Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 47

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 47
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(in thousands)Operating income$110,668 $105,832 General and administrative11,649 10,822 Depreciation and amortization94,277 87,028 Property operating income$216,594 $203,682 

Property Revenues

Total property revenue increased $18.6 million, or 6.1%, to $322.3 million in the three months ended September 30, 2025 compared to $303.6 million in the three months ended September 30, 2024. The percentage occupied at our shopping centers was 93.8% and 94.0% at September 30, 2025 and 2024, respectively. Rental income consists primarily of minimum rent, cost reimbursements from tenants and percentage rent, and is net of collectibility related adjustments. Other property income includes revenue for our Pike & Rose hotel, parking income, and other incidental income from our properties. The increase in property revenue is due primarily to the following:

•an increase of $11.7 million from acquisitions, 

•an increase of $9.3 million from comparable properties primarily related to higher rental rates of approximately $5.6 million, a $3.0 million increase in recoveries from tenants on higher occupancy and expenses, higher average occupancy of approximately $1.2 million, and a $0.6 million increase in lease termination fee income, partially offset by a $1.4 million increase in collectibility related adjustments, and

•an increase of $1.6 million from non-comparable properties primarily driven by occupancy increases,

partially offset by

•a decrease of $4.1 million from property dispositions.

Property Expenses

Total property expenses increased $5.7 million, or 5.7%, to $105.7 million in the three months ended September 30, 2025 compared to $100.0 million in the three months ended September 30, 2024. Changes in the components of property expenses are discussed below.

Rental Expenses

Rental expenses increased $3.6 million, or 5.6%, to $67.5 million in the three months ended September 30, 2025 compared to $63.9 million in the three months ended September 30, 2024. This increase is primarily due to the following:

•an increase of $2.2 million from acquisitions, and 

•an increase of $1.6 million from non-comparable properties due primarily to