Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 49

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 49
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 related to the sale of the new market tax credits, higher rental rates and average occupancy, 2024 and 2025 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 $0.3 million, or 0.6%, to $44.6 million in the three months ended June 30, 2025 compared to $44.3 million in the three months ended June 30, 2024. This increase is due primarily to the following:

•a decrease of $2.1 million in capitalized interest,

partially offset by,

•a decrease of $1.6 million due to a lower overall weighted average borrowing rate, and

•a decrease of $0.2 million due to lower weighted average borrowings.

Gross interest costs were $47.6 million and $49.5 million in the three months ended June 30, 2025 and 2024, respectively. Capitalized interest was $3.0 million and $5.2 million for the three months ended June 30, 2025 and 2024, respectively.

Net income attributable to noncontrolling interests

Net income attributable to noncontrolling interests increased $1.4 million, or 51.1%, to $4.0 million in the three months ended June 30, 2025 compared to $2.7 million in the three months ended June 30, 2024. The increase is primarily attributable to the new market tax credit transaction income in 2025.

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Table of Contents

RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2025 AND 2024 

   Change 20252024Dollars% (Dollar amounts in thousands)Rental income$604,771 $571,081 $33,690 5.9 %Other property income15,354 15,739 (385)(2.4)%Mortgage interest income552 555 (3)(0.5)%Total property revenue620,677 587,375 33,302 5.7 %Rental expenses129,413 120,550 8,863 7.4 %Real estate taxes73,248 69,349 3,899 5.6 %Total property expenses202,661 189,899 12,762 6.7