Federal Realty Investment Trust Files 2024 10-K

TL;DR

FRT filed its 2024 10-K, detailing real estate operations. Check financials for investment strategy.

AI Summary

Federal Realty Investment Trust (FRT) filed its 2024 10-K on February 13, 2025, detailing its operations for the fiscal year ending December 31, 2024. The filing covers the company's real estate investment trust activities, including its properties and leases. FRT is incorporated in Maryland and its fiscal year ends on December 31st.

Why It Matters

This filing provides investors with a comprehensive overview of Federal Realty Investment Trust's financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks beyond those typical for a real estate investment trust.

Key Players & Entities

• Federal Realty Investment Trust (company) — Filer of the 10-K
• Federal Realty OP LP (company) — Related entity
• 2024-12-31 (date) — Fiscal year end
• 20250213 (date) — Filing date

FAQ

Filing Documents

• frt-20241231.htm (10-K) — 3685KB
• frt-12312024xex1040.htm (EX-10.40) — 46KB
• frt-12312024xex211.htm (EX-21.1) — 62KB
• frt-12312024xex231.htm (EX-23.1) — 2KB
• frt-12312024xex311.htm (EX-31.1) — 9KB
• frt-12312024xex312.htm (EX-31.2) — 10KB
• frt-12312024xex313.htm (EX-31.3) — 9KB
• frt-12312024xex314.htm (EX-31.4) — 10KB
• frt-12312024xex321.htm (EX-32.1) — 6KB
• frt-12312024xex322.htm (EX-32.2) — 6KB
• frt-12312024xex323.htm (EX-32.3) — 6KB
• frt-12312024xex324.htm (EX-32.4) — 6KB
• frt-20241231_g1.jpg (GRAPHIC) — 133KB
• 0000034903-25-000016.txt ( ) — 17132KB
• frt-20241231.xsd (EX-101.SCH) — 118KB
• frt-20241231_cal.xml (EX-101.CAL) — 86KB
• frt-20241231_def.xml (EX-101.DEF) — 642KB
• frt-20241231_lab.xml (EX-101.LAB) — 1199KB
• frt-20241231_pre.xml (EX-101.PRE) — 870KB
• frt-20241231_htm.xml (XML) — 2540KB

Risk Factors 8

Item 1A. Risk Factors 8

Unresolved Staff Comments 19

Item 1B. Unresolved Staff Comments 19

Cyber Security 19

Item 1C. Cyber Security 19

Properties 19

Item 2. Properties 19

Legal Proceedings 28

Item 3. Legal Proceedings 28

Mine Safety Disclosures 28

Item 4. Mine Safety Disclosures 28 PART II

Market for Our Common Equity and Related Shareholder Matters and Issuer Purchases of Equity Securities 29

Item 5. Market for Our Common Equity and Related Shareholder Matters and Issuer Purchases of Equity Securities 29

Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk 47

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47

Financial Statements and Supplementary Data 47

Item 8. Financial Statements and Supplementary Data 47

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 48

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 48

Controls and Procedures 48

Item 9A. Controls and Procedures 48

Other Information 49

Item 9B. Other Information 49

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III

Trustees, Executive Officers and Corporate Governance 50

Item 10. Trustees, Executive Officers and Corporate Governance 50

Executive Compensation 50

Item 11. Executive Compensation 50

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 50

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 50

Certain Relationships and Related Transactions, and Trustee Independence 50

Item 13. Certain Relationships and Related Transactions, and Trustee Independence 50

Principal Accountant Fees and Services 50

Item 14. Principal Accountant Fees and Services 50 PART IV

Exhibits and Financial Statement Schedules 50

Item 15. Exhibits and Financial Statement Schedules 50

Form 10-K Summary 54

Item 16. Form 10-K Summary 54 SIGNATURES 55 2 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements Certain statements included in this Annual Report on Form 10-K are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Federal Realty Investment Trust and Federal Realty OP LP (together, "we" "our" or "us") and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. The following are some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements: 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

BUSINESS

ITEM 1. BUSINESS General Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially off of its assets. The Trust owns 100% of the limited liability company interest of, is sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole 3 Table of Contents general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties located primarily in communities where we believe retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of December 31, 2024, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects comprising approximately 26.8 million commercial square feet. In total, the real estate projects were 96.2% leased and 94.1% occupied at December 31, 2024. Our revenue is primarily generated from lease agreements with tenants. We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 57 consecutive years. We were founded in 1962 as a REIT under the laws of the District of Columbia and re-formed as a REIT in the state of Maryland in 1999. In January of 2022, we consummated the UPREIT reorganization described in the Explanatory Note at the beginning

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View this 10-K filing on SEC EDGAR