Earnings release
Page 1
FEDERAL REALTY INVESTMENT TRUST SUPPLEMENTAL INFORMATION September 30, 2026 TABLE OF CONTENTS 1 Third Quarter 2026 Earnings Press Release 3 2 Financial Highlights Consolidated Income Statements 7 Consolidated Balance Sheets 8 Funds From Operations 9 Other Supplemental Information 10 Components of Rental Income 11 Comparable Property Information 12 Market Data, Debt Metrics, and Senior Notes and Debentures Covenants 13 3 Summary of Debt Summary of Outstanding Debt 14 Summary of Debt Maturities 15 4 Summary of Redevelopment and Expansion Opportunities 16 5 Future Redevelopment and Expansion Opportunities 17 6 Significant Transactions 18 7 Real Estate Status Report 19 8 Retail Leasing Summary 23 9 Lease Expirations 24 10 Portfolio Leased Statistics 25 11 Summary of Top 25 Tenants 26 12 2026 Guidance 27 13 Glossary of Terms 28 909 Rose Avenue, Suite 200 North Bethesda, Maryland 20852 301-998-8100 1
Page 2
Safe Harbor Language Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026, and include the following: • risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy; • risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment, or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected; • risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate; • risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels; • risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets; • risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; • risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and • risks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Supplemental Information. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2026 and subsequent quarterly reports on Form 10-Q. 2
Page 3
NEWS RELEASE www.federalrealty.com FOR IMMEDIATE RELEASE Investor Inquiries: Media Inquiries: Jill Sawyer Brenda Pomar Senior Vice President, Investor Relations Senior Director, Corporate Communications 301.998.8265 301.998.8316 jsawyer@federalrealty.com bpomar@federalrealty.com Federal Realty Investment Trust Reports Strong Third Quarter 2026 Results and Guidance Raise NORTH BETHESDA, Md. (October 30, 2026) – Federal Realty Investment Trust (NYSE: FRT) today reported its results for the third quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, net income available for common shareholders per diluted share was $0.74 and $0.69, respectively. Operating income for the same periods was $116.9 million and $110.7 million, respectively. Highlights for the third quarter include: • Generated Nareit-defined funds from operations available to common shareholders (Nareit FFO) and Core funds from operations available to common shareholders (Core FFO) per diluted share of $1.87 each for the quarter, a 5.6% increase year-over-year. • Signed 117 leases for 532,220 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis. ◦ On a trailing twelve-month basis, signed 447 leases for 2,601,255 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis. • Generated Comparable Property property operating income (“Comparable Property POI”) growth of 2.5% and Adjusted Comparable Property POI growth (excluding straight-line rents and amortization of in-place leases) of 4.0%. • Reported overall portfolio occupancy of 93.8% and a leased rate of 96.5% at quarter end, with: ◦ Occupancy flat and leased rate up 40 basis points sequentially. ◦ Occupancy flat and leased rate up 110 basis points year-over-year. • Continued strong small shop leased rate, ending the quarter at 94.1% leased, representing an increase of 20 basis points sequentially and 80 basis points year-over-year. • Issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031. • Repurchased 869,748 shares at a weighted average share price of $108.82 for approximately $95 million through October 9, 2026. • Subsequent to quarter end, acquired The Summit, an 870,000-square-foot dominant retail center in Birmingham, AL, with a diverse mix of approximately 120 tenants for $508.0 million. • Tightened guidance for 2026 earnings per diluted share to $4.23 to $4.27. • Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per diluted share to $7.54 to $7.58, representing over 7% Core FFO growth at the midpoint year-over-year. “This was a really powerful quarter from a company that uses all the tools in its toolbox to make its portfolio more and more valuable,” said Donald C. Wood, President and Chief Executive Officer of Federal Realty. “On the operating side, we delivered strong leasing with materially higher new rents, higher leased occupancy and healthy cash POI growth. On the capital allocation side, we stayed disciplined: share repurchases, incremental development on our existing land and an irreplaceable acquisition,” Mr. Wood continued. “The established skill sets of our team and the strength of our balance sheet were on full display this quarter.” 3
Page 4
Financial Results Net Income For the third quarter of 2026, net income available for common shareholders was $64.2 million and earnings per diluted share was $0.74 versus $59.6 million and $0.69, respectively, for the third quarter of 2025. FFO Nareit FFO and Core FFO were each $163.0 million, or $1.87 per diluted share, for the third quarter of 2026, compared to $153.0 million, or $1.77 per diluted share, in the third quarter of 2025, a 5.6% per share increase. Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the company’s ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and a full definition of Core FFO. Operational Update Occupancy The following operational metrics for the commercial portfolio are as of September 30, 2026: • Overall portfolio occupancy was 93.8%, flat sequentially and year-over-year. • Overall portfolio leased rate was 96.5%, up 40 basis points sequentially and up 110 basis points year-over-year. • Small shop leased rate was 94.1%, up 20 basis points sequentially and up 80 basis points year-over-year. The residential leased rate for comparable properties was 95.7% as of September 30, 2026. Leasing Activity During the third quarter of 2026, Federal Realty signed 123 leases totaling 589,726 square feet of retail space. On a comparable space basis, the company signed 117 leases for 532,220 square feet at an average rent of $40.01 per square foot, compared to $35.07 under prior leases, representing a 14% increase on a cash basis and a 25% increase on a straight-line basis. On a trailing twelve-month basis, Federal Realty signed 447 comparable leases totaling 2,601,255 square feet, representing 14% rent spreads on a cash basis and 25% on a straight-line basis. Transaction Activity • On October 1, 2026, the company acquired The Summit, Alabama's premier retail destination, an approximately 870,000- square-foot open-air property in Birmingham, AL, for $508.0 million. ◦ Acquired from the original developer, The Summit is a 100-acre property developed over more than 30 years. It is the most-visited retail destination in Alabama, drawing nearly 9 million visits annually from a trade area reaching 100 miles in every direction, according to Placer.ai. ◦ The tenant roster includes Apple, Trader Joe’s, RH, Nordstrom Rack, ALO, Sephora and North Italia, many of which operate their only Alabama location at the property. Recent commitments from Aritzia, Reformation and LoveShackFancy reinforce The Summit’s position as the entry point for retailers expanding into Alabama. ◦ Additional information is available in the Investors section of www.federalrealty.com, including the company’s October 1, 2026 press release and a detailed acquisition overview.* * The contents of Federal Realty’s website are not included in or incorporated by reference into this press release. Financing Activity • On August 11, 2026, the company issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031, with net proceeds of approximately $451 million. ◦ The notes are initially exchangeable into common shares at approximately $138.54 per share. ◦ To offset potential share dilution from an exchange, the company used $21.7 million of the proceeds to purchase capped calls, which provide protection up to a share price of approximately $165.07, a 40% premium to the August 6, 2026 closing price. 4
Page 5
◦ See the company’s Form 8-K filed on August 11, 2026 for more detail. • During the third quarter ended September 30, 2026, and year-to-date through October 9, 2026, the company repurchased and retired a total of 869,748 common shares for $94.7 million, at a weighted average purchase price per share of $108.82. Regular Quarterly Dividends Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.16 per common share, resulting in an indicated annual rate of $4.64 per common share. The regular common dividend will be payable on January 15, 2027 to common shareholders of record as of January 4, 2027. Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on January 15, 2027 to shareholders of record as of January 4, 2027. 2026 Guidance Federal Realty has tightened its 2026 earnings per diluted share guidance, and raised and tightened its Nareit FFO and Core FFO guidance, as summarized in the table below: Full Year 2026 Guidance Revised Guidance Prior Guidance Net income available for common shareholders per diluted share $4.23 to $4.27 $4.22 to $4.30 Nareit FFO per diluted share $7.54 to $7.58 $7.48 to $7.56 Core FFO per diluted share $7.54 to $7.58 $7.48 to $7.56 Comparable Property POI Growth 3.375% to 3.625% 3.25% to 3.75% Adjusted Comparable Property POI Growth 4.375% to 4.625% 4.00% to 4.50% % Core FFO growth over the prior year 6.8% - 7.4% 5.9% - 7.1% Conference Call Information Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its third quarter 2026 earnings conference call, which is scheduled for Friday, October 30, 2026 at 9:00 AM ET. To participate, please call 833-821- 4548 or 412-652-1258 prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through November 13, 2026 by dialing 844- 512-2921 or 412-317-6671; Passcode: 10211075. About Federal Realty Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose, and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 102 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units. Federal Realty has increased its quarterly dividends to its shareholders for 59 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com. Safe Harbor Language Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026 and include the following: • risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy; 5
Page 6
• risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected; • risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate; • risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels; • risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets; • risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; • risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and • risks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12,2026 and subsequent quarterly reports on Form 10-Q. 6
Page 7
Federal Realty Investment Trust Consolidated Income Statements September 30, 2026 Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (in thousands, except per share data) (unaudited) REVENUE Rental income $ 329,644 $ 313,183 $ 988,198 $ 917,954 Other property income 9,352 8,789 27,039 24,143 Mortgage interest income 28 281 577 833 Total revenue 339,024 322,253 1,015,814 942,930 EXPENSES Rental expenses 69,317 67,481 208,505 196,894 Real estate taxes 39,811 38,178 117,859 111,426 General and administrative 13,254 11,649 38,649 34,449 Depreciation and amortization 100,260 94,277 300,100 270,464 Total operating expenses 222,642 211,585 665,113 613,233 Gain on sale of real estate 473 — 113,801 77,672 New market tax credit transaction income — — — 14,176 OPERATING INCOME 116,855 110,668 464,502 421,545 OTHER INCOME/(EXPENSE) Other interest income 1,069 845 2,672 2,493 Interest expense (49,740) (47,619) (148,864) (134,692) Income from partnerships 801 605 298 1,687 NET INCOME 68,985 64,499 318,608 291,033 Net income attributable to noncontrolling interests (2,816) (2,850) (7,638) (9,700) NET INCOME ATTRIBUTABLE TO THE TRUST 66,169 61,649 310,970 281,333 Dividends on preferred shares (2,008) (2,008) (6,024) (6,024) NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS $ 64,161 $ 59,641 $ 304,946 $ 275,309 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 0.74 $ 0.69 $ 3.52 $ 3.20 Weighted average number of common shares 86,558 85,978 86,262 85,808 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 0.74 $ 0.69 $ 3.52 $ 3.20 Weighted average number of common shares 86,558 85,978 86,789 85,808 7
Page 8
Federal Realty Investment Trust Consolidated Balance Sheets September 30, 2026 September 30, December 31, 2026 2025 (in thousands, except share and pershare data) (unaudited) ASSETS Real estate, at cost Operating (including $2,132,453 and $1,832,190 of consolidated variable interest entities,respectively) $ 11,369,346 $ 11,265,167 Construction-in-progress (including $47,661 and $28,418 of consolidated variable interestentities, respectively) 382,154 374,735 11,751,500 11,639,902 Less accumulated depreciation and amortization (including $519,866 and $468,725 ofconsolidated variable interest entities, respectively) (3,521,614) (3,351,881) Net real estate 8,229,886 8,288,021 Cash and cash equivalents 109,728 107,415 Accounts and notes receivable, net 269,791 249,755 Mortgage notes receivable, net — 9,091 Investment in partnerships 32,370 31,881 Operating lease right of use assets, net 81,049 83,120 Finance lease right of use assets, net 6,246 6,410 Prepaid expenses and other assets 367,962 354,767 TOTAL ASSETS $ 9,097,032 $ 9,130,460 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Mortgages payable, net (including $169,228 and $194,176 of consolidated variable interestentities, respectively) $ 496,694 $ 521,759 Notes payable, net 997,121 1,057,331 Senior notes and debentures, net 3,389,769 3,364,010 Accounts payable and accrued expenses 248,407 219,678 Dividends payable 102,492 99,792 Security deposits payable 33,552 31,548 Operating lease liabilities 70,396 72,304 Finance lease liabilities 12,999 12,903 Other liabilities and deferred credits 237,859 250,494 Total liabilities 5,589,289 5,629,819 Commitments and contingencies Redeemable noncontrolling interests 188,478 181,655 Shareholders’ equity Preferred shares, authorized 15,000,000 shares, $0.01 par: 5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference$25,000 per share), 6,000 shares issued and outstanding 150,000 150,000 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference$25 per share), 392,878 shares issued and outstanding 9,822 9,822 Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 86,296,537 and86,266,009 shares issued and outstanding, respectively 870 869 Additional paid-in capital 4,292,652 4,310,365 Accumulated dividends in excess of net income (1,215,383) (1,224,372) Accumulated other comprehensive income 13,354 2,047 Total shareholders’ equity of the Trust 3,251,315 3,248,731 Noncontrolling interests 67,950 70,255 Total shareholders’ equity 3,319,265 3,318,986 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,097,032 $ 9,130,460 8
Page 10
Federal Realty Investment Trust Funds From Operations September 30, 2026 Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (in thousands, except per share data) Nareit Funds from Operations available for common shareholders (Nareit FFO) (1) Net income $ 68,985 $ 64,499 $ 318,608 $ 291,033 Net income attributable to noncontrolling interests (2,816) (2,850) (7,638) (9,700) Gain on sale of real estate (473) — (113,801) (77,672) Depreciation and amortization of real estate assets 86,499 81,155 257,808 236,251 Amortization of initial direct costs of leases 12,628 12,029 38,888 30,464 Funds from operations 164,823 154,833 493,865 470,376 Dividends on preferred shares (2) (1,875) (1,875) (5,625) (5,625) Income attributable to downREIT operating partnership units 610 596 1,801 1,868 Income attributable to unvested shares (563) (509) (1,698) (1,558) Nareit FFO $ 162,995 $ 153,045 $ 488,343 $ 465,061 Weighted average number of common shares, diluted (2)(3) 87,178 86,599 86,883 86,463 Nareit FFO per diluted share (3) $ 1.87 $ 1.77 $ 5.62 $ 5.38 Core Funds from Operations (Core FFO) (1) Nareit FFO $ 162,995 $ 153,045 $ 488,343 $ 465,061 Adjustments: New market tax credit transaction income, net — — — (13,004) Collection of prior period rents deferred during COVID — (73) — (209) Core FFO $ 162,995 $ 152,972 $ 488,343 $ 451,848 Core FFO per diluted share (3) $ 1.87 $ 1.77 $ 5.62 $ 5.23 Notes: (1) See Glossary of Terms. (2) For the three and nine months ended September 30, 2026 and 2025, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and are included in "weighted average number of common shares, diluted." (3) The weighted average common shares used to compute Nareit and Core FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS for both the three months ended September 30, 2026 and 2025, and the nine months ended September 30, 2025. Conversion of these operating partnership units is dilutive in the computation of Nareit and Core FFO per diluted share for all periods presented. 9
Page 11
Federal Realty Investment Trust Other Supplemental Information September 30, 2026 Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (in thousands, except ratios) EBITDA for Real Estate (EBITDAre) (1) Net income $ 68,985 $ 64,499 $ 318,608 $ 291,033 Interest expense 49,740 47,619 148,864 134,692 Other interest income (1,069) (845) (2,672) (2,493) Income tax (benefit) provision 112 181 (59) 218 Depreciation and amortization 100,260 94,277 300,100 270,464 Gain on sale of real estate (473) — (113,801) (77,672) Adjustments of EBITDAre of unconsolidated affiliates 1,794 1,838 5,367 5,488 EBITDAre $ 219,349 $ 207,569 $ 656,407 $ 621,730 Ratio of EBITDAre to combined fixed charges and preferred share dividends(2) 3.9x 3.9x 3.9x 4.0x Dividends and Payout Ratios Regular common dividends declared $ 100,164 $ 97,474 $ 295,957 $ 287,282 Dividend payout ratio as a percentage of Nareit FFO 61% 64% 61% 62% Summary of Capital Expenditures Non-maintenance capital expenditures Development, redevelopment and expansions $ 54,364 $ 47,991 $ 133,643 $ 127,165 Tenant improvements and incentives 21,729 15,741 64,824 58,411 Total non-maintenance capital expenditures 76,093 63,732 198,467 185,576 Maintenance capital expenditures 9,176 6,898 19,671 17,299 Total capital expenditures $ 85,269 $ 70,630 $ 218,138 $ 202,875 Other Information Leasing costs $ 4,324 $ 4,285 $ 16,032 $ 17,504 Share-based compensation expense (non-cash) $ 3,820 $ 3,449 $ 11,691 $ 10,913 Noncontrolling Interests Supplemental Information (3) Property operating income (1) $ 3,435 $ 3,495 $ 9,726 $ 10,606 New market tax credit transaction income — — — 1,172 Depreciation and amortization (1,117) (1,089) (3,419) (3,479) Interest expense (112) (152) (470) (467) Net income $ 2,206 $ 2,254 $ 5,837 $ 7,832 Notes: (1) See Glossary of Terms. (2) Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor. (3) Amounts reflect the components of "net income attributable to noncontrolling interests," but exclude "income attributable to downREIT operating partnership units." 10
Page 12
Federal Realty Investment Trust Components of Rental Income September 30, 2026 Components of Rental Income (1) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (in thousands) Minimum rents (2) Commercial $ 228,354 $ 214,568 $ 679,528 $ 626,239 Residential 23,141 25,844 67,541 79,118 Cost reimbursements 68,879 63,447 205,198 185,984 Percentage rents 4,947 4,429 14,286 12,237 Other lease related (3) 5,904 6,209 23,919 16,986 Collectibility related impacts (1,581) (1,314) (2,274) (2,610) Total rental income $ 329,644 $ 313,183 $ 988,198 $ 917,954 Notes: (1) All income from tenant leases is reported as a single line item called "rental income." We have provided the above supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation. (2) Minimum rents include the following: Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (in millions) Straight-line rents $ 6.8 $ 7.7 $ 22.5 $ 21.5 Amortization of in-place leases $ 3.4 $ 3.1 $ 11.2 $ 10.2 (3) Includes lease termination fees of $1.0 million and $1.9 million for the three months ended September 30, 2026 and 2025, respectively, and $9.7 million and $4.4 million for the nine months ended September 30, 2026 and 2025, respectively. 11
Page 13
Federal Realty Investment Trust Comparable Property Information September 30, 2026 The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio otherthan those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in bothperiods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excludedfrom Comparable Properties in Q3 include: Bala Cynwyd on City Avenue residential - Blayr, Friendship Center, Grossmont Center, Pike & Rose PhaseIV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q3 2025 to Q3 2026. ComparableProperty property operating income ("Comparable Property POI") and Adjusted Comparable Property POI are non-GAAP measures used by managementin evaluating the operating performance of our properties period over period. Adjusted Comparable Property POI excludes the impact of straight-linerents and amortization of in-place leases from Comparable Property POI. Reconciliation of GAAP operating income to Comparable Property POI and Adjusted Comparable Property POI Three Months Ended September 30, 2026 2025 (in thousands) Operating income $ 116,855 $ 110,668 Add: Depreciation and amortization 100,260 94,277 General and administrative 13,254 11,649 Gain on sale of real estate (473) — Property operating income (POI) 229,896 216,594 Less: Non-comparable POI - acquisitions/dispositions (9,272) (4,991) Less: Non-comparable POI - redevelopment, development & other (9,841) (5,993) Comparable Property POI $ 210,783 $ 205,610 Less: Straight-line rents (3,343) (5,828) Less: Amortization of in-place leases (2,783) (3,011) Adjusted Comparable Property POI $ 204,657 $ 196,771 Additional information regarding the components of Comparable Property POI Three Months Ended September 30, % 2026 2025 Change (in thousands) Minimum rents $ 229,474 $ 225,153 Cost reimbursements 61,901 59,840 Other (1) 15,365 14,767 Collectibility related impacts (1,349) (813) Total property revenue 305,391 298,947 Rental expenses (58,109) (58,257) Real estate taxes (36,499) (35,080) Total property expenses (94,608) (93,337) Comparable Property POI $ 210,783 $ 205,610 2.5% Adjusted Comparable Property POI $ 204,657 $ 196,771 4.0% Comparable Property - Summary of Capital Expenditures (2) Three Months Ended September 30, 2026 2025 (in thousands) Redevelopment and tenant improvements and incentives $ 32,290 $ 32,150 Maintenance capital expenditures 9,612 6,302 $ 41,902 $ 38,452 Comparable Property - Occupancy Statistics (2) As of September 30, 2026 2025 GLA - comparable commercial properties 26,168,000 26,129,000 Leased % - comparable commercial properties 96.5% 95.3% Occupancy % - comparable commercial properties 93.8% 93.6% Notes: (1) Includes lease termination fees of $1.0 million and $1.9 million for the three months ended September 30, 2026 and 2025, respectively. (2) See page 10 for "Summary of Capital Expenditures" and page 25 for portfolio occupancy statistics for our entire portfolio. 12
Page 14
Federal Realty Investment Trust Market Data, Debt Metrics, and Senior Notes and Debentures Covenants September 30, 2026 September 30, 2026 2025 (in thousands, except per share data) Market Data Common shares outstanding and downREIT operating partnership units (1) 86,823 86,792 Market price per common share $ 108.29 $ 101.31 Common equity market capitalization including downREIT operating partnershipunits $ 9,402,063 $ 8,792,898 Series C preferred shares outstanding 6 6 Liquidation price per Series C preferred share $ 25,000 $ 25,000 Series C preferred equity market capitalization $ 150,000 $ 150,000 Series 1 preferred shares outstanding (2) 393 393 Liquidation price per Series 1 preferred share $ 25.00 $ 25.00 Series 1 preferred equity market capitalization $ 9,825 $ 9,825 Equity market capitalization $ 9,561,888 $ 8,952,723 Total debt $ 4,883,584 $ 4,723,344 Less: cash and cash equivalents (109,728) (111,311) Total net debt (3) $ 4,773,856 $ 4,612,033 Total market capitalization $ 14,335,744 $ 13,564,756 Leverage and Liquidity Ratio Total net debt to market capitalization at market price per common share 33% 34% Senior Notes and Debentures Covenants (4) September 30,2026 Debt CovenantThreshold (5) Total Debt to Total Assets 39% < 60% Secured Debt to Total Assets 4% < 40% Consolidated Income to Annual Debt Service Charge 3.7x > 1.5x Unencumbered Assets to Unsecured Debt 252% > 150% Notes: (1) Amounts include 526,408 and 526,915 downREIT operating partnership units outstanding at September 30, 2026 and 2025, respectively. (2) These shares, issued March 8, 2007, are unregistered. (3) Total net debt includes mortgages payable, notes payable, senior notes and debentures, net of premiums/discounts and debt issuance costs and net of cash and cash equivalents from our consolidated balance sheet. (4) The reference period for calculating these covenants is the most recent twelve months ended September 30, 2026. (5) For a detailed description of the senior unsecured notes covenants and definitions of the terms, please refer to our filings with the Securities and Exchange Commission. 13
Page 15
Federal Realty Investment Trust Summary of Outstanding Debt September 30, 2026 As of September 30, 2026 Stated maturity date Stated interest rate Balance Weighted averageeffective rate (7) (in thousands) Mortgages payable (1) Bethesda Row December 28, 2026 (2) SOFR + 0.95% $ 200,000 Plaza El Segundo June 5, 2027 3.83% 125,000 The Grove at Shrewsbury (East) September 1, 2027 3.77% 43,600 Azalea (3) October 30, 2028 (4) SOFR + 0.85% 55,000 Brook 35 July 1, 2029 4.65% 11,500 Hoboken (24 Buildings) December 15, 2029 SOFR + 1.95% (5) 49,357 Various Hoboken (4 Buildings) Various through 2029 4.88% to 5.76% 10,452 Chelsea January 15, 2031 5.36% 2,679 Subtotal 497,588 Net unamortized debt issuance costs and discount (894) Total mortgages payable, net 496,694 4.42% Notes payable $750 million term loan (3) March 20, 2028 SOFR + 0.85% 750,000 Revolving credit facility (3)(6) April 12, 2030 SOFR + 0.725% — $250 million term loan (3) January 31, 2031 SOFR + 0.85% 250,000 Various Various through 2059 Various 1,055 Subtotal 1,001,055 Net unamortized debt issuance costs (3,934) Total notes payable, net 997,121 4.69% (8) Senior notes and debentures Unsecured fixed rate 3.25% notes July 15, 2027 3.25% 475,000 6.82% medium term notes August 1, 2027 6.82% 40,000 5.375% notes May 1, 2028 5.375% 350,000 3.25% exchangeable notes January 15, 2029 3.25% 485,000 3.20% notes June 15, 2029 3.20% 400,000 3.50% notes June 1, 2030 3.50% 400,000 3.50% exchangeable notes August 15, 2031 3.50% 460,000 4.50% notes December 1, 2044 4.50% 550,000 3.625% notes August 1, 2046 3.625% 250,000 Subtotal 3,410,000 Net unamortized debt issuance costs and premium (20,231) Total senior notes and debentures, net 3,389,769 4.02% Total debt, net $ 4,883,584 Total fixed rate debt, net $ 4,081,469 84% 4.06% Total variable rate debt, net 802,115 16% 4.90% (8) Total debt, net $ 4,883,584 100% 4.20% (8) Notes: (1) Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At September 30, 2026, our share of unconsolidated debt was approximately $61.7 million. At September 30, 2026, our noncontrolling interests' share of mortgages payable was $12.7 million. (2) We have one one-year extension, at our option, to extend the maturity date of this mortgage loan to December 28, 2027. (3) Our Azalea mortgage loan, revolving credit facility SOFR loans and our unsecured term loans bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. The interest rate on $450.0 million of our $750.0 million term loan is fixed at a weighted average interest rate of 4.17% through March 1, 2028 through interest rate swap agreements. (4) We have two one-year extensions, at our option, to extend the maturity date of this mortgage loan to October 30, 2030. (5) The interest rate on this mortgage loan is fixed at 3.67% through two interest rate swap agreements. (6) The maximum amount drawn under our revolving credit facility during the three and nine months ended September 30, 2026 was $346.8 million and $699.5 million, respectively. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 4.3% and 4.4% for the three and nine months ended September 30, 2026, respectively. (7) The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 8. (8) The weighted average effective interest rate excludes $1.1 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility. 14
Page 16
Federal Realty Investment Trust Summary of Debt Maturities September 30, 2026 Year ScheduledAmortization Maturities Total Percent of DebtMaturing Weighted AverageRate (5) (in thousands) 2026 $ 636 $ — $ 636 — % — % 2027 2,637 890,682 (1) 893,319 18.2 % 4.0 % 2028 2,511 350,000 352,511 7.2 % 5.6 % 2029 2,329 943,105 945,434 19.2 % 3.6 % 2030 684 1,205,000 (2) 1,205,684 24.6 % 4.4 % 2031 59 710,000 (3) 710,059 14.5 % 4.3 %(6) 2032 — — — — % — % 2033 — — — — % — % 2034 — — — — % — % 2035 — — — — % — % Thereafter — 801,000 801,000 16.3 % 4.2 % Total $ 8,856 $ 4,899,787 $ 4,908,643 (4) 100.0 % Notes: The above table assumes all extension options are exercised. (1) Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2026 plus one one-year extension, at our option to December 28, 2027. (2) Our $750.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030. Additionally, our $55.0 million mortgage loan secured by Azalea matures on October 30, 2028, plus two one-year extensions at our option to October 30, 2030. (3) Our $1.4 billion revolving credit facility matures on April 12, 2030, plus two six-month extensions at our option to April 12, 2031. As of September 30, 2026, there was no balance outstanding under this facility. (4) The total debt maturities differ from the total reported on the consolidated balance sheet due to the debt issuance costs and unamortized net premium/discount on certain mortgage loans, notes payable, and senior notes as of September 30, 2026. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 5 years. (5) The weighted average rate reflects the weighted average interest rate, as of September 30, 2026, on debt maturing in the respective year. (6) The weighted average rate excludes $1.1 million in quarterly financing fees and quarterly debt fee amortization on our $1.4 billion revolving credit facility. 15
Page 17
Federal Realty Investment Trust Summary of Redevelopment and Expansion Opportunities September 30, 2026 The following redevelopment opportunities are actively being worked on by the Trust. (1) Property Location Opportunity ProjectedROI (2) ProjectedCost (1) Cost toDate Projected2026 POIDelivered (2) (inmillions) (inmillions) (as a % ofTotal) Projects in process: Santana West (3) San Jose, CA Development of a 369,000 square foot office building. The building isfully leased. 5% - 6% $325 -$335 $315 75% - 80% Pike & Rose - 915 MeetingStreet (3) North Bethesda,MD Development of a 262,000 square foot office building with 10,000 squarefeet of retail space. The building is fully leased. 6 % $180 -$185 $182 90% - 95% Santana Row - Lot 12 San Jose, CA Development of a new six-story building with 258 residential units andassociated parking 6% - 7% $140 -$148 $70 — Willow Grove Willow Grove,PA Demolition of 130,000 square feet of existing retail to construct a new six-story mixed use building with 261 residential units, a 438 space parkingstructure, and an additional 52,000 square feet of retail space 7 % $110 -$120 $28 — Bala Cynwyd on CityAvenue - Blayr Bala Cynwyd,PA Demolition of two-level department store building to construct a new sixstory building with 217 residential units, 19,000 square feet of retail and atwo-story parking structure with 234 parking stalls. All residential unitsdelivered as of June 30, 2026. 7 % $90 - $95 $82 10% - 15% Hoboken - 301 WashingtonStreet Hoboken, NJ Development of a new five-story, 45-unit residential building with 10,200square feet of ground floor retail space. 6% - 7% $45 - $48 $29 — Property Location Opportunity ProjectedROI (4) ProjectedCost (1) Cost toDate AnticipatedStabilization(5) (inmillions) (inmillions) Grossmont Center La Mesa, CA Multi-phase redevelopment of the property encompassing 351,000 squarefeet of anchor and small shop space, focusing on revitalizing the northernside of the property while demolishing the southern portion of the propertyto allow for construction of a new anchor building pre-leased to Bass ProShops. 9% - 10% $56 $10 2029 Andorra Philadelphia, PADemolition of 31,500 square feet of anchor and small shop spaces toconstruct a 50,000 square foot turnkey building for Giant andredevelopment of 27,000 square feet of vacant small shop space at thenorth end of the property to construct 10,400 square feet of small shop,and a 10,000 square foot anchor tenant. 7% - 8% $30 $28 Stabilized Santana Row San Jose, CA Reconfiguration of a 52,000 square foot building for a new lease with LifeTime Fitness. 9 % $8 $1 2027 Dedham Plaza Dedham, MA New 3,600 square foot pad building for a new restaurant tenant. 10 % $3 $2 2027 Active Property Improvement Projects (6) Ongoing improvements at six properties to better position those propertiesto capture a disproportionate amount of retail demand 8% - 16% $44 $30 Notes: (1) There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Costs 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, projected ROI, and projected POI delivered are subject to adjustment as a result of factors inherent in the development process, 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. (2) 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 is an approximate calculation of the POI delivered or expected to be delivered and is calculated based on the Projected Cost and Projected ROI disclosed herewith and is based on the mid-point of the range, if applicable. Projected POI delivered includes straight line rent. (3) 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. (4) Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental POI generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects generally does not include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property but may for certain property improvement projects. (5) Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time. (6) Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor amenity spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, improve 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. 16
Page 18
Federal Realty Investment Trust Future Redevelopment and Expansion Opportunities September 30, 2026 We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject togovernment approvals, tenant consents, market conditions, etc. Work on many of these opportunities is in its preliminary stages and may notultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus onthose opportunities that are most likely to lead to the creation of shareholder value over time. Redevelopment Opportunities Property Location Expansion/Conversion (4)Residential (5) Mixed Use - Long Term Assembly Row (1) Somerville, MA ü Bala Cynwyd on City Avenue Bala Cynwyd, PA ü ü Barracks Road Charlottesville, VA ü ü Bethesda Row Bethesda, MD ü ü Camelback Colonnade Phoenix, AZ ü ü Chelsea Commons Chelsea, MA ü Congressional North Shopping CenterRockville, MD ü Dedham Plaza Dedham, MA ü Del Monte Shopping Center Monterey, CA ü Escondido Promenade Escondido, CA ü Fairfax Junction Fairfax, VA ü ü Federal Plaza Rockville, MD ü Finley Square Downers Grove, IL ü Fresh Meadows Queens, NY ü Friendship Center Washington, DC ü ü Governor Plaza Glen Burnie, MD ü Grossmont Center La Mesa, CA ü Huntington Huntington, NY ü Huntington Square East Northport, NY ü Northeast Philadelphia, PA ü Pike & Rose (2) North Bethesda, MD ü Pike 7 Plaza Vienna, VA ü Providence Place Fairfax, VA ü ü Riverpoint Center Chicago, IL ü Santana Row (3) San Jose, CA ü Shops at Pembroke Gardens Pembroke Pines, FL ü The AVENUE at White Marsh White Marsh, MD ü Tower Shopping Center Springfield, VA ü Troy Hills Parsippany-Troy, NJ ü Village at Shirlington Arlington, VA ü Village Pointe Omaha, NE ü Virginia Gateway Gainesville, VA ü Westgate Center San Jose, CA ü ü Willow Lawn Richmond, VA ü Wynnewood Wynnewood, PA ü ü Notes: (1) Remaining entitlements at Assembly Row include approximately 1.5 million square feet of commercial-use buildings and 326 residential units. (2) Remaining entitlements at Pike & Rose include approximately 530,000 square feet of commercial-use buildings and 741 residential units. (3) Remaining entitlements at Santana Row include approximately 321,000 square feet of commercial space and 137 residential units, as well as approximately 604,000 square feet of commercial space across from Santana Row at Santana West. (4) Property expansion/conversion includes opportunities at successful retail properties to convert previously underutilized land into new GLA, to convert other existing uses into more productive uses for the property, and/or to add both single tenant and multi-tenant stand-alone pad buildings. (5) Residential includes opportunities to add residential units to existing retail and mixed-use properties. 17
Page 19
Federal Realty Investment Trust Significant Transactions September 30, 2026 Property Acquisitions Date Property City/State GLA Acquisition Price Principal Tenants (in square feet) (in millions) March 12, 2026 Congressional North ShoppingCenter Rockville, Maryland 217,000 $ 72.3 Aldi / Michaels / RH Outlet /Petco / Staples April 17, 2026 Kingstowne Towne Center (1)Alexandria, Virginia 88,000 19.7 Regal Cinemas / Multiplerestaurants October 1, 2026 The Summit Birmingham, Alabama 870,000 508.0 Trader Joe's / Apple / RH /Nordstrom Rack / ALO /Sephora (1) This retail building will be operated as part of our existing Kingstowne Towne Center property. Property Dispositions Date Property City/State Sales Price (in millions) February 5, 2026 Santana Row Residential (1 building) San Jose, California $ 148.5 February 5, 2026 Courthouse Center Rockville, Maryland 10.0 May 8, 2026 CocoWalk (1 retail building) Coconut Grove, Florida 8.1 May 21, 2026 Barcroft Plaza Falls Church, Virginia 58.0 August 19, 2026 North Dartmouth North Dartmouth, Massachusetts 2.4 Financing Transactions Revolving Credit Facility On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option. In addition, we have an option to increase the credit facility through an accordion feature to $2.0 billion. Issuance of Debt Issuance Date Debt Principal Amount Stated Interest Rate Maturity Date (in millions) August 11, 2026 3.50% Exchangeable Senior Notes (1)$ 460.0 3.50 % August 15, 2031 (1)Net proceeds after the initial purchaser’s discount and estimated offering costs were approximately $451 million, of which $21.7 million was used to pay the capped call premium. See our Form 8-K filing on August 11, 2026 for additional information on this transaction. Repayment of Debt During the nine months ended September 30, 2026, we repaid the following debt, at par: Repayment Date(s)Debt Payoff Amount (in millions) February 17, 20261.25% Senior Notes $ 400.0 March/July 2026 Eight Hoboken mortgage loans 12.6 July 30, 2026 Bell Gardens mortgage loan 10.7 August 17, 2026 7.48% Debentures 29.2 Issuance of Common Shares During the nine months ended September 30, 2026, we sold 493,374 common shares for gross proceeds of $61.1 million, at a gross share price of $123.92. Repurchase of Common Shares During the nine months ended September 30, 2026, and through October 9, 2026, we repurchased a total of 869,748 common shares for $94.7 million, at a weighted average purchase price per share of $108.82. 18
Page 20
Federal Realty Investment Trust Real Estate Status Report September 30, 2026 Property Name MSA Description RealEstate atCost Acreage GLA (1) %Leased(1) ResidentialUnits GroceryAnchorGLA Grocery Anchor(2) Other Retail Tenants (inthousands) Washington Metropolitan Area Bethesda Row (3) Washington-Arlington-Alexandria, DC-VA-MD-WV 279,389 17 532,000 99 % 180 40,000 Giant Food Apple / Anthropologie / Sephora /Equinox / Multiple Restaurants Birch & Broad Washington-Arlington-Alexandria, DC-VA-MD-WV 26,288 10 144,000 100 % 51,000 Giant Food CVS / Staples Chesterbrook (4) Washington-Arlington-Alexandria, DC- VA-MD-WV 51,365 9 89,000 99 % 35,000 Safeway Starbucks / Multiple Restaurants CongressionalNorth Shopping Center (5) Washington-Arlington-Alexandria, DC-VA-MD-WV 70,847 13 217,000 93 % 33,000 Aldi Michaels / Staples / RH Outlet / Petco CongressionalPlaza (4) Washington-Arlington-Alexandria, DC-VA-MD-WV 115,733 21 309,000 92 % 194 25,000 The Fresh Market Ulta / Barnes & Noble / ContainerStore / Gap Factory Store Fairfax Junction (5) Washington-Arlington-Alexandria, DC-VA-MD-WV 46,883 11 124,000 100 % 23,000 Aldi CVS / Planet Fitness Federal Plaza Washington-Arlington-Alexandria, DC- VA-MD-WV 75,449 18 249,000 96 % 14,000 Trader Joe's TJ Maxx / Micro Center / Ross Dress for Less Friendship Center Washington-Arlington-Alexandria, DC-VA-MD-WV 39,911 1 25,000 100 % Maggiano's GaithersburgSquare Washington-Arlington-Alexandria, DC-VA-MD-WV 39,733 16 204,000 98 % Marshalls / Ross Dress for Less /Ashley Furniture HomeStore / CVS Graham Park Plaza Washington-Arlington-Alexandria, DC- VA-MD-WV 28,572 10 133,000 95 % 58,000 Giant Food Advanced Auto Parts Idylwood Plaza Washington-Arlington-Alexandria, DC-VA-MD-WV 20,795 7 73,000 98 % 23,000 Lidl Bassett Furniture KingstowneTowne Center Washington-Arlington-Alexandria, DC-VA-MD-WV 233,073 48 499,000 99 % 135,000 Giant Food /Safeway TJ Maxx / HomeGoods / Ross Dressfor Less / Regal Cinemas Laurel Washington-Arlington-Alexandria, DC- VA-MD-WV 62,286 26 367,000 94 % 61,000 Giant Food Marshalls / L.A. Fitness / HomeGoods MontroseCrossing Washington-Arlington-Alexandria, DC-VA-MD-WV 172,106 36 369,000 98 % 73,000 Giant Food / Target(S) Marshalls / HomeSense / Old Navy /Burlington Mount Vernon/SouthValley/7770Richmond Hwy Washington-Arlington-Alexandria, DC- VA-MD-WV 99,177 40 565,000 97 % 62,000 Shoppers Food Warehouse TJ Maxx / Home Depot / Old Navy / Burlington / Ulta Old Keene Mill Washington-Arlington-Alexandria, DC-VA-MD-WV 20,382 10 90,000 100 % 14,000 Trader Joe's Walgreens / Planet Fitness Pike & Rose Washington-Arlington-Alexandria, DC- VA-MD-WV 808,390 24 955,000 100 % 447 Porsche / Uniqlo / REI / H&M / L.L Bean / Multiple Restaurants Pike 7 Plaza Washington-Arlington-Alexandria, DC-VA-MD-WV 57,261 13 175,000 88 % 24,000 Lidl TJ Maxx / DSW / Ulta Plaza del Mercado Washington-Arlington-Alexandria, DC-VA-MD-WV 47,277 10 116,000 96 % 18,000 Aldi CVS / L.A. Fitness Providence Place Washington-Arlington-Alexandria, DC- VA-MD-WV 37,908 25 228,000 93 % 65,000 Safeway Micro Center / CVS / Michaels Quince Orchard (3) Washington-Arlington-Alexandria, DC-VA-MD-WV 41,859 16 271,000 81 % 19,000 Aldi HomeGoods / L.A. Fitness / Staples Tower ShoppingCenter Washington-Arlington-Alexandria, DC-VA-MD-WV 30,824 12 113,000 100 % 26,000 L.A. Mart Total Wine & More / Talbots Twinbrooke Centre Washington-Arlington-Alexandria, DC- VA-MD-WV 44,762 10 103,000 100 % 35,000 Safeway Outback Steakhouse Tyson's Station Washington-Arlington-Alexandria, DC-VA-MD-WV 7,023 5 48,000 100 % 15,000 Trader Joe's Village atShirlington (3) Washington-Arlington-Alexandria, DC-VA-MD-WV 88,675 16 277,000 94 % 28,000 Harris Teeter CVS / AMC / Multiple Restaurants Virginia Gateway Washington-Arlington-Alexandria, DC- VA-MD-WV 213,350 110 668,000 99 % 70,000 Giant Food / Target (S) / BJ'sWholesale Club (S) HomeGoods / Total Wine & More / Best Buy / Ulta / Lowe's (S) Westpost Washington-Arlington-Alexandria, DC- VA-MD-WV 121,150 14 298,000 100 % 79,000 Harris Teeter / Target TJ Maxx / Ulta / Walgreens / DSW Wildwood Washington-Arlington-Alexandria, DC-VA-MD-WV 28,436 12 90,000 100 % 21,000 Balducci's CVS / Multiple Restaurants Total Washington Metropolitan Area 2,908,904 560 7,331,000 97 % California Azalea (4) Los Angeles-Long Beach-Anaheim, CA 109,724 22 226,000 100 % Walmart (S) Marshalls / Ross Dress for Less / Ulta / Michaels Bell Gardens (3)(4) Los Angeles-Long Beach-Anaheim, CA 120,547 32 371,000 92 % 108,000 Food 4 Less / ElSuper Marshalls / Ross Dress for Less /Bob's Discount Furniture Colorado Blvd (3) Los Angeles-Long Beach-Anaheim, CA 13,453 1 42,000 33 % True Food Kitchen 19
Page 21
Federal Realty Investment Trust Real Estate Status Report September 30, 2026 Property Name MSA Description RealEstate atCost Acreage GLA (1) %Leased(1) ResidentialUnits GroceryAnchorGLA Grocery Anchor(2) Other Retail Tenants (inthousands) Crow CanyonCommons San Francisco-Oakland-Hayward, CA 94,963 22 239,000 100 % 32,000 Sprouts Total Wine & More / Alamo AceHardware Del Monte Shopping Center Salinas, CA 131,838 46 675,000 85 % 25,000 Whole Foods Macy's / Petco / Pottery Barn / Apple / Sephora East Bay Bridge San Francisco-Oakland-Hayward, CA 181,096 32 441,000 97 % 199,000 Pak-N-Save /Target Home Depot / Nordstrom Rack /Michaels / Burlington EscondidoPromenade San Diego-Carlsbad, CA 135,811 18 298,000 99 % Target (S) TJ Maxx / Dick’s Sporting Goods /Ross Dress for Less / Bob's DiscountFurniture Fourth Street San Francisco-Oakland-Hayward, CA 28,126 3 70,000 82 % CB2 Freedom Plaza (3)(4) Los Angeles-Long Beach-Anaheim, CA 44,037 9 114,000 94 % 31,000 Smart & Final Nike / Blink Fitness / Ross Dress forLess Grossmont Center (4) San Diego-Carlsbad, CA 185,501 64 682,000 95 % 294,000 Target / Walmart Barnes & Noble / CVS Hastings Ranch Plaza (3) Los Angeles-Long Beach-Anaheim, CA 26,015 15 273,000 100 % Marshalls / HomeGoods / CVS Old Town Center San Jose-Sunnyvale-Santa Clara, CA 44,745 8 99,000 89 % Anthropologie / Sephora / ArhausFurniture / Teleferic Barcelona Olivo at MissionHills (4) Los Angeles-Long Beach-Anaheim, CA 82,982 12 155,000 100 % 32,000 Target 24 Hour Fitness / Ross Dress for Less/ Ulta Pinole Vista Crossing San Francisco-Oakland-Hayward, CA 58,493 19 216,000 99 % 43,000 FoodMaxx TJ Maxx / Nordstrom Rack / HomeGoods / Ulta Plaza Del Sol (4) Los Angeles-Long Beach-Anaheim, CA 18,145 4 48,000 98 % Superior Grocers(S) Marshalls Plaza El Segundo/ The Point Los Angeles-Long Beach-Anaheim, CA 311,350 50 503,000 98 % 66,000 Whole Foods Nordstrom Rack / HomeGoods /Dick's Sporting Goods / MultipleRestaurants San AntonioCenter (3) San Jose-Sunnyvale-Santa Clara, CA 52,457 22 213,000 100 % 141,000 Trader Joe's /Walmart 24 Hour Fitness Santana Row (3) San Jose-Sunnyvale-Santa Clara, CA 1,348,873 50 1,530,000 98 % 342 Crate & Barrel / Container Store / Sephora / Multiple Restaurants Sylmar TowneCenter (4) Los Angeles-Long Beach-Anaheim, CA 49,118 12 148,000 95 % 43,000 Food 4 Less CVS / Ross Dress for Less Westgate Center San Jose-Sunnyvale-Santa Clara, CA 165,964 44 650,000 91 % 215,000 Target / T&TSupermarket Nordstrom Rack / Nike Factory / TJMaxx / Ross Dress for Less Total California 3,203,238 485 6,993,000 95 % NY Metro/New Jersey Brick Plaza (3) New York-Newark-Jersey City, NY-NJ-PA 105,430 46 405,000 99 % 14,000 Trader Joe's L.A. Fitness / HomeGoods / Ulta /Burlington Brook 35 (4)(5) New York-Newark-Jersey City, NY-NJ-PA 55,227 11 100,000 100 % Banana Republic / Gap / Tommy'sTavern + Tap Darien Commons Bridgeport-Stamford-Norwalk, CT 155,479 9 120,000 97 % 124 Equinox / Walgreens / Multiple Restaurants Fresh Meadows New York-Newark-Jersey City, NY-NJ-PA 100,534 17 408,000 100 % 43,000 Lidl / Island ofGold AMC / Kohl's / Planet Fitness GeorgetowneShopping Center New York-Newark-Jersey City, NY-NJ-PA 89,088 9 147,000 96 % 43,000 Foodway Five Below / Multiple Restaurants Greenlawn Plaza New York-Newark-Jersey City, NY-NJ- PA 35,249 13 103,000 96 % 46,000 Greenlawn Farms Planet Fitness GreenwichAvenue Bridgeport-Stamford-Norwalk, CT 23,748 1 36,000 100 % Saks Fifth Avenue Hauppauge New York-Newark-Jersey City, NY-NJ-PA 42,607 15 134,000 95 % 61,000 Shop Rite TJ Maxx / Five Below Hoboken (4) (6) New York-Newark-Jersey City, NY-NJ- PA 246,743 4 170,000 95 % 129 CVS / New York Sports Club / Sephora / Multiple Restaurants Huntington New York-Newark-Jersey City, NY-NJ-PA 114,805 21 217,000 99 % 43,000 Whole Foods Petsmart / REI / Ulta HuntingtonSquare New York-Newark-Jersey City, NY-NJ-PA 52,001 18 244,000 91 % 20,000 Aldi / Stop & Shop(S) 24 Hour Fitness / AMC Melville Mall (3) New York-Newark-Jersey City, NY-NJ- PA 109,047 21 241,000 100 % 53,000 Uncle Giuseppe's Marketplace Marshalls / Dick's Sporting Goods / Burlington Mercer on One (3) Trenton, NJ 126,418 50 551,000 91 % 75,000 Shop Rite Nike / Ross Dress for Less /Nordstrom Rack / REI / Tesla 20
Page 22
Federal Realty Investment Trust Real Estate Status Report September 30, 2026 Property Name MSA Description RealEstate atCost Acreage GLA (1) %Leased(1) ResidentialUnits GroceryAnchorGLA Grocery Anchor(2) Other Retail Tenants (inthousands) The Grove atShrewsbury (4)(5) New York-Newark-Jersey City, NY-NJ-PA 139,700 21 191,000 99 % Bloomies / lululemon / Anthropologie/ Pottery Barn / Williams Sonoma Troy Hills New York-Newark-Jersey City, NY-NJ- PA 37,023 19 211,000 100 % 65,000 Target Floor & Décor Total NY Metro/New Jersey 1,433,099 275 3,278,000 97 % New England Assembly Row /Assembly SquareMarketplace Boston-Cambridge-Newton, MA-NH 1,159,916 65 1,230,000 98 % 947 18,000 Trader Joe's TJ Maxx / HomeGoods / AMC / Nike/ Burlington / LEGO DiscoveryCenter / Multiple Restaurants Campus Plaza Boston-Cambridge-Newton, MA-NH 32,213 15 113,000 100 % 46,000 Roche Bros. Burlington / Five Below ChelseaCommons Boston-Cambridge-Newton, MA-NH 41,364 36 233,000 99 % Home Depot / Planet Fitness / CVS /Burlington Dedham Plaza Boston-Cambridge-Newton, MA-NH 56,035 20 253,000 96 % 80,000 Star Market Planet Fitness Linden Square Boston-Cambridge-Newton, MA-NH 160,642 19 224,000 96 % 7 41,000 Roche Bros. CVS / Multiple Restaurants Queen Anne Plaza Boston-Cambridge-Newton, MA-NH 19,963 17 149,000 99 % 50,000 Big Y Foods TJ Maxx / HomeGoods Total New England 1,470,133 172 2,202,000 98 % Philadelphia Metropolitan Area Andorra Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 60,501 22 272,000 99 % 44,000 Giant Food TJ Maxx / Kohl's / L.A. Fitness / FiveBelow Bala Cynwyd onCity Avenue Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 146,772 23 179,000 93 % 304 45,000 Acme Markets Michaels / L.A. Fitness Ellisburg Philadelphia-Camden-Wilmington, PA- NJ-DE-MD 41,167 28 260,000 92 % 47,000 Whole Foods Five Below / RH Outlet Flourtown Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 20,080 24 158,000 98 % 75,000 Giant Food Movie Tavern Langhorne Square Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 25,163 21 226,000 99 % 55,000 Redner'sWarehouseMarkets Marshalls / Planet Fitness Lawrence Park Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 67,050 29 359,000 100 % 53,000 Acme Markets TJ Maxx / HomeGoods / Barnes &Noble Northeast Philadelphia-Camden-Wilmington, PA- NJ-DE-MD 37,627 15 209,000 99 % Lidl (S) Marshalls / Ulta / Skechers / Crunch Fitness Willow Grove Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 55,810 13 89,000 98 % 31,000 Amazon Food Marshalls / Five Below Wynnewood Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 53,684 14 239,000 97 % 9 98,000 Giant Food Old Navy / DSW Total Philadelphia Metropolitan Area 507,854 189 1,991,000 97 % Baltimore Annapolis TownCenter Baltimore-Columbia-Towson, MD 177,829 19 478,000 94 % 71,000 Whole Foods /Target (S) RH / Pottery Barn / Williams Sonoma/ Life Time Fitness / Anthropologie Governor Plaza Baltimore-Columbia-Towson, MD 35,132 24 243,000 100 % 16,500 Aldi Dick's Sporting Goods / Ross Dressfor Less / Petco / Bob's DiscountFurniture Perring Plaza Baltimore-Columbia-Towson, MD 47,869 29 398,000 100 % 58,000 Giant Food Home Depot / Dick's Sporting Goods/ Micro Center / Burlington THE AVENUE at White Marsh (5) Baltimore-Columbia-Towson, MD 137,730 35 315,000 98 % AMC / Ulta / Old Navy / Nike / Multiple Restaurants The Shoppes atNottingham Square Baltimore-Columbia-Towson, MD 19,992 4 33,000 100 % White MarshOther Baltimore-Columbia-Towson, MD 24,529 13 43,000 100 % White MarshPlaza Baltimore-Columbia-Towson, MD 27,315 7 80,000 100 % 54,000 Giant Food Total Baltimore 470,396 131 1,590,000 98 % 21
Page 23
Federal Realty Investment Trust Real Estate Status Report September 30, 2026 Property Name MSA Description Real Estateat Cost Acreage GLA (1) %Leased(1) ResidentialUnits GroceryAnchorGLA Grocery Anchor(2) Other Retail Tenants (in thousands) South Florida CocoWalk (7) Miami-Fort Lauderdale-West PalmBeach, FL 200,612 3 271,000 100 % Cinepolis Theaters / Youfit HealthClub / Multiple Restaurants Del Mar Village Miami-Fort Lauderdale-West PalmBeach, FL 76,652 17 187,000 97 % 44,000 Aldi CVS Shops at PembrokeGardens Miami-Fort Lauderdale-West Palm Beach, FL 197,140 41 392,000 99 % Nike Factory / Old Navy / DSW / Anthropologie / MultipleRestaurants Tower Shops Miami-Fort Lauderdale-West Palm Beach, FL 107,107 67 431,000 99 % 12,000 Trader Joe's / Costco (S) TJ Maxx / Ross Dress for Less / Best Buy / Ulta / Home Depot (S) Total South Florida 581,511 128 1,281,000 99 % Chicago Crossroads Chicago-Naperville-Elgin, IL-IN-WI 37,662 14 168,000 96 % L.A. Fitness / Ulta / Binny's /Ferguson Home Finley Square Chicago-Naperville-Elgin, IL-IN-WI 42,148 21 253,000 93 % Marshalls / HomeGoods / Michaels / Portillo's Garden Market Chicago-Naperville-Elgin, IL-IN-WI 17,601 11 141,000 100 % 63,000 Mariano's FreshMarket Walgreens Riverpoint Center Chicago-Naperville-Elgin, IL-IN-WI 124,471 17 211,000 98 % 86,000 Jewel Osco Marshalls / Old Navy Total Chicago 221,882 63 773,000 96 % Other Barracks Road Charlottesville, VA 82,232 40 484,000 97 % 125,000 Harris Teeter / Kroger Anthropologie / Old Navy / Ulta / Michaels CamelbackColonnade (4) Phoenix-Mesa-Chandler, AZ 187,020 41 607,000 100 % 82,000 Fry's Food & Drug Marshalls / Nordstrom Last Chance /Best Buy / HomeGoods / Burlington Gratiot Plaza Detroit-Warren-Dearborn, MI 21,714 20 205,000 85 % 69,000 Kroger Best Buy / Bob's Discount Furniture Lancaster (3) Lancaster, PA 8,220 11 127,000 95 % 75,000 Giant Food AutoZone The Shops at Hilton Village (3)(4) Phoenix-Mesa-Chandler, AZ 89,486 18 305,000 87 % CVS / Houston's Town CenterCrossing / Town Center Plaza Kansas City, MO-KS 267,016 59 552,000 98 % 12,000 Trader Joe’s Crate & Barrel / Pottery Barn / RH /Apple / Aritzia / Macy's (S) / Dick's House of Sport (S) 29th Place Charlottesville, VA 41,220 15 168,000 95 % HomeGoods / DSW / Staples Village Pointe Omaha, NE-IA 147,587 48 452,000 100 % Nordstrom Rack / Best Buy / Apple / Sephora / lululemon / Scheels (S) Willow Lawn Richmond, VA 109,988 37 463,000 98 % 66,000 Kroger Old Navy / Ross Dress for Less /Gold's Gym / Dick's Sporting Goods / Ulta Total Other 954,483 289 3,363,000 97 % Grand Total $11,751,500 2,292 28,802,000 97 % 2,683 Notes: (1) Represents the GLA and percentage leased of the commercial portion of the property. Some of our properties include office space which is included in this square footage.Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage. (2) TBA indicates that a lease is signed. (3) All or a portion of this property is owned pursuant to a ground lease. (4) The Trust has a controlling financial interest in this property. (5) All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partnersholding operating partnership units. (6) This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey. (7) This property includes CocoWalk and three buildings in Coconut Grove. (S) Shadow anchor located adjacent to the property, but is not part of the owned property. 22
Page 24
Federal Realty Investment Trust Retail Leasing Summary (1) September 30, 2026 Total Lease Summary - Comparable (2) Quarter Number ofLeases Signed % ofComparableLeases Signed GLA Signed ContractualRent (3) PerSq. Ft. (PSF)Prior Rent (4)PSF Annual Increasein Rent Cash Basis% IncreaseOver PriorRent Straight-linedBasis %Increase OverPrior Rent WeightedAverageLeaseTerm (5) TenantImprovements &Incentives (6) TenantImprovements& IncentivesPSF 3rd Quarter2026 117 100 % 532,220 $ 40.01 $ 35.07 $ 2,630,742 14% 25% 8.1 $ 19,345,996 $ 36.35 2nd Quarter2026 124 100 % 819,273 $ 33.68 $ 29.23 $ 3,649,131 15% 28% 9.1 $ 22,149,106 $ 27.04 1st Quarter 2026 101 100 % 649,078 $ 35.79 $ 31.75 $ 2,619,479 13% 23% 7.4 $ 14,278,520 $ 22.00 4th Quarter2025 105 100 % 600,684 $ 39.09 $ 34.84 $ 2,552,365 12% 24% 7.4 $ 18,043,426 $ 30.04 Total - 12months 447 100 % 2,601,255 $ 36.75 $ 32.35 $ 11,451,717 14% 25% 8.0 $ 73,817,048 $ 28.38 New Lease Summary - Comparable (2) Quarter Number ofLeases Signed % ofComparableLeases Signed GLA Signed ContractualRent (3) PSFPrior Rent (4)PSF Annual Increasein Rent Cash Basis% IncreaseOver PriorRent Straight-linedBasis %Increase OverPrior Rent WeightedAverageLeaseTerm (5) TenantImprovements &Incentives (6) TenantImprovements& IncentivesPSF 3rd Quarter2026 65 56 % 322,647 $ 39.15 $ 32.72 $ 2,072,316 20% 32% 9.9 $ 18,833,886 $ 58.37 2nd Quarter2026 51 41 % 375,567 $ 30.37 $ 22.71 $ 2,874,478 34% 51% 12.7 $ 21,602,686 $ 57.52 1st Quarter 2026 41 41 % 242,901 $ 37.98 $ 30.24 $ 1,880,171 26% 35% 8.6 $ 13,563,195 $ 55.84 4th Quarter2025 53 50 % 261,082 $ 36.39 $ 28.57 $ 2,040,053 27% 40% 9.7 $ 15,259,185 $ 58.45 Total - 12months 210 47 % 1,202,197 $ 35.57 $ 28.19 $ 8,867,018 26% 40% 10.3 $ 69,258,952 $ 57.61 Renewal Lease Summary - Comparable (2) (7) Quarter Number ofLeases Signed % ofComparableLeases Signed GLA Signed ContractualRent (3) PSFPrior Rent (4)PSF Annual Increasein Rent Cash Basis% IncreaseOver PriorRent Straight-linedBasis %Increase OverPrior Rent WeightedAverageLeaseTerm (5) TenantImprovements &Incentives (6) TenantImprovements& IncentivesPSF 3rd Quarter2026 52 44 % 209,573 $ 41.34 $ 38.68 $ 558,426 7% 15% 5.5 $ 512,110 $ 2.44 2nd Quarter2026 73 59 % 443,706 $ 36.49 $ 34.74 $ 774,653 5% 15% 6.5 $ 546,420 $ 1.23 1st Quarter 2026 60 59 % 406,177 $ 34.48 $ 32.66 $ 739,308 6% 16% 6.6 $ 715,325 $ 1.76 4th Quarter2025 52 50 % 339,602 $ 41.17 $ 39.66 $ 512,312 4% 15% 5.8 $ 2,784,241 $ 8.20 Total - 12months 237 53 % 1,399,058 $ 37.77 $ 35.92 $ 2,584,699 5% 15% 6.1 $ 4,558,096 $ 3.26 Total Lease Summary - Comparable and Non-comparable (2) Quarter Number ofLeases Signed Comparable% of TotalLeases GLA Signed ContractualRent (3) PSF WeightedAverageLeaseTerm (5) TenantImprovements &Incentives (6) TenantImprovements& IncentivesPSF 3rd Quarter2026 123 95% 589,726 $ 40.08 8.5 $ 23,705,132 $ 40.20 2nd Quarter2026 131 95% 852,051 $ 33.79 9.1 $ 24,485,220 $ 28.74 1st Quarter 2026 106 95% 661,158 $ 36.10 7.4 $ 15,024,805 $ 22.72 4th Quarter2025 109 96% 612,978 $ 39.30 7.5 $ 18,384,628 $ 29.99 Total - 12months 469 95% 2,715,913 $ 36.96 8.2 $ 81,599,785 $ 30.05 Total Lease Summary - Comparable, Non-comparable, and Option Exercises (2) (8) Quarter Number ofLeases Signed GLA Signed ContractualRent (3) PSF WeightedAverageLeaseTerm (5) TenantImprovements &Incentives (6) TenantImprovements& IncentivesPSF 3rd Quarter2026 145 833,674 $ 36.83 7.7 $ 23,705,132 $ 28.43 2nd Quarter2026 149 1,121,498 $ 32.67 8.2 $ 24,485,220 $ 21.83 1st Quarter 2026 134 881,718 $ 34.86 6.9 $ 15,024,805 $ 17.04 4th Quarter2025 130 836,216 $ 36.47 6.8 $ 18,384,628 $ 21.99 Total - 12months 558 3,673,106 $ 35.00 7.4 $ 81,599,785 $ 22.22
Page 25
Notes: (1) Information reflects activity in retail spaces only for consolidated properties; office and residential spaces are not included. See Glossary of Terms for furtherdiscussion of information included above. (2) Comparable leases represent those leases signed on spaces for which there was a former tenant. Contractual option exercises are not included unless they are fairmarket value options. (3) Contractual rent represents annual rent under the new lease. (4) Prior rent represents contractual rent, including percentage rent considered part of base rent, from the prior tenant in the final 12 months of the term. (5) Weighted average is determined on the basis of contractual rent for the lease. (6) See Glossary of Terms. (7) Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new. (8) Option exercises reflect a fixed rate contractual option under the lease agreement that was exercised during the period reflected. 23
Page 26
Federal Realty Investment Trust Lease Expirations September 30, 2026 Assumes no exercise of lease options Anchor Tenants (1) Small Shop Tenants Total Year Expiring SF % ofAnchor SF MinimumRent PSF (2) Expiring SF % of SmallShop SF Minimum RentPSF (2) Expiring SF (4) % of TotalSF Minimum RentPSF (2) 2026 84,000 0 % $24.40 288,000 3 % $32.97 372,000 1 % $31.03 2027 1,005,000 6 % $25.25 864,000 9 % $46.63 1,869,000 7 % $35.13 2028 2,207,000 13 % $17.90 1,246,000 13 % $50.68 3,453,000 13 % $29.73 2029 2,304,000 13 % $26.76 1,307,000 14 % $49.42 3,611,000 13 % $34.96 2030 1,841,000 10 % $21.93 1,104,000 12 % $51.54 2,945,000 11 % $33.03 2031 1,436,000 8 % $24.99 1,154,000 12 % $50.14 2,590,000 10 % $36.20 2032 2,372,000 13 % $28.56 1,041,000 11 % $51.38 3,413,000 13 % $35.52 2033 1,093,000 6 % $25.84 651,000 7 % $48.25 1,744,000 6 % $34.21 2034 906,000 5 % $21.35 519,000 6 % $49.83 1,425,000 5 % $31.73 2035 1,372,000 8 % $31.03 497,000 5 % $51.98 1,869,000 7 % $36.60 Thereafter 3,009,000 17 % $27.33 729,000 8 % $52.65 3,738,000 14 % $32.26 Total (3) (4)17,629,000 100 % $25.24 9,400,000 100 % $49.71 27,029,000 100 % $33.75 Assumes all lease options are exercised Anchor Tenants (1) Small Shop Tenants Total Year Expiring SF % ofAnchor SF Minimum RentPSF (2) Expiring SF % of SmallShop SF Minimum RentPSF (2) Expiring SF (4) % of TotalSF Minimum RentPSF (2) 2026 84,000 0 % $24.40 285,000 3 % $33.02 369,000 1 % $31.05 2027 544,000 3 % $25.23 658,000 7 % $44.73 1,202,000 4 % $35.91 2028 535,000 3 % $17.90 718,000 8 % $47.93 1,253,000 5 % $35.11 2029 486,000 3 % $34.73 735,000 8 % $50.01 1,221,000 5 % $43.93 2030 311,000 2 % $22.73 680,000 7 % $50.71 991,000 4 % $41.92 2031 488,000 3 % $22.89 600,000 6 % $50.32 1,088,000 4 % $38.02 2032 346,000 2 % $34.56 590,000 6 % $53.65 936,000 3 % $46.59 2033 360,000 2 % $24.90 512,000 5 % $54.32 872,000 3 % $42.17 2034 626,000 4 % $27.48 507,000 5 % $48.23 1,133,000 4 % $36.76 2035 695,000 4 % $25.58 492,000 5 % $53.55 1,187,000 4 % $37.18 Thereafter 13,154,000 75 % $24.98 3,623,000 39 % $50.32 16,777,000 62 % $30.45 Total (3) (4)17,629,000 100 % $25.24 9,400,000 100 % $49.71 27,029,000 100 % $33.75 Notes: (1) Anchor is defined as a commercial tenant leasing 10,000 square feet or more. (2) Minimum Rent reflects in-place contractual (defined as rents on a cash-basis without taking the impacts of rent abatements into account) rentas of September 30, 2026. (3) Represents occupied square footage of the commercial portion of our portfolio as of September 30, 2026. (4) Individual items may not add up to total due to rounding. 24
Page 27
Federal Realty Investment Trust Portfolio Leased Statistics September 30, 2026 As of: September 30, 2026 June 30, 2026 September 30, 2025 Commercial Properties Overall Portfolio (1)(2) Gross Leasable Area (GLA) 28,802,000 28,821,000 27,936,000 Leased % 96.5 % 96.1 % 95.4 % Occupied % 93.8 % 93.8 % 93.8 % Leased % - anchor tenants 97.9 % 97.3 % 96.5 % Leased % - small shop tenants 94.1 % 93.9 % 93.3 % Active commercial tenant leases 3,724 3,739 3,629 Comparable Properties (1)(3) GLA 26,168,000 26,167,000 26,129,000 Leased % 96.5 % 96.0 % 95.3 % Occupied % 93.8 % 93.9 % 93.6 % Residential Properties Overall Portfolio (1)(2)(4) Residential units 2,466 2,466 2,996 Leased % 95.7 % 97.0 % 96.0 % Comparable Properties (1)(3) Residential units 2,466 2,466 2,465 Leased % 95.7 % 97.0 % 96.5 % Notes: (1) See Glossary of Terms. (2) Excludes redevelopment square footage and residential units not yet placed in service. (3) Prior periods are adjusted for the current comparable property pool. (4) Excludes our new residential building at Bala Cynwyd on City Avenue called Blayr that opened in 1Q26 and currently is in the process ofbeing leased-up for the first time. If these units were included at September 30, 2026 and June 30, 2026, our total residential units would be2,683 for both periods, and our percentage leased would be 94.7% and 93.9%, respectively. 25
Page 28
Federal Realty Investment Trust Summary of Top 25 Tenants September 30, 2026 Rank Tenant Name Credit Ratings(S&P/Moody's) (1) Annualized BaseRent Percentage of TotalAnnualized BaseRent (3) Tenant GLA Percentage ofTotal GLA (3) Number ofLocationsLeased 1 TJX Companies, The A / A2 $ 24,213,000 2.40 % 1,193,000 3.82 % 40 2 Ahold Delhaize BBB+ / Baa1$ 17,321,000 1.72 % 825,000 2.64 % 13 3 NetApp, Inc. BBB+ / Baa2$ 16,138,000 1.60 % 304,000 0.97 % 1 4 Cisco Systems, Inc. AA- / A1 $ 14,570,000 1.45 % 267,000 0.86 % 2 5 Gap, Inc., The BB+ / Ba2 $ 13,466,000 1.34 % 406,000 1.30 % 40 6 CVS Corporation BBB / Baa3 $ 11,030,000 1.10 % 261,000 0.84 % 19 7 KnitWell Group (Ann Taylor, Chico's,Loft, Talbots, White House BlackMarket, Soma, Lane Bryant) NR / NR $ 9,498,000 0.94 % 221,000 0.71 % 44 8 Fitness International LLC B / B2 $ 9,044,000 0.90 % 347,000 1.11 % 9 9 Amazon/Whole Foods AA / A1 $ 8,891,000 0.88 % 284,000 0.91 % 6 10 Albertsons Companies Inc. (Acme,Balducci's, Safeway) BB+ / Ba1 $ 8,858,000 0.88 % 546,000 1.75 % 10 11 Ross Stores, Inc. A- / A2 $ 8,662,000 0.86 % 389,000 1.25 % 14 12 Home Depot, Inc. A / A2 $ 7,960,000 0.79 % 478,000 1.53 % 6 13 Burlington Stores, Inc. BB+ / Ba1 $ 7,864,000 0.78 % 349,000 1.12 % 11 14 Kroger Co., The BBB / Baa1 $ 7,586,000 0.75 % 592,000 1.90 % 11 15 Dick's Sporting Goods, Inc. BBB / Baa2 $ 7,510,000 0.75 % 401,000 1.28 % 9 16 PUMA North America, Inc. NR / NR $ 7,449,000 0.74 % 155,000 0.50 % 2 17 AMC Entertainment Inc. B- / B3 $ 7,433,000 0.74 % 283,000 0.91 % 6 18 Ulta Beauty, Inc. NR / NR $ 7,207,000 0.72 % 204,000 0.65 % 19 19 PwC US Group LLP NR / NR $ 7,023,000 0.70 % 141,000 0.45 % 1 20 Bob's Discount Furniture, LLC NR / NR $ 6,958,000 0.69 % 278,000 0.89 % 7 21 J.Crew Group, LLC CCC+ / Caa1$ 6,567,000 0.65 % 122,000 0.39 % 23 22 Choice Hotels International, Inc.BBB- / Baa3$ 6,448,000 0.64 % 119,000 0.38 % 1 23 Bank of America, N.A. A- / A1 $ 6,439,000 0.64 % 105,000 0.34 % 19 24 Michaels Stores, Inc. B / B2 $ 6,133,000 0.61 % 312,000 1.00 % 14 25 JPMorgan Chase Bank A / A1 $ 5,816,000 0.58 % 87,000 0.28 % 19 Totals - Top 25 Tenants $ 240,084,000 23.84 % 8,669,000 27.77 % 346 Total (5): $ 1,007,015,000 (2) 31,213,000 (4) Notes: (1) Credit Ratings are as of September 30, 2026. Subsequent rating changes have not been reflected. (2) See Glossary of Terms. (3) Individual items may not add up to total due to rounding. (4) Excludes redevelopment square footage not yet placed in service. (5) Totals reflect both the commercial and residential portions of our properties. 26
Page 29
Federal Realty Investment Trust 2026 Guidance September 30, 2026 Full Year 2026 Guidance 2026 Guidance (1) 2026 Prior Guidance Net income available for common shareholders per diluted share $4.23 - $4.27 $4.22 - $4.30 Nareit FFO per diluted share (2) $7.54 - $7.58 $7.48 - $7.56 Core FFO per diluted share (2) $7.54 - $7.58 $7.48 - $7.56 Comparable Property POI growth 3.375% - 3.625% 3.25% - 3.75% Adjusted Comparable Property POI growth 4.375% - 4.625% 4.00% - 4.50% Lease termination fees $10 - $11 million $10 - $11 million Incremental redevelopment/expansion POI (3) $14.5 - $15.5 million $14.5 - $15.5 million General and administrative expenses $50.5 - $52.5 million $49 - $51 million Development/redevelopment capital $175 - $200 million $175 - $225 million Capitalized interest $11 - $12 million $11 - $12 million Notes: (1) Does not include the impact of acquisitions or dispositions other than those which have closed as of October 29, 2026. All amounts are estimates. (2) The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026: Full Year 2026 Guidance Range Low High Estimated net income available for common shareholders per diluted share $ 4.23 $ 4.27 Adjustments: Estimated gain on sale of real estate (1.31) (1.31) Estimated depreciation and amortization 4.62 4.62 Estimated Nareit FFO and Core FFO per diluted share $ 7.54 $ 7.58 See Glossary of Terms. Individual items may not add up to total due to rounding. (3) Reflects the estimated additional POI to be recognized in the period indicated versus the prior year or prior year quarter period as applicable. Projects included in incremental redevelopment/expansion POI included Huntington Shopping Center, Santana West, Pike & Rose - 915 Meeting Street, and Bala Cynwyd on City Avenue - Blayr for all periods presented. See page 16 for information on these projects and note 2 of page 16 for the definition of POI. See also page 17 in our Form 8-K filed on February 12, 2026 related to Huntington Shopping Center. Annual 2026 Quarterly 2024Actual 2025Actual 2026Estimate 1QActual 2QActual 3QActual 4QEstimate ($ in millions) Total redevelopment/expansion POI $ 12 $ 17 $ 32 $ 21 $ 25 $ 29 $ 32 Incremental redevelopment/expansion POI $ 5 $ 15 $ 4 $ 4 $ 4 $ 3 27
Page 30
Glossary of Terms EBITDA for Real Estate (EBITDAre): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("Nareit") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain or loss on sale of real estate, impairments of real estate and change in control of interest, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We calculate EBITDAre consistent with the Nareit definition. As EBITDA is a widely known and understood measure of performance, management believes EBITDAre represents an additional non-GAAP performance measure, independent of a company's capital structure, that will provide investors with a uniform basis to measure the enterprise value of a company. EBITDAre also approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. Nareit-defined Funds From Operations (Nareit FFO): Nareit FFO is a supplemental measure of real estate companies' operating performance. Nareit defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. Nareit developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, Nareit FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider Nareit FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of Nareit FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs. Core Funds From Operations (Core FFO): Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company’s underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs. Property Operating Income: Total revenue less rental expenses and real estate taxes. Overall Portfolio: Includes all consolidated operating properties owned in reporting period. Comparable Properties: Represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. Comparable property growth statistics are calculated on a GAAP basis. 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. Retail Leasing Summary - Lease Rollover Calculation: The rental increases associated with comparable spaces generally include all leases signed for retail space in arm's-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold during the quarter or under contract to be sold. The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent considered to be part of base rent, and the comparable annual rent and in some instances, projections of percentage rent, to be paid on the new lease. In atypical circumstances, management may exercise judgment as to how to most effectively reflect the comparability of rents reported in the calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, capital investment made in the space and the specific lease structure. Tenant Improvements and Incentives: Represents the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements. General: Property related statistics are for the consolidated property portfolio except where noted. 28