Company: FRT-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000034903-25-000063
Chunk: 23

Company: FEDERAL REALTY INVESTMENT TRUST
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 23
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 and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures which we do not control using the equity method of accounting.

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Table of Contents

Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.Segment InformationWe have one reportable segment. We evaluate financial performance using property operating income ("POI"), a non-GAAP measure which consists of rental income and mortgage interest income, less rental expenses and real estate taxes.Reconciliation of property operating income to consolidated net income:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(In thousands)(In thousands)Property operating income$216,594 $203,682 $634,610 $601,158 General and administrative expense(11,649)(10,822)(34,449)(34,920)Depreciation and amortization(94,277)(87,028)(270,464)(255,481)Gain on sale of real estate— — 77,672 52,280 New market tax credit transaction income— — 14,176 — Other interest income845 978 2,493 3,512 Interest expense(47,619)(44,237)(134,692)(132,242)Income from partnerships605 888 1,687 1,825 Net income64,499 63,461 291,033 236,132 Net income attributable to noncontrolling interests(2,850)(2,508)(9,700)(6,461)Net income attributable to the trust$61,649 $60,953 $281,333 $229,671 We do not present significant expense disclosures for our reportable segment as operating segment level expenses are not regularly provided to our chief operating decision maker ("CODM"). However, real estate tax expense is presented on the face of the