Earnings Per Share And Unit (Tables)

6 Months Ended

Jun. 30, 2023

The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:

•exercise of 1,829 stock options for the three and six months ended June 30, 2023,

•conversions of downREIT operating partnership units for both the three and six months ended June 30, 2023 and 2022,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three and six months ended June 30, 2023 and 2022, and

•the issuance of 1.5 million and 0.7 million shares and units issuable under common share forward sales agreements for the three and six months ended June 30, 2022, respectively.

Additionally, 10,441 unvested restricted stock units are excluded from the diluted EPS and EPU calculations as the market based performance criteria in the awards has not yet been achieved.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(In thousands, except per share data)
NUMERATOR
Net income	$	63,004	$	64,467	$	120,735	$	119,195
Less: Preferred share dividends	(2,008)		(2,008)		(4,016)		(4,018)
Less: Income from operations attributable to noncontrolling interests	(2,505)		(2,791)		(4,901)		(5,535)
Less: Earnings allocated to unvested shares	(324)		(300)		(651)		(607)



Net income available for common shareholders, basic and diluted	$	58,167	$	59,368	$	111,167	$	109,035
DENOMINATOR
Weighted average common shares outstanding, basic	81,214		79,202		81,178		78,826
Effect of dilutive securities:

Open forward contracts for share issuances	—		—		—		29


Weighted average common shares outstanding, diluted	81,214		79,202		81,178		78,855

EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	0.72	$	0.75	$	1.37	$	1.38

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(In thousands, except per unit data)
NUMERATOR
Net income	$	63,004	$	64,467	$	120,735	$	119,195
Less: Preferred unit distributions	(2,008)		(2,008)		(4,016)		(4,018)
Less: Income from operations attributable to noncontrolling interests	(2,505)		(2,791)		(4,901)		(5,535)
Less: Earnings allocated to unvested units	(324)		(300)		(651)		(607)



Net income available for common unit holders, basic and diluted	$	58,167	$	59,368	$	111,167	$	109,035
DENOMINATOR
Weighted average common units outstanding, basic	81,214		79,202		81,178		78,826
Effect of dilutive securities:

Common unit issuances relating to open common share forward contracts	—		—		—		29


Weighted average common units outstanding, diluted	81,214		79,202		81,178		78,855

EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$	0.72	$	0.75	$	1.37	$	1.38