Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 27

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 27
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 subject to an aggregate maximum of $1.0 billion borrowed under the restated agreement. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10% adjustment to SOFR.  During both the three and nine months ended September 30, 2025, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $315.3 million. The weighted average amount of borrowings outstanding was $228.9 million  and $101.9 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 5.2% for both the three and nine months ended September 30, 2025. At September 30, 2025, our revolving credit facility had $102.4 million outstanding.

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Table of Contents

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2025, we were in compliance with all default related debt covenants.Exchangeable Senior NotesOn January 11, 2024, our Operating Partnership issued $485.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The Notes bear interest at an annual rate of 3.25%, payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2024. The Notes mature on January 15, 2029, unless earlier exchanged, purchased or redeemed. Net proceeds after the initial purchaser’s discount and offering costs were approximately $471.5 million. Interest expense related to these Notes was $4.6 million for both the three months ended September 30, 2025 and 2024, and includes debt issuance cost amortization of $0.7 million for both periods. Interest expense related to these Notes was $13.8 million and $13.3 million, respectively, for the nine months ended September 30, 2025 and 2024, and includes debt issuance cost amortization of $2.0 million and $1.9 million, respectively. Including the debt issuance cost amortization, the current effective interest rate on these Notes is approximately 3.