Federal Realty Investment Trust · Earnings release · 8-K Exhibit 99

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

TABLE OF CONTENTS

1

Fourth Quarter 2025 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

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 12, 2026, 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, tariffs, 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 12, 2026.

2

NEWS RELEASE

www.federalrealty.com

FOR IMMEDIATE RELEASE

Investor Inquiries:

Media Inquiries:

Jill Sawyer

Brenda Pomar

Senior Vice President, Investor Relations

Senior Director, Corporate Communications

jsawyer@federalrealty.com

bpomar@federalrealty.com

Federal Realty Investment Trust Reports Fourth Quarter and Full Year 2025 Results

NORTH BETHESDA, Md. (February 12, 2026) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the fourth quarter and full year ended December 31, 2025. Net income available for common shareholders was $4.68 per diluted share for the full year 2025 and $1.48 per diluted share for the fourth quarter, compared to $3.42 and $0.75 per diluted share for the same periods in 2024, respectively. Operating income for 2025 totaled $602.2 million, with $180.7 million in the fourth quarter, compared to $472.4 million and $109.3 million, respectively, in 2024.

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

•Generated Nareit defined funds from operations available to common shareholders (Nareit FFO) per diluted share of $7.22 for the year, compared to $6.77 in 2024, an increase of 6.6%. For the fourth quarter, generated Nareit FFO per diluted share of $1.84, compared to $1.73 for the fourth quarter of 2024, an increase of 6.4%.

•Introduced Core FFO, a new measure intended to provide enhanced comparability across periods for Federal’s underlying operating results; Core FFO was $7.06 per diluted share in 2025, up 4.3% from $6.77 in 2024. See attachment for a full definition of Core FFO.

•Record-breaking leasing in 2025:

◦T1Achieved an all-time company record total leasing volume of 2.5 million square feet of retail space.

◦T2Strongest comparable rent spreads in over a decade of 15% on a cash basis and 27% on a straight-line basis.

•T3Achieved comparable portfolio occupancy of 94.5% and a leased rate of 96.6% at quarter end, with:

◦Occupancy up 40 basis points and leased rate up 90 basis points sequentially.

◦Occupancy up 50 basis points and leased rate up 40 basis points year-over-year.

◦Small shop leased rate of 93.8%, up 50 basis points sequentially.

•Generated comparable property operating income (POI) growth of 3.8% for the year, and 3.1% for the fourth quarter, excluding lease termination fees and prior period rents collected.

•Acquired two properties in the fourth quarter totaling $340 million, adding a new market to Federal Realty’s footprint in Omaha, NE with Village Pointe, and growing in its existing Maryland portfolio with Annapolis Town Center in Annapolis, MD.

•T4Completed $169 million of peripheral residential and mature retail dispositions in the fourth quarter, with an additional $159 million announced subsequent to quarter end.

•T5Announced a new redevelopment project at Willow Grove in Willow Grove, PA, at a projected cost of $110 - $120 million and projected return on investment (ROI) of 7%.

•Ended the quarter with approximately $1.3 billion in total liquidity.

•T6Introduced 2026 earnings per diluted share guidance of $3.90 to $4.00 and 2026 Nareit FFO and Core FFO per diluted share guidance of $7.42 to $7.52, representing 5.1% and 6.5% growth at the low and high end of the range for Core FFO year-over-year.

“Federal Realty delivered strong 2025 results, driven by exceptional leasing performance and strong rent spreads that produced solid year-over-year earnings growth. We also made meaningful strategic progress on our capital recycling and reinvestment initiative: entering new markets, acquiring dominant properties that enhance the quality of our portfolio, and advancing our residential development pipeline in the right retail locations,” said Donald C. Wood, Chief Executive Officer of

3

Federal Realty. “T7Even as we navigate the near-term refinancing environment, our momentum underpins expected 6% Core FFO growth in 2026.”

Financial Results

Net Income

For the full year 2025, net income available for common shareholders was $403.0 million and earnings per diluted share was $4.68, versus $287.2 million and $3.42, respectively, for the full year 2024.

For the fourth quarter 2025, net income available for common shareholders was $127.7 million and earnings per diluted share was $1.48, versus $63.5 million and $0.75, respectively, for the fourth quarter of 2024.

FFO

For the full year 2025, Nareit FFO was $624.3 million, or $7.22 per diluted share. This compares to Nareit FFO of $570.2 million, or $6.77 per diluted share for the full year 2024. Core FFO in 2025 was $611.0 million, or $7.06 per diluted share, versus $570.7 million, or $6.77 per diluted share for the full year 2024.

For the fourth quarter 2025, Nareit FFO was $159.2 million, or $1.84 per diluted share, compared to $147.6 million, or $1.73 per diluted share for the fourth quarter of 2024. Core FFO in the fourth quarter 2025 was $159.1 million, or $1.84 per diluted share, versus $150.5 million, or $1.76 per diluted share.

Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and definition of Core FFO.

Operational Update

Occupancy

The following operational metrics for the commercial portfolio are as of December 31, 2025:

•The comparable portfolio occupancy was 94.5%, up 40 basis points sequentially and up 50 basis points year-over-year.

•Comparable portfolio leased rate was 96.6%, up 90 basis points sequentially and up 40 basis points year-over-year.

•Small shop leased rate was 93.8%, up 50 basis points sequentially and up 20 basis points year-over-year.

•Anchor leased rate was 97.3%, up 80 basis points sequentially and down 20 basis points year-over-year.

The residential leased rate was 94.8% as of December 31, 2025.

Leasing Activity

For the full year 2025, Federal Realty signed 454 leases for 2,471,099 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 434 leases for 2,340,282 square feet at an average rent of $37.98 per square foot compared to the average contractual rent of $33.12 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 15%, 27% on a straight-line basis. Comparable leases represented 96% of total comparable and non-comparable leases signed during 2025.

During the fourth quarter 2025, Federal Realty signed 109 leases for 612,978 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 105 leases for 600,684 square feet at an average rent of $39.09 per square foot compared to the average contractual rent of $34.84 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 12%, 24% on a straight-line basis. Comparable leases represented 96% of total comparable and non comparable leases signed during the fourth quarter 2025.

4

Redevelopment

Announced a new redevelopment project at Willow Grove in Willow Grove, PA. This project will bring over 260 residential units, 52,000 square feet of retail space, and a 438-stall parking garage to the shopping center. The projected cost is $110 - $120 million and a 7% projected ROI1.

Transaction Activity

•February 5, 2026 — sold Misora, a peripherally located residential component of Santana Row in San Jose, CA, for $148.5 million; additionally, the Company sold Courthouse Center, a 33,000 square-foot neighborhood shopping center in Rockville, MD, for $10.0 million.

•December 17, 2025 — sold Pallas, a peripherally located residential component of Pike & Rose in North Bethesda, MD, for $125.0 million.

•December 16, 2025 — sold Bristol Plaza, a 264,000 square-foot grocery-anchored shopping center in Bristol, CT, for $44.4 million.

•November 24, 2025 — acquired Village Pointe, a leading open-air lifestyle center in Omaha, NE, totaling 452,000 square feet, for $153.3 million.

•October 10, 2025 – acquired Annapolis Town Center, a premier open-air retail center in Annapolis, MD, totaling 479,000 square feet, for $187.0 million.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.13 per common share, resulting in an indicated annual rate of $4.52 per common share. The regular common dividend will be payable on April 15, 2026 to common shareholders of record as of April 1, 2026.

Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on April 15, 2026 to shareholders of record as of April 1, 2026.

The company’s initial 2026 guidance is based on the following assumptions:

G1Net income available for common shareholders per diluted share

G2Nareit FFO per diluted share

Core FFO per diluted share

G3Comparable properties growth

G4Lease termination fees

$7 - $8 million

G5Incremental redevelopment / expansion POI3

G6General and administrative expenses

G7Development / redevelopment capital

G8Capitalized interest

Notes:

2Does not include the impact of acquisitions or dispositions other than those which have closed as of February 11, 2026. All amounts are estimates.

3Includes the expected additional POI to be recognized in 2026, which is incremental to the amount recognized in 2025 from our larger redevelopments at Santana West, Pike & Rose - 915 Meeting Street, Bala Cynwyd on City Avenue and Huntington Shopping Center as more fully discussed on page 17 of our Form 8-K filed on February 12, 2026.

5

The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:

Full Year 2026 Guidance Range

Low

High

Estimated net income available for common shareholders per diluted share

Adjustments:

Estimated gain on sale of real estate, net

Estimated depreciation and amortization

Estimated Nareit FFO and Core FFO per diluted share

Below is our Nareit FFO and Core FFO for 2024, 2025, and estimated 2026 range, per diluted share:

Nareit FFO per diluted share

% growth over the prior year

Adjustments:

New market tax credit transaction income, net

—

—

Executive transition costs

—

—

Collection of prior period rents deferred during COVID

—

Core FFO

% growth over the prior year

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its fourth quarter 2025 earnings conference call, which is scheduled for Thursday, February 12, 2026 at 5:00 PM ET. To participate, please call 833-821-4548 or 412-652-1258 prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through February 26, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10205568.

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 and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company 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 12, 2026 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, tariffs, 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 12, 2026.

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

New market tax credit transaction income

—

—

—

Gain on sale of real estate

Impairment charge

—

—

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 $1,832,190 and $1,825,656 of consolidated variable interest entities, respectively)

$

$

Construction-in-progress (including $28,418 and $9,939 of consolidated variable interest entities, respectively)

Less accumulated depreciation and amortization (including $468,725 and $424,044 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 $194,176 and $186,643 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, 86,266,009 and 85,666,220 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

Three Months Ended

Year Ended

(in thousands, except per share data)

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

Net income

$

$

$

$

Net income attributable to noncontrolling interests

Gain on sale of real estate

Impairment charge

—

—

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

Nareit FFO

$

$

$

$

Weighted average number of common shares, diluted (2)(4)

Nareit FFO per diluted share (4)

$

$

$

$

Core Funds from Operations (Core FFO) (1)(5)

Nareit FFO

$

$

$

$

Adjustments:

New market tax credit transaction income, net (3)

—

—

—

Executive transition costs

—

—

Collection of prior period rents deferred during COVID

Core FFO (5)

$

$

$

$

Core FFO per diluted share (4)(5)

$

$

$

$

Notes:

(1)See Glossary of Terms.

(2)For the three months and years ended December 31, 2025 and 2024, 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)In June 2018, we formed a joint venture to develop Freedom Plaza (formerly Jordan Downs Plaza), for which we own 92%. The investment in this development qualified for tax credits under the New Market Tax Credit ("NMTC") Program, established by the Community Renewal Tax Relief Act of 2000. In 2018, we transferred the earned tax credits to a third-party bank in exchange for cash proceeds. The proceeds received and related transaction costs were deferred until the end of the seven-year NMTC compliance period, which concluded in June 2025. As a result, in 2Q2025, we recognized $14.2 million ($13.0 million, net of income attributable to noncontrolling interest) in income related to the sale of the new market tax credits, which is included in Nareit FFO, but excluded from Core FFO.

(4)The weighted average common shares used to compute FFO per diluted common share includes shares issuable upon the assumed redemption of outstanding downREIT operating partnership units that were excluded from the computation of diluted EPS. The assumed issuance of shares upon redemption of these operating partnership units is dilutive in the computation of FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS for the three months and year ended December 31, 2024.

(5)Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company’s underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO.

Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.

Federal Realty Investment Trust

Other Supplemental Information

Three Months Ended

Year Ended

(in thousands, except per share data)

EBITDA for Real Estate (EBITDAre) (1)

Net income

$

$

$

$

Interest expense

Other interest income

Income tax provision (benefit)

Depreciation and amortization

Gain on sale of real estate

Impairment charge

—

—

Adjustments of EBITDAre of unconsolidated affiliates

EBITDAre

$

$

$

$

Ratio of EBITDAre to combined fixed charges and preferred share dividends (2)(3)

Dividends and Payout Ratios

Regular common dividends declared

$

$

$

$

Dividend payout ratio as a percentage of NAREIT 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)

$

$

$

$

New market tax credit transaction income

—

—

—

Depreciation and amortization

Interest expense

Net income

$

$

$

$

Notes:

(1)See Glossary of Terms.

(2)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.

(3)Excluding the $14.2 million of new market tax credit transaction income, the ratio of EBITDAre to combined fixed charges and preferred share dividends for the year ended December 31, 2025 would have been the same 3.9x.

(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 $1.4 million and $1.1 million for the three months ended December 31, 2025 and 2024, respectively, and $5.8 million and $4.3 million for the years ended December 31, 2025 and 2024.

(4)For the three months ended December 31, 2025 and 2024, our collectability related impacts include the collection of approximately $0.1 million and $0.8 million, respectively, and $0.3 million and $3.2 million for the years ended December 31, 2025 and 2024, 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, Grossmont Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q4 2024 to Q4 2025. 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, 2025 and 2024 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

New market tax credit transaction income

—

—

—

Gain on sale of real estate

Impairment charge

—

—

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, 2025 and 2024, amounts include straight-line rents of $3.1 million and $6.6 million, respectively, and $17.2 million and $15.6 million for the years ended December 31, 2025 and 2024, respectively. For the three months ended December 31, 2025 and 2024, amounts include amortization of in-place leases of $3.9 million and $2.5 million, respectively, and $11.8 million and $10.5 million for the years ended December 31, 2025 and 2024, 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 11 for "Summary of Capital Expenditures" and page 27 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 Ratio

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

Senior Notes and Debentures Covenants (4)

Debt Covenant Threshold (5)

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 526,915 and 608,348 downREIT operating partnership units outstanding at December 31, 2025 and 2024, 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)The reference period for calculating these covenants is the year ended December 31, 2025.

(5)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 (7)

(in thousands)

Mortgages payable (1)

Bell Gardens

$

Bethesda Row

Plaza El Segundo

The Grove at Shrewsbury (East)

Azalea (3)

Hoboken (24 Buildings)

Various Hoboken (12 Buildings)

Chelsea

Subtotal

Net unamortized debt issuance costs and discount

Total mortgages payable, net

Notes payable

Revolving credit facility (3)(6)

—

Various

Various

Subtotal

Net unamortized debt issuance costs

Total notes payable, net

(8)

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

(8)

Total debt, net

$

(8)

Notes:

(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At December 31, 2025, our share of unconsolidated debt was approximately $61.9 million. At December 31, 2025, our noncontrolling interests' share of mortgages payable was $15.4 million.

(2)We have one one-year extension, at our option to extend the maturity date of this mortgage loan to December 28, 2027.

(3)Our Azalea mortgage loan, revolving credit facility SOFR loans and our term loans bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. The interest rate on $450.0 million of our $750.0 million term loan is fixed at a weighted average interest rate of 4.17% through March 1, 2028 through interest rate swap agreements.

(4)We have two one-year extensions, at our option to extend the maturity date of this mortgage loan to October 30, 2030.

(5)The interest rate on this mortgage loan is fixed at 3.67% through two interest rate swap agreements.

(6)The maximum amount drawn under our $1.25 billion revolving credit facility during both the three months and year ended December 31, 2025 was $461.6 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 4.8% and 5.0% for the three months and year ended December 31, 2025, respectively. On October 30, 2025, the interest rate on our revolving credit facility was reduced by removing the 0.10% adjustment to SOFR.

(7)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 8.

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

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)

%

%

(6)

%

%

(3)

%

%

—

—

%

%

—

—

—

—

%

—

%

—

—

—

—

%

—

%

—

—

—

—

%

—

%

—

—

—

—

%

—

%

Thereafter

—

%

%

Total

$

$

$

(4)

%

Notes:

The above table assumes all extension options are exercised.

(1)Our $200.0 mortgage loan secured by Bethesda Row matures on December 28, 2026 plus one one-year extension, at our option to December 28, 2027.

(2)Our $1.25 billion revolving credit facility matures on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. As of December 31, 2025, there was $310.0 million outstanding under this credit facility.

(3)Our $750.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030. Additionally, our $55.0 million mortgage loan secured by Azalea matures on October 30, 2028, plus two one-year extensions at our option to October 30, 2030.

(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, 2025. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 5 years.

(5)The weighted average rate reflects the weighted average interest rate, as of December 31, 2025, 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

Projected

(in millions)

(in millions)

(as a % of Total)

Projects stabilized:

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

%

Stabilized

Projects in process:

Santana West (3)

San Jose, CA

Development of a 369,000 square foot office building. 345,000 square feet of office space leased

Pike & Rose - 915 Meeting Street (3)

North Bethesda, MD

Development of a 262,000 square foot office building with 10,000 square feet of retail space. The building is fully leased.

6

%

Santana Row - Lot 12

San Jose, CA

Development of a new six story building with 258 residential units and associated parking

—

—

Willow Grove

Willow Grove, PA

Demolition of 130,000 SF of existing retail to construct a new six story mixed use building with 261 residential units, a 438 space parking structure, and an additional 52,000 SF of retail space

7

%

—

—

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, 19,000 square feet of retail and a two-story parking structure with 234 parking stalls. Delivery expected to start in Q1 2026.

7

%

—

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)

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

Grossmont Center

La Mesa, CA

Phase I of a multi-phase redevelopment of the property focusing on revitalizing the northern side of the property encompassing 131,000 square feet of anchor and small shop space

$3

Santana Row

San Jose, CA

Installation and implementation of paid parking system

%

$3

$3

Stabilized

Mercer on One

Lawrenceville, NJ

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

8

%

$3

$3

Stabilized

Active Property Improvement Projects (6)

Ongoing improvements at 8 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 is an approximate calculation of the POI delivered or expected to be delivered and is calculated based on the Projected Cost and Projected ROI disclosed herewith and is based on the mid-point of the range, if applicable. 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

Del Monte Shopping Center

Monterey, CA

ü

Escondido Promenade

Escondido, CA

ü

Fairfax Junction

Fairfax, VA

ü

ü

Federal Plaza

Rockville, MD

ü

Finley Square

Downers Grove, IL

ü

Fresh Meadows

Queens, NY

ü

Friendship Center

Washington, DC

ü

ü

Governor Plaza

Glen Burnie, MD

ü

Grossmont Center

La Mesa, CA

ü

Huntington

Huntington, NY

ü

Huntington Square

East Northport, NY

ü

Northeast

Philadelphia, PA

ü

Pike & Rose (2)

North Bethesda, MD

ü

Pike 7 Plaza

Vienna, VA

ü

Providence Place

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

Tower Shopping Center

Springfield, VA

ü

Troy Hills

Parsippany-Troy, NJ

ü

Village at Shirlington

Arlington, VA

ü

Virginia Gateway

Gainesville, VA

ü

Willow Lawn

Richmond, VA

ü

Wynnewood

Wynnewood, PA

ü

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 137 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)

Del Monte Shopping Center

Monterey, California

$

Whole Foods / Macy's / Petco / Pottery Barn / Apple / Sephora

Town Center Crossing &

Town Center Plaza

Leawood, Kansas

$

Trader Joe’s / Crate & Barrel / Pottery Barn / Restoration Hardware / Apple / Aritzia

Annapolis Town Center

Annapolis, Maryland

$

Whole Foods / Restoration Hardware / Pottery Barn / Williams Sonoma / Life Time Fitness / Anthropologie

Village Pointe

Omaha, Nebraska

$

Nordstrom Rack / Best Buy / Apple / Sephora / lululemon

Property Dispositions

Date

Property

City/State

Sales Price

(in millions)

White Marsh Other (portion)

Baltimore, Maryland

$

Santana Row Residential (1 building)

San Jose, California

$

Hollywood Boulevard

Los Angeles, California

$

Bristol Plaza

Bristol, Connecticut

$

Pike & Rose Residential (1 building)

North Bethesda, Maryland

$

Santana Row Residential (1 building)

San Jose, California

$

Courthouse Center

Rockville, Maryland

$

Financing Transactions

Issuance of Common Shares

On March 28, 2025, we settled our remaining open forward sales agreements by issuing 476,497 common shares which were sold at a weighted average gross offering price of $115.43.

Term Loans

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. We also had the right to borrow up to an additional $150.0 million, which we exercised on September 22, 2025, bringing our total amount outstanding under this agreement to $750.0 million as of December 31, 2025. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $1.0 billion borrowed under the restated agreement. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10% adjustment to SOFR

On November 17, 2025, we entered into an additional unsecured term loan agreement, which gives us the capacity to borrow up to $250.0 million at an interest rate of SOFR + 85 basis points, based on our current credit rating. The loan matures on January 31, 2031, and as of December 31, 2025, we do not have any outstanding borrowings under this agreement. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $500.0 million.

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