Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q2 2026 Earnings Presentation
88 slides from Federal Realty Investment Trust's earnings presentation, Jul 31, 2026
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Slide 2: Safe Harbor & Non-GAAP Information
SAFE HARBOR & NON-GAAP INFORMATION Certain matters included in this presentation may be forward This presentation includes certain non - GAAP financial measures looking statements within the meaning of federal securities laws. that the company considers meaningful measures of financial Actual future
Slide 3: Agenda
AGENDA THE NEXT CHAPTER PRODUCTIVE REAL ESTATE BUILT FOR GROWTH Don Wood | President & CEO Wendy Seher | EVP, East Coast President Stuart Biel | SVP, Leasing BREAKOUT SESSIONS CAPITAL INVESTING — LEANING IN THE RETAILER PERSPECTIVE Jan Sweetnam | EVP, Chief Investment Officer Bob Franz | VP, Acquisi
Slide 4: The Next Chapter
THE NEXT CHAPTER DON WOOD | PRESIDENT & CEO
Slide 5: Westgate, Old Town Los Gatos, Santana Row
WESTGATE OLD TOWN LOS GATOS SANTANA ROW CROW CANYON DEL MONTE GROCERY-ANCHORED SMALL-FORMAT GROCERY-ANCHORED GROCERY-ANCHORED MIXED-USE FLAGSHIP POWER CENTER LIFESTYLE COMMUNITY LIFESTYLE 5
Slide 6: Productivity
PRODUCTIVITY 6
Slide 7: Higher Visits/Location, Higher Tenant Sales
HIGHER HIGHER MORE & BETTER STRONGER VISITS/LOCATION TENANT SALES ACQUISITION OPPORTUNITIES GROWTH HIGHER HIGHER MORE & BETTER DWELL TIMES RENTS DEVELOPMENT OPPORTUNITIES 7
Slide 8: The Red Thread
THE RED THREAD SANTANA ROW OLD TOWN LOS GATOS 8
Slide 9: The Flywheel Behind Every Federal Property
THE FLYWHEEL BEHIND EVERY FEDERAL PROPERTY Retail Relationships Placemaking Economics THE FLAGSHIP EFFECT The Brand The Equity Non-Retail Advantage Edge 9
Slide 10: Why Now?
WHY NOW? 10
Slide 11: FRT Historical FFO Growth
CORE FFO/FFO CORE FFO GROWTH YEAR PER SHARE PER SHARE 2030 FRT HISTORICAL THE NEXT WAVE 2026E $7.51 6.3% FFO GROWTH 2025 2024 $7.06 $6.77 4.3% 3.4% GLOBAL PANDEMIC 2023 $6.55 3.6% & AFTERMATH 2022 $6.32 13.5% 2021 $5.57 23.2% 2020 $4.52 -28.6% 2019 $6.33 1.6% RETAIL ARMAGEDDON 2018 $6.23 5.4% 2017
Slide 12: Three Chapters. One Story.
THREE CHAPTERS. ONE STORY. SUSTAINED FFO GROWTH HAS HISTORICALLY TRANSLATED INTO SHAREHOLDER OUTPERFORMANCE. I II III LETTING THE CORE SHINE HITTING ALL CYLINDERS THE NEXT WAVE 2004 – 2008 2012 – 2016 2025/2026 → +7.4% +7.2% +6.3% FFO/SHARE FFO/SHARE FFO/SHARE CAGR over 5 years CAGR over 5 years ‘26
Slide 13: Post-pandemic drags are gone; demand exceeds supply
01 02 Post-pandemic drags are gone Demand exceeds supply 03 04 Capital recycling with an Turbocharged development unmatched cost of capital and technology initiatives 13
Slide 14: The Red Thread Makes Us a Better Company
THE RED THREAD MAKES US A BETTER COMPANY WE’RE FORMAT WE’RE ON THE CUSP OF AGNOSTIC THE NEXT 5 YEAR WAVE More arrows in the quiver 2026 marks the return of a means more ways to win growth period Better, more durable growth And we’re built for it 14
Slide 15: Productive Real Estate Built for Growth
PRODUCTIVE REAL ESTATE BUILT FOR GROWTH WENDY SEHER | EVP, EAST COAST PRESIDENT STUART BIEL | SVP, LEASING
Slide 16: Durable Income, Sustainable Growth
DURABLE INCOME, SUSTAINABLE GROWTH #1 #2 #3 Location Productivity Wealth & Format & Revenue & Density Diversity Growth We own where the Built for every Tenants outperform, money is shopping occasion and pay us for it 16
Slide 17: This Is Where America's Spending Power Lives
THIS IS WHERE AMERICA’S SPENDING POWER LIVES Aggregate household income per square mile 17
Slide 18: And This Is Where We Are
AND THIS IS WHERE WE ARE Aggregate household income per square mile San Francisco 18
Slide 19: Income, Wealth & Density
INCOME, WEALTH & DENSITY OVER 2X THE AFFLUENT HOUSEHOLDS OF OUR PEERS AFFLUENT HOUSEHOLDS NEARBY GLA - weighted $200K+ households within 3 miles FRT 12,914 2.1x PEER-SET AVG PEER SET 6,189 19
Slide 20: Affluent Shoppers Spend More and Faster
AFFLUENT SHOPPERS SPEND MORE — AND THEY'RE SPENDING FASTER Real spending growth by household income (2020=100) 140 $200K+ $200K+ COHORT HHI 130 FRT $167K Avg HHI +33% (3- mile) Real spend growth, 120 2020 → Q1 2026 110 $75- 99K HHI FRT $167K HHI COHORT +25% <$75K HHI 100 90 Real spend growth, 2020 2
Slide 21: One Landlord. Every Format. Every Retailer Conversation.
ONE LANDLORD. EVERY FORMAT. EVERY RETAILER CONVERSATION. 33% 33% 15% 10% 9% MIXED - USE GROCERY - GROCERY - POWER CENTERS LIFESTYLE / OTHER CENTERS ANCHORED ANCHORED COMMUNITY NEIGHBORHOOD CENTERS CENTERS Assembly Row Huntington SC Wildwood SC Escondido Promenade The Grove Somerville, MA Huntington,
Slide 22: Larger Centers Win Twice
LARGER CENTERS WIN TWICE. MORE VISITS, LONGER STAYS. +80% +53% +20% Larger Than Avg. Visits / Avg. Dwell Time Peers Location Drives More: Drives More : • Tenant Diversity 44 • Cross shopping HIGHER • Reasons to Visit 3.9M 2.5M min • Sales GLA FRT Peers FRT • Brand • Development Optionality engagemen
Slide 23: Our Tenants Outperform Peers in Every Category
OUR TENANTS OUTPERFORM PEERS IN EVERY CATEGORY % delta in TTM visits per FRT tenant location vs. peer - portfolio average. FAST CASUAL GROCERS TENANT FRT LOCATIONS VS PEER TENANT FRT LOCATIONS VS PEER Panera Bread 20 +19% Giant 11 +25% Chipotle 19 +23% Target 10 +8% Subway 14 +27% Trader Joe's 9 +12
Slide 24: Higher Productivity = Higher Rent
HIGHER PRODUCTIVITY = HIGHER RENT OCCUPANCY COST SENSITIVITY — ILLUSTRATIVE SMALL SHOP REVENUE PSF $500 $600 +20% SF 2,500 2,500 TOTAL SALES $1,250,000 $1,500,000 +20% Gross Margin (at 40%) $500,000 $600,000 +20% COST OF OCCUPANCY 5.0% 5.0% RENT $62,500 $75,000 +20% RENT/SF $25.00 $30.00 +20% CASH A
Slide 25: Higher Productivity = Higher Rent
HIGHER PRODUCTIVITY = HIGHER RENT OCCUPANCY COST SENSITIVITY — ILLUSTRATIVE SMALL SHOP REVENUE PSF $500 $600 +20% SF 2,500 2,500 TOTAL SALES $1,250,000 $1,500,000 +20% Gross Margin (at 40%) $500,000 $600,000 +20% COST OF OCCUPANCY 5.0% 8.3% RENT $62,500 $125,000 +100% RENT/SF $25.00 $50.00 +100% CAS
Slide 26: How We Grow Revenue
HOW WE GROW REVENUE 26
Slide 27: Reinvesting in What We Own
REINVESTING IN WHAT WE OWN PROPERTY IMPROVEMENT PROGRAM THE GIFTS THAT KEEP ON GIVING ~10% ROI Average 17% HIGHER Small shop rollover* INVESTMENTS OF $3M-$15M PER PROPERTY +280 BPS +3% CAGR Incremental NOI growth rate Higher occupancy* 2021 to 2026E * Compared to comparable FRT properties without re
Slide 28: Raw Material. Engineered for Above-Market Growth.
RAW MATERIAL. ENGINEERED FOR ABOVE-MARKET GROWTH. PROJECTED ~5-YEAR CAGR 7% GROSSMONT SHOPPING CENTER 10.0% CAGR DEL MONTE 9.5% CAGR $17.7M $11.0M $12.9M $8.2M Acquired: 2021 Acquired: 2025 2025 NOI 2030 NOI ( Proj .) Yr1 NTM NOI 2030 NOI ( Proj .) VILLAGE POINTE 4.6% CAGR ANNAPOLIS TOWN CENTER 5.3%
Slide 29: Buybox Acquisitions Drive Future Growth
BUYBOX ACQUISITIONS DRIVE FUTURE GROWTH Virginia Gateway Camelback Colonnade $1.7B ~6% Del Monte Shopping Center Invested NOI Growth Grossmont Center Over 9 Assets CAGR through 2030 Town Center Plaza & Crossing 8-10% IRR Kingstowne Towne Center Annapolis Town Center 10- year Projected, unlevered 29
Slide 30: Same Real Estate. New Revenue.
SAME REAL ESTATE. NEW REVENUE. ANCILLARY TRADITIONAL PROGRAMS SHORT -TERM LEASING PAID PARKING EV CHARGING, STORAGE, CELL TOWERS… 30
Slide 31: Same Real Estate. New Revenue.
SAME REAL ESTATE. NEW REVENUE. BRAND PARTNERSHIPS CENTERS AS MARKETING PLATFORMS LEXUS @ SANTANA ROW RIVIAN + SPONSORSHIPS 31
Slide 32: Same Real Estate. New Revenue.
SAME REAL ESTATE. NEW REVENUE. ANCILLARY BRAND PARTNERSHIPS TECH WAVE | DIGITAL NETWORK TRADITIONAL PROGRAMS CENTERS AS MARKETING WHERE RETAIL MEETS TECH PLATFORMS SHORT -TERM LEASING LEXUS @ SANTANA ROW DIGITAL MEDIA LAST - MILE + AUTONOMOUS PAID PARKING VEHICLES EV CHARGING, STORAGE, RIVIAN + FLEE
Slide 33: Why Federal Realty
WHY FEDERAL REALTY #1 #2 #3 BEST REAL RETAILER SOURCES OF ESTATE PRODUCTIVITY GROWTH Same real estate. New revenue. Compounding for decades. 33
Slide 34: Higher Visits, Higher Tenant Sales, Stronger Growth
HIGHER HIGHER MORE & BETTER STRONGER VISITS/LOCATION TENANT SALES ACQUISITION OPPORTUNITIES GROWTH 3.9 5% MILLION SMALL SHOP PSF ANNUAL GROWTH 44 $49 PSF MINUTES SMALL SHOP HIGHER HIGHER MORE & BETTER DWELL TIMES RENTS DEVELOPMENT OPPORTUNITIES 34
Slide 35: Capital Investing—Leaning In
CAPITAL INVESTING— LEANING IN JAN SWEETNAM | EVP, CHIEF INVESTMENT OFFICER BOB FRANZ | VP, ACQUISITIONS PATRICK MCMAHON | SVP, DEVELOPMENT
Slide 36: Capital Allocation: Targeted Unlevered Returns
CAPITAL ALLOCATION TARGETED UNLEVERED RETURNS SELL ACQUIRE DEVELOP REDEVELOP Assets at expected returns Assets at expected returns Residential or residential Existing assets at premium at/or below our cost of above our cost of capital over retail at returns returns above cost of capital materially a
Slide 37: Capital Allocation: Targeted Unlevered Returns
CAPITAL ALLOCATION TARGETED UNLEVERED RETURNS Estimated 10-Yr Cost of Capital and Targeted 10-yr Unlevered IRR by Capital Use 12-14% Redevelopment 10-12% Development 8–9%+ Acquisitions ~7% Cost of Capital 6-7% Dispositions 37
Slide 38: Capital Recycling
CAPITAL RECYCLING ALLOCATING CAPITAL TO WHERE WE CAN CREATE MORE VALUE UNLOCK THE VALUE WE’RE REDEPLOY THE CAPITAL IDENTIFIED A POOL OF $1.5 NOT GETTING PAID FOR WHERE WE CREATE VALUE BILLION OF ASSETS FOR ALL OVER AGAIN POTENTIAL DISPOSITION • Selling assets at core returns • Large, dominant shoppi
Slide 39: Capital Recycling: Recent Acquisitions Activity
CAPITAL RECYCLING RECENT ACQUISITIONS ACTIVITY $800M ACQUISITIONS 2021-2026 YTD $600M $440M Annual Run $400M Rate $200M $2.2B Gross Investment Deployed 2021 2022 2023 2024 2025 2026 YTD 39
Slide 40: Capital Recycling: Acquisitions Buy Box
CAPITAL RECYCLING ACQUISITIONS BUY BOX PROVEN TOP RETAILER SUCCESS METROS Demonstrated Existing 1M+ Population and Retailer Sales Volumes Dynamic Job Base UNMET DOMINANCE RETAIL DEMAND 250K+ SF GLA and Consumers Underserved 10+ Mile Trade Area by High - Quality Retail AFFLUENCE Submarket HHIs of $15
Slide 41: Capital Recycling: Acquisitions
CAPITAL RECYCLING ACQUISITIONS ACQUIRED NINE BUY BOX ASSETS 2021-2025 $1.7 5.1 473 ~6% ~8-10% Billion Million SF Acres Projected CAGR Projected 10 - yr IRRs through 2030 CONVICTION IN THE ASSET CLASS 41
Slide 42: Plan to Invest in 3-5 New Markets
CAPITAL RECYCLING PLAN TO INVEST IN 3-5 NEW MARKETS STILL IN SIGHT ACQUISITIONS BOSTON CHICAGO NEW YORK OMAHA PHILADELPHIA BAY AREA WASHINGTON, DC KANSAS CITY LOS ANGELES SAN DIEGO PHOENIX Markets MIAMI Aggregate household income per square mile < $102K $256K $690K $1.5M $4.7M >$13.8M 42
Slide 43: How Do We Source Acquisitions
HOW DO WE SOURCE ACQUISITIONS #1 #2 #3 #4 Local & Boots on the Capital Owner Tenant Ground Markets Relationships Relationships We know real estate Broker Where do they want to be? Relationships 43
Slide 44: Active Pipeline: ~$1.4 Billion
ACTIVE PIPELINE: ~$1.4 BILLION HOW WE SOURCE AND STRUCTURE OUR ACQUISITION OPPORTUNITIES 30% OFF MARKET ~$0.4B 70% ON MARKET ~$1B • Proprietary sourcing • Unique seller considerations • Less pricing pressure Selectively bid – thinner Only where we have an operational or Disciplined walk - away prici
Slide 45: Acquisitions Conclusions
CAPITAL RECYLING ACQUISITIONS CONCLUSIONS MORE COMPETITION OPERATIONALLY FRT WELL MORE OVERALL INTENSE ASSETS POSITIONED WITH OPPORTUNITIES Capital pouring into retail LESS COMPETITIVE BUY BOX COMING creating more competition Bid sheets are still not deep Conviction that our Buy Box More supply has
Slide 46: Depth & Experience
DEPTH & EXPERIENCE LOCAL - DEVELOPER MINDSET We live in the markets we develop in. 15+ Years of consistent delivery on in - house platform FULL LIFECYCLE INVOLVEMENT Entitlement → design → construction → lease - up → operations. 100% In- House Capability — no outsourcing of core functions MUNICIPAL
Slide 47: Building on Land We Own & Rent Premiums Change the Math
BUILDING ON LAND WE OWN & RENT PREMIUMS CHANGE THE MATH LAND ADVANTAGE RENT PREMIUM TO MARKET Premium risk - adjusted returns. That's why Highly amenitized , mixed - use environments command durable premiums above our development pencils when others don’t. submarket comps. PROPERTY RESIDENTIAL OFFIC
Slide 48: Current Projects
CURRENT PROJECTS BALA CYNWYD - BLAYR 301 WASHINGTON STREET SANTANA ROW – LOT 12 WILLOW GROVE BALA CYNWYD HOBOKEN, NJ SAN JOSE, CA WILLOW GROVE, PA $92.5M $46.5M $144M $115M Cost Cost Cost Cost Complete Construction Completion: 2027 Construction Completion: 2027 -2028 Construction Completion: 2028 Pi
Slide 49: Pipeline
PIPELINE $500M ACTIVE DEVELOPMENT PIPELINE ~3% OF $15B MARKET CAP SIZED TO GROW, NEVER TO BET THE COMPANY ENTITLED ENTITLEMENTS IN PROCESS PEMBROKE SHOPS AT GARDENS PEMBROKE GARDENS 308 FEDERAL PLAZA 445 CAMELBACK COLONNADE 250 PEMBROKE GARDENS, FL UNITS ROCKVILLE, MD UNITS PHOENIX, AZ UNITS THE AVE
Slide 50: Unlocking the Future
DEVELOPMENT PLATFORM UNLOCKING THE FUTURE THE GOAL: ZONING APPROVALS TODAY ARE PROJECTS DELIVERING IN 5–10 YEARS. EVERY ENTITLEMENT SECURED NOW IS FUTURE NOI COMPOUNDING ON LAND ALREADY OWNED 50
Slide 51: Grossmont Center
GROSSMONT CENTER LA MESA, CA 866K SF 64 Acres 95% Leased PHASE I - II PHASE IV PHASE III 51
Slide 52: Santana West Phase II
SANTANA WEST PHASE II SAN JOSE, CA 52
Slide 53: Assembly Square Marketplace
ASSEMBLY SQUARE MARKETPLACE UPZONING SOMERVILLE, MA 53
Slide 54: Assembly Square Marketplace
ASSEMBLY SQUARE MARKETPLACE UPZONING SOMERVILLE, MA 54
Slide 55: Higher Visits, Higher Tenant Sales, Stronger Growth
HIGHER HIGHER MORE & BETTER STRONGER VISITS/LOCATION TENANT SALES ACQUISITION OPPORTUNITIES GROWTH ~$1.4B 3.9 5% ACTIVE PIPELINE MILLION SMALL SHOP PSF ANNUAL GROWTH 3-5 NEW MARKETS 8-10% TARGET IRRS ~$500M 44 $49 PSF ACTIVE PIPELINE MINUTES SMALL SHOP 6-7% FCST ROI PREMIUM RISK-ADJ RETURNS HIGHER H
Slide 56: Building Blocks to Durable Growth
BUILDING BLOCKS TO DURABLE GROWTH DAN GUGLIELMONE | EVP, CHIEF FINANCIAL OFFICER
Slide 57: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM PRIMARY DRIVERS > COMPARABLE GROWTH > INCREMENTAL REDEVELOPMENT POI > CAPITAL RECYCLING Acquisitions Asset Sales > FINANCING IMPACTS Refinancing Capitalized Interest > OTHER (AI / G&A / OTHER ITEMS) 57
Slide 58: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM 2025 CORE FFO $7.06 /SHARE % OF PRIMARY DRIVERS LOW HIGH INCREASE > COMPARABLE GROWTH $0.28 $0.33 4.3% > INCREMENTAL REDEVELOPMENT POI 0.16 0.17 2.4% 6.7% > CAPITAL RECYCLING Acquisitions Asset Sales 0.12 0.13 1.8% 8.5% > FINANCING IMPACTS Refinancing Capitalized
Slide 59: Components of Comparable Growth
COMPONENTS OF COMPARABLE GROWTH GAAP CASH PRIMARY DRIVERS Contractual Increases Rollover Occupancy Downtime / Other SUBTOTAL PRIMARY 2.25% 2.75% 2.75% 3.25% OTHER DRIVERS Residential Rents Parking Ancillary Income Term Fees Expenses Credit Reserve SUBTOTAL OTHER 0.75% 1.25% 0.75% 1.25% TOTAL 3.00% 4
Slide 60: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM 2027 & 2028 FFO GROWTH RANGE LOW MIDPOINT HIGH Comparable Growth (Cash) 3.50% 4.00% 4.50% Comparable Growth (GAAP) 3.00% 3.50% 4.00% FFO GROWTH COMING FROM COMPARABLE GROWTH 4.00% 4.50% 5.00% 60
Slide 61: Redevelopment Ramp — Non Comparable
REDEVELOPMENT RAMP — NON COMPARABLE PROJECTED PROJECTED INCREMENTAL COMPLETED COST ROI POI 2025 2026 2027 2028 2029 Huntington $ 82 8.0% $ 7 $ 7 $ 7 1 Santana West 330 5.5% 18 3 15 915 Meeting 183 6.0% 11 8 10 Subtotal Completed 595 6.0% 36 17 32 CURRENT Bala Cynwyd 93 7.0% 7 Hoboken 47 6.5% 3 Lot 1
Slide 62: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM 2027 & 2028 FFO GROWTH RANGE LOW MIDPOINT HIGH Comparable Growth (Cash) 3.50% 4.00% 4.50% Comparable Growth (GAAP) 3.00% 3.50% 4.00% FFO GROWTH COMING FROM COMPARABLE GROWTH 4.00% 4.50% 5.00% FFO Growth Coming From Incremental Redevelopment POI 1.25% 1.50% 1.75%
Slide 63: Disposition Pool – Federal's Low Cost of Capital Advantage
DISPOSITION POOL – FEDERAL’S LOW COST OF CAPITAL ADVANTAGE FOREGONE YIELD FOREGONE AMOUNT ($M) LOW HIGH IRR MATURE LOW RISK RETAIL $ 700 5.0% 6.0% 6.5-7.0% PERIPHERAL RESIDENTIAL 450 4.5% 5.5% 6.5-7.0% NON-STRATEGIC RETAIL / OTHER 350 6.0% 7.5% 6.0-7.5% TOTAL $ 1,500 5% 6% ~6-7% KEY CONSIDERATIONS >
Slide 64: Capital Recycling Accretion
CAPITAL RECYCLING ACCRETION % FFO/SHARE ACCRETION $ FFO/ SHARE ACCRETION FROM FROM CAPITAL RECYCLING - SENSITIVITY CAPITAL RECYCLING - SENSITIVITY ANNUAL INITIAL YIELD SPREAD ANNUAL INITIAL YIELD SPREAD ACQ. TOTAL ACQ. TOTAL ($M) 1.00% 1.50% 2.00% 2.50% ($M) 1.00% 1.50% 2.00% 2.50% $ 150 0.23% 0.34%
Slide 65: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM 2027 & 2028 FFO GROWTH RANGE LOW MIDPOINT HIGH Comparable Growth (Cash) 3.50% 4.00% 4.50% Comparable Growth (GAAP) 3.00% 3.50% 4.00% FFO GROWTH COMING FROM COMPARABLE GROWTH 4.00% 4.50% 5.00% FFO Growth Coming From Incremental Redevelopment POI 1.25% 1.50% 1.75%
Slide 66: Balance Sheet Strength & Flexibility
BALANCE SHEET STRENGTH & FLEXIBILITY SCALE METRICS 2025 2026 2027 2028 $ IN M NET DEBT TO EBITDA 5.7x 5.4x 5.3x 5.2x EQUITY CAPITALIZATION $ 9,995 67% (4Q ANNUALIZED) DEBT & PREFERRED 4,895 33% FIXED CHARGE COVERAGE 3.9x 3.9x 4.0x 4.2x TOTAL CAPITALIZATION $ 14,890 100% UNENCUMBERED EBITDA (%) 90% 9
Slide 67: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM 2027 & 2028 FFO GROWTH RANGE LOW MIDPOINT HIGH Comparable Growth (Cash) 3.50% 4.00% 4.50% Comparable Growth (GAAP) 3.00% 3.50% 4.00% FFO GROWTH COMING FROM COMPARABLE GROWTH 4.00% 4.50% 5.00% FFO Growth Coming From Incremental Redevelopment POI 1.25% 1.50% 1.75%
Slide 68: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM 2026/27 & 2027/28 FFO GROWTH RANGE LOW MIDPOINT HIGH 5.00% 6.25% 7.50% Reflects FRT's most comprehensive FFO growth algorithm, building on comp growth, development POI, and capital recycling. 68
Slide 69: FRT Historical FFO Growth
CORE FFO/FFO CORE FFO GROWTH YEAR PER SHARE PER SHARE 2028E FRT HISTORICAL THE NEXT WAVE 2027E 2026E $7.51 6.3% FFO GROWTH 2025 2024 $7.06 $6.77 4.3% 3.4% GLOBAL PANDEMIC 2023 $6.55 3.6% & AFTERMATH 2022 $6.32 13.5% 2021 $5.57 23.2% 2020 $4.52 -28.6% 2019 $6.33 1.6% RETAIL ARMAGEDDON 2018 $6.23 5.4%
Slide 70: FRT Historical FFO Growth – The Next Wave
CORE FFO/FFO CORE FFO GROWTH YEAR PER SHARE PER SHARE 2028E FRT HISTORICAL THE NEXT WAVE 2027E 2026E $7.51 6.3% FFO GROWTH 2025 2024 $7.06 $6.77 4.3% 3.4% GLOBAL PANDEMIC 2023 $6.55 3.6% & AFTERMATH 2022 $6.32 13.5% THE NEXT WAVE2020 2021 $5.57 $4.52 23.2% -28.6% 2019 $6.33 1.6% RETAILCORE ARMAGEDDO
Slide 71: Entitlements
ENTITLEMENTS BIG THREE Residential Commercial Total FAR Entitlement EXISTING ENTITLEMENTS Units FAR (000 SF) (000 SF) $ / FAR Value Assembly Row 326 1,500 1,826 Pike & Rose 741 530 1,271 Santana Row (includes GL) 137 925 1,062 TOTAL BIG 3 EXISTING 1,204 2,955 4,159 $ 84 $ 349,200 FUTURE ENTITLEMENTS
Slide 72: Components of Implicit Cap Rate
COMPONENTS OF IMPLICIT CAP RATE In M excluding Share Price Common Shares/Units Outstanding 86.9 SENSITIVITY Share Price $115.00 Share Value of Development & Entitlements Equity Capitalization $9,995 Price $ 1,000 $ 1,200 $ 1,400 $ 1,600 $ 1,800 $ 95 7.1% 7.2% 7.3% 7.4% 7.6% Pro Rata Share Of Outstan
Slide 73: Free Cash Flow & Adjusted FFO Forecast
FREE CASH FLOW (FCF) & ADJUSTED FFO FORECAST KEY DRIVERS FCF CADENCE ($M) Strong baseline NOI growth $160 $140 $120 Straight - line rent → Cash rent $100 conversion $80 $60 Moderating Capital Costs $40 • Tenant Improvements / Landlord $20 Work • Maintenance Capital $- • Leasing Commissions 2025 2026
Slide 74: Simplifying the FRT Growth Algorithm
SIMPLIFYING THE FRT GROWTH ALGORITHM 2026/27 & 2027/28 RANGE LOW MIDPOINT HIGH Comparable Growth (Cash) 3.50% 4.00% 4.50% Comparable Growth (GAAP) 3.00% 3.50% 4.00% FFO GROWTH COMING FROM COMPARABLE GROWTH 4.00% 4.50% 5.00% FFO Growth Coming From Incremental Redevelopment POI 1.25% 1.50% 1.75% SUBTO
Slide 75: Higher Visits, Higher Tenant Sales, Stronger Growth
HIGHER HIGHER MORE & BETTER STRONGER VISITS/LOCATION TENANT SALES ACQUISITION OPPORTUNITIES GROWTH 2027 & 2028 ~$1.4B FFO GROWTH 3.9 5% ACTIVE PIPELINE 5.00 - 7.50% MILLION SMALL SHOP PSF ANNUAL GROWTH 3-5 NEW MARKETS AFFO 8-10% TARGET IRRS 7.00 – 10.00% ~$500M 44 $49 PSF ACTIVE PIPELINE MINUTES SMA
Slide 76: 58 Consecutive Years of Increased Dividends
58 CONSECUTIVE YEARS OF INCREASED DIVIDENDS $4.52* The only REIT recognized as a Dividend King — 1 of just 56 Covid U.S. public companies with 50+ consecutive years of Pandemic annual dividend increases. 2020 Global Financial Inflation Crisis hits 40 - 2009 Asian and year low of Russian 1.1% Financi
Slide 77: Appendices by Section
bodes a. DAY ‘26 FEDERAL REALTY EXPERIENCE APPENDICES BY SECTION
Slide 78: Appendix - Supporting Information: The Next Chapter
APPENDIX - SUPPORTING INFORMATION SECTION I: THE NEXT CHAPTER FRT Historical FFO Growth : Nareit FFO and Core FFO are defined on page 28 of our Form 8K filed with the Securities and Exchange Commission on May 1, 2026 (Q1 2 026 Form 8K). 2026 represents the mid - point of our 2026 guidance range for
Slide 79: Appendix - Supporting Information: Section II
APPENDIX - SUPPORTING INFORMATION SECTION II: PRODUCTIVE REAL ESTATE BUILT FOR GROWTH Pgs 17-18: This is Where America’s Spending Power Lives/And This is Where We Are: Sources: Census ACS 5 - year 2018 - 2022 (B19001, B19013); Census 2024 Gazetteer Pg 19: Income, Wealth & Density: Sources: Census AC
Slide 80: Appendix - Supporting Information: Section II
APPENDIX - SUPPORTING INFORMATION SECTION II: PRODUCTIVE REAL ESTATE BUILT FOR GROWTH Pg 29: Buy Box Acquisitions Drive Future Growth: Assets included are Grossmont Center, Camelback Colonnade, Shops at Pembroke Gardens, Kinsgtowne Towne Center, Virginia Gateway, Town Center Crossing and Plaza, Del
Slide 81: Appendix - Supporting Information: Section III
APPENDIX - SUPPORTING INFORMATION SECTION III: CAPITAL INVESTING — LEANING IN This page contains information describing in more detail the metrics and other statistics included throughout this presentati on. Information is grouped under the title for each slide for which additional information is pr
Slide 82: Appendix - Supporting Information: Section III
APPENDIX - SUPPORTING INFORMATION SECTION III: CAPITAL INVESTING — LEANING IN Pg 47: Building on Land we Own and Rent Premiums Change the Math: The residential rent premiums to market for Santana Row, Assembly Row and Pike & Rose reflect the average amount by which the rents achieved for studio, one
Slide 83: Appendix - Supporting Information: Section IV
APPENDIX - SUPPORTING INFORMATION SECTION IV: BUILDING BLOCKS TO DURABLE GROWTH This page contains information describing in more detail the metrics and other statistics included throughout this presentati on. Information is grouped under the title for each slide for which additional information is
Slide 84: Appendix - Supporting Information: Section IV
APPENDIX - SUPPORTING INFORMATION SECTION IV: BUILDING BLOCKS TO DURABLE GROWTH Pg 63 : Disposition Pool: This slide reflects the properties identified by the company as potential properties for sale and the company’s categorizatio n o f those properties. The company’s categorization of properties i
Slide 85: Appendix - Supporting Information: Section IV
APPENDIX - SUPPORTING INFORMATION SECTION IV: BUILDING BLOCKS TO DURABLE GROWTH Pg 69: FRT Historical FFO Growth: Nareit FFO and Core FFO are defined on page 30 of our Q1 2026 Form 8K. 2026 represents the mid - point of our 2026 guidance range for Nareit /Core FFO per diluted share as disclosed on p
Slide 86: Appendix - Supporting Information: Section IV
APPENDIX - SUPPORTING INFORMATION SECTION IV: BUILDING BLOCKS TO DURABLE GROWTH Pg 73: Free Cash Flow & Adjusted FFO Forecast: Free Cash Flow is the company’s estimate of operating cash flow less dividends paid, distributions to non - controlling interests, non - redevelopment related capital expend
Slide 87: CIP / Development Value
CIP / DEVELOPMENT VALUE PROJECT PROJECTED COST COST TO DATE Pike & Rose — 915 Meeting (Phase IV) $ 183 $ 180 1 Santana West 330 312 Hoboken — 301 Washington 47 20 Lot 12 — Santana Row 144 34 Willow Grove 115 16 Bala Cynwyd 93 76 Grossmont Center 18 4 TOTAL $ 930 $ 642 87
Slide 88: Appendix - Safe Harbor and Non-GAAP Information
APPENDIX - SAFE HARBOR AND NON-GAAP INFORMATION Certain matters included in this presentation may be forward looking statements within the meaning of Federal securities laws . These statements may be identified by use of terms such as “may,” “estimate,” “expect,” “intend,” “potential” and similar te
Federal Realty Investment Trust — Q2 2026 Earnings Presentation on 6ix