Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 50

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 50
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471 (1.3)%Depreciation and amortization(270,464)(255,481)(14,983)5.9 %Gain on sale of real estate77,672 52,280 25,392 48.6 %New market tax credit transaction income14,176 — 14,176 100.0 %Operating income421,545 363,037 58,508 16.1 %Other interest income2,493 3,512 (1,019)(29.0)%Interest expense(134,692)(132,242)(2,450)1.9 %Income from partnerships1,687 1,825 (138)(7.6)%Total other, net(130,512)(126,905)(3,607)2.8 %Net income291,033 236,132 54,901 23.3 %Net income attributable to noncontrolling interests(9,700)(6,461)(3,239)50.1 %Net income attributable to the Trust$281,333 $229,671 $51,662 22.5 %

(1)Property operating income is a non-GAAP measure that consists of total property revenue, less rental expenses and real estate taxes. This measure is used internally to evaluate the performance of property operations and we consider it to be a significant measure. Property operating income should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of operating  income to property operating income for the nine months ended September 30, 2025 and 2024 is as follows:

20252024(in thousands)Operating income$421,545 $363,037 General and administrative34,449 34,920 Depreciation and amortization270,464 255,481 Gain on sale of real estate(77,672)(52,280)New market tax credit transaction income(14,176)— Property operating income$634,610 $601,158 

Property Revenues

Total property revenue increased $51.9 million, or 5.8%, to $942.9 million in the nine months ended September 30, 2025 compared to $891.0 million in the nine months ended September 30, 2024. The percentage occupied at our shopping centers was 93.8% and 94.0%