Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q2 2023 Earnings Presentation
31 slides from Federal Realty Investment Trust's earnings presentation, Aug 2, 2023
Slide 1: Investor Presentation Second Quarter 2023
[FEDERAL| 1962 Investor Presentation SECOND QUARTER 2023
Slide 2: Federal Realty Investment Trust at a glance
Strategically selected first-ring suburbs of nine Fede ra I Rea Ity metro markets with high barriers to entry Investment Trust sos cucnae NEW YORK PHILADELPHIA SILICON VALLEY WASHINGTON, DC SOUTHERN CALIFORNIA Fully integrated US retail real estate-based company focused on risk-adjusted capital ee a
Slide 3: 2Q 2023 Overview
2Q 2023 Overview ~ FFO per share of $1.67 for the quarter, a company = ~$220 million of spend remaining on ~$750 record million of redevelopment and expansions in process delivering over the next few years > 46% comparable POI growth excluding lease termination fees and COVID-19 pandemic > 56" conse
Slide 4: 2023 Guidance
2023 Guidance Current Previous Considerations Earnings per diluted share $2.64 - $2.76 $2.59 - $2.79 NAREIT FFO per diluted share $6.46 - $6.58 $6.38 - $6.58 Growth over 2021 ~2% - 4% ~1% - ~4% Growth of ~3% at the current midpoint Key Assumptions Current Previous Comparable PO! growth 2% - 4% 2% -
Slide 5: Best-in-Class Demographics
Best-in-Class Demographics “Consumers are still spending, but headwinds are getting Income matters in an inflationary environment $115,000 increasingly fierce.... [our] lower-income shoppers those with household incomes of $75,000 or less - are trading §110,000 down to less expensive items while mid
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 Global Financial Crisis (2008 - 2012) COVID-19 Pandemi We believe our outperformance in the Global Financial Crisis was driven by: + Disproportionally affected by COVID-19 due to + Our sector-leading demographics > consumers in our markets were
Slide 8: Investment Highlights
Investment Highlights Open-air properties located in drivable first-ring 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
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 ies ii - Regional Office 102 properties include: ; P 7 properties ~3,300 commercial tenants NEW YORK ~26 millio
Slide 10: Diversified Income Stream
Diversified Income Stream By Market NEW YORK WASHINGTON, DC SOUTHERN CALIFORNIA N Virginia 11% of POL By Format PERCENT OF 2023E PO!'
Slide 11: Diversified Income Stream: Top Tenants by ABR
Diversified Income Stream Top 10 Tenants by ABR 3.0% 2.7% 2.5% 2.0 % > No tenant greater than 2.7% of ABR 1.8% DSS 14% 15% 13% 13% 13% Only 8 tenants with greater than ~1% oes exposure 1.0 % 09% 09% 4 0.5% ~3,300 total tenants in 102 commercial properties 0.0 % n5)4 BoRe © MUNetApp — splunk> = @ CVS
Slide 12: Diversified Income Stream
Diversified Income Stream Portfolio Composition by ABR Portfolio Composition by Category Grocery / Pharmacy 10% Limited-Service Restaurants 8% Full-Service Restaurants 7% Apparel / Accessories TM% Off-Price 7% Home 4% Fitness 4% Banks / Financial Services 4% Hobby / Sports 4% Personal Services 3% Lo
Slide 13: Contractual Rent Bumps
Contractual Lease A Lease B Lease C ent umps smerny holy 2% Rent Bumps Annvelly 10% Rent Bump in Year 5 tt Initial Rent $ 20.00 Initial Rent $ 20.00 Initial Rent $ 20.00 Term 10 years Term 10 years Term 10 years Square Feet 10,000 SF Square Feet 10,000 SF Square Feet 10,000 SF Year! $ 20.00 Year $ 2
Slide 14: Residential Portfolio
Residential Portfolio MAXIMIZING REAL ESTATE VALUE Existing as of 2Q23! Total Units 3,103 Leased 97.6% Santana Row «—() siLICON vaLLeY 662 units Comparable as of 2Q23 —EeEeEeEeEyqwwM SOUTHERN CALIFORNIA Total Units 2,480 fe} O Proenix Leased 98.0% Residential units represent 12% of total ABR Potenti
Slide 15: Mixed-Use Office Portfolio
Mixed-Use Office Portfolio MAXIMIZING REAL ESTATE VALUE Existing Portfolio Total SF 1.8 million SF % of Total ABR 9.5% Leased (as of 6/30/23) 97% 1.8 million SF of amenitized Class A office space in our mixed- use portfolio WAVG Lease Term! 8 years + Representative of 9.5% of total ABR Ability to re
Slide 16: Mixed-Use Office Portfolio
Mixed-Use Office Portfolio MAXIMIZING REAL ESTATE VALUE Santana Row e—() SILICON vaLLeY 676k SF + 376k SF underway SOUTHERN CALIFORNIA PHOENIX Hilton Village | ¢——————_____7 212k SF 455 Grand Union Blvd at Assembly Row 700 Santana Row CHICAGO 909 Rose at Pike & Rose Assembly Row 355k SF Bethesda Row
Slide 17: 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 Street
Slide 18: In-Process Strategic Redevelopment Pipeline
In-Process Strategic Redevelopment Pipeline Integrated team focused on real estate expansion and 7 additional redevelopment projects underway in 2023, stabilizing redevelopment projects over the next 2 years Successful track record of completing complex redevelopment ~$45 million of remaining redeve
Slide 19: Entitlements
Entitlements PIPELINE OF ADDITIONAL DENSIFICATION OPPORTUNITIES * ~1I million SF and 250+ residential units shovel ready ¢ ~7 million SF and 2,000+ residential units of additional (i.e. entitled and designed) expansions vested entitlements = Pike & Rose, Assembly Row and Santana Row © Primarily in o
Slide 20: Kingstowne Towne Center
Kingstowne Towne Center RECENT ACQUISITIONS oie Overview Demographics* “f 3-MILE RADIUS . Super regional shopping center . Valve creation through remerchandising & : 1 90 . incremental capital investment over time CQ} Population fae Avg HHI . 410,000 SF on 45 acres of land 124,052 $159,576 . 95% lea
Slide 21: The Shops at Pembroke Gardens
The Shops at Pembroke Gardens RECENT ACQUISITIONS DOWNTOWN FT. LAUDERDALE Overview Demographics* SMILE RADIUS . Super regional shopping center . Valve creation through remerchandising, So ; increasing rents & incremental capital €O } Population fa) ) Avg HHI : 133,259 $141,427 investment over time .
Slide 22: Balance Sheet Snapshot
Balance Sheet Snapshot Credit Ratings Ample Liquidity & Financial Flexibility $133 billion of total liquidity in cash and undrawn credit facility as of 6/30/2023 $100 million of cash available $1.2 billion of availability on our revolving credit facility Issued $350 million 5-year green bond in Apri
Slide 23: Cycle-Tested Management Team
Cycle-Tested Management Team Lean and nimble loser to th n ability to make smart, ri throughout investment cycles Total Annual Return since 2003'2 10.4% S&P 500 AIIREITs Shopping Center REITs hy oe DON WOOD CEO Joined 1998 DAN GUGLIELMONE EVP, CFO & Treasurer Joined 2016 President Joined 2002 EVP, P
Slide 24: Consecutive Years of Increased Dividends
56 Consecutive Years of Increased Dividends 1 OF 49 PUBLICLY TRADED COMPANIES CONSIDERED A DIVIDEND KING coviD-19 Pandemic $4.36 * Financial crisis Inflation hits low of 1.1% Asian and Russian rs) Inflation in the U.S. hits 14.8% OPEC imposes oil . oO embargo on the US qq wl wall St 1967 56 Year CAG
Slide 25: Environmental, Social and Governance Snapshot
Environmental, Social and Nf > Governance J Oloe|d Og Snapshot Advance Decarbonization Strengthen Re Minimize the carbon footprint of our company and Invest in and manage our assets to protect value our assets from increasing frequency and severity of weather- related events and other hazards of cli
Slide 26: Connect Communities
(3) “@ Connect Communities 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
Slide 27: More information about our ESG program
> More information about our ESG program can be found in our 2022 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 28: Appendix
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Slide 29: Appendix: Reconciliation of FFO Guidance
Appendix Reconciliation of FFO Guidance as of June 30, 2023, 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 2023. Estimates do not include the impact from potential acquisitions or dispositions w
Slide 30: 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 31: ir.federalrealty.com
[FEDERAL| 1962 ir.federalrealty.com
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