EX-99.1 2 frt-12312020xex991.htm EX-99.1 Document

FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
December 31, 2020
TABLE OF CONTENTS
1Fourth Quarter and Full Year 2020 Earnings Press Release
2Financial Highlights
Consolidated Income Statements
Consolidated Balance Sheets
Funds From Operations / Dividend Information
Other Supplemental Information
COVID-19 Related Impacts
Components of Rental Income
Comparable Property Information
Market Data
3Summary of Debt
Summary of Outstanding Debt
Summary of Debt Maturities
4Summary of Redevelopment Opportunities
5Assembly Row, Pike & Rose, and Santana Row
6Future Redevelopment Opportunities
7Significant Property Acquisitions, Dispositions, and Other Transactions
8Real Estate Status Report
9Retail Leasing Summary
10Lease Expirations
11Portfolio Leased Statistics
12Summary of Top 25 Tenants
13Tenant Diversification by Category
14Glossary of Terms
909 Rose Avenue, Suite 200
North Bethesda, Maryland 20852-8688
301/998-8100
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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 11, 2021, 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;
risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;
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;
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 the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, my precipitate or materially exacerbate one or more the above-mentioned risks, and my 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 11, 2021.


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NEWS RELEASEwww.federalrealty.com
FOR IMMEDIATE RELEASE
Inquiries:
Leah Andress Brady
Investor Relations Senior Manager
301.998.8265
lbrady@federalrealty.com

Federal Realty Investment Trust Announces Operating Results for the Year and Quarter Ended
December 31, 2020
NORTH BETHESDA, Md. (February 11, 2021) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its year and quarter ended December 31, 2020. For the year ended December 31, 2020 and 2019, net income available for common shareholders was $1.62 per diluted share and $4.61 per diluted share, respectively. For the three months ended December 31, 2020 and 2019, net income available for common shareholders was $1.22 per diluted share and $1.92 per diluted share, respectively.

Key Highlights of the full year and quarter include:

Signed leases for 449,783 square feet of comparable space in the fourth quarter at an average rent of $32.16 psf and achieved cash basis rollover growth on those comparable spaces of 1%.
Sold three properties for combined gross proceeds of $170 million in the fourth quarter.
Executed inaugural green offering, $400.0 million aggregate principal amount of 1.250% notes at an effective yield of 1.379%, maturing February 15, 2026.
Ended the quarter with $798 million of cash on hand, $1.0 billion of availability on its revolving credit facility and no public bonds maturing until 2023.
Generated funds from operations available for common shareholders (FFO) per diluted share of $4.38 for the year ($4.52 excluding the $11.2 million early extinguishment of debt charge) compared to $6.17 in 2019 ($6.33 excluding the $11.9 million charge related to the buyout of the Kmart lease at Assembly). For the fourth quarter, generated FFO per diluted share of $0.99 ($1.14 excluding the early extinguishment of debt charge) compared to $1.58 for the fourth quarter 2019.

While COVID certainly weighed on our quarterly and yearly results, the sheer volume of leasing and other transactions that we executed at the end of last year along with the continuing strong leasing demand for our real
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estate as evidenced by the many substantive discussions we’re having with prospective tenants today set us up extremely well for a post COVID recovery as vaccinations are delivered to a large segment of the population,” said Donald C. Wood, President and Chief Executive Officer. “We believe that Federal’s high-quality open-air shopping centers and mixed-use communities located in the first-tier suburbs of major metropolitan markets are the center of the bulls eye in terms of tenant desirability.”

Financial Results
For the full year 2020, Federal Realty reported net income available for common shareholders of $123.7 million and earnings per diluted share of $1.62, which includes the $50.7 million net impairment charge relating to The Shops at Sunset Place and the $11.2 million early extinguishment of debt charge. This compares to net income available for common shareholders of $345.8 million and earnings per diluted share of $4.61 for the full year 2019. Net income available for common shareholders was $92.7 million and earnings per diluted share was $1.22 for the fourth quarter 2020 which includes the $11.2 million early extinguishment of debt charge versus $145.3 million and $1.92, respectively, for the fourth quarter 2019.
For the full year 2020, Federal Realty generated funds from operations available for common shareholders (FFO) of $333.8 million, or $4.38 per diluted share ($4.52 excluding the $11.2 million early extinguishment of debt charge). This compares to FFO of $465.8 million, or $6.17 per diluted share ($6.33 excluding the $11.9 million charge related to the buyout of the Kmart lease at Assembly) for the full year 2019. For the fourth quarter 2020, FFO was $75.1 million, or $0.99 per diluted share ($1.14 excluding the early extinguishment of debt charge), compared to $120.0 million, or $1.58 per diluted share for the fourth quarter 2019.
The year-over-year decreases in net income and FFO were attributable to the impacts of the COVID-19 pandemic with the primary driver being collectibility related impacts totaling $106.6 million, or $1.40 per share, which included a $12.7 million impact to straight-line rent for the full year 2020. For the fourth quarter 2020, collectibility related impacts totaled $18.9 million, or $0.25 per share, which included a $1.6 million impact to straight-line rent.
FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Portfolio Results
The portfolio was 92.2% leased as of December 31, 2020, and the comparable portfolio was 92.1% leased.
For the year 2020, Federal Realty signed 336 leases for 1.8 million square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty leased 1.7 million square feet at an average rent of $31.53 per square foot compared to the average contractual rent of $30.76 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 3%, 12% on a straight-line basis.
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During the fourth quarter 2020, Federal Realty signed 103 leases for 468,901 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty leased 449,783 square feet at an average rent of $32.16 per square foot compared to the average contractual rent of $31.95 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 1%, 11% on a straight-line basis.

COVID-19 Operational Update

All 101 properties remain open and operating. Approximately 98% of our retail tenants based on annualized base rent are open and operating as of January 31, 2021. Annualized base rent reflects the 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 commercial spaces.
As of January 31, 2021, the Company has collected approximately 89% of total fourth quarter 2020 billed recurring rents.
With $798 million of cash and cash equivalents as of December 31, 2020, Federal Realty has approximately $1.8 billion of liquidity in cash and undrawn availability under its $1.0 billion revolving credit facility.
Additional information on the impact of the COVID-19 pandemic on the Company’s business to date is available in a presentation posted on the Investor section of Federal Realty’s website.

Regular Quarterly Dividends
Federal Realty’s Board of Trustees declared a regular quarterly cash dividend of $1.06 per common share, resulting in an indicated annual rate of $4.24 per common share. The regular common dividend will be payable on April 15, 2021, to common shareholders of record as of March 16, 2021.
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 April 15, 2021, to shareholders of record as of March 16, 2021.

Summary of Other Quarterly Activities and Recent Developments
February 11, 2021 – Federal Realty announced the promotion of Jeffrey S. Berkes to President and Chief Operating Officer. In this newly created role, Mr. Berkes will have direct responsibility for overseeing and directing all of Federal’s day-to-day property operating functions, including leasing, development and asset management, on both the East and West Coasts.
December 2020 – Federal Realty sold three non-strategic assets, The Shops at Sunset Place, Eastgate Crossing and Sam’s Park & Shop, for combined gross proceeds of $170 million.
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October 13, 2020 – Federal Realty closed on its inaugural issuance of green bonds, $400.0 million aggregate principal amount of 1.250% notes at an effective yield of 1.379%, maturing February 15, 2026. The company intends to allocate an amount equal to the net proceeds from this offering to the financing and refinancing of recently completed and future eligible green projects.

Conference Call Information
Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its fourth quarter 2020 earnings conference call, which is scheduled for Thursday, February 11, 2021 at 5:00 PM ET. To participate, please call 877.407.9208 five to ten minutes prior to the call start time and use the passcode 13714444 (required). 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 February 25, 2021 by dialing 844.512.2921; Passcode: 13714444.

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 from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty’s mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 101 properties include approximately 2,800 tenants, in 23 million square feet, and approximately 2,900 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry. Federal Realty 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 11, 2021, 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;
risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;
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
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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;
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 the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, my precipitate or materially exacerbate one or more the above-mentioned risks, and my 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 11, 2021.
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Federal Realty Investment Trust
Consolidated Income Statements
December 31, 2020
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
(in thousands, except per share data)
REVENUE
Rental income$218,484 $238,303 $832,171 $932,738 
Mortgage interest income1,029 846 3,323 3,050 
Total revenue219,513 239,149 835,494 935,788 
EXPENSES
Rental expenses48,359 47,649 170,920 187,831 
Real estate taxes29,059 29,044 119,242 110,927 
General and administrative12,307 10,707 41,680 42,754 
Depreciation and amortization64,424 61,431 255,027 239,758 
Total operating expenses154,149 148,831 586,869 581,270 
Impairment charge— — (57,218)— 
Gain on sale of real estate, net of tax86,435 85,903 98,117 116,393 
OPERATING INCOME151,799 176,221 289,524 470,911 
OTHER INCOME/(EXPENSE)
Other interest income539 511 1,894 1,266 
Interest expense(37,543)(27,056)(136,289)(109,623)
Early extinguishment of debt(11,179)— (11,179)— 
Loss from partnerships(1,405)(710)(8,062)(2,012)
NET INCOME102,211 148,966 135,888 360,542 
     Net income attributable to noncontrolling interests(7,486)(1,611)(4,182)(6,676)
NET INCOME ATTRIBUTABLE TO THE TRUST94,725 147,355 131,706 353,866 
Dividends on preferred shares(2,011)(2,011)(8,042)(8,042)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS$92,714 $145,344 $123,664 $345,824 
EARNINGS PER COMMON SHARE, BASIC AND DILUTED
Net income available for common shareholders$1.22 $1.92 $1.62 $4.61 
Weighted average number of common shares, basic75,898 75,305 75,515 74,766 

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Federal Realty Investment Trust
Consolidated Balance Sheets
December 31, 2020
December 31,
20202019
(in thousands, except share and
per share data)
ASSETS
Real estate, at cost
Operating (including $1,703,202 and $1,676,866 of consolidated variable interest entities, respectively)$7,771,981 $7,535,983 
Construction-in-progress (including $44,896 and $102,583 of consolidated variable interest entities, respectively)810,889 760,420 
Assets held for sale— 1,729 
8,582,870 8,298,132 
Less accumulated depreciation and amortization (including $335,735 and $296,165 of consolidated variable interest entities, respectively)(2,357,692)(2,215,413)
Net real estate6,225,178 6,082,719 
Cash and cash equivalents798,329 127,432 
Accounts and notes receivable159,780 152,572 
Mortgage notes receivable, net39,892 30,429 
Investment in partnerships22,128 28,604 
Operating lease right of use assets92,248 93,774 
Finance lease right of use assets51,116 52,402 
Prepaid expenses and other assets218,953 227,060 
TOTAL ASSETS$7,607,624 $6,794,992 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $413,681 and $469,184 of consolidated variable interest entities, respectively)$484,111 $545,679 
Notes payable402,776 3,781 
Senior notes and debentures3,404,488 2,807,134 
Accounts payable and other expenses228,641 255,503 
Dividends payable83,839 81,676 
Security deposits payable20,388 21,701 
Operating lease liabilities72,441 73,628 
Finance lease liabilities72,049 72,062 
Other liabilities and deferred credits152,424 157,938 
Total liabilities4,921,157 4,019,102 
Commitments and contingencies
Redeemable noncontrolling interests137,720 139,758 
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding150,000 150,000 
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding9,997 9,997 
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 76,727,394 and 75,540,804 shares issued and outstanding, respectively771 759 
Additional paid-in capital3,297,305 3,166,522 
Accumulated dividends in excess of net income(988,272)(791,124)
Accumulated other comprehensive loss(5,644)(813)
Total shareholders’ equity of the Trust2,464,157 2,535,341 
Noncontrolling interests84,590 100,791 
Total shareholders’ equity2,548,747 2,636,132 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$7,607,624 $6,794,992 
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Federal Realty Investment Trust
Funds From Operations / Dividend Information
December 31, 2020
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income$102,211 $148,966 $135,888 $360,542 
Net income attributable to noncontrolling interests(7,486)(1,611)(4,182)(6,676)
Gain on sale of real estate, net of tax(80,240)(85,903)(91,922)(116,393)
Impairment charge, net (2)— — 50,728 — 
Depreciation and amortization of real estate assets57,972 54,886 228,850 215,139 
Amortization of initial direct costs of leases4,853 5,194 20,415 19,359 
Funds from operations77,310 121,532 339,777 471,971 
Dividends on preferred shares (3)(2,011)(1,875)(8,042)(7,500)
Income attributable to operating partnership units (4)— 655 3,151 2,703 
Income attributable to unvested shares(247)(351)(1,037)(1,355)
FFO (5)$75,052 $119,961 $333,849 $465,819 
Weighted average number of common shares, diluted (3)(4)75,898 76,024 76,261 75,514 
FFO per diluted share (5)$0.99 $1.58 $4.38 $6.17 
Dividends and Payout Ratios
Regular common dividends declared$81,322 $79,316 $320,302 $310,973 
Dividend payout ratio as a percentage of FFO108 %66 %96 %67 %
Notes:
1)See Glossary of Terms.
2)Impairment charge relates to The Shops at Sunset Place and was recorded during the quarter ended September 30, 2020. Amount is net of the allocation to noncontrolling interests.
3)For the three months and year ended December 31, 2019, 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 included in "weighted average common shares, diluted."
4)For the three months ended December 31, 2020, income attributable to operating partnership units is not added back in the calculation of FFO available to common shareholders, as the related shares are not dilutive and are not included in "weighted average common shares, diluted" for this period. For the year ended December 31, 2020 and the three months and year ended December 31, 2019, the weighted average common shares used to compute FFO per diluted common share include operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share but anti-dilutive for the computation of dilutive EPS for these periods.
5)FFO available for common shareholders for the year ended December 31, 2020 includes a $11.2 million charge related to early extinguishment of debt, and for the year ended December 31, 2019 includes an $11.9 million charge related to the buyout of the Kmart lease at Assembly Row Marketplace. If these charges were excluded, our FFO, FFO per diluted share, and dividend payout ratio as a percentage of FFO at each respective year end would have been:
Three Months EndedYear Ended
December 31,December 31,
202020202019
(in thousands, except per share data)
FFO$87,002 $344,994 $477,696 
FFO per diluted share$1.14 $4.52 $6.33 
Dividend payout ratio as a percentage of FFO93 %93 %65 %
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Federal Realty Investment Trust
Other Supplemental Information
December 31, 2020
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
(in thousands, except per share data)
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions$95,636 $89,241 $413,432 $361,290 
Tenant improvements and incentives15,182 19,256 52,844 59,477 
Total non-maintenance capital expenditures110,818 108,497 466,276 420,767 
Maintenance capital expenditures5,524 12,549 14,297 23,650 
Total capital expenditures$116,342 $121,046 $480,573 $444,417 
Noncontrolling Interests Supplemental Information (1)
Property operating income (2)$2,740 $2,961 $9,874 $12,152 
Gain on sale of real estate, net6,195 — 6,195 — 
Impairment charge— — (6,490)— 
Depreciation and amortization(1,539)(1,467)(6,027)(5,944)
Interest expense(699)(538)(2,521)(2,235)
Net income$6,697 $956 $1,031 $3,973 
Notes:
1)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to operating partnership units."
2)See Glossary of Terms.
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Federal Realty Investment Trust
COVID-19 Related Impacts
December 31, 2020

The following provides supplemental information regarding our collectibility related impacts resulting from COVID-19 for the three months ended December 31, 2020. The primary drivers of our collectibility impacts in the quarter are from tenants who we account for on a cash basis or converted to a cash basis of accounting during the quarter, as we did not receive full contractual rent payments, as well as COVID-19 related rent abatements. We change a tenant to a cash basis of accounting when we determine collection of substantially all lease payments during the lease term is not considered probable; revenue is then limited to the lesser of revenue recognized under accrual accounting or cash received. Our full revenue recognition policy with respect to leases can be found in Note 2 of our Annual Report on Form 10-K.

Collectibility Impacts for the Quarter Ended December 31, 2020
TypeAccounts Receivable ImpactStraight-Line Rent Receivable ImpactTotal
(in thousands)
Tenants recognized on a cash basis prior to Q4 2020 (1)$10,347 $— $10,347 
Changes in our collectibility assumptions in Q4 2020 and COVID-19 related disputes/abatements (2)7,047 1,551 8,598 
Total collectibility impact$17,394 $1,551 $18,945 
Notes:
1)Approximately 85% of this impact is from restaurants, fitness, and entertainment tenants.
2)This balance reflects rent abatements granted as a result of COVID-19, as well as changes in assumptions of collectibility primarily due to the impacts of COVID-19. Approximately 55% of the impact is due to tenants where we do not believe it is probable we will collect the remaining contractual lease payments.

Other Information on Cash Basis Tenants
As of December 31, 2020
Total% Recognized on a Cash Basis
Active commercial tenant leases2,785 35 %
Annualized base rent from commercial tenants (in millions) (3)$630 27 %

Components of Accounts Receivable, net
As of
December 31, 2020
As of
September 30, 2020
As of
June 30, 2020
As of
March 31, 2020
(in thousands)
Billed accounts receivable, net$32,571 $26,706 $37,149 $11,774 
Straight-line rent receivable, net103,291 102,867 100,673 104,440 
Other receivables23,918 35,309 29,819 37,029 
Total accounts receivable, net$159,780 $164,882 $167,641 $153,243 

Rent Deferrals and Rent Abatements
Contractual rent deferred (in millions) (4)$36 
Percent of deferred rent agreed to be repaid by December 31, 202185 %
Contractual rent abated (in millions) (5)$37 
Notes:
3)See Glossary of Terms.
4)Total contractual rent for April through December 2020 that has been deferred pursuant to modification agreements signed through January 31, 2021. Accrual basis tenants comprise approximately 61% of the deferred rent for the year ended December 31, 2020 for executed agreements in place as of January 31, 2021.
5)Total contractual rent for April through December 2020 that has been abated pursuant to modification agreements signed through January 31, 2021.
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Federal Realty Investment Trust
Components of Rental Income (1)
December 31, 2020
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
(in thousands)
Minimum rents (2)
Commercial$158,618 $158,822 $627,557 $630,225 
Residential19,535 20,248 80,659 78,849 
Cost reimbursements46,139 46,351 175,977 174,936 
Percentage rents1,492 2,641 5,501 9,322 
Other10,094 11,437 36,336 43,885 
Collectibility related impact$(17,394)$(1,196)$(93,859)$(4,479)
Total rental income$218,484 $238,303 $832,171 $932,738 

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 for the three months and year ended December 31, 2020 includes a $1.6 million and $12.7 million charge, respectively, for the write-off of straight-line receivables related to the impacts of the COVID-19 pandemic (see details on page 12). In total, minimum rents include the following:
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
(in millions)
Straight-line rents$1.7 $1.7 $4.5 $7.6 
Amortization of in-place leases$1.2 $1.2 $4.3 $6.4 
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Federal Realty Investment Trust
Comparable Property Information
December 31, 2020
The following information is being provided for “Comparable Properties.” 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. The assets excluded from Comparable Properties in Q4 include: Assembly Row - Phase 2 Retail and Phase 3, Cocowalk, The Commons at Darien, Pike & Rose Phase 2 Retail and Phase 3, 700 Santana Row, Freedom Plaza, a portion of Graham Park Plaza, and all properties acquired or disposed of from Q4 2019 to Q4 2020. Comparable Property property operating income ("Comparable Property POI") is a non-GAAP measure used by management in evaluating the operating performance of our properties period over period. However, given the impacts of COVID-19, management believes this metric is less relevant in the current environment, and is not necessarily indicative of results. The amounts shown below for the years ended December 31, 2020 and 2019 reflect the summation of our reported quarterly results during 2020.
Reconciliation of GAAP operating income to Comparable Property POI
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
(in thousands)(in thousands)
Operating Income$151,799 $176,221 $289,524 $470,911 
Add:
Depreciation and amortization64,424 61,431 255,027 239,758 
General and administrative12,307 10,707 41,680 42,754 
Impairment charge— — 57,218 — 
Gain on sale of real estate, net of tax(86,435)(85,903)(98,117)(116,393)
Property operating income (POI)142,095 162,456 545,332 637,030 
Less: Non-comparable POI - acquisitions/dispositions(5,105)(4,261)(15,275)(11,744)
Less: Non-comparable POI - redevelopment, development & other(7,835)(4,873)(23,504)(10,191)
Comparable Property POI$129,155 $153,322 $506,553 $615,095 
Additional information regarding the components of Comparable Property POI
Three Months EndedYear Ended
December 31,December 31,
20202019% Change20202019% Change
(in thousands)(in thousands)
Rental income$198,027 $223,855 $766,293 $880,282 
Rental expenses(43,015)(43,523)(151,690)(160,878)
Real estate taxes(25,857)(27,010)(108,050)(104,309)
(68,872)(70,533)(259,740)(265,187)
Comparable Property POI$129,155 $153,322 (15.8)%$506,553 $615,095 (17.6)%
Comparable Property - Summary of Capital Expenditures (1)
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
(in thousands)(in thousands)
Redevelopment and tenant improvements and incentives$27,773 $41,209 $118,884 $119,703 
Maintenance capital expenditures5,257 12,263 13,661 22,649 
$33,030 $53,472 $132,545 $142,352 
Comparable Property - Occupancy Statistics (2)
At December 31,
20202019
GLA - comparable commercial properties22,118,000 22,151,000 
Leased % - comparable commercial properties92.1 %95.1 %
Occupancy % - comparable commercial properties90.1 %93.4 %
Notes:
1)See page 11 for "Summary of Capital Expenditures" for our entire portfolio.
2)See page 30 for entire portfolio occupancy statistics.
14


Federal Realty Investment Trust
Market Data
December 31, 2020
December 31,
20202019
(in thousands, except per share data)
Market Data
Common shares outstanding and operating partnership units (1)77,472 76,150 
Market price per common share$85.12 $128.73 
Common equity market capitalization including operating partnership units$6,594,417 $9,802,790 
Series C preferred shares outstanding
Liquidation price per Series C preferred share$25,000.00 $25,000.00 
Series C preferred equity market capitalization$150,000 $150,000 
Series 1 preferred shares outstanding (2)400 400 
Liquidation price per Series 1 preferred share$25.00 $25.00 
Series 1 preferred equity market capitalization$10,000 $10,000 
Equity market capitalization$6,754,417 $9,962,790 
Total debt4,291,375 3,356,594 
Less: cash and cash equivalents(798,329)(127,432)
Total net debt (3)$3,493,046 $3,229,162 
Total market capitalization$10,247,463 $13,191,952 
Total net debt to market capitalization at market price per common share34 %24 %
Total net debt to market capitalization at constant common share price of $128.7326 %24 %
Notes:
1)Amounts include 744,617 and 609,584 operating partnership units outstanding at December 31, 2020 and 2019, 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.

15


Federal Realty Investment Trust
Summary of Outstanding Debt
December 31, 2020
As of December 31, 2020
Stated maturity dateStated interest rateBalanceWeighted average effective rate (8)
(in thousands)
Mortgages payable (1)
Secured fixed rate
Sylmar Towne Center (2)6/6/20215.39%$16,236 
Plaza Del Sol12/1/20215.23%8,041 
THE AVENUE at White Marsh1/1/20223.35%52,705 
Montrose Crossing1/10/20224.20%65,596 
Azalea11/1/20253.73%40,000 
Bell Gardens8/1/20264.06%12,408 
Plaza El Segundo6/5/20273.83%125,000 
The Grove at Shrewsbury (East)9/1/20273.77%43,600 
Brook 357/1/20294.65%11,500 
Hoboken (24 Buildings) (3)12/15/2029LIBOR + 1.95%56,450 
Various Hoboken (14 Buildings)Various through 2029Various (4)32,705 
Chelsea1/15/20315.36%5,234 
Hoboken (1 Building) (5)7/1/20423.75%16,560 
Subtotal486,035 
Net unamortized premium and debt issuance costs(1,924)
Total mortgages payable, net484,111 3.97 %
Notes payable
Term loan5/6/2021LIBOR + 1.35%400,000 
Revolving credit facility (6)1/19/2024LIBOR + 0.775%— 
VariousVarious through 202811.31%3,270 
Subtotal403,270 
Net unamortized debt issuance costs(494)
Total notes payable, net402,776 2.00 %(9)
Senior notes and debentures
Unsecured fixed rate
2.75% notes6/1/20232.75%275,000 
3.95% notes1/15/20243.95%600,000 
1.25% notes2/15/20261.25%400,000 
7.48% debentures8/15/20267.48%29,200 
3.25% notes7/15/20273.25%475,000 
6.82% medium term notes8/1/20276.82%40,000 
3.20% notes6/15/20293.20%400,000 
3.50% notes6/1/20303.50%400,000 
4.50% notes12/1/20444.50%550,000 
3.625% notes8/1/20463.63%250,000 
Subtotal3,419,200 
Net unamortized discount and debt issuance costs(14,712)
Total senior notes and debentures, net3,404,488 3.48 %
Total debt, net$4,291,375 (7)
Total fixed rate debt, net$3,891,815 91 %3.54 %
Total variable rate debt, net399,560 %1.92 %(9)
Total debt, net$4,291,375 100 %3.39 %(9)
16


Three Months EndedYear Ended
December 31,December 31,
2020201920202019
Operational Statistics
Excluding early extinguishment of debt:
Ratio of EBITDAre to combined fixed charges and preferred share dividends (10)2.76x4.17x2.90x4.16x
Including early extinguishment of debt:
Ratio of EBITDAre to combined fixed charges and preferred share dividends (10) (11)2.23x4.17x2.72x4.16x

Notes:
1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At December 31, 2020, our share of unconsolidated debt was approximately $53.3 million, of which $25.2 million was repaid on January 4, 2021 when we acquired our partner's 20% interest in our joint venture arrangement related to the Pike & Rose hotel. See page 22 for additional information on this transaction. At December 31, 2020, our noncontrolling interests' share of mortgages payable was $47.8 million.
2)This mortgage loan was repaid prior to its original maturity date on February 5, 2021, at par.
3)We have two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%.
4)The interest rates on these mortgages range from 3.91% to 5.00%.
5)This mortgage loan has a fixed interest rate, however, the rate resets every five years until maturity. The current interest rate is fixed until July 1, 2022 and the loan is prepayable at par anytime after this date.
6)During the three months ended December 31, 2020, there were no borrowings on our revolving credit facility.
7)The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures, is 9 years.
8)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 9.
9)The weighted average effective interest rate excludes $0.6 million in quarterly financing fees and debt fee amortization on our revolving credit facility.
10)Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor. EBITDAre is reconciled to net income in the Glossary of Terms.
11)The ratio of EBITDAre to combined fixed charges and preferred share dividends for the year ended December 31, 2019 includes the $11.9 million charge related to the buyout of the Kmart lease at Assembly Square Marketplace. Excluding the $11.9 million charge related to the buyout of the Kmart lease at Assembly Square Marketplace in 2019, our ratio of EBITDAre to combined fixed charges and preferred share dividends would have been 4.24x.
17


Federal Realty Investment Trust
Summary of Debt Maturities
December 31, 2020
YearScheduled AmortizationMaturitiesTotalPercent of Debt MaturingCumulative Percent of Debt MaturingWeighted Average Rate (3)
(in thousands)
2021$4,856 $423,921 (1)$428,777 9.9 %9.9 %2.1 %
20224,134 116,323 120,457 2.8 %12.7 %3.9 %
20234,314 275,000 279,314 6.5 %19.2 %3.0 %
20244,344 600,000 604,344 14.0 %33.2 %3.7 %(4)
20254,068 44,298 48,366 1.1 %34.3 %3.9 %
20263,465 452,450 455,915 10.6 %44.9 %2.0 %
20273,048 690,570 693,618 16.1 %61.0 %3.8 %
20282,934 — 2,934 0.1 %61.1 %6.7 %
20292,770 458,099 460,869 10.7 %71.8 %3.3 %
20301,141 400,000 401,141 9.3 %81.1 %3.8 %
Thereafter6,871 805,899 812,770 18.9 %100.0 %4.2 %
Total$41,945 $4,266,560 $4,308,505 (2)100.0 %
Notes:
1)On May 6, 2020, we entered into a $400.0 million unsecured term loan, which matures on May 6, 2021. We have the option to extend the loan maturity one year to May 6, 2022.
2)The total debt maturities differs from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on certain mortgage loans, note payable, and senior notes as of December 31, 2020.
3)The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.
4)The weighted average rate excludes $0.6 million in quarterly financing fees and debt fee amortization on our revolving credit facility, which had no balance outstanding at December 31, 2020. Our $1.0 billion revolving credit facility matures on January 19, 2024, plus two six month extensions at our option.


18


Federal Realty Investment Trust
Summary of Redevelopment Opportunities
December 31, 2020
The following redevelopment opportunities have received or will shortly receive all necessary approvals to proceed and are actively being worked on by the Trust (1)
Impacts of COVID-19 Pandemic:
Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19.
ProjectedProjectedCost toAnticipated
PropertyLocationOpportunityROI (2)Cost (1)DateStabilization (3)
(in millions)(in millions)
Project Stabilized in 2020
WildwoodBethesda, MD4,900 square foot south end building expansion and site improvements%$5$5Stabilized
Total Project Stabilized in 2020 (3) (4)7 %$5$5
Active Redevelopment Projects
The Commons at DarienDarien, CTDemolition of a 45,000 square foot anchor space to construct 75,000 square feet of new retail space, 122 rental apartments, and 720 parking spaces% $110 - $120 $272023
CocowalkCoconut Grove, FLEntire shopping center redevelopment to include: demolition of three story east wing of the property and construction of a 106,000 square foot 5-story office/retail building with 24,000 square feet of retail; complete renovation of the west wing.% $93 - $97$732021
Freedom Plaza (5)Los Angeles, CADevelopment of a new 113,000 square foot single-story grocery anchored neighborhood shopping center% $38 - $42 $332021
Bala CynwydBala Cynwyd, PANew 87 unit residential apartment building to be constructed on underutilized land behind our existing shopping center%$22$222021
7021 Hollywood BlvdLos Angeles, CARenovation of the center and three vacant spaces to accommodate a new 39,000 square foot anchor tenant%$19$152021
Melville MallHuntington, NYDevelopment of a new 15,000 square foot pad site consisting of two multi-tenant retail buildings%$11$92021
Lawrence ParkBroomall, PAFull shopping center redevelopment to include expansion of Main Line Health into vacant lower level space, creation of 17,800 square feet of small shop space converted from vacated anchor space, and a façade renovation for the entire center%$10$52021
FlourtownFlourtown, PADevelopment of a new 4,550 square foot two-tenant pad building%$3$02021
Sylmar Towne CenterSylmar, CADevelopment of a new 3,800 square foot two-tenant pad building%$3$22021
Lawrence ParkBroomall, PANew 2,000 square foot bank pad building%$2$02022
Total Active Redevelopment projects (4)6 % $311 - $329$186
Notes:
(1)    There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the Projected Return on Investment (ROI) or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected ROI and Projected Cost are management's best estimate based on current information and may change over time.
(2)    Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental Property Operating Income (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 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.
(3)    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.
(4)    All subtotals and totals reflect cost weighted-average ROIs.
(5)    Project formerly known as Jordan Downs Plaza. Cost to date and projected cost are net of the proceeds we will receive from our New Market Tax Credit structure. See Note 3 of our December 31, 2019 Form 10-K for additional information. Stabilization has been impacted by the COVID-19 pandemic.
19


Federal Realty Investment Trust
Assembly Row, Pike & Rose, and Santana Row
December 31, 2020
Impacts of COVID-19 Pandemic:
Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19.
ProjectedTotalCosts to
Property (1) OpportunityROI (2)Cost (3)DateExpected Opening Timeframe
(in millions)(in millions)
Assembly Row, Somerville, MA
Phase III - 277,000 SF of office6%$465 - 485$350150,000 square feet of office space pre-leased
 - 500 residential unitsOpening projected to begin in 2021
 - 56,000 SF of retail
Future Phases - 1.5M SF of commercialTBDTBD
 - 329 residential units
Pike & Rose, North Bethesda, MD
Phase III - 212,000 SF of office6-7%$128 - 135$102(4)Openings began in Q3 2020
 - 7,000 SF of retail
Future Phases - 740,000 SF of commercialTBDTBD
 - 741 residential units
Santana Row, San Jose, CA
700 Santana Row- 301,000 SF of office8%$212$202Office delivered in Q1 2020
- 20,000 SF of retail & 1,300 parking spaces11,000 square feet of retail has opened
- Redevelopment of Santana Row Park including the installation of a new retail pavilionProject stabilized
Santana West- 376,000 SF of office6-7%$250 - 270$121Openings projected to begin in 2022
- 1,750 parking spaces
Future Phases- 321,000 SF of commercialTBDTBD
- 395 residential units
- 604,000 SF of commercial across from Santana Row

Notes:
(1)Anticipated opening dates, total cost, and projected return on investment (ROI) 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 development projects reflects the unleveraged Property Operating Income (POI) generated by the development and is calculated as POI divided by cost.
(3)Projected costs for Assembly Row and Pike & Rose include an allocation of infrastructure costs for the entire project. Phase I of Santana West includes an allocation of infrastructure for the Santana West site.
(4)Federal Realty Investment Trust is leasing 45,000 square feet of office space at a market rent in Pike & Rose Phase III, which delivered in August 2020. Revenue related to this rent will be eliminated in the consolidated financial statements.
20


Federal Realty Investment Trust
Future Redevelopment Opportunities
December 31, 2020
We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these new opportunities is in its preliminary stages and may not ultimately 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 on those opportunities that are most likely to lead to the creation of shareholder value over time.
Pad Site Opportunities - Opportunities to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are "by right" and construction is awaiting appropriate retailer demand.
Escondido PromenadeEscondido, CAMercer MallLawrenceville, NJ
Federal PlazaRockville, MDPan AmFairfax, VA
Fresh MeadowsQueens, NYSylmar Towne CenterSylmar, CA
Property Expansion or Conversion - Opportunities at successful retail properties to convert previously underutilized land into new GLA and to convert other existing uses into more productive uses for the property.
Barracks RoadCharlottesville, VAHuntingtonHuntington, NY
Bethesda RowBethesda, MDPlaza El SegundoEl Segundo, CA
Dedham PlazaDedham, MARiverpoint CenterChicago, IL
Fourth StreetBerkeley, CAThird Street PromenadeSanta Monica, CA
Fairfax JunctionFairfax, VAWildwoodBethesda, MD
Fresh MeadowsQueens, NYWillow GroveWillow Grove, PA
Hastings Ranch PlazaPasadena, CA
Residential Opportunities - Opportunity to add residential units to existing retail and mixed-use properties.
Barracks RoadCharlottesville, VAGraham Park PlazaFalls Church, VA
Bala CynwydBala Cynwyd, PAVillage at ShirlingtonArlington, VA
Longer Term Mixed-Use Opportunities
Assembly Row (1)Somerville, MAPike & Rose (2)North Bethesda, MD
Bala CynwydBala Cynwyd, PASantana Row (3)San Jose, CA
Pike 7 PlazaVienna, VASantana Row - Santana West (3)San Jose, CA
Notes:
(1)Assembly RowRemaining entitlements after Phase II include approximately 1.5 million square feet of commercial-use buildings and 329 residential units.
(2)Pike & RoseRemaining entitlements after Phase II include approximately 740,000 square feet of commercial-use buildings, and 741 residential units.
(3)Santana RowRemaining entitlements include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space on land we control across from Santana Row.
21


Federal Realty Investment Trust
Significant Property Acquisitions, Dispositions, and Other Transactions
December 31, 2020
2020 Significant Acquisitions
DatePropertyCity/StateGLAPurchase PricePrincipal Tenants
(in square feet)(in millions)
January 10, 2020Westfair Shopping CenterFairfax, Virginia49,000 $22.3 Guitar Center(1)
February 12, 2020Hoboken (2 buildings)Hoboken, New Jersey12,000 $14.3 (2)
(1) This acquisition was funded by 163,322 downREIT operating partnership units. This property is adjacent to, and will be operated as, part of our Fairfax Junction property.
(2) This acquisition is in addition to the 37 buildings previously acquired, and was completed through the joint venture that was founded in 2019, for which we own a 90% interest. The purchase price includes the assumption of $8.9 million of mortgage debt. These buildings include 6 residential units in addition to the commercial GLA listed above.

2020 Significant Dispositions
DatePropertyCity/StateGLASales Price
(in square feet)(in millions)
April 21, 2020Colorado Blvd (1 building)Pasadena, California20,000 $16.1 (3)
December 17, 2020Sam's Park & ShopWashington, DC51,000 $39.0 
December 28, 2020Eastgate CrossingChapel Hill, North Carolina158,000 $65.5 
December 31, 2020The Shops at Sunset PlaceMiami, Florida516,000 $65.5 
(3) This building included 12 residential units in addition to the commercial GLA listed above.

2020 and 2021 Other Transactions
DateTypeProperty City/StatePurchase Price
(in millions)
September 18, 2020Acquisition of mortgage loansN/ARockville, Maryland$9.6 
December 17, 2020Acquisition of partner interestPlaza El SegundoEl Segundo, California$7.3 (4)
January 4, 2021Acquisition of partner interestPike & Rose (hotel)North Bethesda, Maryland$2.3 (5)
(4) As a result of this transaction, our ownership in this partnership is now 78.2%.
(5) The acquisition of our partner's 20% interest included the repayment of the $31.5 million mortgage loan. As a result of the transaction, we gained control of the hotel portion of this property, and effective January 4, 2021, we have consolidated this asset.
22


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)% Occupied (3)Average Rent PSF (4)Residential Units Grocery Anchor GLAGrocery AnchorOther Retail Tenants
(in thousands) (in thousands)
Washington Metropolitan Area
Barcroft PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV$49,455 10 113,000 92 %92 %$27.15 46,000Harris Teeter
Bethesda RowWashington-Arlington-Alexandria, DC-VA-MD-WV244,352 17 529,000 96 %93 %55.08 18040,000Giant Food Apple / Equinox / Anthropologie / Multiple Restaurants
Congressional Plaza(5)Washington-Arlington-Alexandria, DC-VA-MD-WV105,822 21 323,000 85 %83 %43.15 19425,000The Fresh MarketBuy Buy Baby / Ulta / Barnes & Noble
Courthouse CenterWashington-Arlington-Alexandria, DC-VA-MD-WV7,064 37,000 81 %81 %21.61 
Fairfax Junction(6)Washington-Arlington-Alexandria, DC-VA-MD-WV41,168 11 124,000 99 %99 %25.75 23,000AldiCVS / Planet Fitness
Falls Plaza/Falls Plaza-EastWashington-Arlington-Alexandria, DC-VA-MD-WV16,112 10 144,000 92 %91 %36.66 51,000Giant FoodCVS / Staples
Federal PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV70,846 18 249,000 96 %92 %39.02 14,000Trader Joe'sTJ Maxx / Micro Center / Ross Dress For Less
Friendship CenterWashington-Arlington-Alexandria, DC-VA-MD-WV38,218 119,000 100 %100 %30.41 Marshalls / Nordstrom Rack / DSW / Maggiano's
Gaithersburg SquareWashington-Arlington-Alexandria, DC-VA-MD-WV29,669 16 208,000 87 %87 %30.13 Ross Dress For Less / Ashley Furniture HomeStore / CVS
Graham Park PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV36,652 19 132,000 86 %86 %38.42 58,000Giant Food
Idylwood PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV17,423 73,000 100 %100 %51.66 30,000Whole Foods
LaurelWashington-Arlington-Alexandria, DC-VA-MD-WV60,645 26 360,000 95 %89 %22.90 61,000Giant FoodMarshalls / L.A. Fitness
Leesburg PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV37,322 26 236,000 83 %83 %23.40 55,000Giant FoodPetsmart / Office Depot
Montrose CrossingWashington-Arlington-Alexandria, DC-VA-MD-WV164,982 65,59636 368,000 93 %85 %32.99 73,000Giant FoodMarshalls / Home Depot Design Center / Old Navy / Bob's Discount Furniture
Mount Vernon/South Valley/7770 Richmond Hwy(6)Washington-Arlington-Alexandria, DC-VA-MD-WV86,966 29 564,000 96 %96 %19.23 62,000Shoppers Food WarehouseTJ Maxx / Home Depot / Bed, Bath & Beyond / Results Fitness
Old Keene MillWashington-Arlington-Alexandria, DC-VA-MD-WV13,061 10 91,000 95 %95 %36.34 24,000Whole FoodsWalgreens / Planet Fitness
Pan AmWashington-Arlington-Alexandria, DC-VA-MD-WV30,047 25 228,000 98 %98 %27.75 65,000SafewayMicro Center / CVS / Michaels
Pentagon RowWashington-Arlington-Alexandria, DC-VA-MD-WV107,177 14 297,000 94 %93 %37.47 45,000Harris Teeter TJ Maxx / Bed, Bath & Beyond / DSW
Pike & Rose(7)Washington-Arlington-Alexandria, DC-VA-MD-WV650,469 24 525,000 96 %96 %37.78 765iPic Theater / Porsche / Uniqlo / REI / Pinstripes / Multiple Restaurants
Pike 7 PlazaWashington-Arlington-Alexandria, DC-VA-MD-WV49,544 13 172,000 91 %91 %49.62 TJ Maxx / DSW / Crunch Fitness / Staples
Plaza del MercadoWashington-Arlington-Alexandria, DC-VA-MD-WV46,895 10 116,000 97 %97 %32.04 18,000AldiCVS / L.A. Fitness
Quince OrchardWashington-Arlington-Alexandria, DC-VA-MD-WV41,104 16 268,000 96 %95 %25.15 19,000AldiHomeGoods / L.A. Fitness / Staples
Rockville Town Square(8)Washington-Arlington-Alexandria, DC-VA-MD-WV49,839 4,39212 187,000 75 %75 %28.65 25,000Dawson's MarketCVS / Gold's Gym / Multiple Restaurants
Rollingwood ApartmentsWashington-Arlington-Alexandria, DC-VA-MD-WV11,603 14 N/A95 %95 % N/A 282
23


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)% Occupied (3)Average Rent PSF (4)Residential Units Grocery Anchor GLAGrocery AnchorOther Retail Tenants
(in thousands) (in thousands)
Tower Shopping CenterWashington-Arlington-Alexandria, DC-VA-MD-WV22,726 12 111,000 88 %88 %26.11 26,000L.A. MartTalbots / Total Wine & More
Tyson's StationWashington-Arlington-Alexandria, DC-VA-MD-WV5,732 50,000 90 %86 %47.97 11,000Trader Joe's
Village at Shirlington(8)Washington-Arlington-Alexandria, DC-VA-MD-WV69,950 6,83316 262,000 88 %87 %39.92 28,000Harris TeeterAMC / Carlyle Grand Café
Wildwood Shopping CenterWashington-Arlington-Alexandria, DC-VA-MD-WV27,443 12 88,000 98 %98 %102.39 20,000Balducci'sCVS / Flower Child
Total Washington Metropolitan Area2,132,286 432 5,974,000 93 %91 %35.26 
California
Azalea(5)Los Angeles-Long Beach-Anaheim, CA107,329 40,00022 223,000 99 %99 %29.15 Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens(5)Los Angeles-Long Beach-Anaheim, CA111,024 12,40832 330,000 92 %92 %22.77 67,000Food 4 LessMarshalls / Ross Dress for Less / Bob's Discount Furniture
Colorado BlvdLos Angeles-Long Beach-Anaheim, CA13,284 42,000 100 %100 %55.34 Banana Republic / True Foods Kitchen
Crow Canyon CommonsSan Francisco-Oakland-Hayward, CA90,731 22 243,000 98 %87 %29.89 32,000Sprouts Total Wine & More / Rite Aid
East Bay BridgeSan Francisco-Oakland-Hayward, CA179,227 32 440,000 99 %99 %19.04 59,000Pak-N-SaveHome Depot / Target / Nordstrom Rack
Escondido Promenade(5)San Diego-Carlsbad, CA53,573 18 298,000 94 %90 %28.44 TJ Maxx / Dick’s Sporting Goods / Ross Dress For Less / Bob's Discount Furniture
Fourth Street(5)San Francisco-Oakland-Hayward, CA26,972 71,000 78 %72 %31.61 CB2
Freedom Plaza (formerly known as Jordan Downs Plaza)(5) (7)Los Angeles-Long Beach-Anaheim, CA40,497 100,000 100 %100 %29.54 31,000Smart & FinalNike / Blink Fitness / Ross Dress For Less
Hastings Ranch PlazaLos Angeles-Long Beach-Anaheim, CA25,266 15 273,000 100 %99 %7.88 Marshalls / HomeGoods / CVS / Sears
Hollywood BlvdLos Angeles-Long Beach-Anaheim, CA61,379 181,000 86 %86 %35.64 Target / Marshalls / L.A. Fitness
Kings Court(6)San Jose-Sunnyvale-Santa Clara, CA 11,608 81,000 100 %100 %40.93 31,000Lunardi'sCVS
Old Town CenterSan Jose-Sunnyvale-Santa Clara, CA 37,869 98,000 84 %82 %43.07 Anthropologie / Banana Republic / Gap
Olivo at Mission Hills(5)Los Angeles-Long Beach-Anaheim, CA81,283 12 155,000 94 %92 %31.13 Target / 24 Hour Fitness / Ross Dress For Less
Plaza Del Sol(5)Los Angeles-Long Beach-Anaheim, CA17,910 8,04148,000 96 %96 %24.01 Marshalls
Plaza El Segundo / The Point(5)Los Angeles-Long Beach-Anaheim, CA296,886 125,00050 500,000 91 %87 %46.02 66,000Whole FoodsNordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center(6)San Jose-Sunnyvale-Santa Clara, CA 46,576 22 211,000 100 %92 %15.71 11,000Trader Joe'sWalmart / 24 Hour Fitness
Santana RowSan Jose-Sunnyvale-Santa Clara, CA 1,151,098 45 1,197,000 96 %95 %53.60 662Crate & Barrel / H&M / Best Buy / Multiple Restaurants
Sylmar Towne Center(5)Los Angeles-Long Beach-Anaheim, CA45,660 16,23612 148,000 93 %88 %16.11 43,000Food 4 LessCVS
Third Street PromenadeLos Angeles-Long Beach-Anaheim, CA79,021 209,000 65 %65 %85.20 adidas / Old Navy / J. Crew
24


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property NameMSA DescriptionReal Estate at Cost (1)Mortgage/Finance Lease Liabilities (2)AcreageGLA (3)% Leased (3)% Occupied (3)Average Rent PSF (4)Residential Units Grocery Anchor GLAGrocery AnchorOther Retail Tenants
(in thousands) (in thousands)
Westgate CenterSan Jose-Sunnyvale-Santa Clara, CA 157,454 44 648,000 97 %97 %19.78 Target / Nordstrom Rack / Nike Factory / TJ Maxx
Total California2,634,647 364 5,496,000 94 %92 %34.06 
NY Metro/New Jersey
Brick PlazaNew York-Newark-Jersey City, NY-NJ-PA102,848 46 408,000 91 %79 %22.83 14,000Trader Joe'sAMC / HomeGoods / Ulta / L.A. Fitness
Brook 35(5) (6)New York-Newark-Jersey City, NY-NJ-PA48,586 11,50011 99,000 89 %89 %38.59 Banana Republic / Gap / Williams-Sonoma
Fresh MeadowsNew York-Newark-Jersey City, NY-NJ-PA93,753 17 409,000 95 %94 %36.04 15,000Island of GoldAMC / Kohl's / Michaels
Georgetowne Shopping CenterNew York-Newark-Jersey City, NY-NJ-PA83,257 147,000 88 %88 %40.34 43,000FoodwayFive Below / IHOP
Greenlawn PlazaNew York-Newark-Jersey City, NY-NJ-PA32,272 13 102,000 94 %94 %18.97 46,000Greenlawn FarmsTuesday Morning / Planet Fitness
Greenwich AvenueBridgeport-Stamford-Norwalk, CT23,748 35,000 100 %100 %96.19 Saks Fifth Avenue
HauppaugeNew York-Newark-Jersey City, NY-NJ-PA29,882 15 133,000 74 %74 %34.78 61,000Shop Rite
Hoboken(5) (10)New York-Newark-Jersey City, NY-NJ-PA215,841 105,715171,000 92 %91 %55.76 129CVS / New York Sports Club / Sephora / Multiple Restaurants
HuntingtonNew York-Newark-Jersey City, NY-NJ-PA47,806 21 266,000 90 %73 %23.74 Nordstrom Rack / Buy Buy Baby / Michaels / Ulta
Huntington SquareNew York-Newark-Jersey City, NY-NJ-PA13,612 18 74,000 83 %83 %29.63 Barnes & Noble
Melville MallNew York-Newark-Jersey City, NY-NJ-PA103,665 21 243,000 100 %100 %27.30 53,000Uncle Giuseppe's MarketplaceMarshalls / Dick's Sporting Goods / Field & Stream / Macy's Backstage
Mercer Mall(8)Trenton, NJ128,305 55,30050 551,000 87 %87 %26.13 75,000Shop RiteRoss Dress For Less / Nordstrom Rack / Bed, Bath & Beyond / REI
The Commons at DarienBridgeport-Stamford-Norwalk, CT75,928 58,000 89 %89 %35.70 2Equinox / Walgreens
The Grove at Shrewsbury(5) (6)New York-Newark-Jersey City, NY-NJ-PA127,133 43,60021 192,000 95 %95 %48.35 Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
TroyNew York-Newark-Jersey City, NY-NJ-PA41,019 19 211,000 100 %99 %23.21 Target / L.A. Fitness / Michaels
Total NY Metro/New Jersey1,167,655 274 3,099,000 91 %88 %32.32 
Philadelphia Metropolitan Area
AndorraPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD30,926 22 270,000 88 %79 %14.34 24,000Acme MarketsKohl's / L.A. Fitness
Bala CynwydPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD64,478 23 294,000 97 %97 %25.72 8745,000Acme MarketsLord & Taylor / Michaels / L.A. F