Form 8-K

8-K — FEDERAL REALTY INVESTMENT TRUST

Accession: 0000034903-26-000025

Filed: 2026-05-01

Period: 2026-05-01

CIK: 0000034903

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — frt-20260501.htm (Primary)

EX-99.1 (frt-3312026xex991.htm)

GRAPHIC — PRESS RELEASE (logoa08a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 1, 2026

Federal Realty Investment Trust

Federal Realty OP LP

(Exact name of registrant as specified in its charter)

Maryland (Federal Realty Investment Trust)

1-07533 87-3916363

Delaware (Federal Realty OP LP)

333-262016-01 52-0782497

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

909 Rose Avenue, Suite 200 North Bethesda, Maryland 20852

(Address of principal executive offices) (Zip Code)

Registrant's telephone number including area code: 301/998-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Federal Realty Investment Trust

Title of Each Class Trading Symbol Name of Each Exchange On Which Registered

Common Shares of Beneficial Interest FRT New 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-C New York Stock Exchange

Series C Cumulative Redeemable Preferred Stock, $.01 par value per share

Federal Realty OP LP

Title of Each Class Trading Symbol Name of Each Exchange On Which Registered

None N/A N/A

Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Federal Realty Investment Trust Yes ☐ No ☒

Federal Realty OP LP Yes ☐ No ☒

If an emerging growth company, indicate by checkmark if the registrant has elected not 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 ☐

Item 2.02. Results of Operations and Financial Condition.

The information under this Item 2.02-Results of Operations and Financial Condition and the exhibits attached hereto, are being furnished and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information under this Item 2.02 and the exhibits attached hereto shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in such filing.

On May 1, 2026, Federal Realty Investment Trust issued supplemental data pertaining to its operations, as well as a press release, to report its financial results for the quarter ended March 31, 2026. The supplemental data and press release are furnished as Exhibit 99.1 hereto.

Item 9.01. Financial Statements and Exhibits.

99.1 Supplemental information at March 31, 2026 (including press release dated May 1, 2026)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

FEDERAL REALTY INVESTMENT TRUST

FEDERAL REALTY OP LP

Date: May 1, 2026

/s/ Daniel Guglielmone

Daniel Guglielmone

Executive Vice President-

Chief Financial Officer and Treasurer

EXHIBIT INDEX

Exhibit Number Description

99.1

Supplemental Information at March 31, 2026

104 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)

EX-99.1

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Document

FEDERAL REALTY INVESTMENT TRUST

SUPPLEMENTAL INFORMATION

March 31, 2026

TABLE OF CONTENTS

1 First Quarter 2026 Earnings Press Release

2 Financial Highlights

Consolidated Income Statements

Consolidated Balance Sheets

Funds From Operations

Other Supplemental Information

Components of Rental Income

Comparable Property Information

Market Data, Debt Metrics, and Senior Notes and Debentures Covenants

3 Summary of Debt

Summary of Outstanding Debt

Summary of Debt Maturities

4 Summary of Redevelopment and Expansion Opportunities

5 Future Redevelopment and Expansion Opportunities

6 Significant Transactions

7 Real Estate Status Report

8 Retail Leasing Summary

9 Lease Expirations

10 Portfolio Leased Statistics

11 Summary of Top 25 Tenants

12 2026 Guidance

13 Glossary of Terms

909 Rose Avenue, Suite 200

North Bethesda, Maryland 20852

301-998-8100

Safe Harbor Language

Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026, and include the following:

•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, tariffs, 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 our 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 our 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 worldwide pandemics), 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 Supplemental Information. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2026.

NEWS RELEASE www.federalrealty.com

FOR IMMEDIATE RELEASE

Investor Inquiries: Media Inquiries:

Jill Sawyer Brenda Pomar

Senior Vice President, Investor Relations Senior Director, Corporate Communications

301.998.8265 301.998.8316

jsawyer@federalrealty.com bpomar@federalrealty.com

Federal Realty Investment Trust Reports First Quarter 2026 Results

NORTH BETHESDA, Md. (May 1, 2026) - Federal Realty Investment Trust (NYSE:FRT) today reported its results for the first quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, net income available for common shareholders was $1.81 per diluted share and $0.72 per diluted share, respectively. Operating income for the same periods was $209.0 million and $108.1 million, respectively. Results for the current quarter include a $92.7 million gain on sale of real estate, primarily related to the February sale of Misora at Santana Row, compared to $1.2 million in the first quarter of 2025.

Highlights for the first quarter and subsequent to quarter-end include:

•Generated Nareit defined funds from operations available to common shareholders (Nareit FFO) per diluted share of $1.88 for the quarter, a 10.6% increase over $1.70 in the first quarter of 2025.

•Generated Core funds from operations available to common shareholders (Core FFO) per diluted share of $1.88 for the quarter, also a 10.6% increase year-over-year.

•Signed 101 leases for 649,078 square feet of comparable retail space - a first quarter volume record - with rent growth of 13% on a cash basis and 23% on a straight-line basis.

•On a trailing twelve-month basis, signed 448 leases for 2,620,601 square feet of comparable retail space - also a volume record - with rent growth of 16% on a cash basis and 28% on a straight-line basis.

•Generated comparable property operating income (POI) growth of 4.7%.

•Adjusted comparable POI growth (excluding straight-line rents and amortization of in-place leases) was 5.1%.

•Reported overall portfolio occupancy of 93.8% and a leased rate of 96.1% at quarter end, with:

•Occupancy down 30 basis points and leased rate flat quarter-over-quarter.

•Occupancy up 20 basis points and leased rate up 40 basis points year-over-year.

•Continued strong small shop leased rate, ending the quarter at 93.8% leased, representing an increase of 30 basis points year-over-year.

•Acquired two properties:

•Acquired Congressional North Shopping Center in Montgomery County, MD on March 12, 2026 for $72.3 million, expanding Federal’s presence along Rockville Pike, one of the Washington DC region’s most established commercial corridors.

•Acquired an adjacent retail parcel at Kingstowne Towne Center in Alexandria, VA for $19.7 million on April 17, 2026, completing the retail assemblage at the center.

•Completed approximately $159 million of peripheral residential and mature retail dispositions in the first quarter.

•Raised and tightened guidance for 2026 earnings per diluted share to $3.94 - $4.03.

•Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per diluted share to $7.46 - $7.55, representing 6.3% growth at the midpoint year-over-year.

“We delivered a strong start to the year, exceeding expectations and continuing the momentum we built in 2025. Our portfolio is performing well amid a volatile macro environment, reflecting both the strength of our platform and the resilience of the higher-income consumer we serve,” said Donald C. Wood, Chief Executive Officer of Federal Realty. “With this performance, we are increasing our outlook for 2026, reinforcing our confidence in the consistency and durability of our earnings growth.”

Financial Results

Net Income

For the first quarter of 2026, net income available for common shareholders was $157.1 million and earnings per diluted share was $1.81 versus $61.8 million and $0.72, respectively, for the first quarter of 2025.

FFO

Nareit FFO was $162.6 million, or $1.88 per diluted share, for the first quarter of 2026, compared to $146.5 million, or $1.70 per diluted share, in the first quarter of 2025, a 10.6% per-share increase.

Core FFO was $162.6 million, or $1.88 per diluted share, for the first quarter of 2026, compared to $146.4 million, or $1.70 per diluted share, in the first quarter of 2025, a 10.6% per-share increase.

Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the company’s ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and a full definition of Core FFO.

Operational Update

Occupancy

The following operational metrics for the commercial portfolio are as of March 31, 2026:

•Overall portfolio occupancy was 93.8%, down 30 basis points sequentially and up 20 basis points year-over-year.

•Overall portfolio leased rate was 96.1%, flat sequentially and up 40 basis points year-over-year.

•Small shop leased rate was 93.8%, flat sequentially and up 30 basis points year-over-year.

The residential leased rate for comparable properties was 95.6% as of March 31, 2026, up 100 basis points year-over-year.

Leasing Activity

During the first quarter of 2026, Federal Realty signed 106 leases totaling 661,158 square feet of retail space. On a comparable space basis, the company signed 101 leases for 649,078 square feet - a first-quarter volume record - at an average rent of $35.79 per square foot, compared to $31.75 under prior leases, representing a 13% increase on a cash basis and 23% increase on a straight-line basis.

On a trailing twelve-month basis, Federal Realty signed 448 comparable leases totaling 2,620,601 square feet - also a volume record - representing 16% rent spreads on a cash basis and 28% on a straight-line basis.

Transaction Activity

•February 5, 2026 — sold two assets for a combined $158.5 million:

•Misora, a peripherally located residential component of Santana Row in San Jose, CA, for $148.5 million; and

•Courthouse Center, a 33,000 square-foot neighborhood shopping center in Rockville, MD, for $10.0 million.

•March 12, 2026 — acquired Congressional North Shopping Center for $72.3 million, a 217,000 square foot grocery anchored center, strategically deepening Federal’s presence along Rockville Pike in Montgomery County, MD.

•April 17, 2026 — acquired an adjacent 88,000-square-foot retail parcel at Kingstowne Towne Center in Alexandria, VA for $19.7 million, completing the retail assemblage at the center, which Federal originally acquired in 2022.

Financing Activity

•On February 17, 2026, the company repaid its $400 million 1.25% senior notes at maturity, refinanced with a draw on its previously announced delayed draw $250 million term loan and the remaining $150 million funded from the revolving credit facility.

•On April 14, 2026, the company amended and restated the $1.25 billion revolving credit facility, increasing the borrowing capacity to $1.4 billion, reducing the SOFR spread to 72.5 basis points, and extending the maturity date to April 12, 2030, plus two optional six-month extensions.

Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.13 per common share, resulting in an indicated annual rate of $4.52 per common share. The regular common dividend will be payable on July 15, 2026 to common shareholders of record as of July 1, 2026.

Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on July 15, 2026 to shareholders of record as of July 1, 2026.

2026 Guidance

Federal Realty has raised and tightened its 2026 earnings per diluted share, Nareit FFO, and Core FFO guidance, as summarized in the table below:

Full Year 2026 Guidance Revised Guidance Prior Guidance

Net income available for common shareholders per diluted share $3.94 to $4.03 $3.90 to $4.00

Nareit FFO per diluted share $7.46 to $7.55 $7.42 to $7.52

Core FFO per diluted share $7.46 to $7.55 $7.42 to $7.52

% Core FFO growth over the prior year 5.7% - 6.9% 5.1% - 6.5%

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its first quarter 2026 earnings conference call, which is scheduled for Friday, May 1, 2026 at 9:00 AM ET. To participate, please call 833-821-4548 or 412-652-1258 prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through May 15, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10207838.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 104 properties include approximately 3,800 tenants in 29.0 million commercial square feet, and approximately 2,500 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026 and include the following:

•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 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, tariffs, and local economic conditions in our geographic markets;

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2026.

Federal Realty Investment Trust

Consolidated Income Statements

March 31, 2026

Three Months Ended

March 31,

2026 2025

(in thousands, except per share data)

(unaudited)

REVENUE

Rental income $ 332,658 $ 302,294

Other property income 7,890 6,585

Mortgage interest income 536 275

Total revenue 341,084 309,154

EXPENSES

Rental expenses 74,697 67,804

Real estate taxes 38,971 36,567

General and administrative 11,925 10,875

Depreciation and amortization 99,217 86,946

Total operating expenses 224,810 202,192

Gain on sale of real estate 92,711 1,171

OPERATING INCOME 208,985 108,133

OTHER INCOME/(EXPENSE)

Other interest income 1,040 743

Interest expense (49,116) (42,475)

Income from partnerships 161 177

NET INCOME 161,070 66,578

Net income attributable to noncontrolling interests (1,971) (2,810)

NET INCOME ATTRIBUTABLE TO THE TRUST 159,099 63,768

Dividends on preferred shares (2,008) (2,008)

NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS $ 157,091 $ 61,760

EARNINGS PER COMMON SHARE, BASIC

Net income available for common shareholders $ 1.82 $ 0.72

Weighted average number of common shares 86,040 85,472

EARNINGS PER COMMON SHARE, DILUTED

Net income available for common shareholders $ 1.81 $ 0.72

Weighted average number of common shares 86,662 85,472

Federal Realty Investment Trust

Consolidated Balance Sheets

March 31, 2026

March 31, December 31,

2026 2025

(in thousands, except share and per share data)

(unaudited)

ASSETS

Real estate, at cost

Operating (including $1,898,790 and $1,832,190 of consolidated variable interest entities, respectively)

$ 11,302,971 $ 11,265,167

Construction-in-progress (including $30,376 and $28,418 of consolidated variable interest entities, respectively)

358,950 374,735

11,661,921 11,639,902

Less accumulated depreciation and amortization (including $474,534 and $468,725 of consolidated variable interest entities, respectively)

(3,394,099) (3,351,881)

Net real estate 8,267,822 8,288,021

Cash and cash equivalents 115,633 107,415

Accounts and notes receivable, net 249,428 249,755

Mortgage notes receivable, net — 9,091

Investment in partnerships 31,105 31,881

Operating lease right of use assets, net 82,234 83,120

Finance lease right of use assets, net 6,356 6,410

Prepaid expenses and other assets 344,192 354,767

TOTAL ASSETS $ 9,096,770 $ 9,130,460

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

Mortgages payable, net (including $191,475 and $194,176 of consolidated variable interest entities, respectively)

$ 519,021 $ 521,759

Notes payable, net 1,365,333 1,057,331

Senior notes and debentures, net 2,965,414 3,364,010

Accounts payable and accrued expenses 222,187 219,678

Dividends payable 99,926 99,792

Security deposits payable 32,489 31,548

Operating lease liabilities 71,484 72,304

Finance lease liabilities 12,935 12,903

Other liabilities and deferred credits 243,637 250,494

Total liabilities 5,532,426 5,629,819

Commitments and contingencies

Redeemable noncontrolling interests 182,827 181,655

Shareholders’ equity

Preferred shares, authorized 15,000,000 shares, $0.01 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, $0.01 par, 200,000,000 shares authorized, 86,386,687 and 86,266,009 shares issued and outstanding, respectively

870 869

Additional paid-in capital 4,310,277 4,310,365

Accumulated dividends in excess of net income (1,164,907) (1,224,372)

Accumulated other comprehensive income 5,075 2,047

Total shareholders’ equity of the Trust 3,311,137 3,248,731

Noncontrolling interests 70,380 70,255

Total shareholders’ equity 3,381,517 3,318,986

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,096,770 $ 9,130,460

Federal Realty Investment Trust

Funds From Operations

March 31, 2026

Three Months Ended

March 31,

2026 2025

(in thousands, except per share data)

Nareit Funds from Operations available for common shareholders (Nareit FFO) (1)

Net income $ 161,070 $ 66,578

Net income attributable to noncontrolling interests (1,971) (2,810)

Gain on sale of real estate (92,711) (1,171)

Depreciation and amortization of real estate assets 84,778 76,498

Amortization of initial direct costs of leases 13,233 9,077

Funds from operations 164,399 148,172

Dividends on preferred shares (2) (1,875) (1,875)

Income attributable to downREIT operating partnership units 596 669

Income attributable to unvested shares (567) (490)

Nareit FFO $ 162,553 $ 146,476

Weighted average number of common shares, diluted (2)(3) 86,662 86,177

Nareit FFO per diluted share (3) $ 1.88 $ 1.70

Core Funds from Operations (Core FFO) (1)

Nareit FFO $ 162,553 $ 146,476

Adjustments:

Collection of prior period rents deferred during COVID — (67)

Core FFO $ 162,553 $ 146,409

Core FFO per diluted share (3) $ 1.88 $ 1.70

Notes:

(1)See Glossary of Terms.

(2)For the three months ended March 31, 2026 and 2025, 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 are included in "weighted average number of common shares, diluted."

(3)The weighted average common shares used to compute Nareit and Core 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 Nareit and Core FFO per diluted share for all periods presented, but is anti-dilutive for the computation of diluted EPS for the three months ended March 31, 2025.

Federal Realty Investment Trust

Other Supplemental Information

March 31, 2026

Three Months Ended

March 31,

2026 2025

(in thousands, except ratios)

EBITDA for Real Estate (EBITDAre) (1)

Net income $ 161,070 $ 66,578

Interest expense 49,116 42,475

Other interest income (1,040) (743)

Income tax provision (benefit) (81) (32)

Depreciation and amortization 99,217 86,946

Gain on sale of real estate (92,711) (1,171)

Adjustments of EBITDAre of unconsolidated affiliates 1,762 1,834

EBITDAre $ 217,333 $ 195,887

Ratio of EBITDAre to combined fixed charges and preferred share dividends (2) 3.9x 3.8x

Dividends and Payout Ratios

Regular common dividends declared $ 97,626 $ 94,875

Dividend payout ratio as a percentage of Nareit FFO 60% 65%

Summary of Capital Expenditures

Non-maintenance capital expenditures

Development, redevelopment and expansions $ 35,159 $ 34,291

Tenant improvements and incentives 17,468 22,386

Total non-maintenance capital expenditures 52,627 56,677

Maintenance capital expenditures 3,815 4,843

Total capital expenditures $ 56,442 $ 61,520

Other Information

Leasing costs $ 6,279 $ 6,333

Share-based compensation expense (non-cash) $ 4,303 $ 3,881

Noncontrolling Interests Supplemental Information (3)

Property operating income (1) $ 2,749 $ 3,556

Depreciation and amortization (1,209) (1,258)

Interest expense (164) (157)

Net income $ 1,376 $ 2,141

Notes:

(1)See Glossary of Terms.

(2)Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor.

(3)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to downREIT operating partnership units."

Federal Realty Investment Trust

Components of Rental Income

March 31, 2026

Components of Rental Income (1) Three Months Ended

March 31,

2026 2025

(in thousands)

Minimum rents (2)

Commercial $ 225,359 $ 203,124

Residential 22,502 26,911

Cost reimbursements 71,913 63,269

Percentage rents 5,191 4,457

Other lease related (3) 8,689 5,754

Collectibility related impacts (996) (1,221)

Total rental income $ 332,658 $ 302,294

Notes:

(1)All income from tenant leases is reported as a single line item called "rental income." We have provided the above supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation.

(2)Minimum rents include the following:

Three Months Ended

March 31,

2026 2025

(in millions)

Straight-line rents $ 8.7 $ 7.5

Amortization of in-place leases $ 4.3 $ 3.1

(3)Includes lease termination fees of $4.1 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively.

Federal Realty Investment Trust

Comparable Property Information

March 31, 2026

The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q1 include: Bala Cynwyd on City Avenue residential - Blayr, Friendship Center, Grossmont Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q1 2025 to Q1 2026. Comparable Property property operating income ("Comparable Property POI") and Comparable Property POI - Adjusted are non-GAAP measures used by management in evaluating the operating performance of our properties period over period. Comparable Property POI - Adjusted excludes the impact of straight-line rents and amortization of in-place leases from Comparable Property POI.

Reconciliation of GAAP operating income to Comparable Property POI and Comparable Property POI - Adjusted

Three Months Ended

March 31,

2026 2025

(in thousands)

Operating income $ 208,985 $ 108,133

Add:

Depreciation and amortization 99,217 86,946

General and administrative 11,925 10,875

Gain on sale of real estate (92,711) (1,171)

Property operating income (POI) 227,416 204,783

Less: Non-comparable POI - acquisitions/dispositions (15,912) (7,130)

Less: Non-comparable POI - redevelopment, development & other (10,934) (6,024)

Comparable Property POI $ 200,570 $ 191,629

Less: Straight-line rents (4,591) (5,392)

Less: Amortization of in-place leases (3,021) (2,691)

Comparable Property POI - Adjusted $ 192,958 $ 183,546

Additional information regarding the components of Comparable Property POI

Three Months Ended

March 31, %

2026 2025 Change

(in thousands)

Minimum rents $ 220,135 $ 213,335

Cost reimbursements 64,078 60,237

Other (1) 16,402 12,908

Collectibility related impacts (1,182) (1,072)

Total property revenue 299,433 285,408

Rental expenses (64,570) (60,118)

Real estate taxes (34,293) (33,661)

Total property expenses (98,863) (93,779)

Comparable Property POI $ 200,570 $ 191,629 4.7%

Comparable Property POI - Adjusted $ 192,958 $ 183,546 5.1%

Comparable Property - Summary of Capital Expenditures (2)

Three Months Ended

March 31,

2026 2025

(in thousands)

Redevelopment and tenant improvements and incentives $ 26,584 $ 34,667

Maintenance capital expenditures 3,065 4,319

$ 29,649 $ 38,986

Comparable Property - Occupancy Statistics (2)

As of March 31,

2026 2025

GLA - comparable commercial properties 25,015,000 25,109,000

Leased % - comparable commercial properties 96.5% 96.1%

Occupancy % - comparable commercial properties 94.1% 93.9%

Notes:

(1)Includes lease termination fees of $3.3 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.

(2)See page 10 for "Summary of Capital Expenditures" and page 25 for portfolio occupancy statistics for our entire portfolio.

Federal Realty Investment Trust

Market Data, Debt Metrics, and Senior Notes and Debentures Covenants

March 31, 2026

March 31,

2026 2025

(in thousands, except per share data)

Market Data

Common shares outstanding and downREIT operating partnership units (1) 86,913 86,862

Market price per common share $ 106.21 $ 97.82

Common equity market capitalization including downREIT operating partnership units $ 9,231,030 $ 8,496,841

Series C preferred shares outstanding 6 6

Liquidation price per Series C preferred share $ 25,000 $ 25,000

Series C preferred equity market capitalization $ 150,000 $ 150,000

Series 1 preferred shares outstanding (2) 393 393

Liquidation price per Series 1 preferred share $ 25.00 $ 25.00

Series 1 preferred equity market capitalization $ 9,825 $ 9,825

Equity market capitalization $ 9,390,855 $ 8,656,666

Total debt $ 4,849,768 $ 4,513,293

Less: cash and cash equivalents (115,633) (109,224)

Total net debt (3) $ 4,734,135 $ 4,404,069

Total market capitalization $ 14,124,990 $ 13,060,735

Leverage and Liquidity Ratio

Total net debt to market capitalization at market price per common share 34% 34%

Senior Notes and Debentures Covenants (4)

March 31, 2026 Debt Covenant Threshold (5)

Total Debt to Total Assets 40% < 60%

Secured Debt to Total Assets 5% < 40%

Consolidated Income to Annual Debt Service Charge 4.0x > 1.5x

Unencumbered Assets to Unsecured Debt 252% > 150%

Notes:

(1)Amounts include 526,408 and 607,190 downREIT operating partnership units outstanding at March 31, 2026 and 2025, respectively.

(2)These shares, issued March 8, 2007, are unregistered.

(3)Total net debt includes mortgages payable, notes payable, senior notes and debentures, net of premiums/discounts and debt issuance costs and net of cash and cash equivalents from our consolidated balance sheet.

(4)The reference period for calculating these covenants is the most recent twelve months ended March 31, 2026.

(5)For a detailed description of the senior unsecured notes covenants and definitions of the terms, please refer to our filings with the Securities and Exchange Commission.

Federal Realty Investment Trust

Summary of Outstanding Debt

March 31, 2026

As of March 31, 2026

Stated maturity date Stated interest rate Balance Weighted average effective rate (7)

(in thousands)

Mortgages payable (1)

Bell Gardens 8/1/2026 4.06% $ 10,800

Bethesda Row 12/28/2026 (2) SOFR + 0.95% 200,000

Plaza El Segundo 6/5/2027 3.83% 125,000

The Grove at Shrewsbury (East) 9/1/2027 3.77% 43,600

Azalea (3) 10/30/2028 (4) SOFR + 0.85% 55,000

Brook 35 7/1/2029 4.65% 11,500

Hoboken (24 Buildings) 12/15/2029 SOFR + 1.95% (5) 50,165

Various Hoboken (10 Buildings) Various through 2029 3.91% to 5.00% 21,260

Chelsea 1/15/2031 5.36% 2,955

Subtotal 520,280

Net unamortized debt issuance costs and discount (1,259)

Total mortgages payable, net 519,021 4.39%

Notes payable

Revolving credit facility (3)(6) 4/5/2027 SOFR + 0.775% 369,100

$750 million term loan (3) 3/20/2028 SOFR + 0.85% 750,000

$250 million term loan (3) 1/31/2031 SOFR + 0.85% 250,000

Various Various through 2059 Various 1,156

Subtotal 1,370,256

Net unamortized debt issuance costs (4,923)

Total notes payable, net 1,365,333 4.50% (8)

Senior notes and debentures

Unsecured fixed rate

7.48% debentures 8/15/2026 7.48% 29,200

3.25% notes 7/15/2027 3.25% 475,000

6.82% medium term notes 8/1/2027 6.82% 40,000

5.375% notes 5/1/2028 5.375% 350,000

3.25% exchangeable notes 1/15/2029 3.25% 485,000

3.20% notes 6/15/2029 3.20% 400,000

3.50% notes 6/1/2030 3.50% 400,000

4.50% notes 12/1/2044 4.50% 550,000

3.625% notes 8/1/2046 3.625% 250,000

Subtotal 2,979,200

Net unamortized debt issuance costs and premium (13,786)

Total senior notes and debentures, net 2,965,414 4.07%

Total debt, net $ 4,849,768

Total fixed rate debt, net $ 3,679,262 76% 4.11%

Total variable rate debt, net 1,170,506 24% 4.59% (8)

Total debt, net $ 4,849,768 100% 4.22% (8)

Notes:

(1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At March 31, 2026, our share of unconsolidated debt was approximately $61.8 million. At March 31, 2026, our noncontrolling interests' share of mortgages payable was $15.1 million.

(2)We have one one-year extension, at our option to extend the maturity date of this mortgage loan to December 28, 2027.

(3)Our Azalea mortgage loan, revolving credit facility SOFR loans and our unsecured term loans bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. The interest rate on $450.0 million of our $750.0 million term loan is fixed at a weighted average interest rate of 4.17% through March 1, 2028 through interest rate swap agreements.

(4)We have two one-year extensions, at our option to extend the maturity date of this mortgage loan to October 30, 2030.

(5)The interest rate on this mortgage loan is fixed at 3.67% through two interest rate swap agreements.

(6)The maximum amount drawn under our $1.25 billion revolving credit facility during the three months ended March 31, 2026 was $699.5 million. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 4.4% for the three months ended March 31, 2026. On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option.

(7)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 8.

(8)The weighted average effective interest rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.

Federal Realty Investment Trust

Summary of Debt Maturities

March 31, 2026

Year Scheduled Amortization Maturities Total Percent of Debt Maturing Weighted Average Rate (5)

(in thousands)

2026 $ 2,257 $ 50,372 $ 52,629 1.1 % 6.1 %

2027 2,637 890,682 (1) 893,319 18.3 % 4.0 %

2028 2,511 719,100 (2) 721,611 14.8 % 5.0 % (6)

2029 2,329 943,105 945,434 19.4 % 3.6 %

2030 684 1,205,000 (3) 1,205,684 24.8 % 4.3 %

2031 59 250,000 250,059 5.1 % 4.5 %

2032 — — — — % — %

2033 — — — — % — %

2034 — — — — % — %

2035 — — — — % — %

Thereafter — 801,000 801,000 16.5 % 4.2 %

Total $ 10,477 $ 4,859,259 $ 4,869,736 (4) 100.0 %

Notes:

The above table assumes all extension options are exercised.

(1)Our $200.0 mortgage loan secured by Bethesda Row matures on December 28, 2026 plus one one-year extension, at our option to December 28, 2027.

(2)At March 31, 2026, our $1.25 billion revolving credit facility had $369.1 million outstanding, which was scheduled to mature on April 5, 2027, plus two six-month extensions at our option to April 5, 2028. On April 14, 2026, we amended and restated the agreement, increasing the borrowing capacity to $1.4 billion and extending the maturity date to April 12, 2030, plus two six-month extensions at our option to April 12, 2031.

(3)Our $750.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030. Additionally, our $55.0 million mortgage loan secured by Azalea matures on October 30, 2028, plus two one-year extensions at our option to October 30, 2030.

(4)The total debt maturities differ from the total reported on the consolidated balance sheet due to the debt issuance costs and unamortized net premium/discount on certain mortgage loans, notes payable, and senior notes as of March 31, 2026. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 5 years.

(5)The weighted average rate reflects the weighted average interest rate, as of March 31, 2026, on debt maturing in the respective year.

(6)The weighted average rate excludes $0.9 million in quarterly financing fees and quarterly debt fee amortization on our $1.25 billion revolving credit facility.

Federal Realty Investment Trust

Summary of Redevelopment and Expansion Opportunities

March 31, 2026

The following redevelopment opportunities are actively being worked on by the Trust. (1)

Property Location Opportunity Projected ROI (2) Projected Cost (1) Cost to Date Projected 2026 POI Delivered (2)

(in millions) (in millions) (as a % of Total)

Projects in process:

Santana West (3) San Jose, CA Development of a 369,000 square foot office building. The building is fully leased. 5% - 6% $325 - $335 $312 75% - 80%

Pike & Rose - 915 Meeting Street (3) North Bethesda, MD Development of a 262,000 square foot office building with 10,000 square feet of retail space. The building is fully leased. 6 % $180 - $185 $180 90% - 95%

Santana Row - Lot 12 San Jose, CA Development of a new six story building with 258 residential units and associated parking 6% - 7% $140 - $148 $34 —

Willow Grove Willow Grove, PA Demolition of 130,000 SF of existing retail to construct a new six story mixed use building with 261 residential units, a 438 space parking structure, and an additional 52,000 SF of retail space 7 % $110 - $120 $16 —

Bala Cynwyd on City Avenue - Blayr Bala Cynwyd, PA Demolition of two level department store building to construct a new six story building with 217 residential units, 19,000 square feet of retail and a two-story parking structure with 234 parking stalls. Delivery started in Q1 2026. 7 % $90 - $95 $76 0% - 5%

Hoboken - 301 Washington Street Hoboken, NJ Development of a new 5 story, 45-unit residential building with 10,200 square feet of ground floor retail space 6% - 7% $45 - $48 $20 —

Property Location Opportunity Projected ROI (4) Projected Cost (1) Cost to Date Anticipated Stabilization (5)

(in millions) (in millions)

Andorra Philadelphia, PA Demolition of 31,500 square feet of anchor and small shop spaces to construct a 50,000 square foot turnkey building for a national grocer tenant and redevelopment of 27,000 square feet of vacant small shop space at the north end of the property to construct 10,400 square feet of small shop, and a 10,000 square foot anchor tenant 7% - 8% $32 $26 2026

Grossmont Center La Mesa, CA Phase I of a multi-phase redevelopment of the property focusing on revitalizing the northern side of the property encompassing 131,000 square feet of anchor and small shop space 9% - 10% $18 $4 2029

Santana Row San Jose, CA Reconfiguration of a 52,000 square foot building to accommodate a new fitness tenant. 9 % $8 $0 2027

Active Property Improvement Projects (6) Ongoing improvements at 6 properties to better position those properties to capture a disproportionate amount of retail demand 8% - 16% $44 $17

Notes:

(1)There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected returns on investment (ROI) and Projected Cost are management's best estimate based on current information and may change over time. Anticipated total cost, and projected ROI, and projected POI delivered are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.

(2)Projected ROI for mixed-use redevelopment/expansion projects reflects the unleveraged Property Operating Income (POI) generated by the project and is calculated as POI divided by cost. Projected POI delivered is an approximate calculation of the POI delivered or expected to be delivered and is calculated based on the Projected Cost and Projected ROI disclosed herewith and is based on the mid-point of the range, if applicable. Projected POI delivered includes straight line rent.

(3)Projected costs for Pike & Rose include an allocation of infrastructure costs for the entire project. Santana West includes an allocation of infrastructure for the Santana West site.

(4)Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental POI generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects generally does not include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property but may for certain property improvement projects.

(5)Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time.

(6)Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor amenity spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, improve market rents, drive leasing demand, and/or provide outdoor spaces critical to meeting the needs of the current environment. Returns on these projects are typically seen over one to five years, however, some projects could extend beyond that. Projected ROI range reflects management's best estimate of the long term expected return on cost of these investments.

Federal Realty Investment Trust

Future Redevelopment and Expansion Opportunities

March 31, 2026

We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.

Redevelopment Opportunities

Property Location Expansion/Conversion (4) Residential (5) Mixed Use - Long Term

Assembly Row (1) Somerville, MA ü

Bala Cynwyd on City Avenue Bala Cynwyd, PA ü ü

Barracks Road Charlottesville, VA ü ü

Bethesda Row Bethesda, MD ü ü

Camelback Colonnade Phoenix, AZ ü ü

Chelsea Commons Chelsea, MA ü

Congressional North Shopping Center Rockville, MD ü

Dedham Plaza Dedham, MA ü

Del Monte Shopping Center Monterey, CA ü

Escondido Promenade Escondido, CA ü

Fairfax Junction Fairfax, VA ü ü

Federal Plaza Rockville, MD ü

Finley Square Downers Grove, IL ü

Fresh Meadows Queens, NY ü

Friendship Center Washington, DC ü ü

Governor Plaza Glen Burnie, MD ü

Grossmont Center La Mesa, CA ü

Huntington Huntington, NY ü

Huntington Square East Northport, NY ü

Northeast Philadelphia, PA ü

Pike & Rose (2) North Bethesda, MD ü

Pike 7 Plaza Vienna, VA ü

Providence Place Fairfax, VA ü ü

Riverpoint Center Chicago, IL ü

Santana Row (3) San Jose, CA ü

Shops at Pembroke Gardens Pembroke Pines, FL ü

The AVENUE at White Marsh White Marsh, MD ü

Tower Shopping Center Springfield, VA ü

Troy Hills Parsippany-Troy, NJ ü

Village at Shirlington Arlington, VA ü

Virginia Gateway Gainesville, VA ü

Westgate Center San Jose, CA ü ü

Willow Lawn Richmond, VA ü

Wynnewood Wynnewood, PA ü ü

Notes:

(1)Remaining entitlements at Assembly Row include approximately 1.5 million square feet of commercial-use buildings and 326 residential units.

(2)Remaining entitlements at Pike & Rose include approximately 530,000 square feet of commercial-use buildings and 741 residential units.

(3)Remaining entitlements at Santana Row include approximately 321,000 square feet of commercial space and 137 residential units, as well as approximately 604,000 square feet of commercial space across from Santana Row.

(4)Property expansion/conversion includes opportunities at successful retail properties to convert previously underutilized land into new GLA, to convert other existing uses into more productive uses for the property, and/or to add both single tenant and multi-tenant stand alone pad buildings.

(5)Residential includes opportunities to add residential units to existing retail and mixed-use properties.

Federal Realty Investment Trust

Significant Transactions

March 31, 2026

Property Acquisitions

Date Property City/State GLA Acquisition Price Principal Tenants

(in square feet) (in millions)

March 12, 2026 Congressional North Shopping Center Rockville, Maryland 217,000 $ 72.3 Aldi / Michaels / Restoration Hardware Outlet / Petco / Staples

April 17, 2026 Kingstowne Towne Center (1)

Alexandria, Virginia

88,000 $ 19.7 Regal Cinemas / Multiple restaurants

(1)This retail building will be operated as part of our existing Kingstowne Towne Center property.

Property Dispositions

Date Property City/State Sales Price

(in millions)

February 5, 2026 Santana Row Residential (1 building) San Jose, California $ 148.5

February 5, 2026 Courthouse Center Rockville, Maryland $ 10.0

Financing Transaction

Revolving Credit Facility

On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option. In addition, we have an option to increase the credit facility through an accordion feature to $2.0 billion.

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2026

Property Name MSA Description Real Estate at Cost Acreage GLA (1) % Leased (1) Residential Units Grocery Anchor GLA Grocery Anchor (2) Other Retail Tenants

(in thousands)

Washington Metropolitan Area

Barcroft Plaza Washington-Arlington-Alexandria, DC-VA-MD-WV $ 52,349 10 113,000 98 % 46,000 Harris Teeter

Bethesda Row (3) Washington-Arlington-Alexandria, DC-VA-MD-WV 276,385 17 532,000 99 % 180 40,000 Giant Food Apple / Anthropologie / Equinox / Multiple Restaurants

Birch & Broad Washington-Arlington-Alexandria, DC-VA-MD-WV 26,272 10 144,000 100 % 51,000 Giant Food CVS / Staples

Chesterbrook (4) Washington-Arlington-Alexandria, DC-VA-MD-WV 51,371 9 89,000 91 % 35,000 Safeway Starbucks

Congressional North Shopping Center (5) Washington-Arlington-Alexandria, DC-VA-MD-WV 70,073 13 217,000 96 % 33,000 Aldi Michaels / Staples / Restoration Hardware Outlet / Petco

Congressional Plaza (4) Washington-Arlington-Alexandria, DC-VA-MD-WV 109,395 21 309,000 92 % 194 25,000 The Fresh Market Ulta / Barnes & Noble / Container Store

Fairfax Junction (5) Washington-Arlington-Alexandria, DC-VA-MD-WV 46,863 11 124,000 100 % 23,000 Aldi CVS / Planet Fitness

Federal Plaza Washington-Arlington-Alexandria, DC-VA-MD-WV 75,326 18 249,000 94 % 14,000 Trader Joe's TJ Maxx / Micro Center / Ross Dress for Less

Friendship Center Washington-Arlington-Alexandria, DC-VA-MD-WV 39,870 1 25,000 100 % Maggiano's

Gaithersburg Square Washington-Arlington-Alexandria, DC-VA-MD-WV 39,726 16 204,000 98 % Marshalls / Ross Dress for Less / Ashley Furniture HomeStore / CVS

Graham Park Plaza Washington-Arlington-Alexandria, DC-VA-MD-WV 28,516 10 133,000 95 % 58,000 Giant Food

Idylwood Plaza Washington-Arlington-Alexandria, DC-VA-MD-WV 20,441 7 73,000 98 % 23,000 TBA

Kingstowne Towne Center Washington-Arlington-Alexandria, DC-VA-MD-WV 212,455 45 411,000 100 % 135,000 Giant Food / Safeway TJ Maxx / HomeGoods / Ross Dress for Less

Laurel Washington-Arlington-Alexandria, DC-VA-MD-WV 62,329 26 367,000 95 % 61,000 Giant Food Marshalls / L.A. Fitness / HomeGoods

Montrose Crossing Washington-Arlington-Alexandria, DC-VA-MD-WV 171,863 36 369,000 98 % 73,000 Giant Food / Target (S) Marshalls / HomeSense / Old Navy / Burlington

Mount Vernon/South Valley/7770 Richmond Hwy Washington-Arlington-Alexandria, DC-VA-MD-WV 98,938 40 565,000 97 % 62,000 Shoppers Food Warehouse TJ Maxx / Home Depot / Old Navy / Burlington / Ulta

Old Keene Mill Washington-Arlington-Alexandria, DC-VA-MD-WV 20,214 10 90,000 100 % 14,000 Trader Joe's Walgreens / Planet Fitness

Pike & Rose Washington-Arlington-Alexandria, DC-VA-MD-WV 803,288 24 955,000 100 % 447 Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants

Pike 7 Plaza Washington-Arlington-Alexandria, DC-VA-MD-WV 57,089 13 175,000 99 % 24,000 Lidl TJ Maxx / DSW / Ulta

Plaza del Mercado Washington-Arlington-Alexandria, DC-VA-MD-WV 47,245 10 116,000 97 % 18,000 Aldi CVS / L.A. Fitness

Providence Place Washington-Arlington-Alexandria, DC-VA-MD-WV 37,866 25 228,000 95 % 65,000 Safeway Micro Center / CVS / Michaels

Quince Orchard (3) Washington-Arlington-Alexandria, DC-VA-MD-WV 41,661 16 271,000 81 % 19,000 Aldi HomeGoods / L.A. Fitness / Staples

Tower Shopping Center Washington-Arlington-Alexandria, DC-VA-MD-WV 30,327 12 113,000 100 % 26,000 L.A. Mart Total Wine & More / Talbots

Twinbrooke Centre Washington-Arlington-Alexandria, DC-VA-MD-WV 44,167 10 103,000 98 % 35,000 Safeway Outback Steakhouse

Tyson's Station Washington-Arlington-Alexandria, DC-VA-MD-WV 6,974 5 48,000 100 % 15,000 Trader Joe's

Village at Shirlington (3) Washington-Arlington-Alexandria, DC-VA-MD-WV 79,702 16 277,000 90 % 28,000 Harris Teeter CVS / AMC / Multiple Restaurants

Virginia Gateway Washington-Arlington-Alexandria, DC-VA-MD-WV 211,174 110 668,000 98 % 70,000 Giant Food / Target (S) / BJ's Wholesale Club (S) HomeGoods / Total Wine & More / Best Buy / Ulta / Lowe's (S)

Westpost Washington-Arlington-Alexandria, DC-VA-MD-WV 121,046 14 298,000 99 % 79,000 Harris Teeter / Target TJ Maxx / Ulta / Walgreens / DSW

Wildwood Washington-Arlington-Alexandria, DC-VA-MD-WV 28,383 12 89,000 100 % 20,000 Balducci's CVS / Multiple Restaurants

Total Washington Metropolitan Area 2,911,308 567 7,355,000 97 %

California

Azalea (4) Los Angeles-Long Beach-Anaheim, CA 109,200 22 226,000 100 % Walmart (S) Marshalls / Ross Dress for Less / Ulta / Michaels

Bell Gardens (3)(4) Los Angeles-Long Beach-Anaheim, CA 120,457 32 371,000 92 % 108,000 Food 4 Less / El Super Marshalls / Ross Dress for Less / Bob's Discount Furniture

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2026

Property Name MSA Description Real Estate at Cost Acreage GLA (1) % Leased (1) Residential Units Grocery Anchor GLA Grocery Anchor (2) Other Retail Tenants

(in thousands)

Colorado Blvd (3) Los Angeles-Long Beach-Anaheim, CA 14,102 1 42,000 73 % Banana Republic / True Food Kitchen

Crow Canyon Commons San Francisco-Oakland-Hayward, CA 94,508 22 239,000 85 % 32,000 Sprouts Total Wine & More / Alamo Ace Hardware

Del Monte Shopping Center Salinas, CA 130,340 46 676,000 79 % 25,000 Whole Foods Macy's / Petco / Pottery Barn / Apple / Sephora

East Bay Bridge San Francisco-Oakland-Hayward, CA 179,259 32 441,000 97 % 199,000 Pak-N-Save / Target Home Depot / Nordstrom Rack / Michaels / Burlington

Escondido Promenade San Diego-Carlsbad, CA 135,858 18 298,000 100 % Target (S) TJ Maxx / Dick’s Sporting Goods / Ross Dress for Less / Bob's Discount Furniture

Fourth Street (4) San Francisco-Oakland-Hayward, CA 28,125 3 70,000 47 % CB2

Freedom Plaza (3)(4) Los Angeles-Long Beach-Anaheim, CA 44,037 9 114,000 92 % 31,000 Smart & Final Nike / Blink Fitness / Ross Dress for Less

Grossmont Center (4) San Diego-Carlsbad, CA 180,881 64 866,000 95 % 294,000 Target / Walmart Barnes & Noble / CVS

Hastings Ranch Plaza (3) Los Angeles-Long Beach-Anaheim, CA 26,004 15 273,000 100 % Marshalls / HomeGoods / CVS

Old Town Center San Jose-Sunnyvale-Santa Clara, CA 44,636 8 99,000 90 % Anthropologie / Sephora / Arhaus Furniture / Teleferic Barcelona

Olivo at Mission Hills (4) Los Angeles-Long Beach-Anaheim, CA 82,907 12 155,000 100 % 32,000 Target 24 Hour Fitness / Ross Dress for Less / Ulta

Pinole Vista Crossing San Francisco-Oakland-Hayward, CA 58,493 19 216,000 99 % 43,000 FoodMaxx TJ Maxx / Nordstrom Rack / HomeGoods / Ulta

Plaza Del Sol (4) Los Angeles-Long Beach-Anaheim, CA 18,135 4 48,000 98 % Superior Grocers (S) Marshalls

Plaza El Segundo / The Point Los Angeles-Long Beach-Anaheim, CA 310,777 50 503,000 98 % 66,000 Whole Foods Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants

San Antonio Center (3) San Jose-Sunnyvale-Santa Clara, CA 52,448 22 213,000 100 % 141,000 Trader Joe's / Walmart 24 Hour Fitness

Santana Row (3) San Jose-Sunnyvale-Santa Clara, CA 1,310,175 50 1,520,000 99 % 342 Crate & Barrel / Container Store / Sephora / Multiple Restaurants

Sylmar Towne Center (4) Los Angeles-Long Beach-Anaheim, CA 49,011 12 147,000 95 % 43,000 Food 4 Less CVS / Ross Dress for Less

Westgate Center San Jose-Sunnyvale-Santa Clara, CA 165,115 44 650,000 91 % 215,000 Target / TBA Nordstrom Rack / Nike Factory / TJ Maxx / Ross Dress for Less

Total California 3,154,468 485 7,167,000 94 %

NY Metro/New Jersey

Brick Plaza (3) New York-Newark-Jersey City, NY-NJ-PA 105,136 46 405,000 99 % 14,000 Trader Joe's L.A. Fitness / HomeGoods / Ulta / Burlington

Brook 35 (4) (5) New York-Newark-Jersey City, NY-NJ-PA 54,835 11 97,000 99 % Banana Republic / Gap / Tommy's Tavern + Tap

Darien Commons Bridgeport-Stamford-Norwalk, CT 155,018 9 120,000 97 % 124 Equinox / Walgreens / Multiple Restaurants

Fresh Meadows New York-Newark-Jersey City, NY-NJ-PA 100,185 17 408,000 100 % 43,000 Lidl / Island of Gold AMC / Kohl's / Planet Fitness

Georgetowne Shopping Center New York-Newark-Jersey City, NY-NJ-PA 89,111 9 147,000 94 % 43,000 Foodway Five Below / IHOP

Greenlawn Plaza New York-Newark-Jersey City, NY-NJ-PA 34,889 13 103,000 93 % 46,000 Greenlawn Farms Planet Fitness

Greenwich Avenue Bridgeport-Stamford-Norwalk, CT 23,748 1 36,000 100 % Saks Fifth Avenue

Hauppauge New York-Newark-Jersey City, NY-NJ-PA 42,458 15 134,000 94 % 61,000 Shop Rite TJ Maxx / Five Below

Hoboken (4) (6) New York-Newark-Jersey City, NY-NJ-PA 238,810 4 171,000 97 % 129 CVS / New York Sports Club / Sephora / Multiple Restaurants

Huntington New York-Newark-Jersey City, NY-NJ-PA 114,115 21 217,000 98 % 43,000 Whole Foods Petsmart / REI / Ulta

Huntington Square New York-Newark-Jersey City, NY-NJ-PA 51,924 18 244,000 90 % 20,000 Aldi / Stop & Shop (S) 24 Hour Fitness / AMC

Melville Mall (3) New York-Newark-Jersey City, NY-NJ-PA 109,023 21 241,000 100 % 53,000 Uncle Giuseppe's Marketplace Marshalls / Dick's Sporting Goods / Burlington

Mercer on One (3) Trenton, NJ 127,006 50 551,000 96 % 75,000 Shop Rite Nike / Ross Dress for Less / Nordstrom Rack / REI / Tesla

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2026

Property Name MSA Description Real Estate at Cost Acreage GLA (1) % Leased (1) Residential Units Grocery Anchor GLA Grocery Anchor (2) Other Retail Tenants

(in thousands)

The Grove at Shrewsbury (4) (5) New York-Newark-Jersey City, NY-NJ-PA 138,826 21 191,000 100 % Bloomies / lululemon / Anthropologie / Pottery Barn / Williams Sonoma

Troy Hills New York-Newark-Jersey City, NY-NJ-PA 36,471 19 211,000 100 % 65,000 Target Floor & Décor

Total NY Metro/New Jersey 1,421,555 275 3,276,000 97 %

New England

Assembly Row / Assembly Square Marketplace Boston-Cambridge-Newton, MA-NH 1,154,389 65 1,230,000 98 % 947 18,000 Trader Joe's TJ Maxx / AMC / Nike / Burlington / World Market / Multiple Restaurants

Campus Plaza Boston-Cambridge-Newton, MA-NH 32,139 15 113,000 100 % 46,000 Roche Bros. Burlington / Five Below

Chelsea Commons Boston-Cambridge-Newton, MA-NH 41,043 36 233,000 99 % Home Depot / Planet Fitness / CVS / Burlington

Dedham Plaza Boston-Cambridge-Newton, MA-NH 54,758 20 253,000 96 % 80,000 Star Market Planet Fitness

Linden Square Boston-Cambridge-Newton, MA-NH 160,463 19 224,000 97 % 7 41,000 Roche Bros. CVS / Multiple Restaurants

North Dartmouth Providence-Warwick, RI-MA 1,944 28 5,000 100 % IHOP

Queen Anne Plaza Boston-Cambridge-Newton, MA-NH 19,914 17 149,000 99 % 50,000 Big Y Foods TJ Maxx / HomeGoods

Total New England 1,464,650 200 2,207,000 98 %

Philadelphia Metropolitan Area

Andorra Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 57,459 22 225,000 99 % 31,000 TBA TJ Maxx / Kohl's / L.A. Fitness / Five Below

Bala Cynwyd on City Avenue Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 140,857 23 174,000 93 % 169 45,000 Acme Markets Michaels / L.A. Fitness

Ellisburg Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 40,462 28 260,000 100 % 47,000 Whole Foods Five Below / RH Outlet

Flourtown Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 20,007 24 158,000 98 % 75,000 Giant Food Movie Tavern

Langhorne Square Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 24,827 21 226,000 97 % 55,000 Redner's Warehouse Markets Marshalls / Planet Fitness

Lawrence Park Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 66,402 29 357,000 100 % 53,000 Acme Markets TJ Maxx / HomeGoods / Barnes & Noble

Northeast Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 36,602 15 208,000 96 % Lidl (S) Marshalls / Ulta / Skechers / Crunch Fitness

Willow Grove Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 56,445 13 89,000 98 % 31,000 Amazon Food Marshalls / Five Below

Wynnewood Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 51,141 14 239,000 97 % 9 98,000 Giant Food Old Navy / DSW

Total Philadelphia Metropolitan Area 494,202 189 1,936,000 98 %

Baltimore

Annapolis Town Center Baltimore-Columbia-Towson, MD 177,482 19 479,000 91 % 71,000 Whole Foods /

Target (S) Restoration Hardware / Pottery Barn / Williams Sonoma / Life Time Fitness / Anthropologie

Governor Plaza Baltimore-Columbia-Towson, MD 35,857 24 243,000 100 % 16,500 Aldi Dick's Sporting Goods / Ross Dress for Less / Petco / Bob's Discount Furniture

Perring Plaza Baltimore-Columbia-Towson, MD 43,659 29 398,000 100 % 57,000 Giant Food Home Depot / Dick's Sporting Goods / Micro Center / Burlington

THE AVENUE at White Marsh (5) Baltimore-Columbia-Towson, MD 138,207 35 315,000 100 % AMC / Ulta / Old Navy / Nike

The Shoppes at Nottingham Square Baltimore-Columbia-Towson, MD 19,658 4 33,000 100 %

White Marsh Other Baltimore-Columbia-Towson, MD 23,956 13 43,000 100 %

White Marsh Plaza Baltimore-Columbia-Towson, MD 27,272 7 80,000 98 % 54,000 Giant Food

Total Baltimore 466,091 131 1,591,000 97 %

Federal Realty Investment Trust

Real Estate Status Report

March 31, 2026

Property Name MSA Description Real Estate at Cost Acreage GLA (1) % Leased (1) Residential Units Grocery Anchor GLA Grocery Anchor (2) Other Retail Tenants

(in thousands)

South Florida

CocoWalk (7) Miami-Fort Lauderdale-West Palm Beach, FL 206,624 3 278,000 100 % Cinepolis Theaters / Youfit Health Club / Multiple Restaurants

Del Mar Village Miami-Fort Lauderdale-West Palm Beach, FL 76,286 17 187,000 97 % 44,000 Aldi CVS / L.A. Fitness

Shops at Pembroke Gardens Miami-Fort Lauderdale-West Palm Beach, FL 193,654 41 392,000 99 % Nike Factory / Old Navy / DSW

Tower Shops Miami-Fort Lauderdale-West Palm Beach, FL 106,496 67 431,000 99 % 12,000 Trader Joe's / Costco (S) TJ Maxx / Ross Dress For Less / Best Buy / Ulta / Home Depot (S)

Total South Florida 583,060 128 1,288,000 99 %

Chicago

Crossroads Chicago-Naperville-Elgin, IL-IN-WI 37,927 14 168,000 96 % L.A. Fitness / Ulta / Binny's / Ferguson Home

Finley Square Chicago-Naperville-Elgin, IL-IN-WI 40,809 21 258,000 78 % Marshalls / HomeGoods / Michaels / Portillo's

Garden Market Chicago-Naperville-Elgin, IL-IN-WI 17,418 11 141,000 100 % 63,000 Mariano's Fresh Market Walgreens

Riverpoint Center Chicago-Naperville-Elgin, IL-IN-WI 123,456 17 211,000 98 % 86,000 Jewel Osco Marshalls / Old Navy

Total Chicago 219,610 63 778,000 91 %

Other

Barracks Road Charlottesville, VA 78,952 40 487,000 91 % 99,000 Harris Teeter / Kroger Anthropologie / Old Navy / Ulta / Michaels

Camelback Colonnade (4) Phoenix-Mesa-Chandler, AZ 185,933 41 603,000 99 % 82,000 Fry's Food & Drug Marshalls / Nordstrom Last Chance / Best Buy / HomeGoods

Gratiot Plaza Detroit-Warren-Dearborn, MI 21,714 20 205,000 85 % 69,000 Kroger Best Buy / Bob's Discount Furniture

Lancaster (3) Lancaster, PA 8,743 11 126,000 98 % 75,000 Giant Food AutoZone

The Shops at Hilton Village (3)(4) Phoenix-Mesa-Chandler, AZ 89,162 18 305,000 85 % CVS / Houston's

Town Center Crossing / Town Center Plaza Kansas City, MO-KS 265,204 59 552,000 97 % 12,000 Trader Joe’s Crate & Barrel / Pottery Barn / Restoration Hardware / Apple / Aritzia / Macy's (S) / Dick's House of Sport (S)

29th Place Charlottesville, VA 41,087 15 168,000 99 % 32,000 Lidl HomeGoods / DSW / Staples

Village Pointe Omaha, NE-IA 146,822 48 454,000 96 % Nordstrom Rack / Best Buy / Apple / Sephora / lululemon / Scheels (S)

Willow Lawn Richmond, VA 109,360 37 463,000 98 % 66,000 Kroger Old Navy / Ross Dress for Less / Gold's Gym / Dick's Sporting Goods / Ulta

Total Other 946,977 289 3,363,000 95 %

Grand Total $ 11,661,921 2,327 28,961,000 96 % 2,548

Notes:

(1) Represents the GLA and percentage leased of the commercial portion of the property. Some of our properties include office space which is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.

(2) TBA indicates that a lease is signed.

(3) All or a portion of this property is owned pursuant to a ground lease.

(4) The Trust has a controlling financial interest in this property.

(5) All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.

(6) This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.

(7) This property includes CocoWalk and four buildings in Coconut Grove.

(S) Shadow anchor located adjacent to the property, but is not part of the owned property.

Federal Realty Investment Trust

Retail Leasing Summary (1)

March 31, 2026

Total Lease Summary - Comparable (2)

Quarter Number of Leases Signed % of Comparable Leases Signed GLA Signed Contractual Rent (3) Per Sq. Ft. (PSF) Prior Rent (4) PSF Annual Increase in Rent Cash Basis % Increase Over Prior Rent Straight-lined Basis % Increase Over Prior Rent Weighted Average Lease Term (5) Tenant Improvements & Incentives (6) Tenant Improvements & Incentives PSF

1st Quarter 2026 101 100 % 649,078 $ 35.79 $ 31.75 $ 2,619,479 13 % 23 % 7.4 $ 14,278,520 $ 22.00

4th Quarter 2025 105 100 % 600,684 $ 39.09 $ 34.84 $ 2,552,365 12 % 24 % 7.4 $ 18,043,426 $ 30.04

3rd Quarter 2025 123 100 % 727,029 $ 35.71 $ 27.85 $ 5,710,439 28 % 43 % 8.1 $ 15,446,743 $ 21.25

2nd Quarter 2025 119 100 % 643,810 $ 37.98 $ 34.39 $ 2,311,260 10 % 21 % 6.6 $ 13,615,629 $ 21.15

Total - 12 months 448 100 % 2,620,601 $ 37.06 $ 32.03 $ 13,193,543 16 % 28 % 7.4 $ 61,384,318 $ 23.42

New Lease Summary - Comparable (2)

Quarter Number of Leases Signed % of Comparable Leases Signed GLA Signed Contractual Rent (3) PSF Prior Rent (4) PSF Annual Increase in Rent Cash Basis % Increase Over Prior Rent Straight-lined Basis % Increase Over Prior Rent Weighted Average Lease Term (5) Tenant Improvements & Incentives (6) Tenant Improvements & Incentives PSF

1st Quarter 2026 41 41 % 242,901 $ 37.98 $ 30.24 $ 1,880,171 26 % 35 % 8.6 $ 13,563,195 $ 55.84

4th Quarter 2025 53 50 % 261,082 $ 36.39 $ 28.57 $ 2,040,053 27 % 40 % 9.7 $ 15,259,185 $ 58.45

3rd Quarter 2025 57 46 % 234,886 $ 45.16 $ 35.52 $ 2,263,260 27 % 43 % 8.9 $ 12,947,803 $ 55.12

2nd Quarter 2025 45 38 % 170,252 $ 39.04 $ 34.31 $ 805,428 14 % 28 % 9.1 $ 9,793,564 $ 57.52

Total - 12 months 196 44 % 909,121 $ 39.58 $ 31.89 $ 6,988,912 24 % 37 % 9.1 $ 51,563,747 $ 56.72

Renewal Lease Summary - Comparable (2) (7)

1st Quarter 2026 60 59 % 406,177 $ 34.48 $ 32.66 $ 739,308 6 % 16 % 6.6 $ 715,325 $ 1.76

4th Quarter 2025 52 50 % 339,602 $ 41.17 $ 39.66 $ 512,312 4 % 15 % 5.8 $ 2,784,241 $ 8.20

3rd Quarter 2025 66 54 % 492,143 $ 31.20 $ 24.19 $ 3,447,179 29 % 42 % 7.6 $ 2,498,940 $ 5.08

2nd Quarter 2025 74 62 % 473,558 $ 37.59 $ 34.41 $ 1,505,832 9 % 19 % 5.7 $ 3,822,065 $ 8.07

Total - 12 months 252 56 % 1,711,480 $ 35.72 $ 32.10 $ 6,204,631 11 % 22 % 6.4 $ 9,820,571 $ 5.74

Total Lease Summary - Comparable and Non-comparable (2)

Quarter Number of Leases Signed Comparable % of Total Leases GLA Signed Contractual Rent (3) PSF Weighted Average Lease Term (5) Tenant Improvements & Incentives (6) Tenant Improvements & Incentives PSF

1st Quarter 2026 106 95 % 661,158 $ 36.10 7.4 $ 15,024,805 $ 22.72

4th Quarter 2025 109 96 % 612,978 $ 39.30 7.5 $ 18,384,628 $ 29.99

3rd Quarter 2025 132 93 % 774,890 $ 36.97 8.3 $ 20,185,470 $ 26.05

2nd Quarter 2025 122 98 % 653,366 $ 38.87 6.7 $ 14,435,475 $ 22.09

Total - 12 months 469 96 % 2,702,392 $ 37.75 7.5 $ 68,030,378 $ 25.17

Total Lease Summary - Comparable, Non-comparable, and Option Exercises (2) (8)

Quarter Number of Leases Signed GLA Signed Contractual Rent (3) PSF Weighted Average Lease Term (5) Tenant Improvements & Incentives (6) Tenant Improvements & Incentives PSF

1st Quarter 2026 134 881,718 $ 34.86 6.9 $ 15,024,805 $ 17.04

4th Quarter 2025 130 836,216 $ 36.47 6.8 $ 18,384,628 $ 21.99

3rd Quarter 2025 151 1,013,278 $ 34.24 7.7 $ 20,185,470 $ 19.92

2nd Quarter 2025 141 918,000 $ 34.07 6.4 $ 14,435,475 $ 15.72

Total - 12 months 556 3,649,212 $ 34.86 7.0 $ 68,030,378 $ 18.64

Notes:

(1) Information reflects activity in retail spaces only for consolidated properties; office and residential spaces are not included. See Glossary of Terms for further discussion of information included above.

(2) Comparable leases represent those leases signed on spaces for which there was a former tenant. Contractual option exercises are not included unless they are fair market value options.

(3) Contractual rent represents annual rent under the new lease.

(4) Prior rent represents contractual rent, including percentage rent considered part of base rent, from the prior tenant in the final 12 months of the term.

(5) Weighted average is determined on the basis of contractual rent for the lease.

(6) See Glossary of Terms.

(7) Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new.

(8) Option exercises reflect a fixed rate contractual option under the lease agreement that was exercised during the period reflected.

Federal Realty Investment Trust

Lease Expirations

March 31, 2026

Assumes no exercise of lease options

Anchor Tenants (1) Small Shop Tenants Total

Year Expiring SF % of Anchor SF Minimum Rent PSF (2) Expiring SF % of Small Shop SF Minimum Rent PSF (2) Expiring SF (4) % of Total SF Minimum Rent PSF (2)

2026 612,000 3 % $16.08 612,000 7 % $36.76 1,224,000 5 % $26.42

2027 1,634,000 9 % $23.31 1,133,000 12 % $49.41 2,767,000 10 % $33.99

2028 2,138,000 12 % $17.99 1,273,000 14 % $50.64 3,411,000 13 % $30.18

2029 2,358,000 13 % $26.44 1,331,000 14 % $49.75 3,689,000 14 % $34.85

2030 1,907,000 11 % $21.70 1,079,000 12 % $51.18 2,986,000 11 % $32.35

2031 1,396,000 8 % $24.17 1,046,000 11 % $48.79 2,442,000 9 % $34.71

2032 1,896,000 11 % $29.97 806,000 9 % $49.40 2,702,000 10 % $35.77

2033 1,016,000 6 % $25.87 596,000 6 % $47.97 1,612,000 6 % $34.04

2034 896,000 5 % $21.82 511,000 5 % $49.50 1,407,000 5 % $31.88

2035 1,372,000 8 % $30.81 514,000 5 % $50.92 1,886,000 7 % $36.29

Thereafter 2,584,000 15 % $27.59 457,000 5 % $55.29 3,041,000 11 % $31.76

Total (3) (4) 17,809,000 100 % $24.71 9,358,000 100 % $49.21 27,167,000 100 % $33.15

Assumes all lease options are exercised

Anchor Tenants (1) Small Shop Tenants Total

Year Expiring SF % of Anchor SF Minimum Rent PSF (2) Expiring SF % of Small Shop SF Minimum Rent PSF (2) Expiring SF (4) % of Total SF Minimum Rent PSF (2)

2026 502,000 3 % $16.76 572,000 6 % $36.43 1,074,000 4 % $27.24

2027 590,000 3 % $23.91 733,000 8 % $46.94 1,323,000 5 % $36.67

2028 455,000 3 % $18.46 714,000 8 % $47.52 1,169,000 4 % $36.21

2029 512,000 3 % $32.63 728,000 8 % $50.19 1,240,000 5 % $42.94

2030 331,000 2 % $22.66 664,000 7 % $50.34 995,000 4 % $41.13

2031 488,000 3 % $22.18 556,000 6 % $48.92 1,044,000 4 % $36.42

2032 348,000 2 % $35.58 550,000 6 % $54.77 898,000 3 % $47.34

2033 370,000 2 % $25.03 535,000 6 % $54.43 905,000 3 % $42.39

2034 645,000 4 % $28.16 522,000 6 % $48.71 1,167,000 4 % $37.36

2035 695,000 4 % $25.39 487,000 5 % $52.52 1,182,000 4 % $36.57

Thereafter 12,873,000 72 % $24.60 3,297,000 35 % $49.73 16,170,000 60 % $29.73

Total (3) (4) 17,809,000 100 % $24.71 9,358,000 100 % $49.21 27,167,000 100 % $33.15

Notes:

(1) Anchor is defined as a commercial tenant leasing 10,000 square feet or more.

(2) Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rent as of March 31, 2026.

(3) Represents occupied square footage of the commercial portion of our portfolio as of March 31, 2026.

(4) Individual items may not add up to total due to rounding.

Federal Realty Investment Trust

Portfolio Leased Statistics

March 31, 2026

As of:

March 31, 2026 December 31, 2025 March 31, 2025

Commercial Properties

Overall Portfolio (1)(2)

Gross Leasable Area (GLA) 28,961,000 28,798,000 27,499,000

Leased % 96.1 % 96.1 % 95.7 %

Occupied % 93.8 % 94.1 % 93.6 %

Leased % - anchor tenants 97.3 % 97.3 % 96.8 %

Leased % - small shop tenants 93.8 % 93.8 % 93.5 %

Active commercial tenant leases 3,753 3,733 3,539

Comparable Properties (1)(3)

GLA 25,015,000 25,040,000 25,109,000

Leased % 96.5 % 96.6 % 96.1 %

Occupied % 94.1 % 94.6 % 93.9 %

Residential Properties

Overall Portfolio (1)(2)(4)

Residential units 2,466 2,678 3,104

Leased % 95.6 % 94.8 % 94.9 %

Comparable Properties (1)(3)

Residential units 2,466 2,466 2,465

Leased % 95.6 % 94.9 % 94.6 %

Notes:

(1) See Glossary of terms.

(2) Excludes redevelopment square footage and residential units not yet placed in service.

(3) Prior periods are adjusted for the current comparable property pool.

(4) Excludes our new residential building at Bala Cynwyd on City Avenue called Blayr that opened in 1Q26 and currently is in the process of being leased-up for the first time. If these units were included at March 31, 2026, our total residential units would be 2,548 and our percentage leased would be 93.9%.

Federal Realty Investment Trust

Summary of Top 25 Tenants

March 31, 2026

Rank Tenant Name Credit Ratings

(S&P/Moody's) (1) Annualized Base Rent Percentage of Total Annualized Base Rent (3) Tenant GLA Percentage of Total GLA (3) Number of Locations Leased

1 TJX Companies, The A / A2 $ 23,914,000 2.42 % 1,193,000 3.82 % 40

2 Ahold Delhaize BBB+ / Baa1 $ 15,918,000 1.61 % 781,000 2.50 % 12

3 NetApp, Inc. BBB+ / Baa2 $ 15,668,000 1.59 % 304,000 0.97 % 1

4 Cisco Systems, Inc. AA- / A1 $ 14,498,000 1.47 % 267,000 0.85 % 2

5 Gap, Inc., The BB+ / Ba2 $ 13,368,000 1.35 % 406,000 1.30 % 39

6 CVS Corporation BBB / Baa3 $ 11,016,000 1.11 % 261,000 0.84 % 19

7 KnitWell Group (Ann Taylor, Chico's, Loft, Talbots, White House Black Market, Soma, Lane Bryant) NR / NR $ 9,794,000 0.99 % 228,000 0.73 % 46

8 Fitness International LLC B / B2 $ 9,044,000 0.92 % 347,000 1.11 % 9

9 Amazon/Whole Foods AA / A1 $ 8,891,000 0.90 % 284,000 0.91 % 6

10 Albertsons Companies Inc. (Acme, Balducci's, Safeway) BB+ / Ba1 $ 8,807,000 0.89 % 545,000 1.74 % 10

11 Ross Stores, Inc. A- / A2 $ 8,662,000 0.88 % 389,000 1.24 % 14

12 Home Depot, Inc. A / A2 $ 7,851,000 0.79 % 478,000 1.53 % 6

13 Dick's Sporting Goods, Inc. BBB / Baa2 $ 7,507,000 0.76 % 401,000 1.28 % 9

14 AMC Entertainment Inc. CCC+ / Caa2 $ 7,433,000 0.75 % 283,000 0.91 % 6

15 Kroger Co., The BBB / Baa1 $ 7,430,000 0.75 % 611,000 1.96 % 12

16 PUMA North America, Inc. NR / NR $ 7,292,000 0.74 % 155,000 0.50 % 2

17 Ulta Beauty, Inc. NR / NR $ 7,167,000 0.73 % 204,000 0.65 % 19

18 PwC US Group LLP NR / NR $ 7,023,000 0.71 % 141,000 0.45 % 1

19 Bob's Discount Furniture, LLC NR / NR $ 6,958,000 0.70 % 278,000 0.89 % 7

20 Burlington Stores, Inc. BB+ / Ba1 $ 6,776,000 0.69 % 301,000 0.96 % 9

21 Bank of America, N.A. A- / A1 $ 6,743,000 0.68 % 108,000 0.35 % 20

22 Choice Hotels International, Inc. BBB- / Baa3 $ 6,448,000 0.65 % 119,000 0.38 % 1

23 Michaels Stores, Inc. B- / B2 $ 6,097,000 0.62 % 312,000 1.00 % 14

24 J.Crew Group, LLC CCC+ / Caa1 $ 6,082,000 0.62 % 114,000 0.36 % 22

25 JPMorgan Chase Bank A / A1 $ 5,787,000 0.59 % 87,000 0.28 % 19

Totals - Top 25 Tenants $ 236,174,000 23.90 % 8,597,000 27.51 % 345

Total (5): $ 988,289,000 (2) 31,250,000 (4)

Notes:

(1) Credit Ratings are as of March 31, 2026. Subsequent rating changes have not been reflected.

(2) See Glossary of Terms.

(3) Individual items may not add up to total due to rounding.

(4) Excludes redevelopment square footage not yet placed in service.

(5) Totals reflect both the commercial and residential portions of our properties.

Federal Realty Investment Trust

2026 Guidance

March 31, 2026

Full Year 2026 Guidance

2026 Guidance (1) 2026 Prior Guidance

Net income available for common shareholders per diluted share $3.94 - $4.03 $3.90 - $4.00

Nareit FFO per diluted share (2) $7.46 - $7.55 $7.42 - $7.52

Core FFO per diluted share (2) $7.46 - $7.55 $7.42 - $7.52

Comparable properties growth 3.125% - 3.625% 3.0% - 3.5%

Lease termination fees $8 - $9 million $7 - $8 million

Incremental redevelopment/expansion POI (3) $14 - $15 million $13 - $15 million

General and administrative expenses $47 - $49 million $47 - $49 million

Development/redevelopment capital $175 - $225 million $175 - $225 million

Capitalized interest $11 - $12 million $11 - $12 million

Notes:

(1)Does not include the impact of acquisitions or dispositions other than those which have closed as of April 30, 2026. All amounts are estimates.

(2)The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:

Full Year 2026 Guidance Range

Low High

Estimated net income available for common shareholders per diluted share $ 3.94 $ 4.03

Adjustments:

Estimated gain on sale of real estate (1.06) (1.06)

Estimated depreciation and amortization 4.58 4.58

Estimated Nareit FFO and Core FFO per diluted share $ 7.46 $ 7.55

See Glossary of Terms. Individual items may not add up to total due to rounding.

(3)Reflects the estimated additional POI to be recognized in the period indicated versus the prior year or prior year quarter period as applicable. Projects included in incremental redevelopment/expansion POI included Huntington Shopping Center, Santana West, Pike & Rose - 915 Meeting Street, and Bala Cynwyd on City Avenue - Blayr for all periods presented. See page 16 for information on these projects and note 2 of page 16 for the definition of POI. See also page 17 in our Form 8-K filed on February 12, 2026 related to Huntington Shopping Center.

Annual 2026 Quarterly

2024 Actual 2025 Actual 2026 Estimate 1Q

Actual 2Q

Estimate 3Q

Estimate 4Q

Estimate

($ in millions)

Total redevelopment/expansion POI $ 12 $ 17 $ 32 $ 21 $ 24 $ 28 $ 32

Incremental redevelopment/expansion POI $ 5 $ 15 $ 4 $ 3 $ 4 $ 4

Glossary of Terms

EBITDA for Real Estate (EBITDAre): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("Nareit") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain or loss on sale of real estate, impairments of real estate and change in control of interest, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We calculate EBITDAre consistent with the Nareit definition. As EBITDA is a widely known and understood measure of performance, management believes EBITDAre represents an additional non-GAAP performance measure, independent of a company's capital structure, that will provide investors with a uniform basis to measure the enterprise value of a company. EBITDAre also approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.

Nareit-defined Funds From Operations (Nareit FFO): Nareit FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. Nareit developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, Nareit 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 pay dividends. We consider Nareit FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of Nareit 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.

Core Funds From Operations (Core FFO): Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company’s underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.

Property Operating Income: Total revenue less rental expenses and real estate taxes.

Overall Portfolio: Includes all consolidated operating properties owned in reporting period.

Comparable Properties: Represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. Comparable property growth statistics are calculated on a GAAP basis.

Annualized Base Rent (ABR): Represents aggregate, annualized in-place contractual (defined as rents billed on a cash basis without taking the impact of rent abatements into account) minimum rent for all occupied spaces as of the reporting period.

Retail Leasing Summary - Lease Rollover Calculation: 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 during the quarter 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 be 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 rents reported in the 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: Represents 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.

General: Property related statistics are the for the consolidated property portfolio except where noted.

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May 01, 2026

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May 01, 2026

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1-07533

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87-3916363

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909 Rose Avenue, Suite 200

Entity Address, City or Town

North Bethesda,

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