Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q2 2025 Earnings Presentation
34 slides from Federal Realty Investment Trust's earnings presentation, Aug 6, 2025
Slide 1: Investor Presentation Second Quarter 2025
Investor Presentation Second Quarter 2025
Slide 2: Contents
Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q2 2025 Investor Presentation 2
Slide 3: Executive Summary
Executive Summary Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q2 2025 Investor Presentation 3
Slide 4: Our Value Proposition
Executive Summary Our Value Proposition Visible Irreplaceable Portfolio & Growth Levers Disciplined Leading Demographics Multiple avenues for FFO growth: Capital Allocation Located in supply-constrained, high- • Strong leasing momentum Identified framework for highly income markets where affluent •
Slide 5: The Retailer Partner of Choice
Executive Summary The Retailer Partner of Choice Well-Capitalized with Proven Placemaking Tactical Capital Investment Proven Reputation and Expertise – Integrated Uses Drives High ROI / Long-Term Ownership that Increase Consumer Value-Creating Returns Perspective Dwell Time, Frequency and Spend Crea
Slide 6: Portfolio Overview
Portfolio Overview Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q2 2025 Investor Presentation 6
Slide 7: Portfolio at a Glance
Portfolio Overview Portfolio at a Glance 103 open-air properties across key U.S. markets1 Boston 12% POI 3 ~28M SF Chicago 2% POI 3 New York of commercial space Silicon Valley 13% POI 3 on ~2,300 acres1 14% POI 3 Philadelphia 5% POI 3 Kansas City ~3,600 2% POI 3 commercial tenants and Maryland/Virgi
Slide 8: Retail Portfolio with Added Diversification
Portfolio Overview Retail Portfolio Keys to our Success with Added Diversification Dense Population 171,000 people 2 Strong Household Incomes $166,000 Avg HHI2 11% High Barriers Residential to Entry ABR1 Limited Competition Low Retail GLA per capita MALLS Flexible Property Format3 79% 10% Retail Mix
Slide 9: Retail Portfolio by Format
Portfolio Overview Retail Portfolio By Format | Percentage of POI1 Mixed-Use Centers 34% Santana Row | San Jose, CA Grocery-Anchored Community Centers 32% Huntington SC | Huntington, NY Grocery-Anchored Neighborhood Centers 16% Wildwood SC | Bethesda, MD Power Centers 10% Westgate Center | San Jose,
Slide 10: Residential & Mixed-Use Office Snapshot
Portfolio Overview Residential & Mixed-Use Office Snapshot Hoboken Residential 129 units + 45 underway Residential units represent Darien Commons 11% of total ABR, less on a POI basis Assembly Row Residential 124 units Santana Row Residential 947 units Residential Mixed-use office represents 554
Slide 11: Mixed-Use Value: More Than the Sum of Its Parts
Portfolio Overview Mixed-Use Value: More Diversified Cash Flows Than the Sum of Its Parts Complementary streams reinforce retail performance and property value Vibrant Our Mixed-Use Ecosystem Long-Term Growth Portfolio1 Residential and Office Large land bank & provide a built-in entitlements drive c
Slide 12: Best-in-Class Demographics Outperform Through Cycles
Portfolio Overview Best-in-Class Demographics $110,000 FRT Outperform Through Cycles $105,000 REG $100,000 $95,000 Median HHI (3-mile) High-income markets drive resilience: Average aggregate household income of $11.0B within a 3-mile radius 1, driving stability across cycles. $90,000 KIM KRG Density
Slide 13: Capital Allocation
Capital Allocation Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q2 2025 Investor Presentation 13
Slide 14: Unique Value Creation Formula
Capital Allocation Unique Value Creation Formula Approach: Approach: Acquire premier assets in dense, supply- Upgrade and reimagine centers constrained markets with affluent through curated tenant mix, consumers placemaking, and redevelopment Acquisition of Strategic Impact: Dominant Impact: Tenant
Slide 15: Recent Capital Recycling Activity
Capital Allocation Recent Capital Recycling Activity Acquisitions Dispositions $500.0 $500.0 $400.0 $400.0 $300.0 $300.0 $200.0 $200.0 $100.0 $100.0 $- $- 2019 2020 2021 2022 2023 2024 2025 YTD 2019 2020 2021 2022 2023 2024 2025 YTD Acquisitions Retail Sales Residential Sales Land Sales 22 transacti
Slide 16: Disciplined “Buy Box”
Capital Allocation - Acquisitions Disciplined “Buy Box” Proven Unmet Retail Top Metros Dominance Affluence 1M+ Population and 250K+ SF GLA and Submarket HHIs of $150,000+ Retailer Success Demand Dynamic Job Base 10+ Mile Trade Area Demonstrated Existing Retailer Sales Consumers Underserved by Volume
Slide 17: Recent Acquisitions Driving Strong Returns
Capital Allocation - Acquisitions Recent Acquisitions Driving Strong Returns Large Dominant Regional Assets Benefitting from the Federal Skillset 4 acquisitions totaling $760M across 2.1M SF and 236 acres Delivering Above-Underwriting Results Kingstowne Towne Center | Alexandria, VA Camelback Colo
Slide 18: Broad Sources of Capital to Fund Growth
Capital Allocation – Sources & Uses Broad Sources of Capital to Fund Growth Sources Uses Dispositions $1B+ identified potential $1.55B+ liquidity1 pool: Acquisitions • Bank Debt • Mature/non-core retail $413M YTD • Cash • Peripheral residential • Peripheral mixed-use office Redevelopment1 $305M in p
Slide 19: Active Development Pipeline Driving Future Growth
Capital Allocation – Development Active Development Pipeline Driving Future Growth Projects Location Projected Cost Cost to Date Projected Yield Residential 301 Washington St Hoboken, NJ $45-48M $13M 6-7% Bala Cynwyd Bala Cynwyd, PA $90-95M $46M 7% Santana Row Lot 12 San Jose, CA $140-148M $12M 6-7%
Slide 20: Future Growth Opportunities in Process
Capital Allocation – Development Future Growth Opportunities in Process Pipeline of additional densification opportunities 3,000+ residential units in the pipeline • 520 units under construction • ~1,500 units entitled • 1,000+ units far along in entitlements process Assembly Row | Somerville, MA
Slide 21: Residential Pipeline
Capital Allocation – Development Residential Pipeline Project Location Status Units Retail SF Bala Cynwyd Bala Cynwyd, PA Nearing Completion – Est. Delivery 2026 217 16,000 301 Washington Street Hoboken, NJ Under Construction – Est. Delivery 2027 45 10,200 Santana Row Lot 12 San Jose, CA Under Const
Slide 22: Why Federal
Why Federal Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q2 2025 Investor Presentation 22
Slide 23: Federal’s Core Competencies
Why Federal Federal’s Core Competencies Proven redevelopment and Ability to densify when placemaking expertise prudent Track record of elevating Adding mixed-use components merchandising and transforming where it makes sense capitalizing centers into market leaders on knowledge from our large mi
Slide 24: Diversified Revenue Stream
Why Federal Diversified Revenue Stream Portfolio Composition by ABR Top 10 Tenants by ABR Mixed-Use Office 10% National/Regional Retail 2.6% 68% Residential 11% 1.9% 1.7% 1.5% 1.3% 1.2% 0.9% 0.9% 0.9% 0.9% Local Retail 11% S&P A BBB+ BBB+ AA- BB BBB BBB+ BB+ NR B Moody’s A2 Baa1 Baa2 A1 Ba2 Baa3 A2
Slide 25: Occupancy Resilient with Room for Additional Upside
Why Federal Occupancy Resilient 98.0% Leased Rate 20-Year High 97.3% 1 with Room for 97.0% 190 bps below Additional Upside 20-year high 96.0% Occupancy Rate 20-Year High 95.6% 1 Leased 95.4% 1 95.0% 200 bps below 20-year high Record comparable leasing in 2024, with 94.0% additional occupancy growt
Slide 26: Limited Troubled Retailer Exposure
Why Federal Limited Troubled Exposure to Retailer Tenants in Bankruptcy, % of ABR 1 Retailer Exposure 1.97% Struggling retailers making headlines today have 1.90% minimal impact on our portfolio. 1.70% ~60 bps of ABR exposure to bankrupt tenants1 1.40% 1.00% 2025 guidance includes 75 – 90 basis
Slide 27: Balance Sheet Snapshot
Why Federal Balance Sheet Snapshot Credit Ratings1 Ample Liquidity & Financial Flexibility 2Q25 Balance Sheet Update2 $1.55+ billion of total liquidity at 2Q25: • $1.25 billion credit facility • $150 million undrawn term loan S&P 5.4x annualized consolidated net BBB+ • $177 million cash debt to
Slide 28: 58 Consecutive Years of Increased Dividends
Why Federal 58 Consecutive Years of Increased Dividends Covid-19 Pandemic 2020 The only REIT recognized as a Dividend King — 1 of just 56 U.S. public companies $4.52* with 50+ consecutive years of annual dividend increases. Global Financial Crisis Inflation hits 40-year 2009 low of 1.1% Asian and Ru
Slide 29: Cycle-Tested Management Team
Why Federal Cycle-Tested Management Team Average 20+ years at Federal Realty and 25+ years of real estate experience, Don Wood including managing through difficult real estate and economic cycles. President & CEO Joined 1998 Lean and nimble corporate structure enables management to be closer to
Slide 30: Sustainability
Why Federal Sustainability Strengthen Resilience Minimize financial impact to our real estate assets from increased frequency and severity of weather events and depletion of natural resources. Our sustainability program focuses on five key objectives that directly Advance Decarbonization support o
Slide 31: Appendix
Appendix Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q2 2025 Investor Presentation 31
Slide 32: Reconciliation of FFO Guidance as of June 30, 2025
Appendix Reconciliation of FFO Guidance as of June 30, 2025 The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated FFO per diluted share for the full year 2025. Full Year 2025 Guidance Range Low High Estimated net income available to common sh
Slide 33: Definitions
Appendix Definitions Property Operating Income (POI): Rental income and mortgage interest income, less rental expenses and real estate taxes. Annualized Base Rent (ABR): Represents aggregate, annualized in-place contractual (defined as rents billed on a cash basis without taking the impact of rent a
Slide 34: 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 terms
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