Federal Realty Investment Trust (FRT) Investor presentation summary

Company overview and portfolio highlights

• Operates 103 open-air properties totaling 29M SF, concentrated in affluent, high-density U.S. markets with $179K average household income within 3 miles and 96% leased occupancy.

• Portfolio generates strong internal growth, with 6.5% annual Core FFO growth guidance for 2026 and 4.2% adjusted comparable POI growth.

• 90% of properties are in the top 5% of U.S. counties by income density, supporting pricing power and tenant demand.

• Mixed-use platform includes retail, residential, and office, with flagship properties achieving significant rent and sales premiums over market averages.

• Customer engagement is high, with 1.9x more aggregate customer time spent on property versus peers and 3.9M visits per location annually.

Capital allocation and growth strategy

• $2.2B in acquisitions and $0.9B in dispositions from 2021-2026 YTD, recycling capital into higher-growth opportunities.

• Maintains a $1.5B disposition pool for low-cost capital, targeting mature, peripheral, and non-strategic assets.

• Focuses on acquiring dominant centers in top metros with affluent trade areas and unmet retail demand, targeting 8-10%+ 10-year unlevered IRR.

• Resi-over-retail strategy leverages existing land for residential development, with $400M in projects underway and a 4,000+ unit pipeline.

• Incremental income initiatives, such as digital media, EV charging, and sponsorships, target $30M in 2025 revenue with 10%+ CAGR through 2030.

Financial performance and stability

• 59 consecutive years of dividend growth, recognized as a Dividend King, with a 6.4% CAGR since 1967.

• Investment-grade credit ratings (S&P BBB+, Moody’s Baa1), net debt to EBITDA of 5.4x, and 90% unencumbered EBITDA.

• Core FFO per share guidance for 2026 is $7.48–$7.56, representing 6.5% growth over 2025.

• Diversified revenue streams: 69% national/regional retail, 12% mixed-use office, 10% local retail, 9% residential.

• Management team averages 20+ years at the company and 25+ years in real estate, with a proven record of cycle-tested performance.