Company: FRT-PC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000034903-25-000037
Chunk: 42

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 42
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 cash used in financing activities(10,018)(229,401)219,383 Decrease in cash, cash equivalents and restricted cash(12,740)(155,183)142,443 Cash, cash equivalents, and restricted cash at beginning of year135,443 260,004 (124,561)Cash, cash equivalents, and restricted cash at end of period$122,703 $104,821 $17,882 

Net cash provided by operating activities increased $37.9 million to $179.0 million during the three months ended March 31, 2025 from $141.2 million during the three months ended March 31, 2024. The increase was primarily due to higher collections related to year end recovery billings, timing of cash receipts related to prepaid rent, and higher net income after adjusting for non-cash items and gain on sale of real estate.

Net cash used in investing activities increased $114.8 million to $181.8 million during the three months ended March 31, 2025 from $66.9 million during the three months ended March 31, 2024. The increase was primarily attributable to:

•a $120.4 million increase in acquisition of real estate due to the February 2025 acquisition of the fee interest in Del Monte Shopping Center (see Note 3 to the consolidated financial statements for additional information),

partially offset by

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•a $4.7 million decrease in capital expenditures.

Net cash used in financing activities decreased $219.4 million to $10.0 million during the three months ended March 31, 2025 from $229.4 million during the three months ended March 31, 2024. The decrease was primarily attributable to:

•$600.0 million from the January 2024 repayment of our $600.0 million 3.95% senior unsecured notes at maturity,

•a $48.2 million increase in net proceeds from the issuance of common shares under our ATM program,

•a $32.1 million increase in net borrowings on our revolving credit facility to $44.6 million of net borrowings during the three months ended March 31, 2025, as compared to $12.5 million of net borrowings during the three months ended March 31, 2024, and

•a $19.4 million premium paid for the capped call transactions entered into in connection with the issuance of $485.