Company: FRT-PC
Filing Date: 2025-02-14
Form Type: 424B5
Source: 0001193125-25-026560
Chunk: 38

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-14
Form: 424B5
Chunk 38
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, the rent received by the REIT from the tenant will not be “qualifying income” for purposes of the REIT gross income tests of the Code. |

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| • |     | A REIT’s shares or beneficial interests must be owned by 100 or more persons during at least 335 days of a 
 taxable year of 12 months or during a proportionate part of a shorter taxable year.                        |

In order to maintain our qualification as a REIT, our declaration of trust, subject to certain exceptions described below, provides that no person may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% (in value or in number of shares, whichever is more restrictive) of the outstanding common shares or more than 9.8% in value of our outstanding capital shares (which includes any common shares and our preferred shares). In this prospectus, the term “ownership limitation” is used to describe this provision of our declaration of trust. Any transfer of shares will be null and void, and the intended transferee will acquire no rights in such shares if the transfer:

| • |     | results in any person owning, directly or indirectly, shares in excess of the ownership limitation; |

| • |     | results in the shares being owned by fewer than 100 persons (determined without reference to any rules of 
 attribution);                                                                                             |

| • |     | results in our being “closely held” (within the meaning of Section 856(h) of the Code); |

| • |     | causes us to own, directly or constructively, 10% or more of the ownership interests in a tenant of our real 
 property (within the meaning of Section 856(d)(2)(B) of the Code); or                                        |

| • |     | otherwise results in our failure to qualify as a REIT. |

Automatic Transfer of Shares to Trust .With certain exceptions described below, if any purported transfer of shares would violate any of the restrictions described in the immediately preceding paragraph, then the transfer will be null and void, and those shares will be designated as “shares-in-trust” and transferredautomatically to a charitable trust. The transfer to the trust is effective as of the end of the business day before the purported transfer of such shares. The record holder of the shares that are designated as shares-in-trust must deliverthose shares to us for registration in the name of the trust. We will designate a trustee who is not