Company: FRT-PC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000034903-25-000037
Chunk: 65

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 65
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 debt and equity markets, joint venture relationships, and property dispositions to fund capital expenditures on a long-term basis.

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have 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. In the next twelve months, we have $644.6 million of debt maturing, of which, $200.0 million is the mortgage loan secured by Bethesda Row, which has two one-year extensions, at our option, that would extend the maturity date to December 28, 2027.

As of March 31, 2025, we had cash and cash equivalents of $109.2 million and $44.6 million outstanding on our $1.25 billion revolving credit facility. We also have the capacity to issue up to $750.0 million in common shares under our ATM equity program.

For the three months ended March 31, 2025, the weighted average amount of borrowings outstanding on our revolving credit facility was $35.1 million, and the weighted average interest rate, before amortization of debt fees, was 5.2%. 

Our overall capital requirements for the remainder of 2025 will depend on acquisition opportunities, the level and general timing of our redevelopment and development activities, and the overall economic environment. We currently have development and redevelopment projects in various stages of constructions with remaining costs of $204 million. We expect to incur the majority of these costs in the next two years. We expect overall capital costs to be at levels consistent with 2024. 

We believe cash flow from operations, the cash on our balance sheet, and our $1.25 billion revolving credit facility will allow us to continue to operate our business in the short-term. Given our ability to access the capital markets, we also expect debt or equity financing to be available to us, although newly issued debt would likely be at higher interest rates than we currently have outstanding. We also have the ability to delay the timing of certain development and redevelopment projects as well as limit future acquisitions, reduce our operating expenditures, or re-evaluate our dividend policy. We expect these sources of liquidity and opportunities for operating flexibility to allow us to meet our financial obligations over the long term. We