Company: FRT-PC
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000034903-25-000016
Chunk: 72

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 72
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. Based on management's current estimate of fair value as of December 31, 2024, our estimated maximum liability upon exercise of the put option would range from $4 million to $5 million.

(f)Effective October 6, 2027, the other member in the partnership that owns equity method investments in Chandler Festival and Chandler Gateway has the right to require us to purchase its 2.5% net ownership interest. Based on management's current estimate of fair value as of December 31, 2024, our estimated maximum liability upon exercise of the put option would range from $1 million and $2 million.

(g)Effective June 1, 2029, the other member in Grossmont Center has the right to require us to purchase all of its 40.0% ownership interest at the  interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2024, our estimated maximum liability upon exercise of the put option would range from $68 million to $73 million.

(h)At December 31, 2024, we had letters of credit outstanding of approximately $5.9 million.

Off-Balance Sheet Arrangements

At December 31, 2024, we have four real estate related equity method investments with total debt outstanding of $151.3 million, of which our share is $62.5 million. Our investment in these ventures at December 31, 2024 was $29.4 million.

Other than the items disclosed in the Cash Requirements table, we have no off-balance sheet arrangements as of December 31, 2024 that are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements, or capital resources.

43

Debt Financing Arrangements

The following is a summary of our total debt outstanding as of December 31, 2024:

Description of DebtOriginalDebtIssuedPrincipal Balance as of December 31, 2024Stated Interest Rate as of December 31, 2024Maturity Date (Dollars in thousands)  Mortgages payableSecured fixed rateAzaleaAcquired$40,000 3.73 %November 1, 2025Bethesda Row (1)200,000 200,000 SOFR + 0.95%December 28, 2025