Earnings Per Share And Unit (Tables)

3 Months Ended

Mar. 31, 2025

The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:

•exercise of 1,190 and 3,019 stock options for the three months ended March 31, 2025 and 2024, respectively,

•conversions of downREIT operating partnership units for both the three months ended March 31, 2025 and 2024,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2025 and 2024,

•the issuance of 0.5 million shares and units issuable under common share forward sales agreements for the period they were outstanding during the three months ended March 31, 2025, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for both the three months ended March 31, 2025 and 2024.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended
	March 31,
	2025		2024
	(In thousands, except per share data)
NUMERATOR
Net income	$	66,578	$	58,016
Less: Preferred share dividends	(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests	(2,810)		(1,280)
Less: Earnings allocated to unvested shares	(321)		(333)






Net income available for common shareholders, basic and diluted	$	61,439	$	54,395
DENOMINATOR






Weighted average common shares outstanding, basic and diluted	85,472		82,605




EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	0.72	$	0.66

Federal Realty OP LP Earnings per Unit


	Three Months Ended
	March 31,
	2025		2024
	(In thousands, except per unit data)
NUMERATOR
Net income	$	66,578	$	58,016
Less: Preferred unit distributions	(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests	(2,810)		(1,280)
Less: Earnings allocated to unvested units	(321)		(333)






Net income available for common unit holders, basic and diluted	$	61,439	$	54,395
DENOMINATOR






Weighted average common units outstanding, basic and diluted	85,472		82,605




EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$	0.72	$	0.66