Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 39

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 39
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 bringing our total amount outstanding under this agreement to $750.0 million as of September 30, 2025. Debt issuance costs related to our term loan were $4.9 million as of September 30, 2025. Under an accordion feature, we have the right to request additional loans, 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 the 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 $101.9 million and the weighted average interest rate, before amortization of debt fees, was 5.2% for the nine months ended September 30, 2025. At September 30, 2025, our revolving credit facility had $102.4 million outstanding. On October 30, 2025, we amended our revolving credit facility to remove the 0.10% adjustment to SOFR.

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.

On October 30, 2025, we refinanced the $40.0 million mortgage loan at Azalea, with a new $55.0 million mortgage loan that bears interest at SOFR + 85 basis points, based on our credit rating, and matures on October 30, 2028, plus two one-year extensions at our option.

On February 14, 2025, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $750.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. As of September 30, 2025, we have the capacity to issue up to $750.0 million in common shares under