Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q2 2026 Earnings Presentation
33 slides from Federal Realty Investment Trust's earnings presentation, 2026
Slide 1: Investor Presentation Second Quarter 2026
Investor Presentation Second Quarter 2026
Slide 2: 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 3: Company Snapshot: Built to outperform
Company Snapshot NYSE: FRT S&P 500 Founded 1962 Federal Realty: Built to outperform $10.8B Equity Market Cap $15.6B Enterprise Value A differentiated retail platform combining high-quality real estate in affluent first-ring suburbs, durable internal growth and disciplined capital allocation. DIFFERE
Slide 4: The Premier Open-Air Portfolio
BETHESDA ROW | Bethesda, MD The Premier Open-Air Portfolio Company Snapshot Premier Portfolio Capital Allocation Durable Measured Growth Appendix Q2 2026 Investor Presentation 4
Slide 5: A portfolio concentrated in high-value markets
Premier Portfolio A portfolio concentrated in high-value markets 103 open-air properties across key U.S. markets Boston 11% POI 29M SF New York 12% POI of commercial space Philadelphia- on ~2,300 acres Silicon Valley Baltimore 15% POI Central Region2 DC Metro 9% POI ~3,700 Corporate HQ 5% POI Maryla
Slide 6: Concentrated where purchasing power is highest
Premier Portfolio Concentrated where purchasing power is highest Income density combines what matters for retail: high household income and high population density. Shading shows aggregate household income per square mile for every county in the continental U.S. 90% of Federal properties are in the
Slide 7: Affluence + Density translate into pricing power
Premier Portfolio Affluence + Density translate into pricing power Exceptional demographics and constrained retail supply create favorable conditions for tenant demand, leasing economics and long-term value creation. AFFLUENCE DRIVES SPENDING POWER $130,000 FRT REG 23% higher average household incom
Slide 8: A diverse open-air portfolio creates a broader leasing platform
Premier Portfolio A diverse open-air portfolio creates a broader leasing platform Complementary open-air formats broaden our retailer relationships and expand the ways we can grow with tenants. 35% 31% 15% 10% 9% Grocery-anchored Mixed Use Grocery-anchored Power Lifestyle/ Community Centers Centers
Slide 9: Scale creates a customer engagement advantage
Premier Portfolio Scale creates a customer engagement advantage Federal’s larger centers generate more visits and longer dwell times, creating nearly 2x the customer time per location versus peers. FRT VS. PEERS CENTER SIZE / Peers GLA +85% 1.9x FRT 280K SF Peers AVERAGE ANNUAL VISITS / LOCATION FRT
Slide 10: Productivity is the throughline of Federal's growth model
Premier Portfolio Productivity is the throughline of Federal’s growth model High customer engagement supports tenant productivity and rent growth. The same operating playbook guides where we acquire, reinvest and grow. CUSTOMER ENGAGEMENT PROPERTY PRODUCTIVITY INVESTMENT OPPORTUNITY DURABLE GROWTH 3
Slide 11: A scaled mixed-use platform creates multiple avenues for growth
Premier Portfolio A scaled mixed-use platform creates multiple avenues for growth Seven established destinations combine retail, residential and office, adding density, demand and embedded growth across Federal’s high-barrier markets. RESIDENTIAL SANTANA ROW | San Jose, CA RETAIL MIXED-USE OFFICE 2,
Slide 12: Our Flagships demonstrate the power of the mixed-use model
Premier Portfolio Our Flagships demonstrate the OFFICE RENT PREMIUM1 RESI RENT PREMIUM1 Santana Row ~25% Santana Row ~15% Assembly Row ~20% Assembly Row ~15% power of the mixed-use model Pike & Rose ~25% Pike & Rose ~10% Federal’s largest mixed-use destinations combine highly productive retail, outs
Slide 13: Flagships create relationships. Relationships create value.
Premier Portfolio Flagships create relationships. Relationships create value. The value of our flagships extend beyond the asset itself, creating retailer relationships that drive growth across the portfolio. 36 retailer relationships 155 total leases 85%+ * higher shop rents vs. peers Started at Fe
Slide 14: Incremental Income Initiatives expand revenue across the portfolio
Premier Portfolio Incremental Income Initiatives ~$30M 2025 Revenue 10%+ Target CAGR thru 2030 expand revenue across the portfolio Incremental Income Initiatives Across property formats, Federal’s high-quality retail supports proven income streams today and additional ways to earn over time. EMERGIN
Slide 15: Disciplined Capital Allocation Drives Accretive Growth
VILLAGE POINTE | Omaha, NE Disciplined Capital Allocation Drives Accretive Growth Company Snapshot Premier Portfolio Capital Allocation Durable Measured Growth Appendix Q2 2026 Investor Presentation 15
Slide 16: Capital follows returns
Capital Allocation Capital follows returns We continuously evaluate relative returns across the portfolio, recycling capital into opportunities with the most compelling risk-adjusted return potential. BRISTOL PLAZA | Bristol, CT VIRGINIA GATEWAY | Gainesville, VA BLAYR APARTMENTS | Bala Cynwyd, PA H
Slide 17: Realizing value, then redeploying for growth
Capital Allocation Realizing value, then redeploying for growth Acquisitions Dispositions $800 $700 $600 $500 $500 $400 $400 $300 $300 $200 $200 $100 $100 $- $- 2021 2022 2023 2024 2025 2026 YTD 2021 2022 2023 2024 2025 2026 YTD Retail Sales Residential Sales Land Sales 22 completed transactions | $
Slide 18: A $1.5B disposition pool provides low-cost capital
Capital Allocation A $1.5B disposition pool provides low-cost capital DISPOSITION CATEGORY POOL ($M) RECENT SALE EXAMPLE Barcroft Plaza Mature Low-risk Retail $700 Falls Church, VA 113,000 SF Sold June 2026 $58M Misora at Santana Row Peripheral Residential $450 San Jose, CA 212 units Sold Febr
Slide 19: A disciplined buy box for dominant centers
Capital Allocation A disciplined buy box for dominant centers Large, dominant centers must clear both a market screen and an asset screen. 01 02 MARKET FIT ASSET FIT BROADER ACQUISITION TOP METROS DOMINANT SCALE UNIVERSE 1M+ population + 250K+ SF GLA + dynamic job base 10+ mile trade area Reta
Slide 20: From acquisition to value creation
Capital Allocation From acquisition to value creation ~40 SIGNED DEALS Recent acquisitions are demonstrating the power of Federal’s leasing and remerchandising platform. AT ACQUISITION TODAY North Face 01 Sundance Vacant TOWN CENTER PLAZA & CROSSING Vacant Acquired July 2025 LEAWOOD, KS Vacant Vacan
Slide 21: Resi-Over-Retail: A 20+ year value creation engine
Capital Allocation Resi-Over-Retail: A 20+ year value creation engine Unlike ground-up development, Resi-Over-Retail delivers density with attractive risk-adjusted returns by leveraging land already controlled within Federal’s portfolio. 2000’s 2010’s 2020’s Flagship Mixed-Use Platform Established S
Slide 22: Value creation underway
Capital Allocation $400M (780 UNITS) ~2,250 4,000+ Value creation underway ACTIVE RESIDENTIAL PIPELINE ENTITLED UNITS UNIT ENTITLEMENTS IN PROCESS UNDERWAY $92.5M $46.5M $144.0M $115.0M Bala Cynwyd - Blayr COST 301 Washington St COST Santana Row – Lot 12 COST Willow Grove COST Bala Cynwyd, PA Hoboke
Slide 23: Durable Growth, Measured Risk
BROOK 35 & WEST | Sea Girt, NJ Durable Growth, Measured Risk Company Snapshot Premier Portfolio Capital Allocation Durable Measured Growth Appendix Q2 2026 Investor Presentation 23
Slide 24: Diversified revenue stream & top-quality tenants
Durable Measured Growth Diversified revenue stream & top-quality tenants Portfolio Composition by ABR Top 10 Tenants by ABR Mixed Use Office 12% National/Regional Retail 2.4 % 69% Residential 9% 1.7 % 1.6 % 1.5 % 1.4 % 1.1 % 1.0 % 0.9 % 0.9 % 0.9 % Local Retail 10% S&P A BBB+ BBB+ AA- BB+ BBB NR B A
Slide 25: Balance sheet strength preserves strategic flexibility
Durable Measured Growth Balance sheet strength preserves strategic flexibility INVESTMENT-GRADE CREDIT1 KEY METRICS Q2 2026 S&P MOODY’S NET DEBT TO EBITDA 5.4x BBB+ Baa1 FIXED CHARGE COVERAGE 3.9x (Stable) (Stable) UNENCUMBERED EBITDA 90% DEBT MATURITIES CAPITAL STRUCTURE 2026 2027 2028 THEREAFTER (
Slide 26: Built to outperform
Durable Measured Growth Built to outperform CORE FFO/FFO CORE FFO GROWTH YEAR PER SHARE PER SHARE PERIOD PERFORMANCE 2028E 2025 / 2026 1 : The Next Wave THE NEXT WAVE 2027E 2026E $7.52 6.5% +29% FRT TOTAL RETURN 2025 $7.06 4.3% 2024 $6.77 3.4% +6.5% FFO/SHARE 2026 vs 2025 GLOBAL PANDEMIC 2023 $6.55
Slide 27: Cycle-tested management team
Durable Measured Growth Cycle-tested management team Don Wood Dan Guglielmone Average 20+ years at Federal Realty and 25+ years of real estate experience, President & CEO Joined 1998 EVP, CFO & Treasurer Joined 2016 including managing through difficult real estate and economic cycles. Lean and n
Slide 28: 59 consecutive years of dividend growth
Durable Measured Growth 59 consecutive years of dividend growth Inflation Surge & Covid-19 Rate Hikes The only REIT recognized as a Dividend King — 1 of just 57 U.S. public companies Pandemic with 50+ consecutive years of annual dividend increases. 2022 2020 $4.64* Global Financial Crisis Inflation
Slide 29: Appendix
COCOWALK | Coconut Grove, FL Appendix Company Snapshot Premier Portfolio Capital Allocation Durable Measured Growth Appendix Q2 2026 Investor Presentation 29
Slide 30: Reconciliation of FFO Guidance as of June 30, 2026
Appendix Reconciliation of FFO Guidance as of June 30, 2026 The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026. Full Year 2026 Guidance Range Low High Estimated net income av
Slide 31: Definitions
Appendix Definitions 10-Year Unlevered IRR: “10-Yr. Unlevered IRR” is calculated using the company’s currently projected NOI and invested capital over the 10-year period following acquisition and applying a terminal capitalization rate approximately equal to the initial yield. 5-Year NOI CAGR: This
Slide 32: Notes
Appendix Notes Pg 3: • Market Cap/Enterprise Value: Information is as of 6/30/2026 • Differentiated Portfolio: Information is as of 6/30/2026. Average household income within three miles reflects the Company’s portfolio demographic data presented as of June 30, 2026. Source: ESRI (2026). GLA-weighte
Slide 33: Notes
Appendix Notes Pg 13: • Retailer relationships” are aggregated at the parent-company level and reflect retailers whose relationship with Federal began at Bethesda Row, Santana Row, Assembly Row or Pike & Rose and subsequently expanded elsewhere in the portfolio. “Total leases” reflects individual le
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