Company: FRT-PC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000034903-25-000037
Chunk: 61

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 61
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474)(6.7)%Mortgage interest income275 278 (3)(1.1)%Total property revenue309,154 291,323 17,831 6.1 %Rental expenses67,804 61,659 6,145 10.0 %Real estate taxes36,567 34,060 2,507 7.4 %Total property expenses104,371 95,719 8,652 9.0 %Property operating income (1)204,783 195,604 9,179 4.7 %General and administrative expense(10,875)(12,006)1,131 (9.4)%Depreciation and amortization(86,946)(83,404)(3,542)4.2 %Gain on sale of real estate1,171 — 1,171 100.0 %Operating income108,133 100,194 7,939 7.9 %Other interest income743 1,483 (740)(49.9)%Interest expense(42,475)(43,693)1,218 (2.8)%Income from partnerships177 32 145 453.1 %Total other, net(41,555)(42,178)623 (1.5)%Net income66,578 58,016 8,562 14.8 %Net income attributable to noncontrolling interests(2,810)(1,280)(1,530)119.5 %Net income attributable to the Trust$63,768 $56,736 $7,032 12.4 %

(1)Property operating income is a non-GAAP measure that consists of rental income and mortgage interest income, 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 three months ended March 31, 2025 and 2024 is as follows:

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20252024(in thousands)Operating income$108,133 $100,194 General and administrative10,875 12,006 Depreciation and amortization86,946 83,404 Gain on sale