Company: FRT-PC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000034903-25-000037
Chunk: 39

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 39
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 the three months ended March 31, 2025 compared to $34.1 million in the three months ended March 31, 2024. This increase is primarily due to an increase of $1.4 million from comparable properties primarily due to higher assessments, and an increase of $1.1 million from 2024 and 2025 acquisitions.

Property Operating Income

Property operating income increased $9.2 million, or 4.7%, to $204.8 million in the three months ended March 31, 2025 compared to $195.6 million in the three months ended March 31, 2024. This increase is primarily driven by higher rental rates and average occupancy, 2024 and 2025 acquisitions, 2024 and 2025 openings at our non-comparable properties, and lower collectibility related adjustments, partially offset by property dispositions, and higher rental expenses after recoveries from tenants.

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Table of Contents

Other Operating

General and Administrative

General and administrative expense decreased $1.1 million, or 9.4%, to $10.9 million in the three months ended March 31, 2025 compared to $12.0 million in the three months ended March 31, 2024. This decrease is due primarily to lower personnel related costs.

Depreciation and Amortization

Depreciation and amortization expense increased $3.5 million, or 4.2%, to $86.9 million in the three months ended March 31, 2025 compared to $83.4 million in the three months ended March 31, 2024. This increase is due primarily to 2024 and 2025 acquisitions, partially offset by property dispositions.

Gain on Sale of Real Estate

The $1.2 million gain on sale of real estate for the three months ended March 31, 2025 is primarily due to the sale of a portion of our White Marsh Other property.

Operating Income

Operating income increased $7.9 million, or 7.9%, to $108.1 million in the three months ended March 31, 2025 compared to $100.2 million in the three months ended March 31, 2024. This increase is primarily driven by higher rental rates and average occupancy, 2024 and 2025 acquisitions, 2024 and 2025 openings at our non-comparable properties, higher gains on sale of real estate