Federal Realty Investment Trust : CocoWalk Investor Tour Brochure

Coconut Grove, Miami, Florida

The newly reimaginedCocoWalkelevates Coconut Grove as Miami's top destination for those seeking unique retail, dining, and entertainment experiences. Federal Realty acquired the property in 2015 and began its transformation in 2017.Through this major redevelopment, CocoWalk has returned to its former position as the Grove's geographical and commercial centerpiece.

3- Mile Demographics(1)

143,000	57,000
Population	Households
$1.2 M	$121,000
AverageHome Value	AverageHousehold Income

(1) Source: STI PopStats as of 1Q21.

130
~	K SF	Retail Space
27 unique retailers
~120K SF	85k SF Class A
		Office Space
		Office Building
$190M	Investment
$60M	Value Creation(2)
with more to come

(2) Assumes 4.5% cap rate.

Featured Tenants

Thoughtfully curated merchandising mix

43	47%
Median Age	CollegeEducated
Miami	Midtown/
International
Wynwood
Airport
Miami
	Beach
	Downtown
	Brickell

North Coral Gables

C O C O N U T

G R O V E

South Coral Gables

South Miami

	Key
Pinecrest	Biscayne
	Primary Trade Area

Federal Realty Investment Trust | 2022

The Transformation of CocoWalk

2015

Acquisition

In May 2015, Federal purchased an 80% interest in CocoWalk for a gross value of $87.5 million. CocoWalk was an underperforming, obsolete interior-facing~200k-square-foot shopping center with a dated tenant lineup, which included tenants such as Cheesecake Factory, Gap, Victoria's Secret Beauty and local bar Duffy's. Despite its flaws, the property was located in the heart of the resurgent Coconut Grove District of Miami with proximity to the most affluent year-round community in South Florida. Location is everything!

180k SF Retail

20k SF Office

200k SFTotal

Rooted in theLocalCom

At Federal, we have a 25-year track re the 90's, followed closely thereafter b developers from the Pike & Rose team taking into consideration the values of know for sure is, creating the right densification.

The redevelopment of CocoWalk was r

An authentic, amenitized	Upg
gathering place, which	whi
complemented the existing	loca
neighborhood.	rele

Today

The LivingRoom ofThe Grove

We delivered an authentic, amenitized gathering place, which complemented the existing neighborhood. Through this major redevelopment, CocoWalk has returned to its former position as the Grove's geographical and commercial centerpiece. From the 60-foot Kapok tree brought to the property from a local resident's yard, to the chandelier hanging as it would in your own living room, to the local artwork which adorns the property - CocoWalk feels authentic, reflective of the way we redevelop, manage and operate all our properties.

Thoughtfully Curated Mix of UniqueTenan

We delivered an upgraded tenant lineup which included e local and national retailers, and a number of health and

which were needed in the community. CocoWalk's tenant

Salt & Straw's first east coast location.	Acclaimed restau
Sweetgreen's second lease signed in Florida.	opened another
Established local
Health & wellness offerings, such as
Sushi Garage.
GLOSSLAB and SkinLab by BSL.	One of the first F
The Key Club, the latest restaurant in	an offshoot of th
globally recognized Groot Hospitality's	Newly renovated
portfolio.

munity

ecord of mixed-use development beginning with Bethesda Row in y Santana Row. The seasoned development team - led by senior m - evaluated the highest and best use for the real estate while f the local community. Real Estate is Local! And the one thing we retail-focused environment drives outsized returns on vertical

rooted in the demands of the community:

graded tenant lineup,	Class A office space given the highly
ch included established	competitive location, paired with
al players as well as	market-demonstrated strong office
evant national names.	fundamentals and high barriers to entry.

Redevelopment

We began the redevelopment of CocoWalk in 2017 with the demolition of the existing 3-story east wing of the property. In its place, we constructed a 5-story Class A office building with ground-floor retail (85k SF of office/22k SF of retail) and completely renovated the west wing of the property. The project is expected to cost ~$95 million at a projected return on investment of 6%, and is expected to be completed in 2022. While COVID-19 slowed us down with unexpected labor and supply chain delays, we worked closely with our tenants to efficiently get them open and operating.

nts

$60

million

of value creation(2)

with more to come

Class A Office at One CocoWalk

established restauranteurs, d wellness tenants - all of

lineup includes:

urant PLANTA, which recently location at Bethesda Row.

l restaurants Mister O1 and

FP Movement standalone stores, e Free People brand.

One CocoWalk is a state-of-the-art, Class A office building with 85k SF of new office space featuring 360-degree views of Miami and Biscayne Bay. The strong office market fundamentals and high barriers to entry, paired with CocoWalk's prime location, drove demand for the building, now 100% leased(1). One CocoWalk is LEED Gold-certified and is designed to use 42% less water and 25% less energy as compared to the LEED baseline.

130k SF Retail

120k SF Office

250k SF Total

$190M Invested

d Cinépolis luxury theatre.

(1) 2k SF is in lease negotiations under signed LOI.	(2) Assumes 4.5% cap rate.
Federal Realty Investment Trust | 2022	Federal Realty Investment Trust | 2022

Where The Grove Comes Together

1
LEVEL				Hong
				Kong
				Cafe

LEVEL 2

Narbona

Edward Beiner

Edite Mode

Free People

Movement

The Key		Gas
	Bijoux
Club
TWO COCOWALK
Office Entry

Chase

LEVEL 3

YouFit

Office		Office	Office	Office

Office

LEVEL 5

Ariete

Botánico

Mister

ONE COCOWALK

Office Entry

01

Europann

Office

Sushi Garage

Coco

Cigar

Bluemercury

Salt &

Sweetgreen

Straw

Cinépolis

Office

School of

Rock

Infinity Fitness

SkinLab by BSL

3D Brows

GLOSSLAB

Office

PLANTA

4
LEVEL		Cinépolis

YouFit

Office Office

Office

Office

Sportive

The Spot

Office

Office

Office

Office Office

Office

Office Services Retail Dining

Office