FEDERAL REALTY INVESTMENT TRUST - FORM 8-K - EX-99.1

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FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
December 31, 2020

TABLE OF CONTENTS

1	Fourth Quarter and Full Year 2020 Earnings Press Release		3

2	Financial Highlights
		Consolidated Income Statements	8
		Consolidated Balance Sheets	9
		Funds From Operations / Dividend Information	10
		Other Supplemental Information	11
		COVID-19 Related Impacts	12
		Components of Rental Income	13
		Comparable Property Information	14
		Market Data	15

3	Summary of Debt
		Summary of Outstanding Debt	16
		Summary of Debt Maturities	18

4	Summary of Redevelopment Opportunities		19

5	Assembly Row, Pike & Rose, and Santana Row		20



6	Future Redevelopment Opportunities		21

7	Significant Property Acquisitions, Dispositions, and Other Transactions		22

8	Real Estate Status Report		23

9	Retail Leasing Summary		28

10	Lease Expirations		29

11	Portfolio Leased Statistics		30

12	Summary of Top 25 Tenants		31

13	Tenant Diversification by Category		32

14	Glossary of Terms		33


909 Rose Avenue, Suite 200
North Bethesda, Maryland 20852-8688
301/998-8100

Safe Harbor Language

Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 11, 2021, and include the following:

•risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;

•risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;

•risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;

•risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;

•risks that our growth will be limited if we cannot obtain additional capital;

•risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;

•risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; and

•risks related to natural disasters, climate change and public health crises (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, my precipitate or materially exacerbate one or more the above-mentioned risks, and my significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Supplemental Information. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2021.


NEWS RELEASE			www.federalrealty.com

FOR IMMEDIATE RELEASE

Inquiries:
Leah Andress Brady
Investor Relations Senior Manager
301.998.8265
lbrady@federalrealty.com

Federal Realty Investment Trust Announces Operating Results for the Year and Quarter Ended

December 31, 2020

NORTH BETHESDA, Md. (February 11, 2021) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its year and quarter ended December 31, 2020. For the year ended December 31, 2020 and 2019, net income available for common shareholders was $1.62 per diluted share and $4.61 per diluted share, respectively. For the three months ended December 31, 2020 and 2019, net income available for common shareholders was $1.22 per diluted share and $1.92 per diluted share, respectively.

Key Highlights of the full year and quarter include:

•Signed leases for 449,783 square feet of comparable space in the fourth quarter at an average rent of $32.16 psf and achieved cash basis rollover growth on those comparable spaces of 1%.

•Sold three properties for combined gross proceeds of $170 million in the fourth quarter.

•Executed inaugural green offering, $400.0 million aggregate principal amount of 1.250% notes at an effective yield of 1.379%, maturing February 15, 2026.

•Ended the quarter with $798 million of cash on hand, $1.0 billion of availability on its revolving credit facility and no public bonds maturing until 2023.

•Generated funds from operations available for common shareholders (FFO) per diluted share of $4.38 for the year ($4.52 excluding the $11.2 million early extinguishment of debt charge) compared to $6.17 in 2019 ($6.33 excluding the $11.9 million charge related to the buyout of the Kmart lease at Assembly). For the fourth quarter, generated FFO per diluted share of $0.99 ($1.14 excluding the early extinguishment of debt charge) compared to $1.58 for the fourth quarter 2019.

“While COVID certainly weighed on our quarterly and yearly results, the sheer volume of leasing and other transactions that we executed at the end of last year along with the continuing strong leasing demand for our real

estate as evidenced by the many substantive discussions we’re having with prospective tenants today set us up extremely well for a post COVID recovery as vaccinations are delivered to a large segment of the population,” said Donald C. Wood, President and Chief Executive Officer. “We believe that Federal’s high-quality open-air shopping centers and mixed-use communities located in the first-tier suburbs of major metropolitan markets are the center of the bulls eye in terms of tenant desirability.”

Financial Results

For the full year 2020, Federal Realty reported net income available for common shareholders of $123.7 million and earnings per diluted share of $1.62, which includes the $50.7 million net impairment charge relating to The Shops at Sunset Place and the $11.2 million early extinguishment of debt charge. This compares to net income available for common shareholders of $345.8 million and earnings per diluted share of $4.61 for the full year 2019. Net income available for common shareholders was $92.7 million and earnings per diluted share was $1.22 for the fourth quarter 2020 which includes the $11.2 million early extinguishment of debt charge versus $145.3 million and $1.92, respectively, for the fourth quarter 2019.

For the full year 2020, Federal Realty generated funds from operations available for common shareholders (FFO) of $333.8 million, or $4.38 per diluted share ($4.52 excluding the $11.2 million early extinguishment of debt charge). This compares to FFO of $465.8 million, or $6.17 per diluted share ($6.33 excluding the $11.9 million charge related to the buyout of the Kmart lease at Assembly) for the full year 2019. For the fourth quarter 2020, FFO was $75.1 million, or $0.99 per diluted share ($1.14 excluding the early extinguishment of debt charge), compared to $120.0 million, or $1.58 per diluted share for the fourth quarter 2019.

The year-over-year decreases in net income and FFO were attributable to the impacts of the COVID-19 pandemic with the primary driver being collectibility related impacts totaling $106.6 million, or $1.40 per share, which included a $12.7 million impact to straight-line rent for the full year 2020. For the fourth quarter 2020, collectibility related impacts totaled $18.9 million, or $0.25 per share, which included a $1.6 million impact to straight-line rent.

FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Portfolio Results

The portfolio was 92.2% leased as of December 31, 2020, and the comparable portfolio was 92.1% leased.

For the year 2020, Federal Realty signed 336 leases for 1.8 million square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty leased 1.7 million square feet at an average rent of $31.53 per square foot compared to the average contractual rent of $30.76 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 3%, 12% on a straight-line basis.

During the fourth quarter 2020, Federal Realty signed 103 leases for 468,901 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty leased 449,783 square feet at an average rent of $32.16 per square foot compared to the average contractual rent of $31.95 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 1%, 11% on a straight-line basis.

COVID-19 Operational Update

All 101 properties remain open and operating. Approximately 98% of our retail tenants based on annualized base rent are open and operating as of January 31, 2021. Annualized base rent reflects the aggregate, annualized in-place contractual (defined as rents billed on a cash basis without taking the impact of rent abatements into account) minimum rent for all occupied commercial spaces.

As of January 31, 2021, the Company has collected approximately 89% of total fourth quarter 2020 billed recurring rents.

With $798 million of cash and cash equivalents as of December 31, 2020, Federal Realty has approximately $1.8 billion of liquidity in cash and undrawn availability under its $1.0 billion revolving credit facility.

Additional information on the impact of the COVID-19 pandemic on the Company’s business to date is available in a presentation posted on the Investor section of Federal Realty’s website.

Regular Quarterly Dividends

Federal Realty’s Board of Trustees declared a regular quarterly cash dividend of $1.06 per common share, resulting in an indicated annual rate of $4.24 per common share. The regular common dividend will be payable on April 15, 2021, to common shareholders of record as of March 16, 2021.

Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on April 15, 2021, to shareholders of record as of March 16, 2021.

Summary of Other Quarterly Activities and Recent Developments

February 11, 2021 – Federal Realty announced the promotion of Jeffrey S. Berkes to President and Chief Operating Officer. In this newly created role, Mr. Berkes will have direct responsibility for overseeing and directing all of Federal’s day-to-day property operating functions, including leasing, development and asset management, on both the East and West Coasts.

December 2020 – Federal Realty sold three non-strategic assets, The Shops at Sunset Place, Eastgate Crossing and Sam’s Park & Shop, for combined gross proceeds of $170 million.

October 13, 2020 – Federal Realty closed on its inaugural issuance of green bonds, $400.0 million aggregate principal amount of 1.250% notes at an effective yield of 1.379%, maturing February 15, 2026. The company intends to allocate an amount equal to the net proceeds from this offering to the financing and refinancing of recently completed and future eligible green projects.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its fourth quarter 2020 earnings conference call, which is scheduled for Thursday, February 11, 2021 at 5:00 PM ET. To participate, please call 877.407.9208 five to ten minutes prior to the call start time and use the passcode 13714444 (required). The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through February 25, 2021 by dialing 844.512.2921; Passcode: 13714444.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty’s mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 101 properties include approximately 2,800 tenants, in 23 million square feet, and approximately 2,900 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 11, 2021, and include the following:

•risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;

acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;

•risks that our growth will be limited if we cannot obtain additional capital;

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2021.


Federal Realty Investment Trust
Consolidated Income Statements
December 31, 2020
	Three Months Ended				Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(in thousands, except per share data)

REVENUE
Rental income	$	218,484	$	238,303	$	832,171	$	932,738

Mortgage interest income	1,029		846		3,323		3,050
Total revenue	219,513		239,149		835,494		935,788
EXPENSES
Rental expenses	48,359		47,649		170,920		187,831
Real estate taxes	29,059		29,044		119,242		110,927
General and administrative	12,307		10,707		41,680		42,754
Depreciation and amortization	64,424		61,431		255,027		239,758
Total operating expenses	154,149		148,831		586,869		581,270

Impairment charge	—		—		(57,218)		—
Gain on sale of real estate, net of tax	86,435		85,903		98,117		116,393

OPERATING INCOME	151,799		176,221		289,524		470,911

OTHER INCOME/(EXPENSE)
Other interest income	539		511		1,894		1,266
Interest expense	(37,543)		(27,056)		(136,289)		(109,623)
Early extinguishment of debt	(11,179)		—		(11,179)		—
Loss from partnerships	(1,405)		(710)		(8,062)		(2,012)







NET INCOME	102,211		148,966		135,888		360,542
Net income attributable to noncontrolling interests	(7,486)		(1,611)		(4,182)		(6,676)
NET INCOME ATTRIBUTABLE TO THE TRUST	94,725		147,355		131,706		353,866
Dividends on preferred shares	(2,011)		(2,011)		(8,042)		(8,042)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$	92,714	$	145,344	$	123,664	$	345,824
EARNINGS PER COMMON SHARE, BASIC AND DILUTED



Net income available for common shareholders	$	1.22	$	1.92	$	1.62	$	4.61
Weighted average number of common shares, basic	75,898		75,305		75,515		74,766


Federal Realty Investment Trust
Consolidated Balance Sheets
December 31, 2020
	December 31,
	2020		2019
	(in thousands, except share and
	per share data)
ASSETS
Real estate, at cost
Operating (including $1,703,202 and $1,676,866 of consolidated variable interest entities, respectively)	$	7,771,981	$	7,535,983
Construction-in-progress (including $44,896 and $102,583 of consolidated variable interest entities, respectively)	810,889		760,420
Assets held for sale	—		1,729
	8,582,870		8,298,132
Less accumulated depreciation and amortization (including $335,735 and $296,165 of consolidated variable interest entities, respectively)	(2,357,692)		(2,215,413)
Net real estate	6,225,178		6,082,719
Cash and cash equivalents	798,329		127,432
Accounts and notes receivable	159,780		152,572
Mortgage notes receivable, net	39,892		30,429
Investment in partnerships	22,128		28,604
Operating lease right of use assets	92,248		93,774
Finance lease right of use assets	51,116		52,402
Prepaid expenses and other assets	218,953		227,060
TOTAL ASSETS	$	7,607,624	$	6,794,992
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable, net (including $413,681 and $469,184 of consolidated variable interest entities, respectively)	$	484,111	$	545,679

Notes payable	402,776		3,781
Senior notes and debentures	3,404,488		2,807,134
Accounts payable and other expenses	228,641		255,503
Dividends payable	83,839		81,676
Security deposits payable	20,388		21,701
Operating lease liabilities	72,441		73,628
Finance lease liabilities	72,049		72,062
Other liabilities and deferred credits	152,424		157,938
Total liabilities	4,921,157		4,019,102
Commitments and contingencies
Redeemable noncontrolling interests	137,720		139,758
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par:
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding	150,000		150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding	9,997		9,997
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 76,727,394 and 75,540,804 shares issued and outstanding, respectively	771		759
Additional paid-in capital	3,297,305		3,166,522
Accumulated dividends in excess of net income	(988,272)		(791,124)
Accumulated other comprehensive loss	(5,644)		(813)
Total shareholders’ equity of the Trust	2,464,157		2,535,341
Noncontrolling interests	84,590		100,791
Total shareholders’ equity	2,548,747		2,636,132
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,607,624	$	6,794,992


Federal Realty Investment Trust
Funds From Operations / Dividend Information
December 31, 2020
	Three Months Ended						Year Ended
	December 31,						December 31,
	2020			2019			2020			2019
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income	$	102,211		$	148,966		$	135,888		$	360,542
Net income attributable to noncontrolling interests	(7,486)			(1,611)			(4,182)			(6,676)
Gain on sale of real estate, net of tax	(80,240)			(85,903)			(91,922)			(116,393)
Impairment charge, net (2)	—			—			50,728			—

Depreciation and amortization of real estate assets	57,972			54,886			228,850			215,139
Amortization of initial direct costs of leases	4,853			5,194			20,415			19,359

Funds from operations	77,310			121,532			339,777			471,971
Dividends on preferred shares (3)	(2,011)			(1,875)			(8,042)			(7,500)
Income attributable to operating partnership units (4)	—			655			3,151			2,703
Income attributable to unvested shares	(247)			(351)			(1,037)			(1,355)
FFO (5)	$	75,052		$	119,961		$	333,849		$	465,819


Weighted average number of common shares, diluted (3)(4)	75,898			76,024			76,261			75,514
FFO per diluted share (5)	$	0.99		$	1.58		$	4.38		$	6.17











Dividends and Payout Ratios
Regular common dividends declared	$	81,322		$	79,316		$	320,302		$	310,973
Dividend payout ratio as a percentage of FFO	108		%	66		%	96		%	67		%

Notes:

1)See Glossary of Terms.

2)Impairment charge relates to The Shops at Sunset Place and was recorded during the quarter ended September 30, 2020. Amount is net of the allocation to noncontrolling interests.

3)For the three months and year ended December 31, 2019, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and included in "weighted average common shares, diluted."

4)For the three months ended December 31, 2020, income attributable to operating partnership units is not added back in the calculation of FFO available to common shareholders, as the related shares are not dilutive and are not included in "weighted average common shares, diluted" for this period. For the year ended December 31, 2020 and the three months and year ended December 31, 2019, the weighted average common shares used to compute FFO per diluted common share include operating partnership units that were excluded from the computation of diluted EPS. Conversion of these operating partnership units is dilutive in the computation of FFO per diluted share but anti-dilutive for the computation of dilutive EPS for these periods.

5)FFO available for common shareholders for the year ended December 31, 2020 includes a $11.2 million charge related to early extinguishment of debt, and for the year ended December 31, 2019 includes an $11.9 million charge related to the buyout of the Kmart lease at Assembly Row Marketplace. If these charges were excluded, our FFO, FFO per diluted share, and dividend payout ratio as a percentage of FFO at each respective year end would have been:


	Three Months Ended			Year Ended
	December 31,			December 31,
	2020			2020			2019
	(in thousands, except per share data)
FFO	$	87,002		$	344,994		$	477,696
FFO per diluted share	$	1.14		$	4.52		$	6.33
Dividend payout ratio as a percentage of FFO	93		%	93		%	65		%


Federal Realty Investment Trust
Other Supplemental Information
December 31, 2020
	Three Months Ended				Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(in thousands, except per share data)
Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions	$	95,636	$	89,241	$	413,432	$	361,290
Tenant improvements and incentives	15,182		19,256		52,844		59,477
Total non-maintenance capital expenditures	110,818		108,497		466,276		420,767
Maintenance capital expenditures	5,524		12,549		14,297		23,650
Total capital expenditures	$	116,342	$	121,046	$	480,573	$	444,417

Noncontrolling Interests Supplemental Information (1)
Property operating income (2)	$	2,740	$	2,961	$	9,874	$	12,152
Gain on sale of real estate, net	6,195		—		6,195		—
Impairment charge	—		—		(6,490)		—
Depreciation and amortization	(1,539)		(1,467)		(6,027)		(5,944)
Interest expense	(699)		(538)		(2,521)		(2,235)
Net income	$	6,697	$	956	$	1,031	$	3,973

Notes:

1)Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to operating partnership units."

2)See Glossary of Terms.

Federal Realty Investment Trust

COVID-19 Related Impacts

December 31, 2020

The following provides supplemental information regarding our collectibility related impacts resulting from COVID-19 for the three months ended December 31, 2020. The primary drivers of our collectibility impacts in the quarter are from tenants who we account for on a cash basis or converted to a cash basis of accounting during the quarter, as we did not receive full contractual rent payments, as well as COVID-19 related rent abatements. We change a tenant to a cash basis of accounting when we determine collection of substantially all lease payments during the lease term is not considered probable; revenue is then limited to the lesser of revenue recognized under accrual accounting or cash received. Our full revenue recognition policy with respect to leases can be found in Note 2 of our Annual Report on Form 10-K.

Collectibility Impacts for the Quarter Ended December 31, 2020


Type	Accounts Receivable Impact		Straight-Line Rent Receivable Impact		Total
			(in thousands)
Tenants recognized on a cash basis prior to Q4 2020 (1)	$	10,347	$	—	$	10,347
Changes in our collectibility assumptions in Q4 2020 and COVID-19 related disputes/abatements (2)	7,047		1,551		8,598
Total collectibility impact	$	17,394	$	1,551	$	18,945

Notes:

1)Approximately 85% of this impact is from restaurants, fitness, and entertainment tenants.

2)This balance reflects rent abatements granted as a result of COVID-19, as well as changes in assumptions of collectibility primarily due to the impacts of COVID-19. Approximately 55% of the impact is due to tenants where we do not believe it is probable we will collect the remaining contractual lease payments.

Other Information on Cash Basis Tenants


	As of December 31, 2020
	Total		% Recognized on a Cash Basis
Active commercial tenant leases	2,785		35	%
Annualized base rent from commercial tenants (in millions) (3)	$	630	27	%

Components of Accounts Receivable, net


	As of December 31, 2020		As of September 30, 2020		As of June 30, 2020		As of March 31, 2020
	(in thousands)
Billed accounts receivable, net	$	32,571	$	26,706	$	37,149	$	11,774
Straight-line rent receivable, net	103,291		102,867		100,673		104,440
Other receivables	23,918		35,309		29,819		37,029
Total accounts receivable, net	$	159,780	$	164,882	$	167,641	$	153,243

Rent Deferrals and Rent Abatements


Contractual rent deferred (in millions) (4)	$	36
Percent of deferred rent agreed to be repaid by December 31, 2021	85		%
Contractual rent abated (in millions) (5)	$	37

Notes:

3)See Glossary of Terms.

4)Total contractual rent for April through December 2020 that has been deferred pursuant to modification agreements signed through January 31, 2021. Accrual basis tenants comprise approximately 61% of the deferred rent for the year ended December 31, 2020 for executed agreements in place as of January 31, 2021.

5)Total contractual rent for April through December 2020 that has been abated pursuant to modification agreements signed through January 31, 2021.


Federal Realty Investment Trust
Components of Rental Income (1)
December 31, 2020








	Three Months Ended				Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(in thousands)
Minimum rents (2)
Commercial	$	158,618	$	158,822	$	627,557	$	630,225
Residential	19,535		20,248		80,659		78,849
Cost reimbursements	46,139		46,351		175,977		174,936
Percentage rents	1,492		2,641		5,501		9,322
Other	10,094		11,437		36,336		43,885
Collectibility related impact	$	(17,394)	$	(1,196)	$	(93,859)	$	(4,479)
Total rental income	$	218,484	$	238,303	$	832,171	$	932,738

Notes:

1)All income from tenant leases is reported as a single line item called "rental income." We have provided the above supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation.

2)Minimum rents for the three months and year ended December 31, 2020 includes a $1.6 million and $12.7 million charge, respectively, for the write-off of straight-line receivables related to the impacts of the COVID-19 pandemic (see details on page 12). In total, minimum rents include the following:


	Three Months Ended				Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(in millions)

Straight-line rents	$	1.7	$	1.7	$	4.5	$	7.6
Amortization of in-place leases	$	1.2	$	1.2	$	4.3	$	6.4


Federal Realty Investment Trust
Comparable Property Information
December 31, 2020

The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q4 include: Assembly Row - Phase 2 Retail and Phase 3, Cocowalk, The Commons at Darien, Pike & Rose Phase 2 Retail and Phase 3, 700 Santana Row, Freedom Plaza, a portion of Graham Park Plaza, and all properties acquired or disposed of from Q4 2019 to Q4 2020. Comparable Property property operating income ("Comparable Property POI") is a non-GAAP measure used by management in evaluating the operating performance of our properties period over period. However, given the impacts of COVID-19, management believes this metric is less relevant in the current environment, and is not necessarily indicative of results. The amounts shown below for the years ended December 31, 2020 and 2019 reflect the summation of our reported quarterly results during 2020.

Reconciliation of GAAP operating income to Comparable Property POI
	Three Months Ended						Year Ended
	December 31,						December 31,
	2020		2019				2020			2019
	(in thousands)						(in thousands)
Operating Income	$	151,799	$	176,221			$	289,524		$	470,911
Add:
Depreciation and amortization	64,424		61,431				255,027			239,758
General and administrative	12,307		10,707				41,680			42,754
Impairment charge	—		—				57,218			—
Gain on sale of real estate, net of tax	(86,435)		(85,903)				(98,117)			(116,393)
Property operating income (POI)	142,095		162,456				545,332			637,030
Less: Non-comparable POI - acquisitions/dispositions	(5,105)		(4,261)				(15,275)			(11,744)
Less: Non-comparable POI - redevelopment, development & other	(7,835)		(4,873)				(23,504)			(10,191)
Comparable Property POI	$	129,155	$	153,322			$	506,553		$	615,095

Additional information regarding the components of Comparable Property POI
	Three Months Ended						Year Ended
	December 31,						December 31,
	2020		2019		% Change		2020			2019			% Change
	(in thousands)						(in thousands)
Rental income	$	198,027	$	223,855			$	766,293		$	880,282

Rental expenses	(43,015)		(43,523)				(151,690)			(160,878)
Real estate taxes	(25,857)		(27,010)				(108,050)			(104,309)
	(68,872)		(70,533)				(259,740)			(265,187)

Comparable Property POI	$	129,155	$	153,322	(15.8)	%	$	506,553		$	615,095		(17.6)	%

Comparable Property - Summary of Capital Expenditures (1)
	Three Months Ended						Year Ended
	December 31,						December 31,
	2020		2019				2020			2019
	(in thousands)						(in thousands)
Redevelopment and tenant improvements and incentives	$	27,773	$	41,209			$	118,884		$	119,703
Maintenance capital expenditures	5,257		12,263				13,661			22,649
	$	33,030	$	53,472			$	132,545		$	142,352

Comparable Property - Occupancy Statistics (2)
							At December 31,
							2020			2019
GLA - comparable commercial properties							22,118,000			22,151,000
Leased % - comparable commercial properties							92.1		%	95.1		%
Occupancy % - comparable commercial properties							90.1		%	93.4		%

Notes:

1)See page 11 for "Summary of Capital Expenditures" for our entire portfolio.

2)See page 30 for entire portfolio occupancy statistics.


Federal Realty Investment Trust
Market Data
December 31, 2020
		December 31,
		2020			2019

		(in thousands, except per share data)
Market Data
	Common shares outstanding and operating partnership units (1)	77,472			76,150
	Market price per common share	$	85.12		$	128.73
	Common equity market capitalization including operating partnership units	$	6,594,417		$	9,802,790

	Series C preferred shares outstanding	6			6
	Liquidation price per Series C preferred share	$	25,000.00		$	25,000.00
	Series C preferred equity market capitalization	$	150,000		$	150,000

	Series 1 preferred shares outstanding (2)	400			400
	Liquidation price per Series 1 preferred share	$	25.00		$	25.00
	Series 1 preferred equity market capitalization	$	10,000		$	10,000

	Equity market capitalization	$	6,754,417		$	9,962,790

	Total debt	4,291,375			3,356,594
	Less: cash and cash equivalents	(798,329)			(127,432)
	Total net debt (3)	$	3,493,046		$	3,229,162

	Total market capitalization	$	10,247,463		$	13,191,952

	Total net debt to market capitalization at market price per common share	34		%	24		%

	Total net debt to market capitalization at constant common share price of $128.73	26		%	24		%

Notes:

1)Amounts include 744,617 and 609,584 operating partnership units outstanding at December 31, 2020 and 2019, respectively.

2)These shares, issued March 8, 2007, are unregistered.

3)Total net debt includes mortgages payable, notes payable, senior notes and debentures, net of premiums/discounts and debt issuance costs and net of cash and cash equivalents from our consolidated balance sheet.


Federal Realty Investment Trust
Summary of Outstanding Debt
December 31, 2020
		As of December 31, 2020
		Stated maturity date	Stated interest rate	Balance				Weighted average effective rate (8)
				(in thousands)
Mortgages payable (1)
	Secured fixed rate

	Sylmar Towne Center (2)	6/6/2021	5.39%	$	16,236
	Plaza Del Sol	12/1/2021	5.23%	8,041
	THE AVENUE at White Marsh	1/1/2022	3.35%	52,705
	Montrose Crossing	1/10/2022	4.20%	65,596
	Azalea	11/1/2025	3.73%	40,000
	Bell Gardens	8/1/2026	4.06%	12,408
	Plaza El Segundo	6/5/2027	3.83%	125,000
	The Grove at Shrewsbury (East)	9/1/2027	3.77%	43,600
	Brook 35	7/1/2029	4.65%	11,500
	Hoboken (24 Buildings) (3)	12/15/2029	LIBOR + 1.95%	56,450
	Various Hoboken (14 Buildings)	Various through 2029	Various (4)	32,705
	Chelsea	1/15/2031	5.36%	5,234
	Hoboken (1 Building) (5)	7/1/2042	3.75%	16,560
	Subtotal			486,035
	Net unamortized premium and debt issuance costs			(1,924)
	Total mortgages payable, net			484,111				3.97	%

Notes payable
	Term loan	5/6/2021	LIBOR + 1.35%	400,000
	Revolving credit facility (6)	1/19/2024	LIBOR + 0.775%	—
	Various	Various through 2028	11.31%	3,270
	Subtotal			403,270
	Net unamortized debt issuance costs			(494)
	Total notes payable, net			402,776				2.00	%	(9)

Senior notes and debentures
	Unsecured fixed rate





	2.75% notes	6/1/2023	2.75%	275,000
	3.95% notes	1/15/2024	3.95%	600,000
	1.25% notes	2/15/2026	1.25%	400,000
	7.48% debentures	8/15/2026	7.48%	29,200
	3.25% notes	7/15/2027	3.25%	475,000
	6.82% medium term notes	8/1/2027	6.82%	40,000
	3.20% notes	6/15/2029	3.20%	400,000
	3.50% notes	6/1/2030	3.50%	400,000
	4.50% notes	12/1/2044	4.50%	550,000
	3.625% notes	8/1/2046	3.63%	250,000
	Subtotal			3,419,200
	Net unamortized discount and debt issuance costs			(14,712)
	Total senior notes and debentures, net			3,404,488				3.48	%

	Total debt, net			$	4,291,375	(7)






Total fixed rate debt, net				$	3,891,815	91	%	3.54	%
Total variable rate debt, net				399,560		9	%	1.92	%	(9)
Total debt, net				$	4,291,375	100	%	3.39	%	(9)

Three Months Ended

Year Ended

December 31,

2020

2019

2020

2019

Operational Statistics

Excluding early extinguishment of debt:

Ratio of EBITDAre to combined fixed charges and preferred share dividends (10)

2.76x

4.17x

2.90x

4.16x

Including early extinguishment of debt:

Ratio of EBITDAre to combined fixed charges and preferred share dividends (10) (11)

2.23x

4.17x

2.72x

4.16x

Notes:

1)Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At December 31, 2020, our share of unconsolidated debt was approximately $53.3 million, of which $25.2 million was repaid on January 4, 2021 when we acquired our partner's 20% interest in our joint venture arrangement related to the Pike & Rose hotel. See page 22 for additional information on this transaction. At December 31, 2020, our noncontrolling interests' share of mortgages payable was $47.8 million.

2)This mortgage loan was repaid prior to its original maturity date on February 5, 2021, at par.

3)We have two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%.

4)The interest rates on these mortgages range from 3.91% to 5.00%.

5)This mortgage loan has a fixed interest rate, however, the rate resets every five years until maturity. The current interest rate is fixed until July 1, 2022 and the loan is prepayable at par anytime after this date.

6)During the three months ended December 31, 2020, there were no borrowings on our revolving credit facility.

7)The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures, is 9 years.

8)The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums if applicable, except as described in Note 9.

9)The weighted average effective interest rate excludes $0.6 million in quarterly financing fees and debt fee amortization on our revolving credit facility.

10)Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor. EBITDAre is reconciled to net income in the Glossary of Terms.

11)The ratio of EBITDAre to combined fixed charges and preferred share dividends for the year ended December 31, 2019 includes the $11.9 million charge related to the buyout of the Kmart lease at Assembly Square Marketplace. Excluding the $11.9 million charge related to the buyout of the Kmart lease at Assembly Square Marketplace in 2019, our ratio of EBITDAre to combined fixed charges and preferred share dividends would have been 4.24x.


Federal Realty Investment Trust
Summary of Debt Maturities
December 31, 2020
Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing		Cumulative Percent of Debt Maturing		Weighted Average Rate (3)
	(in thousands)
2021	$	4,856	$	423,921	(1)	$	428,777		9.9	%	9.9	%	2.1	%
2022	4,134		116,323			120,457			2.8	%	12.7	%	3.9	%
2023	4,314		275,000			279,314			6.5	%	19.2	%	3.0	%
2024	4,344		600,000			604,344			14.0	%	33.2	%	3.7	%	(4)
2025	4,068		44,298			48,366			1.1	%	34.3	%	3.9	%
2026	3,465		452,450			455,915			10.6	%	44.9	%	2.0	%
2027	3,048		690,570			693,618			16.1	%	61.0	%	3.8	%
2028	2,934		—			2,934			0.1	%	61.1	%	6.7	%
2029	2,770		458,099			460,869			10.7	%	71.8	%	3.3	%
2030	1,141		400,000			401,141			9.3	%	81.1	%	3.8	%
Thereafter	6,871		805,899			812,770			18.9	%	100.0	%	4.2	%
Total	$	41,945	$	4,266,560		$	4,308,505	(2)	100.0	%

Notes:

1)On May 6, 2020, we entered into a $400.0 million unsecured term loan, which matures on May 6, 2021. We have the option to extend the loan maturity one year to May 6, 2022.

2)The total debt maturities differs from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on certain mortgage loans, note payable, and senior notes as of December 31, 2020.

3)The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.

4)The weighted average rate excludes $0.6 million in quarterly financing fees and debt fee amortization on our revolving credit facility, which had no balance outstanding at December 31, 2020. Our $1.0 billion revolving credit facility matures on January 19, 2024, plus two six month extensions at our option.


Federal Realty Investment Trust
Summary of Redevelopment Opportunities
December 31, 2020

The following redevelopment opportunities have received or will shortly receive all necessary approvals to proceed and are actively being worked on by the Trust (1)

Impacts of COVID-19 Pandemic:
Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19.

			Projected		Projected	Cost to	Anticipated
Property	Location	Opportunity	ROI (2)		Cost (1)	Date	Stabilization (3)
					(in millions)	(in millions)
Project Stabilized in 2020
Wildwood	Bethesda, MD	4,900 square foot south end building expansion and site improvements	7	%	$5	$5	Stabilized



Total Project Stabilized in 2020 (3) (4)			7	%	$5	$5

Active Redevelopment Projects
The Commons at Darien	Darien, CT	Demolition of a 45,000 square foot anchor space to construct 75,000 square feet of new retail space, 122 rental apartments, and 720 parking spaces	6	%	$110 - $120	$27	2023
Cocowalk	Coconut Grove, FL	Entire shopping center redevelopment to include: demolition of three story east wing of the property and construction of a 106,000 square foot 5-story office/retail building with 24,000 square feet of retail; complete renovation of the west wing.	6	%	$93 - $97	$73	2021
Freedom Plaza (5)	Los Angeles, CA	Development of a new 113,000 square foot single-story grocery anchored neighborhood shopping center	7	%	$38 - $42	$33	2021
Bala Cynwyd	Bala Cynwyd, PA	New 87 unit residential apartment building to be constructed on underutilized land behind our existing shopping center	6	%	$22	$22	2021
7021 Hollywood Blvd	Los Angeles, CA	Renovation of the center and three vacant spaces to accommodate a new 39,000 square foot anchor tenant	9	%	$19	$15	2021
Melville Mall	Huntington, NY	Development of a new 15,000 square foot pad site consisting of two multi-tenant retail buildings	8	%	$11	$9	2021
Lawrence Park	Broomall, PA	Full shopping center redevelopment to include expansion of Main Line Health into vacant lower level space, creation of 17,800 square feet of small shop space converted from vacated anchor space, and a façade renovation for the entire center	8	%	$10	$5	2021
Flourtown	Flourtown, PA	Development of a new 4,550 square foot two-tenant pad building	7	%	$3	$0	2021
Sylmar Towne Center	Sylmar, CA	Development of a new 3,800 square foot two-tenant pad building	6	%	$3	$2	2021
Lawrence Park	Broomall, PA	New 2,000 square foot bank pad building	8	%	$2	$0	2022
Total Active Redevelopment projects (4)			6	%	$311 - $329	$186

Notes:

(1) There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the Projected Return on Investment (ROI) or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected ROI and Projected Cost are management's best estimate based on current information and may change over time.

(2) Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects does NOT include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property.

(3) Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time.

(4) All subtotals and totals reflect cost weighted-average ROIs.

(5) Project formerly known as Jordan Downs Plaza. Cost to date and projected cost are net of the proceeds we will receive from our New Market Tax Credit structure. See Note 3 of our December 31, 2019 Form 10-K for additional information. Stabilization has been impacted by the COVID-19 pandemic.

Federal Realty Investment Trust

Assembly Row, Pike & Rose, and Santana Row

December 31, 2020

Impacts of COVID-19 Pandemic:

Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19.

Projected

Total

Costs to

Property (1)

Opportunity

ROI (2)

Cost (3)

Date

Expected Opening Timeframe

(in millions)

Assembly Row, Somerville, MA

Phase III

- 277,000 SF of office

$465 - 485

$350

150,000 square feet of office space pre-leased

- 500 residential units

Opening projected to begin in 2021

- 56,000 SF of retail

Future Phases

- 1.5M SF of commercial

TBD

- 329 residential units

Pike & Rose, North Bethesda, MD

Phase III

- 212,000 SF of office

6-7%

$128 - 135

$102

(4)

Openings began in Q3 2020

- 7,000 SF of retail

Future Phases

- 740,000 SF of commercial

TBD

- 741 residential units

Santana Row, San Jose, CA

700 Santana Row

- 301,000 SF of office

$212

$202

Office delivered in Q1 2020

- 20,000 SF of retail & 1,300 parking spaces

11,000 square feet of retail has opened

- Redevelopment of Santana Row Park including the installation of a new retail pavilion

Project stabilized

Santana West

- 376,000 SF of office

6-7%

$250 - 270

$121

Openings projected to begin in 2022

- 1,750 parking spaces

Future Phases

- 321,000 SF of commercial

TBD

- 395 residential units

- 604,000 SF of commercial across from Santana Row

Notes:


(1)			Anticipated opening dates, total cost, and projected return on investment (ROI) are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.

(2)			Projected ROI for development projects reflects the unleveraged Property Operating Income (POI) generated by the development and is calculated as POI divided by cost.
(3)			Projected costs for Assembly Row and Pike & Rose include an allocation of infrastructure costs for the entire project. Phase I of Santana West includes an allocation of infrastructure for the Santana West site.
(4)			Federal Realty Investment Trust is leasing 45,000 square feet of office space at a market rent in Pike & Rose Phase III, which delivered in August 2020. Revenue related to this rent will be eliminated in the consolidated financial statements.

Federal Realty Investment Trust

Future Redevelopment Opportunities

December 31, 2020

We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these new opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.

Pad Site Opportunities - Opportunities to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are "by right" and construction is awaiting appropriate retailer demand.

Escondido Promenade

Escondido, CA

Mercer Mall

Lawrenceville, NJ

Federal Plaza

Rockville, MD

Pan Am

Fairfax, VA

Fresh Meadows

Queens, NY

Sylmar Towne Center

Sylmar, CA

Property Expansion or Conversion - Opportunities at successful retail properties to convert previously underutilized land into new GLA and to convert other existing uses into more productive uses for the property.

Barracks Road

Charlottesville, VA

Huntington

Huntington, NY

Bethesda Row

Bethesda, MD

Plaza El Segundo

El Segundo, CA

Dedham Plaza

Dedham, MA

Riverpoint Center

Chicago, IL

Fourth Street

Berkeley, CA

Third Street Promenade

Santa Monica, CA

Fairfax Junction

Fairfax, VA

Wildwood

Bethesda, MD

Fresh Meadows

Queens, NY

Willow Grove

Willow Grove, PA

Hastings Ranch Plaza

Pasadena, CA

Residential Opportunities - Opportunity to add residential units to existing retail and mixed-use properties.

Barracks Road

Charlottesville, VA

Graham Park Plaza

Falls Church, VA

Bala Cynwyd

Bala Cynwyd, PA

Village at Shirlington

Arlington, VA

Longer Term Mixed-Use Opportunities

Assembly Row (1)

Somerville, MA

Pike & Rose (2)

North Bethesda, MD

Bala Cynwyd

Bala Cynwyd, PA

Santana Row (3)

San Jose, CA

Pike 7 Plaza

Vienna, VA

Santana Row - Santana West (3)

San Jose, CA

Notes:

(1)

Assembly Row

Remaining entitlements after Phase II include approximately 1.5 million square feet of commercial-use buildings and 329 residential units.

(2)

Pike & Rose

Remaining entitlements after Phase II include approximately 740,000 square feet of commercial-use buildings, and 741 residential units.

(3)

Santana Row

Remaining entitlements include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space on land we control across from Santana Row.

Federal Realty Investment Trust

Significant Property Acquisitions, Dispositions, and Other Transactions

December 31, 2020

2020 Significant Acquisitions

Date

Property

City/State

GLA

Purchase Price

Principal Tenants

(in square feet)

(in millions)

January 10, 2020

Westfair Shopping Center

Fairfax, Virginia

49,000

22.3

Guitar Center

(1)

February 12, 2020

Hoboken (2 buildings)

Hoboken, New Jersey

12,000

14.3

(2)

(1) This acquisition was funded by 163,322 downREIT operating partnership units. This property is adjacent to, and will be operated as, part of our Fairfax Junction property.

(2) This acquisition is in addition to the 37 buildings previously acquired, and was completed through the joint venture that was founded in 2019, for which we own a 90% interest. The purchase price includes the assumption of $8.9 million of mortgage debt. These buildings include 6 residential units in addition to the commercial GLA listed above.

2020 Significant Dispositions


Date	Property	City/State	GLA	Sales Price
			(in square feet)	(in millions)
April 21, 2020	Colorado Blvd (1 building)	Pasadena, California	20,000	$	16.1	(3)
December 17, 2020	Sam's Park & Shop	Washington, DC	51,000	$	39.0
December 28, 2020	Eastgate Crossing	Chapel Hill, North Carolina	158,000	$	65.5
December 31, 2020	The Shops at Sunset Place	Miami, Florida	516,000	$	65.5

(3) This building included 12 residential units in addition to the commercial GLA listed above.

2020 and 2021 Other Transactions

Date

Type

Property

City/State

Purchase Price

(in millions)

September 18, 2020

Acquisition of mortgage loans

N/A

Rockville, Maryland

9.6

December 17, 2020

Acquisition of partner interest

Plaza El Segundo

El Segundo, California

7.3

(4)

January 4, 2021

Acquisition of partner interest

Pike & Rose (hotel)

North Bethesda, Maryland

2.3

(5)

(4) As a result of this transaction, our ownership in this partnership is now 78.2%.

(5) The acquisition of our partner's 20% interest included the repayment of the $31.5 million mortgage loan. As a result of the transaction, we gained control of the hotel portion of this property, and effective January 4, 2021, we have consolidated this asset.


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property Name		MSA Description	Real Estate at Cost (1)		Mortgage/Finance Lease Liabilities (2)	Acreage	GLA (3)	% Leased (3)		% Occupied (3)		Average Rent PSF (4)	Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
			(in thousands)		(in thousands)
Washington Metropolitan Area
Barcroft Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	$	49,455		10	113,000	92	%	92	%	$27.15		46,000	Harris Teeter
Bethesda Row		Washington-Arlington-Alexandria, DC-VA-MD-WV	244,352			17	529,000	96	%	93	%	55.08	180	40,000	Giant Food	Apple / Equinox / Anthropologie / Multiple Restaurants
Congressional Plaza	(5)	Washington-Arlington-Alexandria, DC-VA-MD-WV	105,822			21	323,000	85	%	83	%	43.15	194	25,000	The Fresh Market	Buy Buy Baby / Ulta / Barnes & Noble
Courthouse Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	7,064			2	37,000	81	%	81	%	21.61
Fairfax Junction	(6)	Washington-Arlington-Alexandria, DC-VA-MD-WV	41,168			11	124,000	99	%	99	%	25.75		23,000	Aldi	CVS / Planet Fitness
Falls Plaza/Falls Plaza-East		Washington-Arlington-Alexandria, DC-VA-MD-WV	16,112			10	144,000	92	%	91	%	36.66		51,000	Giant Food	CVS / Staples
Federal Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	70,846			18	249,000	96	%	92	%	39.02		14,000	Trader Joe's	TJ Maxx / Micro Center / Ross Dress For Less
Friendship Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	38,218			1	119,000	100	%	100	%	30.41				Marshalls / Nordstrom Rack / DSW / Maggiano's
Gaithersburg Square		Washington-Arlington-Alexandria, DC-VA-MD-WV	29,669			16	208,000	87	%	87	%	30.13				Ross Dress For Less / Ashley Furniture HomeStore / CVS
Graham Park Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	36,652			19	132,000	86	%	86	%	38.42		58,000	Giant Food
Idylwood Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	17,423			7	73,000	100	%	100	%	51.66		30,000	Whole Foods
Laurel		Washington-Arlington-Alexandria, DC-VA-MD-WV	60,645			26	360,000	95	%	89	%	22.90		61,000	Giant Food	Marshalls / L.A. Fitness
Leesburg Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	37,322			26	236,000	83	%	83	%	23.40		55,000	Giant Food	Petsmart / Office Depot
Montrose Crossing		Washington-Arlington-Alexandria, DC-VA-MD-WV	164,982		65,596	36	368,000	93	%	85	%	32.99		73,000	Giant Food	Marshalls / Home Depot Design Center / Old Navy / Bob's Discount Furniture
Mount Vernon/South Valley/7770 Richmond Hwy	(6)	Washington-Arlington-Alexandria, DC-VA-MD-WV	86,966			29	564,000	96	%	96	%	19.23		62,000	Shoppers Food Warehouse	TJ Maxx / Home Depot / Bed, Bath & Beyond / Results Fitness
Old Keene Mill		Washington-Arlington-Alexandria, DC-VA-MD-WV	13,061			10	91,000	95	%	95	%	36.34		24,000	Whole Foods	Walgreens / Planet Fitness
Pan Am		Washington-Arlington-Alexandria, DC-VA-MD-WV	30,047			25	228,000	98	%	98	%	27.75		65,000	Safeway	Micro Center / CVS / Michaels
Pentagon Row		Washington-Arlington-Alexandria, DC-VA-MD-WV	107,177			14	297,000	94	%	93	%	37.47		45,000	Harris Teeter	TJ Maxx / Bed, Bath & Beyond / DSW
Pike & Rose	(7)	Washington-Arlington-Alexandria, DC-VA-MD-WV	650,469			24	525,000	96	%	96	%	37.78	765			iPic Theater / Porsche / Uniqlo / REI / Pinstripes / Multiple Restaurants
Pike 7 Plaza		Washington-Arlington-Alexandria, DC-VA-MD-WV	49,544			13	172,000	91	%	91	%	49.62				TJ Maxx / DSW / Crunch Fitness / Staples
Plaza del Mercado		Washington-Arlington-Alexandria, DC-VA-MD-WV	46,895			10	116,000	97	%	97	%	32.04		18,000	Aldi	CVS / L.A. Fitness
Quince Orchard		Washington-Arlington-Alexandria, DC-VA-MD-WV	41,104			16	268,000	96	%	95	%	25.15		19,000	Aldi	HomeGoods / L.A. Fitness / Staples
Rockville Town Square	(8)	Washington-Arlington-Alexandria, DC-VA-MD-WV	49,839		4,392	12	187,000	75	%	75	%	28.65		25,000	Dawson's Market	CVS / Gold's Gym / Multiple Restaurants
Rollingwood Apartments		Washington-Arlington-Alexandria, DC-VA-MD-WV	11,603			14	N/A	95	%	95	%	N/A	282


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property Name		MSA Description	Real Estate at Cost (1)	Mortgage/Finance Lease Liabilities (2)	Acreage	GLA (3)	% Leased (3)		% Occupied (3)		Average Rent PSF (4)	Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
			(in thousands)	(in thousands)
Tower Shopping Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	22,726		12	111,000	88	%	88	%	26.11		26,000	L.A. Mart	Talbots / Total Wine & More
Tyson's Station		Washington-Arlington-Alexandria, DC-VA-MD-WV	5,732		5	50,000	90	%	86	%	47.97		11,000	Trader Joe's
Village at Shirlington	(8)	Washington-Arlington-Alexandria, DC-VA-MD-WV	69,950	6,833	16	262,000	88	%	87	%	39.92		28,000	Harris Teeter	AMC / Carlyle Grand Café
Wildwood Shopping Center		Washington-Arlington-Alexandria, DC-VA-MD-WV	27,443		12	88,000	98	%	98	%	102.39		20,000	Balducci's	CVS / Flower Child
Total Washington Metropolitan Area			2,132,286		432	5,974,000	93	%	91	%	35.26

California
Azalea	(5)	Los Angeles-Long Beach-Anaheim, CA	107,329	40,000	22	223,000	99	%	99	%	29.15				Marshalls / Ross Dress for Less / Ulta / Michaels
Bell Gardens	(5)	Los Angeles-Long Beach-Anaheim, CA	111,024	12,408	32	330,000	92	%	92	%	22.77		67,000	Food 4 Less	Marshalls / Ross Dress for Less / Bob's Discount Furniture
Colorado Blvd		Los Angeles-Long Beach-Anaheim, CA	13,284		1	42,000	100	%	100	%	55.34				Banana Republic / True Foods Kitchen
Crow Canyon Commons		San Francisco-Oakland-Hayward, CA	90,731		22	243,000	98	%	87	%	29.89		32,000	Sprouts	Total Wine & More / Rite Aid
East Bay Bridge		San Francisco-Oakland-Hayward, CA	179,227		32	440,000	99	%	99	%	19.04		59,000	Pak-N-Save	Home Depot / Target / Nordstrom Rack
Escondido Promenade	(5)	San Diego-Carlsbad, CA	53,573		18	298,000	94	%	90	%	28.44				TJ Maxx / Dick’s Sporting Goods / Ross Dress For Less / Bob's Discount Furniture
Fourth Street	(5)	San Francisco-Oakland-Hayward, CA	26,972		3	71,000	78	%	72	%	31.61				CB2
Freedom Plaza (formerly known as Jordan Downs Plaza)	(5) (7)	Los Angeles-Long Beach-Anaheim, CA	40,497		9	100,000	100	%	100	%	29.54		31,000	Smart & Final	Nike / Blink Fitness / Ross Dress For Less
Hastings Ranch Plaza		Los Angeles-Long Beach-Anaheim, CA	25,266		15	273,000	100	%	99	%	7.88				Marshalls / HomeGoods / CVS / Sears
Hollywood Blvd		Los Angeles-Long Beach-Anaheim, CA	61,379		3	181,000	86	%	86	%	35.64				Target / Marshalls / L.A. Fitness
Kings Court	(6)	San Jose-Sunnyvale-Santa Clara, CA	11,608		8	81,000	100	%	100	%	40.93		31,000	Lunardi's	CVS
Old Town Center		San Jose-Sunnyvale-Santa Clara, CA	37,869		8	98,000	84	%	82	%	43.07				Anthropologie / Banana Republic / Gap
Olivo at Mission Hills	(5)	Los Angeles-Long Beach-Anaheim, CA	81,283		12	155,000	94	%	92	%	31.13				Target / 24 Hour Fitness / Ross Dress For Less
Plaza Del Sol	(5)	Los Angeles-Long Beach-Anaheim, CA	17,910	8,041	4	48,000	96	%	96	%	24.01				Marshalls
Plaza El Segundo / The Point	(5)	Los Angeles-Long Beach-Anaheim, CA	296,886	125,000	50	500,000	91	%	87	%	46.02		66,000	Whole Foods	Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants
San Antonio Center	(6)	San Jose-Sunnyvale-Santa Clara, CA	46,576		22	211,000	100	%	92	%	15.71		11,000	Trader Joe's	Walmart / 24 Hour Fitness
Santana Row		San Jose-Sunnyvale-Santa Clara, CA	1,151,098		45	1,197,000	96	%	95	%	53.60	662			Crate & Barrel / H&M / Best Buy / Multiple Restaurants
Sylmar Towne Center	(5)	Los Angeles-Long Beach-Anaheim, CA	45,660	16,236	12	148,000	93	%	88	%	16.11		43,000	Food 4 Less	CVS
Third Street Promenade		Los Angeles-Long Beach-Anaheim, CA	79,021		2	209,000	65	%	65	%	85.20				adidas / Old Navy / J. Crew


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property Name		MSA Description	Real Estate at Cost (1)	Mortgage/Finance Lease Liabilities (2)	Acreage	GLA (3)	% Leased (3)		% Occupied (3)		Average Rent PSF (4)	Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
			(in thousands)	(in thousands)
Westgate Center		San Jose-Sunnyvale-Santa Clara, CA	157,454		44	648,000	97	%	97	%	19.78				Target / Nordstrom Rack / Nike Factory / TJ Maxx
		Total California	2,634,647		364	5,496,000	94	%	92	%	34.06

NY Metro/New Jersey
Brick Plaza		New York-Newark-Jersey City, NY-NJ-PA	102,848		46	408,000	91	%	79	%	22.83		14,000	Trader Joe's	AMC / HomeGoods / Ulta / L.A. Fitness
Brook 35	(5) (6)	New York-Newark-Jersey City, NY-NJ-PA	48,586	11,500	11	99,000	89	%	89	%	38.59				Banana Republic / Gap / Williams-Sonoma
Fresh Meadows		New York-Newark-Jersey City, NY-NJ-PA	93,753		17	409,000	95	%	94	%	36.04		15,000	Island of Gold	AMC / Kohl's / Michaels
Georgetowne Shopping Center		New York-Newark-Jersey City, NY-NJ-PA	83,257		9	147,000	88	%	88	%	40.34		43,000	Foodway	Five Below / IHOP
Greenlawn Plaza		New York-Newark-Jersey City, NY-NJ-PA	32,272		13	102,000	94	%	94	%	18.97		46,000	Greenlawn Farms	Tuesday Morning / Planet Fitness
Greenwich Avenue		Bridgeport-Stamford-Norwalk, CT	23,748		1	35,000	100	%	100	%	96.19				Saks Fifth Avenue
Hauppauge		New York-Newark-Jersey City, NY-NJ-PA	29,882		15	133,000	74	%	74	%	34.78		61,000	Shop Rite
Hoboken	(5) (10)	New York-Newark-Jersey City, NY-NJ-PA	215,841	105,715	3	171,000	92	%	91	%	55.76	129			CVS / New York Sports Club / Sephora / Multiple Restaurants
Huntington		New York-Newark-Jersey City, NY-NJ-PA	47,806		21	266,000	90	%	73	%	23.74				Nordstrom Rack / Buy Buy Baby / Michaels / Ulta
Huntington Square		New York-Newark-Jersey City, NY-NJ-PA	13,612		18	74,000	83	%	83	%	29.63				Barnes & Noble
Melville Mall		New York-Newark-Jersey City, NY-NJ-PA	103,665		21	243,000	100	%	100	%	27.30		53,000	Uncle Giuseppe's Marketplace	Marshalls / Dick's Sporting Goods / Field & Stream / Macy's Backstage
Mercer Mall	(8)	Trenton, NJ	128,305	55,300	50	551,000	87	%	87	%	26.13		75,000	Shop Rite	Ross Dress For Less / Nordstrom Rack / Bed, Bath & Beyond / REI
The Commons at Darien		Bridgeport-Stamford-Norwalk, CT	75,928		9	58,000	89	%	89	%	35.70	2			Equinox / Walgreens
The Grove at Shrewsbury	(5) (6)	New York-Newark-Jersey City, NY-NJ-PA	127,133	43,600	21	192,000	95	%	95	%	48.35				Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma
Troy		New York-Newark-Jersey City, NY-NJ-PA	41,019		19	211,000	100	%	99	%	23.21				Target / L.A. Fitness / Michaels
	Total NY Metro/New Jersey		1,167,655		274	3,099,000	91	%	88	%	32.32

Philadelphia Metropolitan Area
Andorra		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	30,926		22	270,000	88	%	79	%	14.34		24,000	Acme Markets	Kohl's / L.A. Fitness
Bala Cynwyd		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	64,478		23	294,000	97	%	97	%	25.72	87	45,000	Acme Markets	Lord & Taylor / Michaels / L.A. Fitness
Ellisburg		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	34,209		28	261,000	79	%	78	%	17.93		47,000	Whole Foods	Buy Buy Baby
Flourtown		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	16,933		24	156,000	98	%	98	%	23.61		75,000	Giant Food	Movie Tavern
Langhorne Square		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	22,662		21	223,000	94	%	91	%	16.69		55,000	Redner's Warehouse Markets	Marshalls / Planet Fitness


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property Name		MSA Description	Real Estate at Cost (1)	Mortgage/Finance Lease Liabilities (2)	Acreage	GLA (3)	% Leased (3)		% Occupied (3)		Average Rent PSF (4)	Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
			(in thousands)	(in thousands)
Lawrence Park		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	41,197		29	363,000	98	%	85	%	22.81		53,000	Acme Markets	TJ Maxx / HomeGoods / Barnes & Noble
Northeast		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	33,636		15	227,000	82	%	82	%	18.82				Marshalls / Ulta / Skechers / Crunch Fitness
Town Center of New Britain		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	16,582		17	125,000	84	%	84	%	9.18		36,000	Giant Food	Rite Aid / Dollar Tree
Willow Grove		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	29,273		13	183,000	78	%	78	%	18.44				Marshalls / HomeGoods / Barnes & Noble
Wynnewood		Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	42,636		14	249,000	93	%	93	%	28.81	9	98,000	Giant Food	Bed, Bath & Beyond / Old Navy / DSW
Total Philadelphia Metropolitan Area			332,532		206	2,351,000	90	%	87	%	20.60

New England
Assembly Row / Assembly Square Marketplace	(7)	Boston-Cambridge-Newton, MA-NH	960,329		65	824,000	95	%	94	%	32.45	447	18,000	Trader Joe's	TJ Maxx / AMC / LEGOLAND Discovery Center / Multiple Restaurants
Campus Plaza		Boston-Cambridge-Newton, MA-NH	30,448		15	114,000	96	%	96	%	17.21		46,000	Roche Bros.	Burlington
Chelsea Commons		Boston-Cambridge-Newton, MA-NH	30,565	5,234	37	222,000	93	%	93	%	12.92				Home Depot / Planet Fitness
Dedham Plaza		Boston-Cambridge-Newton, MA-NH	47,143		19	245,000	90	%	88	%	16.56		80,000	Star Market	Planet Fitness
Linden Square		Boston-Cambridge-Newton, MA-NH	150,356		19	220,000	90	%	89	%	50.21	7	50,000	Roche Bros.	CVS
North Dartmouth		Providence-Warwick, RI-MA	9,369		28	48,000	100	%	100	%	15.31		48,000	Stop & Shop
Queen Anne Plaza		Boston-Cambridge-Newton, MA-NH	18,430		17	149,000	95	%	95	%	19.36		50,000	Big Y Foods	TJ Maxx / HomeGoods
Saugus Plaza		Boston-Cambridge-Newton, MA-NH	17,254		15	166,000	100	%	100	%	17.22		55,000	Super Stop & Shop	Floor & Décor
		Total New England	1,263,894		215	1,988,000	94	%	94	%	26.62

Baltimore
Governor Plaza		Baltimore-Columbia-Towson, MD	26,245		24	242,000	79	%	79	%	21.26		16,500	Aldi	Dick's Sporting Goods
Perring Plaza		Baltimore-Columbia-Towson, MD	31,898		29	397,000	87	%	87	%	15.50		58,000	Shoppers Food Warehouse	Home Depot / Micro Center / Burlington
THE AVENUE at White Marsh	(6)	Baltimore-Columbia-Towson, MD	122,453	52,705	35	315,000	85	%	84	%	26.16				AMC / Ulta / Old Navy / Barnes & Noble
The Shoppes at Nottingham Square		Baltimore-Columbia-Towson, MD	18,344		4	32,000	96	%	96	%	50.44
Towson Residential (Flats @ 703)		Baltimore-Columbia-Towson, MD	22,391		1	4,000	100	%	100	%	82.83	105
White Marsh Plaza		Baltimore-Columbia-Towson, MD	26,388		7	79,000	94	%	94	%	21.88		54,000	Giant Food
White Marsh Other		Baltimore-Columbia-Towson, MD	31,715		18	70,000	97	%	97	%	32.33
		Total Baltimore	279,434		118	1,139,000	86	%	86	%	22.52


Federal Realty Investment Trust
Real Estate Status Report
December 31, 2020
Property Name		MSA Description	Real Estate at Cost (1)		Mortgage/Finance Lease Liabilities (2)	Acreage	GLA (3)	% Leased (3)		% Occupied (3)		Average Rent PSF (4)		Residential Units	Grocery Anchor GLA	Grocery Anchor	Other Retail Tenants
			(in thousands)		(in thousands)
South Florida
Cocowalk	(5) (9)	Miami-Fort Lauderdale-West Palm Beach, FL	180,033			3	187,000	87	%	72	%	38.99					Cinepolis Theaters / Youfit Health Club / Planta Restaurant
Del Mar Village		Miami-Fort Lauderdale-West Palm Beach, FL	73,763			17	187,000	88	%	88	%	20.56			44,000	Winn Dixie	CVS / L.A. Fitness
Tower Shops		Miami-Fort Lauderdale-West Palm Beach, FL	98,264			67	425,000	95	%	92	%	25.40			12,000	Trader Joe's	TJ Maxx / Ross Dress For Less / Best Buy / Ulta
		Total South Florida	352,060			87	799,000	91	%	87	%	26.87

Chicago
Crossroads		Chicago-Naperville-Elgin, IL-IN-WI	35,895			14	168,000	92	%	92	%	23.37					L.A. Fitness / Ulta / Binny's / Ferguson's Bath, Kitchen & Lighting Gallery
Finley Square		Chicago-Naperville-Elgin, IL-IN-WI	41,399			21	280,000	91	%	91	%	16.54					Bed, Bath & Beyond / Buy Buy Baby / Michaels / Portillo's
Garden Market		Chicago-Naperville-Elgin, IL-IN-WI	14,876			11	139,000	99	%	99	%	14.34			63,000	Mariano's Fresh Market	Walgreens
Riverpoint Center		Chicago-Naperville-Elgin, IL-IN-WI	121,924			17	211,000	92	%	92	%	21.50			86,000	Jewel Osco	Marshalls / Old Navy
		Total Chicago	214,094			63	798,000	93	%	93	%	18.85

Other
Barracks Road		Charlottesville, VA	69,596			40	497,000	90	%	89	%	26.65			99,000	Harris Teeter / Kroger	Anthropologie / Nike / Bed, Bath & Beyond / Old Navy
Bristol Plaza		Hartford-West Hartford-East Hartford, CT	32,045			22	264,000	82	%	73	%	14.49			74,000	Stop & Shop	TJ Maxx
Gratiot Plaza		Detroit-Warren-Dearborn, MI	20,089			20	215,000	100	%	100	%	12.80			69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Lancaster	(8)	Lancaster, PA	12,961		5,524	11	126,000	81	%	80	%	19.86			75,000	Giant Food
29th Place		Charlottesville, VA	38,662		3,625	15	168,000	92	%	92	%	18.01					HomeGoods / DSW / Staples
Willow Lawn		Richmond, VA	104,774			37	464,000	95	%	95	%	20.49			66,000	Kroger	Old Navy / Ross Dress For Less / Gold's Gym / Dick's Sporting Goods
		Total Other	278,127			145	1,734,000	91	%	89	%	20.16


Grand Total			$	8,654,729	$561,709	1,904	23,378,000	92	%	90	%	$	29.86	2,869


			Notes:
(1)			Includes "Finance lease right of use assets."
(2)			The mortgage or finance lease liabilities differ from the total reported on the consolidated balance sheet due to the unamortized discount, premium, and/or debt issuance costs on certain mortgages payable.
(3)			Represents the GLA and the percentage leased and percentage occupied of the commercial portion of the property. Some of our properties include office space which is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.
(4)			Calculated as the aggregate, annualized in-place contractual (defined as cash basis excluding rent abatements) minimum rent for all occupied spaces divided by the aggregate GLA of all occupied spaces.
(5)			The Trust has a controlling financial interest in this property.
(6)			All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(7)			Portion of property is currently under development. See further discussion in the Assembly Row and Pike & Rose schedules and Summary of Redevelopment Opportunities for Freedom Plaza.
(8)			All or a portion of the property is subject to finance lease liabilities.
(9)			This property includes interests in five buildings in addition to our initial acquisition.
(10)			This property includes 39 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.


Federal Realty Investment Trust
Retail Leasing Summary (1)
December 31, 2020

Total Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
4th Quarter 2020	96	100	%	449,783	$	32.16	$	31.95	$	93,635	1	%	11		%	6.0	$	12,945,573	$	28.78	(7)
3rd Quarter 2020	98	100	%	471,726	$	37.38	$	37.74	$	(169,801)	(1)	%	6		%	5.6	$	16,274,556	$	34.50	(7)
2nd Quarter 2020	47	100	%	277,681	$	28.55	$	25.64	$	805,618	11	%	23		%	8.2	$	8,590,153	$	30.94
1st Quarter 2020	76	100	%	466,453	$	26.78	$	25.58	$	559,471	5	%	14		%	6.8	$	14,633,657	$	31.37	(7)
Total - 12 months	317	100	%	1,665,643	$	31.53	$	30.76	$	1,288,923	3	%	12		%	6.4	$	52,443,939	$	31.49

New Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
4th Quarter 2020	39	41	%	156,262	$	35.65	$	37.27	$	(253,720)	(4)	%	8		%	9.1	$	12,731,293	$	81.47	(7)
3rd Quarter 2020	39	40	%	164,712	$	36.23	$	36.84	$	(100,451)	(2)	%	5		%	8.5	$	15,427,773	$	93.67	(7)
2nd Quarter 2020	12	26	%	122,726	$	26.79	$	20.36	$	789,852	32	%	52		%	14.9	$	8,483,168	$	69.12
1st Quarter 2020	29	38	%	151,171	$	32.72	$	30.44	$	345,686	8	%	18		%	8.2	$	13,395,793	$	88.61	(7)
Total - 12 months	119	38	%	594,871	$	33.24	$	31.93	$	781,367	4	%	15		%	9.7	$	50,038,027	$	84.12

Renewal Lease Summary - Comparable (2) (8)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
4th Quarter 2020	57	59	%	293,521	$	30.30	$	29.12	$	347,355	4	%	13		%	4.0	$	214,280	$	0.73
3rd Quarter 2020	59	60	%	307,014	$	38.00	$	38.23	$	(69,350)	(1)	%	7		%	4.1	$	846,783	$	2.76
2nd Quarter 2020	35	74	%	154,955	$	29.93	$	29.83	$	15,766	—	%	8		%	3.4	$	106,985	$	0.69
1st Quarter 2020	47	62	%	315,282	$	23.93	$	23.25	$	213,785	3	%	12		%	5.9	$	1,237,864	$	3.93
Total - 12 months	198	62	%	1,070,772	$	30.58	$	30.11	$	507,556	2	%	10		%	4.4	$	2,405,912	$	2.25

Total Lease Summary - Comparable and Non-comparable (2) (9)
Quarter							Number of Leases Signed		GLA Signed				Contractual Rent (3) Per Sq. Ft.			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
4th Quarter 2020							103		468,901				$	32.67		6.1	$	13,430,989	$	28.64
3rd Quarter 2020							101		481,105				$	37.66		5.7	$	16,304,772	$	33.89
2nd Quarter 2020							50		314,679				$	26.16		8.2	$	9,314,002	$	29.60
1st Quarter 2020							82		491,003				$	27.46		7.3	$	17,337,865	$	35.31
Total - 12 months							336		1,755,688				$	31.41		6.6	$	56,387,628	$	32.12


Notes:
(1)						Information reflects activity in retail spaces only; office and residential spaces are not included. See Glossary of Terms for further discussion of information included above.
(2)						Comparable leases represent those leases signed on spaces for which there was a former tenant.
(3)						Contractual rent represents contractual minimum rent under the new lease for the first 12 months of the term.
(4)						Prior rent represents minimum rent and percentage rent, if any, paid by the prior tenant in the final 12 months of the term.
(5)						Weighted average is determined on the basis of contractual rent for the first 12 months of the term.
(6)						See Glossary of Terms.
(7)						Approximately $0.1 million ($0.03 per square foot) in 4th Quarter 2020, $0.5 million ($0.90 per square foot) in 3rd Quarter 2020 and $2.8 million ($5.37 per square foot) in 1st Quarter 2020, of the Tenant Improvements & Incentives are for properties under active redevelopment and are included in the Projected Cost for those properties on the Summary of Redevelopment Opportunities.
(8)						Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new.
(9)						The Number of Leases Signed, GLA Signed, Contractual Rent Per Sq. Ft. and Weighted Average Lease Term columns include information for leases signed at Phase 3 of both of our Assembly Row and Pike & Rose projects. The Tenant Improvements & Incentives and Tenant Improvements & Incentives Per Sq. Ft. columns do not include the tenant improvements and incentives on leases signed for those projects; these amounts for leases signed for Phase 3 of Assembly Row and Pike & Rose are included in the Projected Cost column for those projects shown on the Assembly Row and Pike & Rose schedule.


Federal Realty Investment Trust
Lease Expirations
December 31, 2020

Assumes no exercise of lease options

	Anchor Tenants (1)					Small Shop Tenants					Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)		Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)		Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2021	702,000	5	%	$	24.44	788,000	12	%	$	41.76	1,490,000	7	%	$	33.60
2022	1,905,000	13	%	$	17.17	880,000	13	%	$	45.09	2,785,000	13	%	$	25.99
2023	1,371,000	9	%	$	20.83	917,000	14	%	$	44.18	2,288,000	11	%	$	30.19
2024	2,377,000	16	%	$	18.11	903,000	14	%	$	46.34	3,280,000	15	%	$	25.89
2025	1,665,000	12	%	$	22.62	800,000	12	%	$	44.05	2,465,000	12	%	$	29.57
2026	1,116,000	8	%	$	21.10	544,000	8	%	$	49.65	1,659,000	8	%	$	30.45
2027	948,000	7	%	$	32.91	510,000	8	%	$	48.99	1,457,000	7	%	$	38.53
2028	878,000	6	%	$	20.85	403,000	6	%	$	52.04	1,281,000	6	%	$	30.66
2029	951,000	7	%	$	27.56	383,000	6	%	$	46.75	1,334,000	6	%	$	33.08
2030	930,000	6	%	$	28.84	263,000	4	%	$	51.30	1,193,000	6	%	$	33.78
Thereafter	1,637,000	11	%	$	24.70	219,000	3	%	$	43.96	1,857,000	9	%	$	26.98
Total (3)	14,480,000	100	%	$	22.49	6,610,000	100	%	$	46.02	21,089,000	100	%	$	29.86

Assumes all lease options are exercised

	Anchor Tenants (1)					Small Shop Tenants					Total
Year	Expiring SF	% of Anchor SF		Minimum Rent PSF (2)		Expiring SF	% of Small Shop SF		Minimum Rent PSF (2)		Expiring SF (4)	% of Total SF		Minimum Rent PSF (2)
2021	406,000	3	%	$	25.71	699,000	10	%	$	41.15	1,105,000	5	%	$	35.47
2022	294,000	2	%	$	17.62	569,000	9	%	$	44.65	863,000	4	%	$	35.45
2023	374,000	2	%	$	21.42	591,000	9	%	$	41.12	965,000	5	%	$	33.48
2024	519,000	4	%	$	21.15	473,000	7	%	$	45.34	992,000	5	%	$	32.67
2025	327,000	2	%	$	24.60	452,000	7	%	$	42.45	779,000	4	%	$	34.96
2026	339,000	2	%	$	21.99	286,000	4	%	$	50.87	624,000	3	%	$	35.21
2027	730,000	5	%	$	21.48	437,000	7	%	$	48.70	1,167,000	5	%	$	31.67
2028	641,000	4	%	$	17.66	390,000	6	%	$	47.36	1,031,000	5	%	$	28.90
2029	812,000	6	%	$	24.11	373,000	6	%	$	44.31	1,185,000	6	%	$	30.47
2030	524,000	4	%	$	20.96	364,000	5	%	$	44.57	888,000	4	%	$	30.64
Thereafter	9,514,000	66	%	$	22.91	1,976,000	30	%	$	49.61	11,490,000	54	%	$	27.50
Total (3)	14,480,000	100	%	$	22.49	6,610,000	100	%	$	46.02	21,089,000	100	%	$	29.86

Notes:
(1)	Anchor is defined as a commercial tenant leasing 10,000 square feet or more.
(2)	Minimum Rent reflects in-place contractual (defined as rents billed on a cash basis without taking the impacts of rent abatements into account) rent as of December 31, 2020.
(3)	Represents occupied square footage of the commercial portion of our portfolio as of December 31, 2020.
(4)	Individual items may not add up to total due to rounding.


Federal Realty Investment Trust
Portfolio Leased Statistics
December 31, 2020

Overall Portfolio Statistics (1)		December 31, 2020				December 31, 2019

Type		Size	Leased	Leased %		Size	Leased	Leased %

Commercial Properties (2) (3) (4) (sf)		23,378,000	21,562,000	92.2	%	23,676,000	22,299,000	94.2	%

Residential Properties (units) (5)		2,782	2,638	94.8	%	2,788	2,670	95.8	%


Comparable Property Statistics (1)		December 31, 2020				December 31, 2019

Type		Size	Leased	Leased %		Size	Leased	Leased %

Commercial Properties (2) (4) (sf)		22,118,000	20,373,000	92.1	%	22,151,000	21,058,000	95.1	%

Residential Properties (5) (units)		2,651	2,521	95.1	%	2,651	2,537	95.7	%

Notes:
(1)	See Glossary of Terms.
(2)	Leasable square feet excludes redevelopment square footage not yet placed in service.
(3)	At December 31, 2020, the leased percentage was 96.2% for anchor tenants and 84.6% for small shop tenants.
(4)	Occupied percentage was 90.2% and 92.5% at December 31, 2020 and 2019, respectively, and comparable property occupied percentage was 90.1% and 93.4% at December 31, 2020 and 2019, respectively.
(5)	Our residential metrics exclude "The Delwyn," our 87 unit residential building that opened at Bala Cynwyd in late 2020, and is currently in the process of being leased-up for the first time. If these units were included, our total residential units would be 2,869 and our percentage leased would be 92.6%.


Federal Realty Investment Trust
Summary of Top 25 Tenants
December 31, 2020

Rank	Tenant Name	Credit Ratings (S&P/Moody's/Fitch) (1)	Annualized Base Rent		Percentage of Total Annualized Base Rent (3)		Total GLA	Percentage of Total GLA (3)		Number of Stores Leased

1	Splunk, Inc.	NR / NR / NR	$	25,818,000	3.64	%	536,000	2.06	%	2
2	TJX Companies, The	A / A2 / NR	$	19,002,000	2.68	%	963,000	3.69	%	30
3	Ahold Delhaize	BBB / Baa1 / BBB+	$	15,166,000	2.14	%	852,000	3.27	%	14
4	Gap, Inc., The	BB- / Ba2 / NR	$	11,626,000	1.64	%	306,000	1.17	%	27
5	L.A. Fitness International LLC	CCC+ / Caa3 / NR	$	10,383,000	1.46	%	415,000	1.59	%	10
6	Bed, Bath & Beyond, Inc.	B+ / Ba3 / NR	$	9,538,000	1.34	%	574,000	2.20	%	15
7	CVS Corporation	BBB / Baa2 / NR	$	9,485,000	1.34	%	248,000	0.95	%	19
8	Home Depot, Inc.	A / A2 / A	$	7,193,000	1.01	%	478,000	1.83	%	6
9	Ross Stores, Inc.	BBB+ / A2 / NR	$	6,535,000	0.92	%	315,000	1.21	%	11
10	Michaels Stores, Inc.	B / Ba3 / NR	$	6,457,000	0.91	%	327,000	1.25	%	14
11	Dick's Sporting Goods, Inc.	NR / NR / NR	$	6,425,000	0.91	%	289,000	1.11	%	6
12	Hudson's Bay Company (Saks, Lord & Taylor)	NR / NR / NR	$	6,332,000	0.89	%	220,000	0.84	%	4
13	Bank of America, N.A.	A- / A2 / A+	$	6,215,000	0.88	%	107,000	0.41	%	25
14	Kroger Co., The	BBB / Baa1 / NR	$	6,162,000	0.87	%	529,000	2.03	%	11
15	Nordstrom, Inc.	BB+ / Baa3 / NR	$	6,136,000	0.86	%	218,000	0.84	%	6
16	DSW, Inc	NR / NR / NR	$	5,692,000	0.80	%	224,000	0.86	%	11
17	Best Buy Co., Inc.	BBB / Baa1 / NR	$	5,670,000	0.80	%	186,000	0.71	%	4
18	AMC Entertainment Inc.	CC / Caa3 / NR	$	5,424,000	0.76	%	233,000	0.89	%	5
19	Ulta Beauty, Inc.	NR / NR / NR	$	5,388,000	0.76	%	152,000	0.58	%	14
20	Whole Foods Market, Inc.	A+ / A2 / NR	$	4,772,000	0.67	%	167,000	0.64	%	4
21	Starbucks Corporation	BBB+ / Baa1 / BBB	$	4,398,000	0.62	%	67,000	0.26	%	38
22	AB Acquisition LLC (Acme, Safeway)	BB- / Ba3 / NR	$	4,312,000	0.61	%	412,000	1.58	%	7
23	Wells Fargo Bank, N.A.	BBB+ / A2 / A+	$	4,233,000	0.60	%	51,000	0.20	%	13
24	JPMorgan Chase Bank	A- / A2 / AA-	$	4,165,000	0.59	%	71,000	0.27	%	17
25	Target Corporation	A / A2 / A-	$	4,004,000	0.56	%	443,000	1.70	%	5
	Totals - Top 25 Tenants		$	200,531,000	28.25	%	8,383,000	32.14	%	318

	Total (5):		$	709,762,000	(2)		26,082,000	(4)

Notes:
(1)	Credit Ratings are as of December 31, 2020. Subsequent rating changes have not been reflected.
(2)	See Glossary of Terms.
(3)	Individual items may not add up to total due to rounding.
(4)	Excludes redevelopment square footage not yet placed in service.
(5)	Totals reflect both the commercial and residential portions of our properties.


Federal Realty Investment Trust
Tenant Diversification by Category
December 31, 2020

The below reflects the breakout of our Annualized Base Rent1 as of December 31, 2020 by type of tenant:


						25% of Annualized Base Rent comes from Essential Retail

						21% of Annualized Base Rent comes from Office and Residential


Notes:

(1)			See Glossary of Terms. Excludes redevelopment square footage not yet placed in service.
(2)			Communications & Home Office includes: Telecommunications, Electronics, and Office Supply.
(3)			Other Essential includes: Auto, Liquor, Home Improvement, Pets, and Medical.
(4)			Total Restaurants comprise full service (less than 8%) and quick service (less than 8%).
(5)			Experiential includes: Activity, Cinema, and Entertainment.

Glossary of Terms

EBITDA for Real Estate ("EBITDAre"): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("NAREIT") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain or loss on sale of real estate, impairments of real estate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We calculate EBITDAre consistent with the NAREIT definition. As EBITDA is a widely known and understood measure of performance, management believes EBITDAre represents an additional non-GAAP performance measure, independent of a company's capital structure, that will provide investors with a uniform basis to measure the enterprise value of a company. EBITDAre also approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three months and year ended December 31, 2020 and 2019 is as follows:


	Three Months Ended				Year Ended
	December 31,				December 31,
	2020		2019		2020		2019
	(in thousands)
Net income	$	102,211	$	148,966	$	135,888	$	360,542
Interest expense	37,543		27,056		136,289		109,623
Other interest income	(539)		(511)		(1,894)		(1,266)
Early extinguishment of debt	11,179		—		11,179		—
Provision (benefit) for income tax	124		241		(194)		772
Depreciation and amortization	64,424		61,431		255,027		239,758
Gain on sale of real estate	(86,435)		(86,278)		(98,117)		(116,779)
Impairment charge	—		—		57,218		—
Adjustments of EBITDAre of unconsolidated affiliates	1,517		1,730		6,417		6,917


EBITDAre (1)	$	130,024	$	152,635	$	501,813	$	599,567

(1) Excluding the charge related to the buyout of the Kmart lease at Assembly Square Marketplace, our EBITDAre would have been $611.5 million for the year ended December 31, 2019.

Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

Property Operating Income: Rental income and mortgage interest income, less rental expenses and real estate taxes.

Overall Portfolio: Includes all operating properties owned in reporting period.

Comparable Properties: Represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. Comparable property growth statistics are calculated on a GAAP basis.

Annualized Base Rent (ABR): Represents aggregate, annualized in-place contractual (defined as rents billed on a cash basis without taking the impact of rent abatements into account) minimum rent for all occupied spaces as of the reporting period.

Retail Leasing Summary - Lease Rollover Calculation: The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period. The comparison between annual rent for expiring leases and new leases is determined by including minimum rent and percentage rent paid on the expiring lease and minimum rent and in some instances, projections of first lease year percentage rent, to be paid on the new lease. In atypical circumstances, management may exercise judgment as to how to most effectively reflect the comparability of rents reported in this calculation. As a result of accommodations made to certain tenants to help them to stay open during and after the COVID-19 pandemic, we have found it necessary to exercise more judgement in 2020 than in prior years in order to appropriately reflect the comparability of rents in the calculation. The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, capital investment made in the space and the specific lease structure. Rent abatement and short term rent restructuring agreements that are a result of COVID-19 impacts are not included in this calculation.

Tenant Improvements and Incentives: Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease and, except for redevelopments, may also include base building costs (i.e. expansion, escalators or new entrances) which are required to make the space leasable. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements. Costs related to redevelopments require judgment by management in determining what reflects base building cost and thus, is not included in the "tenant improvements and incentives" amount.

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