Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR FEDERAL REALTY INVESTMENT TRUST ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FEDERAL REALTY OP LP (Exact Name of Registrant as Specified in its Charter) Maryland (Federal Realty Investment Trust) 87-3916363 Delaware (Federa ...

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

Federal Realty Investment Trust (NYSE:FRT) Q4 2022 Results Conference Call February 8, 2023 5:00 PM ET Company Participants Leah Brady - Vice President-Investor Relations Donald Wood - Chief Executive Officer Daniel Guglielmone - Executive Vice President, Chief Financial Officer and Treasurer Wendy Seher - Executive Vice President and Eastern Region President Jan Sweetnam - Chief Investment Officer Conference Call Participants Juan Sanabria - BMO Capital Markets Craig Schmidt - Bank of America Greg McGinnis ...

Table of Contents FEDERAL REALTY INVESTMENT TRUST FEDERAL REALTY OP LP UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-26 ...

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

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

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-262016-01 (Federal Realty OP LP) FEDERAL REALT ...

Summary of Federal Realty Investment Trust Conference Call Company Overview - **Company**: Federal Realty Investment Trust (NYSE:FRT) - **Participants**: Don Wood (CEO), Jeff Berkes (President & COO) [1] Industry Insights - **Market Position**: Federal Realty operates in nine major markets including the East Coast, Mid-Atlantic, South Florida, California, and Phoenix, Arizona [4] - **Market Characteristics**: The company focuses on areas with high population density, affluence, and barriers to entry, which are crucial for retail property performance [4][10] Core Business Strategy - **Portfolio Quality**: Emphasis on high-quality retail and mixed-use properties as a differentiator in the market [2] - **Acquisition Strategy**: Focus on acquiring properties individually rather than in bulk, ensuring each acquisition meets specific criteria for potential returns [3] - **Long-term Cash Flow**: The company aims to create sustainable long-term cash flow through redevelopment, higher rents, and operational efficiencies [3] Performance During COVID-19 - **Impact of COVID-19**: The pandemic disproportionately affected Federal Realty due to its tenant mix, which included gyms and restaurants that were heavily impacted by shutdowns [5][6] - **Recovery Post-COVID**: The company has seen a strong recovery in leasing activity, with occupancy rates rebounding from the mid-eighties to the mid-nineties [8] Financial Metrics - **Affluent Demographics**: 90% of Federal's shopping centers serve communities with household incomes over $75,000, contrasting with the average shopping center in the U.S. [9][10] - **Spending Power**: Within three miles of Federal's centers, there is an average of 175,000 people with a combined spending power exceeding $10 billion [10] Leasing and Tenant Relationships - **Leasing Pipeline**: The leasing pipeline is described as deep and broad, with a focus on getting tenants open and paying rent [14] - **Tenant Quality**: The company has proactively replaced underperforming tenants with stronger ones, enhancing overall portfolio quality [22] Challenges and Risks - **Inflation and Cost Pressures**: The company acknowledges potential margin pressures due to inflation and rising operational costs, but believes it can pass some costs onto consumers in affluent markets [20][21] - **Supply Chain Concerns**: Initial concerns about supply chain disruptions have been managed effectively, allowing for timely tenant openings [15][16] Future Outlook - **Market Dynamics**: The return of employees to offices in tech hubs like Silicon Valley is expected to drive demand for quality retail and office spaces [34][35] - **Acquisition Strategy**: The company maintains a proactive approach to acquisitions, focusing on properties that can enhance its portfolio over time [39][40] Conclusion - **Overall Confidence**: Despite uncertainties in the market, Federal Realty expresses confidence in its business model, tenant relationships, and the quality of its properties, positioning itself for continued growth [13][18]

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

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-07533 (Federal Realty Investment Trust) Commission file number: 333-262016-01 (Federal Realty OP LP) FEDERAL REALTY INV ...