Federal Realty Investment Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Federal Realty Investment Trust submitted its Q1 2024 10-Q filing, detailing financial performance and capital structure.</b>

AI Summary

FEDERAL REALTY INVESTMENT TRUST (FRT-PC) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Federal Realty Investment Trust (FRT) filed a 10-Q report for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is 909 Rose Avenue, Suite 200, North Bethesda, MD 20852. The filing includes data related to common stock and preferred stock, including Series C Cumulative Redeemable Preferred and Series 1 Cumulative Convertible Preferred. The report details financial information for the fiscal year ending December 31, 2024, with a focus on Q1 performance.

Why It Matters

For investors and stakeholders tracking FEDERAL REALTY INVESTMENT TRUST, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess the REIT's performance and make informed investment decisions. The detailed breakdown of common and preferred stock, including specific series, offers insight into the company's capital structure and potential dilution or dividend obligations.

Risk Assessment

Risk Level: low — FEDERAL REALTY INVESTMENT TRUST shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update on the company's financial status.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt-to-equity ratios to assess the ongoing financial health of Federal Realty Investment Trust.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-02 — Filed As Of Date (Conformed filing date)
• 0000034903 — Central Index Key (Federal Realty Investment Trust's identifier)
• 6798 — Standard Industrial Classification (Real Estate Investment Trusts)
• MD — State of Incorporation (Federal Realty Investment Trust)
• 1231 — Fiscal Year End (Federal Realty Investment Trust)
• 001-07533 — SEC File Number (Federal Realty Investment Trust)
• 24908372 — Film Number (Federal Realty Investment Trust)

Key Players & Entities

• FEDERAL REALTY INVESTMENT TRUST (company) — Filer name
• Federal Realty OP LP (company) — Filer name
• 909 ROSE AVENUE, SUITE 200 (company) — Business address
• NORTH BETHESDA (company) — Business address city
• MD (company) — Business address state
• 20852 (company) — Business address zip
• 3019988100 (company) — Business phone
• 2024-03-31 (date) — Period of report

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Filing Documents

• frt-20240331.htm (10-Q) — 1269KB
• frt-03312024xex101.htm (EX-10.1) — 112KB
• frt-03312024xex311.htm (EX-31.1) — 9KB
• frt-03312024xex312.htm (EX-31.2) — 10KB
• frt-03312024xex313.htm (EX-31.3) — 10KB
• frt-03312024xex314.htm (EX-31.4) — 10KB
• frt-03312024xex321.htm (EX-32.1) — 6KB
• frt-03312024xex322.htm (EX-32.2) — 6KB
• frt-03312024xex323.htm (EX-32.3) — 6KB
• frt-03312024xex324.htm (EX-32.4) — 6KB
• 0000034903-24-000046.txt (&nbsp;) — 5555KB
• frt-20240331.xsd (EX-101.SCH) — 42KB
• frt-20240331_cal.xml (EX-101.CAL) — 40KB
• frt-20240331_def.xml (EX-101.DEF) — 289KB
• frt-20240331_lab.xml (EX-101.LAB) — 454KB
• frt-20240331_pre.xml (EX-101.PRE) — 338KB
• frt-20240331_htm.xml (XML) — 548KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements 3

Item 1. Financial Statements 3 Federal Realty Investment Trust Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Shareholders' Equity (unaudited) for the three months ended March 31, 2024 and 2023 5 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 6 Federal Realty OP LP Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 7 Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023 8 Consolidated Statements of Capital (unaudited) for the three months ended March 31, 2024 and 2023 9 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 10 Federal Realty Investment Trust and Federal Realty OP LP

Notes to Consolidated Financial Statements (unaudited) 11

Notes to Consolidated Financial Statements (unaudited) 11

Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk 29

Item 3. Quantitative and Qualitative Disclosures about Market Risk 29

Controls and Procedures 30

Item 4. Controls and Procedures 30

OTHER INFORMATION 31

PART II. OTHER INFORMATION 31

Legal Proceedings 31

Item 1. Legal Proceedings 31

Risk Factors 31

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds 31

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities 31

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures 31

Item 4. Mine Safety Disclosures 31

Other Information 31

Item 5. Other Information 31

Exhibits 31

Item 6. Exhibits 31 SIGNATURES 41 2 Table of Contents Federal Realty Investment Trust Consolidated Balance Sheets March 31, December 31, 2024 2023 (In thousands, except share and per share data) (Unaudited) ASSETS Real estate, at cost Operating (including $ 2,024,995 and $ 2,021,622 of consolidated variable interest entities, respectively) $ 10,027,356 $ 9,932,891 Construction-in-progress (including $ 13,299 and $ 8,677 of consolidated variable interest entities, respectively) 577,745 613,296 10,605,101 10,546,187 Less accumulated depreciation and amortization (including $ 430,578 and $ 416,663 of consolidated variable interest entities, respectively) ( 3,032,163 ) ( 2,963,519 ) Net real estate 7,572,938 7,582,668 Cash and cash equivalents 95,936 250,825 Accounts and notes receivable, net 207,650 201,733 Mortgage notes receivable, net 9,183 9,196 Investment in partnerships 33,687 34,870 Operating lease right of use assets, net 86,359 86,993 Finance lease right of use assets, net 6,795 6,850 Prepaid expenses and other assets 259,112 263,377 TOTAL ASSETS $ 8,271,660 $ 8,436,512 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Mortgages payable, net (including $ 188,629 and $ 189,286 of consolidated variable interest entities, respectively) $ 516,257 $ 516,936 Notes payable, net 613,912 601,945 Senior notes and debentures, net 3,353,228 3,480,296 Accounts payable and accrued expenses 185,594 174,714 Dividends payable 92,818 92,634 Security deposits payable 29,895 30,482 Operating lease liabilities 75,275 75,870 Finance lease liabilities 12,698 12,670 Other liabilities and deferred credits 213,027 225,443 Total liabilities 5,092,704 5,210,990 Commitments and contingencies (Note 5) Redeemable noncontrolling interests 182,964 183,363 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),

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements March 31, 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 communiti

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