Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 78

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 78
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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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Table of Contents

(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(in thousands)Operating income$110,668 $105,832 General and administrative11,649 10,822 Depreciation and amortization94,277 87,028 Property operating income$216,594 $203,682 

Property Revenues

Total property revenue increased $18.6 million, or 6.1%, to $322.3 million in the three months ended September 30, 2025 compared to $303.6 million in the three months ended September 30, 2024. The percentage occupied at our shopping centers was 93.8% and 94.0% at September 30, 2025 and 2024, respectively. Rental income consists primarily of minimum rent, cost reimbursements from tenants and percentage rent, and is net of collectibility related adjustments. Other property income includes revenue for our Pike & Rose hotel, parking income, and other incidental income from our properties. The increase in property revenue is due primarily to the following:

•an increase of $11.7 million from acquisitions, 

•an increase of $9.3 million from comparable properties primarily related to higher rental rates of approximately $5.6 million, a $3.0 million increase in recoveries from tenants on higher occupancy and expenses, higher average occupancy of approximately $1.2 million, and a $0.6 million increase in lease termination