Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 81

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 81
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2024, respectively.

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Table of Contents

RESULTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 

   Change 20252024Dollars% (Dollar amounts in thousands)Rental income$917,954 $866,199 $51,755 6.0 %Other property income24,143 23,973 170 0.7 %Mortgage interest income833 836 (3)(0.4)%Total property revenue942,930 891,008 51,922 5.8 %Rental expenses196,894 184,448 12,446 6.7 %Real estate taxes111,426 105,402 6,024 5.7 %Total property expenses308,320 289,850 18,470 6.4 %Property operating income (1)634,610 601,158 33,452 5.6 %General and administrative expense(34,449)(34,920)471 (1.3)%Depreciation and amortization(270,464)(255,481)(14,983)5.9 %Gain on sale of real estate77,672 52,280 25,392 48.6 %New market tax credit transaction income14,176 — 14,176 100.0 %Operating income421,545 363,037 58,508 16.1 %Other interest income2,493 3,512 (1,019)(29.0)%Interest expense(134,692)(132,242)(2,450)1.9 %Income from partnerships1,687 1,825 (138)(7.6)%Total other, net(130,512)(126,905)(3,607)2.8 %Net income291,033 236,132 54,901 23.3 %Net income attributable to noncontrolling interests(9,700)(6,461)(3,239)50.1 %Net income attributable to the Trust$281,333 $229,671 $51,662 22.5 %

(1)Property operating income is a non-GAAP measure that consists of total property revenue, less rental expenses and real estate taxes. This measure is used internally to evaluate the performance of property operations and we