Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 43

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 43
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 be repaid later with funds raised through the issuance of new equity or new long-term debt. We may also finance our acquisitions through the issuance of common shares, preferred shares, or units in the Operating Partnership, as well as through assumed mortgages and property sales.

At June 30, 2025, the leasable commercial square feet in our properties was 95.4% leased and 93.6% occupied. The leased rate is higher than the occupied rate due to leased spaces that are being redeveloped or improved or that are awaiting permits and, therefore, are not yet ready to be occupied. Our occupancy and leased rates are subject to variability over time due to factors including acquisitions, the timing of the start and stabilization of our redevelopment projects, lease expirations and tenant closings and bankruptcies.

Lease Rollovers

For the second quarter of 2025, we signed retail leases for a total of 653,000 square feet of retail space including 644,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 10% on a cash basis. New leases for comparable spaces were signed for 170,000 square feet, with an average rental increase of 14% on a cash basis. Renewals for comparable spaces were signed for 474,000 square feet at a 9% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $21.15 per square foot, of which $57.52 per square foot was for new leases and $8.07 per square foot was for renewals for the three months ended June 30, 2025.

For the six months ended June 30, 2025, we signed retail leases for a total of 1,083,000 square feet of retail space including 1,013,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 9% on a cash basis. New leases for comparable spaces were signed for 345,000 square feet, with an average rental increase of 8% on a cash basis. Renewals for comparable spaces were signed for 668,000 square feet at a 9% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $20.50 per square foot, of which $48.25 per square foot was for new leases and $6.16 per square foot was for renewals for the six months