Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 62

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 62
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 were considered non-comparable properties. For the year ended December 31, 2024, one property and two portions of properties were moved from non-comparable properties to comparable properties, two properties and one portion of a property were moved from acquisitions to comparable properties, and two properties were removed from comparable as we no longer own the properties, compared to the designations as of December 31, 2023. While there is judgment surrounding changes in designations, we typically move non-comparable properties to comparable properties once they have stabilized, which is typically considered 90% physical occupancy or when the growth expected from the redevelopment has been included in the comparable periods. We typically remove properties from comparable properties when the repositioning of the asset has commenced and has or is expected to have a significant impact to property operating income 

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within the calendar year. Acquisitions are moved to comparable properties once we have owned the property for the entirety of comparable periods and the property is not under development or being repositioned for significant redevelopment and investment. 

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YEAR ENDED DECEMBER 31, 2024 COMPARED TO YEAR ENDED DECEMBER 31, 2023 

   Change 20242023Dollars% (Dollar amounts in thousands)Rental income$1,170,078 $1,101,439 $68,639 6.2 %Other property income31,258 29,602 1,656 5.6 %Mortgage interest income1,116 1,113 3 0.3 %Total property revenue1,202,452 1,132,154 70,298 6.2 %Rental expenses249,569 231,666 17,903 7.7 %Real estate taxes142,230 131,429 10,801 8.2 %Total property expenses391,799 363,095 28,704 7.9 %Property operating income (1)810,653 769,059 41,594 5.4 %General and administrative expense(49,739)(50,707)968 (1.9)%Depreciation and amortization(342,598)(321,763)(20,835)6.5 %Gain on sale of real estate54,040 9,881 44,159 446.9 %Operating income472,356 406,470 65,886