Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

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

•exercise of 682 stock options for the three and nine months ended September 30, 2021,

•conversions of downREIT operating partnership units for the three and nine months ended September 30, 2021,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for the nine months ended September 30, 2022, and the three and nine months ended September 30, 2021, and

•the issuance of 1.8 million shares and units issuable under common share forward sales agreements for the nine months ended September 30, 2022, and 0.9 million and 1.7 million, respectively, for the three and nine months ended September 30, 2021.

Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
NUMERATOR
Net income	$	158,774	$	54,541	$	277,969	152,339
Less: Preferred share dividends	(2,008)		(2,010)		(6,026)		(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)		(2,419)		(8,171)		(5,777)
Less: Earnings allocated to unvested shares	(535)		(309)		(935)		(901)



Net income available for common shareholders, basic and diluted	$	153,595	$	49,803	$	262,837	$	139,630
DENOMINATOR
Weighted average common shares outstanding, basic	80,765		77,485		79,480		77,269
Effect of dilutive securities:

Open forward contracts for share issuances	—		90		1		18
DownREIT operating partnership units	652		—		656		—
5.417% Series 1 Cumulative Convertible Preferred Shares	94		—		—		—
Weighted average common shares outstanding, diluted	81,511		77,575		80,137		77,287

EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders	$	1.90	$	0.64	$	3.31	$	1.81

EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders	$	1.89	$	0.64	$	3.31	$	1.81

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands, except per unit data)
NUMERATOR
Net income	$	158,774	$	54,541	$	277,969	152,339
Less: Preferred unit distributions	(2,008)		(2,010)		(6,026)		(6,031)
Less: Income from operations attributable to noncontrolling interests	(2,636)		(2,419)		(8,171)		(5,777)
Less: Earnings allocated to unvested units	(535)		(309)		(935)		(901)



Net income available for common unit holders, basic and diluted	$	153,595	$	49,803	$	262,837	$	139,630
DENOMINATOR
Weighted average common units outstanding, basic	80,765		77,485		79,480		77,269
Effect of dilutive securities:

Common unit issuances relating to open common share forward contracts	—		90		1		18
DownREIT operating partnership units	652		—		656		—
5.417% Series 1 Cumulative Convertible Preferred Units	94		—		—		—
Weighted average common units outstanding, diluted	81,511		77,575		80,137		77,287

EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders	$	1.90	$	0.64	$	3.31	$	1.81

EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders	$	1.89	$	0.64	$	3.31	$	1.81