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Federal Realty Investment Trust
FRT
#2182
Rank
$9.15 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$105.45
Share price
-0.72%
Change (1 day)
3.05%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Federal Realty Investment Trust
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q3

Federal Realty Investment Trust - 10-Q quarterly report FY2024 Q3


Text size:
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 1-07533 (Federal Realty Investment Trust)
Commission file number: 333-262016-01 (Federal Realty OP LP)
FEDERAL REALTY INVESTMENT TRUST
FEDERAL REALTY OP LP
(Exact Name of Registrant as Specified in its Charter)
Maryland (Federal Realty Investment Trust)
 87-3916363
Delaware (Federal Realty OP LP)
52-0782497
(State of Organization) (IRS Employer Identification No.)
909 Rose Avenue, Suite 200, North Bethesda, Maryland 20852
(Address of Principal Executive Offices) (Zip Code)
(301) 998-8100
(Registrant’s Telephone Number, Including Area Code)

Federal Realty Investment Trust
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Common Shares of Beneficial InterestFRTNew York Stock Exchange
$.01 par value per share, with associated Common Share Purchase Rights
Depositary Shares, each representing 1/1000 of a 5.00% FRT-CNew York Stock Exchange
Series C Cumulative Redeemable Preferred Share, $.01 par value per share
Federal Realty OP LP
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
NoneN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
 Federal Realty Investment Trust ☒  Yes    ☐  No Federal Realty OP LP ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Federal Realty Investment Trust ☒  Yes    ☐  No Federal Realty OP LP ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Federal Realty Investment TrustFederal Realty OP LP
Large Accelerated Filer
☒
Accelerated filer
☐
Large Accelerated Filer
☐
Accelerated filer
☐
Non-Accelerated Filer
☐
Smaller reporting company
☐
Non-accelerated Filer☒Smaller reporting company
☐
Emerging growth company
☐
Emerging growth company
☐
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Federal Realty Investment Trust ☐  Federal Realty OP LP ☐  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Federal Realty Investment Trust ☐  Yes    ☒  No Federal Realty OP LP ☐  Yes    ☒  No
The number of Federal Realty Investment Trust's common shares outstanding on October 25, 2024 was 84,964,130.

Table of Contents

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2024, of Federal Realty Investment Trust and Federal Realty OP, LP. Unless stated otherwise or the context otherwise requires, references to "Federal Realty Investment Trust," the "Parent Company" or the "Trust" mean Federal Realty Investment Trust; and references to "Federal Realty OP LP" or the "Operating Partnership" mean Federal Realty OP LP. The term "the Company," "we," "us," and "our" refer to the Parent Company and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. References to "shares" and "shareholders" refer to the shares and shareholders of the Parent Company and not the limited partnership interests for limited partners of the Operating Partnership.
The Parent Company is a real estate investment trust ("REIT") that owns 100% of the limited liability company interests of, is the sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which is the sole general partner of the Operating Partnership. As of September 30, 2024, the Parent Company owned 100% of the outstanding partnership units (the "OP Units") in the Operating Partnership.
The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report provides the following benefits:
•Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the businesses as a whole in the same manner as management views and operates the business;
•Eliminates duplicate disclosure and provides a more streamlined and readable presentation; and
•Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
Management operates the Parent Company and the Operating Partnership as one business. Since the Operating Partnership is managed by the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, the management of the Parent Company consists of the same individuals as the management of the Operating Partnership.
We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its direct and indirect interest in the Operating Partnership. As a result, the Parent Company does not conduct business itself other than issuing public equity from time to time. The Parent Company is not expected to incur any material indebtedness. The Operating Partnership holds substantially all of our assets and retains the ownership interests in the Company's joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for OP Units, the Operating Partnership generates all capital required by the Company’s business. Sources of this capital include the Operating Partnership’s operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units.
Shareholders' equity, partner capital, and non-controlling interests are the primary areas of difference between the unaudited consolidated financial statements of the Parent Company and those of the Operating Partnership. The Operating Partnership’s capital currently includes OP Units owned by the Parent Company, and may in the future include OP Units owned by third parties. OP Units owned by third parties, if any, are accounted for in capital in the Operating Partnership’s financial statements and in non-controlling interests in the Parent Company’s financial statements.
The Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while shareholders’ equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.


Table of Contents
FEDERAL REALTY INVESTMENT TRUST
FEDERAL REALTY OP LP
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
3
Federal Realty Investment Trust
Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023
3
Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2024 and 2023
4
Consolidated Statements of Shareholders' Equity (unaudited) for the three and nine months ended September 30, 2024 and 2023
5
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023
7
Federal Realty OP LP
Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023
8
Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2024 and 2023
9
Consolidated Statements of Capital (unaudited) for the three and nine months ended September 30, 2024 and 2023
10
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023
12
Federal Realty Investment Trust and Federal Realty OP LP
Notes to Consolidated Financial Statements (unaudited)
13
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
19
Item 3.Quantitative and Qualitative Disclosures about Market Risk
35
Item 4.Controls and Procedures
36
PART II. OTHER INFORMATION
37
Item 1.Legal Proceedings
37
Item 1A.Risk Factors
37
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
37
Item 3.Defaults Upon Senior Securities
37
Item 4.Mine Safety Disclosures
37
Item 5.Other Information
37
Item 6.Exhibits
37
SIGNATURES
41


2
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Federal Realty Investment Trust
Consolidated Balance Sheets
September 30,December 31,
20242023
 (In thousands, except share and per share data)
(Unaudited)
ASSETS
Real estate, at cost
Operating (including $1,822,143 and $2,021,622 of consolidated variable interest entities, respectively)
$10,355,292 $9,932,891 
Construction-in-progress (including $8,352 and $8,677 of consolidated variable interest entities, respectively)
524,707 613,296 
10,879,999 10,546,187 
Less accumulated depreciation and amortization (including $414,128 and $416,663 of consolidated variable interest entities, respectively)
(3,115,910)(2,963,519)
Net real estate7,764,089 7,582,668 
Cash and cash equivalents97,023 250,825 
Accounts and notes receivable, net206,513 201,733 
Mortgage notes receivable, net9,157 9,196 
Investment in partnerships33,008 34,870 
Operating lease right of use assets, net86,415 86,993 
Finance lease right of use assets, net6,685 6,850 
Prepaid expenses and other assets276,328 263,377 
TOTAL ASSETS$8,479,218 $8,436,512 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $187,311 and $189,286 of consolidated variable interest entities, respectively)
$515,012 $516,936 
Notes payable, net601,307 601,945 
Senior notes and debentures, net3,356,298 3,480,296 
Accounts payable and accrued expenses201,066 174,714 
Dividends payable95,849 92,634 
Security deposits payable30,284 30,482 
Operating lease liabilities75,409 75,870 
Finance lease liabilities12,754 12,670 
Other liabilities and deferred credits224,693 225,443 
Total liabilities5,112,672 5,210,990 
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests180,946 183,363 
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
150,000 150,000 
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
9,822 9,822 
Common shares of beneficial interest, $.01 par, 200,000,000 shares authorized, respectively, 84,952,538 and 82,775,286 shares issued and outstanding, respectively
855 833 
Additional paid-in capital4,160,451 3,959,276 
Accumulated dividends in excess of net income(1,211,833)(1,160,474)
Accumulated other comprehensive income2,172 4,052 
Total shareholders’ equity of the Trust3,111,467 2,963,509 
Noncontrolling interests74,133 78,650 
Total shareholders’ equity3,185,600 3,042,159 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$8,479,218 $8,436,512 
The accompanying notes are an integral part of these consolidated statements.
3
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Federal Realty Investment Trust
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (In thousands, except per share data)
REVENUE
Rental income$303,352 $286,323 $890,172 $839,509 
Mortgage interest income281 281 836 833 
Total revenue303,633 286,604 891,008 840,342 
EXPENSES
Rental expenses63,898 58,595 184,448 169,410 
Real estate taxes36,053 33,045 105,402 97,992 
General and administrative10,822 13,149 34,920 37,607 
Depreciation and amortization87,028 81,731 255,481 239,342 
Total operating expenses197,801 186,520 580,251 544,351 
       Gain on sale of real estate— — 52,280 1,702 
OPERATING INCOME105,832 100,084 363,037 297,693 
OTHER INCOME/(EXPENSE)
Other interest income978 721 3,512 3,775 
Interest expense(44,237)(42,726)(132,242)(124,835)
Income from partnerships888 1,313 1,825 3,494 
NET INCOME63,461 59,392 236,132 180,127 
Net income attributable to noncontrolling interests(2,508)(2,344)(6,461)(7,245)
NET INCOME ATTRIBUTABLE TO THE TRUST60,953 57,048 229,671 172,882 
Dividends on preferred shares(2,008)(2,008)(6,024)(6,024)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS$58,945 $55,040 $223,647 $166,858 
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
       Net income available for common shareholders$0.70 $0.67 $2.68 $2.04 
Weighted average number of common shares83,994 81,274 83,180 81,210 
COMPREHENSIVE INCOME$58,404 $60,787 $234,144 $181,248 
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST$56,083 $58,325 $227,791 $173,898 

The accompanying notes are an integral part of these consolidated statements.
4
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Federal Realty Investment Trust
Consolidated Statements of Shareholders’ Equity
For the Three and Nine Months Ended September 30, 2024
(Unaudited)
 Shareholders’ Equity of the Trust  
 Preferred SharesCommon SharesAdditional
Paid-in
Capital		Accumulated
Dividends in
Excess of Net
Income		Accumulated
Other
Comprehensive
Income (Loss)		Noncontrolling InterestsTotal Shareholders' Equity
 SharesAmountSharesAmount
 (In thousands, except share data)
BALANCE AT JUNE 30, 2024398,878 $159,822 83,590,543 $841 $4,005,249 $(1,177,336)$7,042 $75,195 $3,070,813 
Net income, excluding $1,742 attributable to redeemable noncontrolling interests
— — — — — 60,953 — 766 61,719 
Other comprehensive loss - change in fair value of interest rate swaps, excluding $187 attributable to redeemable noncontrolling interests
— — — — — — (4,870)— (4,870)
Dividends declared to common shareholders ($1.10 per share)
— — — — — (93,442)— — (93,442)
Dividends declared to preferred shareholders— — — — — (2,008)— — (2,008)
Distributions declared to noncontrolling interests, excluding $3,167 attributable to redeemable noncontrolling interests
— — — — — — — (1,293)(1,293)
Common shares issued, net— — 1,358,977 14 151,375 — — — 151,389 
Shares issued under dividend reinvestment plan— — 4,542 — 476 — — — 476 
Share-based compensation expense, net of forfeitures— — 1,080 — 3,777 — — — 3,777 
Shares withheld for employee taxes— — (2,604)— (286)— — — (286)
Redemption of downREIT OP units— — — — (140)— — (535)(675)
BALANCE AT SEPTEMBER 30, 2024398,878 $159,822 84,952,538 $855 $4,160,451 $(1,211,833)$2,172 $74,133 $3,185,600 
BALANCE AT DECEMBER 31, 2023398,878 $159,822 82,775,286 $833 $3,959,276 $(1,160,474)$4,052 $78,650 $3,042,159 
Net income, excluding $5,179 attributable to redeemable noncontrolling interests
— — — — — 229,671 — 1,282 230,953 
Other comprehensive loss - change in fair value of interest rate swaps, excluding $108 attributable to redeemable noncontrolling interests
— — — — — — (1,880)— (1,880)
Dividends declared to common shareholders ($3.28 per share)
— — — — — (275,006)— — (275,006)
Dividends declared to preferred shareholders— — — — — (6,024)— — (6,024)
Distributions declared to noncontrolling interests, excluding $7,488 attributable to redeemable noncontrolling interests
— — — — — — (3,183)(3,183)
Common shares issued, net— — 2,059,775 21 222,298 — — — 222,319 
Shares issued under dividend reinvestment plan— — 13,975 — 1,323 — — — 1,323 
Share-based compensation expense, net of forfeitures— — 148,462 1 11,951 — — — 11,952 
Shares withheld for employee taxes— — (49,120)— (4,972)— — — (4,972)
Conversion and redemption of downREIT OP units— — 4,160 — 287 — — (1,247)(960)
Contributions from noncontrolling interests— — — — — — — 725 725 
Purchase of noncontrolling interest— — — — (10,264)— — (2,094)(12,358)
Purchase of capped calls— — — — (19,448)— — — (19,448)
BALANCE AT SEPTEMBER 30, 2024398,878 $159,822 84,952,538 $855 $4,160,451 $(1,211,833)$2,172 $74,133 $3,185,600 



5
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Federal Realty Investment Trust
Consolidated Statements of Shareholders' Equity
For the Three and Nine Months Ended September 30, 2023
(Unaudited)
 Shareholders’ Equity of the Trust  
 Preferred SharesCommon SharesAdditional
Paid-in
Capital		Accumulated
Dividends in
Excess of Net
Income		Accumulated
Other
Comprehensive
Income		Noncontrolling InterestsTotal Shareholders' Equity
 SharesAmountSharesAmount
 (In thousands, except share data)
BALANCE AT JUNE 30, 2023398,878 $159,822 81,515,511 $820 $3,832,983 $(1,098,432)$5,496 $79,742 $2,980,431 
Net income, excluding $1,817 attributable to redeemable noncontrolling interests
— — — — — 57,048 — 527 57,575 
Other comprehensive income - change in fair value of interest rate swaps, excluding $118 attributable to redeemable noncontrolling interests
— — — — — — 1,277 — 1,277 
Dividends declared to common shareholders ($1.09 per share)
— — — — — (88,958)— — (88,958)
Dividends declared to preferred shareholders— — — — — (2,008)— — (2,008)
Distributions declared to noncontrolling interests, excluding $3,545 attributable to redeemable noncontrolling interests
— — — — — — — (1,081)(1,081)
Common shares issued, net— — 95,045 1 9,702 — — — 9,703 
Shares issued under dividend reinvestment plan— — 4,767 — 475 — — — 475 
Share-based compensation expense, net of forfeitures— — 3,922 — 3,738 — — — 3,738 
Shares withheld for employee taxes— — (2,683)— (268)— — — (268)
Conversion of downREIT OP units— — 1,600 — 215 — — (215)— 
Contributions from noncontrolling interests— — — — — — — 165 165 
BALANCE AT SEPTEMBER 30, 2023398,878 $159,822 81,618,162 $821 $3,846,845 $(1,132,350)$6,773 $79,138 $2,961,049 
BALANCE AT DECEMBER 31, 2022398,878 $159,822 81,342,959 $818 $3,821,801 $(1,034,186)$5,757 $80,003 $3,034,015 
Net income, excluding $5,036 attributable to redeemable noncontrolling interests
— — — — — 172,882 — 2,209 175,091 
Other comprehensive income - change in fair value of interest rate swaps, excluding $105 attributable to redeemable noncontrolling interests
— — — — — — 1,016 — 1,016 
Dividends declared to common shareholders ($3.25 per share)
— — — — — (265,022)— — (265,022)
Dividends declared to preferred shareholders— — — — — (6,024)— — (6,024)
Distributions declared to noncontrolling interests, excluding $6,972 attributable to redeemable noncontrolling interests
— — — — — — — (3,283)(3,283)
Common shares issued, net— — 152,141 2 15,893 — — — 15,895 
Shares issued under dividend reinvestment plan— — 14,398 — 1,380 — — — 1,380 
Share-based compensation expense, net of forfeitures— — 145,156 1 11,867 — — — 11,868 
Shares withheld for employee taxes— — (45,615)— (4,979)— — — (4,979)
Conversion of downREIT OP units— — 9,123 — 883 — — (883)— 
Contributions from noncontrolling interests— — — — — — — 1,092 1,092 
BALANCE AT SEPTEMBER 30, 2023398,878 $159,822 81,618,162 $821 $3,846,845 $(1,132,350)$6,773 $79,138 $2,961,049 
The accompanying notes are an integral part of these consolidated statements.
6
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Federal Realty Investment Trust
Consolidated Statements of Cash Flows
 (Unaudited)
Nine Months Ended September 30,
 20242023
 (In thousands)
OPERATING ACTIVITIES
Net income$236,132 $180,127 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization255,481 239,342 
Gain on sale of real estate(52,280)(1,702)
Income from partnerships(1,825)(3,494)
Straight-line rent(16,356)(8,605)
Share-based compensation expense11,153 10,831 
Other, net(1,603)(3,891)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable, net11,044 10,486 
Increase in prepaid expenses and other assets(3,600)(1,739)
Increase in accounts payable and accrued expenses22,783 21,282 
(Decrease) increase in security deposits and other liabilities(5,961)578 
Net cash provided by operating activities454,968 443,215 
INVESTING ACTIVITIES
Acquisition of real estate(273,927)(59,568)
Capital expenditures - development and redevelopment(104,350)(162,662)
Capital expenditures - other(78,055)(73,229)
Costs associated with property sold under threat of condemnation— (1,378)
Proceeds from sale of real estate96,324 12,626 
Distribution from partnerships in excess of earnings3,603 9,314 
Leasing costs(19,047)(13,741)
Net cash used in investing activities(375,452)(288,638)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility— 50,500 
Issuance of senior notes, net of costs471,507 345,698 
Repayment of senior notes(600,000)(275,000)
Costs to extend and issue notes and mortgages payable (902)— 
Repayment of mortgages, finance leases and notes payable(2,662)(2,528)
Purchase of capped calls(19,448)— 
Issuance of common shares, net of costs222,383 16,000 
Dividends paid to common and preferred shareholders(276,548)(268,658)
Shares withheld for employee taxes(4,972)(4,979)
Contributions from noncontrolling interests725 1,092 
Distributions to and acquisition/redemptions of noncontrolling interests(23,997)(10,259)
Net cash used in financing activities(233,914)(148,134)
(Decrease) increase in cash, cash equivalents and restricted cash(154,398)6,443 
Cash, cash equivalents, and restricted cash at beginning of year260,004 96,348 
Cash, cash equivalents, and restricted cash at end of period$105,606 $102,791 
The accompanying notes are an integral part of these consolidated statements.

7
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Federal Realty OP LP
Consolidated Balance Sheets
September 30,December 31,
20242023
 (In thousands, except unit data)
(Unaudited)
ASSETS
Real estate, at cost
Operating (including $1,822,143 and $2,021,622 of consolidated variable interest entities, respectively)
$10,355,292 $9,932,891 
Construction-in-progress (including $8,352 and $8,677 of consolidated variable interest entities, respectively)
524,707 613,296 
10,879,999 10,546,187 
Less accumulated depreciation and amortization (including $414,128 and $416,663 of consolidated variable interest entities, respectively)
(3,115,910)(2,963,519)
Net real estate7,764,089 7,582,668 
Cash and cash equivalents97,023 250,825 
Accounts and notes receivable, net206,513 201,733 
Mortgage notes receivable, net9,157 9,196 
Investment in partnerships33,008 34,870 
Operating lease right of use assets, net86,415 86,993 
Finance lease right of use assets, net6,685 6,850 
Prepaid expenses and other assets276,328 263,377 
TOTAL ASSETS$8,479,218 $8,436,512 
LIABILITIES AND CAPITAL
Liabilities
Mortgages payable, net (including $187,311 and $189,286 of consolidated variable interest entities, respectively)
$515,012 $516,936 
Notes payable, net601,307 601,945 
Senior notes and debentures, net3,356,298 3,480,296 
Accounts payable and accrued expenses201,066 174,714 
Dividends payable95,849 92,634 
Security deposits payable30,284 30,482 
Operating lease liabilities75,409 75,870 
Finance lease liabilities12,754 12,670 
Other liabilities and deferred credits224,693 225,443 
Total liabilities5,112,672 5,210,990 
Commitments and contingencies (Note 6)
Redeemable noncontrolling interests180,946 183,363 
Partner capital
Preferred units, 398,878 units issued and outstanding
154,788 154,788 
Common units, 84,952,538 and 82,775,286 units issued and outstanding, respectively
2,954,507 2,804,669 
Accumulated other comprehensive income2,172 4,052 
Total partner capital3,111,467 2,963,509 
Noncontrolling interests in consolidated partnerships74,133 78,650 
Total capital3,185,600 3,042,159 
TOTAL LIABILITIES AND CAPITAL$8,479,218 $8,436,512 
The accompanying notes are an integral part of these consolidated statements.
8
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Federal Realty OP LP
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (In thousands, except per unit data)
REVENUE
Rental income$303,352 $286,323 $890,172 $839,509 
Mortgage interest income281 281 836 833 
Total revenue303,633 286,604 891,008 840,342 
EXPENSES
Rental expenses63,898 58,595 184,448 169,410 
Real estate taxes36,053 33,045 105,402 97,992 
General and administrative10,822 13,149 34,920 37,607 
Depreciation and amortization87,028 81,731 255,481 239,342 
Total operating expenses197,801 186,520 580,251 544,351 
       Gain on sale of real estate — — 52,280 1,702 
OPERATING INCOME105,832 100,084 363,037 297,693 
OTHER INCOME/(EXPENSE)
Other interest income978 721 3,512 3,775 
Interest expense(44,237)(42,726)(132,242)(124,835)
Income from partnerships888 1,313 1,825 3,494 
NET INCOME63,461 59,392 236,132 180,127 
Net income attributable to noncontrolling interests(2,508)(2,344)(6,461)(7,245)
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP60,953 57,048 229,671 172,882 
Distributions on preferred units(2,008)(2,008)(6,024)(6,024)
NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS$58,945 $55,040 $223,647 $166,858 
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
       Net income available for common unit holders$0.70 $0.67 $2.68 $2.04 
Weighted average number of common units83,994 81,274 83,180 81,210 
COMPREHENSIVE INCOME$58,404 $60,787 $234,144 $181,248 
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE PARTNERSHIP$56,083 $58,325 $227,791 $173,898 

The accompanying notes are an integral part of these consolidated statements.
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Federal Realty OP LP
Consolidated Statements of Capital
For the Three and Nine Months Ended September 30, 2024
(Unaudited)
 Preferred UnitsCommon UnitsAccumulated
Other
Comprehensive
Income (Loss)		Total Partner CapitalNoncontrolling Interests in Consolidated PartnershipsTotal Capital
 
(In thousands)
BALANCE AT JUNE 30, 2024$154,788 $2,833,788 $7,042 $2,995,618 $75,195 $3,070,813 
Net income, excluding $1,742 attributable to redeemable noncontrolling interests
2,008 58,945 — 60,953 766 61,719 
Other comprehensive loss - change in fair value of interest rate swaps, excluding $187 attributable to redeemable noncontrolling interests
— — (4,870)(4,870)— (4,870)
Distributions declared to common unit holders— (93,442)— (93,442)— (93,442)
Distributions declared to preferred unit holders(2,008)— — (2,008)— (2,008)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $3,167 attributable to redeemable noncontrolling interests
— — — — (1,293)(1,293)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs— 151,389 — 151,389 — 151,389 
Common units issued under dividend reinvestment plan— 476 — 476 — 476 
Share-based compensation expense, net of forfeitures— 3,777 — 3,777 — 3,777 
Common units withheld for employee taxes— (286)— (286)— (286)
Redemption of downREIT OP units— (140)— (140)(535)(675)
BALANCE AT SEPTEMBER 30, 2024$154,788 $2,954,507 $2,172 $3,111,467 $74,133 $3,185,600 
BALANCE AT DECEMBER 31, 2023$154,788 $2,804,669 $4,052 $2,963,509 $78,650 $3,042,159 
Net income, excluding $5,179 attributable to redeemable noncontrolling interests
6,024 223,647 — 229,671 1,282 230,953 
Other comprehensive loss - change in fair value of interest rate swaps, excluding $108 attributable to redeemable noncontrolling interest
— — (1,880)(1,880)— (1,880)
Distributions declared to common unit holders— (275,006)— (275,006)— (275,006)
Distributions declared to preferred unit holders(6,024)— — (6,024)— (6,024)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $7,488 attributable to redeemable noncontrolling interests
— — — — (3,183)(3,183)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs— 222,319 — 222,319 — 222,319 
Common units issued under dividend reinvestment plan— 1,323 — 1,323 — 1,323 
Share-based compensation expense, net of forfeitures— 11,952 — 11,952 — 11,952 
Common units withheld for employee taxes— (4,972)— (4,972)— (4,972)
Conversion and redemption of downREIT OP units— 287 — 287 (1,247)(960)
Purchase of noncontrolling interest— (10,264)— (10,264)(2,094)(12,358)
Contributions from noncontrolling interests— — — — 725 725 
Purchase of capped calls— (19,448)— (19,448)— (19,448)
BALANCE AT SEPTEMBER 30, 2024$154,788 $2,954,507 $2,172 $3,111,467 $74,133 $3,185,600 


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Federal Realty OP LP
Consolidated Statements of Capital
For the Three and Nine Months Ended September 30, 2023
(Unaudited)
 Preferred UnitsCommon UnitsAccumulated
Other
Comprehensive
Income		Total Partner CapitalNoncontrolling Interests in Consolidated PartnershipsTotal Capital
 
 (In thousands)
BALANCE AT JUNE 30, 2023$154,788 $2,740,405 $5,496 $2,900,689 $79,742 $2,980,431 
Net income, excluding $1,817 attributable to redeemable noncontrolling interests
2,008 55,040 — 57,048 527 57,575 
Other comprehensive income - change in fair value of interest rate swaps, excluding $118 attributable to redeemable noncontrolling interests
— — 1,277 1,277 — 1,277 
Distributions declared to common unit holders— (88,958)— (88,958)— (88,958)
Distributions declared to preferred unit holders(2,008)— — (2,008)— (2,008)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $3,545 attributable to redeemable noncontrolling interests
— — — — (1,081)(1,081)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs— 9,703 — 9,703 — 9,703 
Common units issued under dividend reinvestment plan— 475 — 475 — 475 
Share-based compensation expense, net of forfeitures— 3,738 — 3,738 — 3,738 
Common units withheld for employee taxes— (268)— (268)— (268)
Conversion of downREIT OP units— 215 — 215 (215)— 
Contributions from noncontrolling interests— — — — 165 165 
BALANCE AT SEPTEMBER 30, 2023$154,788 $2,720,350 $6,773 $2,881,911 $79,138 $2,961,049 
BALANCE AT DECEMBER 31, 2022$154,788 $2,793,467 $5,757 $2,954,012 $80,003 $3,034,015 
Net income, excluding $5,036 attributable to redeemable noncontrolling interests
6,024 166,858 — 172,882 2,209 175,091 
Other comprehensive income - change in fair value of interest rate swaps, excluding $105 attributable to redeemable noncontrolling interests
— — 1,016 1,016 — 1,016 
Distributions declared to common unit holders— (265,022)— (265,022)— (265,022)
Distributions declared to preferred unit holders(6,024)— — (6,024)— (6,024)
Distributions declared to noncontrolling interests in consolidated partnerships, excluding $6,972 attributable to redeemable noncontrolling interests
— — — — (3,283)(3,283)
Common units issued as a result of common stock issued by Parent Company, net of issuance costs— 15,895 — 15,895 — 15,895 
Common units issued under dividend reinvestment plan— 1,380 — 1,380 — 1,380 
Share-based compensation expense, net of forfeitures— 11,868 — 11,868 — 11,868 
Common units withheld for employee taxes— (4,979)— (4,979)— (4,979)
Conversion of downREIT OP units— 883 — 883 (883)— 
Contributions from noncontrolling interests— — — — 1,092 1,092 
BALANCE AT SEPTEMBER 30, 2023$154,788 $2,720,350 $6,773 $2,881,911 $79,138 $2,961,049 
The accompanying notes are an integral part of these consolidated statements.
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Federal Realty OP LP
Consolidated Statements of Cash Flows 
(Unaudited)
Nine Months Ended September 30,
 20242023
 (In thousands)
OPERATING ACTIVITIES
Net income$236,132 $180,127 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization255,481 239,342 
Gain on sale of real estate(52,280)(1,702)
Income from partnerships(1,825)(3,494)
Straight-line rent(16,356)(8,605)
Share-based compensation expense11,153 10,831 
Other, net(1,603)(3,891)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable, net11,044 10,486 
Increase in prepaid expenses and other assets(3,600)(1,739)
Increase in accounts payable and accrued expenses22,783 21,282 
(Decrease) increase in security deposits and other liabilities(5,961)578 
Net cash provided by operating activities454,968 443,215 
INVESTING ACTIVITIES
Acquisition of real estate(273,927)(59,568)
Capital expenditures - development and redevelopment(104,350)(162,662)
Capital expenditures - other(78,055)(73,229)
Costs associated with property sold under threat of condemnation— (1,378)
Proceeds from sale of real estate96,324 12,626 
Distribution from partnerships in excess of earnings3,603 9,314 
Leasing costs(19,047)(13,741)
Net cash used in investing activities(375,452)(288,638)
FINANCING ACTIVITIES
Net borrowings under revolving credit facility— 50,500 
Issuance of senior notes, net of costs471,507 345,698 
Repayment of senior notes(600,000)(275,000)
Costs to extend and issue notes and mortgages payable (902)— 
Repayment of mortgages, finance leases and notes payable(2,662)(2,528)
Purchase of capped calls(19,448)— 
Issuance of common units, net of costs222,383 16,000 
Distributions to common and preferred unit holders(276,548)(268,658)
Shares withheld for employee taxes(4,972)(4,979)
Contributions from noncontrolling interests725 1,092 
Distributions to and acquisition/redemptions of noncontrolling interests(23,997)(10,259)
Net cash used in financing activities(233,914)(148,134)
(Decrease) increase in cash, cash equivalents and restricted cash(154,398)6,443 
Cash, cash equivalents, and restricted cash at beginning of year260,004 96,348 
Cash, cash equivalents, and restricted cash at end of period$105,606 $102,791 

The accompanying notes are an integral part of these consolidated statements.
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Federal Realty Investment Trust
Federal Realty OP LP
Notes to Consolidated Financial Statements
September 30, 2024
(Unaudited)

NOTE 1—BUSINESS AND ORGANIZATION
Federal Realty Investment Trust (the "Parent Company" and the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns all of its assets. The Parent Company owns 100% of the limited liability company interests of, is sole member of and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of September 30, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects.
We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.
General Economic Conditions
Heightened levels of inflation and higher interest rates present risks for our business and our tenants. We continue to monitor and address risks related to the general state of the economy. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying unaudited interim consolidated financial statements of the Parent Company and Operating Partnership have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year.
Principles of Consolidation
As discussed in the Explanatory Note, we have combined the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent Company, through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.
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Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Exchangeable Senior Notes
On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement (see Note 4 for additional information). We account for our Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (after the adoption of ASU 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Contracts in an Entity's Own Equity (ASU 2020-06)). The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Notes on our dilutive earnings per common share and per common unit using the if-converted method. In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. Similar to the exchange feature embedded in the Notes, the capped call transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded in shareholders' equity for the Trust and capital for the Operating Partnership.
Recent Accounting Pronouncements
StandardDescriptionEffect on the financial statements or significant matters
Adopted during 2024:
ASU 2023-01, March 2023, Leases (Topic 842) Common Control Arrangements
This ASU requires all lessees in a lease with a lessor under common control to (1) amortize leasehold improvements over their useful life to the common control group, as long as the lessee controls the use of the underlying asset through a lease and (2) account for the leasehold improvements as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset.

The guidance may be applied prospectively to new and existing leasehold improvements, with the remaining balance of existing leasehold improvements amortized over their remaining useful life to the common control group or retrospectively, through a cumulative-effect adjustment to opening retained earnings.

The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted.		We adopted this ASU as of January 1, 2024. The implementation of this ASU did not have an impact on our consolidated financial statements.
Issued in 2023:
ASU 2023-07, November 2023, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures
This ASU requires public entities to provide disclosures of significant segment expense and other significant segment items, as well as provide in interim period all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Additionally, public entities with a single reportable segment have to provide all of the disclosures required by ASC 280, including the significant segment expense disclosures.

The guidance is applied retrospectively to all periods presented in financial statements, unless it is impracticable. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted.		While we continue to evaluate the impact of this ASU on our Form 10-K for the year ended December 31, 2024, we anticipate providing disclosures required by ASC 280 for our single reportable segment.


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Consolidated Statements of Cash Flows—Supplemental Disclosures
The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:
Nine Months Ended
 September 30,
 20242023
 (In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred$147,939 $141,994 
Interest capitalized(15,697)(17,159)
Interest expense$132,242 $124,835 
Cash paid for interest, net of amounts capitalized$123,586 $113,414 
Cash paid for income taxes$190 $778 
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Shares issued under dividend reinvestment plan$1,259 $1,275 
DownREIT operating partnership units redeemed for common shares$366 $883 
 September 30,December 31,
20242023
 (In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents$97,023 $250,825 
Restricted cash (1)8,583 9,179 
Total cash, cash equivalents, and restricted cash$105,606 $260,004 
(1)Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.

NOTE 3—REAL ESTATE
On May 31, 2024, we acquired the fee interest in Virginia Gateway, which is comprised of five adjacent shopping centers in Gainesville, Virginia, totaling 664,000 square feet, for $215.0 million. Approximately $15.8 million and $0.4 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $13.3 million of net assets acquired were allocated to other liabilities for "below market leases."
On July 31, 2024, we acquired the fee interest in Pinole Vista Crossing, a 216,000 square foot retail shopping center in Pinole, California for $60.0 million. Approximately $4.2 million of net assets acquired were allocated to other assets for "acquired lease costs," and $4.0 million of net assets acquired were allocated to other liabilities for "below market leases."
During the nine months ended September 30, 2024, we sold our Third Street Promenade property for $103.0 million, resulting in a gain on sale of $52.0 million.

NOTE 4—DEBT
On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The notes bear interest at an annual rate of 3.25%, payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2024. The notes mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. Net proceeds after the initial purchaser’s discount and offering costs were approximately $471.5 million. Interest expense related to these Notes for the three and nine months ended September 30, 2024 was $4.6 million and $13.3 million, respectively, including debt issuance cost amortization.
Prior to the close of business on July 15, 2028, the Notes will be exchangeable at the option of holders only upon certain circumstances and during certain periods. On or after July 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may exchange their Notes at any time. The Operating Partnership will settle exchanges of the Notes by delivering cash up to the principal amount of the Notes exchanged, and if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount. If we elect to settle any portion of the exchange obligation in excess of the principal amount with shares of the Trust, an equivalent number of common units will be issued by the Operating Partnership to the Trust. The exchange rate initially equals 8.1436 common shares per $1,000 principal amount of the Notes (which is equivalent to an exchange price of approximately $122.80 per common share and reflects an exchange premium of
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approximately 20% based on the closing price of $102.33 on January 8, 2024). The initial exchange rate is subject to adjustment upon the occurrence of certain events, including in the event of a payment of a quarterly common dividend in excess of $1.09 per share, but will not be adjusted for any accrued and unpaid interest.
The Operating Partnership may redeem the Notes, at its option, in whole or in part, on or after January 20, 2027 if the last reported sales price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 day consecutive trading period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. The capped call transactions cover, subject to customary adjustments, the number of our common shares that initially underlie the Notes. The capped call transactions are expected generally to reduce the potential dilution to our common shares upon exchange of any Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Notes, with such reduction and/or offset subject to a cap. The cap price of the capped call transaction initially is approximately $143.26 per share, which represents a premium of approximately 40% over the last reported sale price of our common shares of $102.33 on the New York Stock Exchange on January 8, 2024, and is subject to certain adjustments under the terms of the capped call transactions. A portion of the proceeds from the Notes were used to pay the capped call premium of $19.4 million, which is recorded in shareholders' equity for the Trust and capital for the Operating Partnership.
On January 16, 2024, we repaid our $600.0 million 3.95% senior unsecured notes at maturity.
On February 6, 2024, we exercised our first option and extended the maturity date of our $600.0 million unsecured term loan to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026.
During the three and nine months ended September 30, 2024, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $152.7 million and $202.7 million, respectively. The weighted average amount of borrowings outstanding was $52.1 million and $37.6 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 6.2% for both the three and nine months ended September 30, 2024. At September 30, 2024, our revolving credit facility had no balance outstanding.
Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2024, we were in compliance with all default related debt covenants.

NOTE 5—FAIR VALUE OF FINANCIAL INSTRUMENTS
Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:

 September 30, 2024December 31, 2023
Carrying
Value		Fair ValueCarrying
Value		Fair Value
(In thousands)
Mortgages and notes payable, net$1,116,319 $1,094,666 $1,118,881 $1,101,479 
Senior notes and debentures, net$3,356,298 $3,221,518 $3,480,296 $3,201,174 

As of September 30, 2024, we have five interest rate swap agreements with total notional amounts of $252.5 million that are measured at fair value on a recurring basis. We have two interest rate swap agreements associated with our Hoboken portfolio that fix the interest rate on $52.5 million of mortgage payables at 3.67% through December 15, 2029. We also have three interest rate swap agreements associated with our Bethesda Row property that fix the interest rate on a $200.0 million mortgage payable at a weighted average interest rate of 5.03% through December 28, 2025.

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The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at September 30, 2024 was an asset of $2.8 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three and nine months ended September 30, 2024, the value of our interest rate swaps decreased $4.7 million and $1.9 million, respectively (including $1.1 million and $3.4 million, respectively, reclassified from other comprehensive income as a decrease to interest expense). A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:
September 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(In thousands)
Interest rate swaps$— $2,763 $— $2,763 $— $4,668 $— $4,668 
One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three and nine months ended September 30, 2024, our share of the change in fair value of the related swaps included in "accumulated other comprehensive income" was a decrease of $0.4 million and $0.1 million, respectively.

NOTE 6—COMMITMENTS AND CONTINGENCIES
We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.
We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us.
On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for $12.4 million, bringing our ownership to 100%.
During the three months ended September 30, 2024, the term of our ground lease for our Kings Court property expired.
Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or common shares, at our option. A total of 622,399 downREIT operating partnership units are outstanding which have a total fair value of approximately $71.6 million, which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on September 30, 2024.

NOTE 7—SHAREHOLDERS’ EQUITY
The following table provides a summary of dividends declared and paid per share:

 Nine Months Ended September 30,
 20242023
 DeclaredPaidDeclaredPaid
Common shares$3.280 $3.270 $3.250 $3.240 
5.417% Series 1 Cumulative Convertible Preferred shares
$1.016 $1.016 $1.016 $1.016 
5.0% Series C Cumulative Redeemable Preferred shares (1)
$0.938 $0.938 $0.938 $0.938 
(1)Amount represents dividends per depository share, each representing 1/1000th of a share.

On March 8, 2024, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $500.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund
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potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.
For the three months ended September 30, 2024, we issued 1,282,938 common shares at a weighted average price per share of $113.27 for net cash proceeds of $143.8 million including paying $1.5 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2024, we issued 2,059,654 common shares (of which, 62,895 were sold during 2023 under our previous ATM equity program) at a weighted average price per share of $109.20 for net cash proceeds of $222.4 million, including paying $2.2 million in commissions and $0.3 million in additional offering expenses related to the sales of these common shares.
We also entered into forward sales contracts for the three and nine months ended September 30, 2024 for 709,925 common shares under our ATM equity program at a weighted average offering price of $115.91. The forward price that we will receive upon physical settlement of the agreements is subject to the adjustment for (i) commissions, (ii) floating interest rate factor equal to a specified daily rate less a spread, (iii) the forward purchasers' stock borrowing costs and (iv) scheduled dividends during the term of the forward sale agreements. The open forward shares may be settled at any time on or before multiple required settlement dates ranging from September 2025 to December 2025. As of September 30, 2024, we have the capacity to issue up to $199.4 million in common shares under our ATM equity program.

NOTE 8—SHARE-BASED COMPENSATION PLANS
A summary of share-based compensation expense included in net income is as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
 2024202320242023
 (In thousands)
Grants of common shares, restricted stock units, and options$3,777 $3,738 $11,952 $11,868 
Capitalized share-based compensation(263)(352)(799)(1,037)
Share-based compensation expense$3,514 $3,386 $11,153 $10,831 

NOTE 9—EARNINGS PER SHARE AND UNIT
We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For both the three and nine months ended September 30, 2024 and 2023, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below.
The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:
•exercise of 1,190 stock options for the three and nine months ended September 30, 2024, and 1,829 stock options for the three and nine months ended September 30, 2023,
•conversions of downREIT operating partnership units for both the three and nine months ended September 30, 2024 and 2023,
•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three and nine months ended September 30, 2024 and 2023,
•the issuance of 0.7 million shares and units issuable under common share forward sales agreements for the three and nine months ended September 30, 2024, and
•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three and nine months ended September 30, 2024.
Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved.
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Federal Realty Investment Trust Earnings per Share
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
 (In thousands, except per share data)
NUMERATOR
Net income$63,461 $59,392 $236,132 $180,127 
Less: Preferred share dividends(2,008)(2,008)(6,024)(6,024)
Less: Income from operations attributable to noncontrolling interests(2,508)(2,344)(6,461)(7,245)
Less: Earnings allocated to unvested shares(325)(323)(988)(974)
Net income available for common shareholders, basic and diluted$58,620 $54,717 $222,659 $165,884 
DENOMINATOR
Weighted average common shares outstanding, basic and diluted83,994 81,274 83,180 81,210 
EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders$0.70 $0.67 $2.68 $2.04 

Federal Realty OP LP Earnings per Unit
Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
 (In thousands, except per unit data)
NUMERATOR
Net income$63,461 $59,392 $236,132 $180,127 
Less: Preferred unit distributions(2,008)(2,008)(6,024)(6,024)
Less: Income from operations attributable to noncontrolling interests(2,508)(2,344)(6,461)(7,245)
Less: Earnings allocated to unvested units(325)(323)(988)(974)
Net income available for common unit holders, basic and diluted$58,620 $54,717 $222,659 $165,884 
DENOMINATOR
Weighted average common units outstanding, basic and diluted83,994 81,274 83,180 81,210 
EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders$0.70 $0.67 $2.68 $2.04 
ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements
The following discussion should be read in conjunction with the consolidated interim financial statements and notes thereto appearing in Item 1 of this report and the more detailed information contained in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2024.
Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
The following are some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements:
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•risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;
•risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment, or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
•risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
•risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;
•risks associated with general economic conditions, including inflation and local economic conditions in our geographic markets;
•risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;
•risks related to the Trust's status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to the Trust's status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and
•risks related to natural disasters, climate change and public health crises (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.
Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Quarterly Report on Form 10-Q. You should carefully review the risks and the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2023 and under Part II, Item 1A in this Quarterly Report on Form 10-Q, before making any investments in us.
Overview
Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interests of, and is sole member and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties. As of September 30, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects comprising approximately 26.8 million commercial square feet. In total, the real estate projects were 95.9% leased and 94.0% occupied at September 30, 2024.
General Economic Conditions
The economy continues to face several issues including inflation risk, high interest rates, and potentially worsening economic conditions present risks for our business and tenants. We continue to monitor and address risks related to the general state of the economy. We believe that the actions we have taken to improve our financial position and maximize our liquidity, as described further in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 Annual Report on Form 10-K, will continue to mitigate the impact to our cash flow caused by tenants not timely paying contractual rent.
See further discussion of the impact of current economic conditions on our business throughout Item 2.
Critical Accounting Policies
There have been no significant changes to the critical accounting policies disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2023 Annual Report on Form 10-K.
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Property Acquisitions and Dispositions
On May 31, 2024, we acquired the fee interest in Virginia Gateway, which is comprised of five adjacent shopping centers in Gainesville, Virginia, totaling 664,000 square feet, for $215.0 million. Approximately $15.8 million and $0.4 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $13.3 million of net assets acquired were allocated to other liabilities for "below market leases."
On July 31, 2024, we acquired the fee interest in Pinole Vista Crossing, a 216,000 square foot retail shopping center in Pinole, California for $60.0 million. Approximately $4.2 million of net assets acquired were allocated to other assets for "acquired lease costs," and $4.0 million of net assets acquired were allocated to other liabilities for "below market leases."
During the nine months ended September 30, 2024, we sold our Third Street Promenade property for $103.0 million, resulting in a gain on sale of $52.0 million.
Debt and Equity Transactions
On January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The notes bear interest at an annual rate of 3.25%, payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2024. The notes mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. Net proceeds after the initial purchaser’s discount and offering costs were approximately $471.5 million. Interest expense related to these Notes for the three and nine months ended September 30, 2024 was $4.6 million and $13.3 million, respectively, including debt issuance cost amortization.
Prior to the close of business on July 15, 2028, the Notes will be exchangeable at the option of holders only upon certain circumstances and during certain periods. On or after July 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may exchange their Notes at any time. The Operating Partnership will settle exchanges of the Notes by delivering cash up to the principal amount of the Notes exchanged, and if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount. If we elect to settle any portion of the exchange obligation in excess of the principal amount with shares of the Trust, an equivalent number of common units will be issued by the Operating Partnership to the Trust. The exchange rate initially equals 8.1436 common shares per $1,000 principal amount of the Notes (which is equivalent to an exchange price of approximately $122.80 per common share and reflects an exchange premium of approximately 20% based on the closing price of $102.33 on January 8, 2024). The initial exchange rate is subject to adjustment upon the occurrence of certain events, including in the event of a payment of a quarterly common dividend in excess of $1.09 per share, but will not be adjusted for any accrued and unpaid interest.
The Operating Partnership may redeem the Notes, at its option, in whole or in part, on or after January 20, 2027 if the last reported sales price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 day consecutive trading period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. The capped call transactions cover, subject to customary adjustments, the number of our common shares that initially underlie the Notes. The capped call transactions are expected generally to reduce the potential dilution to our common shares upon exchange of any Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Notes, with such reduction and/or offset subject to a cap. The cap price of the capped call transaction initially is approximately $143.26 per share, which represents a premium of approximately 40% over the last reported sale price of our common shares of $102.33 on the New York Stock Exchange on January 8, 2024, and is subject to certain adjustments under the terms of the capped call transactions. A portion of the proceeds from the Notes were used to pay the capped call premium of $19.4 million, which is recorded in shareholders' equity for the Trust and capital for the Operating Partnership.
On January 16, 2024, we repaid our $600.0 million 3.95% senior unsecured notes at maturity.
On February 6, 2024, we exercised our first option and extended the maturity date of our $600.0 million unsecured term loan to April 16, 2025, with an additional one year extension at our option still available to further extend the loan to April 16, 2026.
On March 8, 2024, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $500.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.
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For the three months ended September 30, 2024, we issued 1,282,938 common shares at a weighted average price per share of $113.27 for net cash proceeds of $143.8 million including paying $1.5 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2024, we issued 2,059,654 common shares (of which, 62,895 were sold during 2023 under our previous ATM equity program) at a weighted average price per share of $109.20 for net cash proceeds of $222.4 million, including paying $2.2 million in commissions and $0.3 million in additional offering expenses related to the sales of these common shares.
We also entered into forward sales contracts for the three and nine months ended September 30, 2024 for 709,925 common shares under our ATM equity program at a weighted average offering price of $115.91. The forward price that we will receive upon physical settlement of the agreements is subject to the adjustment for (i) commissions, (ii) floating interest rate factor equal to a specified daily rate less a spread, (iii) the forward purchasers' stock borrowing costs and (iv) schedule dividends during the term of the forward sale agreements. The open forward shares may be settled at any time on or before multiple required settlement dates ranging from September 2025 to December 2025. As of September 30, 2024, we have the capacity to issue up to $199.4 million in common shares under our ATM equity program.
Other Transactions
On April 1, 2024, we acquired the approximately 10% noncontrolling interest in the partnership that owns our CocoWalk property for $12.4 million, bringing our ownership to 100%.
Recently Issued Accounting Pronouncements
See Note 2 to the consolidated financial statements.
Capitalized Costs
Certain external and internal costs directly related to the development, redevelopment and leasing of real estate, including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. We capitalized certain external and internal costs related to both development and redevelopment activities of $102 million and $6 million, respectively, for the nine months ended September 30, 2024, and $155 million and $7 million for the nine months ended September 30, 2023. We capitalized external and internal costs related to other property improvements of $74 million and $4 million, respectively, for the nine months ended September 30, 2024, and $66 million and $3 million, respectively, for the nine months ended September 30, 2023. We capitalized external and internal costs related to leasing activities of $14 million and $3 million, respectively, for the nine months ended September 30, 2024, and $13 million and $3 million, respectively, for the nine months ended September 30, 2023. The amount of capitalized internal costs for salaries and related benefits for development and redevelopment activities, other property improvements, and leasing activities were $6 million, $3 million, and $3 million, respectively, for the nine months ended September 30, 2024, and $7 million, $3 million, and $3 million, respectively, for the nine months ended September 30, 2023. Total capitalized costs were $204 million and $247 million for the nine months ended September 30, 2024 and 2023, respectively.
Outlook
Our long-term growth strategy is focused on growth in earnings, funds from operations, and cash flows primarily through a combination of the following:
•growth in our comparable property portfolio,
•growth in our portfolio from property redevelopments and expansions, and
•expansion of our portfolio through property acquisitions.
Although general economic impacts of elevated levels of inflation and higher interest rates are impacting us in the short-term, our long-term focus has not changed. See our Annual Report on Form 10-K filed on February 12, 2024, for additional discussion of our long-term strategies.

Our comparable property growth is primarily driven by increases in rental rates on new leases and lease renewals, changes in portfolio occupancy, and the redevelopment of those assets. Over the long-term, the infill nature and strong demographics of our properties provide a strategic advantage allowing us to maintain relatively high occupancy and generally increase rental rates. We continue to experience strong demand for our commercial space as evidenced by the 2.1 million square feet of comparable retail space leasing we've completed in the last twelve months, and the 1.9% spread between our leased rate of 95.9% and our occupied rate of 94.0%. However, the effects of high levels of inflation and interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs. We continue to see impacts of increased costs for certain construction and other materials that support our development and redevelopment activities. Worsening supply chain disruptions could also result in extended timeframes and/or increased costs
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for completion of our projects and tenant build-outs, which could delay the commencement of rent payments under new leases. Similarly, if our tenants experience significant disruptions in supply chains supporting their own products, staffing issues due to labor shortages, or are otherwise impacted by worsening economic conditions, their ability to pay rent may be adversely affected. We continue to monitor these macroeconomic developments and are working with our tenants and our vendors to limit the overall impact to our business.

We believe the locations and nature of our centers and diverse tenant base partially mitigates any potential negative changes in the economic environment. However, any significant reduction in our tenants' abilities to pay base rent, percentage rent or other charges, will adversely affect our financial condition and results of operations. We seek to maintain a mix of strong national, regional, and local retailers.

We continue to have several development projects in process being delivered as follows:
•Phase IV at Pike & Rose is a 276,000 square foot office building (which includes 10,000 square feet of ground floor retail space). Approximately 204,000 square feet of the office space is leased, and all of the retail space is leased. The building is expected to cost between $180 million and $190 million, and began delivering in late September 2023. As of September 30, 2024, approximately 164,000 square feet of office space and 5,000 square feet of retail space is open.
•Construction on Santana West includes an eight story 369,000 square foot office building, which is expected to cost between $325 million and $335 million. Approximately 193,000 square feet of space is leased, of which 29,000 square feet of space is open as of September 30, 2024.
•Throughout the portfolio, we currently have redevelopment projects underway with a projected total cost of approximately $307 million that we expect to stabilize over the next several years.

The above includes our best estimates based on information currently known, however, the completion of construction, final costs, and the timing of leasing and openings may be further impacted by the current environment including the duration and severity of the economic impacts of broader, as well as local, economic conditions, inflation, higher interest rates, and higher operating costs.
The development of future phases of Assembly Row, Pike & Rose, Santana Row, and other properties will be pursued opportunistically based on, among other things, market conditions, tenant demand, and our evaluation of whether those phases will generate an appropriate financial return.
We continue to review acquisition opportunities that complement our portfolio and provide long-term growth opportunities. Initially, some of our acquisitions do not contribute significantly to earnings growth; however, we believe they provide long-term re-leasing growth, redevelopment opportunities, and other strategic opportunities. Any growth from acquisitions is contingent on our ability to find properties that meet our qualitative standards at prices that meet our financial hurdles. Changes in interest rates may affect our success in achieving earnings growth through acquisitions by affecting both the price that must be paid to acquire a property, as well as our ability to economically finance the property acquisition. Generally, our acquisitions are initially financed by available cash and/or borrowings under our revolving credit facility which may be repaid later with funds raised through the issuance of new equity or new long-term debt. We may also finance our acquisitions through the issuance of common shares, preferred shares, or units in the Operating Partnership, as well as through assumed mortgages and property sales.
At September 30, 2024, the leasable commercial square feet in our properties was 95.9% leased and 94.0% occupied. The leased rate is higher than the occupied rate due to leased spaces that are being redeveloped or improved or that are awaiting permits and, therefore, are not yet ready to be occupied. Our occupancy and leased rates are subject to variability over time due to factors including acquisitions, the timing of the start and stabilization of our redevelopment projects, lease expirations and tenant closings and bankruptcies.
Lease Rollovers
For the third quarter of 2024, we signed retail leases for a total of 593,000 square feet of retail space including 581,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 14% on a cash basis. New leases for comparable spaces were signed for 230,000 square feet, with an average rental increase of 20% on a cash basis. Renewals for comparable spaces were signed for 351,000 square feet at a 11% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $26.28 per square foot, of which $65.91 per square foot was for new leases and $0.36 per square foot was for renewals for the three months ended September 30, 2024.
For the nine months ended September 30, 2024, we signed retail leases for a total of 1,781,000 square feet of retail space including 1,742,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 11% on a cash basis. New leases for comparable spaces were signed for 766,000 square feet, with an average rental
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increase of 17% on a cash basis. Renewals for comparable spaces were signed for 977,000 square feet at a 7% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $26.53 per square foot, of which $57.04 per square foot was for new leases and $2.61 per square foot was for renewals for the nine months ended September 30, 2024.
The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold or under contract to be sold. The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent considered to part of base rent, and the comparable annual rent and in some instances, projections of percentage rent, to be paid on the new lease. In atypical circumstances, management may exercise judgment as to how to most effectively reflect the comparability of spaces reported in this calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, capital investment made in the space and the specific lease structure. Tenant improvements and incentives include the total dollars committed for the improvement (fit out) of a space as it relates to a specific lease. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements. Costs related to tenant improvements require judgement by management in determining what are costs specific to the tenant and not deferred maintenance on the space.
In the past five years, we have executed comparable space leases for 1.6 to 2.1 million square feet of retail space each year and expect the volume in 2024 will be in line with or slightly above these historical averages. Although we expect overall positive increases in annual rent for comparable spaces, changes in annual rent for any individual lease or combinations of individual leases reported in any particular period may be positive or negative and we can provide no assurance that the annual rents on comparable space leases will continue to increase at historical levels, if at all. A decline in current economic conditions could adversely impact our volume of leasing activity and the amount of rent we are able to charge to new or renewing tenants.
The leases signed in 2024 generally become effective over the following two years though some may not become effective until 2027 and beyond. Further, there is risk that some new tenants will not ultimately take possession of their space and that tenants for both new and renewal leases may not pay all of their contractual rent due to operating, financing or other matters. However, our historical increases in rental rates do provide information about the tenant/landlord relationship and the potential increase we may achieve in rental income over time.
Comparable Properties
Throughout this section, we have provided certain information on a “comparable property” basis. Information provided on a comparable property basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties that are currently under development or are being repositioned for significant redevelopment and investment. For the three and nine months ended September 30, 2024, all or a portion of 96 and 95 properties, respectively, were considered comparable properties and seven properties were considered non-comparable properties. For the nine months ended September 30, 2024, one property and two portions of properties were moved from non-comparable properties to comparable properties, two properties and one portion of a property were moved from acquisitions to comparable properties, one property was moved from other to comparable properties, as it was reconsolidated, and two properties were removed from comparable as we no longer own the properties; all compared to the designations as of December 31, 2023. While there is judgment surrounding changes in designations, we typically move non-comparable properties to comparable properties once they have stabilized, which is typically considered 90% physical occupancy or when the growth expected from the redevelopment has been included in the comparable periods. We typically remove properties from comparable properties when the repositioning of the asset has commenced and has or is expected to have a significant impact on property operating income within the calendar year. Acquisitions are moved to comparable properties once we have owned the property for the entirety of comparable periods and the property is not under development or being repositioned for significant redevelopment and investment.

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RESULTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
   Change
 20242023Dollars%
 (Dollar amounts in thousands)
Rental income$303,352 $286,323 $17,029 5.9 %
Mortgage interest income281 281 — — %
Total property revenue303,633 286,604 17,029 5.9 %
Rental expenses63,898 58,595 5,303 9.1 %
Real estate taxes36,053 33,045 3,008 9.1 %
Total property expenses99,951 91,640 8,311 9.1 %
Property operating income (1)203,682 194,964 8,718 4.5 %
General and administrative expense(10,822)(13,149)2,327 (17.7)%
Depreciation and amortization(87,028)(81,731)(5,297)6.5 %
Operating income105,832 100,084 5,748 5.7 %
Other interest income978 721 257 35.6 %
Interest expense(44,237)(42,726)(1,511)3.5 %
Income from partnerships888 1,313 (425)(32.4)%
Total other, net(42,371)(40,692)(1,679)4.1 %
Net income63,461 59,392 4,069 6.9 %
Net income attributable to noncontrolling interests(2,508)(2,344)(164)7.0 %
Net income attributable to the Trust$60,953 $57,048 $3,905 6.8 %
(1)Property operating income is a non-GAAP measure that consists of rental income and mortgage interest income, less rental expenses and real estate taxes. This measure is used internally to evaluate the performance of property operations and we consider it to be a significant measure. Property operating income should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of operating income to property operating income for the three months ended September 30, 2024 and 2023 is as follows:
20242023
(in thousands)
Operating income$105,832 $100,084 
General and administrative10,822 13,149 
Depreciation and amortization87,028 81,731 
Property operating income$203,682 $194,964 
Property Revenues
Total property revenue increased $17.0 million, or 5.9%, to $303.6 million in the three months ended September 30, 2024 compared to $286.6 million in the three months ended September 30, 2023. The percentage occupied at our shopping centers was 94.0% and 92.3% at September 30, 2024 and 2023, respectively. Changes in the components of property revenue are discussed below.
Rental Income
Rental income consists primarily of minimum rent, cost reimbursements from tenants and percentage rent, and is net of collectibility related adjustments. Rental income increased $17.0 million, or 5.9%, to $303.4 million in the three months ended September 30, 2024 compared to $286.3 million in the three months ended September 30, 2023 due primarily to the following:
•an increase of $7.9 million from comparable properties primarily related to higher rental rates of approximately $5.6 million, a $2.2 million increase in recoveries from tenants on higher expenses, and higher average occupancy of approximately $1.5 million, partially offset by a $1.3 million decrease in lease termination fee income,
•an increase of $7.0 million from 2024 acquisitions, and
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•an increase of $4.7 million from non-comparable properties primarily driven by occupancy increases at Pike & Rose Phase IV, Huntington Shopping Center, and Darien Commons,
partially offset by
•a decrease of $3.4 million from property dispositions.
Property Expenses
Total property expenses increased $8.3 million, or 9.1%, to $100.0 million in the three months ended September 30, 2024 compared to $91.6 million in the three months ended September 30, 2023. Changes in the components of property expenses are discussed below.
Rental Expenses
Rental expenses increased $5.3 million, or 9.1%, to $63.9 million in the three months ended September 30, 2024 compared to $58.6 million in the three months ended September 30, 2023. This increase is primarily due to the following:
•an increase of $3.1 million from comparable properties due primarily to higher repairs and maintenance costs, utilities, and insurance costs,
•an increase of $1.1 million from 2024 acquisitions, and
•an increase of $0.9 million from non-comparable properties due primarily to openings at Pike & Rose Phase IV and Huntington Shopping Center,
partially offset by
•a decrease of $0.7 million from property dispositions.
As a result of the changes in rental income and rental expenses as discussed above, rental expenses as a percentage of rental income increased to 21.1% in the three months ended September 30, 2024 from 20.5% in the three months ended September 30, 2023.
Real Estate Taxes
Real estate tax expense increased $3.0 million, or 9.1%, to $36.1 million in the three months ended September 30, 2024 compared to $33.0 million in the three months ended September 30, 2023. This increase is primarily due to the following:
•an increase of $1.5 million from non-comparable properties due primarily to a successful tax appeal in 2023, and openings at Pike & Rose Phase IV and Darien Commons,
•an increase of $1.1 million from comparable properties due primarily to higher assessments, and
•an increase of $0.7 million from 2024 acquisitions,
partially offset by
•a decrease of $0.3 million from property dispositions.
Property Operating Income
Property operating income increased $8.7 million, or 4.5%, to $203.7 million in the three months ended September 30, 2024 compared to $195.0 million in the three months ended September 30, 2023. This increase is primarily driven by higher rental rates and occupancy, 2024 acquisitions, and 2023 and 2024 openings at our non-comparable properties, partially offset by property dispositions, higher rental expenses after recoveries from tenants, and lower lease termination fee income.
Other Operating
General and Administrative Expense
General and administrative expense decreased $2.3 million, or 17.7%, to $10.8 million in the three months ended September 30, 2024 compared to $13.1 million in the three months ended September 30, 2023. This decrease is due primarily to lower personnel related costs.
Depreciation and Amortization
Depreciation and amortization expense increased $5.3 million, or 6.5%, to $87.0 million in the three months ended September 30, 2024 compared to $81.7 million in the three months ended September 30, 2023. This increase is due primarily to 2024 acquisitions, our investment in comparable properties, the opening of Pike & Rose Phase IV, and placing redevelopment properties into service, partially offset by property dispositions.
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Operating Income
Operating income increased $5.7 million, or 5.7%, to $105.8 million in the three months ended September 30, 2024 compared to $100.1 million in the three months ended September 30, 2023. This increase is primarily driven by higher rental rates and occupancy, 2024 acquisitions, and 2023 and 2024 openings at our non-comparable properties, partially offset by property dispositions, higher rental expenses after recoveries from tenants, and lower lease termination fee income.
Other
Interest Expense
Interest expense increased $1.5 million, or 3.5%, to $44.2 million in the three months ended September 30, 2024 compared to $42.7 million in the three months ended September 30, 2023. This increase is due primarily to the following:
•a decrease of $0.8 million in capitalized interest,
•an increase of $0.4 million due to a higher overall weighted average borrowing rate, and
•an increase of $0.3 million due to higher weighted average borrowings.
Gross interest costs were $49.5 million and $48.7 million in the three months ended September 30, 2024 and 2023, respectively. Capitalized interest was $5.2 million and $6.0 million for the three months ended September 30, 2024 and 2023, respectively.

RESULTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
   Change
 20242023Dollars%
 (Dollar amounts in thousands)
Rental income$890,172 $839,509 $50,663 6.0 %
Mortgage interest income836 833 3 0.4 %
Total property revenue891,008 840,342 50,666 6.0 %
Rental expenses184,448 169,410 15,038 8.9 %
Real estate taxes105,402 97,992 7,410 7.6 %
Total property expenses289,850 267,402 22,448 8.4 %
Property operating income (1)601,158 572,940 28,218 4.9 %
General and administrative expense(34,920)(37,607)2,687 (7.1)%
Depreciation and amortization(255,481)(239,342)(16,139)6.7 %
Gain on sale of real estate52,280 1,702 50,578 2,971.7 %
Operating income363,037 297,693 65,344 22.0 %
Other interest income3,512 3,775 (263)(7.0)%
Interest expense(132,242)(124,835)(7,407)5.9 %
Income from partnerships1,825 3,494 (1,669)(47.8)%
Total other, net(126,905)(117,566)(9,339)7.9 %
Net income236,132 180,127 56,005 31.1 %
Net income attributable to noncontrolling interests(6,461)(7,245)784 (10.8)%
Net income attributable to the Trust$229,671 $172,882 $56,789 32.8 %
(1)Property operating income is a non-GAAP measure that consists of rental income and mortgage interest income, less rental expenses and real estate taxes. This measure is used internally to evaluate the performance of property operations and we consider it to be a significant measure. Property operating income should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of operating income to property operating income for the nine months ended September 30, 2024 and 2023 is as follows:
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20242023
(in thousands)
Operating income$363,037 $297,693 
General and administrative34,920 37,607 
Depreciation and amortization255,481 239,342 
Gain on sale of real estate(52,280)(1,702)
Property operating income$601,158 $572,940 

Property Revenues
Total property revenue increased $50.7 million, or 6.0%, to $891.0 million in the nine months ended September 30, 2024 compared to $840.3 million in the nine months ended September 30, 2023. The percentage occupied at our shopping centers was 94.0% and 92.3% at September 30, 2024 and 2023, respectively. Changes in the components of property revenue are discussed below.
Rental Income
Rental income consists primarily of minimum rent, cost reimbursements from tenants and percentage rent, and is net of collectibility related adjustments. Rental income increased $50.7 million, or 6.0%, to $890.2 million in the nine months ended September 30, 2024 compared to $839.5 million in the nine months ended September 30, 2023 due primarily to the following:
•an increase of $26.8 million from comparable properties primarily related to higher rental rates of approximately $17.4 million, a $10.6 million increase in recoveries from tenants on higher expenses, and higher average occupancy of approximately $1.6 million, partially offset by a $2.3 million decrease in lease termination fee income and a $1.7 million increase in collectibility related adjustments,
•an increase of $13.0 million from non-comparable properties primarily driven by occupancy increases at Pike & Rose Phase IV, Huntington Shopping Center, and Darien Commons,
•an increase of $9.6 million from 2024 and 2023 acquisitions, and
•an increase of $5.0 million from Escondido Promenade, which was reconsolidated in the second quarter of 2023 after we gained control of the property (see our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information),
partially offset by
•a decrease of $5.3 million from property dispositions.
Property Expenses
Total property expenses increased $22.4 million, or 8.4%, to $289.9 million in the nine months ended September 30, 2024 compared to $267.4 million in the nine months ended September 30, 2023. Changes in the components of property expenses are discussed below.
Rental Expenses
Rental expenses increased $15.0 million, or 8.9%, to $184.4 million in the nine months ended September 30, 2024 compared to $169.4 million in the nine months ended September 30, 2023 due primarily to the following:
•an increase of $9.6 million from comparable properties due primarily to higher snow removal costs, higher repairs and maintenance costs and other operating costs, higher utilities and insurance costs, and an increase in management fees on higher revenues,
•an increase of $2.6 million from non-comparable properties due primarily to openings at Pike & Rose Phase IV, Huntington Shopping Center, and Darien Commons,
•an increase of $1.7 million from 2024 and 2023 acquisitions, and
•an increase of $1.0 million from Escondido Promenade, which was reconsolidated in the second quarter of 2023 after we gained control of the property,
partially offset by
•a decrease of $0.9 million from property dispositions.
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As a result of the changes in rental income and rental expenses as discussed above, rental expenses as a percentage of rental income increased to 20.7% in the nine months ended September 30, 2024 from 20.2% in the nine months ended September 30, 2023.
Real Estate Taxes
Real estate tax expense increased $7.4 million, or 7.6%, to $105.4 million in the nine months ended September 30, 2024 compared to $98.0 million in the nine months ended September 30, 2023. This increase is primarily due to the following:
•an increase of $3.9 million from comparable properties primarily due to higher assessments, partially offset by prior year refunds received during 2024,
•an increase of $2.4 million from non-comparable properties due primarily to successful tax appeals in 2023, and openings at Pike & Rose Phase IV, Darien Commons, and Huntington Shopping Center,
•an increase of $1.0 million from 2024 acquisitions, and
•an increase of $0.3 million from Escondido Promenade, which was reconsolidated in the second quarter of 2023 after we gained control of the property,
partially offset by
•a decrease of $0.3 million from property dispositions.
Property Operating Income
Property operating income increased $28.2 million, or 4.9%, to $601.2 million in the nine months ended September 30, 2024 compared to $572.9 million in the nine months ended September 30, 2023. This increase is primarily driven by higher rental rates and average occupancy, 2023 and 2024 openings at our non-comparable properties, 2024 acquisitions, and the reconsolidation of Escondido Promenade during the second quarter of 2023, partially offset by property dispositions, higher rental expenses after recoveries from tenants, and lower lease termination fee income.
Other Operating
General and Administrative
General and administrative expense decreased $2.7 million, or 7.1%, to $34.9 million in the nine months ended September 30, 2024 compared to $37.6 million in the nine months ended September 30, 2023. This decrease is due primarily to higher amounts allocated to operations as a result of higher revenues and lower personnel related costs.
Depreciation and Amortization
Depreciation and amortization expense increased $16.1 million, or 6.7%, to $255.5 million in the nine months ended September 30, 2024 compared to $239.3 million in the nine months ended September 30, 2023. This increase is due primarily to our investment in comparable properties, 2024 acquisitions, the opening of Pike & Rose Phase IV, placing redevelopment properties into service, and the reconsolidation of Escondido Promenade during the second quarter of 2023, partially offset by property dispositions.
Gain on Sale of Real Estate
The $52.3 million gain on sale of real estate for the nine months ended September 30, 2024 is due primarily to the sale of Third Street Promenade.
The $1.7 million gain on sale of real estate for the nine months ended September 30, 2023 is due the sale of our Town Center of New Britain shopping center.
Operating Income
Operating income increased $65.3 million, or 22.0%, to $363.0 million in the nine months ended September 30, 2024 compared to $297.7 million in the nine months ended September 30, 2023. This increase is primarily driven by higher gains on sale of real estate, higher rental rates and average occupancy, 2023 and 2024 openings at our non-comparable properties, 2024 acquisitions, and the reconsolidation of Escondido Promenade during the second quarter of 2023, partially offset by property dispositions, higher rental expenses after recoveries from tenants, and lower lease termination fee income.
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Other
Interest Expense
Interest expense increased $7.4 million, or 5.9%, to $132.2 million in the nine months ended September 30, 2024 compared to $124.8 million in the nine months ended September 30, 2023. This increase is due primarily to the following:
•an increase of $5.7 million due to a higher overall weighted average borrowing rate,
•a decrease of $1.5 million in capitalized interest, and
•an increase of $0.3 million due to higher weighted average borrowings.
Gross interest costs were $147.9 million and $142.0 million in the nine months ended September 30, 2024 and 2023, respectively. Capitalized interest was $15.7 million and $17.2 million for the nine months ended September 30, 2024 and 2023, respectively.
Liquidity and Capital Resources
Due to the nature of our business and strategy, we typically generate significant amounts of cash from operations which is largely paid to our common and preferred shareholders in the form of dividends because as a REIT, the Trust is generally required to make annual distributions to shareholders of at least 90% of our taxable income (cash dividends paid in the nine months ended September 30, 2024 were approximately $277.8 million). Remaining cash flow from operations after regular debt service requirements (including debt service relating to additional or replacement debt, as well as scheduled debt maturities) and dividend payments is used to fund recurring and non-recurring capital projects (such as tenant improvements and redevelopments). We maintain an unsecured $1.25 billion revolving credit facility to fund short term cash flow needs and also look to the public and private debt and equity markets, joint venture relationships, and property dispositions to fund capital expenditures on a long-term basis.
On January 11, 2024, we issued $485.0 million of 3.25% exchangeable senior notes, for which the proceeds were used to repay our $600.0 million of 3.95% senior unsecured notes on January 16, 2024. Our $600.0 million unsecured term loan has a maturity in April 2025, however, there is a one-year extension at our option that would extend the maturity to April 2026, if exercised. We have no other significant debt maturing in the next twelve months.
As of September 30, 2024, we had cash and cash equivalents of $97.0 million and no balance outstanding on our $1.25 billion revolving credit facility. For the nine months ended September 30, 2024, the weighted average amount of borrowings outstanding on our revolving credit facility was $37.6 million, and the weighted average interest rate, before amortization of debt fees, was 6.2%. We also have the capacity to issue up to $199.4 million in common shares under our ATM equity program.
Our overall capital requirements for the remainder of 2024 will be impacted by the overall economic environment including impacts of inflation and high interest rates, as well as acquisition opportunities and the level and general timing of our redevelopment and development activities. We currently have development and redevelopment projects in various stages of constructions with remaining costs of $182 million. We expect to incur the majority of these costs in the next two years. We expect overall capital costs to be at levels slightly reduced from 2023 as we complete current redevelopment projects, prepare vacant space for new tenants, and complete the current phase and start on the next phase of our larger mixed use development projects.
We believe cash flow from operations, the cash on our balance sheet, and our $1.25 billion revolving credit facility will allow us to continue to operate our business in the short-term. Given our ability to access the capital markets, we also expect debt or equity to be available to us, although newly issued debt would likely be at higher interest rates than we currently have outstanding. We also have the ability to delay the timing of certain development and redevelopment projects as well as limit future acquisitions, reduce our operating expenditures, or re-evaluate our dividend policy. We expect these sources of liquidity and opportunities for operating flexibility to allow us to meet our financial obligations over the long term. We intend to operate with and to maintain our long term commitment to a conservative capital structure that will allow us to maintain strong debt service coverage and fixed-charge coverage ratios as part of our commitment to investment-grade debt ratings.
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Summary of Cash Flows
 Nine Months Ended September 30,
 20242023Change
 (In thousands)
Net cash provided by operating activities$454,968 $443,215 $11,753 
Net cash used in investing activities(375,452)(288,638)(86,814)
Net cash used in financing activities(233,914)(148,134)(85,780)
(Decrease) increase in cash, cash equivalents and restricted cash(154,398)6,443 (160,841)
Cash, cash equivalents, and restricted cash at beginning of year260,004 96,348 163,656 
Cash, cash equivalents, and restricted cash at end of period$105,606 $102,791 $2,815 

Net cash provided by operating activities increased $11.8 million to $455.0 million during the nine months ended September 30, 2024 from $443.2 million during the nine months ended September 30, 2023. The increase was primarily due to higher net income after adjusting for non-cash items and gain on sale of real estate, partially offset by the timing of cash receipts related to prepaid rents.
Net cash used in investing activities increased $86.8 million to $375.5 million during the nine months ended September 30, 2024 from $288.6 million during the nine months ended September 30, 2023. The increase was primarily attributable to:
•a $214.4 million increase in acquisition of real estate due to the May 2024 acquisition of the fee interest in Virginia Gateway and the July 2024 acquisition of the fee interest in Pinole Vista Crossing (see Note 3 to the consolidated financial statements for additional information), as compared to the January 2023 Huntington Square acquisition and the acquisition of our partner's 22.3% TIC interest in Escondido Promenade in May 2023,
partially offset by
•an $83.7 million increase in net proceeds from the sale of real estate primarily due to $96.3 million of net proceeds from the sale of Third Street Promenade during the nine months ended September 30, 2024, as compared to $12.6 million of net proceeds from the sale of Town Center of New Britain during the nine months ended September 30, 2023, and
•a $53.5 million decrease in capital expenditures.
Net cash used in financing activities increased $85.8 million to $233.9 million during the nine months ended September 30, 2024 from $148.1 million during the nine months ended September 30, 2023. The increase was primarily attributable to:
•a $325.0 million increase in repayment of senior notes primarily due to the January 2024 repayment of our $600.0 million 3.95% senior unsecured notes at maturity, as compared to the June 2023 repayment of our $275.0 million 2.75% senior unsecured notes,
•$50.5 million in borrowings on our revolving credit facility during the nine months ended September 30, 2023,
•a $19.4 million premium paid for the capped call transactions entered into in connection with the issuance of $485.0 million 3.25% exchangeable senior notes in January 2024,
•a $13.7 million increase in distributions to and redemptions of noncontrolling interests primarily related to our April 2024 acquisition of the noncontrolling interest in the partnership that owns our CocoWalk property for approximately $12.4 million, and
•a $7.9 million increase in dividends paid to common and preferred shareholders due to an increase in the number of outstanding shares, as well as an increase to the common share dividend rate,
partially offset by
•a $206.4 million increase in net proceeds from the issuance of common shares under our ATM program, and
•a $125.8 million net increase due to net proceeds of $471.5 million from the issuance of $485.0 million 3.25% exchangeable senior notes in January 2024, as compared to $345.7 million in net proceeds from the issuance of $350.0 million of 5.375% senior unsecured notes in April 2023.
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Debt Financing Arrangements
The following is a summary of our total debt outstanding as of September 30, 2024:
Description of DebtOriginal
Debt
Issued		Principal Balance as of September 30, 2024Stated Interest Rate as of
September 30, 2024		Maturity Date
 (Dollars in thousands)  
Mortgages payable
Secured fixed rate
AzaleaAcquired$40,000 3.73 %November 1, 2025
Bethesda Row (1)200,000200,000 SOFR + 0.95%December 28, 2025
Bell GardensAcquired11,295 4.06 %August 1, 2026
Plaza El Segundo125,000125,000 3.83 %June 5, 2027
The Grove at Shrewsbury (East)43,60043,600 3.77 %September 1, 2027
Brook 3511,50011,500 4.65 %July 1, 2029
Hoboken (24 Buildings) (2)56,45052,497 SOFR + 1.95%December 15, 2029
Various Hoboken (14 Buildings) (3)Acquired29,104 VariousVarious through 2029
ChelseaAcquired3,682 5.36 %January 15, 2031
Subtotal516,678 
Net unamortized debt issuance costs and discount(1,666)
Total mortgages payable, net515,012 
Notes payable
Term loan (4)(6)600,000600,000 SOFR + 0.85%April 16, 2025
Revolving credit facility (4)(6)(5)— SOFR + 0.775%April 5, 2027
Various6,3111,789 VariousVarious through 2059
Subtotal601,789 
Net unamortized debt issuance costs(482)
Total notes payable, net601,307 
Senior notes and debentures (6)
Unsecured fixed rate
1.25% notes400,000400,000 1.25 %February 15, 2026
7.48% debentures50,00029,200 7.48 %August 15, 2026
3.25% notes475,000475,000 3.25 %July 15, 2027
6.82% medium term notes40,00040,000 6.82 %August 1, 2027
5.375% notes350,000350,000 5.375 %May 1, 2028
3.25% exchangeable notes485,000485,000 3.25 %January 15, 2029
3.20% notes400,000400,000 3.20 %June 15, 2029
3.50% notes400,000400,000 3.50 %June 1, 2030
4.50% notes550,000550,000 4.50 %December 1, 2044
3.625% notes250,000250,000 3.625 %August 1, 2046
Subtotal3,379,200 
Net unamortized debt issuance costs and premium(22,902)
Total senior notes and debentures, net3,356,298 
Total debt, net$4,472,617 
_____________________
(1)The interest rate on this mortgage loan is fixed at a weighted average interest rate of 5.03% through the initial maturity date through three interest rate swap agreements. We have two one-year extensions, at our option to extend the maturity date of this mortgage loan to December 28, 2027.
(2)The interest rate on this mortgage loan is fixed at 3.67% through two interest rate swap agreements.
(3)The interest rates on these mortgages range from 3.91% to 5.00%.
(4)Our revolving credit facility SOFR loans bear interest at Daily Simple SOFR or Term SOFR, and our term loan bears interest at Term SOFR as defined in the respective credit agreements, plus 0.10%, plus a spread, based on our current credit rating.
(5)The maximum amount drawn under our $1.25 billion revolving credit facility during the nine months ended September 30, 2024 was $202.7 million and the weighted average interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 6.2%.
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(6)The Operating Partnership is the named obligor under our revolving credit facility, term loan, and senior notes and debenture. Effective April 1, 2024, a wholly owned subsidiary of the Operating Partnership guarantees the term loan.
Our revolving credit facility, unsecured term loan, and other debt agreements include financial and other covenants that may limit our operating activities in the future. As of September 30, 2024, we were in compliance with all financial and other covenants related to our revolving credit facility, term loan, and senior notes. Additionally, we were in compliance with all of the financial and other covenants that could trigger a loan default on our mortgage loans. If we were to breach any of these financial and other covenants and did not cure the breach within an applicable cure period, our lenders could require us to repay the debt immediately and, if the debt is secured, could immediately begin proceedings to take possession of the property securing the loan. Many of our debt arrangements, including our public notes and our revolving credit facility, are cross-defaulted, which means that the lenders under those debt arrangements can put us in default and require immediate repayment of their debt if we breach and fail to cure a default under certain of our other debt obligations. As a result, any default under our debt covenants could have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations and the market value of our shares. Our organizational documents do not limit the level or amount of debt that we may incur.
The following is a summary of our scheduled principal repayments as of September 30, 2024:
 
UnsecuredSecuredTotal
 (In thousands) 
2024$76 $796 $872 
2025600,490 (1)247,630 (2)848,120   
2026429,344 26,282 455,626   
2027515,079 (3)178,282 693,361   
2028350,000 2,511 352,511   
Thereafter2,086,000 61,177 2,147,177   
$3,980,989   $516,678 $4,497,667 (4)
__________________    
(1)Our $600.0 million term loan matures on April 16, 2025, plus one one-year extension at our option to April 16, 2026.
(2)Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2025, plus two one-year extensions at our option to December 28, 2027.
(3)Our $1.25 billion revolving credit facility matures on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. As of September 30, 2024, there was no balance outstanding under this credit facility.
(4)The total debt maturities differ from the total reported on the consolidated balance sheets due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of September 30, 2024.
Interest Rate Hedging
We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes.
Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income which is included in "accumulated other comprehensive income (loss)" on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and SOFR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit-worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected.
As of September 30, 2024, we have two interest rate swap agreements that effectively fix the rate on a mortgage payable associated with our Hoboken portfolio at 3.67% and we have three interest rate swap agreements that effectively fix the interest rate on a mortgage payable associated with Bethesda Row at 5.03% through the initial maturity date. Our Assembly Row hotel
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joint venture is also a party to two interest rate swap agreements that effectively fix 100% of its outstanding $38.8 million of debt through May 2025 at 6.39%, and 50% of its outstanding debt from June 2025 through May 2028 at 6.03%. All swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings as of September 30, 2024.
REIT Qualification
We intend to maintain the Trust's qualification as a REIT under Section 856(c) of the Code. As a REIT, we generally will not be subject to corporate federal income taxes on income we distribute to our shareholders as long as we satisfy certain technical requirements of the Code, including the requirement to distribute at least 90% of our taxable income to our shareholders.
Funds From Operations
Funds from operations (“FFO”) is a supplemental non-GAAP financial measure of real estate companies’ operating performance. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as follows: net income, computed in accordance with U.S. GAAP, plus real estate related depreciation and amortization and excluding gains and losses on the sale of real estate or changes in control, net of tax, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We compute FFO in accordance with the NAREIT definition, and we have historically reported our FFO available for common shareholders in addition to our net income and net cash provided by operating activities. It should be noted that FFO:
•does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income);
•should not be considered an alternative to net income as an indication of our performance; and
•is not necessarily indicative of cash flow as a measure of liquidity or ability to fund cash needs, including the payment of dividends.
We consider FFO available for common shareholders a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of the real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation. We use FFO primarily as one of several means of assessing our operating performance in comparison with other REITs. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.
An increase or decrease in FFO available for common shareholders does not necessarily result in an increase or decrease in aggregate distributions because our Board of Trustees is not required to increase distributions on a quarterly basis. However, we must distribute at least 90% of our annual taxable income to remain qualified as a REIT. Therefore, a significant increase in FFO will generally require an increase in distributions to shareholders although not necessarily on a proportionate basis.
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The reconciliation of net income to FFO available for common shareholders is as follows:

 Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
 (In thousands, except per share data)
Net income$63,461 $59,392 $236,132 $180,127 
Net income attributable to noncontrolling interests(2,508)(2,344)(6,461)(7,245)
Gain on sale of real estate— — (52,280)(1,702)
Depreciation and amortization of real estate assets76,581 71,802 225,676 212,792 
Amortization of initial direct costs of leases8,757 8,116 24,673 23,468 
Funds from operations146,291 136,966 427,740 407,440 
Dividends on preferred shares (1)(1,875)(1,875)(5,625)(5,625)
Income attributable to downREIT operating partnership units688 693 2,068 2,074 
Income attributable to unvested shares(506)(494)(1,524)(1,481)
Funds from operations available for common shareholders$144,598 $135,290 $422,659 $402,408 
Weighted average number of common shares, diluted (1)(2)84,714 82,004 83,904 81,942 
Funds from operations available for common shareholders, per diluted share (2)$1.71 $1.65 $5.04 $4.91 
_____________________
(1)For the three and nine months ended September 30, 2024 and 2023, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and included in "weighted average number of common shares, diluted."
(2)The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share for all periods presented but is anti-dilutive for the computation of dilutive EPS for both the three and nine months ended September 30, 2024 and 2023.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our use of financial instruments, such as debt instruments, subjects us to market risk which may affect our future earnings and cash flows, as well as the fair value of our assets. Market risk generally refers to the risk of loss from changes in interest rates and market prices. We manage our market risk by attempting to match anticipated inflow of cash from our operating, investing and financing activities with anticipated outflow of cash to fund debt payments, dividends to common and preferred shareholders, investments, capital expenditures and other cash requirements.
We may enter into certain types of derivative financial instruments to further reduce interest rate risk. We use interest rate protection and swap agreements, for example, to convert some of our variable rate debt to a fixed-rate basis or to hedge anticipated financing transactions. We use derivatives for hedging purposes rather than speculation and do not enter into financial instruments for trading purposes.
Interest Rate Risk
The following discusses the effect of hypothetical changes in market rates of interest on interest expense for our variable rate debt and on the fair value of our total outstanding debt, including our fixed-rate debt. Interest rate risk amounts were determined by considering the impact of hypothetical interest rates on our debt. Quoted market prices were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. This analysis does not purport to take into account all of the factors that may affect our debt, such as the effect that a changing interest rate environment could have on the overall level of economic activity or the action that our management might take to reduce our exposure to the change. This analysis assumes no change in our financial structure.
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Fixed Interest Rate Debt
The majority of our outstanding debt obligations (maturing at various times through 2059) have fixed interest rates which limit the risk of fluctuating interest rates. However, interest rate fluctuations may affect the fair value of our fixed rate debt instruments. At September 30, 2024, we had $3.9 billion of fixed-rate debt outstanding, including $252.5 million of mortgage payables for which the rate is effectively fixed by five interest rate swap agreements. If market interest rates used to calculate the fair value on our fixed-rate debt instruments at September 30, 2024 had been 1.0% higher, the fair value of those debt instruments on that date would have decreased by approximately $170.4 million. If market interest rates used to calculate the fair value on our fixed-rate debt instruments at September 30, 2024 had been 1.0% lower, the fair value of those debt instruments on that date would have increased by approximately $189.5 million.
Variable Interest Rate Debt
Generally, we believe that our primary interest rate risk is due to fluctuations in interest rates on our outstanding variable rate debt. At September 30, 2024, we had $600.0 million of variable rate debt outstanding (the principal balance on our unsecured term loan). Based upon this amount of variable rate debt and the specific terms, if market interest rates increased 1.0%, our annual interest expense would increase approximately $6.0 million with a corresponding decrease in our net income and cash flows for the year. Conversely, if market interest rates decreased 1.0%, our annual interest expense would decrease by approximately $6.0 million with a corresponding increase in our net income and cash flows for the year.
ITEM 4.    CONTROLS AND PROCEDURES
Controls and Procedures (Federal Realty Investment Trust)
Periodic Evaluation and Conclusion of Disclosure Controls and Procedures
An evaluation has been performed, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Trust's disclosure controls and procedures as of September 30, 2024. Based on this evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the Trust's disclosure controls and procedures were effective as of September 30, 2024 to provide reasonable assurance that information required to be disclosed in the Trust's reports filed or submitted under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and (ii) accumulated and communicated to the Trust’s management including its principal executive and principal financial officer as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There has been no change in the Trust's internal control over financial reporting during the quarterly period covered by this report that materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Controls and Procedures (Federal Realty OP LP)
Periodic Evaluation and Conclusion of Disclosure Controls and Procedures
An evaluation has been performed, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Operating Partnership's disclosure controls and procedures as of September 30, 2024. Based on this evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the Operating Partnership's disclosure controls and procedures were effective as of September 30, 2024 to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and (ii) accumulated and communicated to the Operating Partnership’s management including its principal executive and principal financial officer as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There has been no change in the Operating Partnership's internal control over financial reporting during the quarterly period covered by this report that materially affected, or is reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS
There have been no material developments in any of our legal proceedings since the disclosure contained in our Annual Report to Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 12, 2024.
ITEM 1A.    RISK FACTORS
There have been no material changes to the risk factors previously disclosed in our Annual Report to our Form 10-K for the year ended December 31, 2023 filed with the SEC on February 12, 2024.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Under the terms of various partnership agreements of certain of our affiliated limited partnerships, the interest of limited partners in those limited partnerships may be redeemed, subject to certain conditions, for cash or common shares, at our option. During the three months ended September 30, 2024, we redeemed 6,020 downREIT operating partnership units for cash.
From time to time, we could be deemed to have repurchased shares as a result of shares withheld for tax purposes upon a stock
compensation related vesting event.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES
None.

ITEM 4.MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5.OTHER INFORMATION
None.

ITEM 6.EXHIBITS
A list of exhibits to this Quarterly Report on Form 10-Q is set forth on the Exhibit Index immediately preceding such exhibits and is incorporated herein by reference.

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EXHIBIT INDEX
Exhibit No.Description
Rule 13a-14(a) Certification of Chief Executive Officer - Federal Realty Investment Trust (filed herewith)
Rule 13a-14(a) Certification of Chief Financial Officer - Federal Realty Investment Trust (filed herewith)
Rule 13a-14(a) Certification of Chief Executive Officer - Federal Realty OP LP (filed herewith)
Rule 13a-14(a) Certification of Chief Financial Officer - Federal Realty OP LP (filed herewith)
Section 1350 Certification of Chief Executive Officer - Federal Realty Investment Trust (filed herewith)
Section 1350 Certification of Chief Financial Officer - Federal Realty Investment Trust (filed herewith)
Section 1350 Certification of Chief Executive Officer - Federal Realty OP LP (filed herewith)
Section 1350 Certification of Chief Financial Officer - Federal Realty OP LP (filed herewith)
101The following materials from Federal Realty Investment Trust and Federal Realty OP LP’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Comprehensive Income, (3) the Consolidated Statement of Shareholders’ Equity, (4) the Consolidated Statements of Cash Flows, and (5) Notes to Consolidated Financial Statements that have been detail tagged.
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto authorized.

 FEDERAL REALTY INVESTMENT TRUST
FEDERAL REALTY OP LP
October 30, 2024 /s/ Donald C. Wood
 Donald C. Wood,
 Chief Executive Officer and Trustee
 (Principal Executive Officer)

 FEDERAL REALTY INVESTMENT TRUST
FEDERAL REALTY OP LP
October 30, 2024 /s/ Daniel Guglielmone
 Daniel Guglielmone,
Executive Vice President
 Chief Financial Officer and Treasurer
 (Principal Financial and Accounting Officer)

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