Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 50

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 50
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%Property operating income (1)418,016 397,476 20,540 5.2 %General and administrative expense(22,800)(24,098)1,298 (5.4)%Depreciation and amortization(176,187)(168,453)(7,734)4.6 %Gain on sale of real estate77,672 52,280 25,392 48.6 %New market tax credit transaction income14,176 — 14,176 100.0 %Operating income310,877 257,205 53,672 20.9 %Other interest income1,648 2,534 (886)(35.0)%Interest expense(87,073)(88,005)932 (1.1)%Income from partnerships1,082 937 145 15.5 %Total other, net(84,343)(84,534)191 (0.2)%Net income226,534 172,671 53,863 31.2 %Net income attributable to noncontrolling interests(6,850)(3,953)(2,897)73.3 %Net income attributable to the Trust$219,684 $168,718 $50,966 30.2 %

(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 six months ended June 30, 2025 and 2024 is as follows:

20252024(in thousands)Operating income$310,877 $257,205 General and administrative22,800 24,098 Depreciation and amortization176,187 168,453 Gain on sale of real estate(77,672)(52,280)New market tax credit transaction income(14,176)— Property operating income$418,016 $397,476 

Property Revenues

Total property revenue increased $33.3 million, or 5.7%, to $620.7 million in the six months ended June 30, 2025 compared to $587.