Earnings Per Share And Unit (Tables)

9 Months Ended

Sep. 30, 2025

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 months ended September 30, 2025, and 1,190 stock options for the nine months ended September 30, 2025 and the three and nine months ended September 30, 2024,

•conversions of downREIT operating partnership units for the both the three and nine months ended September 30, 2025 and 2024,

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

•the issuance of 0.5 million shares and units issuable under common share forward sales agreements for the period they were outstanding during the nine months ended September 30, 2025, and 0.7 million for the three and nine months ended September 30, 2024.

The exchange of common shares and units related to the 3.25% Exchangeable Senior Notes due 2029 for both the three and nine months ended September 30, 2025 and 2024, did not have a dilutive effect on the diluted EPS and EPU calculations.

Federal Realty Investment Trust Earnings per Share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(In thousands, except per share data)
NUMERATOR
Net income	$	64,499	$	63,461	$	291,033	$	236,132
Less: Preferred share dividends	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,850)		(2,508)		(9,700)		(6,461)
Less: Earnings allocated to unvested shares	(324)		(325)		(964)		(988)






Net income available for common shareholders, basic and diluted	$	59,317	$	58,620	$	274,345	$	222,659
DENOMINATOR
Weighted average common shares outstanding, basic and diluted	85,978		83,994		85,808		83,180










EARNINGS PER COMMON SHARE, BASIC AND DILUTED:
Net income available for common shareholders	$	0.69	$	0.70	$	3.20	$	2.68

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(In thousands, except per unit data)
NUMERATOR
Net income	$	64,499	$	63,461	$	291,033	$	236,132
Less: Preferred unit distributions	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,850)		(2,508)		(9,700)		(6,461)
Less: Earnings allocated to unvested units	(324)		(325)		(964)		(988)






Net income available for common unit holders, basic and diluted	$	59,317	$	58,620	$	274,345	$	222,659
DENOMINATOR






Weighted average common units outstanding, basic and diluted	85,978		83,994		85,808		83,180




EARNINGS PER COMMON UNIT, BASIC AND DILUTED:
Net income available for common unit holders	$	0.69	$	0.70	$	3.20	$	2.68