Federal Realty Investment Trust · Earnings release

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

TABLE OF CONTENTS

1

Fourth Quarter 2024 Earnings Press Release

3

2

Financial Highlights

Consolidated Income Statements

8

Consolidated Balance Sheets

9

Funds From Operations / Other Supplemental Information

Components of Rental Income

Comparable Property Information

Market Data, Debt Metrics, and Senior Notes and Debentures Covenants

3

Summary of Debt

Summary of Outstanding Debt

Summary of Debt Maturities

4

Summary of Redevelopment and Expansion Opportunities

5

Future Redevelopment and Expansion Opportunities

6

Significant Transactions

7

Real Estate Status Report

8

Retail Leasing Summary

9

Lease Expirations

Portfolio Leased Statistics

Summary of Top 25 Tenants

Reconciliation of FFO Guidance

Glossary of Terms

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 13, 2025, 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 worldwide pandemics), 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 13, 2025.

2

NEWS RELEASE

www.federalrealty.com

FOR IMMEDIATE RELEASE

Investor Inquiries:

Media Inquiries:

Leah Andress Brady

Brenda Pomar

Vice President, Investor Relations

Senior Director, Corporate Communications

lbrady@federalrealty.com

bpomar@federalrealty.com

Federal Realty Investment Trust Announces Operating Results for the Year and Quarter Ended December 31, 2024

NORTH BETHESDA, Md. (February 13, 2025) - Federal Realty Investment Trust (NYSE:FRT) today announced its operating results for the fourth quarter and full year ended December 31, 2024. Net income available for common shareholders was $3.42 per diluted share for the full year 2024 and $0.75 per diluted share for the fourth quarter, compared to $2.80 and $0.76 per diluted share for the same periods in 2023, respectively. Operating income for 2024 totaled $472.4 million, with $109.3 million in the fourth quarter, compared to $406.5 million and $108.8 million, respectively, in 2023.

Highlights for the full year, fourth quarter and subsequent to quarter-end include:

•Generated funds from operations available to common shareholders (FFO) per diluted share of $6.77 for the year, compared to $6.55 in 2023. For the fourth quarter, generated FFO per diluted share of $1.73, compared to $1.64 for the fourth quarter 2023.

•Generated comparable property operating income (POI) excluding lease termination fees and prior period rents collected growth of 3.4% for the year 2024 and 4.2% for the fourth quarter.

•Record-breaking leasing in 2024:

◦Achieved the highest annual comparable leasing volume on record with 452 signed comparable leases for 2.4 million square feet at an 11% cash basis rollover, and

◦Achieving the highest quarterly comparable leasing volume on record with 100 signed comparable retail leases totaling 649,372 square feet in the fourth quarter at a 10% cash basis rollover.

•As of December 31, 2024, Federal Realty's commercial portfolio was:

◦94.1% occupied, a +190 basis point increase year-over-year, and

◦96.2% leased, a +200 basis point increase year-over-year.

•Continued strong small shop leasing, ending the quarter at 93.6% leased representing an increase of +290 basis points year-over-year.

•Subsequent to quarter end, announced two new redevelopment projects:

◦Residential redevelopment in Hoboken, NJ at a projected cost of $45 - $48 million and projected return on investment (ROI) of 6% - 7%, and

3

◦Redevelopment of Andorra Shopping Center in Philadelphia, PA at a projected cost of $32 million and projected incremental ROI of 7% - 8%.

•Under contract to purchase an approximately 673,000 square foot shopping center in Northern California for $124 million which is expected to close in late February 2025.

•Introduced 2025 earnings per diluted share guidance of $3.00 to $3.12 and 2025 FFO per diluted share guidance of $7.10 to $7.22.

“2024 was a record-shattering year, with unprecedented leasing momentum leading the way,” said Donald C. Wood, Federal Realty’s Chief Executive Officer. “We achieved all-time highs in leasing volume, revenue, and earnings, surpassing previous records by a significant margin, and occupancy reached its highest level in almost a decade. Our portfolio remains strong, anchored by resilient operators, supported by favorable supply-demand dynamics, and bolstered by strong demographics. With this momentum, we are well-positioned for even stronger growth in 2025 and beyond.”

Financial Results

Net Income

For the full year 2024, Federal Realty reported net income available for common shareholders of $287.2 million and earnings per diluted share of $3.42. This compares to net income available for common shareholders of $229.0 million and earnings per diluted share of $2.80 for the full year 2023.

For the fourth quarter 2024, net income available for common shareholders was $63.5 million and earnings per diluted share was $0.75 versus $62.1 million and $0.76, respectively, for the fourth quarter 2023.

FFO

For the full year 2024, Federal Realty generated funds from operations available for common shareholders (FFO) of $570.2 million, or $6.77 per diluted share. This compares to FFO of $537.3 million, or $6.55 per diluted share for the full year 2023.

For the fourth quarter 2024, FFO was $147.6 million, or $1.73 per diluted share, compared to $134.9 million, or $1.64 per diluted share for the fourth 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 94.1% occupied as of December 31, 2024, an increase of +190 basis points year-over-year. Federal Realty's portfolio was 96.2% leased as of December 31, 2024, an increase of +200 basis points year-over-year.

Small shop leased rate was 93.6% as of December 31, 2024, an increase of +290 basis points year-over-year. The anchor tenant leased rate was 97.5%, reflecting an increase of +150 basis points year-over-year.

4

Additionally, Federal Realty's residential properties were 95.2% leased as of December 31, 2024.

Leasing Activity

For the full year 2024, Federal Realty signed 467 leases for 2,434,394 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 452 leases for 2,391,575 square feet at an average rent of $35.80 per square foot compared to the average contractual rent of $32.29 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 11%, 22% on a straight-line basis. Comparable leases represented 97% of total comparable and non-comparable leases signed during 2024.

During the fourth quarter 2024, Federal Realty signed 103 leases for 653,869 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 100 leases for 649,372 square feet at an average rent of $34.29 per square foot compared to the average contractual rent of $31.18 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 10%, 21% on a straight-line basis. Comparable leases represented 97% of total comparable and non-comparable leases signed during the fourth quarter 2024.

Redevelopment

Subsequent to quarter end, Federal Realty announced a residential development at 301 Washington Street in Hoboken, NJ. The project is a 5-story residential building on a highly visible corner which will include 45 residential units and 10,200 square feet of ground floor retail space in the prime retail corridor of Washington Street. The project has a projected cost of $45- $48 million and projected return on investment (ROI) of 6% - 7%.

Additionally, Federal Realty announced the redevelopment of Andorra Shopping Center in Philadelphia, PA. The redevelopment will include the demolition of existing anchor and small shop spaces to construct a 50,000 square foot turnkey building for a national grocer tenant and the redevelopment of existing space at the north end of the property to construct an anchor and multiple small-shop spaces. The redevelopment has a projected cost of $32 million and projected incremental ROI of 7% - 8%.

Acquisitions

Federal Realty is under contract to purchase an approximately 673,000 square foot shopping center in Northern California for $124 million which is expected to close in late February 2025.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. The regular common dividend will be payable on April 15, 2025 to common shareholders of record as of April 1, 2025.

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

5

share. All dividends on the depositary shares will be payable on April 15, 2025 to shareholders of record as of April 1, 2025.

G12025 Earnings per diluted share

The company's initial 2025 guidance is based on the following assumptions:

Comparable properties growth (1)

Acquisitions

Lease termination fees

$4 - $5 million

Incremental redevelopment/expansion POI (2)

$3 - $5 million

General and administrative expenses

Development/redevelopment capital

Capitalized interest

Tax credit transaction income, net

Disposed properties - 2024 POI

$5 million

(1)Includes a 0.4% negative impact from lower collection of prior period rents which were contractually deferred, specifically related to the COVID-19 pandemic.

(2)Includes the expected additional POI to be recognized in 2025 compared to the amount recognized in 2024 from all of the redevelopments listed on page 16 of our supplemental disclosure except those labeled as "stabilized." Does not include any additional POI from "Active Property Improvement Projects."

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its fourth quarter 2024 earnings conference call, which is scheduled for Thursday, February 13, 2025 at 5:00 PM ET. To participate, please call 844-826-3035 or 412-317-5195 five to ten minutes prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through February 27, 2025 by dialing 844-512-2921 or 412-317-6671; Passcode: 10195673.

About Federal Realty

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

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

6

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 13, 2025 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 worldwide pandemics), 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 13, 2025.

7

Federal Realty Investment Trust

Consolidated Income Statements

Three Months Ended

Year Ended

(in thousands, except per share data)

(unaudited)

REVENUE

Rental income

$

$

$

$

Other property income

Mortgage interest income

Total revenue

EXPENSES

Rental expenses

Real estate taxes

General and administrative

Depreciation and amortization

Total operating expenses

Gain on sale of real estate

OPERATING INCOME

OTHER INCOME/(EXPENSE)

Other interest income

Interest expense

Income from partnerships

NET INCOME

Net income attributable to noncontrolling interests

NET INCOME ATTRIBUTABLE TO THE TRUST

Dividends on preferred shares

NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS

$

$

$

$

EARNINGS PER COMMON SHARE, BASIC:

Net income available for common shareholders

$

$

$

$

Weighted average number of common shares

EARNINGS PER COMMON SHARE, DILUTED:

Net income available for common shareholders

$

$

$

$

Weighted average number of common shares

8

Federal Realty Investment Trust

Consolidated Balance Sheets

(in thousands, except share and per share data)

ASSETS

Real estate, at cost

Operating (including $1,825,656 and $2,021,622 of consolidated variable interest entities, respectively)

$

$

Construction-in-progress (including $9,939 and $8,677 of consolidated variable interest entities, respectively)

Less accumulated depreciation and amortization (including $424,044 and $416,663 of consolidated variable interest entities, respectively)

Net real estate

Cash and cash equivalents

Accounts and notes receivable, net

Mortgage notes receivable, net

Investment in partnerships

Operating lease right of use assets, net

Finance lease right of use assets, net

Prepaid expenses and other assets

TOTAL ASSETS

$

$

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Mortgages payable, net (including $186,643 and $189,286 of consolidated variable interest entities, respectively)

$

$

Notes payable, net

Senior notes and debentures, net

Accounts payable and accrued expenses

Dividends payable

Security deposits payable

Operating lease liabilities

Finance lease liabilities

Other liabilities and deferred credits

Total liabilities

Commitments and contingencies

Redeemable noncontrolling interests

Shareholders’ equity

5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding

5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding

Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 85,666,220 and 82,775,286 shares issued and outstanding, respectively

Additional paid-in capital

Accumulated dividends in excess of net income

Accumulated other comprehensive income

Total shareholders’ equity of the Trust

Noncontrolling interests

Total shareholders’ equity

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

$

9

Federal Realty Investment Trust

Funds From Operations / Other Supplemental Information

Three Months Ended

Year Ended

(in thousands, except per share data)

Funds from Operations available for common shareholders (FFO) (1)

Net income

$

$

$

$

Net income attributable to noncontrolling interests

Gain on sale of real estate

Depreciation and amortization of real estate assets

Amortization of initial direct costs of leases

Funds from operations

Dividends on preferred shares (2)

Income attributable to downREIT operating partnership units

Income attributable to unvested shares

FFO

$

$

$

$

Weighted average number of common shares, diluted (2)(3)

FFO per diluted share (3)

$

$

$

$

Dividends and Payout Ratios

Regular common dividends declared

$

$

$

$

Dividend payout ratio as a percentage of FFO

Summary of Capital Expenditures

Non-maintenance capital expenditures

Development, redevelopment and expansions

$

$

$

$

Tenant improvements and incentives

Total non-maintenance capital expenditures

Maintenance capital expenditures

Total capital expenditures

$

$

$

$

Other Information

Leasing costs

$

$

$

$

Share-based compensation expense (non-cash)

$

$

$

$

Noncontrolling Interests Supplemental Information (4)

Property operating income (1)

$

$

$

$

Depreciation and amortization

Interest expense

Net income

$

$

$

$

Notes:

(1)See Glossary of Terms.

(2)For the three months and year ended December 31, 2024 and 2023, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted."

(3)The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share, but is anti-dilutive for the computation of dilutive EPS for the three months and year ended December 31, 2024 and 2023.

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

Federal Realty Investment Trust

Components of Rental Income

Components of Rental Income (1)

Three Months Ended

Year Ended

(in thousands)

Minimum rents (2)

Commercial

$

$

$

$

Residential

Cost reimbursements

Percentage rents

Other lease related (3)

Collectibility related impacts (4)

Total rental income

$

$

$

$

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

Year Ended

(in millions)

Straight-line rents

$

$

$

$

Amortization of in-place leases

$

$

$

$

(3)Includes lease termination fees of $1.1 million and $1.3 million for the three months ended December 31, 2024 and 2023, respectively, and $4.3 million and $6.9 million for the year ended December 31, 2024 and 2023, respectively.

(4)For the three months ended December 31, 2024 and 2023, our collectability related impacts include the collection of approximately $0.8 million and $1.1 million, respectively, and $3.2 million and $5.1 million for the year ended December 31, 2024 and 2023, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.

Federal Realty Investment Trust

Comparable Property Information

The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q4 include: 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 Q4 2023 to Q4 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. The amounts shown below for the years ended December 31, 2024 and 2023 reflect the summation of our reported quarterly results.

Reconciliation of GAAP operating income to Comparable Property POI

Three Months Ended

Year Ended

(in thousands)

(in thousands)

Operating income

$

$

$

$

Add:

Depreciation and amortization

General and administrative

Gain on sale of real estate

Property operating income (POI)

Less: Non-comparable POI - acquisitions/dispositions

Less: Non-comparable POI - redevelopment, development & other

Comparable property POI

$

$

$

$

Additional information regarding the components of Comparable Property POI

Three Months Ended

Year Ended

%

%

Change

Change

(in thousands)

(in thousands)

Minimum rents (1)

$

$

$

$

Cost reimbursements

Other

Collectibility related impacts

Total property revenue

Rental expenses

Real estate taxes

Total property expenses

Comparable property POI

$

$

$

$

Less:

Lease termination fees

Prior period rents collected (2)

Comparable property POI excluding lease termination fees and prior period rents collected

$

$

$

$

Comparable Property - Summary of Capital Expenditures (3)

Three Months Ended

Year Ended

(in thousands)

(in thousands)

Redevelopment and tenant improvements and incentives

$

$

$

$

Maintenance capital expenditures

$

$

$

$

Comparable Property - Occupancy Statistics (3)

At December 31,

GLA - comparable commercial properties

Leased % - comparable commercial properties

Occupancy % - comparable commercial properties

Notes:

(1)For the three months ended December 31, 2024 and 2023, amount includes straight-line rents of $7.1 million and $2.4 million, respectively, and $15.1 million and $10.6 million for the year ended December 31, 2024 and 2023, respectively. For the three months ended December 31, 2024 and 2023, amounts include amortization of in-place leases of $2.9 million and $3.0 million, respectively, and $12.8 million and $12.6 million for the year ended December 31, 2024 and 2023, respectively.

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

(3)See page 10 for "Summary of Capital Expenditures" and page 26 for portfolio occupancy statistics for our entire portfolio.

Federal Realty Investment Trust

Market Data, Debt Metrics, and Senior Notes and Debentures Covenants

(in thousands, except per share data)

Market Data

Common shares outstanding and downREIT operating partnership units (1)

Market price per common share

$

$

Common equity market capitalization including downREIT operating partnership units

$

$

Series C preferred shares outstanding

6

6

Liquidation price per Series C preferred share

$

$

Series C preferred equity market capitalization

$

$

Series 1 preferred shares outstanding (2)

Liquidation price per Series 1 preferred share

$

$

Series 1 preferred equity market capitalization

$

$

Equity market capitalization

$

$

Total debt

$

$

Less: cash and cash equivalents

Total net debt (3)

$

$

Total market capitalization

$

$

Leverage and Liquidity Ratios

Total net debt to market capitalization at market price per common share

Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5)

Ratio of EBITDAre to combined fixed charges and preferred share dividends, year ended (4)(5)

Senior Notes and Debentures Covenants (6)

Debt Covenant Threshold (7)

Total Debt to Total Assets

Secured Debt to Total Assets

5%

Consolidated Income to Annual Debt Service Charge

Unencumbered Assets to Unsecured Debt

Notes:

(1)Amounts include 608,348 and 635,431 downREIT operating partnership units outstanding at December 31, 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 year ended December 31, 2024.

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

Federal Realty Investment Trust

Summary of Outstanding Debt

Stated maturity date

Stated interest rate

Balance

Weighted average effective rate (6)

(in thousands)

Mortgages payable (1)

Secured fixed rate

Azalea

$

Bethesda Row

Bell Gardens

Plaza El Segundo

The Grove at Shrewsbury (East)

Hoboken (24 Buildings)

Various Hoboken (14 Buildings)

Chelsea

Subtotal

Net unamortized debt issuance costs and discount

Total mortgages payable, net

Notes payable

Term loan (4)

Revolving credit facility (4)(5)

—

Various

Various

Subtotal

Net unamortized debt issuance costs

Total notes payable, net

(7)

Senior notes and debentures

Unsecured fixed rate

6.82% medium term notes

3.25% exchangeable notes

Subtotal

Net unamortized debt issuance costs and premium

Total senior notes and debentures, net

Total debt, net

$

Total fixed rate debt, net

$

Total variable rate debt, net

(7)

Total debt, net

$

(7)

Notes:

(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At December 31, 2024, our share of unconsolidated debt was approximately $62.0 million. At December 31, 2024, our noncontrolling interests' share of mortgages payable was $15.2 million.

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

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

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

(5)The maximum amount drawn under our $1.25 billion revolving credit facility during the three months and year ended December 31, 2024 was $64.5 million and $202.7 million, respectively. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 5.5% and 6.1% for the three months and year ended December 31, 2024, respectively.

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

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

Federal Realty Investment Trust

Summary of Debt Maturities

Year

Scheduled Amortization

Maturities

Total

Percent of Debt Maturing

Weighted Average Rate (5)

(in thousands)

$

$

$

%

%

(1)

%

%

(2)

%

%

(3)

%

%

(6)

%

%

%

%

—

—

%

%

—

—

—

—

%

—

%

—

—

—

—

%

—

%

—

—

—

—

%

—

%

Thereafter

—

%

%

Total

$

$

$

(4)

%

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 December 31, 2024, there was no balance outstanding under this credit facility.

(4)The total debt maturities differ from the total reported on the consolidated balance sheet due to the debt issuance costs and unamortized net premium/discount on certain mortgage loans, notes payable, and senior notes as of December 31, 2024. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 6 years.

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

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

Federal Realty Investment Trust

Summary of Redevelopment and Expansion Opportunities

The following redevelopment opportunities are actively being worked on by the Trust. (1)

Projected POI Delivered (2)

Property

Location

Opportunity

Projected ROI (2)

Projected Cost (1)

Cost to Date

Actual

Projected

(in millions)

(in millions)

(as a % of Total)

Projects stabilized:

Darien Commons

Darien, CT

Demolition of a 45,000 square foot anchor space to construct 75,000 square feet of new retail space, 122 rental apartments, and 720 parking spaces

6

%

Projects in process:

Santana West (3)

San Jose, CA

Development of a 369,000 square foot office building. 241,000 square feet of office space leased

—

Pike & Rose - 915 Meeting Street (3)

North Bethesda, MD

Development of a 266,000 square foot office building with 10,000 square feet of retail space. 220,000 square feet of office and 10,000 square feet of retail space leased.

6

%

Bala Cynwyd on City Avenue

Bala Cynwyd, PA

Demolition of two level department store building to construct a new six story building with 217 residential units, 16,000 square feet of retail and a two-story parking structure with 234 parking stalls

7

%

—

—

Huntington

Huntington, NY

Demolition of the main two level building consisting of 161,000 square feet of anchor and small shop space to construct 102,000 square feet of new ground-level anchor and small shop retail space

8

%

Hoboken - 301 Washington Street

Hoboken, NJ

Development of a new 5 story, 45-unit residential building with 10,200 square feet of ground floor retail space

—

—

Property

Location

Opportunity

Projected ROI (4)

Projected Cost (1)

Cost to Date

Anticipated Stabilization (5)

(in millions)

(in millions)

Lawrence Park

Broomall, PA

Full shopping center redevelopment to include expansion of Main Line Health into vacant lower level space, creation of 17,800 square feet of small shop space converted from vacated anchor space, a new 2,000 square foot bank pad building, and a façade renovation for the entire center

8

%

Stabilized

Pike 7 Plaza

Vienna, VA

Development of a new 3,200 square foot pad building pre-leased to a restaurant tenant

8

%

$3

$3

Stabilized

Chelsea Commons

Chelsea, MA

Development of a new 2,500 square foot pre-leased pad building with drive-thru

7

%

$3

$3

Stabilized

Andorra

Philadelphia, PA

Demolition of 31,500 square feet of anchor and small shop spaces to construct a 50,000 square foot turnkey building for a national grocer tenant and redevelopment of 27,000 square feet of vacant small shop space at the north end of the property to construct 10,400 square feet of small shop, and a 10,000 square foot anchor tenant

$2

Willow Grove

Willow Grove, PA

Development of a new 17,000 square foot multi-tenant pad building

7

%

Santana Row

San Jose, CA

Installation and implementation of paid parking system

%

$3

$2

Mercer on One

Lawrenceville, NJ

Construction of a 2,225 square foot pad building with drive-thru for a restaurant tenant

8

%

$3

$0

Active Property Improvement Projects (6)

Ongoing improvements at 10 properties to better position those properties to capture a disproportionate amount of retail demand

Notes:

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

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

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

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

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

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

Federal Realty Investment Trust

Future Redevelopment and Expansion Opportunities

We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.

Redevelopment Opportunities

Property

Location

Expansion/Conversion (4)

Residential (5)

Mixed Use - Long Term

Assembly Row (1)

Somerville, MA

ü

Bala Cynwyd on City Avenue

Bala Cynwyd, PA

ü

ü

Barracks Road

Charlottesville, VA

ü

ü

Bethesda Row

Bethesda, MD

ü

ü

Camelback Colonnade

Phoenix, AZ

ü

ü

Chelsea Commons

Chelsea, MA

ü

Dedham Plaza

Dedham, MA

ü

Escondido Promenade

Escondido, CA

ü

Fairfax Junction

Fairfax, VA

ü

ü

Federal Plaza

Rockville, MD

ü

Fresh Meadows

Queens, NY

ü

Friendship Center

Washington, DC

ü

ü

Grossmont Center

La Mesa, CA

ü

Huntington

Huntington, NY

ü

Huntington Square

East Northport, NY

ü

Pike & Rose (2)

North Bethesda, MD

ü

Pike 7 Plaza

Vienna, VA

ü

Providence Place (formerly Pan Am)

Fairfax, VA

ü

ü

Riverpoint Center

Chicago, IL

ü

Santana Row (3)

San Jose, CA

ü

Shops at Pembroke Gardens

Pembroke Pines, FL

ü

The AVENUE at White Marsh

White Marsh, MD

ü

Village at Shirlington

Arlington, VA

ü

Virginia Gateway

Gainesville, VA

ü

Willow Grove

Willow Grove, PA

ü

ü

Willow Lawn

Richmond, VA

ü

Notes:

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

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

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

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

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

Federal Realty Investment Trust

Significant Transactions

Property Acquisitions

Date

Property

City/State

GLA

Purchase Price

Principal Tenants

(in square feet)

(in millions)

Virginia Gateway

Gainesville, Virginia

$

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

Pinole Vista Crossing

Pinole, California

$

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 Dispositions

Date

Property

City/State

Sales Price

(in millions)

Third Street Promenade

Santa Monica, California

$

White Marsh Other (portion)

Baltimore, Maryland

$

White Marsh Other (portion)

Baltimore, Maryland

$

Financing Transactions

Issuance of Common Shares

During the year ended December 31, 2024, we issued 2,769,579 common shares at a weighted average gross offering price of $110.92. During the three months ended December 31, 2024, we entered into forward sales contracts for 476,497 common shares under our ATM equity program at a weighted average gross offering price of $115.43.

Issuance of Debt

Issuance Date

Debt

Principal Amount

Stated Interest Rate

Maturity Date

(in millions)

3.25% Exchangeable Senior Notes (1)

$

%

(1)See our Form 8-K filing on January 11, 2024 and Note 5 of our December 31, 2024 Annual Report on Form 10-K for additional information on this transaction.

Repayment of Debt

The following senior unsecured note was repaid at maturity:

Repayment Date

Debt

Payoff Amount

(in millions)

$

Federal Realty Investment Trust

Real Estate Status Report

Property Name

MSA Description

Real Estate at Cost

Acreage

GLA (1)

% Leased (1)

% Occupied(1)

Average Rent PSF (2)

Residential Units

Grocery Anchor GLA

Grocery Anchor (3)

Other Retail Tenants

(in thousands)

Washington Metropolitan Area

Barcroft Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV

$

%

%

Harris Teeter

Bethesda Row

(4)

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Giant Food

Apple / Anthropologie / Equinox / Multiple Restaurants

Birch & Broad

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Giant Food

CVS / Staples

Chesterbrook

(5)

Washington-Arlington-Alexandria, DC-VA-MD-WV

9

%

%

Safeway

Starbucks

Congressional Plaza

(5)

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

The Fresh Market

Ulta / Barnes & Noble / Container Store

Courthouse Center

Washington-Arlington-Alexandria, DC-VA-MD-WV

2

%

%

Fairfax Junction

(6)

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Aldi

CVS / Planet Fitness

Federal Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Trader Joe's

TJ Maxx / Micro Center / Ross Dress for Less

Friendship Center

Washington-Arlington-Alexandria, DC-VA-MD-WV

1

%

%

Marshalls / Maggiano's

Gaithersburg Square

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS

Graham Park Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Giant Food

Idylwood Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV

7

%

%

Whole Foods

Kingstowne Towne Center

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Giant Food / Safeway

TJ Maxx / HomeGoods / Five Below / Ross Dress for Less

Laurel

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Giant Food

Marshalls / L.A. Fitness / HomeGoods

Montrose Crossing

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Giant Food / Target (S)

Marshalls / Home Depot Design Center / Old Navy / Burlington

Mount Vernon/South Valley/7770 Richmond Hwy

(6)

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Shoppers Food Warehouse

TJ Maxx / Home Depot / Old Navy / Burlington

Old Keene Mill

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Trader Joe's

Walgreens / Planet Fitness

Pike & Rose

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants

Pike 7 Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Lidl

TJ Maxx / DSW / Ulta

Plaza del Mercado

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Aldi

CVS / L.A. Fitness

Providence Place (formerly Pan Am)

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Safeway

Micro Center / CVS / Michaels

Quince Orchard

(4)

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Aldi

HomeGoods / L.A. Fitness / Staples

Tower Shopping Center

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

L.A. Mart

Total Wine & More / Talbots

Twinbrooke Centre

Washington-Arlington-Alexandria, DC-VA-MD-WV

%

%

Safeway

Walgreens

Federal Realty Investment Trust

Real Estate Status Report

Property Name

MSA Description

Real Estate at Cost

Acreage

GLA (1)

% Leased (1)

% Occupied(1)

Average Rent PSF (2)

Residential Units

Grocery Anchor GLA

Grocery Anchor (3)

Other Retail Tenants

(in thousands)

Tyson's Station

Washington-Arlington-Alexandria, DC-VA-MD-WV