Slides
Page 1
Investor Presentation Third Quarter 2025
Page 2
2Q3 2025 Investor Presentation Contents Appendix Why Federal Capital Allocation Portfolio Overview Executive Summary
Page 3
Executive Summary 3Q3 2025 Investor PresentationExecutive SummaryContents Portfolio Overview Capital Allocation Why Federal Appendix
Page 4
Our V alue Proposition 4Q3 2025 Investor Presentation Executive Summary Disciplined Capital Allocation Identified framework for highly selective acquisitions — focused on accretive near -term returns and long-term value creation Attractive Valuation & Total Return • Premium portfolio trading at a discount to historical valuation • Compelling entry point • Long track record of dividend growth and durable cash flows Proven & Forward -Thinking Management Cycle -tested leadership with a track record of value creation, reinforced by a strong bench and culture of innovation Strong, Flexible Balance Sheet • Investment -grade BBB+ 1 • Conservative leverage • Ample liquidity provides capacity to fund growth and resilience to execute through cycles Visible Growth Levers Multiple avenues for FFO growth: • Strong leasing momentum • Strong ROI development & redevelopment pipeline • Disciplined acquisitions funded by capital recycling and free cash flow Irreplaceable Portfolio & Leading Demographics Located in supply -constrained, high- income markets where affluent demographics and dense populations underpin demand and pricing power 1 Details in Balance Sheet Snapshot on page 27.
Page 5
Strategic & Sophisticated Asset Management Driving Asset-Level Performance Tactical Capital Investment Drives High ROI / Value-Creating Returns Broad & Deep Relationships with Best -in-Class Retailers Across Categories Create Retail Ecosystems with Optimal Merchandising that Maximizes Tenant Sales Proven Placemaking Expertise – Integrated Uses that Increase Consumer Dwell Time, Frequency and Spend Well-Capitalized with Proven Reputation and Long-Term Ownership Perspective The Retailer’s Partner of Choice Executive Summary 5Q3 2025 Investor Presentation
Page 6
Portfolio Overview 6Q3 2025 Investor PresentationExecutive SummaryContents Portfolio Overview Capital Allocation Why Federal Appendix
Page 7
7Q3 2025 Investor Presentation Portfolio Overview Portfolio at a Glance 103 open-air properties across key U.S. markets ~28M SF of commercial space on ~2,300 acres ~3,600 commercial tenants and ~3,000 residential units $166K average HHI within 3 miles 1 171K average population within 3 miles 1 † Represents consolidated properties as of September 30, 2025, except where noted. See POI definition on page 33 . 1 Source: ESRI, August 2025. GLA -weighted averages within a 3 -mile radius of consolidated properties as of June 30, 2025. Demographics are updated once annually after the end of the second quarter. Silicon V alley 14% POI Phoenix 2% POI Southern California 9% POI Boston 12% POI Philadelphia/ Baltimore 8% POI New York 13% POI DC Metro Corporate HQ Maryland: 19% POI Virginia: 15% POI Chicago 2% POI Kansas City 2% POI Miami 4% POI
Page 8
8Q3 2025 Investor Presentation Portfolio Overview 79% Retail ABR1 Retail Portfolio with Added Diversification Keys to our Success Dense Population 171,000 people 2 Strong Household Incomes $166,000 Avg HHI 2 High Barriers to Entry Limited Competition Low Retail GLA per capita Flexible Property Format 3 Strong Landlord - Friendly Leases 4 MALLS 10% Mixed-Use Office ABR1 11% Residential ABR1 1 Figures show ABR contribution by use for consolidated properties as of September 30, 2025. See ABR definition on page 33 . 2 Source: ESRI, August 2025. GLA -weighted averages within a 3 -mile radius of consolidated properties as of June 30, 2025. Demographics are updated once annually after the end of the second quarter. 3 Physical structures that can be readily modified to highest and best use. 4 Landlord retains significant control over the properties with minimal tenant protection. The better the real estate, the more leverage the landlord has.
Page 9
Mixed-Use Centers 33% Grocery-Anchored Community Centers 33% Grocery-Anchored Neighborhood Centers 16% Power Centers 10% Lifestyle/Other 8% By Format | Percentage of POI 1 9Q3 2025 Investor Presentation Portfolio Overview Retail Portfolio 1 Based on 2025 estimated POI, budgeted as of September 30, 2025, excluding dispositions and annualizing acquisitions. Final PO I may differ from current estimate. Santana Row | San Jose, CA Huntington SC | Huntington, NY Wildwood SC | Bethesda, MD Westgate Center | San Jose, CA The Grove | Shrewsbury, NJ
Page 10
10Q3 2025 Investor Presentation Portfolio Overview Residential & Mixed-Use Office Snapshot Residential Portfolio Total Units 1 2,996 Leased 96% Units Under Construction 520 Mixed-Use Office Portfolio Total GLA 2,3 2.3M SF Leased 2,3 97% Darien Commons Residential 124 units Santana Row Residential 554 units + 258 underway Office 2 ~1M SF Bala Cynwyd Residential 87 units + 217 underway Pike & Rose Residential 765 units Office 3 ~550K SF CocoWalk Office 121K SF Congressional Plaza Residential 194 units Bethesda Row Residential 180 units Office 186K SF Assembly Row Residential 947 units Office 373K SF Hoboken Residential 129 units + 45 underway g Residential units represent 11% of total ABR, less on a POI basis g Mixed-u se office represents 10% of total ABR, less on a POI basis † As of September 30, 2025 . 1 Total units include 16 additional units at Wynnewood (Wynnewood, PA) and Linden Square (Wellesley, MA), excludes 520 units under construction . 2 Includes all GLA for Santana West. 3 Includes all GLA for 915 Meeting .
Page 11
11Q3 2025 Investor Presentation Portfolio Overview Mixed-Use V alue: More Than the Sum of Its Parts Retail First Retail anchors demand, driving traffic, spend, and tenant sales Diversified Cash Flows Complementary streams reinforce retail performance and property value Vibrant Ecosystem Residential and Office provide a built -in customer base and daily activity Destination - Making Mixed -use environments extend dwell time and attract consumers far beyond the center Long-Term Growth Large land bank & entitlements drive phased densification Center of Community Integral to communities in which we operate Our Mixed-Use Portfolio1 Nine properties 5.2 million square feet ~$290 million 2025E POI 204 acres ~3,000 residential units 2 † As of September 30, 2025 . 1 Consists of Assembly Row, Bethesda Row, CocoWalk , Darien Commons, Hoboken, Pike & Rose, Santana Row, Village at Shirlington, and Westpost . 2 Includes 303 units under construction at Santana Row and Hoboken.
Page 12
12Q3 2025 Investor Presentation Portfolio Overview Best-in-Class Demographics Outperform Through Cycles REG KIM BRX KRG PECO FRT $70,000 $75,000 $80,000 $85,000 $90,000 $95,000 $100,000 $105,000 $110,000 500 1,000 1,500 2,000 2,500 Median HHI (3 -mile) Households Per Square Mile High -income markets drive resilience: Average aggregate household income of $11.0B within a 3 -mile radius 1, driving stability across cycles. Density amplifies pricing power: Concentration in affluent, supply - constrained markets underpins tenant demand and rent growth. High barriers to entry protect value: Strict zoning, high replacement costs, and competing highest -and-best use demands constrain new supply, making our assets irreplaceable. 1 Source: ESRI, August 2025. GLA -weighted averages within a 3 -mile radius of consolidated properties as of June 30, 2025. Demographics are updated once annually after the end of the second quarter. Source: BofA Global Research (May 2023)
Page 13
13Q3 2025 Investor Presentation Capital Allocation Executive SummaryContents Portfolio Overview Capital Allocation Why Federal Appendix
Page 14
Approach: Leverage proven track record of residential development and adding density to irreplaceable retail locations Impact: Produces stable, risk -adjusted income and enhances long-term asset utility Approach: Sell mature/non -core assets and reinvest into higher -ROI opportunities Impact: Strengthens portfolio quality and future growth Approach: Upgrade and reimagine centers through curated tenant mix, placemaking, and redevelopment Impact: Unlocks incremental POI growth and mitigates obsolescence Approach: Acquire premier assets in dense, supply - constrained markets with affluent consumers Impact: Generates resilient demand and durable rent growth across cycles Unique V alue Creation Formula 14Q3 2025 Investor Presentation Capital Allocation Growth that Compounds Acquisition of Dominant Assets in Strong Demographic Markets Strategic Tenant & Asset Optimization Residential Densification & Development Expertise Disciplined Capital Recycling & Deployment
Page 15
$- $100 $200 $300 $400 $500 2019 2020 2021 2022 2023 2024 2025 YTD Retail Sales Residential Sales Land Sales $- $100 $200 $300 $400 $500 $600 2019 2020 2021 2022 2023 2024 2025 YTD Acquisitions 15Q3 2025 Investor Presentation Capital Allocation Recent Capital Recycling Activity DispositionsAcquisitions 23 transactions | $2.3B gross investment 24 transactions | $1.1B gross proceeds † As of October 31, 2025 . Includes Annapolis Town Center, acquired subsequent to the end of the third quarter .
Page 16
16Q3 2025 Investor Presentation Capital Allocation - Acquisitions Disciplined “Buy Box” Annapolis Town Center | Annapolis, MD Super -Regional Asset with Highly Productive Upscale Tenant Mix g 480k SF across 19 acres g 5M+ visits annually g Highly productive in -place tenants g Affluent, well- connected trade area with direct access to major DC - Baltimore regional corridors g Significant remerchandising & rent growth opportunities Applying Our Criteria Top Metros 1M+ Population and Dynamic Job Base Dominance 250K+ SF GLA and 10+ Mile Trade Area Affluence Submarket HHIs of $150,000+ Unmet Retail Demand Consumers Underserved by High -Quality Retail Proven Retailer Success Demonstrated Existing Retailer Sales Volumes Strategic Acquisition Lens
Page 17
Large Dominant Regional Assets Benefitting from the Federal Skillset g 4 acquisitions totaling $760M across 2.1M SF and 237 acres Delivering Above -Underwriting Results Economics 1: g ~5% annual POI growth since acquisition 2 g ~9% 10-year unlevered IRRs 3 • ~100bps higher than at acquisition g ~35% cash basis rollover on comparable leases 3,4 • Base rents ~20% higher than underwritten at acquisition Recent Acquisitions Driving Strong Returns Capital Allocation - Acquisitions Camelback Colonnade | Phoenix, AZ Pembroke Gardens | Pembroke Pines, FL Kingstowne Towne Center | Alexandria, VA Virginia Gateway | Gainesville, VA 1 Results are averages for these four acquisitions weighted by POI and period of ownership. 2 Based on underwritten and forecasted results through 2026. 3 Calculated based on actual results from acquisition through June 30, 2025 and forecasted results through remainder of 10 -year ho ld period for each property. 4 Comparable leases reflect new and renewal leases signed through June 30, 2025 and those that are in active negotiations on spac es with a tenant in place at acquisition. See definition of cash basis rollover on page 33 . Grocery -anchored 17Q3 2025 Investor Presentation
Page 18
Broad Sources of Capital to Fund Growth Capital Allocation – Sources & Uses 18Q3 2025 Investor Presentation1 As of September 30, 2025 . Redevelopment 1 $339M in process with $124M remaining to spend UsesSources Dispositions $1.5B+ identified potential pool: • Mature/non -core retail • Peripheral residential • Peripheral mixed -use office ~$1.3B Liquidity 1 • Bank Debt • Cash ~$75-100M Annual Free Cash Flow Proven Access to • Unsecured bonds • Convertibles • Common equity • JV equity Acquisitions $600M YTD Mixed -Use Development/Expansion 1 $659M in process with $182M remaining to spend
Page 19
Projects Location Projected Cost 1 Cost to Date Projected Yield 1 Residential Santana Row Lot 12 San Jose, CA $140-148M $19M 6-7% Bala Cynwyd Bala Cynwyd, PA $90-95M $57M 7% 301 Washington St Hoboken, NJ $45-48M $16M 6-7% Retail Huntington Huntington, NY $80-85M $80M 8% Andorra Philadelphia, PA $32M $15M 7-8% Grossmont – Phase I La Mesa, CA $18M $2M 9-10% Willow Grove Willow Grove, PA $11M $10M 7% Santana Row San Jose, CA $3M $3M 41% Mercer Lawrenceville, NJ $3M $3M 8% Property Improvement Projects 1 Various $50M $29M 8-16% Office Santana West 2 San Jose, CA $325-335M $284M 5-6% 915 Meeting 2 N. Bethesda, MD $180-190M $174M 6% Total $977M -$1.0B $692M Active Development Pipeline Driving Future Growth 19Q3 2025 Investor Presentation Capital Allocation – Development Huntington Shopping Center | Huntington, NY Bala Cynwyd | Bala Cynwyd, PA † As of September 30, 2025. 1 See definitions on page 33 . 2 Projected costs for Pike & Rose include an allocation of infrastructure costs for the entire project. Santana West includes an allocation of infrastructure for the Santana West site.
Page 20
Willow Grove | Willow Grove, PA The AVENUE | White Marsh, MD Pipeline of additional densification opportunities g 3,000+ residential units in the pipeline • 520 units under construction • ~1,500 units entitled • 1,000+ units far along in entitlements process g ~3+ million SF and ~1,000 residential units of additional vested entitlements • Primarily in our mixed -use portfolio g ~7 million SF (commercial + residential) of active major rezonings in - process Predominantly located on underutilized land at our shopping centers Future Growth Opportunities in Process Pembroke Gardens | Pembroke Pines, FL Assembly Row | Somerville, MA Note: Entitlement information covers entirety of properties. There are no guarantees that we will be successful in obtaining any of the rezonings or entitlements that we are currently pursuing, that final entitlements actually obtained will be in the amounts reflected above or that we will utilize all or any of the entitlements that are currently vested or ultimately obtained. Capital Allocation – Development 20Q3 2025 Investor Presentation
Page 21
21Q3 2025 Investor Presentation Capital Allocation – Development Residential Pipeline Project Location Status Units Retail SF Bala Cynwyd Bala Cynwyd, PA Nearing Completion – Est. Delivery 2026 217 19,000 301 Washington Street Hoboken, NJ Under Construction – Est. Delivery 2027 45 10,200 Santana Row Lot 12 San Jose, CA Under Construction – Est. Delivery 2027 258 - The AVENUE at White Marsh White Marsh, MD Entitled 200 - Willow Grove Willow Grove, PA Entitled 261 36,000 Friendship Heights Washington, DC Entitled 308 12,600 Assembly Row Block 9 Somerville, MA Entitled 318 12,000 Federal Plaza Rockville, MD Entitled 445 - Fairfax Junction Fairfax, VA Entitlements in Process 180 - Camelback Colonnade Phoenix, AZ Entitlements in Process 250 - Providence Place Fairfax, VA Entitlements in Process 300 35,000 Shops at Pembroke Gardens Pembroke Pines, FL Entitlements in Process 308 - Total 3,090 124,800 Santana Row Lot 12 | San Jose, CA 301 Washington Street | Hoboken, NJ
Page 22
22Q3 2025 Investor Presentation Why Federal Executive SummaryContents Portfolio Overview Capital Allocation Why Federal Appendix
Page 23
Long-standing retailer relationships Preferential and deep relationships with brands targeting affluent markets Early access to limited expansion opportunities Proven performance track record at Federal’s properties Ability to densify when prudent Adding mixed -use components where it makes sense capitalizing on knowledge from our large mixed-use properties Unlock underutilized land Entitlement & development expertise in complex market Differentiated approach to asset management Creating environments that become center of community Amenities Landscaping, parks, outdoor seating Safety/comfort Proven redevelopment and placemaking expertise Track record of elevating merchandising and transforming centers into market leaders Proven execution of purposeful placemaking making centers look and feel unique Federal’s Core Competencies 23Q3 2025 Investor Presentation Why Federal The Delwyn | Bala Cynwyd, PA Huntington Shopping Center | Huntington, NY Santana Row | San Jose, CA The Grove | Shrewsbury, NJ
Page 24
Diversified Revenue Stream 24Q3 2025 Investor Presentation Why Federal S&P A BBB+ BBB+ AA- BB BBB NR B BBB+ BB+ Moody’s A2 Baa1 Baa2 A1 Ba2 Baa3 NR B2 A2 Ba1 Top 10 Tenants by ABRPortfolio Composition by ABR 79% Retail | 11% Residential | 10% Mixed -Use Office † Represents consolidated properties as of September 30, 2025. Individual items may not add to 100 due to rounding. 2.5 % 1.8 % 1.6 % 1.5 % 1.3 % 1.1 % 1.0 % 1.0 % 0.9 % 0.9 % National/Regional Retail 69% Local Retail 10% Residential 11% Mixed Use Office 10%
Page 25
25Q3 2025 Investor Presentation Occupancy Resilient with Room for Additional Upside g Record comparable leasing in 2024, with additional occupancy growth expected. g Occupancy rate expected to trend toward low - 94%’s by year -end 2025 . g Targeting a 100 -125 bps spread between leased and occupied space over time, in line with historical pre -COVID averages. g Projected 3.50 –4.00% Comparable POI growth in 2025 , driven by continued occupancy gains, strong contractual rent bumps and solid rollover. Why Federal 1 20-year high leased and occupancy rates as of September 30, 2025. Leased, 95.4% Occupied, 93.8% Leased Rate 20-Year High, 97.3%1 Occupancy Rate 20-Year High, 95.6%1 89.0% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% 2020 2021 2022 2023 2024 2025 Leased Occupied 190 bps below 20-year high 180 bps below 20-year high
Page 26
26Q3 2025 Investor Presentation Limited Troubled Retailer Exposure Struggling retailers making headlines today have minimal impact on our portfolio. g ~60 bps of ABR exposure to bankrupt tenants 1 g 2025 guidance includes 75 – 90 basis points of credit reserve which is in line with historical averages g ~80 basis points of credit reserves used in 2024 g Limited watch list at this point in the year Why Federal Exposure to Retailer Tenants in Bankruptcy, % of ABR 1 1 Source: Keybanc Capital Markets (January 20, 2025). Graph reflective of exposure to Party City (1 location), JoAnn (2 locations), Container S tore (5 locations) and Big Lots (0 locations). Number of FRT locations in parentheses. 1.97% 1.90% 1.70% 1.40% 1.00% 0.78% 0.63% 0.60% 0.55% 0.55% KRG SITC BRX KIM AKR REG PECO FRT UE IVT
Page 27
g 5.6x annualized consolidated net debt to EBITDA • Long-term target inside 5.5x g 3.9x fixed coverage ratio • Long-term target of 4.0x g 88% of total debt is fixed rate g ~$1.3 billion of total liquidity at 3Q25: • $1.25 billion credit facility • $111 million cash g Asset sale pool: • Completed $146 million YTD • ~$200 million in process • ~$200 million planned 1H26 • Incremental $1+ billion potential pool g Financial flexibility continues to grow via: • Targeted asset sales • Growing free cash flow (FCF) • Growing leverage -neutral debt capacity S&P BBB+ Stable Moody’s Baa1 Stable 27Q3 2025 Investor Presentation Why Federal Balance Sheet Snapshot Ample Liquidity & Financial Flexibility 3Q25 Balance Sheet Update 2Credit Ratings 1 1 The complete ratings report can be accessed at www.federalrealty.com. 2 As of September 30, 2025.
Page 28
The only REIT recognized as a Dividend King — 1 of just 56 U.S. public companies with 50+ consecutive years of annual dividend increases. 28Q3 2025 Investor Presentation Why Federal *Annualized dividend per share. 58 Consecutive Y ears of Increased Dividends $0.12* $4.52* 1967 2025 1973 OPEC imposes oil embargo on the US 1980 Inflation in the US hits 14.8% 1998 Asian and Russian Financial Crisis 2004 Inflation hits 40-year low of 1.1% 2009 Global Financial Crisis 2020 Covid -19 Pandemic 58-Year CAGR: 6.5%
Page 29
9.1% 6.2% FRT Shopping Center REITs Don Wood President & CEO Joined 1998 Dan Guglielmone EVP, CFO & Treasurer Joined 2016 Dawn Becker EVP, Chief Legal Officer, CAO and Secretary Joined 1997 Wendy Seher EVP, Eastern Region President & COO Joined 2002 Jan Sweetnam EVP, CIO Joined 1997 29Q3 2025 Investor Presentation Why Federal Cycle-T ested Management T eam Total Annual Return since 2003 1,2 1 Don Wood has been CEO since January 2003. 2 Index represents: Bloomberg US 3000 Shopping Center REIT Price Return Index. As of November 10, 2025. g Average 20+ years at Federal Realty and 25+ years of real estate experience, including managing through difficult real estate and economic cycles. g Lean and nimble corporate structure enables management to be closer to the real estate and the real estate decisions which can affect properties for decades. g Proven ability to make smart, risk -adjusted capital allocation decisions throughout investment cycles.
Page 30
30Q3 2025 Investor Presentation Why Federal Sustainability Advance Decarbonization Manage potential financial exposure of transitioning real estate assets to a low carbon economy by decarbonizing our portfolio. Strengthen Resilience Minimize financial impact to our real estate assets from increased frequency and severity of weather events and depletion of natural resources. Awards & Recognition Gender- Balanced Board Empower Teams Attract, develop, and retain the best talent with diverse perspectives to best position us to deliver strong long -term results. Connect Communities Foster loyalty and connection to communities around our properties to drive long -term property and community success. Govern Responsibly Implement and maintain a framework of controls to grow portfolio value while managing risk. g Our sustainability program focuses on five key objectives that directly support our company mission —to deliver long -term, sustainable growth through best -in-class retail -based real estate. g More information about our sustainability program can be found in our 2024 Sustainability Report , which provides additional detailed information in alignment with the frameworks established by the Global Reporting Initiative, Task Force for Climate Related Financial Disclosures and Sustainability Accounting Standards Board.
Page 31
31Q3 2025 Investor Presentation Appendix Executive SummaryContents Portfolio Overview Capital Allocation Why Federal Appendix
Page 32
32Q3 2025 Investor Presentation Appendix Reconciliation of FFO Guidance as of September 30, 2025 The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated FFO per dilut ed share for the full year 2025. Full Year 2025 Guidance Range Low High Estimated net income available to common shareholders, per diluted share $ 3.93 $ 3.99 Adjustments: Estimated gain on sale of real estate, net (0.90) (0.90) Estimated depreciation and amortization 4.17 4.17 Estimated FFO per diluted share $ 7.20 $ 7.26 Estimated FFO per diluted share, excluding NMTC transaction income 1 $ 7.05 $ 7.11 1 In June 2018 , we formed a joint venture to develop Freedom Plaza (formerly Jordan Downs Plaza), for which we own 92%. The investment in this development qualified for tax credits under the NMTC Program, established by the Community Renewal Tax Relief Act of 2000 . In 2018 , we transferred the earned tax credits to a third -party bank in exchange for cash proceeds . The proceeds received and related transaction costs were deferred until the end of the seven -year NMTC compliance period, which concluded in June 2025 . As a result, for the nine months ended September 30, 2025 , we recognized $14.2 million ($13.0 million, net of income attributable to noncontrolling interest) in income related to the sale of the new market tax credits .
Page 33
33Q3 2025 Investor Presentation Appendix Definitions Annualized Base Rent (ABR): Represents aggregate, annualized in -place contractual (defined as rents billed on a cash basis without taking the impact of rent abatements into account) minimum rent for all occupied spaces as of the reporting period. Lease Rollover Calculation: Cash basis rollover includes leases signed for retail space in arms -length transactions reflecting market leverage between landl ords and tenants during the period and compares contractual rent on the expiring lease, including percentage rent considered to be part of base rent, and the comparabl e annual rent and in some instances, projections of percentage rent, to be paid on the new lease. In atypical circumstances, management may exercise judgement as to how to most effectively reflect the comparability of rents reported in the calculation. Projected Cost (Development): There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Co sts will be the amounts shown or that stabilization will occur as anticipated. The projected returns on investment (ROI) and Projected Cost are management's best estimate based on current information and may change over time. Anticipated total cost, and projected ROI, and projected POI delivered are subject to adjustment as a result of factors inherent in the development p roc ess, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10 -K and Form 10 -Q for other risk factors. Projected ROI (Development): Projected ROI for mixed -use redevelopment/expansion projects reflects the unleveraged Property Operating Income (POI) generated by the project and is calculated as POI divided by cost. Projected POI delivered includes straight line rent. Property Improvement Projects: Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor ameni ty spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, imp rove market rents, drive leasing demand, and/or provide outdoor spaces critical to meeting the needs of the current environment. Returns on these projects are typically seen over one to five years , however, some projects could extend beyond that. Projected ROI range reflects management's best estimate of the long term expected return on cost of these investments. Property Operating Income (POI): Total revenue, less rental expenses and real estate taxes.
Page 34
34Q3 2025 Investor Presentation Appendix Safe Harbor and Non-GAAP Information Certain matters included in this presentation may be forward looking statements within the meaning of federal securities laws . These statements may be identified by use of terms such as “may,” “estimate,” “expect,” “intend,” “potential” and similar ter ms or the negative of such terms, and include statements regarding the expected results and pace of our leasing and redevelopment activities at Santana West, 915 Meeting Street and H untington Shopping Center or elsewhere in in our expansion pipeline. Actual future performance and results may differ materially from those included in forward looking statem ents. Factors that may cause such a difference include risks and uncertainties related to our ability to complete leases subject to negotiated letters of intent, our ability to fil l vacancies at acceptable rents, the cost of our redevelopment activities, our ability to complete our redevelopment activities within expected timeframes, our ability to deliver spaces to tenants when projected, our tenants’ ability to pay rent and economic conditions in our geographic markets that may affect the demand for our properties or performance of tenants at our properties. More information about the risks and uncertainties we face is contained in the section captioned “Risk Factors” in our SEC filings, including our Annual Report on Form 10 -K for the fiscal year ended December 31, 2024. Forward looking statements contained in this presentation are as of the date of this presentation, and, except as required by law, we do not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise. Supplemental information is provided in this presentation for certain portions of our office and residential portfolios. Thes e p ortions of our portfolio are managed holistically with the rest of our portfolio and inclusion of this supplemental information should not be construed as an indication that these port ions of our portfolio are run independently or constitute a separately managed independently from the remainder of the portfolio. This presentation may include certain non -GAAP financial measures that the company considers meaningful measures of financial pe rformance. Additional information regarding non-GAAP measures, including reconciliations to GAAP, are included in documents we have filed with the SEC. Definitions of terms not defined in this presentation can be found in our documents filed with the SEC.