Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q3 2024 Earnings Presentation
28 slides from Federal Realty Investment Trust's earnings presentation, Oct 30, 2024
Slide 1: Investor Presentation
[FEDERAL 1962 Investor Presentation
Slide 2: Strategically selected first-ring suburbs of nine metro markets
Strategically selected first-ring suburbs of nine Fede ra I Rea Ity metro markets with high barriers to entry Investment Trust soron CHICAGO. NEW YORK, PHILADELPHIA SILICON VALLEY WASHINGTON, DC < 7 SOUTHERN CALIFORNIA Fully integrated US retail rea 2 PHOENIX company focused on risk-adjusted capital
Slide 3: 3Q 2024 Overview
3Q 2024 Overview FFO per share of $1.71 for the quarter 2.9% comparable PO! growth 3Q 2024 over 3Q 2023 excluding lease termination fees and prior period rents collected Continued elevated levels of leasing ~ 126 signed leases for 580,977 square feet of comparable retail space in 3Q24 > 14% cash bas
Slide 4: 2024 Guidance
2024 Guidance Revised Previous Considerations Earnings per diluted share $3.41- $3.49 $3.33 - $3.51 NAREIT FFO per diluted share $6.77 - $6.85 $6.70 - $6.88 Growth over 2023 ~3.4% - 4.6% Growth of ~4% at the midpoint of revised range Key Assumptions Revised Previous Comparable PO! growth Comparable
Slide 5: Income matters in an inflationary environment
Income matters in an inflationary environment Demographics $115,000 $110,000 FRT $105,000 © REG > Ina landscape marked by cautious consumer spend FRT's targeted $100,000 investment on high-income markets not only differentiates us but also anchors our bor’ $95,000 anchors our portfolio with unparall
Slide 6: Cycle-Tested Business Plan
Cycle-Tested Business Plan > Business plan and balance sheet built to manage through various economic cycles > History of managing through and outperforming during difficult times > Demonstrated consistency, stability and conservatism over the years Cumulative change in Nareit FFO per share since 20
Slide 7: Cycle-Tested Business Plan (cont.)
Cycle-Tested Business Plan (cont.) TRACK RECORD MATTERS COVID-19 Pandemic « Disproportionally affected by COVID-19 due to « Our sector-leading demographics > consumers in our markets were better able to absorb the recession's impact stricter and longer government shutdowns and mandates in our market
Slide 8: Investment Highlights
Investment Highlights Open-air properties located in drivable close-in suburbs of 9 major metropolitan markets, with high barriers to entry. Diverse income stream by market, region, use, format, tenant & tenant category with contractual near-term upside De-risked expansion pipeline of new product at
Slide 9: 1st Ring Suburbs of Strategic High-Barrier Markets
1st Ring Suburbs of 9 Strategic High-Barrier Markets 102 open-air properties located in 1* ring suburbs of 9 major high-barrier markets Drivable markets with public transit access < BOSTON 102 properties include: Bea ~3,500 commercial tenants NEW YORK ~27 million commercial square feet on 15 Propert
Slide 10: Diversified Income Stream
Diversified Income Stream By Market Boston New YorK BITCH} O siticow vattey WASHINGTON, DC SOUTHERN CALIFORNIA Se of POL a Residenti By Format PERCENT OF 2024E PO
Slide 11: Diversified Revenue Stream
Diversified Revenue Stream Portfolio Composition by ABR’ Mixed Use Office 1% Top 10 Tenants by ABR? 3.0 % 2.7% 2.5% 2.0% 1.9% 17% 1.6 % 15% 1.2% 1.2% 1.0% 1.0 % D095 oss 0.5% 0.0 % ™ E88, INetape NIN Gapin, YOM ne $ S&P A BBB+ BBB+ AA- BB BBB B BB+ BBB+ A Moody’s A2 Baal Baa2 Al Ba3 Baa2 B2 Ba2 A2 A
Slide 12: Contractual Rent Bumps Matter
Contractual Rent Bumps Matter Lease A Lease B Lease C $28.00 $27.00 $26.00 $25.00 $24.00 $23.00 $22.00 $21.00 $20.00 Yr Initial Rent Rent Bump(s) 3% $20.00 annually 2% $20.00 annually 10% in $20.00 og Yr2 Yr3 Yr& Term 10 years 10 years 10 years Yr5 Yr6 Square Feet 10,000 10,000 10,000 Yr7 Year! Year
Slide 13: Residential Portfolio
Residential Portfolio MAXIMIZING REAL ESTATE VALUE ing as of 3Q24 Total Units 3,104 Leased 97.5% Comparable as of 3Q24 SantanaRow »—©) siticon vaLtey 662 units Total Units 2,980 SOUTHERN CALIFORNIA Leased 97.4% re} Residential units represent 12% of total ABR, less on a POI basis Potential source of
Slide 14: Mixed-Use Office Portfolio
Mixed-Use Office Portfolio MAXIMIZING REAL ESTATE VALUE 21 million SF of amenitized Class A office space in our mixed- use portfolio + Representative of 11% of total ABR, less on a POI basis Ability to realize additional value through office and residential after creating the right retail street Hig
Slide 15: Mixed-Use Office Portfolio Leading Office Roster
Mixed-Use Office Portfolio Leading Office Roster MAXIMIZING REAL ESTATE VALUE Assembly Row SOs Puma ] 373k SF | (* Bethesda Row NetApp NEWMARK PHILADELPHIA + 92k SF underway?! Santona Row © —(O) iticon vaitey OdeXO lh SUSHANS + 340k SF underway!) PHOENIX CocoWalk Hilton Village ¢ C Unites _ mkesF Y
Slide 16: In-Process Mixed-Use Expansion Pipeline
In-Process Mixed-Use Expansion Pipeline ~$515 MILLION OF MIXED-USED EXPANSION PROJECTS IN PROCESS * Projects located in the 1* ring suburbs of major metro markets with significant demand drivers ® Near job centers with continued growth ° Established places ® Amenitized environments 915 Meeting Stree
Slide 17: In-Process Strategic Redevelopment Pipeline
In-Process Strategic Redevelopment Pipeline ~$330 MILLION OF PROJECTS IN PROCESS * Integrated team focused on real estate expansion and * 8 total redevelopment projects underway in 2024, stabilizing over redevelopment projects the next few years ° Successful track record of completing complex redeve
Slide 18: Entitlements
Entitlements PIPELINE OF ADDITIONAL DENSIFICATION OPPORTUNITIES * ~1 million SF and 300+ residential units shovel ready ¢ ~7 million SF and 1,000+ residential units of additional (i.e. entitled and designed) expansions vested entitlements 2 Pike & Rose, Assembly Row and Santana Row © Primarily in ou
Slide 19: Balance Sheet Snapshot
Balance Sheet Snapshot Credit Ratings Ample Liquidity & Financial Flexibility 3Q24 Balance Sheet Update $1.4+ billion of total liquidity in cash, credit 5.5x ar facility and forward equity EBITDA $1.25 billion revolving credit facility largely undrawn Demonstrated access to diverse and VID levels in
Slide 20: Cycle-Tested Management Team
Cycle-Tested Management Team al Realty and 25+ y naging through difficult real ability tom throughout investment c’ Total Annual Return since 2003'2 All REITs Shopping Center REITs hy wy DON WooD CEO Joined 1998 DAN GUGLIELMONE EVP, CFO & Treasurer Joined 2016 WENDY SEHER EVP, Eastern Region, Presid
Slide 21: Consecutive Years of Increased Dividends
57 Consecutive Years of Increased Dividends 1 OF 56 PUBLICLY TRADED COMPANIES CONSIDERED A DIVIDEND KING Covid-19 pandemic $4.40* Global financial crisis Inflation hits 40-year low of 1.1% Asian and Russian (eo) financial crisis t 2004 ] 1998 (e} OPEC imposes oil embargo on the US on mull TTT) 1967
Slide 22: Environmental, Social and Governance Snapshot
Environmental, Social and Governance Snapshot Our ESG program focuses on five key objectives that directly support our company mission—to deliver long-term, sustainable growth through best-in-class retail-based real estate. Advance Decarbonization Minimize the carbon footprint of our company and our
Slide 23: Connect Communities, Empower Teams, Govern Responsibly
(Q) @ Connect Commu Use our real estate to contribute to social and economic prosperity of the community and advance social equity. Empower Teams Create a work environment that is diverse, engaging and helps employees grow personally and professionally. Govern Responsibly Establish foundation to run
Slide 24: More information about our ESG program
> More information about our ESG program can be found in our 2023 Environmental Social and Governance Report, which provides additional detailed information in alignment with the frameworks established by the Global Reporting Initiative, Task Force for Climate Related Financial Disclosures and Susta
Slide 25: |FEDERAL|
|FEDERAL| 1962 25
Slide 26: Appendix: Reconciliation of FFO Guidance
Appendix Reconcilia ‘ion of FFO Guidance as of September 30, 2024 The following tables provide a reconciliation of the range of estimated earnings per diluted share to estimated FFO per diluted share for the full year 2024. Full Year 2024 Guidance Range Low High Estimated net income available to com
Slide 27: Safe Harbor and Non-GAAP Information
Safe Harbor and Non-GAAP Information Certain matters included in this presentation may be forward looking statements within the meaning of federal securities laws. Actual future performance and results may differ materially from those included in forward looking statements. Please refer to our most
Slide 28: ir.federalrealty.com
[FEDERAL| 1962 ir.federalrealty.com
Federal Realty Investment Trust — Q3 2024 Earnings Presentation on 6ix