Summary of Federal Realty Investment Trust Conference Call Company Overview - **Company**: Federal Realty Investment Trust (NYSE:FRT) - **Industry**: Real Estate Investment Trust (REIT) - **Founded**: 1962, one of the oldest REITs in the U.S. - **Focus Areas**: Primarily operates in coastal markets including Boston, New York, New Jersey, Philadelphia, Washington D.C., Miami, and Southern California [6][8] Core Business Insights - **Business Model**: Primarily a retail real estate company with about one-third of its business in mixed-use real estate, which has grown organically [7][8] - **Portfolio Value**: Total capitalization of approximately $12 billion, built through selective acquisitions rather than large portfolio purchases [8] - **Long-term Strategy**: Focus on building a portfolio that can generate consistent cash flow through economic cycles [8] Investment Thesis - **Demographics**: Strong demographics in target markets, which are critical for maintaining cash flow during economic downturns [10][12] - **Visible Growth**: The company has a multifaceted business plan that includes a development component, contributing to visible growth in 2023 and 2024 [10][11] - **Earnings Multiple**: Currently trading at a premium compared to the industry, but this premium is the tightest in a decade, indicating relative affordability [10][11] Rent and Lease Dynamics - **Mark-to-Market Ability**: The company is successfully signing new leases at significantly higher rates than existing ones, with in-place rents around $29-$30 and new leases in the high $30s to mid-$40s [16][18] - **Inflation Impact**: The company benefits from contractual rent bumps averaging 2.25% per year, which helps maintain property value over time [18][19] - **Tenant Diversity**: The largest tenant accounts for only 2.8% of revenue, with a highly diversified portfolio reducing exposure to single tenant failures [33][34] Economic Outlook - **Consumer Sentiment**: While there are concerns about economic weakness, the company believes that high-quality real estate will continue to attract tenants [24][27] - **Bad Debt Expectations**: Historically, bad debt averages around 1% of revenues; the company expects 2023 to fall within this range [32][35] - **Tenant Health**: Tenants are currently paying rent and performing well, which supports strong leasing activity [34] External Growth Strategies - **Acquisitions and Development**: The company is cautious about acquisitions in the current market but remains open to opportunities that align with long-term growth strategies [40][41] - **Development Pipeline**: The company has a million square feet of shovel-ready projects but is currently turning down development activity due to market uncertainties [49][50] Conclusion - **Long-term Resilience**: The company is positioned to outperform in a typical recession due to its diversified portfolio, strong tenant base, and strategic focus on high-quality real estate [51][52] - **Market Positioning**: Federal Realty Investment Trust emphasizes the importance of location, tenant quality, and a multifaceted business plan to navigate economic cycles effectively [28][50]

Federal Realty Investment Trust (NYSE:FRT) Q4 2022 Results Conference Call February 8, 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 Greg McGinnis ...

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 ...

| --- | --- | --- | |----------------------------------|-------|-------| | F E D E R A I | | | | Investor | | | | Presentation THIRD QUARTER 2022 | | | | | | | Federal Realty Investment Trust NYSE: FRT • Fully integrated US retail real estate-based company focused on risk-adjusted capital allocation · Own, manage and re/develop urban, mixed-use properties and high-quality open air shopping centers in first-ring suburban locations · 104 properties include: □ ~3,200 commercial tenants ~26 million square feet ...

Federal Realty Investment Trust (NYSE:FRT) Q3 2022 Earnings Conference Call November 3, 2022 5:00 PM ET Company Participants Leah Brady – Vice President-Investor Relations Don Wood – Chief Executive Officer Dan Guglielmone – Executive Vice President, Chief Financial Officer and Treasurer Jeff Berkes – President and Chief Operating Officer Wendy Seher – Executive Vice President and Eastern Region President Conference Call Participants Alexander Goldfarb – Piper Sandler Craig Schmidt – Bank of America Steve ...

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]

Federal Realty Investment Trust (NYSE:FRT) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET Company Participants Leah Brady - Vice President of Investor Relations Don Wood - Chief Executive Officer & Director Dan G. - Executive Vice President, Chief Financial Officer & Treasurer Jeff Berkes - President & Chief Operating Officer Wendy Seher - Executive Vice President & Eastern Region President Mike Ennes - Senior Vice President, Mixed-Use Initiatives & Corporate Communications Conference Call Par ...

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 ...

Investor Present FIRST QUARTER 2022 FEDER Federal Realty Investment Trust NYSE: FRT · Fully integrated US retail real estate- based company focused on risk adjusted capital allocation · Own, manage and re/develop urban, mixed-use properties and high- quality open air shopping centers in first-ring suburban locations · 104 properties include: · ~3,100 commercial tenants · ~25 million square feet · ~3,400 residential units · Strong balance sheet with BBB+/Baa1 ratings(1) · Included in the S&P 500 (1) The comp ...