Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 31

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 2
Chunk 31
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ITEM 2.    PROPERTIES

General

As of December 31, 2024, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 102 predominantly retail real estate projects comprising approximately 26.8 million commercial square feet. These properties are located primarily in densely populated and affluent communities in strategic metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, California, and South Florida. No single commercial or residential property accounted for over 10% of our 2024 total revenue. We believe that our properties are adequately covered by commercial general liability, fire, flood, earthquake, terrorism and business interruption insurance provided by reputable companies, with commercially reasonable exclusions, deductibles and limits.

Tenant Diversification

As of December 31, 2024, we had approximately 3,500 commercial leases and 3,100 residential leases, with commercial tenants ranging from sole proprietors to major national and international retailers. No one tenant or affiliated group of tenants accounted for more than 2.6% of our annualized base rent as of December 31, 2024. As a result of our tenant diversification, we believe our exposure to any one bankruptcy filing has not been and will not be significant, however, multiple filings by a number of tenants could have a significant impact.

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Table of Contents

Geographic Diversification

Our 102 real estate projects are located in 12 states and the District of Columbia. The following table shows the number of projects, the gross leasable area (“GLA”) of commercial space and the percentage of total portfolio gross leasable area of commercial space in each state as of December 31, 2024.

StateNumber ofProjectsGross LeasableAreaPercentageof GrossLeasableArea (In square feet)California20 6,394,000 23.8 %Virginia20 4,767,000 17.8 %Maryland17 4,526,000 16.9 %Massachusetts7 2,251,000 8.4 %New Jersey7 1,883,000 7.0 %Pennsylvania9 1,822,000 6.8 %New York7 1,500,000 5.6 %Florida4 1,287,000 4.8 %Arizona2 947,000 3.5 %