Company: FRT-PC
Filing Date: 2025-02-14
Form Type: 424B5
Source: 0001193125-25-026560
Chunk: 102

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-14
Form: 424B5
Chunk 102
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 Percentage is equal to the gross income we derive from an unrelated trade or business (determined as if we were a pension trust) divided by our total gross income for the year in which we pay the dividends. The UBTI rule applies to a pension trust holding more than 10% of our shares only if:

| • |     | the UBTI Percentage is at least 5%; |

| • |     | we qualify as a REIT by reason of the modification of the 5/50 Rule that allows the beneficiaries of the pension 
 trust to be treated as holding our shares in proportion to their actuarial interests in the pension trust; and   |

| • |     | we are a “pension-held REIT” (i.e., either (1) one pension trust owns more than 25% of the value                                                                          
 of our shares or (2) a group of pension trusts individually holding more than 10% of the value of our shares collectively owns more than 50% of the value of our shares). |

Tax-exempt entities willbe subject to the rules described above, under the heading “— Taxation of Taxable U.S. Shareholders” concerning the inclusion of our designated undistributed net capital gains in the income of our shareholders. Thus, such entities will, after satisfying filing requirements, be allowed a credit or refund of the tax deemed paid by such entities in respect of such includible gains. 47

Taxation of Non-U.S. Shareholders

The rules governing U.S. federal income taxation of non-U.S. shareholders (defined
below) are complex. This section is only a summary of such rules. We urge non-U.S. shareholders to consult their tax advisors to determine the impact of the U.S. federal, state, and local
income tax laws on ownership of our common or preferred shares, including any reporting requirements. This discussion also does not address the tax treatment of any conversion or exchange of notes into our shares for persons who would become non-U.S. shareholders upon such conversion or exchange. Such persons are urged to consult their tax advisors regarding the U.S. income tax treatment of such a conversion or exchange. As used herein, the term “non-U.S. shareholder” means any taxable beneficial owner of our shares (other than a partnership or entity that is treated as a partnership for U.S. federal income tax
purposes) that is not a taxable U.S. shareholder or exempt organization.

Ordinary Dividends. A non-U.S.