Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 45

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 45
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Comparable Properties

Throughout this section, we have provided certain information on a “comparable property” basis. Information provided on a comparable property basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties that are currently under development or are being repositioned for significant redevelopment and investment. For the three and six months ended June 30, 2025, all or a portion of 95 properties were considered comparable properties and seven properties were considered non-comparable properties. For the six months ended June 30, 2025, one property was moved from comparable properties to non-comparable properties, and one property and one portion of two properties were removed from comparable properties, as they were sold; all compared to the designations as of December 31, 2024. While there is judgment surrounding changes in designations, we typically move non-comparable properties to comparable properties once they have stabilized, which is typically considered 90% physical occupancy or when the growth expected from the redevelopment has been included in the comparable periods. We typically remove properties from comparable properties when the repositioning of the asset has commenced and has or is expected to have a significant impact on property operating income within the calendar year. Acquisitions are moved to comparable properties once we have owned the property for the entirety of comparable periods and the property is not under development or being repositioned for significant redevelopment and investment. 

RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30, 2025 AND 2024 

   Change 20252024Dollars% (Dollar amounts in thousands)Rental income$302,477 $287,095 $15,382 5.4 %Other property income8,769 8,680 89 1.0 %Mortgage interest income277 277 — — %Total property revenue311,523 296,052 15,471 5.2 %Rental expenses61,609 58,891 2,718 4.6 %Real estate taxes36,681 35,289 1,392 3.9 %Total property expenses98,290 94,180 4,110 4.4 %Property operating income (1)213,233 201,872 11,361 5.6 %General and administrative expense(11,925)(12,092)167 (1.4)%Deprec