Company: FRT-PC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000034903-25-000037
Chunk: 37

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 37
---
,783 195,604 9,179 4.7 %General and administrative expense(10,875)(12,006)1,131 (9.4)%Depreciation and amortization(86,946)(83,404)(3,542)4.2 %Gain on sale of real estate1,171 — 1,171 100.0 %Operating income108,133 100,194 7,939 7.9 %Other interest income743 1,483 (740)(49.9)%Interest expense(42,475)(43,693)1,218 (2.8)%Income from partnerships177 32 145 453.1 %Total other, net(41,555)(42,178)623 (1.5)%Net income66,578 58,016 8,562 14.8 %Net income attributable to noncontrolling interests(2,810)(1,280)(1,530)119.5 %Net income attributable to the Trust$63,768 $56,736 $7,032 12.4 %

(1)Property operating income is a non-GAAP measure that consists of rental income and mortgage interest income, 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 March 31, 2025 and 2024 is as follows:

23

Table of Contents

20252024(in thousands)Operating income$108,133 $100,194 General and administrative10,875 12,006 Depreciation and amortization86,946 83,404 Gain on sale of real estate(1,171)— Property operating income$204,783 $195,604 

Property Revenues

Total property revenue increased $17.8 million, or 6.1%, to $309.2 million in the three months ended March 31, 2025 compared to $291.3 million in the three months ended March 31, 2024. The percentage occupied at our shopping centers was 93.6% and 92.0% at March 31, 2025