Company: FRT-PC
Filing Date: 2025-03-21
Form Type: 8-K
Source: 0001193125-25-060219
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Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-03-21
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into Material Definitive Agreement.  

Amendment and Restatement of Term Loan Agreement

On March 20, 2025, Federal Realty OP LP (the “ Partnership”), together with its wholly-owned subsidiary, FRIT San Jose Town and Country Village, LLC (“ FRIT San Jose” and, together with the Partnership, collectively the “ Borrowers”), entered into an Amended and Restated Term Loan Agreement (the “ New Agreement”), by and among the Partnership and FRIT San Jose, as Borrowers, the financial institutions party thereto and their permitted assignees, as Lenders, PNC Bank, National Association, as Administrative Agent, and the other parties thereto.

The New Agreement replaces that certain Term Loan Agreement, dated as of May 6, 2020 (as amended, the “ Prior Agreement”), by and among the Partnership, as Borrower, and the financial institutions party thereto. Under the Prior Agreement, the Partnership had an outstanding unsecured term loan with a balance of $600 million and a maturity date of April 16, 2025 (the “ Existing Term Loan”).

Beginning on March 20, 2025, the New Agreement will govern the Existing Term Loan. In addition to the Existing Term Loan, the New Agreement allows the Borrowers to borrow up to an additional $150 million in the form of one or more unsecured term loans until December 20, 2025. Under an accordion feature, the Borrowers also have the right to request additional loans, subject to an aggregate maximum of $1.0 billion borrowed under the New Agreement. All indebtedness under the New Agreement, including the Existing Term Loan and any additional unsecured term loans, will mature on March 20, 2028, subject to two twelve-month extensions at the option of the Borrowers.

Generally, loans under the New Agreement bear interest, at the option of the Borrowers, at a rate based on (i) SOFR, plus 0.10%, or (ii) a Base Rate (as defined therein), in each case plus an applicable margin that depends on the Partnership’s credit rating. The applicable margins for SOFR loans under the New Agreement range from 75 basis points to 160 basis points, and the applicable margins for Base Rate loans under the New Agreement range from 0 basis points to 60 basis points. As of March 20, 2025, the applicable margin for SOFR loans, including the Existing Term Loan,