Earnings Per Share And Unit

3 Months Ended

Mar. 31, 2026

We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For the three months ended March 31, 2026 and 2025, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below.

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

•exercise of 1,190 stock options for both the three months ended March 31, 2026 and 2025,

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

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

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

Potentially issuable shares and units in exchange for the 3.25% Exchangeable Senior Notes due 2029 for both the three months ended March 31, 2026 and 2025, did not have a dilutive effect on the diluted EPS and EPU calculations.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended
	March 31,
			2026		2025
		(In thousands, except per share data)
NUMERATOR
Net income			$	161,070	$	66,578
Less: Preferred share dividends			(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests			(1,971)		(2,810)
Less: Earnings allocated to unvested shares			(547)		(321)
Net income for common shareholders, basic			156,544		61,439



Add: Income attributable to downREIT operating partnership units			594		—
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Shares			133		—
Net income available for common shareholders, diluted			$	157,271	$	61,439
DENOMINATOR
Weighted average common shares outstanding, basic			86,040		85,472
Effect of dilutive securities:


DownREIT operating partnership units			528		—
5.417% Series 1 Cumulative Convertible Preferred Shares			94		—
Weighted average common shares outstanding, diluted			86,662		85,472

EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders			$	1.82	$	0.72

EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders			$	1.81	$	0.72

Federal Realty OP LP Earnings per Unit


	Three Months Ended
	March 31,
	2026		2025
	(In thousands, except per unit data)
NUMERATOR
Net income	$	161,070	$	66,578
Less: Preferred unit distributions	(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests	(1,971)		(2,810)
Less: Earnings allocated to unvested units	(547)		(321)



Net income available for common unit holders, basic	$	156,544	$	61,439
Add: Income attributable to downREIT operating partnership units	594		—
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Units	133		—
Net income available for common unit holders, diluted	$	157,271	$	61,439
DENOMINATOR
Weighted average common units outstanding, basic	86,040		85,472
Effect of dilutive securities:


DownREIT operating partnership units	528		—
5.417% Series 1 Cumulative Convertible Preferred Units	94		—
Weighted average common units outstanding, diluted	86,662		85,472




EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$	1.82	$	0.72
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$	1.81	$	0.72