Federal Realty Investment Trust : 4Q 2020 Investor Presentation

Investor Presentation & Business Update

FOURTH QUARTER 2020

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

• • 101 properties include ~2,800 tenants, in ~23 million square feet, and ~2,900 residential units

• • Included in the S&P 500

CREDIT RATINGS(1)

One of only six A-rated REITs

(1) The complete ratings report can be accessed atwww.federalrealty.com.

*3Q annualized dividend per share

Strategically selected 1st ring suburbs of 8 major metropolitan markets

Investment Highlights

FEDERAL REALTY INVESTMENT TRUST

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De-risked development pipeline of new product at established places in markets with significant demand drivers.

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Sustainable-minded company with a strong commitment to our tenants, communities, employees and stakeholders.

1st Ring Suburbs of 8 Strategic Metropolitan Markets

PORTFOLIO OVERVIEW

•  101 open-air properties located in 1st ring suburbs of 8 major metropolitanmarkets  Drivable markets with public transit access

•  23.4 million square feet of commercial and ~2,900 residential units on 1,900+ acres

•  Best in class locations(1)

 $127,000 avg household income  170,000 avg population

(1) Source: Trade Area Systems as of September 2020. Calculated on a weighted-average basis. 3-mile radius.

†: Flexible Property Format - physical structures that can be readily modified to highest and best use.

†: Strong Landlord Friendly Leases - landlord retains significant control over the properties with minimal tenant protection. The better the real estate, the more leverage the landlord has.

SILICON VALLEY

Regional Office

8 Properties

LOS ANGELES

Regional office 12 Properties

Dense Population(1)

170,000 People

Limited Competition

Low Retail GLA per capita

CHICAGO

4 Properties

WASHINGTON, DC

Corporate Headquarters Regional N. Virginia Office

20 Maryland Properties

14 N. Virginia Properties 1 Washington, DC Properties

MIAMI

3 Properties

BOSTON

Regional Office

8 Properties

NEW YORK

15 Properties

PHILADELPHIA

Regional Office 10 Properties

Strong Household Incomes(1)

$127,000

Flexible Property Format†

High Barriers to EntryStrong Landlord Friendly Leases†

Tenant Demand Drivers

Open Air Format

A Reliable Partner to Our Tenants

Innovative Thinking

•  Flexible format

•  Expanded outdoor seating and common area usage capabilities

•  Attractive to tenants looking to reposition stores or formats

•  Less capital intensive to reposition than alternative formats

•  Reputation of being a well-capitalized partner to our tenants - more important now than ever before

•  Willingness to, track-record of, and balance sheet capabilities to invest in our properties

•  Relationships and close communication with tenants on a senior level

•  "The Pick-Up" concept rolled out across our portfolio with the long-term vision of being a sustainable amenity at our properties

•  Comprehensive in-house tenant services program including tenant construction management, marketing support and property management

•  Continual evolution of our assets through forward-focused, thoughtful remerchandising and reinvestment to attract the most relevant tenants / 5

Diversified Income Stream

Percent of 2019 POI by market(1)By UsePercent of 2019 POI by format

35%

Mixed Use/Urban

Santana Row

24%

Grocery-Anchored

Wildwood Shopping Center

25%

Super Regional

Plaza El Segundo

11%

Power Center

Federal Plaza

 Over 75% of our centers have a grocery component(2)

(1) 5% of POI from additional properties located outside these markets. Percentages may not sum to 100% due to rounding.

(2) Based on GLA includes grocers & Target and includes signed leases for grocers.

Centers categorized as Mixed Use/Urban, Grocery-Anchored, Super Regional and Power Center may include grocers.

Diversified Income Stream

TENANT DIVERSIFICATION

By category(1)

• • 21% of ABR comes from office & residential

• • 24% of ABR comes from essential retail

• • 15% of ABR comes from restaurants

By tenant

• • No retail tenant greater than 2.7% of ABR

• • Top 25 tenants only account for 28% of ABR

• • ~2,800 total tenants in 101 properties

Note: As of 12/31/20. Reflects 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 and occupied residential units as of December 31, 2020. Excludes redevelopment square footage not yet placed in service. - ("ABR").

• (1) Communications & Home Office includes: Telecommunications (<2%), Electronics (<2%) & Office Supply (<1%).

• (2) Other Essential includes: Auto, Liquor, Home Improvement, Pets & Medical.

COVID-19 Operating Update

Open & Operating  All 101 of our shopping centers have remained open and operating throughout the COVID-19 pandemic

Q1 Earnings May 1	Q2 Earnings July 31(2)	Q3 Earnings October 30(2)	Q4 Earnings January 31(2)
% of Tenants Open & Operating(1)	47%		92%		97%		98%

Collections  We continue to see improved collections

Q2 2020(4)	Q3 2020(4)	Q4 2020	January 2021(5)
Billed Recurring Rents(3) Collected	72%	85%	89%	85%

Note: As of 1/31/2021 unless otherwise noted.

• (1) Based on ABR. Includes tenants open and operating on a modified basis. Commercial tenants only.

• (2) Retail tenants only, does not include office.

• (3) Billed recurring rents are primarily composed of base rent and cost reimbursements.

• (4) Collections as of 10/30/2020.

• (5) Collections as of 2/4/2021.

COVID-19 Operating Update

4Q 2020 COLLECTION RATES BY CATEGORY

4Q 2020 Billed Recurring Rents(1) Collected	ABR	Collection Rate
Banks/Financial Services	4%	100%
Grocery & Drug	9%	99%
Residential	11%	98%
Communications & Home Office	4%	98%
Office	10%	98%
Houseware & Furnishings	5%	97%
Other Essential	6%	96%
Discount Apparel	8%	96%
General Merchandise	2%	95%
Other	7%	84%
Full Price Apparel	8%	84%
Health & Beauty	5%	78%
Restaurants	15%	76%
Fitness	4%	65%
Experiential	2%	52%
Total	100%	89%

Total collection rate includes our Hoboken property, detailed collection information by category does not include our Hoboken property. (1) Billed recurring rents are primarily composed of base rent and cost reimbursements.

Portfolio Composition

COVID-19 BUSINESS UPDATE

Annualized Base Rent

GLA

Note: As of 12/31/20.

Mixed Use Development Pipeline

DEMAND DRIVERS

 Projects located in the 1st ring suburbs of major metro markets with significant demand drivers

•  Near job centers with continued growth

•  Drivable markets with public transit access

•  Established places

•  Delivering desirable new product featuring:

  •  New building systems including contactless and touchless entry

  •  New HVAC / air quality systems

  •  Outdoor spaces

  •  Convenient parking

  •  Amenitized walkable environment

•  ~$288 million of spend remaining over the next 3 years

(1) Assumes mid-point of expected total cost less costs to date.

Location

ASSEMBLY ROW PHASE 3

PIKE & ROSE PHASE 3

ONE SANTANA WEST

Somerville, MA Greater Boston

North Bethesda, MD

Washington D.C.

San Jose, CA Silicon Valley

•  Medical technology

  Job Growth Demand Drivers

•  Biomedical research

•  Life sciences

•  Technology

•  Government

•  Healthcare (NIH <4 miles)

•  Biosciences

•  Medical technology

•  Global center of technology

•  Data analytics

•  Social media

•  Cloud computing

Cost Remaining Spend(1)

$465 - $485 million $121 million

$128 - $135 million $28 million

$250 - $270 million $139 million

Update

•  150k SF of office leased to Puma

•  Openings projected to begin in 2021

•  Openings began in Q3 2020

•  Openings projected to begin in 2022

Strategic Redevelopment Pipeline

 10 additional redevelopment projects underway at various stages of development, delivering over the next 3 years

•  Commercial space is two thirds pre-leased

•  ~$134 million of remaining redevelopment spend over the next 3 years

Note: Remaining spend assumes mid-point of expected total cost less costs to date.

THE COMMONS AT DARIEN - Darien, CT

75,000 SF of retail, 122 apartments $88 million remaining spend 2023 Anticipated Stabilization

THE DELWYN- Bala Cynwyd, PA 87 residential units

Leasing commenced, move ins began

September 2020

COCOWALK- Coconut Grove, FL 106,000 office/retail building $22 million remaining spend 75% leased

HOLLYWOOD BLVD - Los Angeles, CA

Renovation to accommodate new anchor $4 million remaining spend 100% leased to Target

FREEDOM PLAZA - Los Angeles, CA

113,000 SF grocery-anchored center $7 million remaining spend 89% leased

MELVILLE MALL- Huntington, NY

15,000 SF pad building

$2 million remaining spend

80% leased

4 ADDITIONAL PROJECTS

Various stages $11 million remaining spend

A -Rated Balance Sheet

BALANCE SHEET SNAPSHOT

Credit ratings(1)

Ample Liquidity

 ~$1.8 billion of liquidity in cash and undrawn credit facility availability

 $798 million of cash and cash equivalents as of 12/31/20



$1 billion undrawn credit facility availability

Well-laddered debt maturity schedule as of 12/31/20

Debt Maturities (millions) $691

$806

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031+

• (1) The complete ratings report can be accessed atwww.federalrealty.com.

• (2) Includes $400 million term loan which matures on May 6, 2021, but has one twelve-month extension at our option, to May 6, 2022.

Cycle-Tested Management Team

PROVEN ABILITY TO EXECUTE

Executive Leadership

• • Average 18+ years at Federal Realty and 25+ years of real estate experience with experience managing through difficult real estate and economic cycles.

• • Lean and nimble corporate structure enables management to be closer to the real estate and the real estate decisions which can affect properties for decades.

• • Proven ability to make smart, risk-adjusted capital allocation decisions throughout investment cycles

Total Annual Return Since 2003(1)(2)

10.1%

5.4%

FRT

Shopping Center REITs

• (1) Don Wood has been President and CEO since January 2003.

• (2) Indexes represent: S&P 500 Total Return Index, Bloomberg

Shopping Center REIT Index. As of 6/30/20.

53 Consecutive Years of Increased Dividends

1 OF 30 PUBLICLY TRADED COMPANIES CONSIDERED A DIVIDEND KING

*3Q annualized dividend per share

Cycle-Tested Growth

TRACK RECORD MATTERS

 Business plan and balance sheet built to manage through various economic cycles

•  History of managing through and outperforming during difficult times

•  Demonstrated consistency, stability and conservatism over the years

Source: Company Filings, Bloomberg

Note: Past performance not indicative of future performance. FRT 2019 excludes $11.9 million charge related to the buyout of the Kmart lease at Assembly Row Marketplace.

Cumulative change in Nareit FFO per share since 2005 vs. large-cap, national peers

150%FRTREGKIMWRISITC

-100%

-50%

100%

50%

0%

A Sustainable Mindset

INCREASING VALUE AND LONG-TERM SUCCESS THROUGH ESG PRACTICES

Investing in the Future

From the reimagining of existing properties to small facelifts, we create memorable, resilient, and immersive gathering places that support efficient operations and resonate with the community.

Operational Excellence

Sustainability is embedded in our day-to-day business. It's reflected in the way we manage the resources used at our properties, monitor ongoing operational performance, and ensure our tenants and vendors are meeting our standards.

Social Responsibility

We are dedicated to offering high-quality, fulfilling workplaces. At our properties, through events, partnerships, philanthropy, and thoughtful design, we bring people together and enhance the long-term vitality of our communities.

Effective Governance

We have strong governance practices put in place by our Board of Trustees, and the expectation for the company and our employees to conduct business in accordance with the highest ethical standards consistent with our values.

To learn more about our approach to sustainability, view ourCorporate Responsibility Report.

Note: As of 6/30/20.

Our Response to COVID-19

Supporting Our Tenants

•  Established a dedicated senior team to serve as a point-of-contact for every tenant in our portfolio.

•  Comprehensive marketing campaigns to promote businesses through social posts and paid ads, as well as on-site signage.

•  Launched "The Pick-Up," "Al Fresco Shopping," and worked with municipalities to close down streets and invested in expanded seating and landscaping to enhance our visitors' experience.

Supporting Our Communities

•  Increased sanitation throughout high-touch areas in our properties to ensure the well-being of our residents, visitors, workers, and staff.

•  Actively encourage social distancing by reminding and encouraging customers to maintain proper distances, installing signage, limiting and spacing out common area furniture, and closing certain common areas as necessary.

•  Launched various charitable initiatives in our communities. Examples include temporarily donating space for medical use, purchasing meals for first responders and those in need, fundraisers that support our communities and promote our tenants' businesses.

Supporting Our Employees

•  Transitioned our workforce to work from home and made technology available to maintain high levels of productivity, while being mindful of the flexibility needed during this time.

•  Established COVID-19 resource center to help employees both personally and professionally.

•  Increased internal communications and hold regular meetings with executives so teams and employees are informed.

•  Reconfigured spaces, have necessary supplies available, and enhanced sanitation practices at offices that have reopened.

History of Strong Corporate Governance

COMMITMENT TO PRACTICES AND POLICIES THAT BEST SERVE OUR SHAREHOLDERS

Joe Vassalluzzo

Non-executive Chairman of Federal

Realty

Non-executive Chairman of Office

DepotFormer Vice Chairman of Staples

David Faeder

Managing Partner of

Fountain Square

Properties

Former Vice Chairman, President,

EVP and CFO of Sunrise Senior Living

Jon Bortz

President, CEO and

Chairman of Pebblebrook Hotel

Trust

Former President, CEO and Trustee of

LaSalle Hotel Properties

Gail Steinel

Principal of Executive

Advisors

Former Executive Vice

President of BearingPoint

Liz Holland

CEO of Abbell

AssociatesCurrent ICSC Board Member, former ICSC

Chairman

Mark Ordan

CEO of MEDNAX

Former CEO and Chairman of Quality

Care Properties

Nicole Lamb-Hale

Managing Director of

Kroll

Former Senior Vice President of Albright Stonebridge Group

Anthony Nader

Managing Director of

SWaN & Legend Venture Partners

Vice Chairman of

Asurion

•  Annual election of all Trustees  Board cannot be classified without shareholder approval

  •  Robust annual assessment of Board, committees and individual trustees

•  Trustee election by majority vote

  •  Equity ownership requirements for Board and senior management

•  Clawback policy in place

•  Prohibition on hedging and pledging Federal stock

Safe Harbor and Non-GAAP Information

FEDERAL REALTY INVESTMENT TRUST

Certain matters included in this presentation may be forward looking statements within the meaning of federaI securities laws. Actual future performance and results may differ materially from those included in forward looking statements. Please refer to our most recent annual report on Form l0K and quarterly report on Form l0Q filed with the SEC which include risk factors and other information that could cause actual results to differ from what is included in forward looking statements.

This presentation includes certain non-GAAP financial measures that the company considers meaningful measures of financial performance. Additional information regarding these non-GAAP measures, including reconciliations to GAAP, are included in documents we have filed with the SEC.

Definitions of terms not defined in this presentation can be found in our documents filed with the SEC.

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