FEDERAL REALTY INVESTMENT TRUST 10-K

ITEM 2. PROPERTIES General As of December 31, 2025, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet. These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals. No single commercial or residential property accounted for over 10% of our 2025 total revenue. We believe that our properties are adequately covered by commercial general liability, fire, flood, earthquake, terrorism and business interruption insurance provided by reputable companies, with commercially reasonable exclusions, deductibles and limits. Tenant Diversification As of December 31, 2025, we had approximately 3,700 commercial leases and 2,700 residential leases, with commercial tenants ranging from sole proprietors to major national and international retailers. No one tenant or affiliated group of tenants accounted for more than 2.4% of our annualized base rent as of December 31, 2025. As a result of our tenant diversification, we 19 Table of Contents believe our exposure to any one bankruptcy filing has not been and will not be significant, however, multiple filings by a number of tenants could have a significant impact. Geographic Diversification Our 104 real estate projects are located in 14 states and the District of Columbia. The following table shows the number of projects, the gross leasable area (“GLA”) of commercial space and the percentage of total portfolio gross leasable area of commercial space in each state as of December 31, 2025. State Number of Projects Gross Leasable Area Percentage of Gross Leasable Area (In square feet) California 20 7,169,000 24.9 % Maryland 18 5,085,000 17.7 % Virginia 20 4,766,000 16.5 % Massachusetts 7 2,249,000 7.8 % New Jersey 7 1,886,000 6.5 % Pennsylvania 9 1,786,000 6.2 % New York 7 1,494,000 5.2 % Florida 4 1,287,000 4.5 % Arizona 2 908,000 3.2 % Illinois 4 778,000 2.7 % Kansas 1 552,000 1.9 % Nebraska 1 452,000 1.6 % Michigan 1 205,000 0.7 % Connecticut 2 156,000 0.5 % District of Columbia 1 25,000 0.1 % Total 104 28,798,000 100.0 % Leases, Lease Terms and Lease Expirations Our leases are classified as operating leases and typically are structured to require the monthly payment of minimum rents in advance, subject to periodic increases during the term of the lease, percentage rents based on the level of sales achieved by tenants, and reimbursement of a majority of on-site operating expenses and real estate taxes. These features in our leases generally reduce our exposure to higher costs and allow us to participate in improved tenant sales. Commercial property leases generally range from three to ten years; however, certain leases, primarily with anchor tenants, may be longer. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. Leases on residential units are generally for a period of one year or less and, in 2025, represented approximately 8.7% of total rental income. 20 Table of Contents The following table sets forth the schedule of lease expirations for our commercial leases in place as of December 31, 2025 for each of the 10 years beginning with 2026 and after 2035 in the aggregate assuming that none of the tenants exercise future renewal options. Annualized base rents reflect in-place contractual rents as of December 31, 2025. Year of Lease Expiration Leased Square Footage Expiring Percentage of Leased Square Footage Expiring Annualized Base Rent Represented by Expiring Leases Percentage of Annualized Base Rent Represented by Expiring Leases 2026 1,859,000 7 % $ 51,872,000 6 % 2027 3,016,000 11 % 101,069,000 11 % 2028 3,300,000 12 % 99,794,000 11 % 2029 3,726,000 14 % 127,878,000 14 % 2030 2,879,000 11 % 94,113,000 11 % 2031 2,197,000 8 % 76,161,000 9 % 2032 2,572,000 9 % 90,735,000 10 % 2033 1,607,000 6 % 54,261,000 6 % 2034 1,403,000 5 % 44,586,000 5 % 2035 1,886,000 7 % 67,991,000 8 % Thereafter 2,650,000 10 % 79,917,000 9 % Total 27,095,000 100 % $ 888,377,000 100 % During 2025, we signed leases for a total of 2,471,000 square feet of retail space including 2,340,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 15% on a cash basis. New leases for comparable spaces were signed for 841,000 square feet at an average rental increase of 19% on a cash basis. Renewals for comparable spaces were signed for 1,499,000 square feet at an average rental increase of 12% on a cash basis. Tenant improvements and incentives for comparable spaces were $23.18 per square foot, of which, $53.34 per square foot was for new leases and $6.26 per square foot was for renewals in 2025. During 2024, we signed leases for a total of 2,434,000 square feet of retail space including 2,392,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 11% on a cash basis. New leases for comparable spaces were signed for 979,000 square feet at an average rental increase of 15% on a cash basis. Renewals for comparable spaces were signed for 1,413,000 square feet at an average rental increase of 8% on a cash basis. Tenant improvements and incentives for comparable spaces were $26.03 per square foot, of which, $58.91 per square foot was for new leases and $3.25 per square foot was for renewals in 2024. The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period, excluding leases at properties sold 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 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 spaces reported in this 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 include 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. Costs related to tenant improvements require judgment by management in determining what are costs specific to the tenant and not deferred maintenance on the space. In the past five years, we have executed comparable space leases for 2.0 to 2.4 million square feet of retail space each year and expect the volume for 2026 will be in line with these historical averages. Although we expect overall positive increases in annual rent for comparable spaces, changes in annual rent for any individual lease or combinations of individual leases reported in any particular period may be positive or negative and we can provide no assurance that the annual rents on comparable space leases will continue to increase at historical levels, if at all. A decline in current economic conditions could adversely impact our volume of leasing activity and the amount of rent we are able to charge to new or renewing tenants. The leases signed in 2025 generally become effective over the following two years though some may not become effective until 2028 and beyond. Further, there is risk that some new tenants will not ultimately take possession of their space and that tenants for both new and renewal leases may not pay all of their contractual rent due to operating, financing or other matters. However, 21 Table of Contents our historical increases in rental rates do provide information about the tenant/landlord relationship and the potential increase we may achieve in rental income over time. Retail and Residential Properties The following table sets forth information concerning all real estate projects in which we owned an equity interest, had a leasehold interest, or otherwise controlled and are consolidated as of December 31, 2025. Except as otherwise noted, we are the sole owner of our real estate projects. Principal tenants are the largest tenants in the project based on square feet leased or are tenants important to a project’s success due to their ability to attract retail customers. Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s) Arizona Camelback Colonnade Phoenix, AZ 85016(4) 1977, 2019 2021 603,000 $18.82 99% Fry's Food & Drug Marshalls Nordstrom Last Chance Best Buy HomeGoods Chandler Festival Chandler, AZ 85224(5)(6) 2000 2022 355,000 $19.22 98% Ross Dress for Less Nordstrom Rack TJ Maxx Ulta Wayfair Outlet Chandler Gateway Chandler, AZ 85226(5)(6) 2001 2022 261,000 $11.54 97% Walmart Hobby Lobby Petco The Shops at Hilton Village Scottsdale, AZ 85250(4)(7) 1982, 1989 2021/2022 305,000 $36.78 88% CVS Houston's California Azalea South Gate, CA 90280(4)(6) 2014 2017 226,000 $33.07 100% Marshalls Ross Dress for Less Ulta Michaels Bell Gardens Bell Gardens, CA 90201(4)(6)(7) 1990, 2003, 2006 2017/2018 371,000 $25.79 93% Food 4 Less El Super Marshalls Ross Dress for Less Bob's Discount Furniture Colorado Blvd Pasadena, CA 91103(7) 1905-1988 1998 42,000 $50.42 73% Banana Republic True Food Kitchen Crow Canyon Commons San Ramon, CA 94583 1980, 1998, 2006 2005/2007 239,000 $36.98 85% Sprouts Total Wine & More Alamo Ace Hardware Del Monte Shopping Center Monterey, CA 93940 1968, 1976, 1984, 2004 2025 675,000 $18.82 80% Whole Foods Macy's Petco Pottery Barn Apple Sephora East Bay Bridge Emeryville & Oakland, CA 94608 1994-2001, 2011, 2012 2012 441,000 $20.93 98% Pak-N-Save Target Home Depot Nordstrom Rack Michaels Escondido Promenade Escondido, CA 92029 1987 1996/2010 298,000 $32.01 100% TJ Maxx Dick's Sporting Goods Ross Dress for Less Bob's Discount Furniture Fourth Street Berkeley, CA 94710(4) 1948, 1975 2017 71,000 $41.11 47% CB2 Bellwether Coffee Freedom Plaza Los Angeles, CA 90002(4)(7) 2020 2018 114,000 $32.68 92% Smart & Final Nike Blink Fitness Ross Dress for Less Grossmont Center La Mesa, CA 91942(4) 1961, 1963, 1982-1983, 2002 2021 866,000 $16.62 95% Target Walmart Barnes & Noble CVS Hastings Ranch Plaza Pasadena, CA 91107(7) 1958, 1984, 2006, 2007 2017 273,000 $9.66 100% Marshalls HomeGoods CVS La Alameda Walnut Park, CA 90255(5)(6)(7) 2008 2017 245,000 $29.04 94% Marshalls Ross Dress for Less CVS Petco 22 Table of Contents Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s) Old Town Center Los Gatos, CA 95030 1962, 1998 1997 99,000 $49.43 89% Anthropologie Sephora Arhaus Furniture Teleferic Barcelona Olivo at Mission Hills Mission Hills, CA 91345(4) 2018 2017 155,000 $35.10 100% Target 24 Hour Fitness Ross Dress for Less Ulta Pinole Vista Crossing Pinole, CA 94564 1995, 2015 2024 216,000 $22.48 99% FoodMaxx TJ Maxx Nordstrom Rack HomeGoods Ulta Plaza Del Sol South El Monte, CA 91733(4) 2009 2017 48,000 $25.97 98% Marshalls Plaza El Segundo / The Point El Segundo, CA 90245 (6) 2006-2007, 2016 2011/2013 503,000 $49.24 99% Whole Foods Nordstrom Rack HomeGoods Dick's Sporting Goods Multiple Restaurants San Antonio Center Mountain View, CA 94040(7)(8) 1958, 1964-1965, 1974-1975, 1995-1997 2015/2019 213,000 $18.37 100% Trader Joe's Walmart 24 Hour Fitness Santana Row San Jose, CA 95128(7)(10) 2002, 2009, 2016, 2020 1997 1,521,000 $57.21 98% Crate & Barrel Container Store Best Buy Sephora Cisco Systems Net App Multiple Restaurants Santana Row Residential San Jose, CA 95128 2003-2006, 2014 1997/2012 554 units N/A 97% Sylmar Towne Center Sylmar, CA 91342(4) 1973 2017 148,000 $22.37 95% Food 4 Less CVS Ross Dress for Less Westgate Center San Jose, CA 95129 1960-1966 2004 650,000 $23.72 92% Target Nordstrom Rack Nike Factory TJ Maxx Ross Dress for Less Connecticut Darien Commons Darien, CT 06820 1920-2009, 2023 2013/2018 120,000 $48.04 96% Equinox Walgreens Multiple Restaurants Darien Commons Residential Darien, CT 06820 2022 2013/2018 124 units N/A 96% Greenwich Avenue Greenwich Avenue, CT 06830 1968 1995 36,000 $96.19 100% Saks Fifth Avenue District of Columbia Friendship Center Washington, DC 20015 1998 2001 25,000 $23.18 100% Maggiano's Florida CocoWalk Coconut Grove, FL 33133(11) 1990/1994, 1922-1973, 2018-2021 2015-2017 278,000 $50.24 100% Cinepolis Theaters Youfit Health Club Multiple Restaurants Del Mar Village Boca Raton, FL 33433 1982, 1994 & 2007 2008/2014 187,000 $25.59 98% Aldi CVS L.A. Fitness Shops at Pembroke Gardens Pembroke Pines, FL 33027 2007 2022 391,000 $33.70 100% Nike Factory Old Navy DSW Barnes & Noble Tower Shops Davie, FL 33324 1989, 2017 2011/2014 431,000 $30.53 99% Trader Joe's TJ Maxx Ross Dress for Less Best Buy Ulta Illinois Crossroads Highland Park, IL 60035 1959 1993 168,000 $21.52 97% L.A. Fitness Ulta Binny's Ferguson Home 23 Table of Contents Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s) Finley Square Downers Grove, IL 60515 1974 1995 258,000 $18.96 93% Marshalls Home Goods Michaels Portillo's Garden Market Western Springs, IL 60558 1958 1994 141,000 $16.62 100% Mariano's Fresh Market Walgreens Riverpoint Center Chicago, IL 60614 1989, 2012 2017 211,000 $22.00 98% Jewel Osco Marshalls Old Navy Kansas Town Center Crossing/Town Center Plaza Leawood, KS 66209 1995, 2005-2008, 2014, 2015 2025 552,000 $37.14 95% Trader Joe's Crate & Barrel Pottery Barn Restoration Hardware Apple Aritzia Maryland Annapolis Town Center Annapolis, MD 21401 2007-2010 2025 479,000 $34.67 90% Whole Foods Restoration Hardware Pottery Barn Williams Sonoma Life Time Fitness Anthropologie Bethesda Row Bethesda, MD 20814(6)(7) 1945-1991 2001, 2008 1993-2006/ 2008/2010 532,000 $60.65 99% Giant Food Apple Anthropologie Equinox Multiple Restaurants Bethesda Row Residential Bethesda, MD 20814 (6) 2008 1993 180 units N/A 92% Congressional Plaza Rockville, MD 20852(4) 1965 1965 309,000 $46.87 91% The Fresh Market Ulta Barnes & Noble Container Store Congressional Plaza Residential Rockville, MD 20852(4) 2003, 2016 1965 194 units N/A 95% Courthouse Center Rockville, MD 20852 1975 1997 33,000 $30.44 81% Federal Plaza Rockville, MD 20852 1970 1989 249,000 $40.51 96% Trader Joe's TJ Maxx Micro Center Ross Dress for Less Gaithersburg Square Gaithersburg, MD 20878 1966 1993 205,000 $33.44 98% Marshalls Ross Dress for Less Ashley Furniture HomeStore CVS Governor Plaza Glen Burnie, MD 21961 1963 1985 243,000 $20.62 100% Aldi Dick's Sporting Goods Ross Dress for Less Petco Bob's Discount Furniture Laurel Laurel, MD 20707 1956 1986 367,000 $25.27 96% Giant Food Marshalls L.A. Fitness HomeGoods Montrose Crossing Rockville, MD 20852 1960-1979, 1996, 2011 2011/2013 369,000 $35.06 98% Giant Food Marshalls Home Depot Design Center Old Navy Burlington Perring Plaza Baltimore, MD 21134 1963 1985 398,000 $17.07 91% Giant Food Home Depot Dick's Sporting Goods Micro Center Burlington Pike & Rose North Bethesda, MD 20852(10) 1963, 2014, 2018, 2020, 2025 1982/2007/ 2012 955,000 $47.31 100% Porsche Uniqlo REI H&M L.L. Bean Choice Hotels Multiple Restaurants 24 Table of Contents Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s) Pike & Rose Residential North Bethesda, MD 20852 2014, 2018 1982/2007 447 units N/A 94% Plaza Del Mercado Silver Spring, MD 20906 1969 2004 116,000 $35.01 97% Aldi CVS L.A. Fitness Quince Orchard Gaithersburg, MD 20877(7) 1975 1993 271,000 $26.17 87% Aldi HomeGoods L.A. Fitness Staples THE AVENUE at White Marsh Baltimore, MD 21236(8) 1997 2007 315,000 $29.05 100% AMC Ulta Old Navy Nike The Shoppes at Nottingham Square Baltimore, MD 21236 2005-2006 2007 33,000 $55.48 100% White Marsh Other Baltimore, MD 21236 1985 2007 43,000 $47.89 100% White Marsh Plaza Baltimore, MD 21236 1987 2007 80,000 $24.55 98% Giant Food Wildwood Bethesda, MD 20814 1958 1969 88,000 $114.79 100% Balducci's CVS Multiple Restaurants Massachusetts Assembly Row/ Assembly Square Marketplace Somerville, MA 02145(10) 2005, 2014, 2018, 2021 2005-2011/ 2013 1,230,000 $41.61 98% Trader Joe's TJ Maxx AMC Nike Burlington World Market PUMA Multiple Restaurants Assembly Row Residential Somerville, MA 02145 2018, 2021 2005-2011 947 units N/A 94% Campus Plaza Bridgewater, MA 02324 1970 2004 113,000 $20.28 100% Roche Bros. Burlington Five Below Chelsea Commons Chelsea, MA 02150(6) 1962,1969, 2008 2006-2008 233,000 $15.88 99% Home Depot Planet Fitness CVS Burlington Dedham Plaza Dedham, MA 02026 1959 1993/2016/ 2019 253,000 $24.15 97% Star Market Planet Fitness Linden Square Wellesley, MA 02481 1960, 2008 2006 223,000 $53.28 97% Roche Bros. CVS Multiple Restaurants 7 units N/A 100% North Dartmouth North Dartmouth, MA 02747 2004 2006 48,000 $17.22 100% Stop & Shop Queen Anne Plaza Norwell, MA 02061 1967 1994 149,000 $21.65 99% Big Y Foods TJ Maxx HomeGoods Michigan Gratiot Plaza Roseville, MI 48066 1964 1973 205,000 $14.68 85% Kroger Best Buy Bob's Discount Furniture Nebraska Village Pointe Omaha, NE 68118 2004 2025 452,000 $26.43 96% Nordstrom Rack Best Buy Apple Sephora lululemon New Jersey Brick Plaza Brick Township, NJ 08723(7) 1958 1989 405,000 $23.66 97% Trader Joe's L.A. Fitness HomeGoods Ulta Burlington Brook 35 Sea Grit, NJ 08750(4)(6)(8) 1986, 2004 2014 97,000 $42.96 100% Banana Republic Gap Tommy's Tavern + Tap Ellisburg Cherry Hill, NJ 08034 1959 1992 260,000 $21.18 100% Whole Foods Five Below RH Outlet 25 Table of Contents Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s) Hoboken Hoboken, NJ 07030(4)(6)(12) 1887-2006 2019/2020/2022 171,000 $62.98 97% CVS New York Sports Club Sephora Multiple Restaurants 129 units N/A 96% Mercer on One Lawrenceville, NJ 08648(7) 1975 2003/2017/2023 551,000 $29.16 97% Shop Rite Nike Ross Dress for Less Nordstrom Rack REI Tesla The Grove at Shrewsbury Shrewsbury, NJ 07702(4)(6)(8) 1988, 1993 & 2007 2014 191,000 $56.91 99% Bloomies lululemon Anthropologie Pottery Barn Williams Sonoma Troy Hills Parsippany-Troy, NJ 07054 1966 1980 211,000 $20.09 99% Target Floor & Décor Michaels New York Fresh Meadows Queens, NY 11365 1949 1997 408,000 $41.67 99% Lidl Island of Gold AMC Kohl's Planet Fitness Georgetowne Shopping Center Brooklyn, NY 11234 1969, 2006, 2015 2019 147,000 $43.82 94% Foodway Five Below IHOP Greenlawn Plaza Greenlawn, NY 11743 1975, 2004 2006 103,000 $18.72 93% Greenlawn Farms Planet Fitness Hauppauge Hauppauge, NY 11788 1963 1998 134,000 $27.26 94% Shop Rite TJ Maxx Five Below Huntington Huntington, NY 11746 1962, 2024 1988/2007/ 2015 217,000 $37.02 97% Whole Foods Petsmart REI Ulta Huntington Square East Northport, NY 11731 1980, 2007 2010/2023 244,000 $23.07 90% Aldi 24 Hour Fitness AMC Melville Mall Huntington, NY 11747(7) 1974 2006 241,000 $30.84 100% Uncle Giuseppe's Marketplace Marshalls Dick's Sporting Goods Pennsylvania Andorra Philadelphia, PA 19128 1953 1988 212,000 $15.30 96% TJ Maxx Kohl's L.A. Fitness Five Below Bala Cynwyd on City Avenue Bala Cynwyd, PA 19004 1955 1993 174,000 $38.74 96% Acme Markets Michaels L.A. Fitness Bala Cynwyd on City Avenue Residential Bala Cynwyd, PA 19004 2020 1993 87 units N/A 98% Flourtown Flourtown, PA 19031 1957 1980 158,000 $24.32 98% Giant Food Movie Tavern Lancaster Lancaster, PA 17601(7) 1958 1980 126,000 $20.42 98% Giant Food AutoZone Langhorne Square Levittown, PA 19056 1966 1985 226,000 $19.76 99% Redner's Warehouse Markets Marshalls Planet Fitness Lawrence Park Broomall, PA 19008 1972 1980/2017 357,000 $25.46 100% Acme Markets TJ Maxx HomeGoods Barnes & Noble Lankenau Medical Center Northeast Philadelphia, PA 19114 1959 1983 208,000 $22.79 96% Marshalls Ulta Skechers Crunch Fitness Willow Grove Willow Grove, PA 19090 1953 1984 86,000 $26.10 100% Amazon Food Marshalls Five Below 26 Table of Contents Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s) Wynnewood Wynnewood, PA 19096 1948 1996 239,000 $32.54 97% Giant Food Old Navy DSW 9 units N/A 100% Virginia 29th Place Charlottesville, VA 22091 1975-2001 2007 168,000 $21.73 99% Lidl HomeGoods DSW Staples Barcroft Plaza Falls Church, VA 22041 1963, 1972, 1990, & 2000 2006/2007/ 2016 113,000 $32.78 98% Harris Teeter Barracks Road Charlottesville, VA 22905 1958 1985 487,000 $29.95 91% Harris Teeter Kroger Anthropologie Old Navy Ulta Michaels Birch & Broad Falls Church, VA 22046 1960/1962 1967/1972 144,000 $40.58 100% Giant Food CVS Staples Chesterbrook McLean, VA 22101(4) 1967 2021 89,000 $32.43 91% Safeway Starbucks Fairfax Junction Fairfax, VA 22030(8) 1981, 1986, 2000 2019/2020 124,000 $29.15 98% Aldi CVS Planet Fitness Graham Park Plaza Falls Church, VA 22042 1971 1983 133,000 $39.72 95% Giant Food Idylwood Plaza Falls Church, VA 22030 1991 1994 73,000 $51.51 98% Kingstowne Towne Center Kingstowne, VA 22315 1996, 2001, 2006 2022 411,000 $29.03 100% Giant Food Safeway TJ Maxx HomeGoods Ross Dress for Less Mount Vernon/South Valley/ 7770 Richmond Hwy Alexandria, VA 22306(8) 1966, 1972,1987 & 2001 2003/2006/2021 565,000 $21.43 97% Shoppers Food Warehouse TJ Maxx Home Depot Old Navy Burlington Ulta Old Keene Mill Springfield, VA 22152 1968 1976 90,000 $46.51 100% Trader Joe's Walgreens Planet Fitness Pike 7 Plaza Vienna, VA 22180 1968 1997/2015 175,000 $51.85 99% Lidl TJ Maxx DSW Ulta Providence Place (formerly Pan Am) Fairfax, VA 22031 1979 1993 228,000 $25.17 90% Safeway Micro Center CVS Michaels Tower Shopping Center Springfield, VA 22150 1960 1998 109,000 $31.09 99% L.A. Mart Total Wine & More Talbots Twinbrooke Centre Fairfax, VA 22032 1977 2021 103,000 $30.42 98% Safeway Outback Steakhouse Tyson's Station Falls Church, VA 22043 1954 1978 48,000 $54.82 96% Trader Joe's Village at Shirlington Arlington, VA 22206(7) 1940, 2006-2009 1995 277,000 $41.22 91% Harris Teeter CVS AMC Multiple Restaurants Virginia Gateway Gainesville, VA 20015 1999, 2006-2008, 2013-2016 2024 668,000 $27.56 98% Giant Food HomeGoods Total Wine & More Best Buy Ulta Westpost Arlington, VA 22202 2001-2002 1998/2010 298,000 $35.22 99% Harris Teeter Target TJ Maxx Ulta Walgreens DSW 27 Table of Contents Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s) Willow Lawn Richmond, VA 23230 1957 1983 463,000 $23.49 98% Kroger Old Navy Ross Dress for Less Gold's Gym Dick's Sporting Goods Ulta Total — Commercial (9) 28,798,000 $32.79 96% Total —Residential 2,678 units 95% _____________________ (1) Represents the GLA of the commercial portion of the property. Some of our properties include office space which is included in this square footage. (2) Average base rent per square foot is calculated as the aggregate, annualized in-place contractual (defined as cash basis excluding rent abatements) minimum rent for all occupied spaces divided by the aggregate GLA of all occupied spaces. Average base rent is for commercial spaces only. (3) Percentage leased is expressed as a percentage of rentable commercial square feet occupied or subject to a lease. Residential percentage leased is expressed as a percentage of units occupied or subject to a lease. (4) We own the controlling interest in this property. (5) We own a noncontrolling interest in this property. (6) All or a portion of this property is encumbered by a mortgage loan. (7) All or a portion of this property is owned pursuant to a ground lease. (8) We own all or a portion of this property in a “downREIT” partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units. (9) Aggregate information is calculated on a GLA weighted-average basis, excluding Chandler Festival, Chandler Gateway, and La Alameda, which are all unconsolidated properties at December 31, 2025. (10) Portion of property is currently under development. See further discussion in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. (11) This property includes interests in four nearby buildings. (12) This property includes 40 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.