwydPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD73,392 23 174,000 99 %8745,000Acme MarketsMichaels / L.A. Fitness
EllisburgPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD39,635 28 260,000 97 %47,000Whole FoodsFive Below / RH Outlet / Buy Buy Baby
FlourtownPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD19,918 24 158,000 97 %75,000Giant FoodMovie Tavern
Langhorne SquarePhiladelphia-Camden-Wilmington, PA-NJ-DE-MD24,650 21 224,000 98 %55,000Redner's Warehouse MarketsMarshalls / Planet Fitness
Lawrence ParkPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD66,970 29 357,000 99 %53,000Acme MarketsTJ Maxx / HomeGoods / Barnes & Noble
NortheastPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD35,923 15 209,000 86 %Lidl (S)Marshalls / Ulta / Skechers / Crunch Fitness
20


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2024
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)Residential Units Grocery Anchor GLAGrocery Anchor (2)Other Retail Tenants
(in thousands)
Willow GrovePhiladelphia-Camden-Wilmington, PA-NJ-DE-MD52,568 13 83,000 98 %31,000TBAMarshalls / Five Below
WynnewoodPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD44,863 14 240,000 77 %998,000Giant FoodOld Navy / DSW
Total Philadelphia Metropolitan Area392,366 189 1,957,000 94 %
  South Florida
CocoWalk(7)Miami-Fort Lauderdale-West Palm Beach, FL205,523 277,000 100 %Cinepolis Theaters / Youfit Health Club / Multiple Restaurants
Del Mar VillageMiami-Fort Lauderdale-West Palm Beach, FL76,070 17 187,000 96 %44,000Winn DixieCVS / L.A. Fitness
Shops at Pembroke GardensMiami-Fort Lauderdale-West Palm Beach, FL183,857 41 391,000 98 %Nike Factory / Old Navy / DSW / Barnes & Noble
Tower ShopsMiami-Fort Lauderdale-West Palm Beach, FL106,081 67 431,000 99 %12,000Trader Joe'sTJ Maxx / Ross Dress For Less / Best Buy / Ulta
Total South Florida571,531 128 1,286,000 98 %
  Baltimore
Governor PlazaBaltimore-Columbia-Towson, MD35,643 24 243,000 100 %16,500AldiDick's Sporting Goods / Ross Dress for Less / Petco / Bob's Discount Furniture
Perring PlazaBaltimore-Columbia-Towson, MD43,46729 397,000 94 %57,000Giant FoodHome Depot / Dick's Sporting Goods / Micro Center
THE AVENUE at White Marsh(5)Baltimore-Columbia-Towson, MD136,008 35 315,000 96 %AMC / Ulta / Old Navy / Nike
The Shoppes at Nottingham SquareBaltimore-Columbia-Towson, MD19,606 33,000 100 %
White Marsh PlazaBaltimore-Columbia-Towson, MD27,000 80,000 96 %54,000Giant Food
White Marsh OtherBaltimore-Columbia-Towson, MD27,935 16 56,000 100 %
Total Baltimore289,659 115 1,124,000 97 %
  Chicago
CrossroadsChicago-Naperville-Elgin, IL-IN-WI36,776 14 168,000 95 %L.A. Fitness / Ulta / Binny's / Ferguson's Bath, Kitchen & Lighting Gallery
Finley SquareChicago-Naperville-Elgin, IL-IN-WI39,850 21 281,000 53 %Michaels / Five Below / Portillo's
Garden MarketChicago-Naperville-Elgin, IL-IN-WI16,821 11 139,000 97 %63,000Mariano's Fresh MarketWalgreens
Riverpoint CenterChicago-Naperville-Elgin, IL-IN-WI122,686 17 211,000 95 %86,000Jewel OscoMarshalls / Old Navy
Total Chicago216,133 63 799,000 81 %
  Other
Barracks RoadCharlottesville, VA75,958 40 495,000 90 %99,000Harris Teeter / KrogerAnthropologie / Old Navy / Ulta / Michaels
Bristol PlazaHartford-West Hartford-East Hartford, CT37,200 22 264,000 88 %74,000Stop & ShopTJ Maxx / Burlington
Camelback Colonnade(3)Phoenix-Mesa-Chandler, AZ181,049 41 642,000 90 %82,000Fry's Food & DrugMarshalls / Nordstrom Last Chance / Best Buy / Floor & Décor
Gratiot PlazaDetroit-Warren-Dearborn, MI20,031 20 205,000 99 %69,000KrogerBest Buy / DSW
21


Federal Realty Investment Trust
Real Estate Status Report
June 30, 2024
Property NameMSA DescriptionReal Estate at CostAcreageGLA (1)% Leased (1)Residential Units Grocery Anchor GLAGrocery Anchor (2)Other Retail Tenants
(in thousands)
Hilton Village(3)(4)Phoenix-Mesa-Chandler, AZ87,444 18 305,000 91 %CVS / Houston's
Lancaster(4)Lancaster, PA8,806 11 126,000 100 %75,000Giant FoodAutoZone
29th PlaceCharlottesville, VA40,808 15 168,000 98 %HomeGoods / DSW / Staples
Willow LawnRichmond, VA110,121 37 463,000 99 %66,000KrogerOld Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta
Total Other561,417 204 2,668,000 93 %
Grand Total$10,775,905 2,156 26,681,000 95 %3,104
Notes:
(1)Represents the GLA and the percentage leased of the commercial portion of the property. Some of our properties include office space which is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.
(2)TBA indicates that a lease is signed.
(3)
The Trust has a controlling financial interest in this property.
(4)All or a portion of this property is owned pursuant to a ground lease.
(5)All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(6)This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.
(7)This property includes CocoWalk and four buildings in Coconut Grove.
(S)Grocer is a shadow anchor located adjacent to the property, but is not part of the owned property.
22


Federal Realty Investment Trust
Retail Leasing Summary (1)
June 30, 2024
Total Lease Summary - Comparable (2)
QuarterNumber of Leases Signed% of Comparable Leases SignedGLA SignedContractual Rent (3) Per Sq. Ft. (PSF)Prior Rent (4) PSF Annual Increase in RentCash Basis % Increase Over Prior RentStraight-lined Basis % Increase Over Prior RentWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
2nd Quarter 2024122 100 %594,361 $37.72 $34.29 $2,039,521 10 %23 %8.0 $15,045,191 $25.31 
1st Quarter 2024104 100 %566,865 $36.39 $33.30 $1,750,831 %20 %7.2 $15,902,708 $28.05 
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 
Total - 12 months426 100 %2,107,752 $37.80 $34.27 $7,450,874 10 %22 %7.8 $61,950,694 $29.39 
New Lease Summary - Comparable (2)
QuarterNumber of Leases Signed% of Comparable Leases SignedGLA SignedContractual Rent (3) PSFPrior Rent (4) PSFAnnual Increase in RentCash Basis % Increase Over Prior RentStraight-lined Basis % Increase Over Prior RentWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
2nd Quarter 202452 43 %313,365 $34.58 $30.83 $1,173,072 12 %26 %9.4 $14,209,970 $45.35 
1st Quarter 202442 40 %222,415 $39.45 $32.99 $1,438,272 20 %34 %9.5 $14,313,788 $64.36 
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 
Total - 12 months195 46 %1,181,084 $34.10 $29.70 $5,199,263 15 %28 %9.9 $58,439,711 $49.48 
Renewal Lease Summary - Comparable (2) (7)
QuarterNumber of Leases Signed% of Comparable Leases SignedGLA SignedContractual Rent (3) PSFPrior Rent (4) PSFAnnual Increase in RentCash Basis % Increase Over Prior RentStraight-lined Basis % Increase Over Prior RentWeighted Average Lease Term (5)Tenant Improvements & Incentives (6)Tenant Improvements & Incentives PSF
2nd Quarter 202470 57 %280,996 $41.24 $38.15 $866,449 %21 %6.6 $835,221 $2.97 
1st Quarter 202462 60 %344,450 $34.41 $33.51 $312,559 %10 %5.5 $1,588,920 $4.61 
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 
Total - 12 months231 54 %926,668 $42.51 $40.08 $2,251,611 %16 %5.8 $3,510,983 $3.79 
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
2nd Quarter 2024124 98 %600,669 $37.77 8.0 $15,045,191 $25.05 
1st Quarter 2024111 94 %587,329 $36.94 7.4 $16,427,528 $27.97 
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 
Total - 12 months442 96 %2,151,872 $38.09 7.9 $63,832,129 $29.66 
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
2nd Quarter 2024149 805,880 $36.03 7.3 $15,045,191 $18.67 
1st Quarter 2024143 831,076 $34.55 6.8 $16,427,528 $19.77 
4th Quarter 2023139 696,428 $38.73 6.8 $14,057,750 $20.19 
3rd Quarter 2023137 1,047,182 $28.19 7.6 $18,301,660 $17.48 
Total - 12 months568 3,380,566 $33.79 7.1 $63,832,129 $18.88 
Notes:
(1)Information reflects activity in retail spaces only for consolidated properties; office and residential spaces are not included. See Glossary of Terms for further discussion of information included above.
(2)Comparable leases represent those leases signed on spaces for which there was a former tenant. Contractual option exercises are not included unless they are fair market value options.
(3)Contractual rent represents annual rent under the new lease.
(4)Prior rent represents contractual rent, including percentage rent, from the prior tenant in the final 12 months of the term.
(5)Weighted average is determined on the basis of contractual rent for the lease.
(6)See Glossary of Terms.
(7)Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new.
(8)The Number of Leases Signed, GLA Signed, Contractual Rent Per Sq. Ft. and Weighted Average Lease Term columns include information for leases signed at Phase III of Assembly Row and Phase IV of Pike & Rose. The Tenant Improvements & Incentives and Tenant Improvements & Incentives Per Sq. Ft. columns do not include the tenant improvements and incentives on leases signed for those projects; these amounts for leases signed are included in the projected costs for the respective projects.
(9)Option exercises reflect a fixed rate contractual option under the lease agreement that was exercised during the period reflected.
23


Federal Realty Investment Trust
Lease Expirations
June 30, 2024
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)
2024511,000 %$17.88 329,000 %$35.27 840,000 %$24.69 
20251,741,000 10 %$19.98 1,051,000 13 %$39.53 2,792,000 11 %$27.34 
20261,418,000 %$19.04 1,032,000 12 %$49.04 2,450,000 10 %$31.68 
20272,078,000 13 %$25.65 1,063,000 13 %$51.46 3,141,000 13 %$34.39 
20281,712,000 10 %$20.87 1,048,000 13 %$50.39 2,760,000 11 %$32.08 
20292,230,000 13 %$24.73 1,118,000 13 %$48.30 3,349,000 14 %$32.60 
20301,015,000 %$20.20 541,000 %$49.07 1,556,000 %$30.23 
2031783,000 %$26.92 476,000 %$46.85 1,259,000 %$34.45 
20321,647,000 10 %$29.07 604,000 %$46.31 2,251,000 %$33.70 
2033963,000 %$24.63 501,000 %$46.86 1,463,000 %$32.24 
Thereafter2,415,000 15 %$26.83 562,000 %$49.92 2,977,000 12 %$31.18 
Total (3)16,513,000 100 %$23.80 8,325,000 100 %$47.28 24,838,000 100 %$31.67 
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)
2024414,000 %$18.82 326,000 %$34.49 740,000 %$25.72 
2025691,000 %$21.19 777,000 %$37.53 1,469,000 %$29.84 
2026526,000 %$15.78 612,000 %$49.01 1,139,000 %$33.66 
2027514,000 %$20.94 572,000 %$50.73 1,085,000 %$36.64 
2028411,000 %$20.00 567,000 %$47.69 978,000 %$36.05 
2029616,000 %$26.50 621,000 %$47.60 1,237,000 %$37.09 
2030393,000 %$21.71 452,000 %$47.79 845,000 %$35.66 
2031382,000 %$20.62 396,000 %$49.59 778,000 %$35.36 
2032370,000 %$32.09 471,000 %$51.95 841,000 %$43.20 
2033242,000 %$24.10 360,000 %$53.95 601,000 %$41.96 
Thereafter11,954,000 72 %$24.50 3,171,000 38 %$48.08 15,125,000 61 %$29.45 
Total (3)16,513,000 100 %$23.80 8,325,000 100 %$47.28 24,838,000 100 %$31.67 

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

24


Federal Realty Investment Trust
Portfolio Leased Statistics
June 30, 2024
As of:
June 30, 2024March 31, 2024June 30, 2023
Commercial Properties
Overall Portfolio (1)(2)
Gross Leasable Area (GLA)26,681,00026,198,00025,951,000
Leased %95.3 %94.3 %94.3 %
Occupied %93.1 %92.0 %92.8 %
Leased % - anchor tenants96.7 %95.8 %96.4 %
Leased % - small shop tenants92.5 %91.4 %90.2 %
Active commercial tenant leases3,4203,3033,270
Comparable Properties (1)
GLA 25,074,00025,109,00025,090,000
Leased %95.1 %94.4 %94.4 %
Occupied %92.8 %92.0 %92.9 %
Residential Properties
Overall Portfolio (1)(2)
Residential units3,1043,1043,103
Leased %97.6 %96.3 %97.6 %
Comparable Properties (1)
Residential units2,9802,9802,980
Leased %97.5 %96.2 %98.3 %

Notes:
(1)See Glossary of terms.
(2)Excludes redevelopment square footage and residential units not yet placed in service.
25


Federal Realty Investment Trust
Summary of Top 25 Tenants
June 30, 2024
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$24,031,000 2.69 %1,173,000 3.97 %38 
Ahold DelhaizeBBB+ / Baa1$17,274,000 1.93 %903,000 3.05 %14 
NetApp, Inc.BBB+ / Baa2$15,212,000 1.70 %304,000 1.03 %
Cisco Systems, Inc.AA- / A1$14,897,000 1.67 %268,000 0.91 %
CVS CorporationBBB / Baa2$11,432,000 1.28 %288,000 0.97 %21 
Gap, Inc., TheBB / Ba3$11,154,000 1.25 %321,000 1.09 %30 
L.A. Fitness International LLCB / B2$9,374,000 1.05 %354,000 1.20 %
Albertsons Companies Inc. (Acme, Balducci's, Safeway)BB+ / Ba2$8,495,000 0.95 %544,000 1.84 %10 
Ross Stores, Inc.BBB+ / A2$7,856,000 0.88 %365,000 1.23 %13 
10 Home Depot, Inc.A / A2$7,485,000 0.84 %478,000 1.62 %
11 AMC Entertainment Inc.CCC+ / Caa2$7,240,000 0.81 %283,000 0.96 %
12 Kroger Co., TheBBB / Baa1$7,172,000 0.80 %611,000 2.07 %12 
13 KnitWell Group (Ann Taylor, Chico's, Loft, Talbots, White House Black Market, Soma)NR / NR$7,101,000 0.79 %174,000 0.59 %34 
14 PUMA North America, Inc.NR / NR$6,985,000 0.78 %155,000 0.52 %
15 Dick's Sporting Goods, Inc.BBB / Baa3$6,856,000 0.77 %358,000 1.21 %
16 Bank of America, N.A.A- / A1$6,822,000 0.76 %115,000 0.39 %22 
17 Target CorporationA / A2$6,375,000 0.71 %627,000 2.12 %
18 Ulta Beauty, Inc.NR / NR$6,178,000 0.69 %182,000 0.62 %17 
19 Whole Foods Market, Inc.AA- / A1$5,859,000 0.66 %186,000 0.63 %
20 Michaels Stores, Inc.B- / B3$5,806,000 0.65 %316,000 1.07 %14 
21 Choice Hotels International, Inc.BBB- / Baa3$5,607,000 0.63 %110,000 0.37 %
22 Starbucks CorporationBBB+ / Baa1$5,265,000 0.59 %77,000 0.26 %42 
23 JPMorgan Chase BankA- / A1$5,240,000 0.59 %83,000 0.28 %20 
24 Hudson's Bay Company (Saks)NR / NR$5,155,000 0.58 %100,000 0.34 %
25 Wells Fargo Bank, N.A.BBB+ / A1$5,049,000 0.56 %63,000 0.21 %15 
Totals - Top 25 Tenants$219,920,000 24.59 %8,438,000 28.54 %350 
Total (5):$894,228,000 (2)29,569,000 (4)
Notes:
(1)Credit Ratings are as of June 30, 2024. Subsequent rating changes have not been reflected.
(2)See Glossary of Terms.
(3)Individual items may not add up to total due to rounding.
(4)Excludes redevelopment square footage not yet placed in service.
(5)Totals reflect both the commercial and residential portions of our properties.



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Federal Realty Investment Trust
Reconciliation of FFO Guidance
June 30, 2024


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


Full Year 2024 Guidance Range
LowHigh
Estimated net income available to common shareholders, per diluted share$3.33 $3.51 
Adjustments:
Estimated gain on sale of real estate, net(0.62)(0.62)
Estimated depreciation and amortization3.99 3.99 
Estimated FFO per diluted share$6.70 $6.88 
Note:
See Glossary of Terms. Individual items may not add up to total due to rounding.


Guidance Assumptions (1):
Comparable properties growth2.25% - 3.5%
Comparable properties growth excluding prior period rents and lease termination fees3% - 4%
Prior period rents (2)$2 - $3 million
Lease termination fees$4 - $6 million
Incremental redevelopment/expansion POI (3)$9 - $12 million
General and administrative expenses$48 - $51 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 July 31, 2024.
(2)Reflects amounts which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.
(3)Includes the expected additional POI to be recognized in 2024 compared to the amount recognized in 2023 from all of the redevelopments listed on page 15. Does not include any additional POI from "Active Property Improvement Projects."
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Glossary of Terms
EBITDA for Real Estate ("EBITDAre"): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("NAREIT") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain or loss on sale of real estate, impairments of real estate and change in control of interest, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We calculate EBITDAre consistent with the NAREIT definition. As EBITDA is a widely known and understood measure of performance, management believes EBITDAre represents an additional non-GAAP performance measure, independent of a company's capital structure, that will provide investors with a uniform basis to measure the enterprise value of a company. EBITDAre also approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three and six months ended June 30, 2024 and 2023 is as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(in thousands)
Net income $114,655 $63,004 $172,671 $120,735 
Interest expense44,312 42,884 88,005 82,109 
Other interest income(1,051)(2,422)(2,534)(3,054)
Income tax provision321 276 223 340 
Depreciation and amortization85,049 78,974 168,453 157,611 
Gain on sale of real estate(52,280)— (52,280)(1,702)
Adjustments of EBITDAre of unconsolidated affiliates1,898 2,800 3,942 6,254 
EBITDAre$192,904 $185,516 $378,480 $362,293 

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.
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