Federal Realty Trust Files Q2 2024 10-Q

TL;DR

**FRT Q2 10-Q filed. Financials look solid, check for details.**

AI Summary

Federal Realty Investment Trust (FRT) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational activities. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides investors with a detailed look at Federal Realty Investment Trust's financial health and operational status for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.

Key Numbers

• 2024-06-30 — Reporting Period End (Quarterly financial data pertains to this date.)
• 2023-12-31 — Prior Year End (Comparison point for financial performance.)

Key Players & Entities

• Federal Realty Investment Trust (company) — Filer
• Federal Realty OP LP (company) — Subsidiary Filer
• 909 Rose Avenue, Suite 200, North Bethesda, MD 20852 (location) — Business and Mail Address
• 20240630 (date) — Reporting Period End Date
• 20240801 (date) — Filing Date

FAQ

Filing Documents

• frt-20240630.htm (10-Q) — 1726KB
• frt-06302024xex311.htm (EX-31.1) — 9KB
• frt-06302024xex312.htm (EX-31.2) — 10KB
• frt-06302024xex313.htm (EX-31.3) — 10KB
• frt-06302024xex314.htm (EX-31.4) — 10KB
• frt-06302024xex321.htm (EX-32.1) — 6KB
• frt-06302024xex322.htm (EX-32.2) — 6KB
• frt-06302024xex323.htm (EX-32.3) — 6KB
• frt-06302024xex324.htm (EX-32.4) — 6KB
• 0000034903-24-000056.txt ( ) — 6429KB
• frt-20240630.xsd (EX-101.SCH) — 46KB
• frt-20240630_cal.xml (EX-101.CAL) — 42KB
• frt-20240630_def.xml (EX-101.DEF) — 311KB
• frt-20240630_lab.xml (EX-101.LAB) — 487KB
• frt-20240630_pre.xml (EX-101.PRE) — 361KB
• frt-20240630_htm.xml (XML) — 744KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements 3

Item 1. Financial Statements 3 Federal Realty Investment Trust Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Shareholders' Equity (unaudited) for the three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 7 Federal Realty OP LP Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 8 Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2024 and 2023 9 Consolidated Statements of Capital (unaudited) for the three and six months ended June 30, 2024 and 2023 10 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 12 Federal Realty Investment Trust and Federal Realty OP LP

Notes to Consolidated Financial Statements (unaudited) 13

Notes to Consolidated Financial Statements (unaudited) 13

Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk 35

Item 3. Quantitative and Qualitative Disclosures about Market Risk 35

Controls and Procedures 36

Item 4. Controls and Procedures 36

OTHER INFORMATION 37

PART II. OTHER INFORMATION 37

Legal Proceedings 37

Item 1. Legal Proceedings 37

Risk Factors 37

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds 37

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities 37

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures 37

Item 4. Mine Safety Disclosures 37

Other Information 37

Item 5. Other Information 37

Exhibits 37

Item 6. Exhibits 37 SIGNATURES 41 2 Table of Contents Federal Realty Investment Trust Consolidated Balance Sheets June 30, December 31, 2024 2023 (In thousands, except share and per share data) (Unaudited) ASSETS Real estate, at cost Operating (including $ 1,829,059 and $ 2,021,622 of consolidated variable interest entities, respectively) $ 10,222,540 $ 9,932,891 Construction-in-progress (including $ 9,132 and $ 8,677 of consolidated variable interest entities, respectively) 553,365 613,296 10,775,905 10,546,187 Less accumulated depreciation and amortization (including $ 410,922 and $ 416,663 of consolidated variable interest entities, respectively) ( 3,054,555 ) ( 2,963,519 ) Net real estate 7,721,350 7,582,668 Cash and cash equivalents 103,234 250,825 Accounts and notes receivable, net 194,611 201,733 Mortgage notes receivable, net 9,170 9,196 Investment in partnerships 33,937 34,870 Operating lease right of use assets, net 86,997 86,993 Finance lease right of use assets, net 6,740 6,850 Prepaid expenses and other assets 265,128 263,377 TOTAL ASSETS $ 8,421,167 $ 8,436,512 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Mortgages payable, net (including $ 187,972 and $ 189,286 of consolidated variable interest entities, respectively) $ 515,637 $ 516,936 Notes payable, net 683,280 601,945 Senior notes and debentures, net 3,354,755 3,480,296 Accounts payable and accrued expenses 176,686 174,714 Dividends payable 93,492 92,634 Security deposits payable 29,805 30,482 Operating lease liabilities 75,950 75,870 Finance lease liabilities 12,726 12,670 Other liabilities and deferred credits 225,465 225,443 Total liabilities 5,167,796 5,210,990 Commitments and contingencies (Note 6) Redeemable noncontrolling interests 182,558 183,363 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),

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