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

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

TABLE OF CONTENTS

1

First Quarter 2026 Earnings Press Release

3

2

Financial Highlights

Consolidated Income Statements

7

Consolidated Balance Sheets

8

Funds From Operations

9

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 First Quarter 2026 Results

NORTH BETHESDA, Md. (May 1, 2026) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the first quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, net income available for common shareholders was $1.81 per diluted share and $0.72 per diluted share, respectively. Operating income for the same periods was $209.0 million and $108.1 million, respectively. Results for the current quarter include a $92.7 million gain on sale of real estate, primarily related to the February sale of Misora at Santana Row, compared to $1.2 million in the first quarter of 2025.

Highlights for the first quarter and subsequent to quarter-end include:

•Generated Nareit defined funds from operations available to common shareholders (Nareit FFO) per diluted share of $1.88 for the quarter, a 10.6% increase over $1.70 in the first quarter of 2025.

•Generated Core funds from operations available to common shareholders (Core FFO) per diluted share of $1.88 for the quarter, also a 10.6% increase year-over-year.

•T1Signed 101 leases for 649,078 square feet of comparable retail space - a first quarter volume record - with rent growth of 13% on a cash basis and 23% on a straight-line basis.

•On a trailing twelve-month basis, signed 448 leases for 2,620,601 square feet of comparable retail space - also a volume record - with rent growth of 16% on a cash basis and 28% on a straight-line basis.

•Generated comparable property operating income (POI) growth of 4.7%.

•Adjusted comparable POI growth (excluding straight-line rents and amortization of in-place leases) was 5.1%.

•T2Reported overall portfolio occupancy of 93.8% and a leased rate of 96.1% at quarter end, with:

•Occupancy down 30 basis points and leased rate flat quarter-over-quarter.

•Occupancy up 20 basis points and leased rate up 40 basis points year-over-year.

•Continued strong small shop leased rate, ending the quarter at 93.8% leased, representing an increase of 30 basis points year-over-year.

•Acquired two properties:

•T3Acquired Congressional North Shopping Center in Montgomery County, MD on March 12, 2026 for $72.3 million, expanding Federal’s presence along Rockville Pike, one of the Washington DC region’s most established commercial corridors.

•Acquired an adjacent retail parcel at Kingstowne Towne Center in Alexandria, VA for $19.7 million on April 17, 2026, completing the retail assemblage at the center.

•Completed approximately $159 million of peripheral residential and mature retail dispositions in the first quarter.

•T4Raised and tightened guidance for 2026 earnings per diluted share to $3.94 - $4.03.

•Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per diluted share to $7.46 - $7.55, representing 6.3% growth at the midpoint year-over-year.

“We delivered a strong start to the year, exceeding expectations and continuing the momentum we built in 2025. Our portfolio is performing well amid a volatile macro environment, T5reflecting both the strength of our platform and the resilience of the higher-income consumer we serve,” said Donald C. Wood, Chief Executive Officer of Federal Realty. “With this performance, we are increasing our outlook for 2026, reinforcing our confidence in the consistency and durability of our earnings growth.”

3

Financial Results

Net Income

For the first quarter of 2026, net income available for common shareholders was $157.1 million and earnings per diluted share was $1.81 versus $61.8 million and $0.72, respectively, for the first quarter of 2025.

FFO

Nareit FFO was $162.6 million, or $1.88 per diluted share, for the first quarter of 2026, compared to $146.5 million, or $1.70 per diluted share, in the first quarter of 2025, a 10.6% per-share increase.

Core FFO was $162.6 million, or $1.88 per diluted share, for the first quarter of 2026, compared to $146.4 million, or $1.70 per diluted share, in the first quarter of 2025, a 10.6% per-share increase.

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 a full definition of Core FFO.

Operational Update

Occupancy

The following operational metrics for the commercial portfolio are as of March 31, 2026:

•Overall portfolio occupancy was 93.8%, down 30 basis points sequentially and up 20 basis points year-over-year.

•Overall portfolio leased rate was 96.1%, flat sequentially and up 40 basis points year-over-year.

•Small shop leased rate was 93.8%, flat sequentially and up 30 basis points year-over-year.

The residential leased rate for comparable properties was 95.6% as of March 31, 2026, up 100 basis points year-over-year.

Leasing Activity

During the first quarter of 2026, Federal Realty signed 106 leases totaling 661,158 square feet of retail space. On a comparable space basis, the company signed 101 leases for 649,078 square feet - a first-quarter volume record - at an average rent of $35.79 per square foot, compared to $31.75 under prior leases, representing a 13% increase on a cash basis and 23% increase on a straight-line basis.

On a trailing twelve-month basis, Federal Realty signed 448 comparable leases totaling 2,620,601 square feet - also a volume record - representing 16% rent spreads on a cash basis and 28% on a straight-line basis.

Transaction Activity

•February 5, 2026 — sold two assets for a combined $158.5 million:

•Misora, a peripherally located residential component of Santana Row in San Jose, CA, for $148.5 million; and

•Courthouse Center, a 33,000 square-foot neighborhood shopping center in Rockville, MD, for $10.0 million.

•March 12, 2026 — acquired Congressional North Shopping Center for $72.3 million, a 217,000 square foot grocery anchored center, strategically deepening Federal’s presence along Rockville Pike in Montgomery County, MD.

•April 17, 2026 — acquired an adjacent 88,000-square-foot retail parcel at Kingstowne Towne Center in Alexandria, VA for $19.7 million, completing the retail assemblage at the center, which Federal originally acquired in 2022.

Financing Activity

•On February 17, 2026, the company repaid its $400 million 1.25% senior notes at maturity, refinanced with a draw on its previously announced delayed draw $250 million term loan and the remaining $150 million funded from the revolving credit facility.

•On April 14, 2026, the company amended and restated the $1.25 billion revolving credit facility, increasing the borrowing capacity to $1.4 billion, reducing the SOFR spread to 72.5 basis points, and extending the maturity date to April 12, 2030, plus two optional six-month extensions.

4

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 July 15, 2026 to common shareholders of record as of July 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 July 15, 2026 to shareholders of record as of July 1, 2026.

Federal Realty has raised and tightened its 2026 earnings per diluted share, Nareit FFO, and Core FFO guidance, as summarized in the table below:

Revised Guidance

Prior Guidance

Net income available for common shareholders per diluted share

Nareit FFO per diluted share

Core FFO per diluted share

% 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 first quarter 2026 earnings conference call, which is scheduled for Friday, May 1, 2026 at 9:00 AM 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 May 15, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10207838.

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. Federal Realty's 104 properties include approximately 3,800 tenants in 29.0 million commercial square feet, and approximately 2,500 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.

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;

5

•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.

6

Federal Realty Investment Trust

Consolidated Income Statements

Three Months 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

7

Federal Realty Investment Trust

Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

ASSETS

Real estate, at cost

Operating (including $1,898,790 and $1,832,190 of consolidated variable interest entities, respectively)

$

$

Construction-in-progress (including $30,376 and $28,418 of consolidated variable interest entities, respectively)

Less accumulated depreciation and amortization (including $474,534 and $468,725 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 $191,475 and $194,176 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, 86,386,687 and 86,266,009 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

$

$

8

Federal Realty Investment Trust

Funds From Operations

Three Months 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

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)(3)

Nareit FFO per diluted share (3)

$

$

Core Funds from Operations (Core FFO) (1)

Nareit FFO

$

$

Adjustments:

Collection of prior period rents deferred during COVID

—

Core FFO

$

$

Core FFO per diluted share (3)

$

$

Notes:

(1)See Glossary of Terms.

(2)For the three months ended March 31, 2026 and 2025, 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 Nareit and Core 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 Nareit and Core FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS for the three months ended March 31, 2025.

9

Federal Realty Investment Trust

Other Supplemental Information

Three Months Ended

(in thousands, except ratios)

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

Adjustments of EBITDAre of unconsolidated affiliates

EBITDAre

$

$

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

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

T6Development, 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 (3)

Property operating income (1)

$

$

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)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

(in thousands)

Minimum rents (2)

Commercial

$

$

Residential

Cost reimbursements

Percentage rents

Other lease related (3)

Collectibility related impacts

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

(in millions)

Straight-line rents

$

$

Amortization of in-place leases

$

$

(3)Includes lease termination fees of $4.1 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively.

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 Q1 include: Bala Cynwyd on City Avenue residential - Blayr, Friendship Center, Grossmont Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q1 2025 to Q1 2026. Comparable Property property operating income ("Comparable Property POI") and Comparable Property POI - Adjusted are non-GAAP measures used by management in evaluating the operating performance of our properties period over period. Comparable Property POI - Adjusted excludes the impact of straight-line rents and amortization of in-place leases from Comparable Property POI.

Reconciliation of GAAP operating income to Comparable Property POI and Comparable Property POI - Adjusted

Three Months Ended

(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

$

$

Less: Straight-line rents

Less: Amortization of in-place leases

Comparable Property POI - Adjusted

$

$

Additional information regarding the components of Comparable Property POI

Three Months Ended

%

Change

(in thousands)

Minimum rents

$

$

Cost reimbursements

Other (1)

Collectibility related impacts

Total property revenue

Rental expenses

Real estate taxes

Total property expenses

Comparable Property POI

$

$

Comparable Property POI - Adjusted

$

$

Comparable Property - Summary of Capital Expenditures (2)

Three Months Ended

(in thousands)

Redevelopment and tenant improvements and incentives

$

$

Maintenance capital expenditures

$

$

Comparable Property - Occupancy Statistics (2)

As of March 31,

GLA - comparable commercial properties

Leased % - comparable commercial properties

Occupancy % - comparable commercial properties

Notes:

(1)Includes lease termination fees of $3.3 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.

(2)See page 10 for "Summary of Capital Expenditures" and page 25 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 526,408 and 607,190 downREIT operating partnership units outstanding at March 31, 2026 and 2025, 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 most recent twelve months ended March 31, 2026.

(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 (10 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 March 31, 2026, our share of unconsolidated debt was approximately $61.8 million. At March 31, 2026, our noncontrolling interests' share of mortgages payable was $15.1 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 unsecured 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 the three months ended March 31, 2026 was $699.5 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 4.4% for the three months ended March 31, 2026. On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option.

(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)At March 31, 2026, our $1.25 billion revolving credit facility had $369.1 million outstanding, which was scheduled to mature on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. On April 14, 2026, we amended and restated the agreement, increasing the borrowing capacity to $1.4 billion and extending the maturity date to April 12, 2030, plus two six-month extensions at our option to April 12, 2031.

(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 March 31, 2026. 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 March 31, 2026, 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)

Property

Location

Opportunity

Projected ROI (2)

Projected Cost (1)

Cost to Date

(in millions)

(in millions)

(as a % of Total)

Projects in process:

Santana West (3)

San Jose, CA

Development of a 369,000 square foot office building. The building is fully 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 - Blayr

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 started 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

$4

Santana Row

San Jose, CA

Reconfiguration of a 52,000 square foot building to accommodate a new fitness tenant.

9

%

$8

$0

Active Property Improvement Projects (6)

Ongoing improvements at 6 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

Congressional North Shopping Center

Rockville, MD

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

Westgate Center

San Jose, CA

ü

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

Acquisition Price

Principal Tenants

(in square feet)

(in millions)

Congressional North Shopping Center

Rockville, Maryland

$

Aldi / Michaels / Restoration Hardware Outlet / Petco / Staples

Kingstowne Towne Center (1)

Alexandria, Virginia

$

Regal Cinemas / Multiple restaurants

(1)This retail building will be operated as part of our existing Kingstowne Towne Center property.

Property Dispositions

Date

Property

City/State

Sales Price

(in millions)

Santana Row Residential (1 building)

San Jose, California

$

Courthouse Center

Rockville, Maryland

$

Financing Transaction

Revolving Credit Facility

On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option. In addition, we have an option to increase the credit facility through an accordion feature to $2.0 billion.

Federal Realty Investment Trust

Real Estate Status Report

Property Name

MSA Description

Real Estate at Cost

Acreage

GLA (1)

% Leased (1)

Residential Units

Grocery Anchor GLA

Grocery Anchor (2)

Other Retail Tenants

(in thousands)

Washington Metropolitan Area

Barcroft Plaza

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

$

%

Harris Teeter

Bethesda Row

(3)

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

(4)

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

9

%

Safeway

Starbucks

Congressional North Shopping Center

(5)

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

%

Aldi

Michaels / Staples / Restoration Hardware Outlet / Petco

Congressional Plaza

(4)

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

%

The Fresh Market

Ulta / Barnes & Noble / Container Store

Fairfax Junction

(5)

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

%

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

%

TBA

Kingstowne Towne Center

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

%

Giant Food / Safeway

TJ Maxx / HomeGoods / 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 / HomeSense / Old Navy / Burlington

Mount Vernon/South Valley/7770 Richmond Hwy

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

%

Shoppers Food Warehouse

TJ Maxx / Home Depot / Old Navy / Burlington / Ulta

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

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

%

Safeway

Micro Center / CVS / Michaels

Quince Orchard

(3)

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

Outback Steakhouse

Tyson's Station

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

5

%

Trader Joe's

Village at Shirlington

(3)

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

%

Harris Teeter

CVS / AMC / Multiple Restaurants

Virginia Gateway

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

%

Giant Food / Target (S) / BJ's Wholesale Club (S)

HomeGoods / Total Wine & More / Best Buy / Ulta / Lowe's (S)

Westpost

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

%

Harris Teeter / Target

TJ Maxx / Ulta / Walgreens / DSW

Wildwood

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

%

Balducci's

CVS / Multiple Restaurants

Total Washington Metropolitan Area

%

California

Azalea

(4)

Los Angeles-Long Beach-Anaheim, CA

%

Walmart (S)

Marshalls / Ross Dress for Less / Ulta / Michaels

Bell Gardens

Los Angeles-Long Beach-Anaheim, CA

%

Food 4 Less / El Super

Marshalls / Ross Dress for Less / Bob's Discount Furniture

Federal Realty Investment Trust

Real Estate Status Report

Property Name

MSA Description

Real Estate at Cost

Acreage

GLA (1)

% Leased (1)

Residential Units

Grocery Anchor GLA

Grocery Anchor (2)

Other Retail Tenants

(in thousands)

Colorado Blvd

(3)

Los Angeles-Long Beach-Anaheim, CA

1

%

Banana Republic / True Food Kitchen

Crow Canyon Commons

San Francisco-Oakland-Hayward, CA

%

Sprouts

Total Wine & More / Alamo Ace Hardware

Del Monte Shopping Center

Salinas, CA

%

Whole Foods

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

East Bay Bridge

San Francisco-Oakland-Hayward, CA

%

Pak-N-Save / Target

Home Depot / Nordstrom Rack / Michaels / Burlington

Escondido Promenade

San Diego-Carlsbad, CA

%

Target (S)

TJ Maxx / Dick’s Sporting Goods / Ross Dress for Less / Bob's Discount Furniture

Fourth Street

(4)

San Francisco-Oakland-Hayward, CA

3

%

CB2

Freedom Plaza

Los Angeles-Long Beach-Anaheim, CA

9

%

Smart & Final

Nike / Blink Fitness / Ross Dress for Less

Grossmont Center

(4)

San Diego-Carlsbad, CA

%

Target / Walmart

Barnes & Noble / CVS

Hastings Ranch Plaza

(3)

Los Angeles-Long Beach-Anaheim, CA

%

Marshalls / HomeGoods / CVS

Old Town Center

San Jose-Sunnyvale-Santa Clara, CA

8

%

Anthropologie / Sephora / Arhaus Furniture / Teleferic Barcelona

Olivo at Mission Hills

(4)

Los Angeles-Long Beach-Anaheim, CA

%

Target

24 Hour Fitness / Ross Dress for Less / Ulta

Pinole Vista Crossing

San Francisco-Oakland-Hayward, CA

%

FoodMaxx

TJ Maxx / Nordstrom Rack / HomeGoods / Ulta

Plaza Del Sol

(4)

Los Angeles-Long Beach-Anaheim, CA

4

%

Superior Grocers (S)

Marshalls

Plaza El Segundo / The Point

Los Angeles-Long Beach-Anaheim, CA

%

Whole Foods

Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants

San Antonio Center

(3)

San Jose-Sunnyvale-Santa Clara, CA

%

Trader Joe's / Walmart

24 Hour Fitness

Santana Row

(3)

San Jose-Sunnyvale-Santa Clara, CA

%

Crate & Barrel / Container Store / Sephora / Multiple Restaurants

Sylmar Towne Center

(4)

Los Angeles-Long Beach-Anaheim, CA

%

Food 4 Less

CVS / Ross Dress for Less

Westgate Center

San Jose-Sunnyvale-Santa Clara, CA

%

Target / TBA

Nordstrom Rack / Nike Factory / TJ Maxx / Ross Dress for Less

Total California

%

NY Metro/New Jersey

Brick Plaza

(3)

New York-Newark-Jersey City, NY-NJ-PA

%

Trader Joe's

L.A. Fitness / HomeGoods / Ulta / Burlington

New York-Newark-Jersey City, NY-NJ-PA

%

Banana Republic / Gap / Tommy's Tavern + Tap

Darien Commons

Bridgeport-Stamford-Norwalk, CT

9

%

Equinox / Walgreens / Multiple Restaurants

Fresh Meadows

New York-Newark-Jersey City, NY-NJ-PA

%

Lidl / Island of Gold

AMC / Kohl's / Planet Fitness

Georgetowne Shopping Center

New York-Newark-Jersey City, NY-NJ-PA

9