Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 94

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 94
---
 a REIT. Therefore, a significant increase in FFO will generally require an increase in distributions to shareholders although not necessarily on a proportionate basis.

36

Table of Contents

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

 Three Months EndedNine Months EndedSeptember 30,September 30, 2025202420252024 (In thousands, except per share data)Net income$64,499 $63,461 $291,033 $236,132 Net income attributable to noncontrolling interests(2,850)(2,508)(9,700)(6,461)Gain on sale of real estate— — (77,672)(52,280)Depreciation and amortization of real estate assets81,155 76,581 236,251 225,676 Amortization of initial direct costs of leases12,029 8,757 30,464 24,673 Funds from operations154,833 146,291 470,376 427,740 Dividends on preferred shares (1)(1,875)(1,875)(5,625)(5,625)Income attributable to downREIT operating partnership units596 688 1,868 2,068 Income attributable to unvested shares(509)(506)(1,558)(1,524)Funds from operations available for common shareholders$153,045 $144,598 $465,061 $422,659 Weighted average number of common shares, diluted (1)(2)86,599 84,714 86,463 83,904 Funds from operations available for common shareholders, per diluted share (2)$1.77 $1.71 $5.38 $5.04 

_____________________

(1)For the three and nine months ended September 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, diluted."

(2)The weighted average common shares used to compute FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share for all periods presented but is anti-dilutive for the computation