Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 49

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 49
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 and property dispositions.

Operating Income

Operating income increased $4.8 million, or 4.6%, to $110.7 million in the three months ended September 30, 2025 compared to $105.8 million in the three months ended September 30, 2024. This increase is primarily driven by higher rental rates and average occupancy, acquisitions, and lower rental expenses after recoveries from tenants, partially offset by property dispositions and higher collectibility related adjustments.

Other

Interest Expense

Interest expense increased $3.4 million, or 7.6%, to $47.6 million in the three months ended September 30, 2025 compared to $44.2 million in the three months ended September 30, 2024. This increase is due primarily to the following:

•a decrease of $2.7 million in capitalized interest, and

•an increase of $1.9 million due to higher weighted average borrowings,

partially offset by,

•a decrease of $1.2 million due to a lower overall weighted average borrowing rate.

Gross interest costs were $50.2 million and $49.5 million in the three months ended September 30, 2025 and 2024, respectively. Capitalized interest was $2.5 million and $5.2 million for the three months ended September 30, 2025 and 2024, respectively.

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Table of Contents

RESULTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 

   Change 20252024Dollars% (Dollar amounts in thousands)Rental income$917,954 $866,199 $51,755 6.0 %Other property income24,143 23,973 170 0.7 %Mortgage interest income833 836 (3)(0.4)%Total property revenue942,930 891,008 51,922 5.8 %Rental expenses196,894 184,448 12,446 6.7 %Real estate taxes111,426 105,402 6,024 5.7 %Total property expenses308,320 289,850 18,470 6.4 %Property operating income (1)634,610 601,158 33,452 5.6 %General and administrative expense(34,449)(34,920)