Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 35

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 35
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Net income$159,956 $114,655 $226,534 $172,671 Less: Preferred unit distributions(2,008)(2,008)(4,016)(4,016)Less: Income from operations attributable to noncontrolling interests(4,040)(2,673)(6,850)(3,953)Less: Earnings allocated to unvested units(520)(399)(727)(663)Net income available for common unit holders, basic$153,388 $109,575 $214,941 $164,039 Add: Income attributable to downREIT operating partnership units601 686 1,268 — Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Units133 — — — Net income available for common unit holders, diluted$154,122 $110,261 $216,209 $164,039 DENOMINATORWeighted average common units outstanding, basic85,969 82,932 85,722 82,768 Effect of dilutive securities:DownREIT operating partnership units548 631 578 — 5.417% Series 1 Cumulative Convertible Preferred Units94 — — — Weighted average common units outstanding, diluted86,611 83,563 86,300 82,768 EARNINGS PER COMMON UNIT, BASIC AND DILUTED:Net income available for common unit holders$1.78 $1.32 $2.51 $1.98 

NOTE 10—SUBSEQUENT EVENT

On July 1, 2025, we acquired the fee interest in Town Center Crossing and Town Center Plaza, two retail shopping centers in Leawood, Kansas, totaling approximately 550,000 square feet for $289.0 million.

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The following discussion should be read in conjunction with the consolidated interim financial statements and notes thereto appearing in Item 1 of this report and the more detailed information contained in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2025.

Certain statements included in this Quarterly Report on Form 10-Q are forward-looking