Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q1 2024 Earnings Presentation
28 slides from Federal Realty Investment Trust's earnings presentation, May 2, 2024
Slide 1: Investor Presentation
[FEDERAL| 1962 Investor Presentation
Slide 2: Federal Realty Investment Trust
Federal Realty Investment Trust etail real estate-bas: company focused on risk-adjusted capital allocation ge and re/de d id high-quality open air shopping centers in first-ring suburban locations ies include nmercial tenants million square feet 0 residential uni BBB+/Baal Strategically selected fir
Slide 3: 1Q 2024 Overview
1Q 2024 Overview > FFO per share of $1.64 for the quarter, an increase of 3.1% year-over-year > 3.8% growth 1Q 2024 over 1Q 2023 in comparable PO! growth excluding lease termination fees and prior period rents collected > Record levels of leasing > 104 signed leases for 566,865 square feet of compar
Slide 4: 2024 Guidance
2024 Guidance Revised Previous Considerations Earnings per diluted share $2.74 - $2.94 $2.72 - $2.94 NAREIT FFO per diluted share $6.67 - $6.87 $6.65 - 6.87 Growth over 2023 ~2% - 5% ~15% - 5% Growth of ~3.5% at the midpoint of revised range Key Assumptions Revised Previous Comparable POI! growth 2.
Slide 5: Income matters in an inflationary environment
Income matters in an inflationary environment Demographics $115,000 $110,000 ° FRT $105,000 © REG > Inalandscape marked by cautious consumer spending, FRT’s targeted $100,000 investment on high-income markets not only differentiates us but also chors our por - $95,000 anchors our portfolio in unpara
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 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 a
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: ) renee’ ~3,300 commercial tenants NEW YORK ~26 million commercial square feet on 15 Pr
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 2024E Pol’
Slide 11: Diversified Income Stream: Portfolio Composition and Top Tenants
Diversified Income Stream Portfolio Composition by ABR’ Mixed Use Office 1% Top 10 Tenants by ABR? 3.0% 2.7% 25% 2.0 % Da 17% 17% 15% 13% 13% 11% 1.0 % 1.0 % 09% 0.9% 05% 0.0 % roid ttt aa Netag * Seah a TX Gee. lel oo YOVS—Gaptn: eT, $ S&P A BBB+ AA- BBB+ BBB BB B BB+ BBB+ A Moody's A2 Baal Al Baa2
Slide 12: Contractual Rent Bumps Matter
Contractual Rent Bumps Matter Rent Rent — Bump(s) LeaseA [a cy Lease B 2000 soy Lease C $20.00 weal $28.00 $27.00 $26.00 $25.00 $24.00 $23.00 $22.00 $21.00 $20.00 Term 10 years 10 years 10 years Square Feet 10,000 10,000 10,000 Year1 $20.00 $20.00 $20.00 10% Bump In Year 5 Year 2 $20.60 $20.40 $20.0
Slide 13: Residential Portfolio
Residential Portfolio MAXIMIZING REAL ESTATE VALUE Existing as of 1924 Total Units 3,104 Leased 96.3% Comparable as of 192% Santana Row *—C) SILICON vaLLey 662 units Total Units 2,980 Le d 96.2% SOUTHERN CALIFORNIA ease 2% co) Osrricenix Residential units represent 12% of total ABR, less on a PO! ba
Slide 14: Mixed-Use Office Portfolio
Mixed-Use Office Portfolio MAXIMIZING REAL ESTATE VALUE 2.0 million SF of amenitized Class A office space in our mixed-use portfolio + Representative of 11% of total ABR, less on a PO! 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 sao Bethesda Row BosTon rake SF NEW YORK Pike & Rose Gucage BLOGG Santana Row «—{}) siticon VALLEY ’ ills SUSHMAN: 676k SF WASHINGTON, DC + 376k SF underway!’ SOUTHERN CALIFORNIA PHOENIX. CocoWalk 121k SF Hilt
Slide 16: In-Process Mixed-Use Expansion Pipeline
In-Process Mixed-Use Expansion Pipeline ~$400 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 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 * 5 additional redevelopment projects underway in 2024, stabilizing redevelopment projects over the next few years ¢ Successful track record of completing complex r
Slide 18: 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 19: Balance Sheet Snapshot
Balance Sheet Snapshot Credit Ratings Ample Liquidity & Financial Flexibility 4Q23 Balance Sheet Update $1.33 billion of total liquidity in cash and credit nn “ t to EBITDA facility er the next $1.25 billion revolving credit facility largely undrawn Demonstrated access to diverse and innovative capi
Slide 20: 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 All REITs Shopping Center REITs hy oe DON WOOD JEFF BERKES. CEO EVP, President & C Joined 1998 Joined 20¢ DAN GUGLIELMONE EVP, CFO & Treasurer Joined 201
Slide 21: Consecutive Years of Increased Dividends
56 Consecutive Years of Increased Dividends 1 OF 56 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 22: 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 23: 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 24: 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 25: [FEDERAL|
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Slide 26: Appendix: Reconciliation of FFO Guidance
Appendix Reconciliation of FFO Guidance as of March 31, 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 common s
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
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[FEDERAL| 1962 ir.federalrealty.com
Federal Realty Investment Trust — Q1 2024 Earnings Presentation on 6ix