Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 139

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 16
Chunk 139
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34,046)$45,726 $(35,209)Below market leases, lessee28,101 (6,145)28,101 (5,411)    Total$70,272 $(40,191)$73,827 $(40,620)Below market leases, lessor$(277,883)$111,719 $(269,268)$104,072 Above market leases, lessee(11,127)4,333 (11,127)3,771     Total$(289,010)$116,052 $(280,395)$107,843 

F-25

The value allocated to acquired leases where we are the lessor is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. The related amortization of acquired leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization:Year Ended December 31,202420232022(in thousands)Amortization of above market leases, lessor$(2,799)$(3,254)$(3,437)Amortization of below market leases, lessor16,290 15,864 14,543     Net increase in rental income$13,491 $12,610 $11,106 Amortization of below market leases, lessee$734 $742 $828 Amortization of above market leases, lessee(562)(563)(554)    Net increase in rental expense$172 $179 $274 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities:December 31, 2024Above market leases, lessor2.5 yearsBelow market leases, lessee30.0 yearsBelow market leases, lessor16.6 yearsAbove market leases, lessee17.1 yearsThe amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows:Acquired Lease AssetsAcquired Lease Liabilities (In thousands)Year ending December 31,2025$2,497 $12,868 20262,232 12,423 20271,937 11,924 20281,