EX-99.1 2 frt-3312025xex991.htm EX-99.1

FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
March 31, 2025
TABLE OF CONTENTS
1 | First Quarter 2025 Earnings Press Release | 3
2 | Financial Highlights |
|  | Consolidated Income Statements | 7
|  | Consolidated Balance Sheets | 8
|  | Funds From Operations / Other Supplemental Information | 9
|  | Components of Rental Income | 10
|  | Comparable Property Information | 11
|  | Market Data, Debt Metrics, and Senior Notes and Debentures Covenants | 12
3 | Summary of Debt |
|  | Summary of Outstanding Debt | 13
|  | Summary of Debt Maturities | 14
4 | Summary of Redevelopment and Expansion Opportunities | 15
5 | Future Redevelopment and Expansion Opportunities | 16
6 | Significant Transactions | 17
7 | Real Estate Status Report | 18
8 | Retail Leasing Summary | 22
9 | Lease Expirations | 23
10 | Portfolio Leased Statistics | 24
11 | Summary of Top 25 Tenants | 25
12 | Reconciliation of FFO Guidance | 26
13 | Glossary of Terms | 27
909 Rose Avenue, Suite 200
North Bethesda, Maryland 20852
301-998-8100

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Safe Harbor Language
Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 13, 2025, and include the following:
•risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
•risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment, or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
•risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
•risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
•risks associated with general economic conditions, including inflation, 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 13, 2025.
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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
301.998.8265 | 301.998.8316
jsawyer@federalrealty.com | bpomar@federalrealty.com

Federal Realty Investment Trust Reports First Quarter 2025 Results
NORTH BETHESDA, Md. (May 8, 2025) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the first quarter ended March 31, 2025. For the three months ended March 31, 2025 and 2024, net income available for common shareholders was $0.72 per diluted share and $0.66 per diluted share, respectively. Operating income for the same periods was $108.1 million and $100.2 million, respectively.
Highlights for the first quarter and subsequent to quarter-end include:
•Generated funds from operations available to common shareholders (FFO) per diluted share of $1.70 for the quarter, compared to $1.64 for the first quarter of 2024.
•Generated comparable property operating income (POI) growth of 2.8%, excluding lease termination fees and prior period rents collected.
•Reported comparable portfolio occupancy of 93.6% and a leased rate of 95.9% at quarter end, representing a change of:
◦+180 basis points of occupancy and +160 basis points of leased rate year-over-year
◦-10 basis points of occupancy and -20 basis points of leased rate quarter-over-quarter
•Continued strong small shop leased rate, ending the quarter at 93.5% leased representing an increase of +210 basis points year-over-year.
•Extended our $600 million unsecured term loan maturity date to March 2028, plus 2 one-year extension options, and increased the potential size to $750 million. We ended the quarter with nearly $1.5 billion of total liquidity.
•Subsequent to quarter end, announced a new common share repurchase program, under which we may purchase up to $300 million of our outstanding common shares.
•Closed on our previously announced acquisition of Del Monte Shopping Center in Monterey, California.
•Maintained 2025 earnings per diluted share guidance of $3.00 to $3.12 and raised 2025 FFO per share guidance to $7.11 to $7.23, which represents 6% growth at the midpoint year-over-year.
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“We started the year with strong operating results and are encouraged to see continuing elevated foot traffic across our properties,” said Donald C. Wood, Federal Realty’s Chief Executive Officer. “Decades of experience have taught us how to insulate our portfolio against economic cycles and disruptive forces. With irreplaceable real estate and a high-quality, diverse tenant base in affluent markets, we are well positioned for continued growth and stability.”
Financial Results
Net Incom e
For the first quarter 2025, net income available for common shareholders was $61.8 million and earnings per diluted share was $0.72 versus $54.7 million and $0.66, respectively, for the first quarter 2024.
FFO
For the first quarter 2025, FFO was $146.5 million, or $1.70 per diluted share, compared to $136.7 million, or $1.64 per diluted share for the first quarter 2024.
FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.
Operational Update
Occupancy
The following operational metrics for the commercial portfolio are as of March 31, 2025:
•The comparable portfolio was 93.6% occupied, an increase of 180 basis points year-over-year and down 10 basis points sequentially.
•Leased rate for the comparable portfolio was 95.9%, an increase of 160 basis points year-over-year and down 20 basis points sequentially.
•Small shop leased rate was 93.5%, an increase of 210 basis points year-over-year and down 10 basis points sequentially.
•Anchor tenant leased rate was 96.8%, an increase of +100 basis points year-over-year and down 70 basis points sequentially.
The residential leased rate was 94.9% as of March 31, 2025.
Leasing Activity
During the first quarter 2025, Federal Realty signed 91 leases for 429,865 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty signed 87 leases for 368,759 square feet at an average rent of $40.63 per square foot, compared to the average contractual rent of $38.51 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 6%, and 17% on a straight-line basis. Comparable leases represented 96% of total comparable and non-comparable retail leases signed during the first quarter 2025.
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Acquisitions
Federal Realty closed on the previously announced $123.5 million acquisition of Del Monte Shopping Center in Monterey, California on February 25, 2025.
Financing Activity
•Amended and restated our $600 million unsecured term loan, extending the maturity date to March 20, 2028 plus 2 one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150 million in the form of one or more unsecured term loans.
•Subsequent to quarter end, announced a new common share repurchase program, under which we may purchase up to $300 million of our outstanding common shares.
Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.10 per common share, resulting in an indicated annual rate of $4.40 per common share. The regular common dividend will be payable on July 15, 2025 to common shareholders of record as of July 1, 2025.
Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on July 15, 2025 to shareholders of record as of July 1, 2025.
2025 Guidance
Federal Realty has raised its 2025 FFO guidance, as summarized in the table below:

Full Year 2025 Guidance | Revised Guidance | Prior Guidance
2025 Earnings per diluted share | $3.00 to $3.12 | $3.00 to $3.12
2025 FFO per diluted share | $7.11 to $7.23 | $7.10 to $7.22

Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its first quarter 2025 earnings conference call, which is scheduled for Thursday, May 8, 2025 at 5:00 PM ET. To participate, please call 833-821-4548 or 412-652-1258 five to ten minutes prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through May 22, 2025 by dialing 844-512-2921 or 412-317-6671; Passcode: 10197791.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as Northern and Southern California. Founded in 1962, Federal Realty’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like
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Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 103 properties include approximately 3,500 tenants, in 27 million commercial square feet, and approximately 3,100 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 57 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Safe Harbor Language
Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 13, 2025 and include the following:
•risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
•risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
•risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
•risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
•risks associated with general economic conditions, including inflation, 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 13, 2025.
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Federal Realty Investment Trust |  |  |  |  |  |  |
Consolidated Income Statements |  |  |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |
| Three Months Ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (in thousands, except per share data) |  |  |  |
| (unaudited) |  |  |  |
REVENUE |  |  |  |  |  |  |
Rental income | $ | 302,294 |  |  | $ | 283,986 |  |  |  |  |
Other property income | 6,585 |  |  | 7,059 |  |  |  |  |
Mortgage interest income | 275 |  |  | 278 |  |  |  |  |
Total revenue | 309,154 |  |  | 291,323 |  |  |  |  |
EXPENSES |  |  |  |  |  |  |
Rental expenses | 67,804 |  |  | 61,659 |  |  |  |  |
Real estate taxes | 36,567 |  |  | 34,060 |  |  |  |  |
General and administrative | 10,875 |  |  | 12,006 |  |  |  |  |
Depreciation and amortization | 86,946 |  |  | 83,404 |  |  |  |  |
Total operating expenses | 202,192 |  |  | 191,129 |  |  |  |  |
Gain on sale of real estate | 1,171 |  |  | — |  |  |  |  |
OPERATING INCOME | 108,133 |  |  | 100,194 |  |  |  |  |
OTHER INCOME/(EXPENSE) |  |  |  |  |  |  |
Other interest income | 743 |  |  | 1,483 |  |  |  |  |
Interest expense | (42,475) |  |  | (43,693) |  |  |  |  |
Income from partnerships | 177 |  |  | 32 |  |  |  |  |
NET INCOME | 66,578 |  |  | 58,016 |  |  |  |  |
Net income attributable to noncontrolling interests | (2,810) |  |  | (1,280) |  |  |  |  |
NET INCOME ATTRIBUTABLE TO THE TRUST | 63,768 |  |  | 56,736 |  |  |  |  |
Dividends on preferred shares | (2,008) |  |  | (2,008) |  |  |  |  |
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $ | 61,760 |  |  | $ | 54,728 |  |  |  |  |
EARNINGS PER COMMON SHARE, BASIC AND DILUTED: |  |  |  |  |  |  |
Net income available for common shareholders | $ | 0.72 |  |  | $ | 0.66 |  |  |  |  |
Weighted average number of common shares | 85,472 |  |  | 82,605 |  |  |  |  |

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Federal Realty Investment Trust
Consolidated Balance Sheets
March 31, 2025
| March 31, |  | December 31,
| 2025 |  | 2024
| (in thousands, except share and per share data)
| (unaudited) |  |
ASSETS |  |  |
Real estate, at cost |  |  |
Operating (including $1,817,974 and $1,825,656 of consolidated variable interest entities, respectively) | $ | 10,521,108 |  |  | $ | 10,363,961 |
Construction-in-progress (including $18,161 and $9,939 of consolidated variable interest entities, respectively) | 561,101 |  |  | 539,752 |
| 11,082,209 |  |  | 10,903,713 |
Less accumulated depreciation and amortization (including$434,226 and $424,044 of consolidated variable interest entities, respectively) | (3,220,113) |  |  | (3,152,799) |
Net real estate | 7,862,096 |  |  | 7,750,914 |
Cash and cash equivalents | 109,224 |  |  | 123,409 |
Accounts and notes receivable, net | 220,262 |  |  | 229,080 |
Mortgage notes receivable, net | 9,131 |  |  | 9,144 |
Investment in partnerships | 32,888 |  |  | 33,458 |
Operating lease right of use assets, net | 85,165 |  |  | 85,806 |
Finance lease right of use assets, net | 6,575 |  |  | 6,630 |
Prepaid expenses and other assets | 296,509 |  |  | 286,316 |
TOTAL ASSETS | $ | 8,621,850 |  |  | $ | 8,524,757 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Liabilities |  |  |
Mortgages payable, net (including $184,813 and $186,643 of consolidated variable interest entities, respectively) | $ | 512,579 |  |  | $ | 514,378 |
Notes payable, net | 641,331 |  |  | 601,414 |
Senior notes and debentures, net | 3,359,383 |  |  | 3,357,840 |
Accounts payable and accrued expenses | 197,422 |  |  | 183,564 |
Dividends payable | 97,265 |  |  | 96,743 |
Security deposits payable | 34,194 |  |  | 30,941 |
Operating lease liabilities | 74,230 |  |  | 74,837 |
Finance lease liabilities | 12,812 |  |  | 12,783 |
Other liabilities and deferred credits | 247,029 |  |  | 227,827 |
Total liabilities | 5,176,245 |  |  | 5,100,327 |
Commitments and contingencies |  |  |
Redeemable noncontrolling interests | 181,339 |  |  | 180,286 |
Shareholders’ equity |  |  |
Preferred shares, authorized 15,000,000 shares, $.01 par: |  |  |
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding | 150,000 |  |  | 150,000 |
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding | 9,822 |  |  | 9,822 |
Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 86,255,005 and 85,666,220 shares issued and outstanding, respectively | 869 |  |  | 862 |
Additional paid-in capital | 4,303,363 |  |  | 4,248,824 |
Accumulated dividends in excess of net income | (1,275,769) |  |  | (1,242,654) |
Accumulated other comprehensive income | 3,596 |  |  | 4,740 |
Total shareholders’ equity of the Trust | 3,191,881 |  |  | 3,171,594 |
Noncontrolling interests | 72,385 |  |  | 72,550 |
Total shareholders’ equity | 3,264,266 |  |  | 3,244,144 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 8,621,850 |  |  | $ | 8,524,757 |

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Federal Realty Investment Trust |  |  |  |  |  |  |  |
Funds From Operations / Other Supplemental Information |  |
March 31, 2025 |  |  |  |  |  |  |  |
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1) |  |  |  |  |  |
Net income |  | $ | 66,578 |  |  | $ | 58,016 |  |  |  |  |
Net income attributable to noncontrolling interests |  | (2,810) |  |  | (1,280) |  |  |  |  |
Gain on sale of real estate |  | (1,171) |  |  | — |  |  |  |  |
Depreciation and amortization of real estate assets |  | 76,498 |  |  | 73,938 |  |  |  |  |
Amortization of initial direct costs of leases |  | 9,077 |  |  | 7,737 |  |  |  |  |
Funds from operations |  | 148,172 |  |  | 138,411 |  |  |  |  |
Dividends on preferred shares (2) |  | (1,875) |  |  | (1,875) |  |  |  |  |
Income attributable to downREIT operating partnership units |  | 669 |  |  | 692 |  |  |  |  |
Income attributable to unvested shares |  | (490) |  |  | (503) |  |  |  |  |
FFO |  | $ | 146,476 |  |  | $ | 136,725 |  |  |  |  |
Weighted average number of common shares, diluted (2)(3) |  | 86,177 |  |  | 83,334 |  |  |  |  |
FFO per diluted share (3) |  | $ | 1.70 |  |  | $ | 1.64 |  |  |  |  |
Dividends and Payout Ratios |  |  |  |  |  |  |  |
Regular common dividends declared |  | $ | 94,875 |  |  | $ | 90,479 |  |  |  |  |
Dividend payout ratio as a percentage of FFO |  | 65% |  | 66% |  |  |  |
Summary of Capital Expenditures |  |  |  |  |  |  |  |
Non-maintenance capital expenditures |  |  |  |  |  |  |  |
Development, redevelopment and expansions |  | $ | 34,291 |  |  | $ | 38,250 |  |  |  |  |
Tenant improvements and incentives |  | 22,386 |  |  | 24,535 |  |  |  |  |
Total non-maintenance capital expenditures |  | 56,677 |  |  | 62,785 |  |  |  |  |
Maintenance capital expenditures |  | 4,843 |  |  | 3,215 |  |  |  |  |
Total capital expenditures |  | $ | 61,520 |  |  | $ | 66,000 |  |  |  |  |
Other Information |  |  |  |  |  |  |  |
Leasing costs |  | $ | 6,333 |  |  | $ | 6,412 |  |  |  |  |
Share-based compensation expense (non-cash) |  | $ | 3,881 |  |  | $ | 4,160 |  |  |  |  |
Noncontrolling Interests Supplemental Information (4) |  |  |  |  |  |  |  |
Property operating income (1) |  | $ | 3,556 |  |  | $ | 2,566 |  |  |  |  |
Depreciation and amortization |  | (1,258) |  |  | (1,816) |  |  |  |  |
Interest expense |  | (157) |  |  | (162) |  |  |  |  |
Net income |  | $ | 2,141 |  |  | $ | 588 |  |  |  |  |

Notes:
(1)See Glossary of Terms.
(2)For the three months ended March 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)The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS.
(4)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."
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Federal Realty Investment Trust |  |  |  |  |  |  |
Components of Rental Income |  |  |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |
Components of Rental Income (1) | Three Months Ended |  |
|  | March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (in thousands)
Minimum rents (2) |  |  |  |  |  |  |
Commercial | $ | 203,124 |  |  | $ | 192,937 |  |  |  |  |
Residential | 26,911 |  |  | 26,519 |  |  |  |  |
Cost reimbursements | 63,269 |  |  | 56,559 |  |  |  |  |
Percentage rents | 4,457 |  |  | 4,775 |  |  |  |  |
Other lease related (3) | 5,754 |  |  | 5,169 |  |  |  |  |
Collectibility related impacts (4) | (1,221) |  |  | (1,973) |  |  |  |  |
Total rental income | $ | 302,294 |  |  | $ | 283,986 |  |  |  |  |

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 |  |
|  |  | March 31, |  |
|  |  | 2025 |  | 2024 |  |  |  |
|  |  | (in millions)
| Straight-line rents | $ | 7.5 |  |  | $ | 5.2 |  |  |  |  |
| Amortization of in-place leases | $ | 3.1 |  |  | $ | 3.8 |  |  |  |  |

(3)Includes lease termination fees of $1.3 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively.
(4)For the three months ended March 31, 2025 and 2024, our collectability related impacts include the collection of approximately $0.1 million and $0.9 million, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.
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Federal Realty Investment Trust |  |  |  |  |  |  |  |  |  |  |  |  |
Comparable Property Information |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
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: Friendship Center, Grossmont Center, Huntington Shopping Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q1 2024 to Q1 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.
Reconciliation of GAAP operating income to Comparable Property POI |  |  |  |  |  |  |  |  |
| Three Months Ended |  |  |  |  |  |
| March 31, |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |
| (in thousands) |  |  |  |  |  |
Operating income | $ | 108,133 |  |  | $ | 100,194 |  |  |  |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 86,946 |  |  | 83,404 |  |  |  |  |  |  |  |  |  |  |
General and administrative | 10,875 |  |  | 12,006 |  |  |  |  |  |  |  |  |  |  |
Gain on sale of real estate | (1,171) |  |  | — |  |  |  |  |  |  |  |  |  |  |
Property operating income (POI) | 204,783 |  |  | 195,604 |  |  |  |  |  |  |  |  |  |  |
Less: Non-comparable POI - acquisitions/dispositions | (6,255) |  |  | (2,953) |  |  |  |  |  |  |  |  |  |  |
Less: Non-comparable POI - redevelopment, development & other | (7,690) |  |  | (6,702) |  |  |  |  |  |  |  |  |  |  |
Comparable property POI | $ | 190,838 |  |  | $ | 185,949 |  |  |  |  |  |  |  |  |  |  |
Additional information regarding the components of Comparable Property POI |  |  |  |  |  |  |  |  |
| Three Months Ended |  |  |  |  |  |
| March 31, | % |  |  |  |  |
| 2025 |  | 2024 | Change |  |  |  |  |  |  |  |  |
| (in thousands) |  |  |  |  |  |
Minimum rents (1) | $ | 213,518 |  |  | $ | 207,827 |  |  |  |  |  |  |  |  |  |  |
Cost reimbursements | 59,348 |  |  | 54,870 |  |  |  |  |  |  |  |  |  |  |
Other | 13,666 |  |  | 13,270 |  |  |  |  |  |  |  |  |  |  |
Collectibility related impacts | (867) |  |  | (1,346) |  |  |  |  |  |  |  |  |  |  |
Total property revenue | 285,665 |  |  | 274,621 |  |  |  |  |  |  |  |  |  |  |
Rental expenses | (60,973) |  |  | (56,249) |  |  |  |  |  |  |  |  |  |  |
Real estate taxes | (33,854) |  |  | (32,423) |  |  |  |  |  |  |  |  |  |  |
Total property expenses | (94,827) |  |  | (88,672) |  |  |  |  |  |  |  |  |  |  |
Comparable property POI | $ | 190,838 |  |  | $ | 185,949 |  | 2.6% |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Lease termination fees | (1,310) |  |  | (715) |  |  |  |  |  |  |  |  |  |  |
Prior period rents collected (2) | (67) |  |  | (922) |  |  |  |  |  |  |  |  |  |  |
Comparable property POI excluding lease termination fees and prior period rents collected | $ | 189,461 |  |  | $ | 184,312 |  | 2.8% |  |  |  |  |  |  |  |  |
Comparable Property - Summary of Capital Expenditures (3) |  |  |  |  |  |  |  |  |
| Three Months Ended |  |  |  |  |  |
| March 31, |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |
| (in thousands) |  |  |  |  |  |
Redevelopment and tenant improvements and incentives | $ | 32,678 |  |  | $ | 37,493 |  |  |  |  |  |  |  |  |  |  |
Maintenance capital expenditures | 4,452 |  |  | 3,173 |  |  |  |  |  |  |  |  |  |  |
| $ | 37,130 |  |  | $ | 40,666 |  |  |  |  |  |  |  |  |  |  |
Comparable Property - Occupancy Statistics (3) |  |  |  |  |  |  |  |  |
| At March 31, |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |
GLA - comparable commercial properties | 24,491,000 |  |  | 24,535,000 |  |  |  |  |  |  |  |  |  |  |
Leased % - comparable commercial properties | 95.9% |  | 94.3% |  |  |  |  |  |  |  |  |  |
Occupancy % - comparable commercial properties | 93.6% |  | 91.8% |  |  |  |  |  |  |  |  |  |

Notes:
(1)For the three months ended March 31, 2025 and 2024, amount includes straight-line rents of $5.1 million and $3.0 million, respectively, and amortization of in-place leases of $2.3 million and $3.1 million, respectively.
(2)Amount represents collection of prior period rents which were contractually deferred or payment renegotiated specifically related to the COVID-19 pandemic.
(3)See page 9 for "Summary of Capital Expenditures" and page 24 for portfolio occupancy statistics for our entire portfolio.
11

Federal Realty Investment Trust
Market Data, Debt Metrics, and Senior Notes and Debentures Covenants
March 31, 2025
|  |  | March 31,
|  |  | 2025 |  | 2024
|  |  | (in thousands, except per share data)
Market Data |  |  |  |
| Common shares outstanding and downREIT operating partnership units (1) |  | 86,862 |  |  | 83,580 |
| Market price per common share |  | $ | 97.82 |  |  | $ | 102.12 |
| Common equity market capitalization including downREIT operating partnership units |  | $ | 8,496,841 |  |  | $ | 8,535,190 |
| Series C preferred shares outstanding |  | 6 |  |  | 6 |
| Liquidation price per Series C preferred share |  | $ | 25,000 |  |  | $ | 25,000 |
| Series C preferred equity market capitalization |  | $ | 150,000 |  |  | $ | 150,000 |
| Series 1 preferred shares outstanding (2) |  | 393 |  |  | 393 |
| Liquidation price per Series 1 preferred share |  | $ | 25.00 |  |  | $ | 25.00 |
| Series 1 preferred equity market capitalization |  | $ | 9,825 |  |  | $ | 9,825 |
| Equity market capitalization |  | $ | 8,656,666 |  |  | $ | 8,695,015 |
| Total debt |  | $ | 4,513,293 |  |  | $ | 4,483,397 |
| Less: cash and cash equivalents |  | (109,224) |  |  | (95,936) |
| Total net debt (3) |  | $ | 4,404,069 |  |  | $ | 4,387,461 |
| Total market capitalization |  | $ | 13,060,735 |  |  | $ | 13,082,476 |
Leverage and Liquidity Ratios |  |  |  |
| Total net debt to market capitalization at market price per common share |  | 34% |  | 34%
| Ratio of EBITDAre to combined fixed charges and preferred share dividends, three months ended (4)(5) |  | 3.8x |  | 3.5x
Senior Notes and Debentures Covenants (6) |  |  |  |
|  |  | March 31, 2025 |  | Debt Covenant Threshold (7)
| Total Debt to Total Assets |  | 39% |  | < 60%
| Secured Debt to Total Assets |  | 5% |  | < 40%
| Consolidated Income to Annual Debt Service Charge |  | 3.9x |  | > 1.5x
| Unencumbered Assets to Unsecured Debt |  | 258% |  | > 150%

Notes:
(1)Amounts include 607,190 and 631,271 downREIT operating partnership units outstanding at March 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)EBITDAre is reconciled to net income in the Glossary of Terms.
(5)Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor.
(6)The reference period for calculating these covenants is the most recent twelve months ended March 31, 2025.
(7)For a detailed description of the senior unsecured notes covenants and definitions of the terms, please refer to our filings with the Securities and Exchange Commission.
12

Federal Realty Investment Trust
Summary of Outstanding Debt
March 31, 2025
|  | As of March 31, 2025
|  | Stated maturity date |  | Stated interest rate |  | Balance |  |  |  | Weighted average effective rate (6)
|  |  |  |  |  | (in thousands) |  |  |  |  |
Mortgages payable (1) |  |  |  |  |  |  |  |  |  |
| Secured fixed rate |  |  |  |  |  |  |  |  |  |
| Azalea | 11/1/2025 |  | 3.73% |  | $ | 40,000 |  |  |  |  |  |
| Bethesda Row | 12/28/2025 (2) |  | 5.03% (3) |  | 200,000 |  |  |  |  |  |
| Bell Gardens | 8/1/2026 |  | 4.06% |  | 11,133 |  |  |  |  |  |
| Plaza El Segundo | 6/5/2027 |  | 3.83% |  | 125,000 |  |  |  |  |  |
| The Grove at Shrewsbury (East) | 9/1/2027 |  | 3.77% |  | 43,600 |  |  |  |  |  |
| Brook 35 | 7/1/2029 |  | 4.65% |  | 11,500 |  |  |  |  |  |
| Hoboken (24 Buildings) | 12/15/2029 |  | 3.67% (3) |  | 51,735 |  |  |  |  |  |
| Various Hoboken (13 Buildings) | Various through 2029 |  | 3.91% to 5.00% |  | 27,421 |  |  |  |  |  |
| Chelsea | 1/15/2031 |  | 5.36% |  | 3,450 |  |  |  |  |  |
| Subtotal |  |  |  |  | 513,839 |  |  |  |  |  |
| Net unamortized debt issuance costs and discount |  |  |  | (1,260) |  |  |  |  |  |
| Total mortgages payable, net |  |  |  |  | 512,579 |  |  |  | 4.50% |
Notes payable |  |  |  |  |  |  |  |  |  |
| Revolving credit facility (4)(5) | 4/5/2027 |  | Adjusted SOFR + 0.775% |  | 44,550 |  |  |  |  |  |
| Term loan (4) | 3/20/2028 |  | Adjusted SOFR + 0.85% |  | 600,000 |  |  |  |  |  |
| Various | Various through 2059 |  | Various |  | 1,627 |  |  |  |  |  |
| Subtotal |  |  |  |  | 646,177 |  |  |  |  |  |
| Net unamortized debt issuance costs |  |  |  | (4,846) |  |  |  |  |  |
| Total notes payable, net |  |  |  |  | 641,331 |  |  |  |  | 5.56% | (7)
Senior notes and debentures |  |  |  |  |  |  |  |  |  |
| Unsecured fixed rate |  |  |  |  |  |  |  |  |  |
| 1.25% notes | 2/15/2026 |  | 1.25% |  | 400,000 |  |  |  |  |  |
| 7.48% debentures | 8/15/2026 |  | 7.48% |  | 29,200 |  |  |  |  |  |
| 3.25% notes | 7/15/2027 |  | 3.25% |  | 475,000 |  |  |  |  |  |
| 6.82% medium term notes | 8/1/2027 |  | 6.82% |  | 40,000 |  |  |  |  |  |
| 5.375% notes | 5/1/2028 |  | 5.375% |  | 350,000 |  |  |  |  |  |
| 3.25% exchangeable notes | 1/15/2029 |  | 3.25% |  | 485,000 |  |  |  |  |  |
| 3.20% notes | 6/15/2029 |  | 3.20% |  | 400,000 |  |  |  |  |  |
| 3.50% notes | 6/1/2030 |  | 3.50% |  | 400,000 |  |  |  |  |  |
| 4.50% notes | 12/1/2044 |  | 4.50% |  | 550,000 |  |  |  |  |  |
| 3.625% notes | 8/1/2046 |  | 3.625% |  | 250,000 |  |  |  |  |  |
| Subtotal |  |  |  |  | 3,379,200 |  |  |  |  |  |
| Net unamortized debt issuance costs and premium |  |  |  | (19,817) |  |  |  |  |  |
| Total senior notes and debentures, net |  |  |  | 3,359,383 |  |  |  |  | 3.77% |
| Total debt, net |  | $ | 4,513,293 |  |  |  |  |  |
Total fixed rate debt, net |  |  |  | $ | 3,873,576 |  |  | 86% |  | 3.87% |
Total variable rate debt, net |  |  |  | 639,717 |  |  | 14% |  | 5.56% | (7)
Total debt, net |  |  |  | $ | 4,513,293 |  |  | 100% |  | 4.11% | (7)

Notes:
(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At March 31, 2025, our share of unconsolidated debt was approximately $61.8 million. At March 31, 2025, our noncontrolling interests' share of mortgages payable was $15.0 million.
(2)We have two one-year extensions, at our option to extend the maturity date to December 28, 2027.
(3)The mortgage loans have interest rate swap agreements that effectively fix the interest rate through the initial maturity date.
(4)Our revolving credit facility SOFR loans and our term loan bear interest at Daily Simple SOFR or Term SOFR, as defined in the respective credit agreements, plus 0.10%, plus a spread, based on our current credit rating. On May 1, 2025, the 0.10% adjustment to SOFR was removed from the term loan.
(5)The maximum amount drawn under our $1.25 billion revolving credit facility during the three months and year ended March 31, 2025 was $109.0 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 5.2%.
(6)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 7.
(7)The weighted average effective interest rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.
13

Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2025
Year | Scheduled Amortization |  | Maturities |  | Total |  | Percent of Debt Maturing |  |  |  | Weighted Average Rate (5) |
| (in thousands) |  |  |  |  |  |  |
2025 | $ | 1,774 |  |  | $ | 44,298 |  |  | $ | 46,072 |  |  | 1.0 | % |  |  |  | 3.8 | % |
2026 | 3,131 |  |  | 452,450 |  |  | 455,581 |  |  | 10.0 | % |  |  |  | 2.1 | % |
2027 | 2,643 |  |  | 890,682 |  | (1) | 893,325 |  |  | 19.7 | % |  |  |  | 4.1 | % |
2028 | 2,511 |  |  | 394,550 |  | (2) | 397,061 |  |  | 8.8 | % |  |  |  | 5.6 | % | (6)
2029 | 2,329 |  |  | 943,105 |  |  | 945,434 |  |  | 20.8 | % |  |  |  | 3.6 | % |
2030 | 684 |  |  | 1,000,000 |  | (3) | 1,000,684 |  |  | 22.0 | % |  |  |  | 4.8 | % |
2031 | 59 |  |  | — |  |  | 59 |  |  | — | % |  |  |  | 6.1 | % |
2032 | — |  |  | — |  |  | — |  |  | — | % |  |  |  | — | % |
2033 | — |  |  | — |  |  | — |  |  | — | % |  |  |  | — | % |
2034 | — |  |  | — |  |  | — |  |  | — | % |  |  |  | — | % |
Thereafter | — |  |  | 801,000 |  |  | 801,000 |  |  | 17.7 | % |  |  |  | 4.2 | % |
Total | $ | 13,131 |  |  | $ | 4,526,085 |  |  | $ | 4,539,216 |  | (4) | 100.0 | % |  |  |  |  |

Notes:
The above table assumes all extension options are exercised.
(1)Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2025 plus two one-year extensions, at our option to December 28, 2027.
(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 March 31, 2025, there was $44.6 million balance outstanding under this credit facility.
(3)Our $600.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 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, 2025. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 6 years.
(5)The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.
(6)The weighted average rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our $1.25 billion revolving credit facility.
14

Federal Realty Investment Trust |  |  |  |  |  |
Summary of Redevelopment and Expansion Opportunities |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |
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 | Projected 2025 POI Delivered (2) |
|  |  |  | (in millions) | (in millions) | (as a % of Total)
Santana West (3) | San Jose, CA | Development of a 369,000 square foot office building. 302,000 square feet of office space leased | 5% - 6% | $325 - $335 | $271 | 5% - 10% |
Pike & Rose - 915 Meeting Street (3) | North Bethesda, MD | Development of a 266,000 square foot office building with 10,000 square feet of retail space. 250,000 square feet of office and 10,000 square feet of retail space leased. | 6 | % | $180 - $190 | $171 | 65% - 75% |
Bala Cynwyd on City Avenue | Bala Cynwyd, PA | Demolition of two level department store building to construct a new six story building with 217 residential units, 16,000 square feet of retail and a two-story parking structure with 234 parking stalls | 7 | % | $90 - $95 | $32 | — |
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 | % | $80 - $85 | $80 | 90% - 95% |
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 | 6% - 7% | $45 - $48 | $12 | — |
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 | 7% - 8% | $32 | $3 | 2026 |
Willow Grove | Willow Grove, PA | Development of a new 17,000 square foot multi-tenant pad building | 7 | % | $11 | $10 | 2025 |
Santana Row | San Jose, CA | Installation and implementation of paid parking system | 25 | % | $3 | $2 | 2025 |
Mercer on One | Lawrenceville, NJ | Construction of a 2,225 square foot pad building with drive-thru for a restaurant tenant | 8 | % | $3 | $1 | 2025 |
Active Property Improvement Projects (6) | Ongoing improvements at 6 properties to better position those properties to capture a disproportionate amount of retail demand | 8% - 13% | $34 | $19 |  |

Notes:
(1)There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected returns on investment (ROI) and Projected Cost are management's best estimate based on current information and may change over time. Anticipated total cost, and projected ROI, and projected POI delivered are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.
(2)Projected ROI for mixed-use redevelopment/expansion projects reflects the unleveraged Property Operating Income (POI) generated by the project and is calculated as POI divided by cost. Projected POI delivered includes straight line rent.
(3)Projected costs for Pike & Rose include an allocation of infrastructure costs for the entire project. Santana West includes an allocation of infrastructure for the Santana West site.
(4)Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental POI generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects generally does not include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property but may for certain property improvement projects.
(5)Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time.
(6)Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor amenity spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, improve market rents, drive leasing demand, and/or provide outdoor spaces critical to meeting the needs of the current environment. Returns on these projects are typically seen over one to five years, however, some projects could extend beyond that. Projected ROI range reflects management's best estimate of the long term expected return on cost of these investments.
15

Federal Realty Investment Trust |
Future Redevelopment and Expansion Opportunities |
March 31, 2025 |
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 |  |
Langhorne Square | Levittown, PA | 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 Grove | Willow Grove, PA | ü | ü |
Willow Lawn | Richmond, VA |  | ü |
Wynnewood | Wynnewood, PA | ü |  |

Notes:
(1)Remaining entitlements at Assembly Row include approximately 1.5 million square feet of commercial-use buildings and 326 residential units.
(2)Remaining entitlements at Pike & Rose include approximately 530,000 square feet of commercial-use buildings and 741 residential units.
(3)Remaining entitlements at Santana Row include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space across from Santana Row.
(4)Property expansion/conversion includes opportunities at successful retail properties to convert previously underutilized land into new GLA, to convert other existing uses into more productive uses for the property, and/or to add both single tenant and multi-tenant stand alone pad buildings.
(5)Residential includes opportunities to add residential units to existing retail and mixed-use properties.
16

Federal Realty Investment Trust |
Significant Transactions |
March 31, 2025 |

Property Acquisition

Date |  | Property |  | City/State |  | GLA |  | Purchase Price |  | Principal Tenants
|  |  |  |  |  | (in square feet) |  | (in millions) |  |
February 25, 2025 |  | Del Monte Shopping Center |  | Monterey, California |  | 675,000 |  |  | $ | 123.5 |  |  | Whole Foods / Macy's / Petco / Pottery Barn / Apple

Property Disposition

Date |  | Property |  | City/State |  | Sales Price |  |
|  |  |  |  |  | (in millions) |  |
January 7, 2025 |  | White Marsh Other (portion) |  | Baltimore, Maryland |  | $ | 3.4 |  |  |

Financing Transactions
Issuance of Common Shares
During the three months ended March 31, 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.
Amendment and Restatement of Term Loan
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. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. 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.
Share Repurchase Program
On April 10, 2025, we announced that our Board of Trustees had approved a new common share repurchase program, under which we may purchase up to $300.0 million of our outstanding common shares of beneficial interest, $0.01 par value per share from time to time using a variety of methods, including open market, privately negotiated transactions or otherwise. As of May 8, 2025, no common shares have been repurchased through the program.
17

Federal Realty Investment Trust |
Real Estate Status Report |
March 31, 2025 |
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 |  | $ | 51,852 |  |  | 10 |  |  | 113,000 |  |  | 98 | % |  |  |  |  |  | 46,000 |  |  | Harris Teeter |  |
Bethesda Row | (3) | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 271,965 |  |  | 17 |  |  | 531,000 |  |  | 97 | % |  |  |  |  | 180 | 40,000 |  |  | Giant Food | Apple / Anthropologie / Equinox / Multiple Restaurants |
Birch & Broad |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 26,152 |  |  | 10 |  |  | 144,000 |  |  | 100 | % |  |  |  |  |  | 51,000 |  |  | Giant Food | CVS / Staples |
Chesterbrook | (4) | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 48,742 |  |  | 9 |  |  | 89,000 |  |  | 83 | % |  |  |  |  |  | 35,000 |  |  | Safeway | Starbucks |
Congressional Plaza | (4) | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 108,080 |  |  | 21 |  |  | 325,000 |  |  | 80 | % |  |  |  |  | 194 | 25,000 |  |  | The Fresh Market | Ulta / Barnes & Noble / Container Store |
Courthouse Center |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 7,618 |  |  | 2 |  |  | 33,000 |  |  | 81 | % |  |  |  |  |  |  |  |  |  |
Fairfax Junction | (5) | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 46,804 |  |  | 11 |  |  | 124,000 |  |  | 98 | % |  |  |  |  |  | 23,000 |  |  | Aldi | CVS / Planet Fitness |
Federal Plaza |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 74,307 |  |  | 18 |  |  | 249,000 |  |  | 94 | % |  |  |  |  |  | 14,000 |  |  | Trader Joe's | TJ Maxx / Micro Center / Ross Dress for Less |
Friendship Center |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 40,261 |  |  | 1 |  |  | 54,000 |  |  | 100 | % |  |  |  |  |  |  |  |  | Marshalls / Maggiano's |
Gaithersburg Square |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 39,670 |  |  | 16 |  |  | 204,000 |  |  | 99 | % |  |  |  |  |  |  |  |  | Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS |
Graham Park Plaza |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 27,991 |  |  | 10 |  |  | 133,000 |  |  | 95 | % |  |  |  |  |  | 58,000 |  |  | Giant Food |  |
Idylwood Plaza |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 18,616 |  |  | 7 |  |  | 73,000 |  |  | 100 | % |  |  |  |  |  | 30,000 |  |  | Whole Foods |  |
Kingstowne Towne Center |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 212,052 |  |  | 45 |  |  | 411,000 |  |  | 100 | % |  |  |  |  |  | 135,000 |  |  | Giant Food / Safeway | TJ Maxx / HomeGoods / Ross Dress for Less |
Laurel |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 62,124 |  |  | 26 |  |  | 367,000 |  |  | 96 | % |  |  |  |  |  | 61,000 |  |  | Giant Food | Marshalls / L.A. Fitness / HomeGoods |
Montrose Crossing |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 171,868 |  |  | 36 |  |  | 369,000 |  |  | 98 | % |  |  |  |  |  | 73,000 |  |  | Giant Food / Target (S) | Marshalls / Home Depot Design Center / Old Navy / Burlington |
Mount Vernon/South Valley/7770 Richmond Hwy | (5) | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 98,249 |  |  | 40 |  |  | 565,000 |  |  | 97 | % |  |  |  |  |  | 62,000 |  |  | Shoppers Food Warehouse | TJ Maxx / Home Depot / Old Navy / Burlington |
Old Keene Mill |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 19,809 |  |  | 10 |  |  | 90,000 |  |  | 100 | % |  |  |  |  |  | 14,000 |  |  | Trader Joe's | Walgreens / Planet Fitness |
Pike & Rose |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 893,364 |  |  | 24 |  |  | 887,000 |  |  | 100 | % |  |  |  |  | 765 |  |  |  | Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants |
Pike 7 Plaza |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 56,721 |  |  | 13 |  |  | 175,000 |  |  | 98 | % |  |  |  |  |  | 24,000 |  |  | Lidl | TJ Maxx / DSW / Ulta |
Plaza del Mercado |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 46,956 |  |  | 10 |  |  | 116,000 |  |  | 98 | % |  |  |  |  |  | 18,000 |  |  | Aldi | CVS / L.A. Fitness |
Providence Place |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 37,653 |  |  | 25 |  |  | 228,000 |  |  | 93 | % |  |  |  |  |  | 65,000 |  |  | Safeway | Micro Center / CVS / Michaels |
Quince Orchard | (3) | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 41,495 |  |  | 16 |  |  | 271,000 |  |  | 87 | % |  |  |  |  |  | 19,000 |  |  | Aldi | HomeGoods / L.A. Fitness / Staples |
Tower Shopping Center |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 29,037 |  |  | 12 |  |  | 109,000 |  |  | 97 | % |  |  |  |  |  | 26,000 |  |  | L.A. Mart | Total Wine & More / Talbots |
Twinbrooke Centre |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 37,767 |  |  | 10 |  |  | 101,000 |  |  | 98 | % |  |  |  |  |  | 35,000 |  |  | Safeway | Outback Steakhouse |
Tyson's Station |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 6,651 |  |  | 5 |  |  | 48,000 |  |  | 97 | % |  |  |  |  |  | 15,000 |  |  | Trader Joe's |  |
Village at Shirlington | (3) | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 76,310 |  |  | 16 |  |  | 276,000 |  |  | 88 | % |  |  |  |  |  | 28,000 |  |  | Harris Teeter | CVS / AMC / Multiple Restaurants |
Virginia Gateway |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 208,736 |  |  | 110 |  |  | 668,000 |  |  | 97 | % |  |  |  |  |  | 70,000 |  |  | 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 |  | 119,288 |  |  | 14 |  |  | 298,000 |  |  | 96 | % |  |  |  |  |  | 79,000 |  |  | Harris Teeter / Target | TJ Maxx / Ulta / Walgreens / DSW |
Wildwood |  | Washington-Arlington-Alexandria, DC-VA-MD-WV |  | 28,561 |  |  | 12 |  |  | 88,000 |  |  | 100 | % |  |  |  |  |  | 20,000 |  |  | Balducci's | CVS / Multiple Restaurants |
Total Washington Metropolitan Area |  | 2,908,699 |  |  | 556 |  |  | 7,139,000 |  |  | 96 | % |  |  |  |  |  |  |  |  |  |
California |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Azalea | (4) | Los Angeles-Long Beach-Anaheim, CA |  | 109,356 |  |  | 22 |  |  | 226,000 |  |  | 98 | % |  |  |  |  |  |  |  | Walmart (S) | Marshalls / Ross Dress for Less / Ulta / Michaels |
Bell Gardens | (3)(4) | Los Angeles-Long Beach-Anaheim, CA |  | 119,893 |  |  | 32 |  |  | 371,000 |  |  | 97 | % |  |  |  |  |  | 108,000 |  | Food 4 Less / El Super | Marshalls / Ross Dress for Less / Bob's Discount Furniture |

18

Federal Realty Investment Trust |
Real Estate Status Report |
March 31, 2025 |
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 |  | 14,045 |  |  | 1 |  |  | 42,000 |  |  | 73 | % |  |  |  |  |  |  |  |  | Banana Republic / True Food Kitchen |
Crow Canyon Commons |  | San Francisco-Oakland-Hayward, CA |  | 93,707 |  |  | 22 |  |  | 239,000 |  |  | 84 | % |  |  |  |  |  | 32,000 |  | Sprouts | Total Wine & More / Alamo Ace Hardware |
Del Monte Shopping Center |  | Salinas, CA |  | 129,566 |  |  | 46 |  |  | 675,000 |  |  | 83 | % |  |  |  |  |  | 25,000 |  | Whole Foods | Macy's / Petco / Pottery Barn / Apple |
East Bay Bridge |  | San Francisco-Oakland-Hayward, CA |  | 178,946 |  |  | 32 |  |  | 441,000 |  |  | 88 | % |  |  |  |  |  | 199,000 |  | Pak-N-Save / Target | Home Depot / Nordstrom Rack / Michaels |
Escondido Promenade |  | San Diego-Carlsbad, CA |  | 135,469 |  |  | 18 |  |  | 298,000 |  |  | 98 | % |  |  |  |  |  |  |  | Target (S) | TJ Maxx / Dick’s Sporting Goods / Ross Dress for Less / Bob's Discount Furniture |
Fourth Street | (4) | San Francisco-Oakland-Hayward, CA |  | 28,108 |  |  | 3 |  |  | 70,000 |  |  | 47 | % |  |  |  |  |  |  |  |  | CB2 |
Freedom Plaza | (3)(4) | Los Angeles-Long Beach-Anaheim, CA |  | 44,139 |  |  | 9 |  |  | 114,000 |  |  | 95 | % |  |  |  |  |  | 31,000 |  | Smart & Final | Nike / Blink Fitness / Ross Dress for Less |
Grossmont Center | (4) | San Diego-Carlsbad, CA |  | 178,133 |  |  | 64 |  |  | 866,000 |  |  | 96 | % |  |  |  |  |  | 294,000 |  | Target / Walmart | Barnes & Noble / Macy's / CVS |
Hastings Ranch Plaza | (3) | Los Angeles-Long Beach-Anaheim, CA |  | 25,793 |  |  | 15 |  |  | 273,000 |  |  | 100 | % |  |  |  |  |  |  |  |  | Marshalls / HomeGoods / CVS |
Hollywood Blvd |  | Los Angeles-Long Beach-Anaheim, CA |  | 62,109 |  |  | 3 |  |  | 181,000 |  |  | 86 | % |  |  |  |  |  | 39,000 |  | Target | Marshalls / L.A. Fitness / CVS |
Old Town Center |  | San Jose-Sunnyvale-Santa Clara, CA |  | 44,304 |  |  | 8 |  |  | 99,000 |  |  | 89 | % |  |  |  |  |  |  |  |  | Anthropologie / Sephora / Arhaus Furniture / Teleferic Barcelona |
Olivo at Mission Hills | (4) | Los Angeles-Long Beach-Anaheim, CA |  | 82,908 |  |  | 12 |  |  | 155,000 |  |  | 100 | % |  |  |  |  |  | 32,000 |  | Target | 24 Hour Fitness / Ross Dress for Less / Ulta |
Pinole Vista Crossing |  | San Francisco-Oakland-Hayward, CA |  | 58,505 |  |  | 19 |  |  | 216,000 |  |  | 100 | % |  |  |  |  |  | 43,000 |  | FoodMaxx | TJ Maxx / Nordstrom Rack / HomeGoods / Ulta |
Plaza Del Sol | (4) | Los Angeles-Long Beach-Anaheim, CA |  | 17,923 |  |  | 4 |  |  | 48,000 |  |  | 98 | % |  |  |  |  |  |  |  | Superior Grocers (S) | Marshalls |
Plaza El Segundo / The Point |  | Los Angeles-Long Beach-Anaheim, CA |  | 310,925 |  |  | 50 |  |  | 503,000 |  |  | 98 | % |  |  |  |  |  | 66,000 |  | Whole Foods | Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants |
San Antonio Center | (3)(5) | San Jose-Sunnyvale-Santa Clara, CA |  | 52,261 |  |  | 22 |  |  | 213,000 |  |  | 100 | % |  |  |  |  |  | 141,000 |  | Trader Joe's / Walmart | 24 Hour Fitness |
Santana Row | (3) | San Jose-Sunnyvale-Santa Clara, CA |  | 1,364,959 |  |  | 45 |  |  | 1,231,000 |  |  | 98 | % |  |  |  |  | 662 |  |  |  | Crate & Barrel / Container Store / Best Buy / Sephora / Multiple Restaurants |
Sylmar Towne Center | (4) | Los Angeles-Long Beach-Anaheim, CA |  | 48,563 |  |  | 12 |  |  | 148,000 |  |  | 92 | % |  |  |  |  |  | 43,000 |  | Food 4 Less | CVS |
Westgate Center |  | San Jose-Sunnyvale-Santa Clara, CA |  | 161,472 |  |  | 44 |  |  | 650,000 |  |  | 92 | % |  |  |  |  |  | 210,000 |  | Target / TBA | Nordstrom Rack / Nike Factory / TJ Maxx / Ross Dress for Less |
|  | Total California |  | 3,261,084 |  |  | 483 |  |  | 7,059,000 |  |  | 94 | % |  |  |  |  |  |  |  |  |  |
NY Metro/New Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brick Plaza | (3) | New York-Newark-Jersey City, NY-NJ-PA |  | 104,881 |  |  | 46 |  |  | 403,000 |  |  | 97 | % |  |  |  |  |  | 14,000 |  | Trader Joe's | AMC / HomeGoods / Ulta / Burlington |
Brook 35 | (4) (5) | New York-Newark-Jersey City, NY-NJ-PA |  | 54,431 |  |  | 11 |  |  | 98,000 |  |  | 95 | % |  |  |  |  |  |  |  |  | Banana Republic / Gap / Tommy's Tavern + Tap |
Darien Commons |  | Bridgeport-Stamford-Norwalk, CT |  | 152,059 |  |  | 9 |  |  | 120,000 |  |  | 89 | % |  |  |  |  | 124 |  |  |  | Equinox / Walgreens / Multiple Restaurants |
Fresh Meadows |  | New York-Newark-Jersey City, NY-NJ-PA |  | 97,034 |  |  | 17 |  |  | 408,000 |  |  | 98 | % |  |  |  |  |  | 43,000 |  | Lidl / Island of Gold | AMC / Kohl's / Planet Fitness |
Georgetowne Shopping Center |  | New York-Newark-Jersey City, NY-NJ-PA |  | 86,898 |  |  | 9 |  |  | 147,000 |  |  | 93 | % |  |  |  |  |  | 43,000 |  | Foodway | Five Below / IHOP |
Greenlawn Plaza |  | New York-Newark-Jersey City, NY-NJ-PA |  | 34,347 |  |  | 13 |  |  | 103,000 |  |  | 94 | % |  |  |  |  |  | 46,000 |  | Greenlawn Farms | Planet Fitness |
Greenwich Avenue |  | Bridgeport-Stamford-Norwalk, CT |  | 23,748 |  |  | 1 |  |  | 35,000 |  |  | 100 | % |  |  |  |  |  |  |  |  | Saks Fifth Avenue |
Hauppauge |  | New York-Newark-Jersey City, NY-NJ-PA |  | 42,535 |  |  | 15 |  |  | 134,000 |  |  | 94 | % |  |  |  |  |  | 61,000 |  | Shop Rite | TJ Maxx / Five Below |
Hoboken | (4) (6) | New York-Newark-Jersey City, NY-NJ-PA |  | 230,298 |  |  | 4 |  |  | 171,000 |  |  | 100 | % |  |  |  |  | 129 |  |  |  | CVS / New York Sports Club / Sephora / Multiple Restaurants |
Huntington |  | New York-Newark-Jersey City, NY-NJ-PA |  | 113,817 |  |  | 21 |  |  | 211,000 |  |  | 98 | % |  |  |  |  |  | 43,000 |  | Whole Foods | Petsmart / REI / Ulta / Container Store |
Huntington Square |  | New York-Newark-Jersey City, NY-NJ-PA |  | 52,271 |  |  | 18 |  |  | 244,000 |  |  | 94 | % |  |  |  |  |  | 20,000 |  | Aldi / Stop & Shop (S) | At Home / AMC |
Melville Mall | (3) | New York-Newark-Jersey City, NY-NJ-PA |  | 105,155 |  |  | 21 |  |  | 253,000 |  |  | 100 | % |  |  |  |  |  | 53,000 |  | Uncle Giuseppe's Marketplace | Marshalls / Dick's Sporting Goods |

19

Federal Realty Investment Trust |
Real Estate Status Report |
March 31, 2025 |
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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mercer on One | (3) | Trenton, NJ |  | 123,480 |  |  | 50 |  |  | 549,000 |  |  | 100 | % |  |  |  |  |  | 75,000 |  | Shop Rite | Nike / Ross Dress for Less / Nordstrom Rack / REI / Tesla |
The Grove at Shrewsbury | (4) (5) | New York-Newark-Jersey City, NY-NJ-PA |  | 137,031 |  |  | 21 |  |  | 191,000 |  |  | 99 | % |  |  |  |  |  |  |  |  | Bloomies / Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma |
Troy Hills |  | New York-Newark-Jersey City, NY-NJ-PA |  | 36,699 |  |  | 19 |  |  | 211,000 |  |  | 100 | % |  |  |  |  |  | 65,000 |  | Target | Floor & Décor / Michaels |
|  | Total NY Metro/New Jersey |  | 1,394,684 |  |  | 275 |  |  | 3,278,000 |  |  | 97 | % |  |  |  |  |  |  |  |  |  |
New England |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assembly Row / Assembly Square Marketplace |  | Boston-Cambridge-Newton, MA-NH |  | 1,143,241 |  |  | 65 |  |  | 1,230,000 |  |  | 97 | % |  |  |  |  | 947 | 18,000 |  | Trader Joe's | TJ Maxx / AMC / Nike / Burlington / Multiple Restaurants |
Campus Plaza |  | Boston-Cambridge-Newton, MA-NH |  | 32,026 |  |  | 15 |  |  | 114,000 |  |  | 96 | % |  |  |  |  |  | 46,000 |  | Roche Bros. | Burlington / Five Below |
Chelsea Commons |  | Boston-Cambridge-Newton, MA-NH |  | 40,824 |  |  | 36 |  |  | 233,000 |  |  | 100 | % |  |  |  |  |  |  |  |  | Home Depot / Planet Fitness / CVS / Burlington |
Dedham Plaza |  | Boston-Cambridge-Newton, MA-NH |  | 52,839 |  |  | 20 |  |  | 253,000 |  |  | 95 | % |  |  |  |  |  | 80,000 |  | Star Market | Planet Fitness |
Linden Square |  | Boston-Cambridge-Newton, MA-NH |  | 158,962 |  |  | 19 |  |  | 224,000 |  |  | 98 | % |  |  |  |  | 7 | 50,000 |  | Roche Bros. | CVS / Multiple Restaurants |
North Dartmouth |  | Providence-Warwick, RI-MA |  | 9,369 |  |  | 28 |  |  | 48,000 |  |  | 100 | % |  |  |  |  |  | 48,000 |  | Stop & Shop |  |
Queen Anne Plaza |  | Boston-Cambridge-Newton, MA-NH |  | 19,814 |  |  | 17 |  |  | 149,000 |  |  | 99 | % |  |  |  |  |  | 50,000 |  | Big Y Foods | TJ Maxx / HomeGoods |
|  | Total New England |  | 1,457,075 |  |  | 200 |  |  | 2,251,000 |  |  | 98 | % |  |  |  |  |  |  |  |  |  |
Philadelphia Metropolitan Area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Andorra |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 33,562 |  |  | 22 |  |  | 222,000 |  |  | 95 | % |  |  |  |  |  | 31,000 |  | TBA | TJ Maxx / Kohl's / L.A. Fitness / Five Below |
Bala Cynwyd on City Avenue |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 96,806 |  |  | 23 |  |  | 174,000 |  |  | 95 | % |  |  |  |  | 87 | 45,000 |  | Acme Markets | Michaels / L.A. Fitness |
Ellisburg |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 39,379 |  |  | 28 |  |  | 260,000 |  |  | 88 | % |  |  |  |  |  | 47,000 |  | Whole Foods | Five Below / RH Outlet |
Flourtown |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 19,806 |  |  | 24 |  |  | 158,000 |  |  | 98 | % |  |  |  |  |  | 75,000 |  | Giant Food | Movie Tavern |
Langhorne Square |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 24,467 |  |  | 21 |  |  | 223,000 |  |  | 98 | % |  |  |  |  |  | 55,000 |  | Redner's Warehouse Markets | Marshalls / Planet Fitness |
Lawrence Park |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 66,026 |  |  | 29 |  |  | 357,000 |  |  | 100 | % |  |  |  |  |  | 53,000 |  | Acme Markets | TJ Maxx / HomeGoods / Barnes & Noble |
Northeast |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 35,703 |  |  | 15 |  |  | 209,000 |  |  | 96 | % |  |  |  |  |  |  |  | Lidl (S) | Marshalls / Ulta / Skechers / Crunch Fitness |
Willow Grove |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 54,503 |  |  | 13 |  |  | 86,000 |  |  | 98 | % |  |  |  |  |  | 31,000 |  | Amazon Food | Marshalls / Five Below |
Wynnewood |  | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |  | 44,784 |  |  | 14 |  |  | 239,000 |  |  | 97 | % |  |  |  |  | 9 | 98,000 |  | Giant Food | Old Navy / DSW |
Total Philadelphia Metropolitan Area | 415,036 |  |  | 189 |  |  | 1,928,000 |  |  | 96 | % |  |  |  |  |  |  |  |  |  |
South Florida |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CocoWalk | (7) | Miami-Fort Lauderdale-West Palm Beach, FL |  | 206,110 |  |  | 3 |  |  | 278,000 |  |  | 99 | % |  |  |  |  |  |  |  |  | Cinepolis Theaters / Youfit Health Club / Multiple Restaurants |
Del Mar Village |  | Miami-Fort Lauderdale-West Palm Beach, FL |  | 76,220 |  |  | 17 |  |  | 187,000 |  |  | 99 | % |  |  |  |  |  | 44,000 |  | Winn Dixie | CVS / L.A. Fitness |
Shops at Pembroke Gardens |  | Miami-Fort Lauderdale-West Palm Beach, FL |  | 187,293 |  |  | 41 |  |  | 391,000 |  |  | 100 | % |  |  |  |  |  |  |  |  | Nike Factory / Old Navy / DSW / Barnes & Noble |
Tower Shops |  | Miami-Fort Lauderdale-West Palm Beach, FL |  | 105,704 |  |  | 67 |  |  | 431,000 |  |  | 99 | % |  |  |  |  |  | 12,000 |  | Trader Joe's / Costco (S) | TJ Maxx / Ross Dress For Less / Best Buy / Ulta |
|  | Total South Florida |  | 575,327 |  |  | 128 |  |  | 1,287,000 |  |  | 99 | % |  |  |  |  |  |  |  |  |  |
Baltimore |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Governor Plaza |  | Baltimore-Columbia-Towson, MD |  | 35,459 |  |  | 24 |  |  | 243,000 |  |  | 100 | % |  |  |  |  |  | 16,500 |  | Aldi | Dick's Sporting Goods / Ross Dress for Less / Petco / Bob's Discount Furniture |

20

Federal Realty Investment Trust |
Real Estate Status Report |
March 31, 2025 |
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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Perring Plaza |  | Baltimore-Columbia-Towson, MD |  | 42,316 |  |  | 29 |  |  | 397,000 |  |  | 100 | % |  |  |  |  |  | 57,000 |  | Giant Food | Home Depot / Dick's Sporting Goods / Micro Center |
THE AVENUE at White Marsh | (5) | Baltimore-Columbia-Towson, MD |  | 137,303 |  |  | 35 |  |  | 315,000 |  |  | 100 | % |  |  |  |  |  |  |  |  | AMC / Ulta / Old Navy / Nike |
The Shoppes at Nottingham Square |  | Baltimore-Columbia-Towson, MD |  | 19,669 |  |  | 4 |  |  | 33,000 |  |  | 100 | % |  |  |  |  |  |  |  |  |  |
White Marsh Other |  | Baltimore-Columbia-Towson, MD |  | 23,800 |  |  | 13 |  |  | 43,000 |  |  | 100 | % |  |  |  |  |  |  |  |  |  |
White Marsh Plaza |  | Baltimore-Columbia-Towson, MD |  | 27,099 |  |  | 7 |  |  | 80,000 |  |  | 98 | % |  |  |  |  |  | 54,000 |  | Giant Food |  |
|  | Total Baltimore |  | 285,646 |  |  | 112 |  |  | 1,111,000 |  |  | 100 | % |  |  |  |  |  |  |  |  |  |
Chicago |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crossroads |  | Chicago-Naperville-Elgin, IL-IN-WI |  | 37,789 |  |  | 14 |  |  | 168,000 |  |  | 97 | % |  |  |  |  |  |  |  |  | L.A. Fitness / Ulta / Binny's / Ferguson Home |
Finley Square |  | Chicago-Naperville-Elgin, IL-IN-WI |  | 41,256 |  |  | 21 |  |  | 257,000 |  |  | 93 | % |  |  |  |  |  |  |  |  | Michaels / Five Below / Portillo's |
Garden Market |  | Chicago-Naperville-Elgin, IL-IN-WI |  | 16,892 |  |  | 11 |  |  | 141,000 |  |  | 99 | % |  |  |  |  |  | 63,000 |  | Mariano's Fresh Market | Walgreens |
Riverpoint Center |  | Chicago-Naperville-Elgin, IL-IN-WI |  | 123,000 |  |  | 17 |  |  | 211,000 |  |  | 96 | % |  |  |  |  |  | 86,000 |  | Jewel Osco | Marshalls / Old Navy |
|  | Total Chicago |  | 218,937 |  |  | 63 |  |  | 777,000 |  |  | 96 | % |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barracks Road |  | Charlottesville, VA |  | 76,235 |  |  | 40 |  |  | 495,000 |  |  | 90 | % |  |  |  |  |  | 99,000 |  | Harris Teeter / Kroger | Anthropologie / Old Navy / Ulta / Michaels |
Bristol Plaza |  | Hartford-West Hartford-East Hartford, CT |  | 36,751 |  |  | 22 |  |  | 264,000 |  |  | 93 | % |  |  |  |  |  | 74,000 |  | Stop & Shop | TJ Maxx / Burlington |
Camelback Colonnade | (4) | Phoenix-Mesa-Chandler, AZ |  | 184,397 |  |  | 41 |  |  | 643,000 |  |  | 91 | % |  |  |  |  |  | 82,000 |  | Fry's Food & Drug | Marshalls / Nordstrom Last Chance / Best Buy / Floor & Décor |
Gratiot Plaza |  | Detroit-Warren-Dearborn, MI |  | 21,589 |  |  | 20 |  |  | 205,000 |  |  | 99 | % |  |  |  |  |  | 69,000 |  | Kroger | Best Buy / DSW |
Lancaster | (3) | Lancaster, PA |  | 8,658 |  |  | 11 |  |  | 126,000 |  |  | 99 | % |  |  |  |  |  | 75,000 |  | Giant Food | AutoZone |
The Shops at Hilton Village | (3)(4) | Phoenix-Mesa-Chandler, AZ |  | 88,164 |  |  | 18 |  |  | 305,000 |  |  | 85 | % |  |  |  |  |  |  |  |  | CVS / Houston's |
29th Place |  | Charlottesville, VA |  | 41,007 |  |  | 15 |  |  | 168,000 |  |  | 99 | % |  |  |  |  |  |  |  |  | HomeGoods / DSW / Staples |
Willow Lawn |  | Richmond, VA |  | 108,920 |  |  | 37 |  |  | 463,000 |  |  | 99 | % |  |  |  |  |  | 66,000 |  | Kroger | Old Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta |
|  | Total Other |  | 565,721 |  |  | 204 |  |  | 2,669,000 |  |  | 93 | % |  |  |  |  |  |  |  |  |  |
Grand Total |  |  |  | $ | 11,082,209 |  |  | 2,210 |  |  | 27,499,000 |  |  | 96 | % |  |  |  |  | 3,104 |  |  |  |  |

Notes: |
(1) | Represents the GLA and percentage leased of the commercial portion of the property. Some of our properties include office space which is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.
(2) | TBA indicates that a lease is signed.
(3) | All or a portion of this property is owned pursuant to a ground lease.
(4) | The Trust has a controlling financial interest in this property.
(5) | All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(6) | This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.
(7) | This property includes CocoWalk and four buildings in Coconut Grove.
(S) | Grocer is a shadow anchor located adjacent to the property, but is not part of the owned property.

21

Federal Realty Investment Trust |
Retail Leasing Summary (1) |
March 31, 2025 |
Total Lease Summary - Comparable (2) |
Quarter |  | Number of Leases Signed |  | % of Comparable Leases Signed |  | GLA Signed |  | Contractual Rent (3) Per Sq. Ft. (PSF) |  | Prior Rent (4) PSF |  | Annual Increase in Rent |  | Cash Basis % Increase Over Prior Rent |  | Straight-lined Basis % Increase Over Prior Rent |  | Weighted Average Lease Term (5) |  | Tenant Improvements & Incentives (6) |  | Tenant Improvements & Incentives PSF |
1st Quarter 2025 |  | 87 |  |  | 100 | % |  | 368,759 |  |  | $ | 40.63 |  |  | $ | 38.51 |  |  | $ | 783,686 |  |  | 6 | % |  | 17 | % |  | 7.2 |  |  | $ | 7,139,430 |  |  | $ | 19.36 |  |
4th Quarter 2024 |  | 100 |  |  | 100 | % |  | 649,372 |  |  | $ | 34.29 |  |  | $ | 31.18 |  |  | $ | 2,020,370 |  |  | 10 | % |  | 21 | % |  | 7.5 |  |  | $ | 16,035,867 |  |  | $ | 24.69 |  |
3rd Quarter 2024 |  | 126 |  |  | 100 | % |  | 580,977 |  |  | $ | 34.94 |  |  | $ | 30.51 |  |  | $ | 2,570,061 |  |  | 14 | % |  | 26 | % |  | 6.8 |  |  | $ | 15,265,974 |  |  | $ | 26.28 |  |
2nd Quarter 2024 |  | 122 |  |  | 100 | % |  | 594,361 |  |  | $ | 37.72 |  |  | $ | 34.29 |  |  | $ | 2,039,521 |  |  | 10 | % |  | 23 | % |  | 8.0 |  |  | $ | 15,045,191 |  |  | $ | 25.31 |  |
Total - 12 months |  | 435 |  |  | 100 | % |  | 2,193,469 |  |  | $ | 36.46 |  |  | $ | 33.08 |  |  | $ | 7,413,638 |  |  | 10 | % |  | 22 | % |  | 7.4 |  |  | $ | 53,486,462 |  |  | $ | 24.38 |  |
New Lease Summary - Comparable (2) |
Quarter |  | Number of Leases Signed |  | % of Comparable Leases Signed |  | GLA Signed |  | Contractual Rent (3) PSF |  | Prior Rent (4) PSF |  | Annual Increase in Rent |  | Cash Basis % Increase Over Prior Rent |  | Straight-lined Basis % Increase Over Prior Rent |  | Weighted Average Lease Term (5) |  | Tenant Improvements & Incentives (6) |  | Tenant Improvements & Incentives PSF |
1st Quarter 2025 |  | 34 |  |  | 39 | % |  | 174,707 |  |  | $ | 34.39 |  |  | $ | 33.82 |  |  | $ | 98,831 |  |  | 2 | % |  | 13 | % |  | 8.8 |  |  | $ | 6,851,351 |  |  | $ | 39.22 |  |
4th Quarter 2024 |  | 49 |  |  | 49 | % |  | 213,306 |  |  | $ | 39.60 |  |  | $ | 35.53 |  |  | $ | 866,876 |  |  | 11 | % |  | 25 | % |  | 9.5 |  |  | $ | 13,999,311 |  |  | $ | 65.63 |  |
3rd Quarter 2024 |  | 61 |  |  | 48 | % |  | 229,736 |  |  | $ | 39.27 |  |  | $ | 32.77 |  |  | $ | 1,493,915 |  |  | 20 | % |  | 32 | % |  | 9.0 |  |  | $ | 15,140,988 |  |  | $ | 65.91 |  |
2nd Quarter 2024 |  | 52 |  |  | 43 | % |  | 313,365 |  |  | $ | 34.58 |  |  | $ | 30.83 |  |  | $ | 1,173,072 |  |  | 12 | % |  | 26 | % |  | 9.4 |  |  | $ | 14,209,970 |  |  | $ | 45.35 |  |
Total - 12 months |  | 196 |  |  | 45 | % |  | 931,114 |  |  | $ | 36.85 |  |  | $ | 32.95 |  |  | $ | 3,632,694 |  |  | 12 | % |  | 25 | % |  | 9.2 |  |  | $ | 50,201,620 |  |  | $ | 53.92 |  |
Renewal Lease Summary - Comparable (2) (7) |
Quarter |  | Number of Leases Signed |  | % of Comparable Leases Signed |  | GLA Signed |  | Contractual Rent (3) PSF |  | Prior Rent (4) PSF |  | Annual Increase in Rent |  | Cash Basis % Increase Over Prior Rent |  | Straight-lined Basis % Increase Over Prior Rent |  | Weighted Average Lease Term (5) |  | Tenant Improvements & Incentives (6) |  | Tenant Improvements & Incentives PSF |
1st Quarter 2025 |  | 53 |  |  | 61 | % |  | 194,052 |  |  | $ | 46.25 |  |  | $ | 42.72 |  |  | $ | 684,855 |  |  | 8 | % |  | 19 | % |  | 6.2 |  |  | $ | 288,079 |  |  | $ | 1.48 |  |
4th Quarter 2024 |  | 51 |  |  | 51 | % |  | 436,066 |  |  | $ | 31.69 |  |  | $ | 29.05 |  |  | $ | 1,153,494 |  |  | 9 | % |  | 18 | % |  | 6.2 |  |  | $ | 2,036,556 |  |  | $ | 4.67 |  |
3rd Quarter 2024 |  | 65 |  |  | 52 | % |  | 351,241 |  |  | $ | 32.10 |  |  | $ | 29.04 |  |  | $ | 1,076,146 |  |  | 11 | % |  | 20 | % |  | 5.0 |  |  | $ | 124,986 |  |  | $ | 0.36 |  |
2nd Quarter 2024 |  | 70 |  |  | 57 | % |  | 280,996 |  |  | $ | 41.24 |  |  | $ | 38.15 |  |  | $ | 866,449 |  |  | 8 | % |  | 21 | % |  | 6.6 |  |  | $ | 835,221 |  |  | $ | 2.97 |  |
Total - 12 months |  | 239 |  |  | 55 | % |  | 1,262,355 |  |  | $ | 36.17 |  |  | $ | 33.17 |  |  | $ | 3,780,944 |  |  | 9 | % |  | 20 | % |  | 6.0 |  |  | $ | 3,284,842 |  |  | $ | 2.60 |  |
Total Lease Summary - Comparable and Non-comparable (2) (8) |
Quarter |  |  |  |  |  |  |  | Number of Leases Signed |  | % of Comparable Leases |  | GLA Signed |  | Contractual Rent (3) PSF |  | Weighted Average Lease Term (5) |  | Tenant Improvements & Incentives (6) |  | Tenant Improvements & Incentives PSF |
1st Quarter 2025 |  |  |  |  |  |  |  | 91 |  |  | 96 | % |  | 429,865 |  |  | $ | 39.69 |  |  | 8.0 |  |  | $ | 12,616,558 |  |  | $ | 29.35 |  |
4th Quarter 2024 |  |  |  |  |  |  |  | 103 |  |  | 97 | % |  | 653,869 |  |  | $ | 34.53 |  |  | 7.5 |  |  | $ | 16,702,801 |  |  | $ | 25.54 |  |
3rd Quarter 2024 |  |  |  |  |  |  |  | 129 |  |  | 98 | % |  | 592,527 |  |  | $ | 35.04 |  |  | 6.8 |  |  | $ | 15,952,885 |  |  | $ | 26.92 |  |
2nd Quarter 2024 |  |  |  |  |  |  |  | 124 |  |  | 98 | % |  | 600,669 |  |  | $ | 37.77 |  |  | 8.0 |  |  | $ | 15,045,191 |  |  | $ | 25.05 |  |
Total - 12 months |  |  |  |  |  |  |  | 447 |  |  | 97 | % |  | 2,276,930 |  |  | $ | 36.49 |  |  | 7.6 |  |  | $ | 60,317,435 |  |  | $ | 26.49 |  |
Total Lease Summary - Comparable, Non-comparable, and Option Exercises (2) (8) (9) |
Quarter |  |  |  |  |  |  |  | Number of Leases Signed |  |  |  | GLA Signed |  | Contractual Rent (3) PSF |  | Weighted Average Lease Term (5) |  | Tenant Improvements & Incentives (6) |  | Tenant Improvements & Incentives PSF |
1st Quarter 2025 |  |  |  |  |  |  |  | 118 |  |  |  |  | 827,104 |  |  | $ | 33.23 |  |  | 7.0 |  |  | $ | 12,616,558 |  |  | $ | 15.25 |  |
4th Quarter 2024 |  |  |  |  |  |  |  | 124 |  |  |  |  | 883,840 |  |  | $ | 31.94 |  |  | 7.0 |  |  | $ | 16,702,801 |  |  | $ | 18.90 |  |
3rd Quarter 2024 |  |  |  |  |  |  |  | 158 |  |  |  |  | 813,665 |  |  | $ | 33.17 |  |  | 6.4 |  |  | $ | 15,952,885 |  |  | $ | 19.61 |  |
2nd Quarter 2024 |  |  |  |  |  |  |  | 149 |  |  |  |  | 805,880 |  |  | $ | 36.03 |  |  | 7.3 |  |  | $ | 15,045,191 |  |  | $ | 18.67 |  |
Total - 12 months |  |  |  |  |  |  |  | 549 |  |  |  |  | 3,330,489 |  |  | $ | 33.55 |  |  | 6.9 |  |  | $ | 60,317,435 |  |  | $ | 18.11 |  |

Notes: |
(1) | Information reflects activity in retail spaces only for consolidated properties; office and residential spaces are not included. See Glossary of Terms for further discussion of information included above.
(2) | Comparable leases represent those leases signed on spaces for which there was a former tenant. Contractual option exercises are not included unless they are fair market value options.
(3) | Contractual rent represents annual rent under the new lease.
(4) | Prior rent represents contractual rent, including percentage rent considered part of base rent, from the prior tenant in the final 12 months of the term.
(5) | Weighted average is determined on the basis of contractual rent for the lease.
(6) | See Glossary of Terms.
(7) | Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new.
(8) | The Number of Leases Signed, GLA Signed, Contractual Rent Per Sq. Ft. and Weighted Average Lease Term columns include information for leases signed at Phase III of Assembly Row and Phase IV of Pike & Rose. The Tenant Improvements & Incentives and Tenant Improvements & Incentives Per Sq. Ft. columns do not include the tenant improvements and incentives on leases signed for those projects; these amounts for leases signed are included in the projected costs for the respective projects.
(9) | Option exercises reflect a fixed rate contractual option under the lease agreement that was exercised during the period reflected.

22

Federal Realty Investment Trust
Lease Expirations
March 31, 2025
Assumes no exercise of lease options |  |  |  |  |  |  |  |
| Anchor Tenants (1) |  | Small Shop Tenants |  | Total
Year | Expiring SF | % of Anchor SF | Minimum Rent PSF (2) |  | Expiring SF | % of Small Shop SF | Minimum Rent PSF (2) |  | Expiring SF (4) | % of Total SF | Minimum Rent PSF (2)
2025 | 610,000 |  | 4 | % | $21.29 |  |  | 587,000 |  | 7 | % | $33.31 |  |  | 1,197,000 |  | 5 | % | $27.19 |
2026 | 1,535,000 |  | 9 | % | $17.46 |  |  | 1,070,000 |  | 12 | % | $46.38 |  |  | 2,606,000 |  | 10 | % | $29.34 |
2027 | 2,088,000 |  | 12 | % | $21.53 |  |  | 1,127,000 |  | 13 | % | $52.56 |  |  | 3,215,000 |  | 12 | % | $32.40 |
2028 | 2,030,000 |  | 12 | % | $18.87 |  |  | 1,125,000 |  | 13 | % | $49.89 |  |  | 3,155,000 |  | 12 | % | $29.93 |
2029 | 2,277,000 |  | 13 | % | $25.22 |  |  | 1,198,000 |  | 14 | % | $49.39 |  |  | 3,475,000 |  | 14 | % | $33.55 |
2030 | 1,493,000 |  | 9 | % | $20.41 |  |  | 866,000 |  | 10 | % | $50.39 |  |  | 2,359,000 |  | 9 | % | $31.41 |
2031 | 946,000 |  | 5 | % | $26.43 |  |  | 600,000 |  | 7 | % | $48.98 |  |  | 1,546,000 |  | 6 | % | $35.18 |
2032 | 1,686,000 |  | 10 | % | $29.15 |  |  | 648,000 |  | 8 | % | $46.33 |  |  | 2,334,000 |  | 9 | % | $33.92 |
2033 | 963,000 |  | 6 | % | $24.67 |  |  | 530,000 |  | 6 | % | $47.71 |  |  | 1,492,000 |  | 6 | % | $32.85 |
2034 | 819,000 |  | 5 | % | $22.26 |  |  | 459,000 |  | 5 | % | $48.62 |  |  | 1,278,000 |  | 5 | % | $31.72 |
Thereafter | 2,647,000 |  | 15 | % | $28.32 |  |  | 444,000 |  | 5 | % | $51.86 |  |  | 3,091,000 |  | 12 | % | $31.70 |
Total (3) | 17,094,000 |  | 100 | % | $23.52 |  |  | 8,654,000 |  | 100 | % | $48.23 |  |  | 25,748,000 |  | 100 | % | $31.82 |
Assumes all lease options are exercised |  |  |  |  |  |  |  |
| Anchor Tenants (1) |  | Small Shop Tenants |  | Total
Year | Expiring SF | % of Anchor SF | Minimum Rent PSF (2) |  | Expiring SF | % of Small Shop SF | Minimum Rent PSF (2) |  | Expiring SF (4) | % of Total SF | Minimum Rent PSF (2)
2025 | 405,000 |  | 2 | % | $24.71 |  |  | 562,000 |  | 6 | % | $32.79 |  |  | 967,000 |  | 4 | % | $29.40 |
2026 | 722,000 |  | 4 | % | $15.21 |  |  | 745,000 |  | 9 | % | $45.24 |  |  | 1,467,000 |  | 6 | % | $30.46 |
2027 | 618,000 |  | 4 | % | $20.18 |  |  | 627,000 |  | 7 | % | $52.45 |  |  | 1,246,000 |  | 5 | % | $36.43 |
2028 | 473,000 |  | 3 | % | $20.19 |  |  | 613,000 |  | 7 | % | $47.33 |  |  | 1,086,000 |  | 4 | % | $35.52 |
2029 | 602,000 |  | 4 | % | $26.89 |  |  | 663,000 |  | 8 | % | $48.87 |  |  | 1,265,000 |  | 5 | % | $38.41 |
2030 | 250,000 |  | 1 | % | $22.67 |  |  | 528,000 |  | 6 | % | $49.73 |  |  | 777,000 |  | 3 | % | $41.04 |
2031 | 429,000 |  | 3 | % | $20.44 |  |  | 420,000 |  | 5 | % | $48.31 |  |  | 849,000 |  | 3 | % | $34.22 |
2032 | 360,000 |  | 2 | % | $30.62 |  |  | 475,000 |  | 5 | % | $52.11 |  |  | 835,000 |  | 3 | % | $42.84 |
2033 | 360,000 |  | 2 | % | $23.43 |  |  | 486,000 |  | 6 | % | $53.70 |  |  | 846,000 |  | 3 | % | $40.80 |
2034 | 576,000 |  | 3 | % | $28.09 |  |  | 498,000 |  | 6 | % | $48.53 |  |  | 1,074,000 |  | 4 | % | $37.57 |
Thereafter | 12,299,000 |  | 72 | % | $23.81 |  |  | 3,037,000 |  | 35 | % | $49.19 |  |  | 15,336,000 |  | 60 | % | $28.83 |
Total (3) | 17,094,000 |  | 100 | % | $23.52 |  |  | 8,654,000 |  | 100 | % | $48.23 |  |  | 25,748,000 |  | 100 | % | $31.82 |

Notes: |
(1) | Anchor is defined as a commercial tenant leasing 10,000 square feet or more.
(2) | Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rent as of March 31, 2025.
(3) | Represents occupied square footage of the commercial portion of our portfolio as of March 31, 2025.
(4) | Individual items may not add up to total due to rounding.

23

Federal Realty Investment Trust |  |  |  |  |
Portfolio Leased Statistics |  |  |  |  |
March 31, 2025 |  |  |  |  |
| As of:
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Commercial Properties |  |  |  |  |
Overall Portfolio (1)(2) |  |  |  |  |
Gross Leasable Area (GLA) | 27,499,000 |  | 26,832,000 |  | 26,198,000
Leased % | 95.7 | % |  | 96.2 | % |  | 94.3 | %
Occupied % | 93.6 | % |  | 94.1 | % |  | 92.0 | %
Leased % - anchor tenants | 96.8 | % |  | 97.5 | % |  | 95.8 | %
Leased % - small shop tenants | 93.5 | % |  | 93.6 | % |  | 91.4 | %
Active commercial tenant leases | 3,539 |  | 3,474 |  | 3,303
Comparable Properties (1)(4) |  |  |  |  |
GLA | 24,491,000 |  | 24,516,000 |  | 24,535,000
Leased % | 95.9 | % |  | 96.1 | % |  | 94.3 | %
Occupied % | 93.6 | % |  | 93.7 | % |  | 91.8 | %
Residential Properties |  |  |  |  |
Overall Portfolio (1)(2)(3) |  |  |  |  |
Residential units | 3,104 |  | 3,104 |  | 3,104
Leased % | 94.9 | % |  | 95.2 | % |  | 96.3 | %

Notes: |
(1) | See Glossary of terms.
(2) | Excludes redevelopment square footage and residential units not yet placed in service.
(3) | As of March 31, 2025, all of our residential units are considered comparable.
(4) | Prior periods are adjusted for the current comparable property pool.

24

Federal Realty Investment Trust
Summary of Top 25 Tenants
March 31, 2025
Rank |  | Tenant Name | Credit Ratings (S&P/Moody's) (1) | Annualized Base Rent | Percentage of Total Annualized Base Rent (3) | Tenant GLA | Percentage of Total GLA (3) | Number of Locations Leased
1 |  |  | TJX Companies, The | A / A2 | $ | 23,964,000 |  | 2.59 | % | 1,220,000 |  | 4.01 | % | 40 |
2 |  |  | Ahold Delhaize | BBB+ / Baa1 | $ | 17,351,000 |  | 1.87 | % | 903,000 |  | 2.97 | % | 14 |
3 |  |  | NetApp, Inc. | BBB+ / Baa2 | $ | 15,212,000 |  | 1.64 | % | 304,000 |  | 1.00 | % | 1 |
4 |  |  | Cisco Systems, Inc. | AA- / A1 | $ | 14,076,000 |  | 1.52 | % | 267,000 |  | 0.88 | % | 2 |
5 |  |  | Gap, Inc., The | BB / Ba2 | $ | 11,671,000 |  | 1.26 | % | 338,000 |  | 1.11 | % | 32 |
6 |  |  | CVS Corporation | BBB / Baa3 | $ | 11,155,000 |  | 1.20 | % | 272,000 |  | 0.89 | % | 20 |
7 |  |  | Fitness International LLC | B / B2 | $ | 9,265,000 |  | 1.00 | % | 354,000 |  | 1.16 | % | 9 |
8 |  |  | Albertsons Companies Inc. (Acme, Balducci's, Safeway) | BB+ / Ba1 | $ | 8,610,000 |  | 0.93 | % | 544,000 |  | 1.79 | % | 10 |
9 |  |  | Ross Stores, Inc. | BBB+ / A2 | $ | 8,104,000 |  | 0.87 | % | 365,000 |  | 1.20 | % | 13 |
10 |  |  | KnitWell Group (Ann Taylor, Chico's, Loft, Talbots, White House Black Market, Soma, Lane Bryant) | NR / NR | $ | 8,044,000 |  | 0.87 | % | 195,000 |  | 0.64 | % | 38 |
11 |  |  | Home Depot, Inc. | A / A2 | $ | 7,587,000 |  | 0.82 | % | 478,000 |  | 1.57 | % | 6 |
12 |  |  | AMC Entertainment Inc. | CCC+ / Caa2 | $ | 7,399,000 |  | 0.80 | % | 283,000 |  | 0.93 | % | 6 |
13 |  |  | Kroger Co., The | BBB / Baa1 | $ | 7,349,000 |  | 0.79 | % | 611,000 |  | 2.01 | % | 12 |
14 |  |  | Dick's Sporting Goods, Inc. | BBB / Baa2 | $ | 7,349,000 |  | 0.79 | % | 397,000 |  | 1.31 | % | 8 |
15 |  |  | PUMA North America, Inc. | NR / NR | $ | 7,135,000 |  | 0.77 | % | 155,000 |  | 0.51 | % | 2 |
16 |  |  | Bank of America, N.A. | A- / A1 | $ | 6,719,000 |  | 0.72 | % | 113,000 |  | 0.37 | % | 21 |
17 |  |  | Ulta Beauty, Inc. | NR / NR | $ | 6,622,000 |  | 0.71 | % | 192,000 |  | 0.63 | % | 18 |
18 |  |  | Target Corporation | A / A2 | $ | 6,578,000 |  | 0.71 | % | 627,000 |  | 2.06 | % | 7 |
19 |  |  | Whole Foods Market, Inc. | AA- / A1 | $ | 6,404,000 |  | 0.69 | % | 211,000 |  | 0.69 | % | 5 |
20 |  |  | Bob's Discount Furniture, LLC | NR / NR | $ | 6,360,000 |  | 0.69 | % | 235,000 |  | 0.77 | % | 6 |
21 |  |  | Michaels Stores, Inc. | B- / B3 | $ | 5,952,000 |  | 0.64 | % | 316,000 |  | 1.04 | % | 14 |
22 |  |  | Choice Hotels International, Inc. | BBB- / Baa3 | $ | 5,728,000 |  | 0.62 | % | 109,000 |  | 0.36 | % | 1 |
23 |  |  | Starbucks Corporation | BBB+ / Baa1 | $ | 5,707,000 |  | 0.62 | % | 80,000 |  | 0.26 | % | 44 |
24 |  |  | JPMorgan Chase Bank | A / A1 | $ | 5,563,000 |  | 0.60 | % | 86,000 |  | 0.28 | % | 20 |
25 |  |  | J.Crew Group, LLC | B / B2 | $ | 5,198,000 |  | 0.56 | % | 102,000 |  | 0.34 | % | 19 |
|  | Totals - Top 25 Tenants |  | $ | 225,102,000 |  | 24.28 | % | 8,757,000 |  | 28.81 | % | 368 |
|  | Total (5): |  | $ | 927,005,000 |  | (2) | 30,400,000 |  | (4) |
Notes: |  |  |  |  |  |
(1) |  | Credit Ratings are as of March 31, 2025. Subsequent rating changes have not been reflected.
(2) |  | See Glossary of Terms.
(3) |  | Individual items may not add up to total due to rounding.
(4) |  | Excludes redevelopment square footage not yet placed in service.
(5) |  | Totals reflect both the commercial and residential portions of our properties.

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Federal Realty Investment Trust
Reconciliation of FFO Guidance
March 31, 2025

The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated FFO per diluted share for the full year 2025.

| Full Year 2025 Guidance Range (1)
| Low |  | High
Estimated net income available to common shareholders, per diluted share | $ | 3.00 |  |  | $ | 3.12 |
Adjustments: |  |  |
Estimated gain on sale of real estate, net | (0.01) |  |  | (0.01) |
Estimated depreciation and amortization | 4.12 |  |  | 4.12 |
Estimated FFO per diluted share | $ | 7.11 |  |  | $ | 7.23 |

Note:
See Glossary of Terms. Individual items may not add up to total due to rounding.

Guidance Assumptions: |
Comparable properties growth (2) | 3% - 4%
Lease termination fees | $4 - $5 million
Incremental redevelopment/expansion POI (3) | $3 - $5 million
General and administrative expenses | $45 - $47 million
Development/redevelopment capital | $175 - $225 million
Capitalized interest | $12 - $14 million
Tax credit transaction income, net | ~ $13 million
Disposed Properties - 2024 POI | $5 million

Notes:
(1)Does not assume the impact of potential acquisitions or dispositions which have not closed as of May 7, 2025.
(2)Includes a 0.4% negative impact from lower collection of prior period rents which were contractually deferred, specifically related to the COVID-19 pandemic.
(3)Includes the expected additional POI to be recognized in 2025 compared to the amount recognized in 2024 from all of the redevelopments listed on page 15. Does not include any additional POI from "Active Property Improvement Projects."
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Glossary of Terms
EBITDA for Real Estate ("EBITDAre"): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("NAREIT") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain or loss on sale of real estate, impairments of real estate and change in control of interest, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We calculate EBITDAre consistent with the NAREIT definition. As EBITDA is a widely known and understood measure of performance, management believes EBITDAre represents an additional non-GAAP performance measure, independent of a company's capital structure, that will provide investors with a uniform basis to measure the enterprise value of a company. EBITDAre also approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three months ended March 31, 2025 and 2024 is as follows:

| Three Months Ended |  |  |  |
| March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |
| (in thousands) |  |
Net income | $ | 66,578 |  |  | $ | 58,016 |  |  |  |  |  |  |
Interest expense | 42,475 |  |  | 43,693 |  |  |  |  |  |  |
Other interest income | (743) |  |  | (1,483) |  |  |  |  |  |  |
Income tax benefit | (32) |  |  | (98) |  |  |  |  |  |  |
Depreciation and amortization | 86,946 |  |  | 83,404 |  |  |  |  |  |  |
Gain on sale of real estate | (1,171) |  |  | — |  |  |  |  |  |  |
Adjustments of EBITDAre of unconsolidated affiliates | 1,834 |  |  | 2,044 |  |  |  |  |  |  |
EBITDAre | $ | 195,887 |  |  | $ | 185,576 |  |  |  |  |  |  |

Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.
Property Operating Income: Rental income and mortgage interest income, less rental expenses and real estate taxes.
Overall Portfolio: Includes all consolidated operating properties owned in reporting period.
Comparable Properties: Represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. Comparable property growth statistics are calculated on a GAAP basis.
Annualized Base Rent (ABR): Represents aggregate, annualized in-place contractual (defined as rents billed on a cash basis without taking the impact of rent abatements into account) minimum rent for all occupied spaces as of the reporting period.
Retail Leasing Summary - Lease Rollover Calculation: The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold during the quarter or under contract to be sold. The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent considered to be part of base rent, and the comparable annual rent and in some instances, projections of percentage rent, to be paid on the new lease. In atypical circumstances, management may exercise judgement as to how to most effectively reflect the comparability of rents reported in the calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, capital investment made in the space and the specific lease structure.
Tenant Improvements and Incentives: Represents the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.
General: Property related statistics are the for the consolidated property portfolio except where noted.
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