Earnings Per Share And Unit (Tables)

6 Months Ended

Jun. 30, 2024

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

•exercise of 3,019 stock options for the three and six months ended June 30, 2024, and 1,829 stock options for the three and six months ended June 30, 2023,

•conversions of downREIT operating partnership units for the six months ended June 30, 2024 and both the three and six months ended June 30, 2023,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three and six months ended June 30, 2024 and 2023, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for the three and six months ended June 30, 2024.

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,
	2024		2023		2024		2023
	(In thousands, except per share data)
NUMERATOR
Net income	$	114,655	$	63,004	$	172,671	$	120,735
Less: Preferred share dividends	(2,008)		(2,008)		(4,016)		(4,016)
Less: Income from operations attributable to noncontrolling interests	(2,673)		(2,505)		(3,953)		(4,901)
Less: Earnings allocated to unvested shares	(399)		(324)		(663)		(651)



Net income available for common shareholders, basic	$	109,575	$	58,167	$	164,039	$	111,167
Add: Income attributable to downREIT operating partnership units	686		—		—		—

Net income available for common shareholders, diluted	$	110,261	$	58,167	$	164,039	$	111,167
DENOMINATOR
Weighted average common shares outstanding, basic	82,932		81,214		82,768		81,178
Effect of dilutive securities:


DownREIT operating partnership units	631		—		—		—

Weighted average common shares outstanding, diluted	83,563		81,214		82,768		81,178




EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	1.32	$	0.72	$	1.98	$	1.37

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
	(In thousands, except per unit data)
NUMERATOR
Net income	$	114,655	$	63,004	$	172,671	$	120,735
Less: Preferred unit distributions	(2,008)		(2,008)		(4,016)		(4,016)
Less: Income from operations attributable to noncontrolling interests	(2,673)		(2,505)		(3,953)		(4,901)
Less: Earnings allocated to unvested units	(399)		(324)		(663)		(651)



Net income available for common unit holders, basic	$	109,575	$	58,167	$	164,039	$	111,167
Add: Income attributable to downREIT operating partnership units	686		—		—		—

Net income available for common unit holders, diluted	$	110,261	$	58,167	$	164,039	$	111,167
DENOMINATOR
Weighted average common units outstanding, basic	82,932		81,214		82,768		81,178
Effect of dilutive securities:


DownREIT operating partnership units	631		—		—		—

Weighted average common units outstanding, diluted	83,563		81,214		82,768		81,178




EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$	1.32	$	0.72	$	1.98	$	1.37