Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 158

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 16
Chunk 158
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 included in the accompanying consolidated financial statements.

NOTE 14—EARNINGS PER SHARE AND UNIT

We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For 2024, 2023, and 2022, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliation below.The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:•exercise of 1,190 stock options in 2024 and 1,829 stock options in 2023,•conversions of downREIT operating partnership units for 2024 and 2023,•5.417% Series 1 Cumulative Convertible Preferred Shares and units for 2024, 2023, and 2022, and•the issuance of 1.2 million shares and units issuable under common share forward sales agreements in 2024.Additionally, 7,204 unvested restricted stock shares and units are included in the diluted EPS and EPU calculations, as certain market based performance criteria in the award was achieved as of December 31, 2024.Federal Realty Investment Trust Earnings per ShareYear Ended December 31, 202420232022 (In thousands, except per share data)NUMERATORNet income$304,334 $247,217 $395,661 Less: Preferred share dividends(8,032)(8,032)(8,034)Less: Income from operations attributable to noncontrolling interests(9,126)(10,232)(10,170)Less: Earnings allocated to unvested shares(1,283)(1,286)(1,328)Net income available for common shareholders, basic285,893 227,667 376,129 Add: Income attributable to downREIT operating partnership units— —