Federal Realty Investment Trust : 2Q22 Investor Presentation

Investor Presentation

SECOND QUARTER 2022

Federal Realty Investment Trust

NYSE: FRT

• Fully integrated US retail real estate- based company focused on risk adjusted capital allocation
• Own, manage and re/develop urban, mixed-use properties and high- quality open air shopping centers in first-ring suburban locations
• 105 properties include:
• • ~3,100 commercial tenants
  • ~25 million square feet
  • ~3,400 residential units
• Strong balance sheet with BBB+/Baa1 ratings(1)
• Included in the S&P 500

Strategically selected 1st ring suburbs of 9 major metro markets with high-barriers

			BOSTON
		CHICAGO	NEW YORK
		PHILADELPHIA
SILICON VALLEY
WASHINGTON, DC
SOUTHERN	PHOENIX
CALIFORNIA

MIAMI

THE LONGEST RECORD IN THE REIT INDUSTRY

55 consecutive years of increased annual dividends

(1) The complete ratings reports can be accessed at

www.federalrealty.com./ 2 *4Q annualized dividend per share.

2Q 2022 Overview

• Company record FFO per share of $1.65
• 8.2% comparable POI growth over 2Q 2021
• Most productive leasing quarter on record; 132 signed leases for 562,111 square feet of comparable space
• ~$700 million of redevelopment and expansions in process delivering over the next 3 years
• Increased 2022 FFO per share guidance
• • Guidance increase reflects 9.5% - 12.2% FFO per share growth over 2021

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Sector Leading Growth

2Q 2022 OVERVIEW

		1Q		2Q		2022 Expectation	Prior 2022 Expectation
	GAAP Based
	Comparable POI	14.5%	8.2%		5.5%	-	7.0%		3.5%	-	5.0%
	Comparable POI excluding prior period rent collections and term fees	18.5%	9.5%		7.5%	-	9.0%		6.5%	-	8.0%
	Cash Based
	"Same-store"	18%	9%
	"Same-store" excluding prior period rent collections and term fees	18% +	10.5%

"Same-Store" Growth

FRT Peer Avg.

18%

8%9%

3%

1Q 2022

2Q 2022

Source: SEC filings.	/ 4
Note: Peers include REG, KIM, BRX, KRG.

2022 Guidance

2022 Guidance

			Current	Previous
		Earnings per diluted share	$2.50 - $2.65	$2.36 - $2.56
					Approximately 1 - 2 cents of increase driven by acquisition of The Shops
		NAREIT FFO per diluted share	$6.10 - $6.25	$5.85 - $6.05	at Pembroke Gardens and the office building adjacent to Hilton
		Village, balance is driven by 2Q22 outperformance and better than
					forecast outlook
		Growth over 2021	9.5% - 12%	5% - 9%
Key
Assumptions
			Current	Previous
		Comparable POI Growth	5.5% - 7.0%	3.5% - 5.0%
		Comparable POI Growth excluding	7.5% - 9.0%	6.5% - 8.0%
		prior period rents and term fees
		Expected Year-End Occupancy	92.5% - 93.0%	92.5% - 93.0%
		Equity to be issued	$300 - $400m	$400 - $500m	$260 million pre-raised under forward agreements
		Additional $400+ million of dispositions under consideration
			No additional	No additional	Current guidance includes previously announced acquisitions of
		Dispositions / Acquisitions	assumed in	assumed in	Kingstowne Towne Center, The Shops at Pembroke Gardens and the
			guidance	guidance	office building adjacent to Hilton Village.

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