10-Q

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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, 2024

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 INVESTMENT TRUST

FEDERAL REALTY OP LP

(Exact Name of Registrant as Specified in its Charter)

Maryland (Federal Realty Investment Trust)	87-3916363
Delaware (Federal Realty OP LP)	52-0782497
(State of Organization)	(IRS Employer Identification No.)

909 Rose Avenue, Suite 200, North Bethesda, Maryland 20852

(Address of Principal Executive Offices) (Zip Code)

(301) 998-8100

(Registrant’s Telephone Number, Including Area Code)

Federal Realty Investment Trust

Title of Each Class	Trading Symbol	Name of Each Exchange On Which Registered
Common Shares of Beneficial Interest	FRT	New York Stock Exchange
$.01 par value per share, with associated Common Share Purchase Rights
Depositary Shares, each representing 1/1000 of a share of	FRT-C	New York Stock Exchange
5.00% Series C Cumulative Redeemable Preferred Stock, $.01 par value per share

Federal Realty OP LP

Title of Each Class	Trading Symbol	Name of Each Exchange On Which Registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  

 Federal Realty Investment Trust ☒  Yes    ☐  No Federal Realty OP LP ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Federal Realty Investment Trust ☒  Yes    ☐  No Federal Realty OP LP ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Federal Realty Investment Trust				Federal Realty OP LP
Large Accelerated Filer	☒	Accelerated filer	☐	Large Accelerated Filer	☒	Accelerated filer	☐
Non-Accelerated Filer	☐	Smaller reporting company	☐	Non-Accelerated Filer	☐	Smaller reporting company	☐
		Emerging growth company	☐			Emerging growth company	☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Federal Realty Investment Trust ☐  Federal Realty OP LP ☐  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    

Federal Realty Investment Trust ☐  Yes    ☒  No Federal Realty OP LP ☐  Yes    ☒  No

The number of Federal Realty Investment Trust's common shares outstanding on April 29, 2024 was 82,952,622.

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2024, of Federal Realty Investment Trust and Federal Realty OP, LP. Unless stated otherwise or the context otherwise requires, references to "Federal Realty Investment Trust," the "Parent Company" or the "Trust" mean Federal Realty Investment Trust; and references to "Federal Realty OP LP" or the "Operating Partnership" mean Federal Realty OP LP. The term "the Company," "we," "us," and "our" refer to the Parent Company and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. References to "shares" and "shareholders" refer to the shares and shareholders of the Parent Company and not the limited partnership interests for limited partners of the Operating Partnership.

The Parent Company is a real estate investment trust ("REIT") that owns 100% of the limited liability company interests of, is the sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which is the sole general partner of the Operating Partnership. As of March 31, 2024, the Parent Company owned 100% of the outstanding partnership units (the "OP Units") in the Operating Partnership.

The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report provides the following benefits:

•Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the businesses as a whole in the same manner as management views and operates the business;

•Eliminates duplicate disclosure and provides a more streamlined and readable presentation; and

•Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates the Parent Company and the Operating Partnership as one business. Since the Operating Partnership is managed by the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, the management of the Parent Company consists of the same individuals as the management of the Operating Partnership.

We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its direct and indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company is not expected to incur any material indebtedness. The Operating Partnership holds substantially all of our assets and retains the ownership interests in the Company's joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates all capital required by the Company’s business. Sources of this capital include the Operating Partnership’s operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units.

Shareholders' equity, partner capital, and non-controlling interests are the primary areas of difference between the unaudited consolidated financial statements of the Parent Company and those of the Operating Partnership. The Operating Partnership’s capital currently includes OP Units owned by the Parent Company, and may in the future include OP Units owned by third parties. OP Units owned by third parties, if any, are accounted for in capital in the Operating Partnership’s financial statements and in non-controlling interests in the Parent Company’s financial statements.

The Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while shareholders’ equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.

In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.

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FEDERAL REALTY INVESTMENT TRUST

FEDERAL REALTY OP LP

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED MARCH 31, 2024

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PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Federal Realty Investment Trust
	Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023	4
	Consolidated Statements of Shareholders' Equity (unaudited) for the three months ended March 31, 2024 and 2023	5
	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023	6
Federal Realty OP LP
	Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023	7
	Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023	8
	Consolidated Statements of Capital (unaudited) for the three months ended March 31, 2024 and 2023	9
	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023	10
Federal Realty Investment Trust and Federal Realty OP LP
	Notes to Consolidated Financial Statements (unaudited)	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	29
Item 4.	Controls and Procedures	30
PART II. OTHER INFORMATION		31
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	31
SIGNATURES		41

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Federal Realty Investment Trust

Consolidated Balance Sheets

	March 31,		December 31,
	2024		2023
	(In thousands, except share and per share data)
	(Unaudited)
ASSETS
Real estate, at cost
Operating (including $2,024,995 and $2,021,622 of consolidated variable interest entities, respectively)	$	10,027,356	$	9,932,891
Construction-in-progress (including $13,299 and $8,677 of consolidated variable interest entities, respectively)	577,745		613,296
	10,605,101		10,546,187
Less accumulated depreciation and amortization (including $430,578 and $416,663 of consolidated variable interest entities, respectively)	(3,032,163)		(2,963,519)
Net real estate	7,572,938		7,582,668
Cash and cash equivalents	95,936		250,825
Accounts and notes receivable, net	207,650		201,733
Mortgage notes receivable, net	9,183		9,196
Investment in partnerships	33,687		34,870
Operating lease right of use assets, net	86,359		86,993
Finance lease right of use assets, net	6,795		6,850
Prepaid expenses and other assets	259,112		263,377
TOTAL ASSETS	$	8,271,660	$	8,436,512
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $188,629 and $189,286 of consolidated variable interest entities, respectively)	$	516,257	$	516,936
Notes payable, net	613,912		601,945
Senior notes and debentures, net	3,353,228		3,480,296
Accounts payable and accrued expenses	185,594		174,714
Dividends payable	92,818		92,634
Security deposits payable	29,895		30,482
Operating lease liabilities	75,275		75,870
Finance lease liabilities	12,698		12,670
Other liabilities and deferred credits	213,027		225,443
Total liabilities	5,092,704		5,210,990
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests	182,964		183,363
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding	150,000		150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding	9,822		9,822
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, respectively, 82,948,600 and 82,775,286 shares issued and outstanding, respectively	835		833
Additional paid-in capital	3,946,740		3,959,276
Accumulated dividends in excess of net income	(1,196,225)		(1,160,474)
Accumulated other comprehensive income	6,899		4,052
Total shareholders’ equity of the Trust	2,918,071		2,963,509
Noncontrolling interests	77,921		78,650
Total shareholders’ equity	2,995,992		3,042,159
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	8,271,660	$	8,436,512

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty Investment Trust

Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In thousands, except per share data)
REVENUE
Rental income	$	291,045	$	272,798
Mortgage interest income	278		261
Total revenue	291,323		273,059
EXPENSES
Rental expenses	61,659		55,205
Real estate taxes	34,060		32,566
General and administrative	12,006		12,545
Depreciation and amortization	83,404		78,637
Total operating expenses	191,129		178,953
Gain on sale of real estate	—		1,702
OPERATING INCOME	100,194		95,808
OTHER INCOME/(EXPENSE)
Other interest income	1,483		632
Interest expense	(43,693)		(39,225)
Income from partnerships	32		516
NET INCOME	58,016		57,731
Net income attributable to noncontrolling interests	(1,280)		(2,396)
NET INCOME ATTRIBUTABLE TO THE TRUST	56,736		55,335
Dividends on preferred shares	(2,008)		(2,008)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$	54,728	$	53,327
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	0.66	$	0.65
Weighted average number of common shares	82,605		81,141
COMPREHENSIVE INCOME	$	60,944	$	56,395
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$	59,583	$	54,124

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty Investment Trust

Consolidated Statements of Shareholders’ Equity

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

	Shareholders’ Equity of the Trust
	Preferred Shares			Common Shares			Additional Paid-in Capital		Accumulated Dividends in Excess of Net Income		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Shareholders' Equity
	Shares	Amount		Shares	Amount
	(In thousands, except share data)
BALANCE AT DECEMBER 31, 2023	398,878	$	159,822	82,775,286	$	833	$	3,959,276	$	(1,160,474)	$	4,052	$	78,650	$	3,042,159
Net income (loss), excluding $1,570 attributable to redeemable noncontrolling interests	—	—		—	—		—		56,736		—		(290)		56,446
Other comprehensive income - change in fair value of interest rate swaps, excluding $81 attributable to redeemable noncontrolling interests	—	—		—	—		—		—		2,847		—		2,847
Dividends declared to common shareholders ($1.09 per share)	—	—		—	—		—		(90,479)		—		—		(90,479)
Dividends declared to preferred shareholders	—	—		—	—		—		(2,008)		—		—		(2,008)
Distributions declared to noncontrolling interests, excluding $2,050 attributable to redeemable noncontrolling interests	—	—		—	—		—				—		(798)		(798)
Common shares issued, net	—	—		62,923	1		6,376		—		—		—		6,377
Shares issued under dividend reinvestment plan	—	—		4,628	—		355		—		—		—		355
Share-based compensation expense, net of forfeitures	—	—		147,407	1		4,429		—		—		—		4,430
Shares withheld for employee taxes	—	—		(45,804)	—		(4,614)		—		—		—		(4,614)
Conversion of downREIT OP units	—	—		4,160	—		366		—		—		(366)		—
Contributions from noncontrolling interests	—	—		—	—		—		—		—		725		725
Purchase of capped calls	—	—		—	—		(19,448)		—		—		—		(19,448)
BALANCE AT MARCH 31, 2024	398,878	$	159,822	82,948,600	$	835	$	3,946,740	$	(1,196,225)	$	6,899	$	77,921	$	2,995,992

BALANCE AT DECEMBER 31, 2022	398,878	$	159,822	81,342,959	$	818	$	3,821,801	$	(1,034,186)	$	5,757	$	80,003	$	3,034,015
Net income, excluding $1,668 attributable to redeemable noncontrolling interests	—	—		—	—		—		55,335		—		728		56,063
Other comprehensive loss - change in fair value of interest rate swaps, excluding $125 attributable to redeemable noncontrolling interests	—	—		—	—		—		—		(1,211)		—		(1,211)
Dividends declared to common shareholders ($1.08 per share)	—	—		—	—		—		(88,033)		—		—		(88,033)
Dividends declared to preferred shareholders	—	—		—	—		—		(2,008)		—		—		(2,008)
Distributions declared to noncontrolling interests, excluding $1,560 attributable to redeemable noncontrolling interests	—	—		—	—		—		—		—		(1,048)		(1,048)
Common shares issued, net	—	—		57,064	1		6,250		—		—		—		6,251
Shares issued under dividend reinvestment plan	—	—		4,664	—		423		—		—		—		423
Share-based compensation expense, net of forfeitures	—	—		141,234	1		4,433		—		—		—		4,434
Shares withheld for employee taxes	—	—		(42,240)	—		(4,645)		—		—		—		(4,645)
Conversion of downREIT OP units	—	—		7,523	—		668		—		—		(668)		—
BALANCE AT MARCH 31, 2023	398,878	$	159,822	81,511,204	$	820	$	3,828,930	$	(1,068,892)	$	4,546	$	79,015	$	3,004,241

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty Investment Trust

Consolidated Statements of Cash Flows

 (Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In thousands)
OPERATING ACTIVITIES
Net income	$	58,016	$	57,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,404		78,637
Gain on sale of real estate	—		(1,702)
Income from partnerships	(32)		(516)
Straight-line rent	(5,207)		(2,478)
Share-based compensation expense	4,160		4,097
Other, net	(1,001)		(1,277)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(500)		(466)
Decrease in prepaid expenses and other assets	3,624		3,563
Increase in accounts payable and accrued expenses	7,194		1,941
(Decrease) increase in security deposits and other liabilities	(8,498)		3,477
Net cash provided by operating activities	141,160		143,007
INVESTING ACTIVITIES
Acquisition of real estate	—		(35,340)
Capital expenditures - development and redevelopment	(35,993)		(50,780)
Capital expenditures - other	(27,754)		(25,737)
Proceeds from sale of real estate	—		12,626
Distribution from partnerships in excess of earnings	1,454		2,174
Leasing costs	(4,649)		(3,754)
Net cash used in investing activities	(66,942)		(100,811)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	12,500		60,000
Issuance of senior notes, net of costs	471,576		—
Repayment of senior notes	(600,000)		—
Costs to extend and issue notes and mortgages payable	(902)		—
Repayment of mortgages, finance leases and notes payable	(819)		(819)
Purchase of capped calls	(19,448)		—
Issuance of common shares, net of costs	6,312		6,245
Dividends paid to common and preferred shareholders	(91,883)		(89,431)
Shares withheld for employee taxes	(4,614)		(4,645)
Contributions from noncontrolling interests	725		—
Distributions to and redemptions of redeemable noncontrolling interests	(2,848)		(2,616)
Net cash used in financing activities	(229,401)		(31,266)
(Decrease) increase in cash, cash equivalents and restricted cash	(155,183)		10,930
Cash, cash equivalents, and restricted cash at beginning of year	260,004		96,348
Cash, cash equivalents, and restricted cash at end of period	$	104,821	$	107,278

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty OP LP

Consolidated Balance Sheets

	March 31,		December 31,
	2024		2023
	(In thousands, except unit data)
	(Unaudited)
ASSETS
Real estate, at cost
Operating (including $2,024,995 and $2,021,622 of consolidated variable interest entities, respectively)	$	10,027,356	$	9,932,891
Construction-in-progress (including $13,299 and $8,677 of consolidated variable interest entities, respectively)	577,745		613,296
	10,605,101		10,546,187
Less accumulated depreciation and amortization (including $430,578 and $416,663 of consolidated variable interest entities, respectively)	(3,032,163)		(2,963,519)
Net real estate	7,572,938		7,582,668
Cash and cash equivalents	95,936		250,825
Accounts and notes receivable, net	207,650		201,733
Mortgage notes receivable, net	9,183		9,196
Investment in partnerships	33,687		34,870
Operating lease right of use assets, net	86,359		86,993
Finance lease right of use assets, net	6,795		6,850
Prepaid expenses and other assets	259,112		263,377
TOTAL ASSETS	$	8,271,660	$	8,436,512
LIABILITIES AND CAPITAL
Liabilities
Mortgages payable, net (including $188,629 and $189,286 of consolidated variable interest entities, respectively)	$	516,257	$	516,936
Notes payable, net	613,912		601,945
Senior notes and debentures, net	3,353,228		3,480,296
Accounts payable and accrued expenses	185,594		174,714
Dividends payable	92,818		92,634
Security deposits payable	29,895		30,482
Operating lease liabilities	75,275		75,870
Finance lease liabilities	12,698		12,670
Other liabilities and deferred credits	213,027		225,443
Total liabilities	5,092,704		5,210,990
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests	182,964		183,363
Partner capital
Preferred units, 398,878 units issued and outstanding	154,788		154,788
Common units, 82,948,600 and 82,775,286 units issued and outstanding, respectively	2,756,384		2,804,669
Accumulated other comprehensive income	6,899		4,052
Total partner capital	2,918,071		2,963,509
Noncontrolling interests in consolidated partnerships	77,921		78,650
Total capital	2,995,992		3,042,159
TOTAL LIABILITIES AND CAPITAL	$	8,271,660	$	8,436,512

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty OP LP

Consolidated Statements of Comprehensive Income

(Unaudited)

		Three Months Ended March 31,
		2024		2023
	(In thousands, except per unit data)
REVENUE
Rental income		$	291,045	$	272,798
Mortgage interest income		278		261
Total revenue		291,323		273,059
EXPENSES
Rental expenses		61,659		55,205
Real estate taxes		34,060		32,566
General and administrative		12,006		12,545
Depreciation and amortization		83,404		78,637
Total operating expenses		191,129		178,953
Gain on sale of real estate		—		1,702
OPERATING INCOME		100,194		95,808
OTHER INCOME/(EXPENSE)
Other interest income		1,483		632
Interest expense		(43,693)		(39,225)
Income from partnerships		32		516
NET INCOME		58,016		57,731
Net income attributable to noncontrolling interests		(1,280)		(2,396)
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP		56,736		55,335
Distributions on preferred units		(2,008)		(2,008)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS		$	54,728	$	53,327
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders		$	0.66	$	0.65
Weighted average number of common units		82,605		81,141
COMPREHENSIVE INCOME		$	60,944	$	56,395
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE PARTNERSHIP		$	59,583	$	54,124

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty OP LP

Consolidated Statements of Capital

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

		Preferred Units		Common Units		Accumulated Other Comprehensive Income (Loss)		Total Partner Capital		Noncontrolling Interests in Consolidated Partnerships		Total Capital
	(In thousands)
BALANCE AT DECEMBER 31, 2023		$	154,788	$	2,804,669	$	4,052	$	2,963,509	$	78,650	$	3,042,159
Net income (loss), excluding $1,570 attributable to redeemable noncontrolling interests		2,008		54,728		—		56,736		(290)		56,446
Other comprehensive income - change in fair value of interest rate swaps, excluding $81 attributable to redeemable noncontrolling interest		—		—		2,847		2,847		—		2,847
Distributions declared to common unit holders		—		(90,479)		—		(90,479)		—		(90,479)
Distributions declared to preferred unit holders		(2,008)		—		—		(2,008)		—		(2,008)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $2,050 attributable to redeemable noncontrolling interests		—		—		—		—		(798)		(798)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs		—		6,377		—		6,377		—		6,377
Common units issued under dividend reinvestment plan		—		355		—		355		—		355
Share-based compensation expense, net of forfeitures		—		4,430		—		4,430		—		4,430
Common units withheld for employee taxes		—		(4,614)		—		(4,614)		—		(4,614)
Conversion of downREIT OP units		—		366		—		366		(366)		—
Contributions from noncontrolling interests		—		—		—		—		725		725
Purchase of capped calls		—		(19,448)		—		(19,448)		—		(19,448)
BALANCE AT MARCH 31, 2024		$	154,788	$	2,756,384	$	6,899	$	2,918,071	$	77,921	$	2,995,992

BALANCE AT DECEMBER 31, 2022	$	154,788	$	2,793,467	$	5,757	$	2,954,012	$	80,003	$	3,034,015
Net income, excluding $1,668 attributable to redeemable noncontrolling interests	2,008		53,327		—		55,335		728		56,063
Other comprehensive loss - change in fair value of interest rate swaps, excluding $125 attributable to redeemable noncontrolling interests	—		—		(1,211)		(1,211)		—		(1,211)
Distributions declared to common unit holders	—		(88,033)		—		(88,033)		—		(88,033)
Distributions declared to preferred unit holders	(2,008)		—		—		(2,008)		—		(2,008)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $1,560 attributable to redeemable noncontrolling interests	—		—		—		—		(1,048)		(1,048)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	—		6,251		—		6,251		—		6,251
Common units issued under dividend reinvestment plan	—		423		—		423		—		423
Share-based compensation expense, net of forfeitures	—		4,434		—		4,434		—		4,434
Common units withheld for employee taxes	—		(4,645)		—		(4,645)		—		(4,645)
Conversion of downREIT OP units	—		668		—		668		(668)		—
BALANCE AT MARCH 31, 2023	$	154,788	$	2,765,892	$	4,546	$	2,925,226	$	79,015	$	3,004,241

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty OP LP

Consolidated Statements of Cash Flows 

(Unaudited)

	Three Months Ended March 31,
	2024		2023
	(In thousands)
OPERATING ACTIVITIES
Net income	$	58,016	$	57,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,404		78,637
Gain on sale of real estate	—		(1,702)
Income from partnerships	(32)		(516)
Straight-line rent	(5,207)		(2,478)
Share-based compensation expense	4,160		4,097
Other, net	(1,001)		(1,277)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(500)		(466)
Decrease in prepaid expenses and other assets	3,624		3,563
Increase in accounts payable and accrued expenses	7,194		1,941
(Decrease) increase in security deposits and other liabilities	(8,498)		3,477
Net cash provided by operating activities	141,160		143,007
INVESTING ACTIVITIES
Acquisition of real estate	—		(35,340)
Capital expenditures - development and redevelopment	(35,993)		(50,780)
Capital expenditures - other	(27,754)		(25,737)
Proceeds from sale of real estate	—		12,626
Distribution from partnerships in excess of earnings	1,454		2,174
Leasing costs	(4,649)		(3,754)
Net cash used in investing activities	(66,942)		(100,811)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	12,500		60,000
Issuance of senior notes, net of costs	471,576		—
Repayment of senior notes	(600,000)		—
Costs to extend and issue notes and mortgages payable	(902)		—
Repayment of mortgages, finance leases and notes payable	(819)		(819)
Purchase of capped calls	(19,448)		—
Issuance of common units, net of costs	6,312		6,245
Distributions to common and preferred unit holders	(91,883)		(89,431)
Shares withheld for employee taxes	(4,614)		(4,645)
Contributions from noncontrolling interests	725		—
Distributions to and redemptions of redeemable noncontrolling interests	(2,848)		(2,616)
Net cash used in financing activities	(229,401)		(31,266)
(Decrease) increase in cash, cash equivalents and restricted cash	(155,183)		10,930
Cash, cash equivalents, and restricted cash at beginning of year	260,004		96,348
Cash, cash equivalents, and restricted cash at end of period	$	104,821	$	107,278

The accompanying notes are an integral part of these consolidated statements.

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Federal Realty Investment Trust

Federal Realty OP LP

Notes to Consolidated Financial Statements

March 31, 2024

(Unaudited)

NOTE 1—BUSINESS AND ORGANIZATION

Federal Realty Investment Trust (the "Parent Company" and the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of March 31, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects.

We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

General Economic Conditions

Heightened levels of inflation and higher interest rates present risks for our business and our tenants. We continue to monitor and address risks related to the general state of the economy. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year.

Principles of Consolidation

As discussed in the Explanatory Note, we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect

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the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Exchangeable Senior Notes

On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement (see Note 3 for additional information). We account for our Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (after the adoption of ASU 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Contracts in an Entity's Own Equity ("ASU 2020-06)). The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Notes on our dilutive earnings per common share and per common unit using the if-converted method. In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. Similar to the exchange feature embedded in the Notes, the capped call transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded in shareholders' equity for the Trust and capital for the Operating Partnership.

Recent Accounting Pronouncements

Standard	Description	Effect on the financial statements or significant matters
Adopted during 2024:
ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements	This ASU requires all lessees in a lease with a lessor under common control to (1) amortize leasehold improvements over their useful life to the common control group, as long as the lessee controls the use of the underlying asset through a lease and (2) account for the leasehold improvements as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The guidance may be applied prospectively to new and existing leasehold improvements, with the remaining balance of existing leasehold improvements amortized over their remaining useful life to the common control group or retrospectively, through a cumulative-effect adjustment to opening retained earnings. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted.	We adopted this ASU as of January 1, 2024. The implementation of this ASU did not have an impact on our consolidated financial statements.
Issued in 2023:
ASU 2023-07, November 2023, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures	This ASU requires public entities to provide disclosures of significant segment expense and other significant segment items, as well as provide in interim period all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Additionally, public entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures. The guidance is applied retrospectively to all periods presented in financial statements, unless it is impracticable. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted.	While we continue to evaluate the impact of this ASU on our Form 10-K for year ended December 31, 2024, we anticipate providing the disclosures required by ASC 280 for our single reportable segment.

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Consolidated Statements of Cash Flows—Supplemental Disclosures

The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	48,999	$	44,606
Interest capitalized	(5,306)		(5,381)
Interest expense	$	43,693	$	39,225
Cash paid for interest, net of amounts capitalized	$	39,199	$	37,136
Cash refunded for income taxes	$	5	$	—
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Shares issued under dividend reinvestment plan	$	420	$	429
DownREIT operating partnership units redeemed for common shares	$	366	$	668

	March 31,		December 31,
	2024		2023
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	95,936	$	250,825
Restricted cash (1)	8,885		9,179
Total cash, cash equivalents, and restricted cash	$	104,821	$	260,004

(1)Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

NOTE 3—DEBT

On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The notes bear interest at an annual rate of 3.25%, payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2024. The notes mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. Net proceeds after the initial purchaser’s discount and offering costs were approximately $471.6 million. Interest expense related to these Notes for the three months ended March 31, 2024 was $4.1 million, including debt issuance cost amortization.

Prior to the close of business on July 15, 2028, the Notes will be exchangeable at the option of holders only upon certain circumstances and during certain periods. On or after July 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may exchange their Notes at any time. The Operating Partnership will settle exchanges of the Notes by delivering cash up to the principal amount of the Notes exchanged, and if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount. If we elect to settle any portion of the exchange obligation in excess of the principal amount with shares of the Trust, an equivalent number of common units will be issued by the Operating Partnership to the Trust. The exchange rate initially equals 8.1436 common shares per $1,000 principal amount of the Notes (which is equivalent to an exchange price of approximately $122.80 per common share and reflects an exchange premium of approximately 20% based on the closing price of $102.33 on January 8, 2024). The initial exchange rate is subject to adjustment upon the occurrence of certain events, including in the event of a payment of a quarterly common dividend in excess of $1.09 per share, but will not be adjusted for any accrued and unpaid interest.

The Operating Partnership may redeem the Notes, at its option, in whole or in part, on or after January 20, 2027 if the last reported sales price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 day consecutive trading period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

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In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. The capped call transactions cover, subject to customary adjustments, the number of our common shares that initially underlie the Notes. The capped call transactions are expected generally to reduce the potential dilution to our common shares upon exchange of any Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Notes, with such reduction and/or offset subject to a cap. The cap price of the capped call transaction initially is approximately $143.26 per share, which represents a premium of approximately 40% over the last reported sale price of our common shares of $102.33 on the New York Stock Exchange on January 8, 2024, and is subject to certain adjustments under the terms of the capped call transactions. A portion of the proceeds from the Notes were used to pay the capped call premium of $19.4 million, which is recorded in shareholders' equity for the Trust and capital for the Operating Partnership.

On January 16, 2024, we repaid our $600.0 million 3.95% senior unsecured notes at maturity.

On February 6, 2024, we exercised our first option and extended the maturity date of our $600.0 million unsecured term loan to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026.

During the three months ended March 31, 2024, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $12.5 million. The weighted average amount of borrowings outstanding was $1.9 million, and the weighted average interest rate, before amortization of debt fees, was 6.2% for the three months ended March 31, 2024. At March 31, 2024, our revolving credit facility had $12.5 million outstanding.

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2024, we were in compliance with all default related debt covenants.

NOTE 4—FAIR VALUE OF FINANCIAL INSTRUMENTS

Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:

	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	1,130,169	$	1,112,230	$	1,118,881	$	1,101,479
Senior notes and debentures, net	$	3,353,228	$	3,044,373	$	3,480,296	$	3,201,174

As of March 31, 2024, we have five interest rate swap agreements with total notional amounts of $253.2 million that are measured at fair value on a recurring basis. We have two interest rate swap agreements associated with our Hoboken portfolio that fix the interest rate on $53.2 million of mortgage payables at 3.67% through December 15, 2029. We also have three interest rate swap agreements associated with our Bethesda Row property that fix the interest rate on a $200.0 million mortgage payable at a weighted average interest rate of 5.03% through December 28, 2025.

The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at March 31, 2024 was an asset of $7.4 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three months ended March 31, 2024, the value of our interest rate swaps increased $2.7 million (including $1.1 million reclassified from other comprehensive income as a decrease to interest expense). A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:

	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	7,357	$	—	$	7,357	$	—	$	4,668	$	—	$	4,668

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One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three months ended March 31, 2024, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income" was an increase of $0.2 million.

NOTE 5—COMMITMENTS AND CONTINGENCIES

We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us.

Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or common shares, at our option. A total of 631,271 downREIT operating partnership units are outstanding which have a total fair value of approximately $64.5 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on March 31, 2024.

NOTE 6—SHAREHOLDERS’ EQUITY

The following table provides a summary of dividends declared and paid per share:

	Three Months Ended March 31,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	1.090	$	1.090	$	1.080	$	1.080
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.313	$	0.313	$	0.313	$	0.313

(1)Amount represents dividends per depository share, each representing 1/1000th of a share.

On March 8, 2024, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $500.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

For the three months ended March 31, 2024, we issued 62,895 common shares (which were sold during 2023 under our previous ATM equity program), at a weighted average price per share of $105.04 for net cash proceeds of $6.4 million including paying $0.1 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. There were no sales during the three months ended March 31, 2024 under the amended ATM equity program, and therefore we have the capacity to issue up to $500.0 million in common shares under this program as of March 31, 2024.

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NOTE 7—SHARE-BASED COMPENSATION PLANS

A summary of share-based compensation expense included in net income is as follows:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Grants of common shares, restricted stock units, and options	$	4,430	$	4,434
Capitalized share-based compensation	(270)		(337)
Share-based compensation expense	$	4,160	$	4,097

NOTE 8—EARNINGS PER SHARE AND UNIT

We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For both the three months ended March 31, 2024 and 2023, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below.

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

•exercise of 3,019 and 1,829 stock options for the three months ended March 31, 2024 and 2023, respectively,

•conversions of downREIT operating partnership units for both the three months ended March 31, 2024 and 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2024 and 2023, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three months ended March 31, 2024.

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
		March 31,
		2024		2023
	(In thousands, except per share data)
NUMERATOR
Net income		$	58,016	$	57,731
Less: Preferred share dividends		(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests		(1,280)		(2,396)
Less: Earnings allocated to unvested shares		(333)		(327)
Net income available for common shareholders, basic and diluted		$	54,395	$	53,000
DENOMINATOR
Weighted average common shares outstanding, basic and diluted		82,605		81,141
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders		$	0.66	$	0.65

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Federal Realty OP LP Earnings per Unit

		Three Months Ended
		March 31,
		2024		2023
	(In thousands, except per unit data)
NUMERATOR
Net income		$	58,016	$	57,731
Less: Preferred unit distributions		(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests		(1,280)		(2,396)
Less: Earnings allocated to unvested units		(333)		(327)
Net income available for common unit holders, basic and diluted		$	54,395	$	53,000
DENOMINATOR
Weighted average common units outstanding, basic and diluted		82,605		81,141
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders		$	0.66	$	0.65

NOTE 9—SUBSEQUENT EVENT

On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for approximately $12 million, bringing our ownership to 100%.

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The following discussion should be read in conjunction with the consolidated interim financial statements and notes thereto appearing in Item 1 of this report and the more detailed information contained in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2024.

Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

The following are some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements:

•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;

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•risks associated with general economic conditions, including inflation 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 the Trust's 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 the Trust's 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 the outbreak and worldwide spread of COVID-19), 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.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Quarterly Report on Form 10-Q. You should carefully review the risks and the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2023 and under Part II, Item 1A in this Quarterly Report on Form 10-Q, before making any investments in us.

Overview

Federal Realty Investment Trust (the "Parent Company" or the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interests of, and is sole member and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties. As of March 31, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects comprising approximately 26.2 million commercial square feet. In total, the real estate projects were 94.3% leased and 92.0% occupied at March 31, 2024.

General Economic Conditions

The heightened levels of inflation, higher interest rates, and potentially worsening economic conditions present risks for our business and tenants. We continue to monitor and address risks related to the general state of the economy. We believe that the actions we have taken to improve our financial position and maximize our liquidity, as described further in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 Annual Report on Form 10-K, will continue to mitigate the impact to our cash flow caused by tenants not timely paying contractual rent.

See further discussion of the impact of current economic conditions on our business throughout Item 2.

Critical Accounting Policies

There have been no significant changes to the critical accounting policies disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 Annual Report on Form 10-K.

Debt and Equity Transactions

On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The notes bear interest at an annual rate of 3.25%, payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2024. The notes mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. Net proceeds after the initial purchaser’s discount and offering costs were approximately $471.6 million. Interest expense related to these Notes for the three months ended March 31, 2024 was $4.1 million, including debt issuance cost amortization.

Prior to the close of business on July 15, 2028, the Notes will be exchangeable at the option of holders only upon certain circumstances and during certain periods. On or after July 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may exchange their Notes at any time. The Operating Partnership will settle exchanges of the Notes by delivering cash up to the principal amount of the Notes exchanged, and if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount. If we elect to settle any portion of the exchange obligation in excess of the principal amount with shares of the Trust, an equivalent number of common units will be issued by the Operating

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Partnership to the Trust. The exchange rate initially equals 8.1436 common shares per $1,000 principal amount of the Notes (which is equivalent to an exchange price of approximately $122.80 per common share and reflects an exchange premium of approximately 20% based on the closing price of $102.33 on January 8, 2024). The initial exchange rate is subject to adjustment upon the occurrence of certain events, including in the event of a payment of a quarterly common dividend in excess of $1.09 per share, but will not be adjusted for any accrued and unpaid interest.

The Operating Partnership may redeem the Notes, at its option, in whole or in part, on or after January 20, 2027 if the last reported sales price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 day consecutive trading period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. The capped call transactions cover, subject to customary adjustments, the number of our common shares that initially underlie the Notes. The capped call transactions are expected generally to reduce the potential dilution to our common shares upon exchange of any Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Notes, with such reduction and/or offset subject to a cap. The cap price of the capped call transaction initially is approximately $143.26 per share, which represents a premium of approximately 40% over the last reported sale price of our common shares of $102.33 on the New York Stock Exchange on January 8, 2024, and is subject to certain adjustments under the terms of the capped call transactions. A portion of the proceeds from the Notes were used to pay the capped call premium of $19.4 million, which is recorded in shareholders' equity for the Trust and capital for the Operating Partnership.

On January 16, 2024, we repaid our $600.0 million 3.95% senior unsecured notes at maturity.

On February 6, 2024, we exercised our first option and extended the maturity date of our $600.0 million unsecured term loan to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026.

On March 8, 2024, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $500.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

For the three months ended March 31, 2024, we issued 62,895 common shares (which were sold during 2023 under our previous ATM equity program), at a weighted average price per share of $105.04 for net cash proceeds of $6.4 million including paying $0.1 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. There were no sales during the three months ended March 31, 2024 under the amended ATM equity program, and therefore we have the capacity to issue up to $500.0 million in common shares under this program as of March 31, 2024.

Other Transactions

On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for approximately $12 million, bringing our ownership to 100%.

Recently Issued Accounting Pronouncements

See Note 2 to the consolidated financial statements.

Capitalized Costs

Certain external and internal costs directly related to the development, redevelopment and leasing of real estate, including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. We capitalized certain external and internal costs related to both development and redevelopment activities of $36 million and $2 million, respectively, for the three months ended March 31, 2024, and $53 million and $2 million for the three months ended March 31, 2023. We capitalized external and internal costs related to other property improvements of $27 million and $1 million, respectively, for the three months ended March 31, 2024, and $23 million and $1 million, respectively, for the three months ended March 31, 2023. We capitalized external and internal costs related to leasing activities of $5 million and $1 million, respectively, for the three months ended March 31, 2024, and $4 million and $1 million, respectively, for the three months ended March 31, 2023. The amount of capitalized internal costs for salaries and related benefits for development and redevelopment activities, other property improvements, and leasing activities were $2 million, $1 million, and $1 million, for both the three months ended March 31, 2024 and 2023. Total capitalized costs were $72 million and $80 million for the three months ended March 31, 2024 and 2023, respectively.

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Outlook

Our long-term growth strategy is focused on growth in earnings, funds from operations, and cash flows primarily through a combination of the following:

•growth in our comparable property portfolio,

•growth in our portfolio from property redevelopments and expansions, and

•expansion of our portfolio through property acquisitions.

Although general economic impacts of elevated levels of inflation and higher interest rates are impacting us in the short-term, our long-term focus has not changed. See our Annual Report on Form 10-K filed on February 12, 2024, for additional discussion of our long-term strategies.

Our comparable property growth is primarily driven by increases in rental rates on new leases and lease renewals, changes in portfolio occupancy, and the redevelopment of those assets. Over the long-term, the infill nature and strong demographics of our properties provide a strategic advantage allowing us to maintain relatively high occupancy and generally increase rental rates. We continue to experience strong demand for our commercial space as evidenced by the 2.1 million square feet of comparable retail space leasing we've completed in the last twelve months, and the 2.3% spread between our leased rate of 94.3% and our occupied rate of 92.0%. However, the effects of high levels of inflation and interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs. We continue to see impacts of increased costs for certain construction and other materials that support our development and redevelopment activities. Worsening supply chain disruptions could also result in extended timeframes and/or increased costs for completion of our projects and tenant build-outs, which could delay the commencement of rent payments under new leases. Similarly, if our tenants experience significant disruptions in supply chains supporting their own products, staffing issues due to labor shortages, or are otherwise impacted by worsening economic conditions, their ability to pay rent may be adversely affected. We continue to monitor these macroeconomic developments and are working with our tenants and our vendors to limit the overall impact to our business.

We believe the locations and nature of our centers and diverse tenant base partially mitigates any potential negative changes in the economic environment. However, any significant reduction in our tenants' abilities to pay base rent, percentage rent or other charges, will adversely affect our financial condition and results of operations. We seek to maintain a mix of strong national, regional, and local retailers.

We continue to have several development projects in process being delivered as follows:

•Phase IV at Pike & Rose is a 276,000 square foot office building (which includes 10,000 square feet of ground floor retail space). Approximately 201,000 square feet of the office space is leased, and all of the retail space is leased. The building is expected to cost between $185 million and $200 million, and began delivering in late September 2023. As of March 31, 2024, approximately 161,000 square feet of office space is open.

•Construction on Santana West includes an eight story 369,000 square foot office building, which is expected to cost between $315 million and $330 million. Approximately 170,000 square feet of space is leased as of March 31, 2024.

•Throughout the portfolio, we currently have redevelopment projects underway with a projected total cost of approximately $324 million that we expect to stabilize over the next several years.

The above includes our best estimates based on information currently known, however, the completion of construction, final costs, and the timing of leasing and openings may be further impacted by the current environment including the duration and severity of the economic impacts of broader, as well as local, economic conditions, inflation, higher interest rates, and higher operating costs.

The development of future phases of Assembly Row, Pike & Rose, Santana Row, and other properties will be pursued opportunistically based on, among other things, market conditions, tenant demand, and our evaluation of whether those phases will generate an appropriate financial return.

We continue to review acquisition opportunities that complement our portfolio and provide long-term growth opportunities. Initially, some of our acquisitions do not contribute significantly to earnings growth; however, we believe they provide long-term re-leasing growth, redevelopment opportunities, and other strategic opportunities. Any growth from acquisitions is contingent on our ability to find properties that meet our qualitative standards at prices that meet our financial hurdles. Changes in interest rates may affect our success in achieving earnings growth through acquisitions by affecting both the price that must be paid to acquire a property, as well as our ability to economically finance the property acquisition. Generally, our acquisitions are initially financed by available cash and/or borrowings under our revolving credit facility which may be repaid later with funds raised through the issuance of new equity or new long-term debt. We may also finance our acquisitions through the

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issuance of common shares, preferred shares, or units in the Operating Partnership, as well as through assumed mortgages and property sales.

At March 31, 2024, the leasable commercial square feet in our properties was 94.3% leased and 92.0% occupied. The leased rate is higher than the occupied rate due to leased spaces that are being redeveloped or improved or that are awaiting permits and, therefore, are not yet ready to be occupied. Our occupancy and leased rates are subject to variability over time due to factors including acquisitions, the timing of the start and stabilization of our redevelopment projects, lease expirations and tenant closings and bankruptcies.

Lease Rollovers

For the first quarter of 2024, we signed retail leases for a total of 587,000 square feet of retail space including 567,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 9% on a cash basis. New leases for comparable spaces were signed for 222,000 square feet, with an average rental increase of 20% on a cash basis. Renewals for comparable spaces were signed for 344,000 square feet at a 3% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $28.05 per square foot, of which $64.36 per square foot was for new leases and $4.61 per square foot was for renewals for the three months ended March 31, 2024.

The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold or under contract to be sold. The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent, and the comparable annual rent and in some instances, projections of percentage rent, to be paid on the new lease. In atypical circumstances, management may exercise judgment as to how to most effectively reflect the comparability of spaces reported in this calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, capital investment made in the space and the specific lease structure. Tenant improvements and incentives include the total dollars committed for the improvement (fit out) of a space as it relates to a specific lease. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements. Costs related to tenant improvements require judgement by management in determining what are costs specific to the tenant and not deferred maintenance on the space.

Historically, we have executed comparable space leases for 1.4 to 2.0 million square feet of retail space each year and expect the volume in 2024 will be in line with these historical averages. Although we expect overall positive increases in annual rent for comparable spaces, changes in annual rent for any individual lease or combinations of individual leases reported in any particular period may be positive or negative and we can provide no assurance that the annual rents on comparable space leases will continue to increase at historical levels, if at all. A decline in current economic conditions could adversely impact our volume of leasing activity and the amount of rent we are able to charge to new or renewing tenants.

The leases signed in 2024 generally become effective over the following two years though some may not become effective until 2027 and beyond. Further, there is risk that some new tenants will not ultimately take possession of their space and that tenants for both new and renewal leases may not pay all of their contractual rent due to operating, financing or other matters. However, our historical increases in rental rates do provide information about the tenant/landlord relationship and the potential increase we may achieve in rental income over time.

Comparable Properties

Throughout this section, we have provided certain information on a “comparable property” basis. Information provided on a comparable property basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties that are currently under development or are being repositioned for significant redevelopment and investment. For the three months ended March 31, 2024, all or a portion of 97 properties, were considered comparable properties and seven properties were considered non-comparable properties. For the three months ended March 31, 2024, one property and two portions of properties were moved from non-comparable properties to comparable properties and two properties and one portion of a property were moved from acquisitions to comparable properties; all compared to the designations as of December 31, 2023. While there is judgment surrounding changes in designations, we typically move non-comparable properties to comparable properties once they have stabilized, which is typically considered 90% physical occupancy or when the growth expected from the redevelopment has been included in the comparable periods. We typically remove properties from comparable properties when the repositioning of the asset has commenced and has or is expected to have a significant impact on property operating income within the calendar year. Acquisitions are moved to comparable

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properties once we have owned the property for the entirety of comparable periods and the property is not under development or being repositioned for significant redevelopment and investment.

RESULTS OF OPERATIONS - THREE MONTHS ENDED MARCH 31, 2024 AND 2023

					Change
	2024		2023		Dollars		%
	(Dollar amounts in thousands)
Rental income	$	291,045	$	272,798	$	18,247	6.7	%
Mortgage interest income	278		261		17		6.5	%
Total property revenue	291,323		273,059		18,264		6.7	%
Rental expenses	61,659		55,205		6,454		11.7	%
Real estate taxes	34,060		32,566		1,494		4.6	%
Total property expenses	95,719		87,771		7,948		9.1	%
Property operating income (1)	195,604		185,288		10,316		5.6	%
General and administrative expense	(12,006)		(12,545)		539		(4.3)	%
Depreciation and amortization	(83,404)		(78,637)		(4,767)		6.1	%
Gain on sale of real estate	—		1,702		(1,702)		(100.0)	%
Operating income	100,194		95,808		4,386		4.6	%
Other interest income	1,483		632		851		134.7	%
Interest expense	(43,693)		(39,225)		(4,468)		11.4	%
Income from partnerships	32		516		(484)		(93.8)	%
Total other, net	(42,178)		(38,077)		(4,101)		10.8	%
Net income	58,016		57,731		285		0.5	%
Net income attributable to noncontrolling interests	(1,280)		(2,396)		1,116		(46.6)	%
Net income attributable to the Trust	$	56,736	$	55,335	$	1,401	2.5	%

(1)Property operating income is a non-GAAP measure that consists of rental income and mortgage interest income, less rental expenses and real estate taxes. This measure is used internally to evaluate the performance of property operations and we consider it to be a significant measure. Property operating income should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of operating income to property operating income for the three months ended March 31, 2024 and 2023 is as follows:

	2024		2023
	(in thousands)
Operating income	$	100,194	$	95,808
General and administrative	12,006		12,545
Depreciation and amortization	83,404		78,637
Gain on sale of real estate	—		(1,702)
Property operating income	$	195,604	$	185,288

Property Revenues

Total property revenue increased $18.3 million, or 6.7%, to $291.3 million in the three months ended March 31, 2024 compared to $273.1 million in the three months ended March 31, 2023. The percentage occupied at our shopping centers was 92.0% and 92.6% at March 31, 2024 and 2023, respectively. Changes in the components of property revenue are discussed below.

Rental Income

Rental income consists primarily of minimum rent, cost reimbursements from tenants and percentage rent, and is net of collectibility related adjustments. Rental income increased $18.2 million, or 6.7%, to $291.0 million in the three months ended March 31, 2024 compared to $272.8 million in the three months ended March 31, 2023 due primarily to the following:

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•an increase of $11.0 million from comparable properties primarily related to higher rental rates of approximately $6.8 million and a $5.1 million increase in recoveries from tenants on higher expenses, partially offset by a $1.5 million increase in collectibility related adjustments and a $0.7 million decrease in lease termination fee income,

•an increase of $3.9 million from non-comparable properties primarily driven by occupancy increases at Pike & Rose Phase IV, Darien Commons, and Huntington Shopping Center, and

•an increase of $3.0 million from Escondido Promenade, which was reconsolidated in the second quarter of 2023 after we gained control of the property (see our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information).

Property Expenses

Total property expenses increased $7.9 million, or 9.1%, to $95.7 million in the three months ended March 31, 2024 compared to $87.8 million in the three months ended March 31, 2023. Changes in the components of property expenses are discussed below.

Rental Expenses

Rental expenses increased $6.5 million, or 11.7%, to $61.7 million in the three months ended March 31, 2024 compared to $55.2 million in the three months ended March 31, 2023. This increase is primarily due to the following:

•an increase of $4.7 million from comparable properties due primarily to higher snow removal costs, higher repairs and maintenance costs and other operating costs driven by inflationary impacts, and higher insurance costs,

•an increase of $0.9 million from non-comparable properties due primarily to openings at Pike & Rose Phase IV, Darien Commons, and Huntington Shopping Center, and

•an increase of $0.5 million from Escondido Promenade, which was reconsolidated in the second quarter of 2023 after we gained control of the property.

As a result of the changes in rental income and rental expenses as discussed above, rental expenses as a percentage of rental income increased to 21.2% in the three months ended March 31, 2024 from 20.2% in the three months ended March 31, 2023.

Real Estate Taxes

Real estate tax expense increased $1.5 million, or 4.6%, to $34.1 million in the three months ended March 31, 2024 compared to $32.6 million in the three months ended March 31, 2023. This increase is primarily due to an increase of $0.9 million from comparable properties primarily due to higher assessments and an increase of $0.4 million from non-comparable properties due primarily to openings at Darien Commons, Pike & Rose Phase IV, and Huntington Shopping Center.

Property Operating Income

Property operating income increased $10.3 million, or 5.6%, to $195.6 million in the three months ended March 31, 2024 compared to $185.3 million in the three months ended March 31, 2023. This increase is primarily driven by higher rental rates, 2023 openings at our non-comparable properties, and the reconsolidation of Escondido Promenade during the second quarter of 2023, partially offset by an increase in collectibility related adjustments.

Other Operating

Depreciation and Amortization

Depreciation and amortization expense increased $4.8 million, or 6.1%, to $83.4 million in the three months ended March 31, 2024 from $78.6 million in the three months ended March 31, 2023. This increase is due primarily to the reconsolidation of Escondido Promenade during the second quarter of 2023, our investment in comparable properties, the opening of Pike & Rose Phase IV, and placing redevelopment properties into service.

Gain on sale of real estate

The $1.7 million gain on sale of real estate for the three months ended March 31, 2023 is due to the sale of one retail

property.

Operating Income

Operating income increased $4.4 million, or 4.6%, to $100.2 million in the three months ended March 31, 2024 compared to $95.8 million in the three months ended March 31, 2023. This increase is primarily driven by higher rental rates, 2023 openings

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at our non-comparable properties, and the reconsolidation of Escondido Promenade during the second quarter of 2023, partially offset by an increase in collectibility related adjustments and the prior year gain on sale of real estate.

Other

Interest Expense

Interest expense increased $4.5 million, or 11.4%, to $43.7 million in the three months ended March 31, 2024 compared to $39.2 million in the three months ended March 31, 2023. This increase is due primarily to the following:

•an increase of $3.6 million due to a higher overall weighted average borrowing rate,

•an increase of $0.8 million due to higher weighted average borrowings, and

•a decrease of $0.1 million in capitalized interest.

Gross interest costs were $49.0 million and $44.6 million in the three months ended March 31, 2024 and 2023, respectively. Capitalized interest was $5.3 million and $5.4 million for the three months ended March 31, 2024 and 2023, respectively.

Liquidity and Capital Resources

Due to the nature of our business and strategy, we typically generate significant amounts of cash from operations which is largely paid to our common and preferred shareholders in the form of dividends because as a REIT, the Trust is generally required to make annual distributions to shareholders of at least 90% of our taxable income (cash dividends paid in the three months ended March 31, 2024 were approximately $92.3 million). Remaining cash flow from operations after regular debt service requirements (including debt service relating to additional or replacement debt, as well as scheduled debt maturities) and dividend payments is used to fund recurring and non-recurring capital projects (such as tenant improvements and redevelopments). We maintain an unsecured $1.25 billion revolving credit facility to fund short term cash flow needs and also look to the public and private debt and equity markets, joint venture relationships, and property dispositions to fund capital expenditures on a long-term basis.

On January 11, 2024, we issued $485.0 million of 3.25% exchangeable senior notes, for which the proceeds were used to repay our $600.0 million of 3.95% senior unsecured notes on January 16, 2024. Our $600.0 million unsecured term loan has a maturity in April 2025, however, there is a one-year extension at our option that would extend the maturity to April 2026, if exercised. We have no other significant debt maturing in the next twelve months.

As of March 31, 2024, we had cash and cash equivalents of $95.9 million and $12.5 million outstanding on our $1.25 billion revolving credit facility. For the three months ended March 31, 2024, the weighted average amount of borrowings outstanding on our revolving credit facility was $1.9 million, and the weighted average interest rate, before amortization of debt fees, was 6.2%. We also have the capacity to issue up to $500.0 million in common shares under our ATM equity program.

Our overall capital requirements for the remainder of 2024 will be impacted by the overall economic environment including impacts of inflation and higher interest rates, as well as acquisition opportunities and the level and general timing of our redevelopment and development activities. We currently have development and redevelopment projects in various stages of constructions with remaining costs of $229 million. We expect to incur the majority of these costs in the next two years. We expect overall capital costs to be at levels slightly reduced from 2023 as we complete current redevelopment projects, prepare vacant space for new tenants, and complete the current phase and start on the next phase of our larger mixed use development projects.

We believe cash flow from operations, the cash on our balance sheet, and our $1.25 billion revolving credit facility will allow us to continue to operate our business in the short-term. Given our ability to access the capital markets, we also expect debt or equity to be available to us, although newly issued debt would likely be at higher interest rates than we currently have outstanding. We also have the ability to delay the timing of certain development and redevelopment projects as well as limit future acquisitions, reduce our operating expenditures, or re-evaluate our dividend policy. We expect these sources of liquidity and opportunities for operating flexibility to allow us to meet our financial obligations over the long term. We intend to operate with and to maintain our long term commitment to a conservative capital structure that will allow us to maintain strong debt service coverage and fixed-charge coverage ratios as part of our commitment to investment-grade debt ratings.

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Summary of Cash Flows

	Three Months Ended March 31,
	2024		2023		Change
	(In thousands)
Net cash provided by operating activities	$	141,160	$	143,007	$	(1,847)
Net cash used in investing activities	(66,942)		(100,811)		33,869
Net cash used in financing activities	(229,401)		(31,266)		(198,135)
(Decrease) increase in cash, cash equivalents and restricted cash	(155,183)		10,930		(166,113)
Cash, cash equivalents, and restricted cash at beginning of year	260,004		96,348		163,656
Cash, cash equivalents, and restricted cash at end of period	$	104,821	$	107,278	$	(2,457)

Net cash provided by operating activities decreased $1.8 million to $141.2 million during the three months ended March 31, 2024 from $143.0 million during the three months ended March 31, 2023. The decrease was primarily due to the timing of cash receipts related to prepaid rent, partially offset by the timing of payments relating to accounts payable and accrued expenses, and higher net income after adjusting for non-cash items and gain on sale of real estate.

Net cash used in investing activities decreased $33.9 million to $66.9 million during the three months ended March 31, 2024 from $100.8 million during the three months ended March 31, 2023. The decrease was primarily attributable to:

•a $35.3 million decrease in acquisition of real estate due to the January 2023 Huntington Square acquisition, and

•a $12.8 million decrease in capital expenditures,

partially offset by

•$12.6 million of net proceeds from the sale of one retail property during the three months ended March 31, 2023.

Net cash used in financing activities increased $198.1 million to $229.4 million during the three months ended March 31, 2024 from $31.3 million during the three months ended March 31, 2023. The increase was primarily attributable to:

•$600.0 million from the January 2024 repayment of our $600.0 million 3.95% senior unsecured notes at maturity,

•a $47.5 million decrease in net borrowings on our revolving credit facility to $12.5 million of net borrowings during the three months ended March 31, 2024, as compared to $60.0 million of net borrowings during the three months ended March 31, 2023,

•a $19.4 million premium paid for the capped call transactions entered into in connection with the issuance of $485.0 million 3.25% exchangeable senior notes in January 2024, and

•a $2.5 million increase in dividends paid to common and preferred shareholders due to an increase in the number of outstanding shares, as well as an increase to the common share dividend rate,

partially offset by

•$471.6 million in net proceeds from the issuance of $485.0 million 3.25% exchangeable senior notes in January 2024.

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Debt Financing Arrangements

The following is a summary of our total debt outstanding as of March 31, 2024:

Description of Debt	Original Debt Issued	Principal Balance as of March 31, 2024		Stated Interest Rate as of March 31, 2024		Maturity Date
	(Dollars in thousands)
Mortgages payable
Secured fixed rate
Azalea	Acquired	$	40,000	3.73	%	November 1, 2025
Bethesda Row (1)	200,000	200,000		SOFR + 0.95%		December 28, 2025
Bell Gardens	Acquired	11,453		4.06	%	August 1, 2026
Plaza El Segundo	125,000	125,000		3.83	%	June 5, 2027
The Grove at Shrewsbury (East)	43,600	43,600		3.77	%	September 1, 2027
Brook 35	11,500	11,500		4.65	%	July 1, 2029
Hoboken (24 Buildings) (2)	56,450	53,243		SOFR + 1.95%		December 15, 2029
Various Hoboken (14 Buildings) (3)	Acquired	29,621		Various		Various through 2029
Chelsea	Acquired	3,908		5.36	%	January 15, 2031
Subtotal		518,325
Net unamortized debt issuance costs and discount		(2,068)
Total mortgages payable, net		516,257
Notes payable
Term loan (4)(6)	600,000	600,000		SOFR + 0.85%		April 16, 2025
Revolving credit facility (4)(6)	(5)	12,500		SOFR + 0.775%		April 5, 2027
Various	7,749	2,332		Various		Various through 2059
Subtotal		614,832
Net unamortized debt issuance costs		(920)
Total notes payable, net		613,912
Senior notes and debentures (6)
Unsecured fixed rate
1.25% notes	400,000	400,000		1.25	%	February 15, 2026
7.48% debentures	50,000	29,200		7.48	%	August 15, 2026
3.25% notes	475,000	475,000		3.25	%	July 15, 2027
6.82% medium term notes	40,000	40,000		6.82	%	August 1, 2027
5.375% notes	350,000	350,000		5.375	%	May 1, 2028
3.25% exchangeable notes	485,000	485,000		3.25	%	January 15, 2029
3.20% notes	400,000	400,000		3.20	%	June 15, 2029
3.50% notes	400,000	400,000		3.50	%	June 1, 2030
4.50% notes	550,000	550,000		4.50	%	December 1, 2044
3.625% notes	250,000	250,000		3.625	%	August 1, 2046
Subtotal		3,379,200
Net unamortized debt issuance costs and premium		(25,972)
Total senior notes and debentures, net		3,353,228
Total debt, net		$	4,483,397

_____________________

(1)The interest rate on this mortgage loan is fixed at a weighted average interest rate of 5.03% through the initial maturity date through three interest rate swap agreements. We have two one-year extensions, at our option to extend the maturity date of this mortgage loan to December 28, 2027.

(2)The interest rate on this mortgage loan is fixed at 3.67% through two interest rate swap agreements.

(3)The interest rates on these mortgages range from 3.91% to 5.00%.

(4)Our revolving credit facility SOFR loans bear interest at Daily Simple SOFR or Term SOFR, and our term loan bears interest at Term SOFR as defined in the respective credit agreements, plus 0.10%, plus a spread, based on our current credit rating.

(5)The maximum amount drawn under our $1.25 billion revolving credit facility during the three months ended March 31, 2024 was $12.5 million and the weighted average interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 6.2%.

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(6)The Operating Partnership is the named obligor under our revolving credit facility, term loan, and senior notes and debenture. Effective April 1, 2024, a wholly owned subsidiary of the Operating Partnership guarantees the term loan.

Our revolving credit facility, unsecured term loan, and other debt agreements include financial and other covenants that may limit our operating activities in the future. As of March 31, 2024, we were in compliance with all financial and other covenants related to our revolving credit facility, term loan, and senior notes. Additionally, we were in compliance with all of the financial and other covenants that could trigger a loan default on our mortgage loans. If we were to breach any of these financial and other covenants and did not cure the breach within an applicable cure period, our lenders could require us to repay the debt immediately and, if the debt is secured, could immediately begin proceedings to take possession of the property securing the loan. Many of our debt arrangements, including our public notes and our revolving credit facility, are cross-defaulted, which means that the lenders under those debt arrangements can put us in default and require immediate repayment of their debt if we breach and fail to cure a default under certain of our other debt obligations. As a result, any default under our debt covenants could have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations and the market value of our shares. Our organizational documents do not limit the level or amount of debt that we may incur.

The following is a summary of our scheduled principal repayments as of March 31, 2024:

	Unsecured			Secured			Total
	(In thousands)
2024	$	619		$	2,443		$	3,062
2025	600,490		(1)	247,630		(2)	848,120
2026	429,344			26,282			455,626
2027	527,579		(3)	178,282			705,861
2028	350,000			2,511			352,511
Thereafter	2,086,000			61,177			2,147,177
	$	3,994,032		$	518,325		$	4,512,357	(4)

__________________    

(1)Our $600.0 million term loan matures on April 16, 2025, plus one one-year extension at our option to April 16, 2026.

(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 March 31, 2024, there was $12.5 million outstanding under this credit facility.

(4)The total debt maturities differ from the total reported on the consolidated balance sheets due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of March 31, 2024.

Interest Rate Hedging

We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes.

Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income which is included in "accumulated other comprehensive income (loss)" on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and SOFR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit-worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected.

As of March 31, 2024, we have two interest rate swap agreements that effectively fix the rate on a mortgage payable associated with our Hoboken portfolio at 3.67% and we have three interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with Bethesda Row at 5.03% through the initial maturity date. Our Assembly Row hotel joint venture is also a party to two interest rate swap agreements that effectively fix 100% of its outstanding $39.0 million of debt

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through May 2025 at 6.39%, and 50% of its outstanding debt from June 2025 through May 2028 at 6.03%. All swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings as of March 31, 2024.

REIT Qualification

We intend to maintain the Trust's qualification as a REIT under Section 856(c) of the Code. As a REIT, we generally will not be subject to corporate federal income taxes on income we distribute to our shareholders as long as we satisfy certain technical requirements of the Code, including the requirement to distribute at least 90% of our taxable income to our shareholders.

Funds From Operations

Funds from operations (“FFO”) is a supplemental non-GAAP financial measure of real estate companies’ operating performance. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as follows: net income, computed in accordance with U.S. GAAP, plus real estate related depreciation and amortization and excluding gains and losses on the sale of real estate or changes in control, net of tax, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We compute FFO in accordance with the NAREIT definition, and we have historically reported our FFO available for common shareholders in addition to our net income and net cash provided by operating activities. It should be noted that FFO:

•does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income);

•should not be considered an alternative to net income as an indication of our performance; and

•is not necessarily indicative of cash flow as a measure of liquidity or ability to fund cash needs, including the payment of dividends.

We consider FFO available for common shareholders a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of the real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation. We use FFO primarily as one of several means of assessing our operating performance in comparison with other REITs. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

An increase or decrease in FFO available for common shareholders does not necessarily result in an increase or decrease in aggregate distributions because our Board of Trustees is not required to increase distributions on a quarterly basis. However, we must distribute at least 90% of our annual taxable income to remain qualified as a REIT. Therefore, a significant increase in FFO will generally require an increase in distributions to shareholders although not necessarily on a proportionate basis.

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The reconciliation of net income to FFO available for common shareholders is as follows:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands, except per share data)
Net income	$	58,016	$	57,731
Net income attributable to noncontrolling interests	(1,280)		(2,396)
Gain on sale of real estate	—		(1,702)
Depreciation and amortization of real estate assets	73,938		70,504
Amortization of initial direct costs of leases	7,737		7,785
Funds from operations	138,411		131,922
Dividends on preferred shares (1)	(1,875)		(1,875)
Income attributable to downREIT operating partnership units	692		693
Income attributable to unvested shares	(503)		(482)
Funds from operations available for common shareholders	$	136,725	$	130,258
Weighted average number of common shares, diluted (1)(2)	83,334		81,877
Funds from operations available for common shareholders, per diluted share (2)	$	1.64	$	1.59

_____________________

(1)For both the three months ended March 31, 2024 and 2023, 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 included in "weighted average number of common shares, diluted."

(2)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 dilutive EPS for both the three months ended March 31, 2024 and 2023.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our use of financial instruments, such as debt instruments, subjects us to market risk which may affect our future earnings and cash flows, as well as the fair value of our assets. Market risk generally refers to the risk of loss from changes in interest rates and market prices. We manage our market risk by attempting to match anticipated inflow of cash from our operating, investing and financing activities with anticipated outflow of cash to fund debt payments, dividends to common and preferred shareholders, investments, capital expenditures and other cash requirements.

We may enter into certain types of derivative financial instruments to further reduce interest rate risk. We use interest rate protection and swap agreements, for example, to convert some of our variable rate debt to a fixed-rate basis or to hedge anticipated financing transactions. We use derivatives for hedging purposes rather than speculation and do not enter into financial instruments for trading purposes.

Interest Rate Risk

The following discusses the effect of hypothetical changes in market rates of interest on interest expense for our variable rate debt and on the fair value of our total outstanding debt, including our fixed-rate debt. Interest rate risk amounts were determined by considering the impact of hypothetical interest rates on our debt. Quoted market prices were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. This analysis does not purport to take into account all of the factors that may affect our debt, such as the effect that a changing interest rate environment could have on the overall level of economic activity or the action that our management might take to reduce our exposure to the change. This analysis assumes no change in our financial structure.

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Fixed Interest Rate Debt

The majority of our outstanding debt obligations (maturing at various times through 2059) have fixed interest rates which limit the risk of fluctuating interest rates. However, interest rate fluctuations may affect the fair value of our fixed rate debt instruments. At March 31, 2024, we had $3.9 billion of fixed-rate debt outstanding, including $253.2 million of mortgage payables for which the rate is effectively fixed by five interest rate swap agreements. If market interest rates used to calculate the fair value on our fixed-rate debt instruments at March 31, 2024 had been 1.0% higher, the fair value of those debt instruments on that date would have decreased by approximately $168.1 million. If market interest rates used to calculate the fair value on our fixed-rate debt instruments at March 31, 2024 had been 1.0% lower, the fair value of those debt instruments on that date would have increased by approximately $186.2 million.

Variable Interest Rate Debt

Generally, we believe that our primary interest rate risk is due to fluctuations in interest rates on our outstanding variable rate debt. At March 31, 2024, we had $612.5 million of variable rate debt outstanding (the $600.0 million principal balance on our unsecured term loan and $12.5 million outstanding on our revolving credit facility). Based upon this amount of variable rate debt and the specific terms, if market interest rates increased 1.0%, our annual interest expense would increase approximately $6.1 million with a corresponding decrease in our net income and cash flows for the year. Conversely, if market interest rates decreased 1.0%, our annual interest expense would decrease by approximately $6.1 million with a corresponding increase in our net income and cash flows for the year.

ITEM 4.    CONTROLS AND PROCEDURES

Controls and Procedures (Federal Realty Investment Trust)

Periodic Evaluation and Conclusion of Disclosure Controls and Procedures

An evaluation has been performed, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Trust's disclosure controls and procedures as of March 31, 2024. Based on this evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the Trust's disclosure controls and procedures were effective as of March 31, 2024 to provide reasonable assurance that information required to be disclosed in the Trust's reports filed or submitted under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and (ii) accumulated and communicated to the Trust’s management including its principal executive and principal financial officer as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in the Trust's internal control over financial reporting during the quarterly period covered by this report that materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Controls and Procedures (Federal Realty OP LP)

Periodic Evaluation and Conclusion of Disclosure Controls and Procedures

An evaluation has been performed, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Operating Partnership's disclosure controls and procedures as of March 31, 2024. Based on this evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the Operating Partnership's disclosure controls and procedures were effective as of March 31, 2024 to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and (ii) accumulated and communicated to the Operating Partnership’s management including its principal executive and principal financial officer as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in the Operating Partnership's internal control over financial reporting during the quarterly period covered by this report that materially affected, or is reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

There have been no material developments in any of our legal proceedings since the disclosure contained in our Annual Report to Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 12, 2024.

ITEM 1A.    RISK FACTORS

There have been no material changes to the risk factors previously disclosed in our Annual Report to our Form 10-K for the year ended December 31, 2023 filed with the SEC on February 12, 2024.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Under the terms of various partnership agreements of certain of our affiliated limited partnerships, the interest of limited partners in those limited partnerships may be redeemed, subject to certain conditions, for cash or common shares, at our option. During the three months ended March 31, 2024, we redeemed 4,160 downREIT operating partnership units for common shares.

From time to time, we could be deemed to have repurchased shares as a result of shares withheld for tax purposes upon a stock

compensation related vesting event.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.OTHER INFORMATION

None.

ITEM 6.EXHIBITS

A list of exhibits to this Quarterly Report on Form 10-Q is set forth on the Exhibit Index immediately preceding such exhibits and is incorporated herein by reference.

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EXHIBIT INDEX
Exhibit No.	Description
10.1	Third Amendment to Second Amended and Restated Credit Agreement, dated as of March 14, 2024, by and among the Partnership, as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (filed herewith)
31.1	Rule 13a-14(a) Certification of Chief Executive Officer - Federal Realty Investment Trust (filed herewith)
31.2	Rule 13a-14(a) Certification of Chief Financial Officer - Federal Realty Investment Trust (filed herewith)
31.3	Rule 13a-14(a) Certification of Chief Executive Officer - Federal Realty OP LP (filed herewith)
31.4	Rule 13a-14(a) Certification of Chief Financial Officer - Federal Realty OP LP (filed herewith)
32.1	Section 1350 Certification of Chief Executive Officer - Federal Realty Investment Trust (filed herewith)
32.2	Section 1350 Certification of Chief Financial Officer - Federal Realty Investment Trust (filed herewith)
32.3	Section 1350 Certification of Chief Executive Officer - Federal Realty OP LP (filed herewith)
32.4	Section 1350 Certification of Chief Financial Officer - Federal Realty OP LP (filed herewith)
101	The following materials from Federal Realty Investment Trust and Federal Realty OP LP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Comprehensive Income, (3) the Consolidated Statement of Shareholders’ Equity, (4) the Consolidated Statements of Cash Flows, and (5) Notes to Consolidated Financial Statements that have been detail tagged.
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto authorized.

	FEDERAL REALTY INVESTMENT TRUST
	FEDERAL REALTY OP LP
May 2, 2024	/s/ Donald C. Wood
	Donald C. Wood,
	Chief Executive Officer and Trustee
	(Principal Executive Officer)

	FEDERAL REALTY INVESTMENT TRUST
	FEDERAL REALTY OP LP
May 2, 2024	/s/ Daniel Guglielmone
	Daniel Guglielmone,
	Executive Vice President
	Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)

41

EX-10.1

Exhibit 10.1

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED

CREDIT AGREEMENT

This Third Amendment and Consent to Second Amended AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of March 14, 2024 (the “Third Amendment Date”), by and among FEDERAL REALTY OP LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), each of the Lenders party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other parties have entered into that certain Second Amended and Restated Credit Agreement dated as of October 5, 2022 (as amended and in effect immediately prior to the effectiveness of this Amendment, the “Credit Agreement”); and

WHEREAS, the Borrower has requested that the Requisite Lenders and the Administrative Agent amend certain provisions of the Credit Agreement on the terms and conditions contained herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

Section 1. Specific Amendments to the Credit Agreement. As of the Third Amendment Date, the parties hereto agree that the Credit Agreement shall be amended as follows:

(a)The Credit Agreement is amended by adding the following new definition of “Same-Day Borrowing” to Section 1.1. thereof in appropriate alphabetical order:

“Same-Day Borrowing” means a borrowing of a Revolving Loan for which the date of the Notice of Revolving Borrowing and the date of the funding of such borrowing occur on the same day; provided that Same-Day Borrowings must be either Base Rate Loans or Daily Simple SOFR Loans.

(b)The Credit Agreement is amended by deleting the definitions of “Base Rate Loan” and “Daily Simple SOFR Loan” in Section 1.1. thereof in its entirety and substituting in lieu thereof the following:

“Base Rate Loan” means any Loan bearing interest at a rate based on the Base Rate, and, for the avoidance of doubt, except as otherwise expressly provided, shall include Same-Day Borrowings bearing interest at the Base Rate.

“Daily Simple SOFR Loan” means any Loan bearing interest at a rate based on Adjusted Daily Simple SOFR, and, for the avoidance of doubt, except as otherwise expressly provided, shall include Same-Day Borrowings bearing interest at the Adjusted Daily Simple SOFR.

(c)The Credit Agreement is amended by adding the following to the end of the definition of “Unencumbered Asset Value”:

Notwithstanding the foregoing, so long as FRIT San Jose Town and Country Village, LLC (“FRIT San Jose”) Guarantees any other Indebtedness and does not Guarantee the Obligations, neither the Net Operating Income from any Wholly Owned Property, Controlled Property or Non-Controlled Property owned by FRIT San Jose or any of its Subsidiaries nor the value of any other

Exhibit 10.1

asset owned by FRIT San Jose or any of its Subsidiaries shall be included in the calculation of Unencumbered Asset Value.

(d)The Credit Agreement is amended by deleting Sections 2.1(b) and 2.1(c) thereof in their entireties and substituting in lieu thereof the following:

(b) Requests for Revolving Loans. Not later than (w) 11:00 a.m. Pacific time at least one (1) Business Day prior to a borrowing of Revolving Loans that are to be Base Rate Loans (other than any Same-Day Borrowing), (x) 11:00 a.m. Pacific time at least one (1) U.S. Government Securities Business Day prior to a borrowing of Revolving Loans that are to be Daily Simple SOFR Loans, (y) 11:00 a.m. Pacific time at least three (3) U.S. Government Securities Business Days prior to a borrowing of Revolving Loans that are to be Term SOFR Loans and (z) 7:00 a.m. Pacific time on the date of a borrowing of Revolving Loans that are to be Same-Day Borrowings, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing or telephone notice thereof. Each Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a U.S. Government Securities Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans, whether such Revolving Loans are to be Same-Day Borrowings, and if such Revolving Loans are to be Term SOFR Loans, the initial Interest Period for such Revolving Loans. Any telephone notice shall include all information to be specified in a written Notice of Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Borrowing sent to the Administrative Agent by electronic mail on the same day of the giving of such telephonic notice. Each Notice of Borrowing or any telephone notice of a borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan, a Daily Simple SOFR Loan or a Term SOFR Loan) request that the Administrative Agent provide the Borrower with the most recent Base Rate, Adjusted Daily Simple SOFR or Adjusted Term SOFR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter.

(c) Funding of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than (i) in the case of a Same-Day Borrowing, 9:00 a.m. Pacific time on the date of such proposed Revolving Loans and (ii) in the case of a non-Same-Day Borrowing, 8:00 a.m. Pacific time on the date of such proposed Revolving Loans. Subject to fulfillment of the conditions set forth in Section 5.2., the Administrative Agent shall make available to the Borrower in the account specified in the Disbursement Instruction Agreement, not later than (i) in the case of a Same-Day Borrowing, 9:30 a.m. Pacific time on the date of the requested borrowing of Revolving Loans and (ii) in the case of a non-Same-Day Borrowing, 9:00 a.m. Pacific time on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received by the Administrative Agent.

(e)The Credit Agreement is amended by deleting Section 5.2. in its entirety and substituting in lieu thereof the following:

Exhibit 10.1

Section 5.2. Conditions Precedent to All Loans and Letters of Credit.

The obligations of (i) Lenders to make any Loans and (ii) the Issuing Bank to issue Letters of Credit are each subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.15. would occur after giving effect thereto; (b) the representations and warranties (other than, solely in the case of the obligation of the Lenders to make any Loans, the representations and warranties set forth in Sections 6.1.(i)(i) and 6.1.(l)(i)) made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited hereunder and (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, or in the case of a Swingline Loan, the Swingline Lender shall have received a timely Notice of Swingline Borrowing. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued that all conditions to the making of such Loan or issuing of such Letter of Credit contained in this Article V. have been satisfied. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Administrative Agent and the other Lenders that the conditions precedent for initial Loans set forth in Section 5.1. that have not previously been waived by the Lenders in accordance with the terms of this Agreement have been satisfied.

(f)The Credit Agreement is amended by deleting Section 6.1.(l) in its entirety and substituting in lieu thereof the following:

(l)     No Material Adverse Change; Solvency.

(i) Since December 31, 2021, there has been no event, change, circumstance or occurrence that could reasonably be expected to have a Material Adverse Effect.

(ii) Each of the Borrower, the other Loan Parties and the other Subsidiaries is Solvent.

Section 2. Consent. Notwithstanding Section 7.14 of the Credit Agreement, the Lenders hereby consent to allow FRIT San Jose to become a guarantor with respect to the obligations under that certain Term Loan Agreement dated as of May 6, 2020 (the “PNC Term Loan Agreement”), by and among the Borrower, the lenders thereunder, PNC Bank, National Association, as administrative agent and the other parties thereto as in effect on the date hereof, without the need to provide a Guaranty with respect to the Obligations until the maturity of the obligations under the PNC Term Loan Agreement as

Exhibit 10.1

set forth in the PNC Term Loan Agreement on the date hereof (including after giving effect to any extensions permitted by the PNC Term Loan Agreement as in effect on the date hereof). The consent provided herein will expire without any further action by any Person on the sooner of the maturity date of the obligations under the PNC Term Loan Agreement (after giving effect to any extensions permitted thereunder as in effect on the date hereof) and the repayment in full of the obligations under the PNC Term Loan Agreement.

Section 3. Conditions Precedent. The effectiveness of this Amendment is subject to receipt by the Administrative Agent of each of the following in form and substance satisfactory to the Administrative Agent:

(a) a counterpart of this Amendment duly executed by the Borrower, the Administrative Agent and the Requisite Lenders;

(b) evidence that all fees, expenses and reimbursement amounts due and payable by the Borrower to the Administrative Agent hereunder or under the Credit Agreement, including without limitation, (i) the costs and expenses set forth in Section 7 hereto, and (ii) the reasonable fees and expenses of counsel to the Administrative Agent have been paid; and

(c) such other documents, agreements and instruments as the Administrative Agent or any Lender through the Administrative Agent, may reasonably request prior to the Third Amendment Date.

Section 4. Representations. The Borrower represents and warrants to the Administrative Agent and the Lenders that:

(a) Authorization of Loan Documents and Borrowings. The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. This Amendment has been duly executed and delivered by the duly authorized officers of the Borrower, and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally.

(b) Binding Effect. This Amendment and the Credit Agreement as amended by this Amendment constitute valid and binding agreements of the Borrower, enforceable against the Borrower in accordance with their terms.

(c) No Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after giving effect to this Amendment.

(d) No Material Adverse Change. Since December 31, 2022, there has not been any material adverse condition or material adverse change in or affecting, nor has any circumstance or condition occurred that could reasonably be expected to result in a material adverse change in, or have a material adverse effect on, the business, assets, liabilities, financial condition or results of operations of the Borrower and its subsidiaries, taken as a whole.

Section 5. Reaffirmation of Representations. The Borrower hereby repeats and reaffirms all representations and warranties made or deemed made by the Borrower to the Administrative Agent and

Exhibit 10.1

the Lenders in the Credit Agreement as amended by this Amendment and the other Loan Documents on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full and such representations and warranties are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is true and correct in all respects) on and as of the date hereof immediately after giving effect to this Amendment except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty was true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited thereunder.

Section 6. Certain References; Course of Dealing. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment. This Amendment is a Loan Document. This Amendment shall not be deemed to constitute a waiver, consent to, or release by any of the Lenders or Administrative Agent of any right, remedy, Default or Event of Default under the Credit Agreement or any of the other Loan Documents. The consent in Section 2 hereof shall not be deemed to permanently modify the provisions of the Credit Agreement or any other Loan Document through course of conduct, course of dealing or otherwise, except with respect to the conditional consent expressly set forth herein.

Section 7. Costs and Expenses. The Borrower shall reimburse the Administrative Agent for all reasonable out-of-pocket costs and expenses (including attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

Section 8. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

Section 9. Incorporation by Reference. Except to the extent otherwise set forth herein, Sections 12.5 (Litigation; Jurisdiction; Other Matters; Waivers), 12.12 (Severability of Provisions), 12.13 (Governing Law), 12.14 (Counterparts; Integration; Effectiveness; Electronic Execution) and 12.18 (Entire Agreement) of the Credit Agreement are hereby incorporated herein by reference mutatis mutandis.

Section 10. Effect; Ratification. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application from and after the Third Amendment Date only. The Credit Agreement is hereby ratified and confirmed in all respects. Nothing in this Amendment shall limit, impair or constitute a waiver of the rights, powers or remedies available to the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Document.

Section 11. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

Section 12. Definitions. All capitalized terms used but not defined herein are used herein with the respective definitions given them in the Credit Agreement.

[Signatures on Next Page]

Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment and Consent to Second Amended and Restated Credit Agreement to be executed as of the date first above written.

FEDERAL REALTY OP LP
By:	/s/ Daniel Guglielmone
	Name: Daniel Guglielmone
	Title: Executive Vice President - Chief Financial             Officer and Treasurer

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, an Issuing Bank and as a Lender
By:	/s/ Brendan Magrady
	Name: Brendan Magrady
	Title: Vice President

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

PNC BANK, NATIONAL ASSOCIATION, as an Issuing Bank and as a Lender
By:	/s/ Shari L. Reams-Henofer
	Name: Shari L. Reams-Henofer
	Title: SeniorVice President

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

JPMORGAN CHASE BANK, N.A., as a Lender
By:	/s/ Cody A. Canafax
	Name: Cody A. Canafax
	Title: Executive Director

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

TRUIST BANK, as a Lender
By:	/s/ Ryan Almond
	Name: Ryan Almond
	Title: Director

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

U.S. BANK NATIONAL ASSOCIATION, as a Lender
By:	/s/ Germaine R. Korhone
	Name: Germaine R. Korhone
	Title: Senior Vice President

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

REGIONS BANK, as a Lender
By:	/s/ William Chalmers
	Name: William Chalmers
	Title: Senior Vice President

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

TD BANK, N.A. as a Lender
By:	/s/ William M. Brandt, Jr.
	Name: William M. Brandt, Jr.
	Title: Vice President

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

BANK OF AMERICA, N.A., as a Lender
By:	/s/ Cheryl Sneor
	Name: Cheryl Sneor
	Title: Vice President

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

THE BANK OF NOVA SCOTIA, as a Lender
By:	/s/ Allisson Michaels-van Dijkum
	Name: Allisson Michaels-van Dijkum
	Title: Managing Director

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
By:	/s/ Alison Lugo
	Name: Alison Lugo
	Title: Vice President
By:	/s/ Marko Lukin
	Name: Marko Lukin
	Title: Vice President

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

BNP PARIBAS, as a Lender
By:	/s/ James Goodall
	Name: James Goodall
	Title: Managing Director
By:	/s/ Kyle Fitzpatrick
	Name: Kyle Fitzpatrick
	Title: Director

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

SUMITOMO MITSUI BANKING CORPORATION, as a Lender
By:	/s/ Khrystyna Manko
	Name: Khrystyna Manko
	Title: Director

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

CITIBANK, N.A., as a Lender
By:	/s/ Christopher J. Albano
	Name: Christopher J. Albano
	Title: Authorized Signatory

[Signatures Continued on Next Page]

Exhibit 10.1

[Signature Page to Third Amendment and Consent to Second Amended and Restated Credit Agreement

for Federal Realty OP LP]

ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender
By:	/s/ Mitchell Vega
	Name: Mitchell Vega
	Title: Senior Vice President

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Donald C. Wood, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Federal Realty Investment Trust;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 2, 2024	/s/ Donald C. Wood
	Donald C. Wood,
	Chief Executive Officer and Trustee
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Daniel Guglielmone, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Federal Realty Investment Trust;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 2, 2024	/s/ Daniel Guglielmone
	Daniel Guglielmone
	Executive Vice President - Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)

EX-31.3

Exhibit 31.3

CERTIFICATION

I, Donald C. Wood, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Federal Realty OP LP;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 2, 2024	/S/ Donald C. Wood
	Donald C. Wood,
	Chief Executive Officer and Trustee
	(Principal Executive Officer)

EX-31.4

Exhibit 31.4

CERTIFICATION

I, Daniel Guglielmone, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Federal Realty OP LP;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 2, 2024	/S/ Daniel Guglielmone
	Daniel Guglielmone,
	Executive Vice President - Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Donald C. Wood, the President and Chief Executive Officer of Federal Realty Investment Trust (the “Company”), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Report”). The undersigned hereby certifies, to the best of his knowledge, that:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 2, 2024	/s/ Donald C. Wood
	Donald C. Wood,
	Chief Executive Officer and Trustee
	(Principal Financial and Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Guglielmone, the Executive Vice President and Chief Financial Officer and Treasurer of Federal Realty Investment Trust (the “Company”), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Report”). The undersigned hereby certifies, to the best of his knowledge, that:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 2, 2024	/s/ Daniel Guglielmone
	Daniel Guglielmone
	Executive Vice President - Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)

EX-32.3

Exhibit 32.3

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Donald C. Wood, the President and Chief Executive Officer of Federal Realty OP LP (the “Company”), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Report”). The undersigned hereby certifies, to the best of his knowledge, that:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 2, 2024	/S/ Donald C. Wood
	Donald C. Wood,
	President, Chief Executive Officer and Trustee
	(Principal Executive Officer)

EX-32.4

Exhibit 32.4

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Guglielmone, the Executive Vice President and Chief Financial Officer and Treasurer of Federal Realty OP LP (the “Company”), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Report”). The undersigned hereby certifies, to the best of his knowledge, that:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 2, 2024	/S/ Daniel Guglielmone
	Daniel Guglielmone,
	Executive Vice President - Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)

XML

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-07533
Name of Registrant	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
State of Organization	MD
IRS Employer Identification No.	87-3916363
Entity Address, Address	909 Rose Avenue, Suite 200
Entity Address, City	North Bethesda
Entity Address, State	MD
Entity Address, Zip Code	20852
City Area Code	301
Registrant's Telephone Number	998-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,952,622
Federal Realty OP LP
Entity Information [Line Items]
Entity File Number	333-262016-01
Name of Registrant	FEDERAL REALTY OP LP
State of Organization	DE
IRS Employer Identification No.	52-0782497
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
New York Stock Exchange | Common Shares of Beneficial Interest
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	FRT
Security Exchange Name	NYSE
New York Stock Exchange | Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing 1/1000 of a share of
Trading Symbol	FRT-C
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Operating (including $2,024,995 and $2,021,622 of consolidated variable interest entities, respectively)	$ 10,027,356	$ 9,932,891
Construction-in-progress (including $13,299 and $8,677 of consolidated variable interest entities, respectively)	577,745	613,296
Real estate, at cost, total	10,605,101	10,546,187
Less accumulated depreciation and amortization (including $430,578 and $416,663 of consolidated variable interest entities, respectively)	(3,032,163)	(2,963,519)
Net real estate	7,572,938	7,582,668
Cash and cash equivalents	95,936	250,825
Accounts and notes receivable, net	207,650	201,733
Mortgage notes receivable, net	9,183	9,196
Investment in partnerships	33,687	34,870
Operating lease right of use assets, net	86,359	86,993
Finance lease right of use assets, net	6,795	6,850
Prepaid expenses and other assets	259,112	263,377
TOTAL ASSETS	8,271,660	8,436,512
Liabilities
Mortgages payable, net (including $188,629 and $189,286 of consolidated variable interest entities, respectively)	516,257	516,936
Notes payable, net	613,912	601,945
Senior notes and debentures, net	3,353,228	3,480,296
Accounts payable and accrued expenses	185,594	174,714
Dividends payable	92,818	92,634
Security deposits payable	29,895	30,482
Operating lease liabilities	75,275	75,870
Finance lease liabilities	12,698	12,670
Other liabilities and deferred credits	213,027	225,443
Total liabilities	5,092,704	5,210,990
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests	182,964	183,363
Shareholders’ equity
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, respectively, 82,948,600 and 82,775,286 shares issued and outstanding, respectively	835	833
Additional paid-in capital	3,946,740	3,959,276
Accumulated dividends in excess of net income	(1,196,225)	(1,160,474)
Accumulated other comprehensive income	6,899	4,052
Total shareholders’ equity of the Trust	2,918,071	2,963,509
Noncontrolling interests	77,921	78,650
Total shareholders’ equity	2,995,992	3,042,159
Partner capital
Accumulated other comprehensive income	6,899	4,052
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,271,660	8,436,512
Federal Realty OP LP
ASSETS
Operating (including $2,024,995 and $2,021,622 of consolidated variable interest entities, respectively)	10,027,356	9,932,891
Construction-in-progress (including $13,299 and $8,677 of consolidated variable interest entities, respectively)	577,745	613,296
Real estate, at cost, total	10,605,101	10,546,187
Less accumulated depreciation and amortization (including $430,578 and $416,663 of consolidated variable interest entities, respectively)	(3,032,163)	(2,963,519)
Net real estate	7,572,938	7,582,668
Cash and cash equivalents	95,936	250,825
Accounts and notes receivable, net	207,650	201,733
Mortgage notes receivable, net	9,183	9,196
Investment in partnerships	33,687	34,870
Operating lease right of use assets, net	86,359	86,993
Finance lease right of use assets, net	6,795	6,850
Prepaid expenses and other assets	259,112	263,377
TOTAL ASSETS	8,271,660	8,436,512
Liabilities
Mortgages payable, net (including $188,629 and $189,286 of consolidated variable interest entities, respectively)	516,257	516,936
Notes payable, net	613,912	601,945
Senior notes and debentures, net	3,353,228	3,480,296
Accounts payable and accrued expenses	185,594	174,714
Dividends payable	92,818	92,634
Security deposits payable	29,895	30,482
Operating lease liabilities	75,275	75,870
Finance lease liabilities	12,698	12,670
Other liabilities and deferred credits	213,027	225,443
Total liabilities	5,092,704	5,210,990
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests	182,964	183,363
Shareholders’ equity
Accumulated other comprehensive income	6,899	4,052
Partner capital
Preferred units, 398,878 units issued and outstanding	154,788	154,788
Common units, 82,948,600 and 82,775,286 units issued and outstanding, respectively	2,756,384	2,804,669
Accumulated other comprehensive income	6,899	4,052
Total partner capital	2,918,071	2,963,509
Noncontrolling interests in consolidated partnerships	77,921	78,650
Total capital	2,995,992	3,042,159
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY / CAPITAL	8,271,660	8,436,512
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	150,000	150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:	$ 9,822	$ 9,822

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Operating real estate, consolidated variable interest entities	$ 2,024,995	$ 2,021,622
Construction-in-progress, consolidated variable interest entities	13,299	8,677
Accumulated depreciation and amortization, consolidated variable interest entities	430,578	416,663
Mortgages payable, consolidated variable interest entities	$ 188,629	$ 189,286
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, par value	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	200,000,000	200,000,000
Common shares of beneficial interest, shares issued	82,948,600	82,775,286
Common shares of beneficial interest, shares outstanding	82,948,600	82,775,286
Federal Realty OP LP
Operating real estate, consolidated variable interest entities	$ 2,024,995	$ 2,021,622
Construction-in-progress, consolidated variable interest entities	13,299	8,677
Accumulated depreciation and amortization, consolidated variable interest entities	430,578	416,663
Mortgages payable, consolidated variable interest entities	$ 188,629	$ 189,286
Preferred units, issued	398,878	398,878
Preferred units, outstanding	398,878	398,878
Common units, issued	82,948,600	82,775,286
Common units, outstanding	82,948,600	82,775,286
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
Preferred shares, percentage	5.417%	5.417%
Preferred shares, liquidation preference per share	$ 25	$ 25
Preferred shares, shares issued	392,878	392,878
Preferred shares, shares outstanding	392,878	392,878
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
Preferred shares, percentage	5.00%	5.00%
Preferred shares, liquidation preference per share	$ 25,000	$ 25,000
Preferred shares, shares issued	6,000	6,000
Preferred shares, shares outstanding	6,000	6,000

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Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Rental income	$ 291,045	$ 272,798
Mortgage interest income	278	261
Total revenue	291,323	273,059
EXPENSES
Rental expenses	61,659	55,205
Real estate taxes	34,060	32,566
General and administrative	12,006	12,545
Depreciation and amortization	83,404	78,637
Total operating expenses	191,129	178,953
Gain on sale of real estate	0	1,702
OPERATING INCOME	100,194	95,808
OTHER INCOME/(EXPENSE)
Other interest income	1,483	632
Interest expense	(43,693)	(39,225)
Income from partnerships	32	516
NET INCOME	58,016	57,731
Net income attributable to noncontrolling interests	(1,280)	(2,396)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	56,736	55,335
Dividends on preferred shares	(2,008)	(2,008)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 54,728	$ 53,327
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders, Basic	$ 0.66	$ 0.65
Net income available for common shareholders, Diluted	$ 0.66	$ 0.65
Weighted average number of common shares, Basic	82,605	81,141
Weighted average number of common shares, Diluted	82,605	81,141
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 60,944	$ 56,395
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	59,583	54,124
Federal Realty OP LP
REVENUE
Rental income	291,045	272,798
Mortgage interest income	278	261
Total revenue	291,323	273,059
EXPENSES
Rental expenses	61,659	55,205
Real estate taxes	34,060	32,566
General and administrative	12,006	12,545
Depreciation and amortization	83,404	78,637
Total operating expenses	191,129	178,953
Gain on sale of real estate	0	1,702
OPERATING INCOME	100,194	95,808
OTHER INCOME/(EXPENSE)
Other interest income	1,483	632
Interest expense	(43,693)	(39,225)
Income from partnerships	32	516
NET INCOME	58,016	57,731
Net income attributable to noncontrolling interests	(1,280)	(2,396)
NET INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	56,736	55,335
Distributions declared to preferred unit holders	(2,008)	(2,008)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS	$ 54,728	$ 53,327
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders, Basic	$ 0.66	$ 0.65
Net income available for common unit holders, Diluted	$ 0.66	$ 0.65
Weighted average common units outstanding, Basic	82,605	81,141
Weighted average common units outstanding, Diluted	82,605	81,141
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 60,944	$ 56,395
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST / PARTNERSHIP	$ 59,583	$ 54,124

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Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	downREIT OP units	Preferred Shares	Common Shares	Common Shares downREIT OP units	Additional Paid-in Capital	Additional Paid-in Capital downREIT OP units	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Noncontrolling Interest downREIT OP units
Beginning balance (in shares) at Dec. 31, 2022			398,878	81,342,959
Beginning balance at Dec. 31, 2022	$ 3,034,015		$ 159,822	$ 818		$ 3,821,801		$ (1,034,186)	$ 5,757	$ 80,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	56,063							55,335		728
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	(1,211)								(1,211)
Dividends declared to common shareholders	(88,033)							(88,033)
Dividends declared to preferred shareholders	(2,008)							(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(1,048)									(1,048)
Common shares issued, net (in shares)				57,064
Common shares issued, net	6,251			$ 1		6,250
Shares issued under dividend reinvestment plan (in shares)				4,664
Shares issued under dividend reinvestment plan	423					423
Share-based compensation expense, net of forfeitures (in shares)				141,234
Share-based compensation expense, net of forfeitures	4,434			$ 1		4,433
Shares withheld for employee taxes (in shares)				(42,240)
Shares withheld for employee taxes	(4,645)					(4,645)
Conversion of downREIT OP units (in Shares)					7,523
Conversion of downREIT OP units					$ 0		$ 668
Conversion of downREIT OP units		$ 0									$ (668)
Ending balance (in shares) at Mar. 31, 2023			398,878	81,511,204
Ending balance at Mar. 31, 2023	3,004,241		$ 159,822	$ 820		3,828,930		(1,068,892)	4,546	79,015
Beginning balance (in shares) at Dec. 31, 2023			398,878	82,775,286
Beginning balance at Dec. 31, 2023	3,042,159		$ 159,822	$ 833		3,959,276		(1,160,474)	4,052	78,650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests	56,446							56,736		(290)
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847								2,847
Dividends declared to common shareholders	(90,479)							(90,479)
Dividends declared to preferred shareholders	(2,008)							(2,008)
Distributions declared to noncontrolling interests, excluding amounts attributable to redeemable noncontrolling interests	(798)									(798)
Common shares issued, net (in shares)				62,923
Common shares issued, net	6,377			$ 1		6,376
Shares issued under dividend reinvestment plan (in shares)				4,628
Shares issued under dividend reinvestment plan	355					355
Share-based compensation expense, net of forfeitures (in shares)				147,407
Share-based compensation expense, net of forfeitures	4,430			$ 1		4,429
Shares withheld for employee taxes (in shares)				(45,804)
Shares withheld for employee taxes	(4,614)					(4,614)
Conversion of downREIT OP units (in Shares)					4,160
Conversion of downREIT OP units					$ 0		$ 366
Conversion of downREIT OP units		$ 0									$ (366)
Contributions from noncontrolling interests	725									725
Purchase of capped calls	(19,448)					(19,448)
Ending balance (in shares) at Mar. 31, 2024			398,878	82,948,600
Ending balance at Mar. 31, 2024	$ 2,995,992		$ 159,822	$ 835		$ 3,946,740		$ (1,196,225)	$ 6,899	$ 77,921

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Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 1,570	$ 1,668
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	$ 81	$ (125)
Dividends declared to common shareholders (in dollars per share)	$ 1.090	$ 1.08
Distributions declared to redeemable noncontrolling interests	$ 2,050	$ 1,560

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 58,016	$ 57,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,404	78,637
Gain on sale of real estate	0	(1,702)
Income from partnerships	(32)	(516)
Straight-line rent	(5,207)	(2,478)
Share-based compensation expense	4,160	4,097
Other, net	(1,001)	(1,277)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(500)	(466)
Decrease in prepaid expenses and other assets	3,624	3,563
Increase in accounts payable and accrued expenses	7,194	1,941
(Decrease) increase in security deposits and other liabilities	(8,498)	3,477
Net cash provided by operating activities	141,160	143,007
INVESTING ACTIVITIES
Acquisition of real estate	0	(35,340)
Capital expenditures - development and redevelopment	(35,993)	(50,780)
Capital expenditures - other	(27,754)	(25,737)
Proceeds from sale of real estate	0	12,626
Distribution from partnerships in excess of earnings	1,454	2,174
Leasing costs	(4,649)	(3,754)
Net cash used in investing activities	(66,942)	(100,811)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	12,500	60,000
Issuance of senior notes, net of costs	471,576	0
Repayment of senior notes	(600,000)	0
Costs to extend and issue notes and mortgages payable	(902)	0
Repayment of mortgages, finance leases, and notes payable	(819)	(819)
Purchase of capped calls	(19,448)	0
Issuance of common shares, net of costs	6,312	6,245
Dividends paid to common and preferred shareholders	(91,883)	(89,431)
Shares withheld for employee taxes	(4,614)	(4,645)
Contributions from noncontrolling interests	725	0
Distributions to and redemptions of redeemable noncontrolling interests	(2,848)	(2,616)
Net cash used in financing activities	(229,401)	(31,266)
(Decrease) increase in cash, cash equivalents and restricted cash	(155,183)	10,930
Cash, cash equivalents, and restricted cash at beginning of year	260,004	96,348
Cash, cash equivalents, and restricted cash at end of period	104,821	107,278
Federal Realty OP LP
OPERATING ACTIVITIES
Net income	58,016	57,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,404	78,637
Gain on sale of real estate	0	(1,702)
Income from partnerships	(32)	(516)
Straight-line rent	(5,207)	(2,478)
Share-based compensation expense	4,160	4,097
Other, net	(1,001)	(1,277)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable, net	(500)	(466)
Decrease in prepaid expenses and other assets	3,624	3,563
Increase in accounts payable and accrued expenses	7,194	1,941
(Decrease) increase in security deposits and other liabilities	(8,498)	3,477
Net cash provided by operating activities	141,160	143,007
INVESTING ACTIVITIES
Acquisition of real estate	0	(35,340)
Capital expenditures - development and redevelopment	(35,993)	(50,780)
Capital expenditures - other	(27,754)	(25,737)
Proceeds from sale of real estate	0	12,626
Distribution from partnerships in excess of earnings	1,454	2,174
Leasing costs	(4,649)	(3,754)
Net cash used in investing activities	(66,942)	(100,811)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility	12,500	60,000
Issuance of senior notes, net of costs	471,576	0
Repayment of senior notes	(600,000)	0
Costs to extend and issue notes and mortgages payable	(902)	0
Repayment of mortgages, finance leases, and notes payable	(819)	(819)
Purchase of capped calls	(19,448)	0
Issuance of common units, net of costs	6,312	6,245
Dividends paid to common and preferred unit holders	(91,883)	(89,431)
Shares withheld for employee taxes	(4,614)	(4,645)
Contributions from noncontrolling interests	725	0
Distributions to and redemptions of redeemable noncontrolling interests	(2,848)	(2,616)
Net cash used in financing activities	(229,401)	(31,266)
(Decrease) increase in cash, cash equivalents and restricted cash	(155,183)	10,930
Cash, cash equivalents, and restricted cash at beginning of year	260,004	96,348
Cash, cash equivalents, and restricted cash at end of period	$ 104,821	$ 107,278

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Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	$ 56,446	$ 56,063
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Contributions from noncontrolling interests	725
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Federal Realty OP LP
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	3,042,159	3,034,015
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	56,446	56,063
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Distributions declared to common unit holders	(90,479)	(88,033)
Distributions declared to preferred unit holders	(2,008)	(2,008)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(798)	(1,048)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,377	6,251
Common units issued under dividend reinvestment plan	355	423
Share-based compensation expense, net of forfeitures	4,430	4,434
Common units withheld for employee taxes	(4,614)	(4,645)
Contributions from noncontrolling interests	725
Purchase of capped calls	(19,448)
Ending balance	2,995,992	3,004,241
Federal Realty OP LP | Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	154,788	154,788
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	2,008	2,008
Distributions declared to preferred unit holders	(2,008)	(2,008)
Ending balance	154,788	154,788
Federal Realty OP LP | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,804,669	2,793,467
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	54,728	53,327
Distributions declared to common unit holders	(90,479)	(88,033)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,377	6,251
Common units issued under dividend reinvestment plan	355	423
Share-based compensation expense, net of forfeitures	4,430	4,434
Common units withheld for employee taxes	(4,614)	(4,645)
Purchase of capped calls	(19,448)
Ending balance	2,756,384	2,765,892
Federal Realty OP LP | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	4,052	5,757
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Ending balance	6,899	4,546
Federal Realty OP LP | Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	2,963,509	2,954,012
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	56,736	55,335
Other comprehensive income (loss) - change in fair value of interest rate swaps, excluding portion attributable to redeemable noncontrolling interests	2,847	(1,211)
Distributions declared to common unit holders	(90,479)	(88,033)
Distributions declared to preferred unit holders	(2,008)	(2,008)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs	6,377	6,251
Common units issued under dividend reinvestment plan	355	423
Share-based compensation expense, net of forfeitures	4,430	4,434
Common units withheld for employee taxes	(4,614)	(4,645)
Purchase of capped calls	(19,448)
Ending balance	2,918,071	2,925,226
Federal Realty OP LP | Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	78,650	80,003
Net Income (loss), excluding amounts attributable to redeemable noncontrolling Interests	(290)	728
Distributions declared to noncontrolling interests in consolidated partnerships, excluding amounts attributable to redeemable noncontrolling interests	(798)	(1,048)
Contributions from noncontrolling interests	725
Ending balance	77,921	79,015
Federal Realty OP LP | downREIT OP units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	0	0
Federal Realty OP LP | downREIT OP units | Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	366	668
Federal Realty OP LP | downREIT OP units | Total Partner Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	366	668
Federal Realty OP LP | downREIT OP units | Noncontrolling Interests in Consolidated Partnerships
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of downREIT OP units	$ (366)	$ (668)

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Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income attributable to redeemable noncontrolling interests	$ 1,570	$ 1,668
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	81	(125)
Distributions declared to redeemable noncontrolling interests	2,050	1,560
Federal Realty OP LP
Net income attributable to redeemable noncontrolling interests	1,570	1,668
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	81	(125)
Distributions declared to redeemable noncontrolling interests	$ 2,050	$ 1,560

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Business And Organization

3 Months Ended

Mar. 31, 2024

Nature Of Operations [Abstract]

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION

Federal Realty Investment Trust (the "Parent Company" and the “Trust”) is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC ("the General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of March 31, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects.

We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

General Economic Conditions

Heightened levels of inflation and higher interest rates present risks for our business and our tenants. We continue to monitor and address risks related to the general state of the economy. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.

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Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year.

Principles of Consolidation

As discussed in the Explanatory Note, we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect

the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Exchangeable Senior Notes

On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement (see Note 3 for additional information). We account for our Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (after the adoption of ASU 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Contracts in an Entity's Own Equity ("ASU 2020-06)). The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Notes on our dilutive earnings per common share and per common unit using the if-converted method. In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. Similar to the exchange feature embedded in the Notes, the capped call transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded in shareholders' equity for the Trust and capital for the Operating Partnership.

Recent Accounting Pronouncements

Standard	Description	Effect on the financial statements or significant matters
Adopted during 2024:
ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements	This ASU requires all lessees in a lease with a lessor under common control to (1) amortize leasehold improvements over their useful life to the common control group, as long as the lessee controls the use of the underlying asset through a lease and (2) account for the leasehold improvements as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The guidance may be applied prospectively to new and existing leasehold improvements, with the remaining balance of existing leasehold improvements amortized over their remaining useful life to the common control group or retrospectively, through a cumulative-effect adjustment to opening retained earnings. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted.	We adopted this ASU as of January 1, 2024. The implementation of this ASU did not have an impact on our consolidated financial statements.
Issued in 2023:
ASU 2023-07, November 2023, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures	This ASU requires public entities to provide disclosures of significant segment expense and other significant segment items, as well as provide in interim period all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Additionally, public entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures. The guidance is applied retrospectively to all periods presented in financial statements, unless it is impracticable. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted.	While we continue to evaluate the impact of this ASU on our Form 10-K for year ended December 31, 2024, we anticipate providing the disclosures required by ASC 280 for our single reportable segment.

Consolidated Statements of Cash Flows—Supplemental Disclosures

The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	48,999	$	44,606
Interest capitalized	(5,306)		(5,381)
Interest expense	$	43,693	$	39,225
Cash paid for interest, net of amounts capitalized	$	39,199	$	37,136
Cash refunded for income taxes	$	5	$	—
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Shares issued under dividend reinvestment plan	$	420	$	429
DownREIT operating partnership units redeemed for common shares	$	366	$	668

	March 31,		December 31,
	2024		2023
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	95,936	$	250,825
Restricted cash (1)	8,885		9,179
Total cash, cash equivalents, and restricted cash	$	104,821	$	260,004

(1)Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

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Debt

3 Months Ended

Mar. 31, 2024

Debt Instruments [Abstract]

DEBT

DEBT

On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The notes bear interest at an annual rate of 3.25%, payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2024. The notes mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. Net proceeds after the initial purchaser’s discount and offering costs were approximately $471.6 million. Interest expense related to these Notes for the three months ended March 31, 2024 was $4.1 million, including debt issuance cost amortization.

Prior to the close of business on July 15, 2028, the Notes will be exchangeable at the option of holders only upon certain circumstances and during certain periods. On or after July 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may exchange their Notes at any time. The Operating Partnership will settle exchanges of the Notes by delivering cash up to the principal amount of the Notes exchanged, and if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount. If we elect to settle any portion of the exchange obligation in excess of the principal amount with shares of the Trust, an equivalent number of common units will be issued by the Operating Partnership to the Trust. The exchange rate initially equals 8.1436 common shares per $1,000 principal amount of the Notes (which is equivalent to an exchange price of approximately $122.80 per common share and reflects an exchange premium of approximately 20% based on the closing price of $102.33 on January 8, 2024). The initial exchange rate is subject to adjustment upon the occurrence of certain events, including in the event of a payment of a quarterly common dividend in excess of $1.09 per share, but will not be adjusted for any accrued and unpaid interest.

The Operating Partnership may redeem the Notes, at its option, in whole or in part, on or after January 20, 2027 if the last reported sales price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 day consecutive trading period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. The capped call transactions cover, subject to customary adjustments, the number of our common shares that initially underlie the Notes. The capped call transactions are expected generally to reduce the potential dilution to our common shares upon exchange of any Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Notes, with such reduction and/or offset subject to a cap. The cap price of the capped call transaction initially is approximately $143.26 per share, which represents a premium of approximately 40% over the last reported sale price of our common shares of $102.33 on the New York Stock Exchange on January 8, 2024, and is subject to certain adjustments under the terms of the capped call transactions. A portion of the proceeds from the Notes were used to pay the capped call premium of $19.4 million, which is recorded in shareholders' equity for the Trust and capital for the Operating Partnership.

On January 16, 2024, we repaid our $600.0 million 3.95% senior unsecured notes at maturity.

On February 6, 2024, we exercised our first option and extended the maturity date of our $600.0 million unsecured term loan to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026.

During the three months ended March 31, 2024, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $12.5 million. The weighted average amount of borrowings outstanding was $1.9 million, and the weighted average interest rate, before amortization of debt fees, was 6.2% for the three months ended March 31, 2024. At March 31, 2024, our revolving credit facility had $12.5 million outstanding.

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2024, we were in compliance with all default related debt covenants.

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Fair Value Of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:

	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	1,130,169	$	1,112,230	$	1,118,881	$	1,101,479
Senior notes and debentures, net	$	3,353,228	$	3,044,373	$	3,480,296	$	3,201,174

As of March 31, 2024, we have five interest rate swap agreements with total notional amounts of $253.2 million that are measured at fair value on a recurring basis. We have two interest rate swap agreements associated with our Hoboken portfolio that fix the interest rate on $53.2 million of mortgage payables at 3.67% through December 15, 2029. We also have three interest rate swap agreements associated with our Bethesda Row property that fix the interest rate on a $200.0 million mortgage payable at a weighted average interest rate of 5.03% through December 28, 2025.

The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at March 31, 2024 was an asset of $7.4 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three months ended March 31, 2024, the value of our interest rate swaps increased $2.7 million (including $1.1 million reclassified from other comprehensive income as a decrease to interest expense). A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:

	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	7,357	$	—	$	7,357	$	—	$	4,668	$	—	$	4,668

One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three months ended March 31, 2024, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income" was an increase of $0.2 million.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us.

Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or common shares, at our option. A total of 631,271 downREIT operating partnership units are outstanding which have a total fair value of approximately $64.5 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on March 31, 2024.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

The following table provides a summary of dividends declared and paid per share:

	Three Months Ended March 31,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	1.090	$	1.090	$	1.080	$	1.080
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.313	$	0.313	$	0.313	$	0.313

(1)Amount represents dividends per depository share, each representing 1/1000th of a share.

On March 8, 2024, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $500.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

For the three months ended March 31, 2024, we issued 62,895 common shares (which were sold during 2023 under our previous ATM equity program), at a weighted average price per share of $105.04 for net cash proceeds of $6.4 million including paying $0.1 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. There were no sales during the three months ended March 31, 2024 under the amended ATM equity program, and therefore we have the capacity to issue up to $500.0 million in common shares under this program as of March 31, 2024.

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Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS

A summary of share-based compensation expense included in net income is as follows:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Grants of common shares, restricted stock units, and options	$	4,430	$	4,434
Capitalized share-based compensation	(270)		(337)
Share-based compensation expense	$	4,160	$	4,097

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Earnings Per Share And Unit

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND UNIT

EARNINGS PER SHARE AND UNIT

We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For both the three months ended March 31, 2024 and 2023, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below.

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

•exercise of 3,019 and 1,829 stock options for the three months ended March 31, 2024 and 2023, respectively,

•conversions of downREIT operating partnership units for both the three months ended March 31, 2024 and 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2024 and 2023, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three months ended March 31, 2024.

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
		March 31,
		2024		2023
	(In thousands, except per share data)
NUMERATOR
Net income		$	58,016	$	57,731
Less: Preferred share dividends		(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests		(1,280)		(2,396)
Less: Earnings allocated to unvested shares		(333)		(327)
Net income available for common shareholders, basic and diluted		$	54,395	$	53,000
DENOMINATOR
Weighted average common shares outstanding, basic and diluted		82,605		81,141
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders		$	0.66	$	0.65

Federal Realty OP LP Earnings per Unit

		Three Months Ended
		March 31,
		2024		2023
	(In thousands, except per unit data)
NUMERATOR
Net income		$	58,016	$	57,731
Less: Preferred unit distributions		(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests		(1,280)		(2,396)
Less: Earnings allocated to unvested units		(333)		(327)
Net income available for common unit holders, basic and diluted		$	54,395	$	53,000
DENOMINATOR
Weighted average common units outstanding, basic and diluted		82,605		81,141
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders		$	0.66	$	0.65

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Subsequent Event

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for approximately $12 million, bringing our ownership to 100%.

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Summary of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year.

Principles of Consolidation

Principles of Consolidation

As discussed in the Explanatory Note, we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect

the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Exchangeable Senior Notes

Exchangeable Senior Notes

On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement (see Note 3 for additional information). We account for our Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (after the adoption of ASU 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Contracts in an Entity's Own Equity ("ASU 2020-06)). The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Notes on our dilutive earnings per common share and per common unit using the if-converted method. In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. Similar to the exchange feature embedded in the Notes, the capped call transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded in shareholders' equity for the Trust and capital for the Operating Partnership.

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Standard	Description	Effect on the financial statements or significant matters
Adopted during 2024:
ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements	This ASU requires all lessees in a lease with a lessor under common control to (1) amortize leasehold improvements over their useful life to the common control group, as long as the lessee controls the use of the underlying asset through a lease and (2) account for the leasehold improvements as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The guidance may be applied prospectively to new and existing leasehold improvements, with the remaining balance of existing leasehold improvements amortized over their remaining useful life to the common control group or retrospectively, through a cumulative-effect adjustment to opening retained earnings. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted.	We adopted this ASU as of January 1, 2024. The implementation of this ASU did not have an impact on our consolidated financial statements.
Issued in 2023:
ASU 2023-07, November 2023, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures	This ASU requires public entities to provide disclosures of significant segment expense and other significant segment items, as well as provide in interim period all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Additionally, public entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures. The guidance is applied retrospectively to all periods presented in financial statements, unless it is impracticable. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted.	While we continue to evaluate the impact of this ASU on our Form 10-K for year ended December 31, 2024, we anticipate providing the disclosures required by ASC 280 for our single reportable segment.

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Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Supplemental disclosures related to the Consolidated Statements Of Cash Flows

The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	48,999	$	44,606
Interest capitalized	(5,306)		(5,381)
Interest expense	$	43,693	$	39,225
Cash paid for interest, net of amounts capitalized	$	39,199	$	37,136
Cash refunded for income taxes	$	5	$	—
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Shares issued under dividend reinvestment plan	$	420	$	429
DownREIT operating partnership units redeemed for common shares	$	366	$	668

Reconciliation of cash, cash equivalents, and restricted cash

	March 31,		December 31,
	2024		2023
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	95,936	$	250,825
Restricted cash (1)	8,885		9,179
Total cash, cash equivalents, and restricted cash	$	104,821	$	260,004

(1)Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

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Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of carrying amount and fair value of financial instruments

A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:

	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable, net	$	1,130,169	$	1,112,230	$	1,118,881	$	1,101,479
Senior notes and debentures, net	$	3,353,228	$	3,044,373	$	3,480,296	$	3,201,174

Summary of financial assets that are measured at fair value on a recurring basis

A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:

	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	7,357	$	—	$	7,357	$	—	$	4,668	$	—	$	4,668

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Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Summary of dividends declared and paid per share

The following table provides a summary of dividends declared and paid per share:

	Three Months Ended March 31,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	1.090	$	1.090	$	1.080	$	1.080
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.313	$	0.313	$	0.313	$	0.313

(1)Amount represents dividends per depository share, each representing 1/1000th of a share.

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Share-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of share-based compensation expense included in net income

A summary of share-based compensation expense included in net income is as follows:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Grants of common shares, restricted stock units, and options	$	4,430	$	4,434
Capitalized share-based compensation	(270)		(337)
Share-based compensation expense	$	4,160	$	4,097

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Earnings Per Share And Unit (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of earnings per share and unit

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

•exercise of 3,019 and 1,829 stock options for the three months ended March 31, 2024 and 2023, respectively,

•conversions of downREIT operating partnership units for both the three months ended March 31, 2024 and 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three months ended March 31, 2024 and 2023, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three months ended March 31, 2024.

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
		March 31,
		2024		2023
	(In thousands, except per share data)
NUMERATOR
Net income		$	58,016	$	57,731
Less: Preferred share dividends		(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests		(1,280)		(2,396)
Less: Earnings allocated to unvested shares		(333)		(327)
Net income available for common shareholders, basic and diluted		$	54,395	$	53,000
DENOMINATOR
Weighted average common shares outstanding, basic and diluted		82,605		81,141
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders		$	0.66	$	0.65

Federal Realty OP LP Earnings per Unit

		Three Months Ended
		March 31,
		2024		2023
	(In thousands, except per unit data)
NUMERATOR
Net income		$	58,016	$	57,731
Less: Preferred unit distributions		(2,008)		(2,008)
Less: Income from operations attributable to noncontrolling interests		(1,280)		(2,396)
Less: Earnings allocated to unvested units		(333)		(327)
Net income available for common unit holders, basic and diluted		$	54,395	$	53,000
DENOMINATOR
Weighted average common units outstanding, basic and diluted		82,605		81,141
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders		$	0.66	$	0.65

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Business And Organization (Details)	3 Months Ended
	Mar. 31, 2024 project
Nature of Operations
Number of real estate properties	102
Minimum percentage of taxable income distributed to shareholders	90.00%
Federal Realty GP LLC
Nature of Operations
Limited liability company ownership interest	100.00%

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Summary Of Significant Accounting Policies (Exchangeable Senior Notes) (Details) - 3.25% notes - Exchangeable senior notes - USD ($) $ in Millions	Jan. 11, 2024	Mar. 31, 2024
Exchangeable Senior Notes [Line Items]
Proceeds from issuance of debt	$ 485.0
Interest rate	3.25%	3.25%

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Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Total interest costs incurred	$ 48,999	$ 44,606
Interest capitalized	(5,306)	(5,381)
Interest expense	43,693	39,225
Cash paid for interest, net of amounts capitalized	39,199	37,136
Cash refunded for income taxes	5	0
Shares issued under dividend reinvestment plan	420	429
DownREIT operating partnership units redeemed for common shares	$ 366	$ 668

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Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		$ 95,936	$ 250,825
Restricted cash	[1]	8,885	9,179
Total cash, cash equivalents, and restricted cash		$ 104,821	$ 260,004	$ 107,278	$ 96,348

[1] Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

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Debt (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Jan. 16, 2024 USD ($)	Jan. 11, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 $ / shares	Jan. 08, 2024 $ / shares
Debt Instrument [Line Items]
Divdends declared per common share | $ / shares			$ 1.090	$ 1.08
Purchase of capped calls			$ 19,448
Unsecured term loan
Debt Instrument [Line Items]
Other notes payable			$ 600,000
3.25% notes | Call Option
Debt Instrument [Line Items]
Share Price | $ / shares					$ 102.33
Initial cap price | $ / shares		$ 143.26
Percentage of cap price premium over share price		40.00%
Purchase of capped calls		$ 19,400
3.25% notes | Exchangeable senior notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 485,000
Interest rate		3.25%	3.25%
Net proceeds		$ 471,600
Interest expense			$ 4,100
Exchange price | $ / shares		$ 122.80
Exchange premium percentage		20.00%
Minimum redemption exchange price		130.00%
Note offering percent		100.00%
3.25% notes | Exchangeable senior notes | Per $1,000 principal amount
Debt Instrument [Line Items]
Exchange rate		8.1436
Exchange rate principal amount		$ 1
3.95% Notes | Unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.95%
Repayments of Unsecured Debt	$ 600,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility			1,250,000
Maximum amount outstanding under revolving credit facility			12,500
Weighted average borrowings outstanding			$ 1,900
Weighted average interest rate, before amortization of debt fees			6.20%
Revolving credit facility			$ 12,500

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Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Mortgages and notes payable, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 1,130,169	$ 1,118,881
Mortgages and notes payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,112,230	1,101,479
Senior notes and debentures, net | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	3,353,228	3,480,296
Senior notes and debentures, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 3,044,373	$ 3,201,174

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Fair Value Of Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) agreement	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 7,400
Accumulated other comprehensive income | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income	200
Fair Value, recurring | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	$ 7,357	$ 4,668
Fair Value, recurring | Interest rate swap | One of our equity method investees
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements | agreement	2
Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	5
Total notional amounts of interest rate swap agreements	$ 253,200
Other comprehensive income	2,700
Amount reclassified from other comprehensive income to interest expense	$ (1,100)
Hoboken | Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	2
Mortgage payable	$ 53,200
Fixed interest rate of derivative instrument	3.67%
Bethesda Row | Mortgages payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements	3
Mortgage payable	$ 200,000
Fixed interest rate of derivative instrument	5.03%

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Fair Value of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 7,400
Interest rate swap | Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	7,357	$ 4,668
Interest rate swap | Fair Value, Inputs, Level 1 | Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Interest rate swap | Fair Value, Inputs, Level 2 | Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	7,357	4,668
Interest rate swap | Fair Value, Inputs, Level 3 | Fair Value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 0	$ 0

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Commitments and Contingencies (Details) - downREIT OP units $ in Millions	Mar. 31, 2024 USD ($) shares
Commitments [Line Items]
downREIT operating partnership units, outstanding | shares	631,271
downREIT operating partnership units outstanding, fair value | $	$ 64.5

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Shareholders' Equity (Summary of Dividends) (Details) - $ / shares		3 Months Ended		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Dividends
Divdends declared per common share		$ 1.090	$ 1.08
Dividends paid per common share		$ 1.090	$ 1.080
5.417% Series 1 Cumulative Convertible Preferred shares
Dividends
Preferred shares, percentage		5.417%	5.417%	5.417%
Dividends declared per preferred share		$ 0.339	$ 0.339
Dividends paid per preferred share		$ 0.339	$ 0.339
5.0% Series C Cumulative Redeemable Preferred shares
Dividends
Preferred shares, percentage		5.00%	5.00%	5.00%
Dividends declared per preferred share	[1]	$ 0.313	$ 0.313
Dividends paid per preferred share	[1]	$ 0.313	$ 0.313

[1] Amount represents dividends per depository share, each representing 1/1000th of a share.

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Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 08, 2024
Class of Stock [Line Items]
Net proceeds from issuance of common shares	$ 6,312	$ 6,245
At The Market Equity Program
Class of Stock [Line Items]
Aggregate offering price of common share			$ 500,000
Shares issued	62,895
Weighted Average Price Per Common Share	$ 105.04
Net proceeds from issuance of common shares	$ 6,400
Remaining capacity to issue	500,000
At The Market Equity Program | Commissions
Class of Stock [Line Items]
Payments of Stock Issuance Costs	100
At The Market Equity Program | Other Offering Costs
Class of Stock [Line Items]
Payments of Stock Issuance Costs	$ 100

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Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Grants of common shares, restricted stock units, and options	$ 4,430	$ 4,434
Capitalized share-based compensation	(270)	(337)
Share-based compensation expense	$ 4,160	$ 4,097

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Earnings Per Share And Unit (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 11, 2024
Weighted average unvested shares outstanding	300,000	300,000
Federal Realty OP LP
Weighted average unvested units outstanding	300,000	300,000
3.25% notes | Exchangeable senior notes
Interest rate	3.25%			3.25%
3.25% notes | Exchangeable senior notes | Federal Realty OP LP
Interest rate	3.25%
5.417% Series 1 Cumulative Convertible Preferred shares
Preferred shares, percentage	5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Units
Preferred units, percentage	5.417%	5.417%
Stock Options
Anti-dilutive issuable shares	3,019	1,829
Stock Options | Federal Realty OP LP
Anti-dilutive issuable units	3,019	1,829
Unvested restricted stock units
Anti-dilutive issuable shares	10,441	10,441
Unvested restricted stock units | Federal Realty OP LP
Anti-dilutive issuable units	10,441	10,441

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Earnings Per Share And Unit (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 58,016	$ 57,731
Less: Preferred share dividends	(2,008)	(2,008)
Less: Income from operations attributable to noncontrolling interests	(1,280)	(2,396)
Less: Earnings allocated to unvested shares	(333)	(327)
Net income available for common shareholders, basic	54,395	53,000
Net income available for common shareholders, diluted	$ 54,395	$ 53,000
Weighted average common shares outstanding, basic	82,605	81,141
Weighted average common shares outstanding, diluted	82,605	81,141
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders, Basic	$ 0.66	$ 0.65
Net income available for common shareholders, Diluted	$ 0.66	$ 0.65
Federal Realty OP LP
Net income	$ 58,016	$ 57,731
Less: Preferred unit distributions	(2,008)	(2,008)
Less: Income from operations attributable to noncontrolling interests	(1,280)	(2,396)
Less: Earnings allocated to unvested units	(333)	(327)
Net income available for common unit holders, basic	54,395	53,000
Net income available for common unit holders, diluted	$ 54,395	$ 53,000
Weighted average common units outstanding, basic	82,605	81,141
Weighted average common units outstanding, Diluted	82,605	81,141
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders, Basic	$ 0.66	$ 0.65
Net income available for common unit holders, Diluted	$ 0.66	$ 0.65

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Subsequent Event (Details) - Subsequent Event - CocoWalk $ in Millions	Apr. 01, 2024 USD ($)
Subsequent Event [Line Items]
Noncontrolling interest purchased	10.00%
Payment to acquire noncontrolling interests	$ 12
Our ownership interest subsequent to acquisition	100.00%