Financial Data and Key Metrics Changes - The company reported FFO per share of $1.64 for Q4 2023 and $6.55 for the year, representing increases of 3.8% and 3.6% respectively compared to 2022 [12][22][36] - The comparable POI growth was 4% for Q4 and 3.2% for the year, with cash basis growth at 5.2% for Q4 and 4.7% for the year [36] - The company expects FFO per share for 2024 to be in the range of $6.65 to $6.87, indicating over 3% growth at the midpoint [7][8] Business Line Data and Key Metrics Changes - Retail leasing saw strong performance with 100 comparable retail deals completed in Q4, achieving a 12% rollover on a cash basis and 23% on a straight-line basis [15] - The residential portfolio reported same-store POI growth of 5.8% in Q4, with revenue growth of 6% [36] - The overall portfolio was 94.2% leased at year-end, with anchors at 96% and shop space at 90.7% [16] Market Data and Key Metrics Changes - The company noted that demand continues to exceed supply for high-quality assets in suburban areas, with no significant new supply expected [13] - The average in-place rents portfolio-wide were $31.60 per foot, with comparable retail deals in Q4 at $44.57 per foot [14] - The residential and office products in mixed-use properties outperformed competing supply, standing at 96% leased [18] Company Strategy and Development Direction - The company plans to expand its residential offerings, with a new project at Bala Cynwyd Shopping Center adding 217 residential units and additional retail space [20][21] - The focus remains on redevelopment and expansion, with a pipeline expected to contribute an additional $9 million to $12 million of POI in 2024 [25] - The management expressed optimism about future acquisitions, anticipating a better year for acquisitions in 2024 as the market stabilizes [49][51] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong fundamentals of the business, emphasizing that higher interest rates should not overshadow the underlying performance [19] - The company expects continued upward adjustments in rents, particularly in affluent areas where customers can absorb higher costs [19] - Management noted that the leasing environment remains competitive, with tenants seeking high-quality spaces with amenities [74] Other Important Information - The company refinanced $600 million in bond maturities, improving its liquidity position to over $1.3 billion [29] - The leverage metrics remain strong, with a net debt to EBITDA ratio of 5.9 times, expected to improve to 5.5 times by 2025 [29] Q&A Session Summary Question: Can you discuss the office leasing momentum and prospects for 2024? - Management indicated they are close to signing a large tenant lease at Santana West, which would significantly increase occupancy [5] Question: What are the expectations for rent growth in 2024? - Management expects to push rents higher due to strong demand and limited supply, with a focus on maintaining landlord-friendly lease terms [45] Question: Can you elaborate on acquisition opportunities for 2024? - Management expressed optimism about increased acquisition opportunities in 2024, as many sellers are expected to enter the market [51] Question: What are the trends in retail tenant demand? - Management noted that Q4 leasing volumes were affected by timing, but the overall pipeline remains strong, with expectations for continued growth [54] Question: How is the company addressing construction costs? - Management reported improved predictability in construction costs, particularly on the labor side, which is beneficial for future projects [90]

Table of Contents 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, 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 INVESTM ...

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 ...

Federal Realty Investment Trust (NYSE:FRT) Bank of America 2023 Global Real Estate Conference September 13, 2023 1:25 PM ET CorporateParticipants Don Wood - Chief Executive Officer Dan Guglielmone - Chief Financial Officer ConferenceCall Participants Lizzy Doykan - Bank of America Lizzy Doykan So hi, everybody. This is a roundtable presentation with Federal Realty. I'm joined by Don Wood, CEO; and Dan Guglielmone, CFO. I'm Lizzy Doykan. I work with Jeff Spector covering the retail REITs at BofA. So I'm goin ...

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 ...

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]

Real Estate Portfolio - As of December 31, 2022, the company owned or had a majority interest in 103 predominantly retail real estate projects comprising approximately 25.8 million square feet, with a leasing rate of 94.5% and occupancy rate of 92.8%[24]. - As of December 31, 2022, the occupancy rate for anchor tenant space is 95.6%, with 96.9% leased[51]. - The company currently owns 100% of the OP Units issued by the Partnership and is its sole Limited Partner[105]. - The company’s business plan focuses on high-quality retail properties, primarily through redevelopments and acquisitions[108]. - The company’s growth strategy relies on the development and acquisition of properties, but it must distribute at least 90% of taxable income to maintain REIT status, limiting cash available for growth[82]. - The company has a workforce of 314 full-time employees and 8 part-time employees, with no employees represented by a collective bargaining unit[32]. - The company is focused on acquiring quality retail and mixed-use properties in densely populated areas with high barriers to entry for further development[31]. - The company has maintained a prudent level of overall leverage and manages exposure to variable-rate debt to support its financial strategies[31]. - The company has included necessary investments for compliance with energy and emissions regulations in its capital improvement planning, which have not materially affected financial results to date[44]. - The company is subject to financial covenants that could restrict operational flexibility and lead to defaults if not complied with[78]. Financial Performance - Total property revenue increased by $123.2 million, or 12.9%, to $1.1 billion in 2022 compared to $951.2 million in 2021[198]. - Rental income rose by $124.5 million, or 13.1%, to $1.1 billion in 2022, primarily driven by the recovery from COVID-19 impacts[203]. - Property operating income increased by $83.0 million, or 13.1%, to $717.6 million in 2022, attributed to higher occupancy and rental rates[210]. - Operating income increased by $131.7 million, or 33.4%, to $526.4 million in 2022 compared to $394.7 million in 2021, driven by the gain on deconsolidation of a VIE and recovery from COVID-19 impacts[216]. - Interest expense increased by $9.3 million, or 7.3%, to $137.0 million in 2022, with gross interest costs at $155.7 million[219]. - The company reported a $90.0 million gain on sale of real estate for the year ended December 31, 2021, from the sale of two properties and portions of three properties[215]. Dividends and Shareholder Returns - The company has paid quarterly dividends continuously since its founding in 1962 and has increased dividends per common share for 55 consecutive years[24]. - Total annual dividends paid per common share for 2022 were $4.29, an increase from $4.25 in 2021, marking a continuous dividend increase for 55 consecutive years[148]. - The ordinary dividend for 2022 was $3.518 per share, up from $3.358 in 2021, while capital gain dividends increased to $0.772 from $0.680[149]. - The company must generally make annual distributions to shareholders of at least 90% of its taxable income to maintain REIT status[100]. - Failure to qualify as a REIT would result in the company being taxed as a corporation, significantly reducing funds available for distributions[89]. Market and Economic Conditions - The company continues to monitor general economic conditions, including inflation and rising interest rates, which may impact business operations and growth strategies[40]. - Economic downturns or adverse conditions in the 12 states and the District of Columbia where the company operates could negatively affect financial performance[53]. - The shift from brick-and-mortar retail to online shopping may adversely impact cash flow and financial condition, despite a strategy to maintain a diverse portfolio[52]. - The company faces competition from numerous commercial developers and real estate companies, which may limit its ability to attract tenants and acquire new properties[65]. - Rising interest rates could increase interest expenses on approximately $655.1 million of variable rate debt, adversely affecting cash flow and the ability to service debt[83]. Risk Management - The company actively manages properties to maximize rents and maintain occupancy levels, focusing on attracting and retaining a diverse tenant base[27]. - The company has implemented various measures to mitigate risks from cyber attacks, although no guarantee of success can be provided[110]. - The company believes its properties are adequately insured against various risks, including fire, flood, and business interruption[112]. - The company may experience delays and unexpected costs in enforcing lease terms if tenants default, adversely affecting financial results[50]. - The presence of hazardous materials on properties could reduce their value and profitability, impacting financial condition[86]. - Natural disasters and climate change could disrupt operations and increase costs, impacting cash flow and tenant demand[71]. Property Management and Leasing - The company completed 2.0 million square feet of comparable space leasing in 2022, with a leased rate of 94.5% compared to an occupied rate of 92.8%[189]. - The company expects to execute comparable space leases for 1.4 to 2.0 million square feet of retail space in 2023, in line with historical averages[122]. - The company had approximately 3,300 commercial leases and 3,000 residential leases, with no single tenant accounting for more than 2.8% of annualized base rent[113]. - The company continues to focus on expanding its portfolio with strategic acquisitions and developments in key markets[130]. - The company may face challenges in renewing leases or re-leasing space, which could lead to reduced net income[55]. Sustainability and Compliance - The company has 19 LEED certified buildings and is focused on sustainable development practices, including energy efficiency and waste minimization[162]. - The company has installed on-site solar systems at 25 properties with a total capacity of 14 MW and over 300 electric vehicle charging stations[163]. - Changes in government legislation on climate change could lead to increased capital expenditures for energy efficiency improvements[86]. - Increased focus on ESG factors may impose additional costs and expose the company to reputational risks if it fails to meet investor expectations[73].