Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q4 2025 Earnings Presentation
37 slides from Federal Realty Investment Trust's earnings presentation, Feb 12, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025
Slide 2: Contents
Contents Executive Summary Executive Summary → Portfolio Overview Portfolio Overview → Capital Allocation Capital Allocation → Why Federal Why Federal → Appendix Appendix → Q4 2025 Investor Presentation 2
Slide 3: Executive Summary
Executive Summary → Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q4 2025 Investor Presentation 3
Slide 4: Our Value Proposition
Executive Summary Our Value Proposition Irreplaceable Portfolio & Visible Disciplined Leading Demographics Growth Levers Capital Allocation Located in supply - constrained, high - Multiple avenues for FFO growth: Identified framework for highly income markets where affluent selective acquisitions —
Slide 5: Federal Realty: Retailers' Partner of Choice
Executive Summary Federal Realty: Retailers’ Partner of Choice Location, Location, Location Assurance in Execution Our centers boast best - in - class demographics Tenants trust our ability to curate and strong foot traffic in markets with high complimentary co - tenancy, elevate barriers to entry.
Slide 6: Portfolio Overview
Portfolio Overview → Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q4 2025 Investor Presentation 6
Slide 7: Portfolio at a Glance
Portfolio Overview Portfolio at a Glance 103 open - air properties across key U.S. markets Boston ~29M SF New York 12% POI of commercial space 12% POI on ~2,300 acres Philadelphia - Silicon Valley Baltimore 15% POI Central Region 2 DC Metro ~3,700 5% POI Corporate HQ Maryland : 17% POI 9% POI commer
Slide 8: Federal's Target Portfolio Composition
Portfolio Overview Federal’s Target Portfolio Keys to our Success Composition Dense Population 167,000 people 2 Target % of Base Rents 1 Strong Household Incomes $167,000 Avg HHI 2 80 % 10% Retail Residential High Barriers to Entry Limited Competition Low Retail GLA per capita 10% Mixed - Use Office
Slide 9: Diversified Retail Portfolio
Portfolio Overview Diversified Retail Portfolio By Format | Percentage of POI 1 Mixed - Use Centers 33% Santana Row | San Jose, CA Grocery - Anchored Community Centers 33% Huntington SC | Huntington, NY Grocery - Anchored Neighborhood Centers 15% Wildwood SC | Bethesda, MD Power Centers 10% Westgate
Slide 10: 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 Long -Term Our Mixed -Use Ecosystem Growth Portfolio 1 Residential and Office provide a built - in customer base and Large land ban
Slide 11: An Established Mixed-Use Platform
Portfolio Overview An Established Mixed -Use Platform 1 2 Residential Retail Mixed - Use Office Location Owned Units Owned SF Owned SF 1 Assembly Row Somerville, MA 947 857,000 373,000 2 Bethesda Row Bethesda, MD 180 346,000 185,000 3 CocoWalk Coconut Grove, FL - 157,000 121,000 3 4 Darien Commons D
Slide 12: Best-in-Class Demographics Drive Durable Performance
Portfolio Overview Best -in -Class Demographics $130,000 Drive Durable Performance REG FRT $120,000 $110,000 - mile) High - income markets drive resilience: Strong household income of $11.0B within a 3 - mile radius , driving durable performance across cycles. 1 KRG KIM Median HHI (3 Density amplifi
Slide 13: Capital Allocation
Capital Allocation → Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q4 2025 Investor Presentation 13
Slide 14: A Unique Model Built to Compound Growth
Capital Allocation A Unique Model Built to Compound Growth This model positions Federal Realty to deliver: Acquire Optimize Durable rent growth supported by affluent, supply - constrained markets. Growth that Embedded NOI growth through active asset Compounds optimization and redevelopment. Great
Slide 15: Capital Flexibility Supports the Compounding Model
Capital Allocation – Sources & Uses Capital Flexibility Supports the Compounding Model Sources Uses Dispositions $475M since January 2025 ~$ 1.3B Liquidity 1 Acquisitions $1B+ potential pool: • Bank Debt $753M since January 2025 and • Mature retail • Cash an active pipeline of ~$90M • Peripheral res
Slide 16: Recent Capital Recycling Activity
Capital Allocation Recent Capital Recycling Activity Acquisitions Dispositions $800 $700 $600 $500 $500 $400 $400 $300 $300 $200 $200 $100 $100 $- $- 2021 2022 2023 2024 2025 2026 YTD¹ 2021 2022 2023 2024 2025 2026 YTD Retail Sales Residential Sales Land Sales 20 completed transactions | $2.1B gross
Slide 17: A Year of Active Capital Recycling
Capital Allocation A Year of Active Capital Recycling Disciplined acquisitions and dispositions executed across markets. Acquisitions Annapolis Town Center $750 million Annapolis, MD of Strategic Acquisitions 479,000 SF | $187M $475 million of Disciplined Dispositions Del Monte Shopping Center Town
Slide 18: Disciplined "Buy Box"
Capital Allocation - Acquisitions Disciplined “Buy Box” Applying Our Criteria Village Pointe | Omaha, NE Proven Retailer Omaha’s Premier Shopping Center Top Metros Success 1M+ Population and 452k SF across 48 acres Demonstrated Existing Dynamic Job Base 6M+ visits annually Retailer Sales Volumes
Slide 19: Re-Merchandising: A Repeatable Acquisition Advantage
Capital Allocation – Acquisitions Re-Merchandising: A Repeatable Acquisition Advantage Early leasing momentum following acquisition reflects the impact of targeted re - merchandising and retailer confidence in Federal’s platform. Town Center Plaza & Crossing Leawood, KS July 2025 Acquisition ~9%
Slide 20: Active Development Pipeline Driving Future Growth
Capital Allocation – Development Active Development Pipeline Driving Future Growth Projects Location Projected Cost 1 Cost to Date Projected Yield 1 Residential Santana Row Lot 12 San Jose, CA $140 - 148M $28M 6 - 7% Willow Grove Willow Grove, PA $110- 120M $14M 7% Bala Cynwyd Bala Cynwyd, PA $90 -
Slide 21: Resi-Over-Retail: A 20+ Year Value Creation Engine
Capital Allocation – Development 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 -
Slide 22: $400M+ Residential Development on Existing Retail
Capital Allocation – Development $400M+ Residential Development on Existing Retail Miscela at Assembly Row Willow Grove Friendship Center Camelback Colonnade Delivered (2020 - 2022) Underway Entitled Entitlements in Process The Delwyn $22M The Blayr at Bala Cynwyd $90 - 95M Shops at Pembroke Gardens
Slide 23: Why Federal
Why Federal → Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q4 2025 Investor Presentation 23
Slide 24: 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
Slide 25: Diversified Revenue Stream
Why Federal Diversified Revenue Stream Portfolio Composition by ABR Top 10 Tenants by ABR Mixed Use Office 11% National/Regional Retail 2.4 % 70% 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 AA B BB+ Moody’s A2 Baa1 Baa2 A1 Ba2
Slide 26: 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% 120 bps below 20 - year high Leased Additional Upside 96.0% 96.1% Occupancy Rate 20 - Year High , 95.6% 1 95.0% 150 bps below 20 - year high Occupied Record total leasing in 2025, with additional occupan
Slide 27: Active Management Drives Durable Income
Why Federal Active Management Termination Fees as % of Total Revenue Over Time Drives Durable Income $1.4 $1.2 Term fees reflect proactive portfolio management and are a small, recurring component of Federal’s operating model. $1.0 A natural outcome of active asset management. Often a pull - for
Slide 28: Attractive Growth at a Reasonable Valuation
Why Federal Attractive Growth Mid to Large - Cap Retail REITs 3 at a Reasonable 17.0 Valuation 16.0 REG Federal’s expected 2026 Core FFO growth is set to SPG SKT outperform mid - to large - cap retail REITs. 15.0 '26 FFO Multiple ~6% expected 2026 Core FFO growth driven by FRT 1 PECO 1 existing po
Slide 29: Balance Sheet Snapshot
Why Federal Balance Sheet Snapshot Credit Ratings 1 Ample Liquidity & Financial Flexibility 4Q25 Balance Sheet Update ~$1.3 billion of total liquidity as of 12/31/25: • $1.2 billion credit facility/term loan S&P • $0.1 billion cash 5.6x annualized consolidated net debt to EBITDA 2 BBB+ Asset s
Slide 30: 58 Consecutive Years of Increased Dividends
Why Federal 58 Consecutive Years of Increased Dividends Covid - 19 Pandemic 2020 $4.52 * The only REIT recognized as a Dividend King — 1 of just 56 U.S. public companies with 50+ consecutive years of annual dividend increases. Global Financial Crisis Inflation hits 40 - year 2009 low of 1.1% Asian a
Slide 31: Cycle-Tested Management Team
Why Federal 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 nimble corpo
Slide 32: 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 33: Appendix
Appendix → Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Contents Executive Summary Portfolio Overview Capital Allocation Why Federal Appendix Q4 2025 Investor Presentation 33
Slide 34: Reconciliation of FFO Guidance as of December 31, 2025
Appendix Reconciliation of FFO Guidance as of December 31, 2025 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 incom
Slide 35: 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 fo llowing acquisition and applying a terminal capitalization rate approximately equal to the initial yield. 5- Year NOI CAGR:
Slide 36: Notes
Appendix Notes Pg 19: Reflects percentage change in rents calculated as described below for new and renewal leases with those tenants that are part of the long - term merchandising plans for the applicable property (“Long - Term Tenants”) that were have been signed since acquisition or are currently
Slide 37: 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 ter
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