Federal Realty Investment Trust (old FRT) entered into second amendment to its amended and restated credit agreement, dated as of July 25, 2019, Old FRT, as borrower, Wells Fargo bank, national association, as administrative agent, and the lenders and other financial institutions party thereto (credit agreement) and the second amendment to its term loan agreement, dated May 6, 2020, among old FRT, as borrower, PNC bank, national association, as administrative agent, and the lenders and other financial institutions party thereof (term loan agreement). Among other things, the amendments give effect to or otherwise take account of, and provide the consent of the applicable lenders to, the merger and the partnership conversion, as applicable. The partnership, as successor to old FRT following the partnership conversion, will remain the borrower under both the credit agreement and the term loan agreement.

Neither new FRT nor the general partner are expected to guarantee the partnership's obligations under either the credit agreement or the term loan agreement at this time.