FEDERAL REALTY INVESTMENT TRUST (FRT)

Federal Realty Investment Trust is an equity real estate investment trust that specializes in the ownership, management, acquisition and redevelopment of high quality retail and mixed-use properties. It conducts substantially all of its operations and owns substantially all of its assets through Federal Realty OP LP, the operating partnership, whose sole general partner is Federal Realty GP LLC, a wholly owned subsidiary of the Trust. The company was founded in 1962 as a REIT in the District of Columbia and re-formed in Maryland in 1999. It completed an UPREIT reorganization in January 2022. It has paid quarterly dividends continuously since its founding and has increased its dividend per common share for 58 consecutive years. Revenue comes primarily from lease agreements with tenants.

As of December 31, 2025, the company owned or held a majority interest in community and neighborhood shopping centers and mixed-use properties, operated as 104 predominantly retail real estate projects totaling about 28.8 million commercial square feet. The projects were 96.1% leased and 94.1% occupied. Formats range from regional, community and neighborhood shopping centers, often anchored by grocery stores, to mixed-use properties centered on a retail component with residential and office components. Its investment activity falls into four categories: acquiring quality properties in dense or affluent areas with high barriers to entry, redeveloping or retenanting existing properties, renovating or expanding tenant spaces, and developing the retail and non-retail portions of mixed-use properties. The company also uses taxable REIT subsidiaries, whose activities have not been material.

The properties are located primarily in major coastal markets and select underserved markets with strong economic and demographic fundamentals, generally in some of the most densely populated and affluent areas of the country. Tenants are a diversified mix of strong national and regional retailers and local specialty tenants. The company seeks to raise rents through contractual increases, renewals and new leases, and to replace weaker tenants with stronger ones. Its tenants face competition from online retailers, outlet stores, discount shopping clubs, superstores and direct mail.

The company competes with numerous commercial developers and real estate companies for leasing and acquisitions. Some have greater capital resources, though no single competitor or group is believed to be dominant in its primary markets. It finances itself with the aim of keeping an investment grade balance sheet, using public and private equity and debt offerings, an at-the-market equity program, secured and unsecured borrowings, operating partnership units and joint ventures. It also sells properties with limited growth potential and redeploys the proceeds. Its properties are subject to environmental, health, safety, and energy and emissions laws, which have not had a material adverse effect. At February 9, 2026, it had 314 full-time and 6 part-time employees, none represented by a collective bargaining unit. Its principal executive offices are at 909 Rose Avenue, North Bethesda, Maryland.