Company: FRT-PC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000034903-25-000037
Chunk: 23

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 23
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 were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: March 31, 2025December 31, 2024CarryingValueFair ValueCarryingValueFair Value(In thousands)Mortgages and notes payable, net$1,153,910 $1,141,599 $1,115,792 $1,098,271 Senior notes and debentures, net$2,884,583 $2,683,656 $2,883,713 $2,645,097 Exchangeable senior notes, net$474,800 $486,669 $474,127 $495,510 As of March 31, 2025, we have five interest rate swap agreements with total notional amounts of $251.7 million that are measured at fair value on a recurring basis. We have two interest rate swap agreements associated with our Hoboken portfolio 

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that fix the interest rate on $51.7 million of mortgage payables at 3.67% through December 15, 2029. We also have three interest rate swap agreements associated with our Bethesda Row property that fix the interest rate on a $200.0 million mortgage payable at a weighted average interest rate of 5.03% through December 28, 2025.The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at March 31, 2025 was an asset of $4.1 million and is included in "prepaid expenses and other assets" on our consolidated balance sheets. For the three months ended March 31, 2025, the value of our interest rate swaps decreased $1.1 million (including $0.5 million reclassified from other comprehensive income as a decrease to interest expense). A summary of our financial assets that