Earnings Per Share And Unit

6 Months Ended

Jun. 30, 2025

We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For the three and six months ended June 30, 2025 and 2024, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliations below.

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

•exercise of 1,190 stock options for the six months ended June 30, 2025, and 3,019 stock options for the three months ended June 30, 2025 and the three and six months ended June 30, 2024,

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

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for six months ended June 30, 2025 and the three and six months ended June 30, 2024,

•the issuance of 0.5 million shares and units issuable under common share forward sales agreements for the period they were outstanding during the six months ended June 30, 2025, and

•exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for both the three and six months ended June 30, 2025 and 2024.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(In thousands, except per share data)
NUMERATOR
Net income	$	159,956	$	114,655	$	226,534	$	172,671
Less: Preferred share dividends	(2,008)		(2,008)		(4,016)		(4,016)
Less: Income from operations attributable to noncontrolling interests	(4,040)		(2,673)		(6,850)		(3,953)
Less: Earnings allocated to unvested shares	(520)		(399)		(727)		(663)



Net income available for common shareholders, basic	$	153,388	$	109,575	$	214,941	$	164,039
Add: Income attributable to downREIT operating partnership units	601		686		1,268		—
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Shares	133		—		—		—
Net income available for common shareholders, diluted	$	154,122	$	110,261	$	216,209	$	164,039
DENOMINATOR
Weighted average common shares outstanding, basic	85,969		82,932		85,722		82,768
Effect of dilutive securities:


DownREIT operating partnership units	548		631		578		—
5.417% Series 1 Cumulative Convertible Preferred Shares	94		—		—		—
Weighted average common shares outstanding, diluted	86,611		83,563		86,300		82,768




EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	1.78	$	1.32	$	2.51	$	1.98

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(In thousands, except per unit data)
NUMERATOR
Net income	$	159,956	$	114,655	$	226,534	$	172,671
Less: Preferred unit distributions	(2,008)		(2,008)		(4,016)		(4,016)
Less: Income from operations attributable to noncontrolling interests	(4,040)		(2,673)		(6,850)		(3,953)
Less: Earnings allocated to unvested units	(520)		(399)		(727)		(663)



Net income available for common unit holders, basic	$	153,388	$	109,575	$	214,941	$	164,039
Add: Income attributable to downREIT operating partnership units	601		686		1,268		—
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Units	133		—		—		—
Net income available for common unit holders, diluted	$	154,122	$	110,261	$	216,209	$	164,039
DENOMINATOR
Weighted average common units outstanding, basic	85,969		82,932		85,722		82,768
Effect of dilutive securities:


DownREIT operating partnership units	548		631		578		—
5.417% Series 1 Cumulative Convertible Preferred Units	94		—		—		—
Weighted average common units outstanding, diluted	86,611		83,563		86,300		82,768




EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$	1.78	$	1.32	$	2.51	$	1.98