Federal Realty Investment Trust (FRT) Investor Presentation summary

Track record and recent acquisitions

• $760M invested in four dominant regional centers from 2021–2024, totaling 2.1M SF and 237 acres, with average annual NOI growth of ~5% since acquisition.

• Recent acquisitions include Camelback Colonnade, Kingstowne Towne Center, Shops at Pembroke Gardens, and Virginia Gateway, with 10-year unlevered IRRs ranging from ~9.5% to ~10%.

• Rents on new and renewal leases have outperformed underwriting and prior rents, with rollovers up to 66% at some properties.

• Contractual rent increases have improved post-acquisition, supporting stronger long-term income growth.

• Investment returns (IRRs) have increased since acquisition, reflecting successful asset management.

Town Center Plaza & Crossing: Investment case and performance

• Acquired for $289M, with a year 1 ROI of 6.7%, GAAP yield of 7.2%, and projected 5-year NOI CAGR of 4.5%.

• Projected NOI to grow from $16.5M in 2019 to $24.0M by 2030, driven by leasing, renewals, and remerchandising.

• Asset benefits from a prime location, affluent trade area, and strong retailer demand, with 8M annual visits and significant densification opportunities.

• New leasing and renewals are achieving 15–25% mark-to-market rent increases, with remerchandising adding further upside.

• Early response from top retailers includes 80,000 SF of new leases and 26% rent rollover on signed and pending deals.

Market and strategic positioning

• Leawood, KS, features a median household income of $183K (over 2x US median) and 76% college-educated adults, supporting premium retail demand.

• The center is the dominant high-quality lifestyle destination in the Kansas City metro, with no direct competitors and high barriers to entry.

• Corporate employment growth in the area, including major investments by Fiserv and Black & Veatch, is driving increased spending power.

• The asset's baseline tenancy includes leading national retailers and first-to-market concepts, reinforcing its market dominance.

• The operating model leverages in-house and third-party management for efficient market entry and NOI margin comparable to other assets.