Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 46

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 46
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 OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 

   Change 20252024Dollars% (Dollar amounts in thousands)Rental income$313,183 $295,119 $18,064 6.1 %Other property income8,789 8,233 556 6.8 %Mortgage interest income281 281 — — %Total property revenue322,253 303,633 18,620 6.1 %Rental expenses67,481 63,898 3,583 5.6 %Real estate taxes38,178 36,053 2,125 5.9 %Total property expenses105,659 99,951 5,708 5.7 %Property operating income (1)216,594 203,682 12,912 6.3 %General and administrative expense(11,649)(10,822)(827)7.6 %Depreciation and amortization(94,277)(87,028)(7,249)8.3 %Operating income110,668 105,832 4,836 4.6 %Other interest income845 978 (133)(13.6)%Interest expense(47,619)(44,237)(3,382)7.6 %Income from partnerships605 888 (283)(31.9)%Total other, net(46,169)(42,371)(3,798)9.0 %Net income64,499 63,461 1,038 1.6 %Net income attributable to noncontrolling interests(2,850)(2,508)(342)13.6 %Net income attributable to the Trust$61,649 $60,953 $696 1.1 %

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(1)Property operating income is a non-GAAP measure that consists of total property revenue, less rental expenses and real estate taxes. This measure is used internally to evaluate the performance of property operations and we consider it to be a significant measure. Property operating income should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of operating  income to property operating income for the three months ended September 30, 2025 and 2024 is as follows:

20252024