Federal Realty Trust Files Q3 2024 10-Q

TL;DR

**FRT Q3 2024 10-Q filed. Financials and ops details inside.**

AI Summary

Federal Realty Investment Trust (FRT) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company and its operating partnership, Federal Realty OP LP. 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 performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

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

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)
• 2024-10-30 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• Federal Realty Investment Trust (company) — Filer of the 10-Q
• Federal Realty OP LP (company) — Operating partnership of Federal Realty Investment Trust
• 909 Rose Avenue, Suite 200, North Bethesda, MD 20852 (location) — Business and mailing address

FAQ

Filing Documents

• frt-20240930.htm (10-Q) — 1714KB
• frt-09302024xex311.htm (EX-31.1) — 9KB
• frt-09302024xex312.htm (EX-31.2) — 10KB
• frt-09302024xex313.htm (EX-31.3) — 10KB
• frt-09302024xex314.htm (EX-31.4) — 10KB
• frt-09302024xex321.htm (EX-32.1) — 6KB
• frt-09302024xex322.htm (EX-32.2) — 6KB
• frt-09302024xex323.htm (EX-32.3) — 6KB
• frt-09302024xex324.htm (EX-32.4) — 6KB
• 0000034903-24-000069.txt ( ) — 6320KB
• frt-20240930.xsd (EX-101.SCH) — 45KB
• frt-20240930_cal.xml (EX-101.CAL) — 42KB
• frt-20240930_def.xml (EX-101.DEF) — 302KB
• frt-20240930_lab.xml (EX-101.LAB) — 480KB
• frt-20240930_pre.xml (EX-101.PRE) — 352KB
• frt-20240930_htm.xml (XML) — 722KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements 3

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

Notes to Consolidated Financial Statements (unaudited) 13

Notes to Consolidated Financial Statements (unaudited) 13

Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

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 September 30, December 31, 2024 2023 (In thousands, except share and per share data) (Unaudited) ASSETS Real estate, at cost Operating (including $ 1,822,143 and $ 2,021,622 of consolidated variable interest entities, respectively) $ 10,355,292 $ 9,932,891 Construction-in-progress (including $ 8,352 and $ 8,677 of consolidated variable interest entities, respectively) 524,707 613,296 10,879,999 10,546,187 Less accumulated depreciation and amortization (including $ 414,128 and $ 416,663 of consolidated variable interest entities, respectively) ( 3,115,910 ) ( 2,963,519 ) Net real estate 7,764,089 7,582,668 Cash and cash equivalents 97,023 250,825 Accounts and notes receivable, net 206,513 201,733 Mortgage notes receivable, net 9,157 9,196 Investment in partnerships 33,008 34,870 Operating lease right of use assets, net 86,415 86,993 Finance lease right of use assets, net 6,685 6,850 Prepaid expenses and other assets 276,328 263,377 TOTAL ASSETS $ 8,479,218 $ 8,436,512 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Mortgages payable, net (including $ 187,311 and $ 189,286 of consolidated variable interest entities, respectively) $ 515,012 $ 516,936 Notes payable, net 601,307 601,945 Senior notes and debentures, net 3,356,298 3,480,296 Accounts payable and accrued expenses 201,066 174,714 Dividends payable 95,849 92,634 Security deposits payable 30,284 30,482 Operating lease liabilities 75,409 75,870 Finance lease liabilities 12,754 12,670 Other liabilities and deferred credits 224,693 225,443 Total liabilities 5,112,672 5,210,990 Commitments and contingencies (Note 6) Redeemable noncontrolling interests 180,946 183,363 Shareholders' equity Preferred shares, authorized 15,000,000 shares, $ .01 par: 5.0 % Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $ 25,000 per shar

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