Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 63

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 63
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 16.2 %Other interest income4,294 4,687 (393)(8.4)%Interest expense(175,476)(167,809)(7,667)4.6 %Income from partnerships3,160 3,869 (709)(18.3)%Total other, net(168,022)(159,253)(8,769)5.5 %Net income304,334 247,217 57,117 23.1 %Net income attributable to noncontrolling interests(9,126)(10,232)1,106 (10.8)%Net income attributable to the Trust$295,208 $236,985 $58,223 24.6 %

(1) Property operating income is a non-GAAP measure that consists of rental income and mortgage interest income, less rental expenses and real estate taxes. This measure is used internally to evaluate the performance of property operations to the previous period and we consider it be a significant measure. We believe that property operating income is useful to investors in measuring the operating performance of our property portfolio because the definition excludes various items included in operating income that do not relate to, or are not indicative of, the operating performance of our properties, such as general and administrative expenses and depreciation and amortization, and allows us to isolate disparities in operating income caused by acquisitions, dispositions, and stabilization of properties. Property operating income may, therefore, provide a more consistent metric for comparing the operating performance of our real estate between periods. Property operating income should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of operating income to property operating income for 2024 and 2023 is as follows:

20242023(in thousands)Operating income$472,356 $406,470 General and administrative49,739 50,707 Depreciation and amortization342,598 321,763 Gain on sale of real estate(54,040)(9,881)Property operating income$810,653 $769,059 

Property Revenues

Total property revenue increased $70.3 million, or 6.2%, to $1.20 billion in 2024 compared to $1.13 billion in 2023. The percentage occupied at our shopping centers was 94.1% at December 31, 2024 compared to 92.2% at December 31, 2023