Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 62

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 62
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 by such REITs.

An increase or decrease in FFO available for common shareholders does not necessarily result in an increase or decrease in aggregate distributions because our Board of Trustees is not required to increase distributions on a quarterly basis. However, we must distribute at least 90% of our annual taxable income to remain qualified as a REIT. Therefore, a significant increase in FFO will generally require an increase in distributions to shareholders although not necessarily on a proportionate basis.

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Table of Contents

The reconciliation of net income to FFO available for common shareholders is as follows:

 Three Months EndedSix Months EndedJune 30,June 30, 2025202420252024 (In thousands, except per share data)Net income$159,956 $114,655 $226,534 $172,671 Net income attributable to noncontrolling interests(4,040)(2,673)(6,850)(3,953)Gain on sale of real estate(76,501)(52,280)(77,672)(52,280)Depreciation and amortization of real estate assets78,598 75,157 155,096 149,095 Amortization of initial direct costs of leases9,358 8,179 18,435 15,916 Funds from operations167,371 143,038 315,543 281,449 Dividends on preferred shares (1)(1,875)(1,875)(3,750)(3,750)Income attributable to downREIT operating partnership units603 688 1,272 1,380 Income attributable to unvested shares(559)(514)(1,049)(1,017)Funds from operations available for common shareholders$165,540 $141,337 $312,016 $278,062 Weighted average number of common shares, diluted (1)(2)86,611 83,657 86,393 83,495 Funds from operations available for common shareholders, per diluted share (2)$1.91 $1.69 $3.61 $3.33 

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(1)For the three and six months ended June 30, 2025 and 2024, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and included in "weighted average number of common shares