Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 69

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 69
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, 2025, we repaid a $1.2 million mortgage loan at our Hoboken property, at par.

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. 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. Debt issuance costs related to this amendment were $4.8 million as of June 30, 2025. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10% adjustment to SOFR.

During the six months ended June 30, 2025, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $122.1 million. The weighted average amount of borrowings outstanding was $37.6 million and the weighted average interest rate, before amortization of debt fees, was 5.2% for the six months ended June 30, 2025. At June 30, 2025, our revolving credit facility had $17.6 million outstanding.

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 June 30, 2025, we were in compliance with all default related debt covenants.

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 June 30, 2025, we have the capacity to issue up to $750.0 million in common shares under this program.

During the six months ended June 30, 2025, we settled