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NEWS RELEASE FOR IMMEDIATE RELEASE Investor Inquiries : Leah Andress Brady Investor Relations Senior Manager 301.998.8265 Ibrady@federalrealty.com FEDERAL 1962 www.federalrealty.com Media Inquiries : Brenda Pomar 301.998.8316 Corporate Communications Manager bpomar@federalrealty.com Federal Realty Investment Trust Announces First Quarter 2021 Operating Results NORTH BETHESDA , Md . ( May 5 , 2021 ) - Federal Realty Investment Trust ( NYSE : FRT ) today reported operating results for its first quarter ended March 31 , 2021. For the three months ended March 31 , 2021 and 2020 , net income available for common shareholders was $ 0.60 per diluted share and $ 0.70 per diluted share , respectively . Highlights for the quarter and subsequent events include : • • • • Generated funds from operations available to common shareholders ( FFO ) per diluted share of $ 1.17 for the quarter compared to $ 1.50 for the first quarter 2020 . Signed leases for 506,307 square feet of comparable space in the first quarter at an average rent of $ 36.58 psf and achieved cash basis rollover growth of 9 % . Ended the quarter with $ 780 million of cash on hand , $ 1 billion of availability on its undrawn revolving credit facility and no public bonds maturing until 2023 . Acquired an 80 % interest in Chesterbrook , a grocery - anchored shopping center , in McLean , Virginia subsequent to quarter end based on a gross value of $ 32.1 million . Declared a regular quarterly cash dividend of $ 1.06 per common share , resulting in an indicated annual rate of $ 4.24 per common share payable on July 15 , 2021 to common shareholders of record as of June 22 , 2021 . Provided 2021 earnings per diluted share guidance of $ 1.54 to $ 1.70 and an FFO per diluted share guidance range of $ 4.54 to $ 4.70 . Provided 2022 earnings per diluted share guidance of $ 1.74 to $ 1.94 and an updated 2022 FFO per diluted share guidance range of $ 5.05 to $ 5.25 . " A strong quarter on all fronts as our markets continue the re - opening process , " said Donald C. Wood , Chief Executive Officer . " We saw another quarter of strong leasing demand from a broad base of high - quality tenants with first quarter 2021 leasing over 37 % higher than our 10 - year first quarter average . Federal's high - quality open - air shopping centers and mixed - use communities remain at the top of the list as tenants look to relocate and expand their real estate presence . " 3