FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
September 30, 2025
TABLE OF CONTENTS
1			Third 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						#
13			Glossary of Terms						27
909 Rose Avenue, Suite 200
North Bethesda, Maryland 20852
301-998-8100

•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.

NORTH BETHESDA, Md. (October 31, 2025) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the third quarter ended September 30, 2025. For the three months ended September 30, 2025 and 2024, net income available for common shareholders was $0.69 per diluted share and $0.70 per diluted share, respectively. Operating income for the same periods was $110.7 million and $105.8 million, respectively.

Highlights for the third quarter and subsequent to quarter-end include:

•Generated NAREIT funds from operations available to common shareholders (FFO) per diluted share of $1.77 for the quarter, compared to $1.71 for the third quarter of 2024, an increase of 3.5%.

•Achieved an all-time record leasing volume of 727,029 square feet of comparable retail space over 123 leases with rent growth of:

◦28% on a cash basis

◦43% on a straight-line basis

•Generated comparable property operating income (POI) growth of 4.4%, excluding lease termination fees and prior period rents collected.

•Reported comparable portfolio occupancy of 94.0% and a leased rate of 95.7% at quarter end, with:

◦Occupancy up 40 basis points and leased rate up 10 basis points quarter-over-quarter

◦Occupancy up 20 basis points and leased rate down 10 basis points year-over-year

•Continued strong small shop leased rate, ending the quarter at 93.3% leased representing an increase of 20 basis points year-over-year.

•Subsequent to quarter end, announced the acquisition of Annapolis Town Center in Annapolis, Maryland totaling 479,000 square feet for a purchase price of $187 million.

•Ended the quarter with approximately $1.3 billion in total liquidity.

•Updated guidance for 2025 earnings per diluted share to $3.93 - $3.99.

•Raised guidance for 2025 FFO per diluted share to $7.05 - $7.11, which excludes $0.15 of one-time new market tax credit (“NMTC”) transaction income that occurred in the second quarter, representing 4.6% growth at the midpoint year-over-year.

“Our third quarter performance reflects the strength of our portfolio and the discipline of our strategy,” said Donald C. Wood, Chief Executive Officer of Federal Realty. “Record leasing volume and some of the strongest rent spreads in our history underscore the demand for our properties and the power of our platform. We’re driving NOI growth and maintaining sharp focus on disciplined capital allocation that drives compounding growth over time.”

Net Income

For the third quarter 2025, net income available for common shareholders was $59.6 million and earnings per diluted share was $0.69 versus $58.9 million and $0.70, respectively, for the third quarter 2024.

For the third quarter 2025, FFO was $153.0 million, or $1.77 per diluted share. This compares to $144.6 million, or $1.71 per diluted share for the third 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.

The following operational metrics for the commercial portfolio are as of September 30, 2025:

•The comparable portfolio occupancy was 94.0%, up 40 basis points sequentially and up 20 basis points year-over-year.

•Comparable portfolio leased rate was 95.7%, up 10 basis points sequentially and down 10 basis points year-over-year.

•Small shop leased rate was 93.3%, down 10 basis points sequentially and up 20 basis points year-over-year.

The residential leased rate was 96.0% as of September 30, 2025.

During the third quarter 2025, Federal Realty signed 132 leases totaling 774,890 square feet of retail space. On a comparable space basis, the company signed 123 leases for 727,029 square feet at an average rent of $35.71 per square foot, compared to $27.85 under prior leases, representing a 28% increase on a cash basis and 43% increase on a straight-line basis.

•October 10, 2025 – acquired Annapolis Town Center, a premier open-air retail center in Annapolis, MD totaling approximately 479,000 square feet, for $187 million.

•July 1, 2025 – acquired Town Center Crossing and Town Center Plaza, two dominant open-air retail centers in Leawood, KS totaling approximately 552,000 square feet, for $289 million.

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.13 per common share, resulting in an indicated annual rate of $4.52 per common share. The regular common dividend will be payable on January 15, 2026 to common shareholders of record as of January 2, 2026.

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 January 15, 2026 to shareholders of record as of January 2, 2026.

Federal Realty has tightened its 2025 earnings per diluted share guidance and raised and tightened its 2025 FFO guidance, as summarized in the table below:

1.See further discussion of NMTC transaction income in Form 10-Q filed with the Securities and Exchange Commission on August 6, 2025.

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its third quarter 2025 earnings conference call, which is scheduled for Friday, October 31, 2025 at 9:00 AM ET. To participate, please call 833-821-4548 or 412-652-1258 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 November 14, 2025 by dialing 844-512-2921 or 412-317-6671; Passcode: 10203351.

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 103 properties include approximately 3,600 tenants in 27.9 million commercial square feet, and approximately 3,000 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company 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.

•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.

Notes:

(1)See Glossary of Terms.

(2)For the three and nine months ended September 30, 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)FFO available for common shareholders includes new market tax credit transaction income, net of noncontrolling interest of $13.0 million (see page # for additional information). Excluding this income, FFO for the nine months ended September 30, 2025 would have been $452.0 million, and FFO per diluted share would have been $5.23 per share.

(4)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.

(5)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."

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:

(3)Includes lease termination fees of $1.9 million and $1.1 million for the three months ended September 30, 2025 and 2024, respectively, and $4.4 million and $3.1 million for the nine months ended September 30, 2025 and 2024.

(4)For the three months ended September 30, 2025 and 2024, our collectability related impacts include the collection of approximately $0.1 million and $0.8 million, respectively, and $0.2 million and $2.5 million for the nine months ended September 30, 2025 and 2024, respectively, of prior period rents which were contractually deferred or payments renegotiated specifically related to the COVID-19 pandemic.

Notes:

(1)For the three months ended September 30, 2025 and 2024, amount includes straight-line rents of $5.3 million and $3.3 million, respectively, and amortization of in-place leases of $2.3 million and $2.6 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.

Notes:

(1)Amounts include 526,915 and 622,399 downREIT operating partnership units outstanding at September 30, 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)Excluding the $14.2 million of new market tax credit transaction income, the ratio of EBITDAre to combined fixed charges and preferred share dividends for the nine months ended September 30, 2025 would have been 3.9x.

(7)The reference period for calculating these covenants is the most recent twelve months ended September 30, 2025.

(8)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.

Notes:

(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At September 30, 2025, our share of unconsolidated debt was approximately $61.5 million. At September 30, 2025, our noncontrolling interests' share of mortgages payable was $14.8 million.

(2)On October 30, 2025, we refinanced our Azalea mortgage loan with a new $55.0 million mortgage loan that bears interest at SOFR + 85 basis points, based on our credit rating, and matures on October 30, 2028, plus two one-year extensions, at our option.

(3)We have two on-year extensions, at our option to extend the maturity date to December 28, 2027.

(4)These mortgage loans have interest rate swap agreements that effectively fix the interest rate through the initial maturity date.

(5)Our revolving credit facility SOFR loans and our term loan bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. Our revolving credit facility also includes a 0.10% adjustment to SOFR, which was removed through an amendment to the agreement on October 30, 2025. Effective September 2, 2025, the interest rate on $300.0 million of our term loan is effectively fixed at a weighted average interest rate of 4.21% through March 1, 2028 through interest rate swap agreements.

(6)The maximum amount drawn under our $1.25 billion revolving credit facility during both the three and nine months ended September 30, 2025 was $315.3 million, and the weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, for both periods was 5.2%.

(7)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 8.

(8)The weighted average effective interest rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.

Notes:

The above table assumes all extension options are exercised.

(1)On October 1, 2025, we repaid a $3.1 million mortgage loan at our Hoboken property, at par. Additionally, on October 30, 2025, we refinanced our $40.0 million mortgage loan on Azalea. The new $55.0 million mortgage loan matures on October 30, 2028, plus two one-year extensions at our option to October 30, 2030.

(2)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.

(3)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 September 30, 2025, there was $102.4 million balance outstanding under this credit facility.

(4)Our $750.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030.

(5)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 September 30, 2025. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 6 years.

(6)The weighted average rate reflects the weighted average interest rate, as of September 30, 2025, on debt maturing in the respective year.

(7)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.

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.

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 137 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.

On March 28, 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.

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. We also had the right to borrow up to an additional $150.0 million in the form of an unsecured term loan, which we exercised on September 22, 2025, bringing our total amount outstanding under this agreement to $750.0 million as of September 30, 2025. 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

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 October 30, 2025, no common shares have been repurchased through the program.