Company: FRT-PC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000034903-25-000052
Chunk: 84

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 84
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 interest costs were $94.9 million and $98.5 million in the six months ended June 30, 2025 and 2024, respectively. Capitalized interest was $7.9 million and $10.5 million for the six months ended June 30, 2025 and 2024, respectively.

Net income attributable to noncontrolling interests

Net income attributable to noncontrolling interests increased $2.9 million, or 73.3%, to $6.9 million in the six months ended June 30, 2025 compared to $4.0 million in the six months ended June 30, 2024. The increase is primarily attributable to the new market tax credit transaction income in 2025, as well as overall higher income at our properties where there is a noncontrolling interest.

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Table of Contents

Liquidity and Capital Resources

Due to the nature of our business and strategy, we typically generate significant amounts of cash from operations which is largely paid to our common and preferred shareholders in the form of dividends because as a REIT, the Trust is generally required to make annual distributions to shareholders of at least 90% of our taxable income (cash dividends paid in the six months ended June 30, 2025 were approximately $193.3 million). Remaining cash flow from operations after regular debt service requirements (including debt service relating to additional or replacement debt, as well as scheduled debt maturities) and dividend payments is used to fund recurring and non-recurring capital projects (such as tenant improvements and redevelopments). We maintain an unsecured $1.25 billion revolving credit facility to fund short term cash flow needs and also look to the public and private debt and equity markets, joint venture relationships, and property dispositions to fund capital expenditures on a long-term basis.

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. In the next twelve months, we have $645.2 million of debt maturing, of which, $200.0 million is the mortgage loan secured by Bethesda Row, which has two one-year extensions, at our option, that would extend the maturity date