Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 52

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 52
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% in the six months ended June 30, 2024. 

Real Estate Taxes

Real estate tax expense increased $3.9 million, or 5.6%, to $73.2 million in the six months ended June 30, 2025 compared to $69.3 million in the six months ended June 30, 2024 due primarily to the following:

•an increase of $2.1 million from 2024 and 2025 acquisitions,

•an increase of $1.6 million from comparable properties primarily due to higher assessments and prior year refunds received during 2024, and 

•an increase of $0.9 million from non-comparable properties primarily due to openings at Santana West and Pike & Rose Phase IV,

partially offset by

•a decrease of $0.7 million from property dispositions. 

Property Operating Income

Property operating income increased $20.5 million, or 5.2%, to $418.0 million in the six months ended June 30, 2025 compared to $397.5 million in the six months ended June 30, 2024. This increase is primarily driven by higher rental rates and average occupancy, 2024 and 2025 acquisitions, and 2024 and 2025 openings at our non-comparable properties, partially offset by property dispositions, and higher rental expenses after recoveries from tenants.

Other Operating

General and Administrative

General and administrative expense decreased $1.3 million, or 5.4%, to $22.8 million in the six months ended June 30, 2025 compared to $24.1 million in the six months ended June 30, 2024. This decrease is due primarily to lower personnel related costs. 

Depreciation and Amortization

Depreciation and amortization expense increased $7.7 million, or 4.6%, to $176.2 million in the six months ended June 30, 2025 compared to $168.5 million in the six months ended June 30, 2024. This increase is due primarily to 2024 and 2025 acquisitions, the openings of Santana West, Pike & Rose Phase IV, and Huntington Shopping Center, partially offset by fully depreciated lease assets related to our Grossmont property and property dispositions.

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Table of Contents

Gain on Sale of Real Estate

The $77.7 million gain on sale of real estate for the