Company: FRT-PC
Filing Date: 2025-02-14
Form Type: 424B5
Source: 0001193125-25-026560
Chunk: 21

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-14
Form: 424B5
Chunk 21
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 of our common shares) or (b) occurs that would
constitute a hedging disruption or change in law; or (5) certain other events of default or termination events occur, including, among others, any material misrepresentation made by us in connection with such forward sale agreement or our
insolvency (each as more fully described in the relevant forward sale agreement).

A forward purchaser’s decision to exercise its
right to accelerate all or a portion of the settlement of any forward sale agreement and to require us to physically settle the relevant common shares will be made irrespective of our interests, including our need for capital. In such cases, we
could be required to issue and deliver common shares under the terms of the physical settlement provisions of the applicable forward sale agreement irrespective of our capital needs, which would result in dilution to our earnings per share and funds
from operations per share.

In addition, upon certain events of bankruptcy or insolvency relating to us, the forward sale agreements will
terminate without further liability of the parties thereto. Following any such termination, we would not issue any common shares pursuant to such forward sale agreements, and we would not receive any proceeds pursuant to the forward sale agreements.

The descriptions of certain provisions of the forward sale agreements appearing above and elsewhere in this prospectus supplement are not
complete and are subject to, and qualified in their entirety by reference to, the terms and provisions of such forward sale agreements. A form of the forward sale agreement is included as an exhibit to the equity distribution agreement, and the
equity distribution agreement has been or will be filed as an exhibit to a document incorporated by reference in the accompanying prospectus and may be obtained as described under “Where You Can Find More Information” in the accompanying
prospectus.

Conflicts of Interest

As described above under “Use of Proceeds,” some of the net proceeds of this offering and sales pursuant to a forward sale agreement
may be used to repay amounts outstanding under our revolving credit facility and/or unsecured term loan. The Agents or their affiliates are lenders under our revolving credit facility and/or unsecured term loan; therefore, the Agents or their
affiliates may receive more than 5% of the proceeds of this offering. Nonetheless, in accordance with Rule 5121 of the Financial Industry Regulatory Authority Inc., the appointment of a qualified independent underwriter is not necessary in
connection with this offering because, as a REIT, we are excluded from that requirement.

Other Relationships

The Agents and their respective affiliates have engaged in