0000000000-25-002307.txt : 20250403 0000000000-25-002307.hdr.sgml : 20250403 20250228153606 ACCESSION NUMBER: 0000000000-25-002307 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20250228 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Federal Realty OP LP CENTRAL INDEX KEY: 0001901876 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction EIN: 520782497 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-07533 BUSINESS ADDRESS: STREET 1: 909 ROSE AVE., SUITE 200 CITY: NORTH BETHESDA STATE: MD ZIP: 20852 BUSINESS PHONE: (301) 998-8313 MAIL ADDRESS: STREET 1: 909 ROSE AVE., SUITE 200 CITY: NORTH BETHESDA STATE: MD ZIP: 20852 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: FEDERAL REALTY INVESTMENT TRUST CENTRAL INDEX KEY: 0000034903 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction EIN: 520782497 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-07533 BUSINESS ADDRESS: STREET 1: 909 ROSE AVENUE, SUITE 200 CITY: NORTH BETHESDA STATE: MD ZIP: 20852 BUSINESS PHONE: 3019988100 MAIL ADDRESS: STREET 1: 909 ROSE AVENUE, SUITE 200 CITY: NORTH BETHESDA STATE: MD ZIP: 20852 PUBLIC REFERENCE ACCESSION NUMBER: 0000034903-25-000016 LETTER 1 filename1.pdf begin 644 filename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end TEXT-EXTRACT 2 filename2.txt February 28, 2025 Daniel Guglielmone Executive Vice President - Chief Financial Officer and Treasurer Federal Realty Investment Trust Federal Realty OP LP 909 Rose Avenue, Suite 200 North Bethesda, MD 20852 Re: Federal Realty Investment Trust Federal Realty OP LP Form 10-K for the Fiscal Year Ended December 31, 2024 File No. 001-07533 File No. 333-262016-01 Dear Daniel Guglielmone: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe the comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for the fiscal year ended December 31, 2024 Notes to Consolidated Financial Statements Note 14 - Earnings Per Share and Unit, page F-37 1. We note your disclosure on page F-22 that you calculate the effect of the 3.25% Exchangeable Senior Notes due 2029 (the "Notes") on your dilutive earnings per common share and per common unit using the if-converted method. Please clarify for us if the Notes were dilutive or anti-dilutive for 2024. In addition, with respect to the Notes, please tell us how your earnings per share and unit disclosure is consistent with ASC 260-10-50-1. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. February 28, 2025 Page 2 Please contact Babette Cooper at 202-551-3396 or Jennifer Monick at 202-551-3295 with any questions. Sincerely, Division of Corporation Finance Office of Real Estate & Construction