Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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 in 2023,

•conversions of downREIT operating partnership units for 2023 and 2021,

•5.417% Series 1 Cumulative Convertible Preferred Shares and units for 2023, 2022, and 2021, and

•the issuance of 1.8 million shares and units issuable under forward sales agreements in 2021.

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

Federal Realty Investment Trust Earnings per Share


	Year Ended December 31,
	2023		2022		2021
	(In thousands, except per share data)
NUMERATOR
Net income	$	247,217	$	395,661	$	269,081
Less: Preferred share dividends	(8,032)		(8,034)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,232)		(10,170)		(7,583)
Less: Earnings allocated to unvested shares	(1,286)		(1,328)		(1,211)
Net income available for common shareholders, basic	227,667		376,129		252,245
Add: Income attributable to downREIT operating partnership units	—		2,810		—
Net income available for common shareholders, diluted	$	227,667	$	378,939	$	252,245
DENOMINATOR
Weighted average common shares outstanding—basic	81,313		79,854		77,336
Effect of dilutive securities:
Open forward contracts for share issuances	—		—		32

DownREIT operating partnership units	—		654		—
Weighted average common shares outstanding—diluted	81,313		80,508		77,368

EARNINGS PER COMMON SHARE, BASIC



Net income available for common shareholders	$	2.80	$	4.71	$	3.26
EARNINGS PER COMMON SHARE, DILUTED



Net income available for common shareholders	$	2.80	$	4.71	$	3.26

Federal Realty OP LP Trust Earnings per Unit


	Year Ended December 31,
	2023		2022		2021
	(In thousands, except per unit data)
NUMERATOR
Net income	$	247,217	$	395,661	$	269,081
Less: Preferred unit distributions	(8,032)		(8,034)		(8,042)
Less: Income from operations attributable to noncontrolling interests	(10,232)		(10,170)		(7,583)
Less: Earnings allocated to unvested units	(1,286)		(1,328)		(1,211)
Net income available for common unit holders, basic	227,667		376,129		252,245
Add: Income attributable to downREIT operating partnership units	—		2,810		—
Net income available for common unit holders, diluted	$	227,667	$	378,939	$	252,245
DENOMINATOR
Weighted average common units outstanding—basic	81,313		79,854		77,336
Effect of dilutive securities:
Common unit issuances relating to open common forward contracts	—		—		32

DownREIT operating partnership units	—		654		—
Weighted average common units outstanding—diluted	81,313		80,508		77,368

EARNINGS PER COMMON UNIT, BASIC



Net income available for common unit holders	$	2.80	$	4.71	$	3.26
EARNINGS PER COMMON UNIT, DILUTED



Net income available for common unit holders	$	2.80	$	4.71	$	3.26