Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 76

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 76
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523 296,052 15,471 5.2 %Rental expenses61,609 58,891 2,718 4.6 %Real estate taxes36,681 35,289 1,392 3.9 %Total property expenses98,290 94,180 4,110 4.4 %Property operating income (1)213,233 201,872 11,361 5.6 %General and administrative expense(11,925)(12,092)167 (1.4)%Depreciation and amortization(89,241)(85,049)(4,192)4.9 %Gain on sale of real estate76,501 52,280 24,221 46.3 %New market tax credit transaction income14,176 — 14,176 100.0 %Operating income202,744 157,011 45,733 29.1 %Other interest income905 1,051 (146)(13.9)%Interest expense(44,598)(44,312)(286)0.6 %Income from partnerships905 905 — — %Total other, net(42,788)(42,356)(432)1.0 %Net income159,956 114,655 45,301 39.5 %Net income attributable to noncontrolling interests(4,040)(2,673)(1,367)51.1 %Net income attributable to the Trust$155,916 $111,982 $43,934 39.2 %

(1)Property operating income is a non-GAAP measure that consists of rental income and mortgage interest income, 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 June 30, 2025 and 2024 is as follows:

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20252024(in thousands)Operating income$202,744 $157,011 General and administrative11,925 12,092 Depreciation and amortization89,241 85,049 Gain on sale of real estate (76,501)(52,