OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Delaware (Federal Realty OP LP) 52-0782497 (State of Organization) (IRS Employer Identification No.) 909 Rose Avenue, Suite 200, North Bethe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-262016-01 (Federal Realty OP LP) FEDERAL REALTY INV ...

Federal Realty Investment Trust (NYSE:FRT) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Leah Brady - Vice President-Investor Relations Donald Wood - Chief Executive Officer Daniel Guglielmone - Executive Vice President, Chief Financial Officer and Treasurer Wendy Seher - Executive Vice President and Eastern Region President Jan Sweetnam - Chief Investment Officer Conference Call Participants Juan Sanabria - BMO Capital Markets Craig Schmidt - Bank of America Steve Sakwa - Eve ...

THE LONGEST RECORD IN THE REIT INDUSTRY $4.32 2 2022 → 3.6% comparable POI growth over 1Q 2022 Comparable POI 4 $2.59 - $2.79 Growth over 2021 2% - 4% ncludes the expected additional POI to be recognized in 2023 compared to the amount recognized in 2022 from all of the redevelopments listed on pages 16 and 17. Does not include any additional POI G&A expenses Development / redevelopment capital Equity to be issued $4 - $6 million $5 - $6 million $20 - $22 million Dispositions / acquisitions See appendix for ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR FEDERAL REALTY INVESTMENT TRUST ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FEDERAL REALTY OP LP (Exact Name of Registrant as Specified in its Charter) Maryland (Federal Realty Investment Trust) 87-3916363 Delaware (Federa ...

Table of Contents FEDERAL REALTY INVESTMENT TRUST FEDERAL REALTY OP LP UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-26 ...

Financial Performance - Net income for the three months ended September 30, 2022, was $158.8 million, compared to $54.5 million for the same period in 2021[76]. - Earnings per common share (diluted) for the nine months ended September 30, 2022, was $3.31, up from $1.81 in 2021[76]. - Dividends declared for common shares were $3.220 per share for the nine months ended September 30, 2022, compared to $3.190 for the same period in 2021[69]. Acquisitions and Sales - The company acquired properties during the nine months ended September 30, 2022, with a total gross value of $434.1 million, including Kingstowne Towne Center for $200 million, Hilton Village for $53.6 million, and The Shops at Pembroke Gardens for $180.5 million[55]. - The company sold one residential property and one retail property for total sales prices of $66.8 million, resulting in net gains of approximately $20.4 million[56]. - The company acquired a 21.8% redeemable noncontrolling interest in the Plaza El Segundo shopping center for $23.6 million, increasing its ownership to 100%[66]. - The company acquired a 47.5% interest in a joint venture for $58.9 million, which owns two shopping centers totaling 617,000 square feet[79]. Debt and Financing - As of September 30, 2022, the company had $889.6 million in mortgages and notes payable, with a fair value of $867.0 million[62]. - The maximum amount of borrowings under the company's $1.0 billion revolving credit facility was $330 million, with a weighted average interest rate of 3.4% for the three months ended September 30, 2022[59]. - The company amended its revolving credit facility, increasing the borrowing capacity from $1.0 billion to $1.25 billion on October 5, 2022[78]. - As of September 30, 2022, the company had $3.7 billion of fixed-rate debt outstanding, including $55.4 million of mortgage payables effectively fixed by interest rate swap agreements[189]. - The company had $567.0 million of variable rate debt outstanding as of September 30, 2022[190]. Cash and Liquidity - The company reported total cash, cash equivalents, and restricted cash of $158.6 million as of September 30, 2022, down from $175.2 million at December 31, 2021[54]. - The company has the remaining capacity to issue up to $466.7 million in common shares under its ATM equity program as of September 30, 2022[71]. - The company issued 296,843 common shares at a weighted average price of $112.11 for net cash proceeds of $32.9 million during the nine months ended September 30, 2022[71]. - The company settled forward sales agreements by issuing 2,203,655 common shares for net proceeds of $259.4 million during the nine months ended September 30, 2022[72]. Gains and Valuations - The company recognized a $70.4 million gain on deconsolidation of a variable interest entity (VIE) related to the Escondido Promenade transaction[57]. - The company recognized a gain of $9.3 million related to a reduction in liability for condemnation and transaction costs for the three and nine months ended September 30, 2022[67]. - A total of 652,233 downREIT operating partnership units are outstanding with a fair value of approximately $58.8 million as of September 30, 2022[68]. - The fair value of the company's interest rate swap agreements was an asset of $6.5 million as of September 30, 2022, reflecting an increase of $8.0 million for the nine months ended[62]. Interest Rate Sensitivity - If market interest rates had been 1.0% higher, the fair value of the fixed-rate debt instruments would have decreased by approximately $169.9 million[189]. - If market interest rates had been 1.0% lower, the fair value of the fixed-rate debt instruments would have increased by approximately $190.2 million[189]. - An increase of 1.0% in market interest rates would lead to an annual interest expense increase of approximately $5.7 million[190]. - A decrease of 1.0% in market interest rates would result in an annual interest expense decrease of approximately $5.7 million[190]. Compliance and Agreements - The company is in compliance with all default-related debt covenants as of September 30, 2022[61]. - As of September 30, 2022, the company executed rent deferral agreements totaling approximately $47 million, with $33 million subsequently collected[50].

Summary of Federal Realty Investment Trust Conference Call Company Overview - **Company**: Federal Realty Investment Trust (NYSE:FRT) - **Participants**: Don Wood (CEO), Jeff Berkes (President & COO) [1] Industry Insights - **Market Position**: Federal Realty operates in nine major markets including the East Coast, Mid-Atlantic, South Florida, California, and Phoenix, Arizona [4] - **Market Characteristics**: The company focuses on areas with high population density, affluence, and barriers to entry, which are crucial for retail property performance [4][10] Core Business Strategy - **Portfolio Quality**: Emphasis on high-quality retail and mixed-use properties as a differentiator in the market [2] - **Acquisition Strategy**: Focus on acquiring properties individually rather than in bulk, ensuring each acquisition meets specific criteria for potential returns [3] - **Long-term Cash Flow**: The company aims to create sustainable long-term cash flow through redevelopment, higher rents, and operational efficiencies [3] Performance During COVID-19 - **Impact of COVID-19**: The pandemic disproportionately affected Federal Realty due to its tenant mix, which included gyms and restaurants that were heavily impacted by shutdowns [5][6] - **Recovery Post-COVID**: The company has seen a strong recovery in leasing activity, with occupancy rates rebounding from the mid-eighties to the mid-nineties [8] Financial Metrics - **Affluent Demographics**: 90% of Federal's shopping centers serve communities with household incomes over $75,000, contrasting with the average shopping center in the U.S. [9][10] - **Spending Power**: Within three miles of Federal's centers, there is an average of 175,000 people with a combined spending power exceeding $10 billion [10] Leasing and Tenant Relationships - **Leasing Pipeline**: The leasing pipeline is described as deep and broad, with a focus on getting tenants open and paying rent [14] - **Tenant Quality**: The company has proactively replaced underperforming tenants with stronger ones, enhancing overall portfolio quality [22] Challenges and Risks - **Inflation and Cost Pressures**: The company acknowledges potential margin pressures due to inflation and rising operational costs, but believes it can pass some costs onto consumers in affluent markets [20][21] - **Supply Chain Concerns**: Initial concerns about supply chain disruptions have been managed effectively, allowing for timely tenant openings [15][16] Future Outlook - **Market Dynamics**: The return of employees to offices in tech hubs like Silicon Valley is expected to drive demand for quality retail and office spaces [34][35] - **Acquisition Strategy**: The company maintains a proactive approach to acquisitions, focusing on properties that can enhance its portfolio over time [39][40] Conclusion - **Overall Confidence**: Despite uncertainties in the market, Federal Realty expresses confidence in its business model, tenant relationships, and the quality of its properties, positioning itself for continued growth [13][18]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-262016-01 (Federal Realty OP LP) FEDERAL REALTY INV ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-262016-01 (Federal Realty OP LP) FEDERAL REALTY IN ...