Federal Realty Investment Trust (FRT) earnings releases

Press release Oct 30, 2026 · EX-99.1

Certain matters discussed within this Supplemental Information may be deemed to

FEDERAL REALTY INVESTMENT TRUST SUPPLEMENTAL INFORMATION September 30, 2026 ────────────────────────────────────────────────────────────────────────────── TABLE OF CONTENTS Third Quarter 2026 1 Earnings Press 3 Release 2 Financial Highlights Consolidated Income 7 Statements Consolidated Balance 8 Sheets Funds From Operations 9 Other Supplemental 10 Information Components of Rental 11 Income Comparable Property 12 Information Market Data, Debt Metrics, and Senior 13 Notes and Debentures Covenants 3 Summary of Debt Summary of 14 Outstanding Debt Summary of Debt 15 Maturities Summary of 4 Redevelopment and 16 Expansion Opportunities Future Redevelopment 5 and Expansion 17 Opportunities 6 Significant 18 Transactions 7 Real Estate Status 19 Report 8 Retail Leasing 23 Summary 9 Lease Expirations 24 10 Portfolio Leased 25 Statistics 11 Summary of Top 25 26 Tenants 12 2026 Guidance 27 13 Glossary of Terms 28 909 Rose Avenue, Suite 200 North Bethesda, Maryland 20852 301-998-8100

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 12, 2026, and include the following:

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

• 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, or if the costs of capital we obtain are significantly higher than historical levels;

• risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;

• 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 worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may 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 12, 2026 and subsequent quarterly reports on Form 10-Q. 2

NEWS RELEASE www.federalrealty.com FOR IMMEDIATE RELEASE Investor Inquiries: Media Inquiries: Jill Sawyer Brenda Pomar Senior Vice President, Investor Senior Director, Corporate Relations Communications 301.998.8265 301.998.8316 jsawyer@federalrealty.com bpomar@federalrealty.com

Federal Realty Investment Trust Reports Strong Third Quarter 2026 Results and Guidance Raise NORTH BETHESDA, Md. (October 30, 2026) – Federal Realty Investment Trust (NYSE: FRT) today reported its results for the third quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, net income available for common shareholders per diluted share was $0.74 and $0.69, respectively. Operating income for the same periods was $116.9 million and $110.7 million, respectively.

Highlights for the third quarter include: • Generated Nareit-defined funds from operations available to common shareholders (Nareit FFO) and Core funds from operations available to common shareholders (Core FFO) per diluted share of $1.87 each for the quarter, a 5.6% increase year-over-year.

• Signed 117 leases for 532,220 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis.

◦ On a trailing twelve-month basis, signed 447 leases for 2,601,255 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis.

• Generated Comparable Property property operating income (“Comparable Property POI”) growth of 2.5% and Adjusted Comparable Property POI growth (excluding straight-line rents and amortization of in-place leases) of 4.0%.

• Reported overall portfolio occupancy of 93.8% and a leased rate of 96.5% at quarter end, with:

• Continued strong small shop leased rate, ending the quarter at 94.1% leased, representing an increase of 20 basis points sequentially and 80 basis points year-over-year.

• Repurchased 869,748 shares at a weighted average share price of $108.82 for approximately $95 million through October 9, 2026.

• Subsequent to quarter end, acquired The Summit, an 870,000-square-foot dominant retail center in Birmingham, AL, with a diverse mix of approximately 120 tenants for $508.0 million.

• Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per diluted share to $7.54 to $7.58, representing over 7% Core FFO growth at the midpoint year-over-year. “ This was a really powerful quarter from a company that uses all the tools in its toolbox to make its portfolio more and more valuable,” said Donald C. Wood, President and Chief Executive Officer of Federal Realty. “On the operating side, we delivered strong leasing with materially higher new rents, higher leased occupancy and healthy cash POI growth. On the capital allocation side, we stayed disciplined: share repurchases, incremental development on our existing land and an irreplaceable acquisition,” Mr. Wood continued. “The established skill sets of our team and the strength of our balance sheet were on full display this quarter. ” 3

For the third quarter of 2026, net income available for common shareholders was $64.2 million and earnings per diluted share was $0.74 versus $59.6 million and $0.69, respectively, for the third quarter of 2025. FFO Nareit FFO and Core FFO were each $163.0 million, or $1.87 per diluted share, for the third quarter of 2026, compared to $153.0 million, or $1.77 per diluted share, in the third quarter of 2025, a 5.6% per share increase. Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the company’s ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and a full definition of Core FFO.

Occupancy The following operational metrics for the commercial portfolio are as of September 30, 2026:

• Overall portfolio leased rate was 96.5%, up 40 basis points sequentially and up 110 basis points year-over-year.

• Small shop leased rate was 94.1%, up 20 basis points sequentially and up 80 basis points year-over-year.

The residential leased rate for comparable properties was 95.7% as of September 30, 2026. Leasing Activity

During the third quarter of 2026, Federal Realty signed 123 leases totaling 589,726 square feet of retail space. On a comparable space basis, the company signed 117 leases for 532,220 square feet at an average rent of $40.01 per square foot, compared to $35.07 under prior leases, representing a 14% increase on a cash basis and a 25% increase on a straight-line basis.

On a trailing twelve-month basis, Federal Realty signed 447 comparable leases totaling 2,601,255 square feet, representing 14% rent spreads on a cash basis and 25% on a straight-line basis. Transaction Activity • On October 1, 2026, the company acquired The Summit, Alabama's premier retail destination, an approximately 870,000-square-foot open-air property in Birmingham, AL, for $508.0 million. ◦ Acquired from the original developer, The Summit is a 100-acre property developed over more than 30 years. It is the most-visited retail destination in Alabama, drawing nearly 9 million visits annually from a trade area reaching 100 miles in every direction, according to Placer.ai.

◦ The tenant roster includes Apple, Trader Joe’s, RH, Nordstrom Rack, ALO, Sephora and North Italia, many of which operate their only Alabama location at the property. Recent commitments from Aritzia, Reformation and LoveShackFancy reinforce The Summit’s position as the entry point for retailers expanding into Alabama.

◦ Additional information is available in the Investors section of www.federalrealty.com , including the company’s October 1, 2026 press release and a detailed acquisition overview.* * The contents of Federal Realty’s website are not included in or incorporated by reference into this press release.

• On August 11, 2026, the company issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031, with net proceeds of approximately $451 million.

◦ The notes are initially exchangeable into common shares at approximately $138.54 per share.

◦ To offset potential share dilution from an exchange, the company used $21.7 million of the proceeds to purchase capped calls, which provide protection up to a share price of approximately $165.07, a 40% premium to the August 6, 2026 closing price. 4 ◦ See the company’s Form 8-K filed on August 11, 2026 for more detail.

• During the third quarter ended September 30, 2026, and year-to-date through October 9, 2026, the company repurchased and retired a total of 869,748 common shares for $94.7 million, at a weighted average purchase price per share of $108.82.

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.16 per common share, resulting in an indicated annual rate of $4.64 per common share. The regular common dividend will be payable on January 15, 2027 to common shareholders of record as of January 4, 2027. 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 January 15, 2027 to shareholders of record as of January 4, 2027 .

Federal Realty has tightened its 2026 earnings per diluted share guidance, and raised and tightened its Nareit FFO and Core FFO guidance, as summarized in the table below:

Full Year 2026 Guidance Revised Guidance Prior Guidance Net income available for common $4.23 to $4.27 $4.22 to $4.30 shareholders per diluted share Nareit FFO per diluted share $7.54 to $7.58 $7.48 to $7.56 Core FFO per diluted share $7.54 to $7.58 $7.48 to $7.56 Comparable Property POI Growth 3.375% to 3.625% 3.25% to 3.75% Adjusted Comparable Property POI 4.375% to 4.625% 4.00% to 4.50% Growth % Core FFO growth over the prior year 6.8% - 7.4% 5.9% - 7.1%

Federal Realty’s management team will present an in-depth discussion of Federal Realty’s operating performance on its third quarter 2026 earnings conference call, which is scheduled for Friday, October 30, 2026 at 9:00 AM ET. To participate, please call 833-821-4548 or 412-652-1258 prior to the call start time. 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 November 13, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10211075.

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose, and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 102 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 59 consecutive years, the longest record in the REIT industry. The company 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.

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 12, 2026 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 or to fill existing vacancy; 5 • risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;

• risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;

• risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;

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 12, 2026 and subsequent quarterly reports on Form 10-Q. 6

Federal Realty Investment Trust Consolidated Balance Sheets September 30, 2026 ────────────────────────────────────────────────────────────────────────────── September 30, December 31, 2026 2025 -in thousands, except share and per share data -unaudited ASSETS Real estate, at cost Operating (including $2,132,453 and $1,832,190 of consolidated $ 11,369,346 $ 11,265,167 variable interest entities, respectively) Construction-in… (including $47,661 and $28,418 of consolidated 382,154 374,735 variable interest entities, respectively) 11,751,500 11,639,902 Less accumulated depreciation and amortization (including $519,866 and $468,725 of -3,521,614 -3,351,881 consolidated variable interest entities, respectively) Net real estate 8,229,886 8,288,021 Cash and cash 109,728 107,415 equivalents Accounts and notes 269,791 249,755 receivable, net Mortgage notes — 9,091 receivable, net Investment in 32,370 31,881 partnerships Operating lease right of use 81,049 83,120 assets, net Finance lease right of use 6,246 6,410 assets, net Prepaid expenses 367,962 354,767 and other assets TOTAL ASSETS $ 9,097,032 $ 9,130,460 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Mortgages payable, net (including $169,228 and $194,176 of $ 496,694 $ 521,759 consolidated variable interest entities, respectively) Notes payable, 997,121 1,057,331 net Senior notes and 3,389,769 3,364,010 debentures, net Accounts payable and accrued 248,407 219,678 expenses Dividends 102,492 99,792 payable Security 33,552 31,548 deposits payable Operating lease 70,396 72,304 liabilities Finance lease 12,999 12,903 liabilities Other liabilities and 237,859 250,494 deferred credits Total 5,589,289 5,629,819 liabilities Commitments and contingencies Redeemable noncontrolling 188,478 181,655 interests Shareholders’ equity Preferred shares, authorized 15,000,000 shares, $0.01 par:

5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation 150,000 150,000 preference $25,000 per share), 6,000 shares issued and outstanding 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation 9,822 9,822 preference $25 per share), 392,878 shares issued and outstanding Common shares of beneficial interest, $0.01 par, 200,000,000 shares 870 869 authorized, 86,296,537 and 86,266,009 shares issued and outstanding, respectively Additional 4,292,652 4,310,365 paid-in capital Accumulated dividends in -1,215,383 -1,224,372 excess of net income Accumulated other 13,354 2,047 comprehensive income Total shareholders’ 3,251,315 3,248,731 equity of the Trust Noncontrolling 67,950 70,255 interests Total shareholders’ 3,319,265 3,318,986 equity TOTAL LIABILITIES AND $ 9,097,032 $ 9,130,460 SHAREHOLDERS’ EQUITY

(2) For the three and nine months ended September 30, 2026 and 2025, 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 are included in "weighted average number of common shares, diluted."

(3) The weighted average common shares used to compute Nareit and Core FFO per diluted common share includes downREIT operating partnership units that were excluded from the computation of diluted EPS for both the three months ended September 30, 2026 and 2025, and the nine months ended September 30, 2025. Conversion of these operating partnership units is dilutive in the computation of Nareit and Core FFO per diluted share for all periods presented. 9

(2) Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor.

(3) Amounts reflect the components of "net income attributable to noncontrolling interests," but exclude "income attributable to downREIT operating partnership units." 10

(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.

(3) Includes lease termination fees of $1.0 million and $1.9 million for the three months ended September 30, 2026 and 2025, respectively, and $9.7 million and $4.4 million for the nine months ended September 30, 2026 and 2025, respectively. 11

Feder… Realty Inves… Trust Compa… Prope… Infor… Septe… 30, 2026 The follo… infor… is being provi… for “Comp… Prope… Compa… Prope… repre… our conso… prope… portf… other than those prope… that disto… compa… betwe… perio… in two prima… categ… (1) assets that were not owned for the full quart… in both perio… prese… and (2) assets curre… under devel… or being repos… for signi… redev… and inves… The assets exclu… from Compa… Prope… in Q3 inclu… Bala Cynwyd on City Avenue resid… - Blayr, Frien… Cente… Gross… Cente… Pike & Rose Phase IV, Santa… West, Willow Grove Shopp… Cente… and all prope… acqui… dispo… of, or not conso… from Q3 2025 to Q3 2026. Compa… Prope… prope… opera… income ("Com… Prope… POI") and Adjus… Compa… Prope… POI are non-G… measu… used by manag… in evalu… the opera… perfo… of our prope… period over perio… Adjus… Compa… Prope… POI exclu… the impact of strai… rents and amort… of in-pl… leases from Compa… Prope… POI. ────────────────────────────────────────────────────────────────────────────── Recon… of GAAP opera… income to Compa… Prope… POI and Adjus… Compa… Prope… POI Three Months Ended Septem… 30, 2026 2025 -in thousa… Opera… $ 116,855 $ 110,668 income Add: Depre… and 100,260 94,277 amort… Gener… and 13,254 11,649 admin… Gain on sale -473 — of real estate Prope… opera… 229,896 216,594 income (POI) Less: Non-c… -9,272 -4,991 POI - acqui… Less: Non-c… POI - redev… -9,841 -5,993 devel… & other Compa… Prope… $ 210,783 $ 205,610 POI Less: Strai… -3,343 -5,828 rents Less: Amort… of -2,783 -3,011 in-pl… leases Adjus… Compa… $ 204,657 $ 196,771 Prope… POI Addit… infor… regar… the compo… of Compa… Prope… POI Three Months Ended Septem… % 30, 2026 2025 Change -in thousa… Minim… $ 229,474 $ 225,153 rents Cost 61,901 59,840 reimb… Other 15,365 14,767 (1) Colle… relat… -1,349 -813 impac… Total prope… 305,391 298,947 reven… Rental -58,109 -58,257 expen… Real estate -36,499 -35,080 taxes Total prope… -94,608 -93,337 expen… Compa… Prope… $ 210,783 $ 205,610 2.5% POI Adjus… Compa… $ 204,657 $ 196,771 4.0% Prope… POI Compa… Prope… - Summa… of Capit… Expen… (2) Three Months Ended Septem… 30, 2026 2025 -in thousa… Redev… and tenant $ 32,290 $ 32,150 impro… and incen… Maint… capit… 9,612 6,302 expen… $ 41,902 $ 38,452 Compa… Prope… - Occup… Stati… (2) As of Septem… 30, 2026 2025 GLA - compa… 26,168… 26,129… comme… prope… Leased % - compa… 96.5% 95.3% comme… prope… Occup… % - compa… 93.8% 93.6% comme… prope…

(1) Includes lease termination fees of $1.0 million and $1.9 million for the three months ended September 30, 2026 and 2025, respectively.

(2) See page 10for "Summary of Capital Expenditures" and page 25for portfolio occupancy statistics for our entire portfolio. 12

Federal Realty Invest… Trust Market Data, Debt Metric… and Senior Notes and Debent… Covena… Septem… 30, 2026 ────────────────────────────────────────────────────────────────────────────── Septemb… 30, 2026 2025 -in thousan… except per share data Market Data Common shares outstand… and 86,823 86,792 downREIT operating partners… units (1) Market price per $ 108.29 $ 101.31 common share Common equity market capitali… including $ 9,402,063 $ 8,792,898 downREIT operating partners… units Series C preferred 6 6 shares outstand… Liquidat… price per Series C $ 25,000 $ 25,000 preferred share Series C preferred equity $ 150,000 $ 150,000 market capitali… Series 1 preferred shares 393 393 outstand… (2) Liquidat… price per Series 1 $ 25.00 $ 25.00 preferred share Series 1 preferred equity $ 9,825 $ 9,825 market capitali… Equity market $ 9,561,888 $ 8,952,723 capitali… Total $ 4,883,584 $ 4,723,344 debt Less: cash and -109,728 -111,311 cash equivale… Total net $ 4,773,856 $ 4,612,033 debt (3) Total market $ 14,335,7… $ 13,564,7… capitali… Levera… and Liquid… Ratio Total net debt to market capitali… 33% 34% at market price per common share Senior Notes and Debent… Covena… (4) Debt Septemb… Covenant 30, 2026 Thresho… (5) Total Debt to 39% < 60% Total Assets Secured Debt to 4% < 40% Total Assets Consolid… Income to Annual 3.7x > 1.5x Debt Service Charge Unencumb… Assets to 252% > 150% Unsecured Debt

(1) Amounts include 526,408 and 526,915 downREIT operating partnership units outstanding at September 30, 2026 and 2025, respectively.

(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.

(4) The reference period for calculating these covenants is the most recent twelve months ended September 30, 2026.

(5) For a detailed description of the senior unsecured notes covenants and definitions of the terms, please refer to our filings with the Securities and Exchange Commission. 13

(1) Mortgages payable does not include our share of debt on our unconsolidated real estate partnerships. At September 30, 2026, our share of unconsolidated debt was approximately $61.7 million. At September 30, 2026, our noncontrolling interests' share of mortgages payable was $12.7 million.

(2) We have one one-year extension, at our option, to extend the maturity date of this mortgage loan to December 28, 2027.

(3) Our Azalea mortgage loan, revolving credit facility SOFR loans and our unsecured term loans bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. The interest rate on $450.0 million of our $750.0 million term loan is fixed at a weighted average interest rate of 4.17% through March 1, 2028 through interest rate swap agreements.

(4) We have two one-year extensions, at our option, to extend the maturity date of this mortgage loan to October 30, 2030.

(5) The interest rate on this mortgage loan is fixed at 3.67% through two interest rate swap agreements.

(6) The maximum amount drawn under our revolving credit facility during the three and nine months ended September 30, 2026 was $346.8 million and $699.5 million, respectively. The weighted average interest rate on borrowings under our credit facility, before amortization of debt fees, was 4.3% and 4.4% for the three and nine months ended September 30, 2026, respectively.

(7) 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 8.

(8) The weighted average effective interest rate excludes $1.1 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility. 14

(1) Our $200.0 million mortgage loan secured by Bethesda Row matures on December 28, 2026 plus one one-year extension, at our option to December 28, 2027.

(2) Our $750.0 million term loan matures on March 20, 2028, plus two one-year extensions at our option to March 20, 2030. Additionally, our $55.0 million mortgage loan secured by Azalea matures on October 30, 2028, plus two one-year extensions at our option to October 30, 2030.

(3) Our $1.4 billion revolving credit facility matures on April 12, 2030, plus two six-month extensions at our option to April 12, 2031. As of September 30, 2026, there was no balance outstanding under this facility.

(4) The total debt maturities differ from the total reported on the consolidated balance sheet due to the debt issuance costs and unamortized net premium/discount on certain mortgage loans, notes payable, and senior notes as of September 30, 2026. The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is approximately 5 years.

(5) The weighted average rate reflects the weighted average interest rate, as of September 30, 2026, on debt maturing in the respective year.

(6) The weighted average rate excludes $1.1 million in quarterly financing fees and quarterly debt fee amortization on our $1.4 billion revolving credit facility. 15

Fed… Rea… Inv… Tru… Sum… of Red… and Exp… Opp… Sep… 30, 2026 ────────────────────────────────────────────────────────────────────────────── The fol… red… opp… are act… bei… wor… on by the Tru… (1) Proj… Pro… Pro… Cost 2026 Pro… Loc… Oppo… ROI Cost to POI (2) (1) Date Deli… (2) -in -in -as a mil… mil… % of Total Pro… in pro… Deve… of a 369,… squa… San… San foot $325 West Jos… offi… 5% - - $315 75% - (3) CA buil… 6% $335 80% The buil… is fully leas… Deve… of a 262,… squa… foot Pike offi… & buil… Rose with - Nor… 10,0… $180 90% - 915 Bet… squa… 6 % - $182 95% Mee… MD feet $185 Str… of (3) reta… spac… The buil… is fully leas… Deve… of a new San… six-… Row San buil… $140 - Jos… with 6% - - $70 — Lot CA 258 7% $148 12 resi… units and asso… park… Demo… of 130,… squa… feet of exis… reta… to cons… a new six-… mixed use Wil… buil… $110 Wil… Gro… with 7 % - $28 — Gro… PA 261 $120 resi… unit… a 438 space park… stru… and an addi… 52,0… squa… feet of reta… space Demo… of two-… depa… store buil… to cons… a new six story buil… with 217 resi… Bala unit… Cyn… 19,0… on Bala squa… $90 - 10% - City Cyn… feet 7 % $95 $82 15% Ave… PA of - reta… Bla… and a two-… park… stru… with 234 park… stal… All resi… units deli… as of June 30, 2026. Deve… of a new five… 45-u… Hob… resi… - buil… 301 Hob… with 6% - $45 - $29 — Was… NJ 10,2… 7% $48 Str… squa… feet of grou… floor reta… spac… Pro… Pro… Cost Anti… Pro… Loc… Oppo… ROI Cost to Stab… (4) (1) Date (5) -in -in mil… mil… Mult… rede… of the prop… enco… 351,… squa… feet of anch… and small shop spac… focu… on revi… the nort… side Gro… La of 9% - Cen… Mes… the 10% $56 $10 2029 CA prop… while demo… the sout… port… of the prop… to allow for cons… of a new anch… buil… pre-… to Bass Pro Shop… Demo… of 31,5… squa… feet of anch… and small shop spac… to cons… a 50,0… squa… foot turn… buil… for Giant and rede… of 27,0… Phi… squa… 7% - And… PA feet 8% $30 $28 Stab… of vaca… small shop space at the north end of the prop… to cons… 10,4… squa… feet of small shop, and a 10,0… squa… foot anch… tena… Reco… of a 52,0… squa… foot San… San buil… Row Jos… for a 9 % $8 $1 2027 CA new lease with Life Time Fitn… New 3,600 squa… foot Ded… Ded… pad 10 % $3 $2 2027 Pla… MA buil… for a new rest… tena… Ongo… impr… at six prop… to Act… bett… Pro… posi… Imp… those 8% - $44 $30 Pro… prop… 16% (6) to capt… a disp… amou… of reta… dema…

(1) There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the ROI or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected returns on investment (ROI) and Projected Cost are management's best estimate based on current information and may change over time. Anticipated total cost, projected ROI, and projected POI delivered 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 mixed-use redevelopment/expansion projects reflects the unleveraged Property Operating Income (POI) generated by the project and is calculated as POI divided by cost. Projected POI delivered is an approximate calculation of the POI delivered or expected to be delivered and is calculated based on the Projected Cost and Projected ROI disclosed herewith and is based on the mid-point of the range, if applicable. Projected POI delivered includes straight line rent.

(3) Projected costs for Pike & Rose include an allocation of infrastructure costs for the entire project. Santana West includes an allocation of infrastructure for the Santana West site.

(4) Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental 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 generally 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 but may for certain property improvement projects.

(5) 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.

(6) Property improvement projects generally consist of façade renovations, site improvements, landscaping, improved outdoor amenity spaces, and other upgrades to improve the overall look and environment of the property. These projects improve overall tenant and customer experiences, improve market rents, drive leasing demand, and/or provide outdoor spaces critical to meeting the needs of the current environment. Returns on these projects are typically seen over one to five years, however, some projects could extend beyond that. Projected ROI range reflects management's best estimate of the long term expected return on cost of these investments. 16

Federal Realty Investment Trust Future Redevelopm… and Expansion Opportunit… September 30, 2026 ────────────────────────────────────────────────────────────────────────────── We have identified the following potential opportunit… to create future shareholder value. Executing these opportunit… could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these opportunit… 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 opportunit… that are most likely to lead to the creation of shareholder value over time. Redevelopme… Opportuniti… Property Location Expansion/C… Residential Mixed Use - (4) (5) Long Term Assembly Somerville, ü Row (1) MA Bala Cynwyd Bala Cynwyd, on City PA ü ü Avenue Barracks Charlottesv… ü ü Road VA Bethesda Bethesda, MD ü ü Row Camelback Phoenix, AZ ü ü Colonnade Chelsea Chelsea, MA ü Commons Congressio… North Rockville, ü Shopping MD Center Dedham Dedham, MA ü Plaza Del Monte Shopping Monterey, CA ü Center Escondido Escondido, ü Promenade CA Fairfax Fairfax, VA ü ü Junction Federal Rockville, ü Plaza MD Finley Downers ü Square Grove, IL Fresh Queens, NY ü Meadows Friendship Washington, ü ü Center DC Governor Glen Burnie, ü Plaza MD Grossmont La Mesa, CA ü Center Huntington Huntington, ü NY Huntington East Square Northport, ü NY Northeast Philadelphi… ü PA Pike & Rose North ü (2) Bethesda, MD Pike 7 Vienna, VA ü Plaza Providence Fairfax, VA ü ü Place Riverpoint Chicago, IL ü Center Santana Row San Jose, CA ü (3) Shops at Pembroke Pembroke Pines, FL ü Gardens The AVENUE White Marsh, at White MD ü Marsh Tower Springfield, Shopping VA ü Center Troy Hills Parsippany-… ü NJ Village at Arlington, ü Shirlington VA Village Omaha, NE ü Pointe Virginia Gainesville, ü Gateway VA Westgate San Jose, CA ü ü Center Willow Lawn Richmond, VA ü Wynnewood Wynnewood, ü ü PA

(1) Remaining entitlements at Assembly Row include approximately 1.5 million square feet of commercial-use buildings and 326 residential units.

(2) Remaining entitlements at Pike & Rose include approximately 530,000 square feet of commercial-use buildings and 741 residential units.

(3) Remaining entitlements at Santana Row include approximately 321,000 square feet of commercial space and 137 residential units, as well as approximately 604,000 square feet of commercial space across from Santana Row at Santana West.

(4) Property expansion/conversion includes opportunities at successful retail properties to convert previously underutilized land into new GLA, to convert other existing uses into more productive uses for the property, and/or to add both single tenant and multi-tenant stand-alone pad buildings.

(5) Residential includes opportunities to add residential units to existing retail and mixed-use properties. 17

Federal Realty Investment Trust Significant Transactions September 30, 2026 ─────────────────────────────────

(1) This retail building will be operated as part of our existing Kingstowne Towne Center property.

Sales Price Date Property City/State (in millions) ────────────────────────────────────────────────────────────────────────────── February 5, Santana Row San Jose, 2026 Residential (1 California $ 148.5 building) February 5, Courthouse Rockville, 10.0 2026 Center Maryland CocoWalk (1 Coconut Grove, May 8, 2026 retail Florida 8.1 building) May 21, 2026 Barcroft Plaza Falls Church, 58.0 Virginia August 19, North 2026 North Dartmouth Dartmouth, 2.4 Massachusetts

On April 14, 2026, we amended and restated our revolving credit facility, increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering the spread over SOFR to 72.5 basis points based on our current credit rating, and extending the maturity date to April 12, 2030, plus two six-month extensions at our option. In addition, we have an option to increase the credit facility through an accordion feature to $2.0 billion.

(1) Net proceeds after the initial purchaser’s discount and estimated offering costs were approximately $451 million, of which $21.7 million was used to pay the capped call premium. See our Form 8-K filing on August 11, 2026 for additional information on this transaction.

During the nine months ended September 30, 2026, we repaid the following debt, at par:

During the nine months ended September 30, 2026, we sold 493,374 common shares for gross proceeds of $61.1 million, at a gross share price of $123.92.

During the nine months ended September 30, 2026, and through October 9, 2026, we repurchased a total of 869,748 common shares for $94.7 million, at a weighted average purchase price per share of $108.82. 18

Notes: Represents the GLA and percentage leased of the commercial portion of the property. Some of our properties include office space which (1) is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage. (2) TBA indicates that a lease is signed. (3) All or a portion of this property is owned pursuant to a ground lease. (4) The Trust has a controlling financial interest in this property. All or a portion of the property is owned in a "downREIT" (5) partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units. (6) This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey. (7) This property includes CocoWalk and three buildings in Coconut Grove. (S) Shadow anchor located adjacent to the property, but is not part of the owned property.

Notes: Information reflects activity in retail spaces only for (1) consolidated properties; office and residential spaces are not included. See Glossary of Terms for further discussion of information included above. Comparable leases represent those leases signed on spaces for (2) which there was a former tenant. Contractual option exercises are not included unless they are fair market value options. (3) Contractual rent represents annual rent under the new lease. Prior rent represents contractual rent, including percentage rent (4) considered part of base rent, from the prior tenant in the final 12 months of the term. (5) Weighted average is determined on the basis of contractual rent for the lease. (6) See Glossary of Terms. Renewal leases represent expiring leases rolling over with the (7) same tenant in the same location. All other leases are categorized as new. (8) Option exercises reflect a fixed rate contractual option under the lease agreement that was exercised during the period reflected.

Notes: (1) Anchor is defined as a commercial tenant leasing 10,000 square feet or more. Minimum Rent reflects in-place contractual (defined as rents on a (2) cash-basis without taking the impacts of rent abatements into account) rent as of September 30, 2026. (3) Represents occupied square footage of the commercial portion of our portfolio as of September 30, 2026. (4) Individual items may not add up to total due to rounding.

Notes: (1) See Glossary of Terms. (2) Excludes redevelopment square footage and residential units not yet placed in service. (3) Prior periods are adjusted for the current comparable property pool. Excludes our new residential building at Bala Cynwyd on City Avenue called Blayr that opened in 1Q26 and currently is in the (4) process of being leased-up for the first time. If these units were included at September 30, 2026 and June 30, 2026, our total residential units would be 2,683 for both periods, and our percentage leased would be 94.7% and 93.9%, respectively.

Full Year 2026 Guidance 2026 Guidance (1) 2026 Prior Guidance Net income available for common $4.23 - $4.27 $4.22 - $4.30 shareholders per diluted share Nareit FFO per diluted $7.54 - $7.58 $7.48 - $7.56 share (2) Core FFO per diluted share $7.54 - $7.58 $7.48 - $7.56 (2) Comparable Property POI 3.375% - 3.625% 3.25% - 3.75% growth Adjusted Comparable 4.375% - 4.625% 4.00% - 4.50% Property POI growth Lease termination fees $10 - $11 million $10 - $11 million Incremental redevelopment/expansion $14.5 - $15.5 million $14.5 - $15.5 million POI (3) General and administrative $50.5 - $52.5 million $49 - $51 million expenses Development/redevelopment $175 - $200 million $175 - $225 million capital Capitalized interest $11 - $12 million $11 - $12 million

(1) Does not include the impact of acquisitions or dispositions other than those which have closed as of October 29, 2026. All amounts are estimates.

(2) The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:

Full Year 2026 Guidance Range Low High ────────────────────────────────────────────────────────────────────────────── Estimated net income available for $ 4.23 $ 4.27 common shareholders per diluted share Adjustments: Estimated gain on sale -1.31 -1.31 of real estate Estimated depreciation 4.62 4.62 and amortization Estimated Nareit FFO and Core FFO per $ 7.54 $ 7.58 diluted share See Glossary of Terms. Individual items may not add up to total due to rounding.

(3) Reflects the estimated additional POI to be recognized in the period indicated versus the prior year or prior year quarter period as applicable. Projects included in incremental redevelopment/expansion POI included Huntington Shopping Center, Santana West, Pike & Rose - 915 Meeting Street, and Bala Cynwyd on City Avenue - Blayr for all periods presented. See page 16for information on these projects and note 2 of page 16for the definition of POI. See also page 17 in our Form 8-K filed on February 12, 2026 related to Huntington Shopping Center.

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 change in control of interest, 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.

Nareit FFO is a supplemental measure of real estate companies' operating performance. 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, Nareit 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 Nareit 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 Nareit 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.

Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company’s ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company’s underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.

Property Operating Income: Total revenue less rental expenses and real estate taxes.

Overall Portfolio: Includes all consolidated 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 arm's-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold during the quarter or under contract to be sold. The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent considered to be part of base rent, and the comparable annual rent and in some instances, projections of 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 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.

Tenant Improvements and Incentives: Represents the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.

General: Property related statistics are for the consolidated property portfolio except where noted. 28

Full text with the tables

                                                                                
  FEDERAL REALTY                                                                
  INVESTMENT TRUST                                                              
  SUPPLEMENTAL                                                                  
  INFORMATION                                                                   
  September 30, 2026                                                            
 ────────────────────────────────────────────────────────────────────────────── 
  TABLE OF CONTENTS                                                             
                          Third Quarter 2026                                    
  1                       Earnings Press                                     3  
                          Release                                               
  2                       Financial Highlights                                  
                                                   Consolidated Income       7  
                                                   Statements                   
                                                   Consolidated Balance      8  
                                                   Sheets                       
                                                   Funds From Operations     9  
                                                   Other Supplemental       10  
                                                   Information                  
                                                   Components of Rental     11  
                                                   Income                       
                                                   Comparable Property      12  
                                                   Information                  
                                                   Market Data, Debt            
                                                   Metrics, and Senior      13  
                                                   Notes and Debentures         
                                                   Covenants                    
  3                       Summary of Debt                                       
                                                   Summary of               14  
                                                   Outstanding Debt             
                                                   Summary of Debt          15  
                                                   Maturities                   
                          Summary of                                            
  4                       Redevelopment and                                 16  
                          Expansion                                             
                          Opportunities                                         
                          Future Redevelopment                                  
  5                       and Expansion                                     17  
                          Opportunities                                         
  6                       Significant                                       18  
                          Transactions                                          
  7                       Real Estate Status                                19  
                          Report                                                
  8                       Retail Leasing                                    23  
                          Summary                                               
  9                       Lease Expirations                                 24  
  10                      Portfolio Leased                                  25  
                          Statistics                                            
  11                      Summary of Top 25                                 26  
                          Tenants                                               
  12                      2026 Guidance                                     27  
  13                      Glossary of Terms                                 28  
  909 Rose Avenue,                                                              
  Suite 200                                                                     
  North Bethesda,                                                               
  Maryland 20852                                                                
  301-998-8100                                                                  
                                                                                
                                       1                                        
                                                                                
  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 12, 2026, 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 or to fill existing vacancy;

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

• 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,
or if the costs of capital we obtain are significantly higher than historical
levels;

• risks associated with general economic conditions, including inflation,
tariffs, and local economic conditions in our geographic markets;

• 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 worldwide pandemics), and the measures that international, federal,
state and local governments, agencies, law enforcement and/or health authorities
implement to address them, may precipitate or materially exacerbate one or more
of the above-mentioned risks, and may 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 12, 2026 and subsequent quarterly reports on Form 10-Q.
                                       2                                        
                                                                                
  NEWS RELEASE                            www.federalrealty.com                 
  FOR IMMEDIATE RELEASE                                                         
  Investor Inquiries:                     Media Inquiries:                      
  Jill Sawyer                             Brenda Pomar                          
  Senior Vice President, Investor         Senior Director, Corporate            
  Relations                               Communications                        
  301.998.8265                            301.998.8316                          
  jsawyer@federalrealty.com               bpomar@federalrealty.com              
                                                                                
 Federal Realty Investment Trust Reports Strong Third Quarter 2026 Results and  
                                 Guidance Raise                                 
NORTH BETHESDA, Md. (October 30, 2026) – Federal Realty Investment Trust (NYSE:
FRT) today reported its results for the third quarter ended September 30, 2026.
For the three months ended September 30, 2026 and 2025, net income available for
common shareholders per diluted share was $0.74 and $0.69, respectively.
Operating income for the same periods was $116.9 million and $110.7 million,
respectively.

Highlights for the third quarter include:
• Generated Nareit-defined funds from operations available to common
shareholders (Nareit FFO) and Core funds from operations available to common
shareholders (Core FFO) per diluted share of $1.87 each for the quarter, a 5.6%
increase year-over-year.

• Signed 117 leases for 532,220 square feet of comparable retail space with rent
growth of 14% on a cash basis and 25% on a straight-line basis.

◦ On a trailing twelve-month basis, signed 447 leases for 2,601,255 square feet
of comparable retail space with rent growth of 14% on a cash basis and 25% on a
straight-line basis.

• Generated Comparable Property property operating income (“Comparable Property
POI”) growth of 2.5% and Adjusted Comparable Property POI growth (excluding
straight-line rents and amortization of in-place leases) of 4.0%.

• Reported overall portfolio occupancy of 93.8% and a leased rate of 96.5% at
quarter end, with:

◦ Occupancy flat and leased rate up 40 basis points sequentially.

◦ Occupancy flat and leased rate up 110 basis points year-over-year.

• Continued strong small shop leased rate, ending the quarter at 94.1% leased,
representing an increase of 20 basis points sequentially and 80 basis points
year-over-year.

• Issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031.

• Repurchased 869,748 shares at a weighted average share price of $108.82 for
approximately $95 million through October 9, 2026.

• Subsequent to quarter end, acquired The Summit, an 870,000-square-foot
dominant retail center in Birmingham, AL, with a diverse mix of approximately
120 tenants for $508.0 million.

• Tightened guidance for 2026 earnings per diluted share to $4.23 to $4.27.

• Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per
diluted share to $7.54 to $7.58, representing over 7% Core FFO growth at the
midpoint year-over-year.
“ This was a really powerful quarter from a company that uses all the tools in
its toolbox to make its portfolio more and more valuable,” said Donald C. Wood,
President and Chief Executive Officer of Federal Realty. “On the operating side,
we delivered strong leasing with materially higher new rents, higher leased
occupancy and healthy cash POI growth. On the capital allocation side, we stayed
disciplined: share repurchases, incremental development on our existing land and
an irreplaceable acquisition,” Mr. Wood continued. “The established skill sets
of our team and the strength of our balance sheet were on full display this
quarter. ”
                                       3                                        
                                                                                
  Financial Results                                                             
                                                                                
Net Incom e

For the third quarter of 2026, net income available for common shareholders was
$64.2 million and earnings per diluted share was $0.74 versus $59.6 million and
$0.69, respectively, for the third quarter of 2025.
FFO
Nareit FFO and Core FFO were each $163.0 million, or $1.87 per diluted share,
for the third quarter of 2026, compared to $153.0 million, or $1.77 per diluted
share, in the third quarter of 2025, a 5.6% per share increase.
Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers
meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO
to exclude the impact of certain items that management considers are not
indicative of the company’s ongoing operating and financial performance. See
attachments for a reconciliation of Nareit FFO and Core FFO and a full
definition of Core FFO.
                                                                                
  Operational Update                                                            
                                                                                
Occupancy
The following operational metrics for the commercial portfolio are as of
September 30, 2026:

• Overall portfolio occupancy was 93.8%, flat sequentially and year-over-year.

• Overall portfolio leased rate was 96.5%, up 40 basis points sequentially and
up 110 basis points year-over-year.

• Small shop leased rate was 94.1%, up 20 basis points sequentially and up 80
basis points year-over-year.

The residential leased rate for comparable properties was 95.7% as of September
30, 2026.
Leasing Activity

During the third quarter of 2026, Federal Realty signed 123 leases totaling
589,726 square feet of retail space. On a comparable space basis, the company
signed 117 leases for 532,220 square feet at an average rent of $40.01 per
square foot, compared to $35.07 under prior leases, representing a 14% increase
on a cash basis and a 25% increase on a straight-line basis.

On a trailing twelve-month basis, Federal Realty signed 447 comparable leases
totaling 2,601,255 square feet, representing 14% rent spreads on a cash basis
and 25% on a straight-line basis.
Transaction Activity
• On October 1, 2026, the company acquired The Summit, Alabama's premier retail
destination, an approximately 870,000-square-foot open-air property in
Birmingham, AL, for $508.0 million.
◦ Acquired from the original developer, The Summit is a 100-acre property
developed over more than 30 years. It is the most-visited retail destination in
Alabama, drawing nearly 9 million visits annually from a trade area reaching 100
miles in every direction, according to Placer.ai.

◦ The tenant roster includes Apple, Trader Joe’s, RH, Nordstrom Rack, ALO,
Sephora and North Italia, many of which operate their only Alabama location at
the property. Recent commitments from Aritzia, Reformation and LoveShackFancy
reinforce The Summit’s position as the entry point for retailers expanding into
Alabama.

◦ Additional information is available in the Investors section of
www.federalrealty.com , including the company’s October 1, 2026 press release
and a detailed acquisition overview.*
* The contents of Federal Realty’s website are not included in or incorporated
by reference into this press release.
                                                                                
  Financing Activity                                                            
                                                                                
• On August 11, 2026, the company issued $460.0 million of 3.50% exchangeable
senior notes due August 15, 2031, with net proceeds of approximately $451
million.

◦ The notes are initially exchangeable into common shares at approximately
$138.54 per share.

◦ To offset potential share dilution from an exchange, the company used $21.7
million of the proceeds to purchase capped calls, which provide protection up to
a share price of approximately $165.07, a 40% premium to the August 6, 2026
closing price.
                                       4                                        
◦ See the company’s Form 8-K filed on August 11, 2026 for more detail.

• During the third quarter ended September 30, 2026, and year-to-date through
October 9, 2026, the company repurchased and retired a total of 869,748 common
shares for $94.7 million, at a weighted average purchase price per share of
$108.82.
                                                                                
  Regular Quarterly Dividends                                                   
                                                                                
Federal Realty announced today that its Board of Trustees declared a regular
quarterly cash dividend of $1.16 per common share, resulting in an indicated
annual rate of $4.64 per common share. The regular common dividend will be
payable on January 15, 2027 to common shareholders of record as of January 4,
2027.
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 January 15,
2027 to shareholders of record as of January 4, 2027 .
                                                                                
  2026 Guidance                                                                 
                                                                                
Federal Realty has tightened its 2026 earnings per diluted share guidance, and
raised and tightened its Nareit FFO and Core FFO guidance, as summarized in the
table below:
                                                                                
  Full Year 2026 Guidance                   Revised Guidance    Prior Guidance  
  Net income available for common           $4.23 to $4.27      $4.22 to $4.30  
  shareholders per diluted share                                                
  Nareit FFO per diluted share              $7.54 to $7.58      $7.48 to $7.56  
  Core FFO per diluted share                $7.54 to $7.58      $7.48 to $7.56  
  Comparable Property POI Growth            3.375% to 3.625%    3.25% to 3.75%  
  Adjusted Comparable Property POI          4.375% to 4.625%    4.00% to 4.50%  
  Growth                                                                        
  % Core FFO growth over the prior year     6.8% - 7.4%         5.9% - 7.1%     
                                                                                
                                                                                
  Conference Call Information                                                   
                                                                                
Federal Realty’s management team will present an in-depth discussion of Federal
Realty’s operating performance on its third quarter 2026 earnings conference
call, which is scheduled for Friday, October 30, 2026 at 9:00 AM ET. To
participate, please call 833-821-4548 or 412-652-1258 prior to the call start
time. 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 November 13, 2026
by dialing 844-512-2921 or 412-317-6671; Passcode: 10211075.
                                                                                
  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 and select underserved regions with strong economic and
demographic fundamentals. Founded in 1962, Federal Realty's mission is to
deliver long-term, sustainable growth through investing in communities where
retail demand exceeds supply. This includes a portfolio of open-air shopping
centers and mixed-use destinations—such as Santana Row, Pike & Rose, and
Assembly Row—which together reflect the company's ability to create distinctive,
high-performing environments that serve as vibrant destinations for their
communities. Federal Realty's 102 properties include approximately 3,700 tenants
in 28.8 million commercial square feet, and approximately 2,700 residential
units.

Federal Realty has increased its quarterly dividends to its shareholders for 59
consecutive years, the longest record in the REIT industry. The company 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 12, 2026 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 or to fill existing vacancy;
                                       5                                        
• risks that we may not be able to proceed with or obtain necessary approvals
for any development, redevelopment or renovation project, and that completion of
anticipated or ongoing property development, redevelopment or renovation
projects that we do pursue may cost more, take more time to complete or fail to
perform as expected;

• 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,
or if the costs of capital we obtain are significantly higher than historical
levels;

• risks associated with general economic conditions, including inflation,
tariffs, and local economic conditions in our geographic markets;

• 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 worldwide pandemics), and the measures that international, federal,
state and local governments, agencies, law enforcement and/or health authorities
implement to address them, may precipitate or materially exacerbate one or more
of the above-mentioned risks, and may 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 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 12, 2026 and
subsequent quarterly reports on Form 10-Q.
                                       6                                        
                                                                                
  Fede…                                                                         
  Real…                                                                         
  Inve…                                                                         
  Trust                                                                         
  Cons…                                                                         
  Inco…                                                                         
  Stat…                                                                         
  Sept…                                                                         
  30,                                                                           
  2026                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
             Three                               Nine                           
            Months                             Months                           
             Ended                              Ended                           
           Septem…                             Septe…                           
               30,                                30,                           
              2026            2025               2026             2025          
               -in                                                              
           thousa…                                                              
            except                                                              
               per                                                              
             share                                                              
              data                                                              
           -unaud…                                                              
  REVE…                                                                         
  Rent…          $  329,6…       $  313,183         $  988,198       $  917,9…  
  inco…                                                                         
  Other                                                                         
  prop…              9,352            8,789             27,039          24,143  
  inco…                                                                         
  Mort…                                                                         
  inte…                 28              281                577             833  
  inco…                                                                         
  Total             339,0…          322,253            1,015,…          942,9…  
  reve…                                                                         
  EXPE…                                                                         
  Rent…             69,317           67,481            208,505          196,8…  
  expe…                                                                         
  Real                                                                          
  esta…             39,811           38,178            117,859          111,4…  
  taxes                                                                         
  Gene…                                                                         
  and               13,254           11,649             38,649          34,449  
  admi…                                                                         
  Depr…                                                                         
  and               100,2…           94,277            300,100          270,4…  
  amor…                                                                         
  Total                                                                         
  oper…             222,6…          211,585            665,113          613,2…  
  expe…                                                                         
  Gain                                                                          
  on                                                                            
  sale                 473                —            113,801          77,672  
  of                                                                            
  real                                                                          
  esta…                                                                         
  New                                                                           
  mark…                                                                         
  tax                    —                —                  —          14,176  
  cred…                                                                         
  tran…                                                                         
  inco…                                                                         
  OPER…             116,8…          110,668            464,502          421,5…  
  INCO…                                                                         
  OTHER                                                                         
  INCO…                                                                         
  Other                                                                         
  inte…              1,069              845              2,672           2,493  
  inco…                                                                         
  Inte…             -49,7…          -47,619            -148,8…          -134,…  
  expe…                                                                         
  Inco…                                                                         
  from                 801              605                298           1,687  
  part…                                                                         
  NET               68,985           64,499            318,608          291,0…  
  INCO…                                                                         
  Net                                                                           
  inco…                                                                         
  attr…             -2,816           -2,850             -7,638          -9,700  
  to                                                                            
  nonc…                                                                         
  inte…                                                                         
  NET                                                                           
  INCO…                                                                         
  ATTR…             66,169           61,649            310,970          281,3…  
  TO                                                                            
  THE                                                                           
  TRUST                                                                         
  Divi…                                                                         
  on                -2,008           -2,008             -6,024          -6,024  
  pref…                                                                         
  shar…                                                                         
  NET                                                                           
  INCO…                                                                         
  AVAI…          $  64,161       $   59,641         $  304,946       $  275,3…  
  FOR                                                                           
  COMM…                                                                         
  SHAR…                                                                         
  EARN…                                                                         
  PER                                                                           
  COMM…                                                                         
  SHAR…                                                                         
  BASIC                                                                         
  Net                                                                           
  inco…                                                                         
  avai…          $    0.74       $     0.69         $     3.52       $    3.20  
  for                                                                           
  comm…                                                                         
  shar…                                                                         
  Weig…                                                                         
  aver…                                                                         
  numb…             86,558           85,978             86,262          85,808  
  of                                                                            
  comm…                                                                         
  shar…                                                                         
  EARN…                                                                         
  PER                                                                           
  COMM…                                                                         
  SHAR…                                                                         
  DILU…                                                                         
  Net                                                                           
  inco…                                                                         
  avai…          $    0.74       $     0.69         $     3.52       $    3.20  
  for                                                                           
  comm…                                                                         
  shar…                                                                         
  Weig…                                                                         
  aver…                                                                         
  numb…             86,558           85,978             86,789          85,808  
  of                                                                            
  comm…                                                                         
  shar…                                                                         
                                                                                
                                       7                                        
                                                                                
  Federal Realty                                                                
  Investment Trust                                                              
  Consolidated                                                                  
  Balance Sheets                                                                
  September 30,                                                                 
  2026                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
                         September 30,                December 31,              
                                  2026                        2025              
                        -in thousands,                                          
                      except share and                                          
                        per share data                                          
                            -unaudited                                          
  ASSETS                                                                        
  Real estate, at                                                               
  cost                                                                          
  Operating                                                                     
  (including                                                                    
  $2,132,453 and                                                                
  $1,832,190 of                                                                 
  consolidated                       $  11,369,346               $  11,265,167  
  variable                                                                      
  interest                                                                      
  entities,                                                                     
  respectively)                                                                 
  Construction-in…                                                              
  (including                                                                    
  $47,661 and                                                                   
  $28,418 of                                                                    
  consolidated                             382,154                     374,735  
  variable                                                                      
  interest                                                                      
  entities,                                                                     
  respectively)                                                                 
                                        11,751,500                  11,639,902  
  Less accumulated                                                              
  depreciation and                                                              
  amortization                                                                  
  (including                                                                    
  $519,866 and                                                                  
  $468,725 of                           -3,521,614                  -3,351,881  
  consolidated                                                                  
  variable                                                                      
  interest                                                                      
  entities,                                                                     
  respectively)                                                                 
  Net real estate                        8,229,886                   8,288,021  
  Cash and cash                            109,728                     107,415  
  equivalents                                                                   
  Accounts and                                                                  
  notes                                    269,791                     249,755  
  receivable, net                                                               
  Mortgage notes                                 —                       9,091  
  receivable, net                                                               
  Investment in                             32,370                      31,881  
  partnerships                                                                  
  Operating lease                                                               
  right of use                              81,049                      83,120  
  assets, net                                                                   
  Finance lease                                                                 
  right of use                               6,246                       6,410  
  assets, net                                                                   
  Prepaid expenses                         367,962                     354,767  
  and other assets                                                              
  TOTAL ASSETS                       $   9,097,032               $   9,130,460  
  LIABILITIES AND                                                               
  SHAREHOLDERS’                                                                 
  EQUITY                                                                        
  Liabilities                                                                   
  Mortgages                                                                     
  payable, net                                                                  
  (including                                                                    
  $169,228 and                                                                  
  $194,176 of                        $     496,694               $     521,759  
  consolidated                                                                  
  variable                                                                      
  interest                                                                      
  entities,                                                                     
  respectively)                                                                 
  Notes payable,                           997,121                   1,057,331  
  net                                                                           
  Senior notes and                       3,389,769                   3,364,010  
  debentures, net                                                               
  Accounts payable                                                              
  and accrued                              248,407                     219,678  
  expenses                                                                      
  Dividends                                102,492                      99,792  
  payable                                                                       
  Security                                  33,552                      31,548  
  deposits payable                                                              
  Operating lease                           70,396                      72,304  
  liabilities                                                                   
  Finance lease                             12,999                      12,903  
  liabilities                                                                   
  Other                                                                         
  liabilities and                          237,859                     250,494  
  deferred credits                                                              
  Total                                  5,589,289                   5,629,819  
  liabilities                                                                   
  Commitments and                                                               
  contingencies                                                                 
  Redeemable                                                                    
  noncontrolling                           188,478                     181,655  
  interests                                                                     
  Shareholders’                                                                 
  equity                                                                        
  Preferred                                                                     
  shares,                                                                       
  authorized                                                                    
  15,000,000                                                                    
  shares, $0.01                                                                 
  par:                                                                          
                                                                                
  5.0% Series C                                                                 
  Cumulative                                                                    
  Redeemable                                                                    
  Preferred                                                                     
  Shares, (stated                                                               
  at liquidation                           150,000                     150,000  
  preference                                                                    
  $25,000 per                                                                   
  share), 6,000                                                                 
  shares issued                                                                 
  and outstanding                                                               
  5.417% Series 1                                                               
  Cumulative                                                                    
  Convertible                                                                   
  Preferred                                                                     
  Shares, (stated                                                               
  at liquidation                             9,822                       9,822  
  preference $25                                                                
  per share),                                                                   
  392,878                                                                       
  shares issued                                                                 
  and outstanding                                                               
  Common shares of                                                              
  beneficial                                                                    
  interest,                                                                     
  $0.01 par,                                                                    
  200,000,000                                                                   
  shares                                       870                         869  
  authorized,                                                                   
  86,296,537 and                                                                
  86,266,009                                                                    
  shares issued                                                                 
  and outstanding,                                                              
  respectively                                                                  
  Additional                             4,292,652                   4,310,365  
  paid-in capital                                                               
  Accumulated                                                                   
  dividends in                          -1,215,383                  -1,224,372  
  excess of net                                                                 
  income                                                                        
  Accumulated                                                                   
  other                                     13,354                       2,047  
  comprehensive                                                                 
  income                                                                        
  Total                                                                         
  shareholders’                          3,251,315                   3,248,731  
  equity of the                                                                 
  Trust                                                                         
  Noncontrolling                            67,950                      70,255  
  interests                                                                     
  Total                                                                         
  shareholders’                          3,319,265                   3,318,986  
  equity                                                                        
  TOTAL                                                                         
  LIABILITIES AND                    $   9,097,032               $   9,130,460  
  SHAREHOLDERS’                                                                 
  EQUITY                                                                        
                                                                                
                                       8                                        
                                                                                
  Fede…                                                                         
  Real…                                                                         
  Inve…                                                                         
  Trust                                                                         
  Funds                                                                         
  From                                                                          
  Oper…                                                                         
  Sept…                                                                         
  30,                                                                           
  2026                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
             Three                               Nine                           
            Months                             Months                           
             Ended                              Ended                           
           Septem…                             Septe…                           
               30,                                30,                           
              2026            2025               2026             2025          
               -in                                                              
           thousa…                                                              
            except                                                              
               per                                                              
             share                                                              
              data                                                              
  Nare…                                                                         
  Funds                                                                         
  from                                                                          
  Oper…                                                                         
  avai…                                                                         
  for                                                                           
  comm…                                                                         
  shar…                                                                         
  (Nar…                                                                         
  FFO)                                                                          
  (1)                                                                           
  Net            $  68,985       $   64,499         $  318,608       $  291,0…  
  inco…                                                                         
  Net                                                                           
  inco…                                                                         
  attr…             -2,816           -2,850             -7,638          -9,700  
  to                                                                            
  nonc…                                                                         
  inte…                                                                         
  Gain                                                                          
  on                                                                            
  sale                -473                —            -113,8…          -77,6…  
  of                                                                            
  real                                                                          
  esta…                                                                         
  Depr…                                                                         
  and                                                                           
  amor…                                                                         
  of                86,499           81,155            257,808          236,2…  
  real                                                                          
  esta…                                                                         
  asse…                                                                         
  Amor…                                                                         
  of                                                                            
  init…                                                                         
  dire…             12,628           12,029             38,888          30,464  
  costs                                                                         
  of                                                                            
  leas…                                                                         
  Funds                                                                         
  from              164,8…          154,833            493,865          470,3…  
  oper…                                                                         
  Divi…                                                                         
  on                                                                            
  pref…             -1,875           -1,875             -5,625          -5,625  
  shar…                                                                         
  (2)                                                                           
  Inco…                                                                         
  attr…                                                                         
  to                                                                            
  down…                610              596              1,801           1,868  
  oper…                                                                         
  part…                                                                         
  units                                                                         
  Inco…                                                                         
  attr…                                                                         
  to                  -563             -509             -1,698          -1,558  
  unve…                                                                         
  shar…                                                                         
  Nare…          $  162,9…       $  153,045         $  488,343       $  465,0…  
  FFO                                                                           
  Weig…                                                                         
  aver…                                                                         
  numb…                                                                         
  of                87,178           86,599             86,883          86,463  
  comm…                                                                         
  shar…                                                                         
  dilu…                                                                         
  (2)(…                                                                         
  Nare…                                                                         
  FFO                                                                           
  per            $    1.87       $     1.77         $     5.62       $    5.38  
  dilu…                                                                         
  share                                                                         
  (3)                                                                           
  Core                                                                          
  Funds                                                                         
  from                                                                          
  Oper…                                                                         
  (Core                                                                         
  FFO)                                                                          
  (1)                                                                           
  Nare…          $  162,9…       $  153,045         $  488,343       $  465,0…  
  FFO                                                                           
  Adju…                                                                         
  New                                                                           
  mark…                                                                         
  tax                                                                           
  cred…                  —                —                  —          -13,0…  
  tran…                                                                         
  inco…                                                                         
  net                                                                           
  Coll…                                                                         
  of                                                                            
  prior                                                                         
  peri…                  —              -73                  —            -209  
  rents                                                                         
  defe…                                                                         
  duri…                                                                         
  COVID                                                                         
  Core           $  162,9…       $  152,972         $  488,343       $  451,8…  
  FFO                                                                           
  Core                                                                          
  FFO                                                                           
  per            $    1.87       $     1.77         $     5.62       $    5.23  
  dilu…                                                                         
  share                                                                         
  (3)                                                                           
                                                                                
Notes:

(1) See Glossary of Terms.

(2) For the three and nine months ended September 30, 2026 and 2025, 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 are
included in "weighted average number of common shares, diluted."

(3) The weighted average common shares used to compute Nareit and Core FFO per
diluted common share includes downREIT operating partnership units that were
excluded from the computation of diluted EPS for both the three months ended
September 30, 2026 and 2025, and the nine months ended September 30, 2025.
Conversion of these operating partnership units is dilutive in the computation
of Nareit and Core FFO per diluted share for all periods presented.
                                       9                                        
                                                                                
  F…                                                                            
  R…                                                                            
  I…                                                                            
  T…                                                                            
  O…                                                                            
  S…                                                                            
  I…                                                                            
  S…                                                                            
  3…                                                                            
  2…                                                                            
 ────────────────────────────────────────────────────────────────────────────── 
        Thr…                                 Nine                               
        Mon…                                 Mon…                               
        End…                                 End…                               
        Sep…                                 Sep…                               
         30,                                  30,                               
        2026               20…               2026               20…             
         -in                                                                    
        tho…                                                                    
        exc…                                                                    
        rat…                                                                    
  E…                                                                            
  f…                                                                            
  R…                                                                            
  E…                                                                            
  (…                                                                            
  (…                                                                            
  N…       $  68…            $  64,…            $  31…            $  291…       
  i…                                                                            
  I…          49…               47,…               14…               134…       
  e…                                                                            
  O…                                                                            
  i…          -1…               -845               -2…               -2,…       
  i…                                                                            
  I…                                                                            
  t…          112                181               -59                218       
  (…                                                                            
  p…                                                                            
  D…                                                                            
  a…          10…               94,…               30…               270…       
  a…                                                                            
  G…                                                                            
  on                                                                            
  s…          -4…                  —               -1…               -77…       
  of                                                                            
  r…                                                                            
  e…                                                                            
  A…                                                                            
  of                                                                            
  E…          1,…               1,8…               5,…               5,4…       
  of                                                                            
  u…                                                                            
  a…                                                                            
  E…       $  21…            $  207…            $  65…            $  621…       
  R…                                                                            
  of                                                                            
  E…                                                                            
  to                                                                            
  c…                                                                            
  f…               3.9x               3.…               3.9x               4.…  
  c…                                                                            
  a…                                                                            
  p…                                                                            
  s…                                                                            
  d…                                                                            
  (…                                                                            
  D…                                                                            
  a…                                                                            
  P…                                                                            
  R…                                                                            
  R…                                                                            
  c…       $  10…            $  97,…            $  29…            $  287…       
  d…                                                                            
  d…                                                                            
  D…                                                                            
  p…                                                                            
  r…                                                                            
  as                                                                            
  a                61%                64%                61%               62%  
  p…                                                                            
  of                                                                            
  N…                                                                            
  F…                                                                            
  S…                                                                            
  of                                                                            
  C…                                                                            
  E…                                                                            
  N…                                                                            
  c…                                                                            
  e…                                                                            
  D…                                                                            
  r…       $  54…            $  47,…            $       133…      $        12…  
  a…                                                                            
  e…                                                                            
  T…                                                                            
  i…          21…               15,…                    64,…               58…  
  a…                                                                            
  i…                                                                            
  T…                                                                            
  n…          76…               63,…                    198…               18…  
  c…                                                                            
  e…                                                                            
  M…                                                                            
  c…          9,…               6,8…                    19,…               17…  
  e…                                                                            
  T…                                                                            
  c…       $  85…            $  70,…            $       218…      $        20…  
  e…                                                                            
  O…                                                                            
  I…                                                                            
  L…       $  4,…            $  4,2…            $       16,…      $        17…  
  c…                                                                            
  S…                                                                            
  c…       $  3,…            $  3,4…            $       11,…      $        10…  
  e…                                                                            
  (…                                                                            
  N…                                                                            
  I…                                                                            
  S…                                                                            
  I…                                                                            
  (…                                                                            
  P…                                                                            
  o…       $  3,…            $  3,4…            $       9,7…      $        10…  
  i…                                                                            
  (…                                                                            
  N…                                                                            
  m…                                                                            
  t…            —                  —                       —               1,…  
  c…                                                                            
  t…                                                                            
  i…                                                                            
  D…                                                                            
  a…          -1…               -1,…                    -3,…               -3…  
  a…                                                                            
  I…          -1…               -152                    -470               -4…  
  e…                                                                            
  N…       $  2,…            $  2,2…            $       5,8…      $        7,…  
  i…                                                                            
                                                                                
Notes:

(1) See Glossary of Terms.

(2) Fixed charges consist of interest on borrowed funds and finance leases
(including capitalized interest), amortization of debt discount/premium and debt
costs, and the portion of rent expense representing an interest factor.

(3) Amounts reflect the components of "net income attributable to noncontrolling
interests," but exclude "income attributable to downREIT operating partnership
units."
                                       10                                       
                                                                                
  Fede…                                                                         
  Real…                                                                         
  Inve…                                                                         
  Trust                                                                         
  Comp…                                                                         
  of                                                                            
  Rent…                                                                         
  Inco…                                                                         
  Sept…                                                                         
  30,                                                                           
  2026                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
  Comp…                                                                         
  of         Three                               Nine                           
  Rent…     Months                             Months                           
  Inco…      Ended                              Ended                           
  (1)                                                                           
           Septem…                             Septe…                           
               30,                                30,                           
              2026            2025               2026             2025          
               -in                                                              
           thousa…                                                              
  Mini…                                                                         
  rents                                                                         
  (2)                                                                           
  Comm…          $  228,3…       $  214,568         $  679,528       $  626,2…  
  Resi…             23,141           25,844             67,541          79,118  
  Cost              68,879           63,447            205,198          185,9…  
  reim…                                                                         
  Perc…              4,947            4,429             14,286          12,237  
  rents                                                                         
  Other                                                                         
  lease              5,904            6,209             23,919          16,986  
  rela…                                                                         
  (3)                                                                           
  Coll…                                                                         
  rela…             -1,581           -1,314             -2,274          -2,610  
  impa…                                                                         
  Total                                                                         
  rent…          $  329,6…       $  313,183         $  988,198       $  917,9…  
  inco…                                                                         
                                                                                
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 include the following:
                                                                                
               Three                                                            
               Months                                                           
               Ended                            Nine                            
               September                        Months                          
               30,                              Ended                           
               2026                             September                       
               (in                              30,                             
               millions)           2025         2026                2025        
 ────────────────────────────────────────────────────────────────────────────── 
  Straight…    $            6.8    $     7.7    $           22.5    $     21.5  
  rents                                                                         
  Amortiza…                                                                     
  of           $            3.4    $     3.1    $           11.2    $     10.2  
  in-place                                                                      
  leases                                                                        
                                                                                
(3) Includes lease termination fees of $1.0 million and $1.9 million for the
three months ended September 30, 2026 and 2025, respectively, and $9.7 million
and $4.4 million for the nine months ended September 30, 2026 and 2025,
respectively.
                                       11                                       
                                                                                
  Feder…                                                                        
  Realty                                                                        
  Inves…                                                                        
  Trust                                                                         
  Compa…                                                                        
  Prope…                                                                        
  Infor…                                                                        
  Septe…                                                                        
  30,                                                                           
  2026                                                                          
  The                                                                           
  follo…                                                                        
  infor…                                                                        
  is                                                                            
  being                                                                         
  provi…                                                                        
  for                                                                           
  “Comp…                                                                        
  Prope…                                                                        
  Compa…                                                                        
  Prope…                                                                        
  repre…                                                                        
  our                                                                           
  conso…                                                                        
  prope…                                                                        
  portf…                                                                        
  other                                                                         
  than                                                                          
  those                                                                         
  prope…                                                                        
  that                                                                          
  disto…                                                                        
  compa…                                                                        
  betwe…                                                                        
  perio…                                                                        
  in two                                                                        
  prima…                                                                        
  categ…                                                                        
  (1)                                                                           
  assets                                                                        
  that                                                                          
  were                                                                          
  not                                                                           
  owned                                                                         
  for                                                                           
  the                                                                           
  full                                                                          
  quart…                                                                        
  in                                                                            
  both                                                                          
  perio…                                                                        
  prese…                                                                        
  and                                                                           
  (2)                                                                           
  assets                                                                        
  curre…                                                                        
  under                                                                         
  devel…                                                                        
  or                                                                            
  being                                                                         
  repos…                                                                        
  for                                                                           
  signi…                                                                        
  redev…                                                                        
  and                                                                           
  inves…                                                                        
  The                                                                           
  assets                                                                        
  exclu…                                                                        
  from                                                                          
  Compa…                                                                        
  Prope…                                                                        
  in Q3                                                                         
  inclu…                                                                        
  Bala                                                                          
  Cynwyd                                                                        
  on                                                                            
  City                                                                          
  Avenue                                                                        
  resid…                                                                        
  -                                                                             
  Blayr,                                                                        
  Frien…                                                                        
  Cente…                                                                        
  Gross…                                                                        
  Cente…                                                                        
  Pike &                                                                        
  Rose                                                                          
  Phase                                                                         
  IV,                                                                           
  Santa…                                                                        
  West,                                                                         
  Willow                                                                        
  Grove                                                                         
  Shopp…                                                                        
  Cente…                                                                        
  and                                                                           
  all                                                                           
  prope…                                                                        
  acqui…                                                                        
  dispo…                                                                        
  of, or                                                                        
  not                                                                           
  conso…                                                                        
  from                                                                          
  Q3                                                                            
  2025                                                                          
  to Q3                                                                         
  2026.                                                                         
  Compa…                                                                        
  Prope…                                                                        
  prope…                                                                        
  opera…                                                                        
  income                                                                        
  ("Com…                                                                        
  Prope…                                                                        
  POI")                                                                         
  and                                                                           
  Adjus…                                                                        
  Compa…                                                                        
  Prope…                                                                        
  POI                                                                           
  are                                                                           
  non-G…                                                                        
  measu…                                                                        
  used                                                                          
  by                                                                            
  manag…                                                                        
  in                                                                            
  evalu…                                                                        
  the                                                                           
  opera…                                                                        
  perfo…                                                                        
  of our                                                                        
  prope…                                                                        
  period                                                                        
  over                                                                          
  perio…                                                                        
  Adjus…                                                                        
  Compa…                                                                        
  Prope…                                                                        
  POI                                                                           
  exclu…                                                                        
  the                                                                           
  impact                                                                        
  of                                                                            
  strai…                                                                        
  rents                                                                         
  and                                                                           
  amort…                                                                        
  of                                                                            
  in-pl…                                                                        
  leases                                                                        
  from                                                                          
  Compa…                                                                        
  Prope…                                                                        
  POI.                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
  Recon…                                                                        
  of                                                                            
  GAAP                                                                          
  opera…                                                                        
  income                                                                        
  to                                                                            
  Compa…                                                                        
  Prope…                                                                        
  POI                                                                           
  and                                                                           
  Adjus…                                                                        
  Compa…                                                                        
  Prope…                                                                        
  POI                                                                           
            Three                                                               
            Months                                                              
            Ended                                                               
            Septem…                                                             
            30,                                                                 
                       2026                       2025                          
            -in                                                                 
            thousa…                                                             
  Opera…                  $  116,855                 $  110,668                 
  income                                                                        
  Add:                                                                          
  Depre…                                                                        
  and                        100,260                     94,277                 
  amort…                                                                        
  Gener…                                                                        
  and                         13,254                     11,649                 
  admin…                                                                        
  Gain                                                                          
  on                                                                            
  sale                          -473                          —                 
  of                                                                            
  real                                                                          
  estate                                                                        
  Prope…                                                                        
  opera…                     229,896                    216,594                 
  income                                                                        
  (POI)                                                                         
  Less:                                                                         
  Non-c…                      -9,272                     -4,991                 
  POI -                                                                         
  acqui…                                                                        
  Less:                                                                         
  Non-c…                                                                        
  POI -                                                                         
  redev…                      -9,841                     -5,993                 
  devel…                                                                        
  &                                                                             
  other                                                                         
  Compa…                                                                        
  Prope…                  $  210,783                 $  205,610                 
  POI                                                                           
  Less:                                                                         
  Strai…                      -3,343                     -5,828                 
  rents                                                                         
  Less:                                                                         
  Amort…                                                                        
  of                          -2,783                     -3,011                 
  in-pl…                                                                        
  leases                                                                        
  Adjus…                                                                        
  Compa…                  $  204,657                 $  196,771                 
  Prope…                                                                        
  POI                                                                           
  Addit…                                                                        
  infor…                                                                        
  regar…                                                                        
  the                                                                           
  compo…                                                                        
  of                                                                            
  Compa…                                                                        
  Prope…                                                                        
  POI                                                                           
            Three                                                               
            Months                                                              
            Ended                                                               
            Septem…                          %                                  
            30,                                                                 
                       2026                       2025                  Change  
            -in                                                                 
            thousa…                                                             
  Minim…                  $  229,474                 $  225,153                 
  rents                                                                         
  Cost                        61,901                     59,840                 
  reimb…                                                                        
  Other                       15,365                     14,767                 
  (1)                                                                           
  Colle…                                                                        
  relat…                      -1,349                       -813                 
  impac…                                                                        
  Total                                                                         
  prope…                     305,391                    298,947                 
  reven…                                                                        
  Rental                     -58,109                    -58,257                 
  expen…                                                                        
  Real                                                                          
  estate                     -36,499                    -35,080                 
  taxes                                                                         
  Total                                                                         
  prope…                     -94,608                    -93,337                 
  expen…                                                                        
  Compa…                                                                        
  Prope…                  $  210,783                 $  205,610         2.5%    
  POI                                                                           
  Adjus…                                                                        
  Compa…                  $  204,657                 $  196,771         4.0%    
  Prope…                                                                        
  POI                                                                           
  Compa…                                                                        
  Prope…                                                                        
  -                                                                             
  Summa…                                                                        
  of                                                                            
  Capit…                                                                        
  Expen…                                                                        
  (2)                                                                           
            Three                                                               
            Months                                                              
            Ended                                                               
            Septem…                                                             
            30,                                                                 
                       2026                       2025                          
            -in                                                                 
            thousa…                                                             
  Redev…                                                                        
  and                                                                           
  tenant                  $   32,290                 $   32,150                 
  impro…                                                                        
  and                                                                           
  incen…                                                                        
  Maint…                                                                        
  capit…                       9,612                      6,302                 
  expen…                                                                        
                          $   41,902                 $   38,452                 
  Compa…                                                                        
  Prope…                                                                        
  -                                                                             
  Occup…                                                                        
  Stati…                                                                        
  (2)                                                                           
            As of                                                               
            Septem…                                                             
            30,                                                                 
                       2026                       2025                          
  GLA -                                                                         
  compa…                     26,168…                    26,129…                 
  comme…                                                                        
  prope…                                                                        
  Leased                                                                        
  % -                                                                           
  compa…                              96.5%                      95.3%          
  comme…                                                                        
  prope…                                                                        
  Occup…                                                                        
  % -                                                                           
  compa…                              93.8%                      93.6%          
  comme…                                                                        
  prope…                                                                        
                                                                                
Notes:

(1) Includes lease termination fees of $1.0 million and $1.9 million for the
three months ended September 30, 2026 and 2025, respectively.

(2) See page 10for "Summary of Capital Expenditures" and page 25for portfolio
occupancy statistics for our entire portfolio.
                                       12                                       
                                                                                
  Federal                                                                       
  Realty                                                                        
  Invest…                                                                       
  Trust                                                                         
  Market                                                                        
  Data,                                                                         
  Debt                                                                          
  Metric…                                                                       
  and                                                                           
  Senior                                                                        
  Notes                                                                         
  and                                                                           
  Debent…                                                                       
  Covena…                                                                       
  Septem…                                                                       
  30,                                                                           
  2026                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
                          Septemb…                                              
                               30,                                              
                              2026                        2025                  
                               -in                                              
                          thousan…                                              
                            except                                              
                               per                                              
                             share                                              
                              data                                              
  Market                                                                        
  Data                                                                          
             Common                                                             
             shares                                                             
             outstand…                                                          
             and                       86,823                      86,792       
             downREIT                                                           
             operating                                                          
             partners…                                                          
             units (1)                                                          
             Market                                                             
             price per           $     108.29                $     101.31       
             common                                                             
             share                                                              
             Common                                                             
             equity                                                             
             market                                                             
             capitali…                                                          
             including           $  9,402,063                $  8,792,898       
             downREIT                                                           
             operating                                                          
             partners…                                                          
             units                                                              
             Series C                                                           
             preferred                      6                           6       
             shares                                                             
             outstand…                                                          
             Liquidat…                                                          
             price per                                                          
             Series C            $     25,000                $     25,000       
             preferred                                                          
             share                                                              
             Series C                                                           
             preferred                                                          
             equity              $    150,000                $    150,000       
             market                                                             
             capitali…                                                          
             Series 1                                                           
             preferred                                                          
             shares                       393                         393       
             outstand…                                                          
             (2)                                                                
             Liquidat…                                                          
             price per                                                          
             Series 1            $      25.00                $      25.00       
             preferred                                                          
             share                                                              
             Series 1                                                           
             preferred                                                          
             equity              $      9,825                $      9,825       
             market                                                             
             capitali…                                                          
             Equity                                                             
             market              $  9,561,888                $  8,952,723       
             capitali…                                                          
             Total               $  4,883,584                $  4,723,344       
             debt                                                               
             Less:                                                              
             cash and                -109,728                    -111,311       
             cash                                                               
             equivale…                                                          
             Total net           $  4,773,856                $  4,612,033       
             debt (3)                                                           
             Total                                                              
             market              $  14,335,7…                $  13,564,7…       
             capitali…                                                          
  Levera…                                                                       
  and                                                                           
  Liquid…                                                                       
  Ratio                                                                         
             Total net                                                          
             debt to                                                            
             market                                                             
             capitali…                         33%                         34%  
             at market                                                          
             price per                                                          
             common                                                             
             share                                                              
  Senior                                                                        
  Notes                                                                         
  and                                                                           
  Debent…                                                                       
  Covena…                                                                       
  (4)                                                                           
                                                          Debt                  
                          Septemb…                    Covenant                  
                          30, 2026                    Thresho…                  
                                                           (5)                  
             Total                                                              
             Debt to           39%                       < 60%                  
             Total                                                              
             Assets                                                             
             Secured                                                            
             Debt to            4%                       < 40%                  
             Total                                                              
             Assets                                                             
             Consolid…                                                          
             Income to                                                          
             Annual           3.7x                      > 1.5x                  
             Debt                                                               
             Service                                                            
             Charge                                                             
             Unencumb…                                                          
             Assets to        252%                      > 150%                  
             Unsecured                                                          
             Debt                                                               
                                                                                
Notes:

(1) Amounts include 526,408 and 526,915 downREIT operating partnership units
outstanding at September 30, 2026 and 2025, 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.

(4) The reference period for calculating these covenants is the most recent
twelve months ended September 30, 2026.

(5) For a detailed description of the senior unsecured notes covenants and
definitions of the terms, please refer to our filings with the Securities and
Exchange Commission.
                                       13                                       
                                                                                
  Fede…                                                                         
  Real…                                                                         
  Inve…                                                                         
  Trust                                                                         
  Summ…                                                                         
  of                                                                            
  Outs…                                                                         
  Debt               As of                                                      
  Sept…              Septe…                                                     
  30,                30,                                                        
  2026               2026                                                       
 ────────────────────────────────────────────────────────────────────────────── 
                                                                  Weigh…        
                     Stated    Stated                             avera…        
                     matur…    inter…    Balan…                   effec…        
                     date      rate                               rate          
                                                                  (7)           
                                         -in                                    
                                         thous…                                 
  Mort…                                                                         
  paya…                                                                         
  (1)                                                                           
                     Decem…                                                     
           Bethe…    28,       SOFR +    $       200,…                          
           Row       2026      0.95%                                            
                     (2)                                                        
           Plaza     June                                                       
           El        5,        3.83%             125,…                          
           Segun…    2027                                                       
           The                                                                  
           Grove     Septe…                                                     
           at        1,        3.77%             43,6…                          
           Shrew…    2027                                                       
           (East)                                                               
                     Octob…                                                     
           Azalea    30,       SOFR +            55,0…                          
           (3)       2028      0.85%                                            
                     (4)                                                        
           Brook     July                                                       
           35        1,        4.65%             11,5…                          
                     2029                                                       
           Hobok…    Decem…    SOFR +                                           
           (24       15,       1.95%             49,3…                          
           Build…    2029      (5)                                              
           Vario…    Vario…    4.88%                                            
           Hobok…    throu…    to                10,4…                          
           (4        2029      5.76%                                            
           Build…                                                               
                     Janua…                                                     
           Chels…    15,       5.36%             2,679                          
                     2031                                                       
           Subto…                                497,…                          
           Net                                                                  
           unamo…                                                               
           debt                                                                 
           issua…                                 -894                          
           costs                                                                
           and                                                                  
           disco…                                                               
           Total                                                                
           mortg…                                496,…            4.42%         
           payab…                                                               
           net                                                                  
  Notes                                                                         
  paya…                                                                         
           $750                                                                 
           milli…    March     SOFR +                                           
           term      20,       0.85%             750,…                          
           loan      2028                                                       
           (3)                                                                  
           Revol…    April                                                      
           credit    12,       SOFR +                —                          
           facil…    2030      0.725%                                           
           (3)(6)                                                               
           $250                                                                 
           milli…    Janua…    SOFR +                                           
           term      31,       0.85%             250,…                          
           loan      2031                                                       
           (3)                                                                  
                     Vario…                                                     
           Vario…    throu…    Vario…            1,055                          
                     2059                                                       
           Subto…                                1,00…                          
           Net                                                                  
           unamo…                                                               
           debt                                  -3,9…                          
           issua…                                                               
           costs                                                                
           Total                                                                
           notes                                 997,…            4.69%     -8  
           payab…                                                               
           net                                                                  
  Seni…                                                                         
  notes                                                                         
  and                                                                           
  debe…                                                                         
           Unsec…                                                               
           fixed                                                                
           rate                                                                 
           3.25%     July                                                       
           notes     15,       3.25%             475,…                          
                     2027                                                       
           6.82%     August                                                     
           medium    1,        6.82%             40,0…                          
           term      2027                                                       
           notes                                                                
           5.375%    May 1,    5.375%            350,…                          
           notes     2028                                                       
           3.25%     Janua…                                                     
           excha…    15,       3.25%             485,…                          
           notes     2029                                                       
           3.20%     June                                                       
           notes     15,       3.20%             400,…                          
                     2029                                                       
           3.50%     June                                                       
           notes     1,        3.50%             400,…                          
                     2030                                                       
           3.50%     August                                                     
           excha…    15,       3.50%             460,…                          
           notes     2031                                                       
           4.50%     Decem…                                                     
           notes     1,        4.50%             550,…                          
                     2044                                                       
           3.625%    August                                                     
           notes     1,        3.625%            250,…                          
                     2046                                                       
           Subto…                                3,41…                          
           Net                                                                  
           unamo…                                                               
           debt                                                                 
           issua…                                -20,…                          
           costs                                                                
           and                                                                  
           premi…                                                               
           Total                                                                
           senior                                                               
           notes                                 3,38…            4.02%         
           and                                                                  
           deben…                                                               
           net                                                                  
           Total                                                                
           debt,                         $       4,88…                          
           net                                                                  
  Total                                                                         
  fixed                                                                         
  rate                                   $       4,08…    84%     4.06%         
  debt,                                                                         
  net                                                                           
  Total                                                                         
  vari…                                                                         
  rate                                           802,…    16%     4.90%     -8  
  debt,                                                                         
  net                                                                           
  Total                                                                         
  debt,                                  $       4,88…    100%    4.20%     -8  
  net                                                                           
                                                                                
Notes:

(1) Mortgages payable does not include our share of debt on our unconsolidated
real estate partnerships. At September 30, 2026, our share of unconsolidated
debt was approximately $61.7 million. At September 30, 2026, our noncontrolling
interests' share of mortgages payable was $12.7 million.

(2) We have one one-year extension, at our option, to extend the maturity date
of this mortgage loan to December 28, 2027.

(3) Our Azalea mortgage loan, revolving credit facility SOFR loans and our
unsecured term loans bear interest at Daily Simple SOFR, as defined in the
respective credit agreements, plus a spread, based on our current credit rating.
The interest rate on $450.0 million of our $750.0 million term loan is fixed at
a weighted average interest rate of 4.17% through March 1, 2028 through interest
rate swap agreements.

(4) We have two one-year extensions, at our option, to extend the maturity date
of this mortgage loan to October 30, 2030.

(5) The interest rate on this mortgage loan is fixed at 3.67% through two
interest rate swap agreements.

(6) The maximum amount drawn under our revolving credit facility during the
three and nine months ended September 30, 2026 was $346.8 million and $699.5
million, respectively. The weighted average interest rate on borrowings under
our credit facility, before amortization of debt fees, was 4.3% and 4.4% for the
three and nine months ended September 30, 2026, respectively.

(7) 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 8.

(8) The weighted average effective interest rate excludes $1.1 million in
quarterly financing fees and quarterly debt fee amortization on our revolving
credit facility.
                                       14                                       
                                                                                
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
 ────────────────────────────────────────────────────────────────────────────── 
                                                  Pe…           We…             
  …    S…        M…              To…              of            Av…             
       A…                                         De…           Ra…             
                                                  Ma…           (5)             
       -…                                                                       
       t…                                                                       
  …    $   6…    $    —          $    6…                —  %          —  %      
  …        2…        8…    -1         8…               1…  %         4…  %      
  …        2…        3…               3…               7…  %         5…  %      
  …        2…        9…               9…               1…  %         3…  %      
  …        6…        1…    -2         1…               2…  %         4…  %      
  …        59        7…    -3         7…               1…  %         4…  %  -6  
  …         —         —                —                —  %          —  %      
  …         —         —                —                —  %          —  %      
  …         —         —                —                —  %          —  %      
  …         —         —                —                —  %          —  %      
  …         —        8…               8…               1…  %         4…  %      
  …    $   8…    $   4…          $    4…    -4         1…  %                    
                                                                                
Notes:

The above table assumes all extension options are exercised.

(1) Our $200.0 million mortgage loan secured by Bethesda Row matures on December
28, 2026 plus one one-year extension, at our option to December 28, 2027.

(2) Our $750.0 million term loan matures on March 20, 2028, plus two one-year
extensions at our option to March 20, 2030. Additionally, our $55.0 million
mortgage loan secured by Azalea matures on October 30, 2028, plus two one-year
extensions at our option to October 30, 2030.

(3) Our $1.4 billion revolving credit facility matures on April 12, 2030, plus
two six-month extensions at our option to April 12, 2031. As of September 30,
2026, there was no balance outstanding under this facility.

(4) The total debt maturities differ from the total reported on the consolidated
balance sheet due to the debt issuance costs and unamortized net
premium/discount on certain mortgage loans, notes payable, and senior notes as
of September 30, 2026. The weighted average remaining term on our mortgages
payable, notes payable, and senior notes and debentures is approximately 5
years.

(5) The weighted average rate reflects the weighted average interest rate, as of
September 30, 2026, on debt maturing in the respective year.

(6) The weighted average rate excludes $1.1 million in quarterly financing fees
and quarterly debt fee amortization on our $1.4 billion revolving credit
facility.
                                       15                                       
                                                                                
  Fed…                                                                          
  Rea…                                                                          
  Inv…                                                                          
  Tru…                                                                          
  Sum…                                                                          
  of                                                                            
  Red…                                                                          
  and                                                                           
  Exp…                                                                          
  Opp…                                                                          
  Sep…                                                                          
  30,                                                                           
  2026                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
  The                                                                           
  fol…                                                                          
  red…                                                                          
  opp…                                                                          
  are                                                                           
  act…                                                                          
  bei…                                                                          
  wor…                                                                          
  on                                                                            
  by                                                                            
  the                                                                           
  Tru…                                                                          
  (1)                                                                           
                                                                         Proj…  
                           Pro…             Pro…           Cost           2026  
  Pro…    Loc…    Oppo…    ROI              Cost           to              POI  
                           (2)              (1)            Date          Deli…  
                                                                           (2)  
                                            -in            -in           -as a  
                                            mil…           mil…           % of  
                                                                         Total  
  Pro…                                                                          
  in                                                                            
  pro…                                                                          
                  Deve…                                                         
                  of a                                                          
                  369,…                                                         
                  squa…                                                         
  San…    San     foot                               $325                       
  West    Jos…    offi…              5% -               -          $315  75% -  
  (3)     CA      buil…              6%              $335                  80%  
                  The                                                           
                  buil…                                                         
                  is                                                            
                  fully                                                         
                  leas…                                                         
                  Deve…                                                         
                  of a                                                          
                  262,…                                                         
                  squa…                                                         
                  foot                                                          
  Pike            offi…                                                         
  &               buil…                                                         
  Rose            with                                                          
  -       Nor…    10,0…                              $180                90% -  
  915     Bet…    squa…           6  %                  -          $182    95%  
  Mee…    MD      feet                               $185                       
  Str…            of                                                            
  (3)             reta…                                                         
                  spac…                                                         
                  The                                                           
                  buil…                                                         
                  is                                                            
                  fully                                                         
                  leas…                                                         
                  Deve…                                                         
                  of a                                                          
                  new                                                           
  San…            six-…                                                         
  Row     San     buil…                              $140                       
  -       Jos…    with               6% -               -           $70      —  
  Lot     CA      258                7%              $148                       
  12              resi…                                                         
                  units                                                         
                  and                                                           
                  asso…                                                         
                  park…                                                         
                  Demo…                                                         
                  of                                                            
                  130,…                                                         
                  squa…                                                         
                  feet                                                          
                  of                                                            
                  exis…                                                         
                  reta…                                                         
                  to                                                            
                  cons…                                                         
                  a new                                                         
                  six-…                                                         
                  mixed                                                         
                  use                                                           
          Wil…    buil…                              $110                       
  Wil…    Gro…    with            7  %                  -           $28      —  
  Gro…    PA      261                                $120                       
                  resi…                                                         
                  unit…                                                         
                  a 438                                                         
                  space                                                         
                  park…                                                         
                  stru…                                                         
                  and                                                           
                  an                                                            
                  addi…                                                         
                  52,0…                                                         
                  squa…                                                         
                  feet                                                          
                  of                                                            
                  reta…                                                         
                  space                                                         
                  Demo…                                                         
                  of                                                            
                  two-…                                                         
                  depa…                                                         
                  store                                                         
                  buil…                                                         
                  to                                                            
                  cons…                                                         
                  a new                                                         
                  six                                                           
                  story                                                         
                  buil…                                                         
                  with                                                          
                  217                                                           
                  resi…                                                         
  Bala            unit…                                                         
  Cyn…            19,0…                                                         
  on      Bala    squa…                             $90 -                10% -  
  City    Cyn…    feet            7  %                $95           $82    15%  
  Ave…    PA      of                                                            
  -               reta…                                                         
  Bla…            and a                                                         
                  two-…                                                         
                  park…                                                         
                  stru…                                                         
                  with                                                          
                  234                                                           
                  park…                                                         
                  stal…                                                         
                  All                                                           
                  resi…                                                         
                  units                                                         
                  deli…                                                         
                  as of                                                         
                  June                                                          
                  30,                                                           
                  2026.                                                         
                  Deve…                                                         
                  of a                                                          
                  new                                                           
                  five…                                                         
                  45-u…                                                         
  Hob…            resi…                                                         
  -               buil…                                                         
  301     Hob…    with               6% -           $45 -           $29      —  
  Was…    NJ      10,2…              7%               $48                       
  Str…            squa…                                                         
                  feet                                                          
                  of                                                            
                  grou…                                                         
                  floor                                                         
                  reta…                                                         
                  spac…                                                         
                           Pro…             Pro…           Cost          Anti…  
  Pro…    Loc…    Oppo…    ROI              Cost           to            Stab…  
                           (4)              (1)            Date            (5)  
                                            -in            -in                  
                                            mil…           mil…                 
                  Mult…                                                         
                  rede…                                                         
                  of                                                            
                  the                                                           
                  prop…                                                         
                  enco…                                                         
                  351,…                                                         
                  squa…                                                         
                  feet                                                          
                  of                                                            
                  anch…                                                         
                  and                                                           
                  small                                                         
                  shop                                                          
                  spac…                                                         
                  focu…                                                         
                  on                                                            
                  revi…                                                         
                  the                                                           
                  nort…                                                         
                  side                                                          
  Gro…    La      of                 9% -                                       
  Cen…    Mes…    the                10%              $56           $10   2029  
          CA      prop…                                                         
                  while                                                         
                  demo…                                                         
                  the                                                           
                  sout…                                                         
                  port…                                                         
                  of                                                            
                  the                                                           
                  prop…                                                         
                  to                                                            
                  allow                                                         
                  for                                                           
                  cons…                                                         
                  of a                                                          
                  new                                                           
                  anch…                                                         
                  buil…                                                         
                  pre-…                                                         
                  to                                                            
                  Bass                                                          
                  Pro                                                           
                  Shop…                                                         
                  Demo…                                                         
                  of                                                            
                  31,5…                                                         
                  squa…                                                         
                  feet                                                          
                  of                                                            
                  anch…                                                         
                  and                                                           
                  small                                                         
                  shop                                                          
                  spac…                                                         
                  to                                                            
                  cons…                                                         
                  a                                                             
                  50,0…                                                         
                  squa…                                                         
                  foot                                                          
                  turn…                                                         
                  buil…                                                         
                  for                                                           
                  Giant                                                         
                  and                                                           
                  rede…                                                         
                  of                                                            
                  27,0…                                                         
          Phi…    squa…              7% -                                       
  And…    PA      feet               8%               $30           $28  Stab…  
                  of                                                            
                  vaca…                                                         
                  small                                                         
                  shop                                                          
                  space                                                         
                  at                                                            
                  the                                                           
                  north                                                         
                  end                                                           
                  of                                                            
                  the                                                           
                  prop…                                                         
                  to                                                            
                  cons…                                                         
                  10,4…                                                         
                  squa…                                                         
                  feet                                                          
                  of                                                            
                  small                                                         
                  shop,                                                         
                  and a                                                         
                  10,0…                                                         
                  squa…                                                         
                  foot                                                          
                  anch…                                                         
                  tena…                                                         
                  Reco…                                                         
                  of a                                                          
                  52,0…                                                         
                  squa…                                                         
                  foot                                                          
  San…    San     buil…                                                         
  Row     Jos…    for a           9  %                 $8            $1   2027  
          CA      new                                                           
                  lease                                                         
                  with                                                          
                  Life                                                          
                  Time                                                          
                  Fitn…                                                         
                  New                                                           
                  3,600                                                         
                  squa…                                                         
                  foot                                                          
  Ded…    Ded…    pad            10  %                 $3            $2   2027  
  Pla…    MA      buil…                                                         
                  for a                                                         
                  new                                                           
                  rest…                                                         
                  tena…                                                         
                  Ongo…                                                         
                  impr…                                                         
                  at                                                            
                  six                                                           
                  prop…                                                         
                  to                                                            
  Act…            bett…                                                         
  Pro…            posi…                                                         
  Imp…            those              8% -             $44           $30         
  Pro…            prop…              16%                                        
  (6)             to                                                            
                  capt…                                                         
                  a                                                             
                  disp…                                                         
                  amou…                                                         
                  of                                                            
                  reta…                                                         
                  dema…                                                         
                                                                                
Notes:

(1) There is no guarantee that the Trust will ultimately complete any or all of
these opportunities, that the ROI or Projected Costs will be the amounts shown
or that stabilization will occur as anticipated. The projected returns on
investment (ROI) and Projected Cost are management's best estimate based on
current information and may change over time. Anticipated total cost, projected
ROI, and projected POI delivered 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 mixed-use redevelopment/expansion projects reflects the
unleveraged Property Operating Income (POI) generated by the project and is
calculated as POI divided by cost. Projected POI delivered is an approximate
calculation of the POI delivered or expected to be delivered and is calculated
based on the Projected Cost and Projected ROI disclosed herewith and is based on
the mid-point of the range, if applicable. Projected POI delivered includes
straight line rent.

(3) Projected costs for Pike & Rose include an allocation of infrastructure
costs for the entire project. Santana West includes an allocation of
infrastructure for the Santana West site.

(4) Projected ROI for redevelopment projects generally reflects only the deal
specific cash, unleveraged incremental 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 generally 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 but may for certain property improvement
projects.

(5) 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.

(6) Property improvement projects generally consist of façade renovations, site
improvements, landscaping, improved outdoor amenity spaces, and other upgrades
to improve the overall look and environment of the property. These projects
improve overall tenant and customer experiences, improve market rents, drive
leasing demand, and/or provide outdoor spaces critical to meeting the needs of
the current environment. Returns on these projects are typically seen over one
to five years, however, some projects could extend beyond that. Projected ROI
range reflects management's best estimate of the long term expected return on
cost of these investments.
                                       16                                       
                                                                                
  Federal                                                                       
  Realty                                                                        
  Investment                                                                    
  Trust                                                                         
  Future                                                                        
  Redevelopm…                                                                   
  and                                                                           
  Expansion                                                                     
  Opportunit…                                                                   
  September                                                                     
  30, 2026                                                                      
 ────────────────────────────────────────────────────────────────────────────── 
  We have                                                                       
  identified                                                                    
  the                                                                           
  following                                                                     
  potential                                                                     
  opportunit…                                                                   
  to create                                                                     
  future                                                                        
  shareholder                                                                   
  value.                                                                        
  Executing                                                                     
  these                                                                         
  opportunit…                                                                   
  could be                                                                      
  subject to                                                                    
  government                                                                    
  approvals,                                                                    
  tenant                                                                        
  consents,                                                                     
  market                                                                        
  conditions,                                                                   
  etc. Work                                                                     
  on many of                                                                    
  these                                                                         
  opportunit…                                                                   
  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                                                                         
  opportunit…                                                                   
  that are                                                                      
  most likely                                                                   
  to                                                                            
  lead to the                                                                   
  creation of                                                                   
  shareholder                                                                   
  value over                                                                    
  time.                                                                         
                                 Redevelopme…                                   
                                 Opportuniti…                                   
  Property       Location        Expansion/C…    Residential      Mixed Use -   
                                 (4)             (5)              Long Term     
  Assembly       Somerville,                                      ü             
  Row (1)        MA                                                             
  Bala Cynwyd    Bala Cynwyd,                                                   
  on City        PA              ü               ü                              
  Avenue                                                                        
  Barracks       Charlottesv…    ü               ü                              
  Road           VA                                                             
  Bethesda       Bethesda, MD    ü               ü                              
  Row                                                                           
  Camelback      Phoenix, AZ     ü               ü                              
  Colonnade                                                                     
  Chelsea        Chelsea, MA     ü                                              
  Commons                                                                       
  Congressio…                                                                   
  North          Rockville,                      ü                              
  Shopping       MD                                                             
  Center                                                                        
  Dedham         Dedham, MA      ü                                              
  Plaza                                                                         
  Del Monte                                                                     
  Shopping       Monterey, CA                    ü                              
  Center                                                                        
  Escondido      Escondido,      ü                                              
  Promenade      CA                                                             
  Fairfax        Fairfax, VA     ü               ü                              
  Junction                                                                      
  Federal        Rockville,                      ü                              
  Plaza          MD                                                             
  Finley         Downers         ü                                              
  Square         Grove, IL                                                      
  Fresh          Queens, NY      ü                                              
  Meadows                                                                       
  Friendship     Washington,     ü               ü                              
  Center         DC                                                             
  Governor       Glen Burnie,    ü                                              
  Plaza          MD                                                             
  Grossmont      La Mesa, CA     ü                                              
  Center                                                                        
  Huntington     Huntington,                     ü                              
                 NY                                                             
  Huntington     East                                                           
  Square         Northport,      ü                                              
                 NY                                                             
  Northeast      Philadelphi…    ü                                              
                 PA                                                             
  Pike & Rose    North                                            ü             
  (2)            Bethesda, MD                                                   
  Pike 7         Vienna, VA                                       ü             
  Plaza                                                                         
  Providence     Fairfax, VA     ü               ü                              
  Place                                                                         
  Riverpoint     Chicago, IL     ü                                              
  Center                                                                        
  Santana Row    San Jose, CA                                     ü             
  (3)                                                                           
  Shops at       Pembroke                                                       
  Pembroke       Pines, FL                       ü                              
  Gardens                                                                       
  The AVENUE     White Marsh,                                                   
  at White       MD                              ü                              
  Marsh                                                                         
  Tower          Springfield,                                                   
  Shopping       VA              ü                                              
  Center                                                                        
  Troy Hills     Parsippany-…    ü                                              
                 NJ                                                             
  Village at     Arlington,                      ü                              
  Shirlington    VA                                                             
  Village        Omaha, NE       ü                                              
  Pointe                                                                        
  Virginia       Gainesville,    ü                                              
  Gateway        VA                                                             
  Westgate       San Jose, CA    ü               ü                              
  Center                                                                        
  Willow Lawn    Richmond, VA                    ü                              
  Wynnewood      Wynnewood,      ü               ü                              
                 PA                                                             
                                                                                
Notes:

(1) Remaining entitlements at Assembly Row include approximately 1.5 million
square feet of commercial-use buildings and 326 residential units.

(2) Remaining entitlements at Pike & Rose include approximately 530,000 square
feet of commercial-use buildings and 741 residential units.

(3) Remaining entitlements at Santana Row include approximately 321,000 square
feet of commercial space and 137 residential units, as well as approximately
604,000 square feet of commercial space across from Santana Row at Santana West.

(4) Property expansion/conversion includes opportunities at successful retail
properties to convert previously underutilized land into new GLA, to convert
other existing uses into more productive uses for the property, and/or to add
both single tenant and multi-tenant stand-alone pad buildings.

(5) Residential includes opportunities to add residential units to existing
retail and mixed-use properties.
                                       17                                       
                                   
  Federal Realty Investment Trust  
  Significant Transactions         
  September 30, 2026               
 ───────────────────────────────── 
                                   
Property Acquisitions
                                                                                
                                  GLA                 Acquis…                   
                                  (in                 Price                     
                                  square              (in               Princ…  
  Date      Proper…    City/S…    feet)               millio…           Tenan…  
 ────────────────────────────────────────────────────────────────────────────── 
                                                                        Aldi /  
                                                                        Micha…  
  March     Congre…                                                     / RH    
  12,       North      Rockvi…             217,000    $         72.3    Outlet  
  2026      Shoppi…    Maryla…                                          /       
            Center                                                      Petco   
                                                                        /       
                                                                        Stapl…  
            Kingst…                                                     Regal   
  April     Towne      Alexan…                                          Cinem…  
  17,       Center     Virgin…              88,000              19.7    /       
  2026      (1)                                                         Multi…  
                                                                        resta…  
                                                                        Trader  
                                                                        Joe's   
                                                                        /       
  Octob…    The        Birmin…                                          Apple   
  1,        Summit     Alabama             870,000             508.0    / RH /  
  2026                                                                  Nords…  
                                                                        Rack /  
                                                                        ALO /   
                                                                        Sepho…  
                                                                                
(1) This retail building will be operated as part of our existing Kingstowne
Towne Center property.

Property Dispositions
                                                                                
                                                          Sales Price           
  Date              Property           City/State         (in millions)         
 ────────────────────────────────────────────────────────────────────────────── 
  February 5,       Santana Row        San Jose,                                
  2026              Residential (1     California         $              148.5  
                    building)                                                   
  February 5,       Courthouse         Rockville,                         10.0  
  2026              Center             Maryland                                 
                    CocoWalk (1        Coconut Grove,                           
  May 8, 2026       retail             Florida                             8.1  
                    building)                                                   
  May 21, 2026      Barcroft Plaza     Falls Church,                      58.0  
                                       Virginia                                 
  August 19,                           North                                    
  2026              North Dartmouth    Dartmouth,                          2.4  
                                       Massachusetts                            
                                                                                
                                                                                
  Financing Transactions                                                        
                                                                                
                                                                                
  Revolving Credit Facility                                                     
                                                                                
On April 14, 2026, we amended and restated our revolving credit facility,
increasing the borrowing capacity from $1.25 billion to $1.4 billion, lowering
the spread over SOFR to 72.5 basis points based on our current credit rating,
and extending the maturity date to April 12, 2030, plus two six-month extensions
at our option. In addition, we have an option to increase the credit facility
through an accordion feature to $2.0 billion.
                                                                                
  Issuance of Debt                                                              
                                                                                
                                                                                
                       Princi…                                                  
                       Amount            Stated                                 
  Issua…               (in               Intere…             Maturi…            
  Date      Debt       millio…           Rate                Date               
 ────────────────────────────────────────────────────────────────────────────── 
            3.50%                                                               
  August    Exchan…                                                     August  
  11,       Senior     $        460.0             3.50  %               15,     
  2026      Notes                                                       2031    
            (1)                                                                 
                                                                                
(1) Net proceeds after the initial purchaser’s discount and estimated offering
costs were approximately $451 million, of which $21.7 million was used to pay
the capped call premium. See our Form 8-K filing on August 11, 2026 for
additional information on this transaction.
                                                                                
  Repayment of Debt                                                             
                                                                                
During the nine months ended September 30, 2026, we repaid the following debt,
at par:
                                                                             
                                                       Payoff Amount         
  Repayment Date(s)    Debt                            (in millions)         
 ─────────────────────────────────────────────────────────────────────────── 
  February 17, 2026    1.25% Senior Notes              $              400.0  
  March/July 2026      Eight Hoboken mortgage loans                    12.6  
  July 30, 2026        Bell Gardens mortgage loan                      10.7  
  August 17, 2026      7.48% Debentures                                29.2  
                                                                             
                                                                                
  Issuance of Common Shares                                                     
                                                                                
During the nine months ended September 30, 2026, we sold 493,374 common shares
for gross proceeds of $61.1 million, at a gross share price of $123.92.
                                                                                
  Repurchase of Common Shares                                                   
                                                                                
During the nine months ended September 30, 2026, and through October 9, 2026, we
repurchased a total of 869,748 common shares for $94.7 million, at a weighted
average purchase price per share of $108.82.
                                       18                                       
                                                                                
                                                                                
 ────────────────────────────────────────────────────────────────────────────── 
                     …                       %                …        …    O…  
           …         …       …       …       …          R…    …        …    R…  
           …         …               …       …          U…    …        …    T…  
                     …                                                          
                     …                                                          
                     …                                                          
                                                                                
                                                                            A…  
                                                                            /   
                                                                            A…  
                                                                            /   
      …    …            …       …       …       …  %    1…       4…    …    S…  
           …                                                           …    /   
                                                                            E…  
                                                                            /   
                                                                            M…  
                                                                            R…  
           …                                                           …    C…  
           …            …       …       …       …  %             5…    …    /   
                                                                            S…  
                                                                            S…  
      …    …            …       9       …       …  %             3…    …    /   
           …                                                                M…  
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                                                                            /   
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                                                                            D…  
                                                                            f…  
                                                                            L…  
           …            …       1       …       …  %                        M…  
           …                                                                    
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                                                                            /   
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           …            …       …       …       …  %                        L…  
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           …                                                           …    O…  
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                                                                            /   
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                                                                            /   
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                                                                            /   
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                …                                                               
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                                                                            /   
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                                       19                                       
                                                                                
                                                                                
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           …            1…       32       4…       97  %         1…    /    R…  
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           …            2…        3       7…       82  %                    C…  
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                                                                            /   
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                                                                            24  
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      …    …            1…        4       4…       98  %               …    M…  
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           …            8…        9       1…       96  %         4…    …    /   
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                                                                       …    24  
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                                       20                                       
                                                                                
                                                                                
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                                       21                                       
                                                                                
                                                                                
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                     …                          %                G…    …    O…  
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           …            1…       41       3…       99  %                    /   
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                                                                            A…  
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           …            1…       67       4…       99  %         1…    /    /   
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                                                                            /   
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                …       5…       1…       1…       99  %                        
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                                                                            /   
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           …            3…       14       1…       96  %                    /   
                                                                            B…  
                                                                            /   
                                                                            F…  
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                                                                            /   
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           …            4…       21       2…       93  %                    /   
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                                                                            /   
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           …            1…       11       1…       1…  %         6…    …    W…  
                                                                       …        
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           …            1…       17       2…       98  %         8…    …    /   
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                …       2…       63       7…       96  %                        
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                                                                            /   
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           …            8…       40       4…       97  %         1…    …    N…  
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                                                                            /   
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           …            2…       20       2…       85  %         6…    …    /   
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                                                                            D…  
                                                                            F…  
      …    …            8…       11       1…       95  %         7…    …    A…  
           …                                                           …        
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      …    …            8…       18       3…       87  %                    /   
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                                                                            C…  
                                                                            &   
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                                                                            /   
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                                                                            /   
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                                                                            /   
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           …            2…       59       5…       98  %         1…    …    /   
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                                                                            /   
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                                                                            of  
                                                                            S…  
                                                                            (…  
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           …                                                                /   
           …            4…       15       1…       95  %                    D…  
                                                                            /   
                                                                            S…  
                                                                            N…  
                                                                            R…  
                                                                            /   
                                                                            B…  
                                                                            B…  
                                                                            /   
           …            1…       48       4…       1…  %                    A…  
           …                                                                /   
                                                                            S…  
                                                                            /   
                                                                            l…  
                                                                            /   
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                                                                            (…  
                                                                            O…  
                                                                            N…  
                                                                            /   
                                                                            R…  
                                                                            D…  
                                                                            f…  
                                                                            L…  
           …            1…       37       4…       98  %         6…    …    /   
           …                                                                G…  
                                                                            G…  
                                                                            /   
                                                                            D…  
                                                                            S…  
                                                                            G…  
                                                                            /   
                                                                            U…  
                …       9…       2…       3…       97  %                        
                …                                                               
                     $  1…       2…       2…       97  %    …                   
                                                                                
                                                                                
  Notes:                                                                        
            Represents the GLA and percentage leased of the commercial portion  
            of the property. Some of our properties include office space which  
  (1)       is included in this square footage. Excludes newly created          
            redevelopment square footage not yet in service, as well as         
            residential and hotel square footage.                               
  (2)       TBA indicates that a lease is signed.                               
  (3)       All or a portion of this property is owned pursuant to a ground     
            lease.                                                              
  (4)       The Trust has a controlling financial interest in this property.    
            All or a portion of the property is owned in a "downREIT"           
  (5)       partnership, of which a wholly owned subsidiary of the Trust is     
            the sole general partner, with third party partners holding         
            operating partnership units.                                        
  (6)       This property includes 40 buildings primarily along Washington      
            Street and 14th Street in Hoboken, New Jersey.                      
  (7)       This property includes CocoWalk and three buildings in Coconut      
            Grove.                                                              
  (S)       Shadow anchor located adjacent to the property, but is not part of  
            the owned property.                                                 
                                                                                
                                       22                                       
                                                                                
                                                                                
 ────────────────────────────────────────────────────────────────────────────── 
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
  Notes:                                                                        
            Information reflects activity in retail spaces only for             
  (1)       consolidated properties; office and residential spaces are not      
            included. See Glossary of Terms for further discussion of           
            information included above.                                         
            Comparable leases represent those leases signed on spaces for       
  (2)       which there was a former tenant. Contractual option exercises are   
            not included unless they are fair market value options.             
  (3)       Contractual rent represents annual rent under the new lease.        
            Prior rent represents contractual rent, including percentage rent   
  (4)       considered part of base rent, from the prior tenant in the final    
            12 months of the term.                                              
  (5)       Weighted average is determined on the basis of contractual rent     
            for the lease.                                                      
  (6)       See Glossary of Terms.                                              
            Renewal leases represent expiring leases rolling over with the      
  (7)       same tenant in the same location. All other leases are categorized  
            as new.                                                             
  (8)       Option exercises reflect a fixed rate contractual option under the  
            lease agreement that was exercised during the period reflected.     
                                                                                
                                       23                                       
                                                                                
                                                                                
 ────────────────────────────────────────────────────────────────────────────── 
                                                                                
         …                        …                                             
         …                        …                        …                    
         …                        …                                             
                 %        …               %        …               %       …    
         …       …        …       …       …        …       …       …       …    
         …       …        …       …       …        …       …       …       …    
                 …        …               …        …       …       …       …    
                                          …                                     
      …     …       0  %     …       …       3  %     …       …       1         
      …     …       6  %     …       …       9  %     …       …       7         
      …     …       …  %     …       …       …  %     …       …       …         
      …     …       …  %     …       …       …  %     …       …       …         
      …     …       …  %     …       …       …  %     …       …       …         
      …     …       8  %     …       …       …  %     …       …       …         
      …     …       …  %     …       …       …  %     …       …       …         
      …     …       6  %     …       …       7  %     …       …       6         
      …     …       5  %     …       …       6  %     …       …       5         
      …     …       8  %     …       …       5  %     …       …       7         
      …     …       …  %     …       …       8  %     …       …       …         
      …                                                                         
      …     …       …  %     …       …       …  %     …       …       …         
      …                                                                         
                                                                                
         …                        …                                             
         …                        …                        …                    
         …                        …                                             
                 %        …               %        …               %       …    
         …       …        …       …       …        …       …       …       …    
         …       …        …       …       …        …       …       …       …    
                 …        …               …        …       …       …       …    
                                          …                                     
      …     …       0  %     …       …       3  %     …       …       1         
      …     …       3  %     …       …       7  %     …       …       4         
      …     …       3  %     …       …       8  %     …       …       5         
      …     …       3  %     …       …       8  %     …       …       5         
      …     …       2  %     …       …       7  %     …       …       4         
      …     …       3  %     …       …       6  %     …       …       4         
      …     …       2  %     …       …       6  %     …       …       3         
      …     …       2  %     …       …       5  %     …       …       3         
      …     …       4  %     …       …       5  %     …       …       4         
      …     …       4  %     …       …       5  %     …       …       4         
      …     …       …  %     …       …       …  %     …       …       …         
      …                                                                         
      …     …       …  %     …       …       …  %     …       …       …         
      …                                                                         
                                                                                
                                                                                
  Notes:                                                                        
  (1)       Anchor is defined as a commercial tenant leasing 10,000 square      
            feet or more.                                                       
            Minimum Rent reflects in-place contractual (defined as rents on a   
  (2)       cash-basis without taking the impacts of rent abatements into       
            account) rent as of September 30, 2026.                             
  (3)       Represents occupied square footage of the commercial portion of     
            our portfolio as of September 30, 2026.                             
  (4)       Individual items may not add up to total due to rounding.           
                                                                                
                                       24                                       
                                                                                
  Fede…                                                                         
  Real…                                                                         
  Inve…                                                                         
  Trust                                                                         
  Port…                                                                         
  Leas…                                                                         
  Stat…                                                                         
  Sept…                                                                         
  30,                                                                           
  2026                                                                          
 ────────────────────────────────────────────────────────────────────────────── 
           As of:                                                               
           Septe…                  June                    Septe…               
           30,                     30,                     30,                  
           2026                    2026                    2025                 
  Comm…                                                                         
  Prop…                                                                         
  Over…                                                                         
  Port…                                                                         
  (1)(…                                                                         
  Gross                                                                         
  Leas…                  28,80…                  28,82…                  27,9…  
  Area                                                                          
  (GLA)                                                                         
  Leas…            96.5       %            96.1       %            95.4      %  
  %                                                                             
  Occu…            93.8       %            93.8       %            93.8      %  
  %                                                                             
  Leas…                                                                         
  % -              97.9       %            97.3       %            96.5      %  
  anch…                                                                         
  tena…                                                                         
  Leas…                                                                         
  % -                                                                           
  small            94.1       %            93.9       %            93.3      %  
  shop                                                                          
  tena…                                                                         
  Acti…                                                                         
  comm…                   3,724                   3,739                  3,629  
  tena…                                                                         
  leas…                                                                         
  Comp…                                                                         
  Prop…                                                                         
  (1)(…                                                                         
  GLA                    26,16…                  26,16…                  26,1…  
  Leas…            96.5       %            96.0       %            95.3      %  
  %                                                                             
  Occu…            93.8       %            93.9       %            93.6      %  
  %                                                                             
  Resi…                                                                         
  Prop…                                                                         
  Over…                                                                         
  Port…                                                                         
  (1)(…                                                                         
  Resi…                   2,466                   2,466                  2,996  
  units                                                                         
  Leas…            95.7       %            97.0       %            96.0      %  
  %                                                                             
  Comp…                                                                         
  Prop…                                                                         
  (1)(…                                                                         
  Resi…                   2,466                   2,466                  2,465  
  units                                                                         
  Leas…            95.7       %            97.0       %            96.5      %  
  %                                                                             
                                                                                
                                                                                
  Notes:                                                                        
  (1)       See Glossary of Terms.                                              
  (2)       Excludes redevelopment square footage and residential units not     
            yet placed in service.                                              
  (3)       Prior periods are adjusted for the current comparable property      
            pool.                                                               
            Excludes our new residential building at Bala Cynwyd on City        
            Avenue called Blayr that opened in 1Q26 and currently is in the     
  (4)       process of being leased-up for the first time. If these units were  
            included at September 30, 2026 and June 30, 2026, our total         
            residential units would be 2,683 for both periods, and our          
            percentage leased would be 94.7% and 93.9%, respectively.           
                                                                                
                                       25                                       
                                                                                
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
  …                                                                             
 ────────────────────────────────────────────────────────────────────────────── 
                                              P…                                
                     C…                       of                    …        …  
               T…    R…           A…          T…        T…          …        …  
         R…    N…    (…           B…          A…        G…          …        …  
                     (…           R…          B…                    …        …  
                                              R…                    …           
                                              (…                                
               T…    A                                                          
      1        C…    /     $  2…          2…  %     1…          3…  %    40     
               T…    A2                                                         
               A…    B…                                                         
      2        D…    /     $  1…          1…  %     8…          2…  %    13     
                     B…                                                         
               N…    B…                                                         
      3        I…    /     $  1…          1…  %     3…          0…  %     1     
                     B…                                                         
               C…    A…                                                         
      4        S…    /     $  1…          1…  %     2…          0…  %     2     
               I…    A1                                                         
               G…    B…                                                         
      5        I…    /     $  1…          1…  %     4…          1…  %    40     
               T…    B…                                                         
               C…    B…                                                         
      6        C…    /     $  1…          1…  %     2…          0…  %    19     
                     B…                                                         
               K…                                                               
               G…                                                               
               (…                                                               
               T…                                                               
               C…                                                               
               L…    NR                                                         
      7        T…    /     $  9…          0…  %     2…          0…  %    44     
               W…    NR                                                         
               H…                                                               
               B…                                                               
               M…                                                               
               S…                                                               
               L…                                                               
               B…                                                               
               F…    B                                                          
      8        I…    /     $  9…          0…  %     3…          1…  %     9     
               L…    B2                                                         
               A…    AA                                                         
      9        F…    /     $  8…          0…  %     2…          0…  %     6     
                     A1                                                         
               A…                                                               
               C…    B…                                                         
     10        I…    /     $  8…          0…  %     5…          1…  %    10     
               (…    B…                                                         
               B…                                                               
               S…                                                               
               R…    A-                                                         
     11        S…    /     $  8…          0…  %     3…          1…  %    14     
               I…    A2                                                         
               H…    A                                                          
     12        D…    /     $  7…          0…  %     4…          1…  %     6     
               I…    A2                                                         
               B…    B…                                                         
     13        S…    /     $  7…          0…  %     3…          1…  %    11     
               I…    B…                                                         
               K…    B…                                                         
     14        C…    /     $  7…          0…  %     5…          1…  %    11     
               T…    B…                                                         
               D…    B…                                                         
     15        S…    /     $  7…          0…  %     4…          1…  %     9     
               G…    B…                                                         
               I…                                                               
               P…    NR                                                         
     16        N…    /     $  7…          0…  %     1…          0…  %     2     
               A…    NR                                                         
               I…                                                               
               A…    B-                                                         
     17        E…    /     $  7…          0…  %     2…          0…  %     6     
               I…    B3                                                         
               U…    NR                                                         
     18        B…    /     $  7…          0…  %     2…          0…  %    19     
               I…    NR                                                         
               P…    NR                                                         
     19        US    /     $  7…          0…  %     1…          0…  %     1     
               G…    NR                                                         
               L…                                                               
               B…    NR                                                         
     20        D…    /     $  6…          0…  %     2…          0…  %     7     
               F…    NR                                                         
               L…                                                               
               J…    C…                                                         
     21        G…    /     $  6…          0…  %     1…          0…  %    23     
               L…    C…                                                         
               C…    B…                                                         
     22        H…    /     $  6…          0…  %     1…          0…  %     1     
               I…    B…                                                         
               I…                                                               
               B…    A-                                                         
     23        of    /     $  6…          0…  %     1…          0…  %    19     
               A…    A1                                                         
               N…                                                               
               M…    B                                                          
     24        S…    /     $  6…          0…  %     3…          1…  %    14     
               I…    B2                                                         
               J…    A                                                          
     25        C…    /     $  5…          0…  %     8…          0…  %    19     
               B…    A1                                                         
               T…                                                               
               -                                                                
               T…          $  2…          2…  %     8…          2…  %    3…     
               25                                                               
               T…                                                               
               T…          $  1…      -2            3…      -4                  
               (…                                                               
  …                                                                             
               C…                                                               
               R…                                                               
               a…                                                               
               as                                                               
               of                                                               
               S…                                                               
               3…                                                               
  …            2…                                                               
               S…                                                               
               r…                                                               
               c…                                                               
               h…                                                               
               n…                                                               
               b…                                                               
               r…                                                               
               S…                                                               
  …            G…                                                               
               of                                                               
               T…                                                               
               I…                                                               
               i…                                                               
               m…                                                               
               n…                                                               
               a…                                                               
  …            up                                                               
               to                                                               
               t…                                                               
               d…                                                               
               to                                                               
               r…                                                               
               E…                                                               
               r…                                                               
               s…                                                               
               f…                                                               
  …            n…                                                               
               y…                                                               
               p…                                                               
               in                                                               
               s…                                                               
               T…                                                               
               r…                                                               
               b…                                                               
               t…                                                               
               c…                                                               
  …            a…                                                               
               r…                                                               
               p…                                                               
               of                                                               
               o…                                                               
               p…                                                               
                                                                                
                                       26                                       
                                   
  Federal Realty Investment Trust  
  2026 Guidance                    
  September 30, 2026               
 ───────────────────────────────── 
                                   
                                                                                
  Full Year 2026 Guidance                                                       
                                2026 Guidance (1)        2026 Prior Guidance    
  Net income available for                                                      
  common                        $4.23 - $4.27            $4.22 - $4.30          
  shareholders per diluted                                                      
  share                                                                         
  Nareit FFO per diluted        $7.54 - $7.58            $7.48 - $7.56          
  share (2)                                                                     
  Core FFO per diluted share    $7.54 - $7.58            $7.48 - $7.56          
  (2)                                                                           
  Comparable Property POI       3.375% - 3.625%          3.25% - 3.75%          
  growth                                                                        
  Adjusted Comparable           4.375% - 4.625%          4.00% - 4.50%          
  Property POI growth                                                           
  Lease termination fees        $10 - $11 million        $10 - $11 million      
  Incremental                                                                   
  redevelopment/expansion       $14.5 - $15.5 million    $14.5 - $15.5 million  
  POI                                                                           
  (3)                                                                           
  General and administrative    $50.5 - $52.5 million    $49 - $51 million      
  expenses                                                                      
  Development/redevelopment     $175 - $200 million      $175 - $225 million    
  capital                                                                       
  Capitalized interest          $11 - $12 million        $11 - $12 million      
                                                                                
Notes:

(1) Does not include the impact of acquisitions or dispositions other than those
which have closed as of October 29, 2026. All amounts are estimates.

(2) The following table provides a reconciliation of the range of estimated
earnings per diluted share to estimated Nareit FFO and Core FFO per diluted
share for the full year 2026:
                                                                                
                              Full Year 2026 Guidance                           
                              Range                                             
                              Low                                  High         
 ────────────────────────────────────────────────────────────────────────────── 
  Estimated net income                                                          
  available for               $                            4.23    $      4.27  
  common shareholders per                                                       
  diluted share                                                                 
  Adjustments:                                                                  
  Estimated gain on sale                                  -1.31          -1.31  
  of real estate                                                                
  Estimated depreciation                                   4.62           4.62  
  and amortization                                                              
  Estimated Nareit FFO and                                                      
  Core FFO per                $                            7.54    $      7.58  
  diluted share                                                                 
  See Glossary of Terms.                                                        
  Individual items                                                              
  may not add up to total                                                       
  due to rounding.                                                              
                                                                                
(3) Reflects the estimated additional POI to be recognized in the period
indicated versus the prior year or prior year quarter period as applicable.
Projects included in incremental redevelopment/expansion POI included Huntington
Shopping Center, Santana West, Pike & Rose - 915 Meeting Street, and Bala Cynwyd
on City Avenue - Blayr for all periods presented. See page 16for information on
these projects and note 2 of page 16for the definition of POI. See also page 17
in our Form 8-K filed on February 12, 2026 related to Huntington Shopping
Center.
                                                                                
        An…                                                                     
        20…                                                                     
        Ac…                             2…                                      
        ($                              Q…                                      
        in         2…        20…        1Q        2Q         3Q        4Q       
        mi…        A…        Es…        A…        Ac…        A…        Es…      
 ────────────────────────────────────────────────────────────────────────────── 
  T…                                                                            
  r…    $    12    $   17    $    32    $   21    $    25    $   29    $    32  
  P…                                                                            
  I…                                                                            
  r…               $    5    $    15    $    4    $     4    $    4    $     3  
  P…                                                                            
                                                                                
                                       27                                       
                                                                                
                               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 change in control of interest, 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.
                                                                                
   Nareit-defined Funds From Operations (Nareit FFO):                           
                                                                                
Nareit FFO is a supplemental measure of real estate companies' operating
performance. 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, Nareit 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 Nareit 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 Nareit 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.
                                                                                
   Core Funds From Operations (Core FFO):                                       
                                                                                
Core FFO is a supplemental non-GAAP financial measure of performance that
adjusts Nareit FFO to exclude the impact of certain items that management
considers are not indicative of the Company’s ongoing operating and financial
performance. These adjustments include, when applicable, (1) gains or losses on
early extinguishment of debt, (2) new market tax credit transaction income, (3)
executive transition costs, (4) collection of prior period rents which were
contractually deferred or payments renegotiated related to the COVID-19
pandemic, and (5) other items as determined by management. Management believes
Core FFO provides enhanced comparability across periods and additional insight
into the Company’s underlying operating results, by excluding items that may
reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not
intended to be a substitute for net income or Nareit FFO. Comparison of our
presentation of Core FFO to similarly titled measures for other REITs may not be
meaningful due to possible differences in the way Core FFO is defined or applied
by other REITs.

Property Operating Income: Total revenue less rental expenses and real estate
taxes.

Overall Portfolio: Includes all consolidated 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 arm's-length transactions reflecting market leverage between landlords
and tenants during the period, excluding leases at properties sold during the
quarter or under contract to be sold. The comparison between the rent for
expiring leases and new leases is determined by including contractual rent on
the expiring lease, including percentage rent considered to be part of base
rent, and the comparable annual rent and in some instances, projections of
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 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.

Tenant Improvements and Incentives: Represents the total dollars committed for
the improvement (fit-out) of a space as it relates to a specific lease.
Incentives include amounts paid to tenants as an inducement to sign a lease that
do not represent building improvements.

General: Property related statistics are for the consolidated property portfolio
except where noted.
                                       28

FRTFederal Realty Investment Trust

Latest results release: Oct 30, 2026

Every release, in full

Certain matters discussed within this Supplemental Information may be deemed to