Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 146

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 16
Chunk 146
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 our mortgages payable, notes payable and senior notes and debentures is as follows: December 31, 2024December 31, 2023CarryingValueFair ValueCarryingValueFair Value(In thousands)Mortgages and notes payable$1,115,792 $1,098,271 $1,118,881 $1,101,479 Senior notes and debentures$2,883,713 $2,645,097 $3,480,296 $3,201,174 Exchangeable senior notes$474,127 $495,510 $— $— As of December 31, 2024, we have five interest rate swap agreements with total notional amounts of $252.1 million that are measured at fair value on a recurring basis. We have two interest rate swap agreements associated with our Hoboken portfolio that fix the interest rate on $52.1 million of mortgage payables at 3.67% through December 15, 2029. We also have three interest rate swap agreements associated with our Bethesda Row property that fix the interest rate on a $200.0 million mortgage payable at a weighted average interest rate of 5.03% through December 28, 2025.

F-29

The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at December 31, 2024 was an asset of $5.2 million and is included in "prepaid expenses and other assets" on our consolidated balance sheet. During 2024, the value of our interest rate swaps increased $0.5 million (including $4.1 million reclassified from other comprehensive income as a decrease to interest expense). A summary of our financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:December 31, 2024December 31, 2023Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total(In thousands)Interest rate swaps$— $5,208 $— $5,208 $— $4,668 $— $4,668 One of our equity method investees has two interest rate swaps which qualify as cash flow hedges