Company: FRT-PC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000034903-25-000037
Chunk: 55

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 55
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 the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $1.0 billion borrowed under the restated agreement. Debt issuance costs included in our consolidated Balance Sheet related to this amendment were $4.8 million as of March 31, 2025. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10% adjustment to SOFR.

During the three months ended March 31, 2025, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $109.0 million. The weighted average amount of borrowings outstanding was $35.1 million and the weighted average interest rate, before amortization of debt fees, was 5.2% for the three months ended March 31, 2025. At March 31, 2025, our revolving credit facility had $44.6 million outstanding.

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2025, we were in compliance with all default related debt covenants.

On February 14, 2025, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $750.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. As of March 31, 2025, we have the capacity to issue up to $750.0 million in common shares under this program.

During the three months ended March 31, 2025, we settled our remaining open forward sales agreements by issuing 476,497 common shares for net cash proceeds of $54.5 million including paying $0.1 million in additional offering expenses.

On April 10, 2025, we announced that our Board of Trustees had approved a new common share repurchase program, under which we may purchase up to $300.