Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 33

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 2
Chunk 33
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,000 8 %20311,405,000 6 %48,918,000 6 %20322,280,000 9 %77,122,000 10 %20331,485,000 6 %48,238,000 6 %20341,253,000 5 %39,630,000 5 %Thereafter2,731,000 11 %88,177,000 11 %Total25,241,000 100 %$803,010,000 100 %

During 2024, we signed leases for a total of 2,434,000 square feet of retail space including 2,392,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 11% on a cash basis. New leases for comparable spaces were signed for 979,000 square feet at an average rental increase of 15% on a cash basis. Renewals for comparable spaces were signed for 1,413,000 square feet at an average rental increase of 8% on a cash basis. Tenant improvements and incentives for comparable spaces were $26.03 per square foot, of which, $58.91 per square foot was for new leases and $3.25 per square foot was for renewals in 2024. 

During 2023, we signed leases for a total of 2,091,000 square feet of retail space including 2,027,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 10% on a cash basis. New leases for comparable spaces were signed for 1,016,000 square feet at an average rental increase of 13% on a cash basis. Renewals for comparable spaces were signed for 1,011,000 square feet at an average rental increase of 8% on a cash basis. Tenant improvements and incentives for comparable spaces were $29.84 per square foot, of which, $56.95 per square foot was for new leases and $2.60 per square foot was for renewals in 2023.  

The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold or under contract to be sold. The comparison between the rent for expiring leases and new leases is determined