FEDERAL REALTY INVESTMENT TRUST 10-K

ITEM 9A. CONTROLS AND PROCEDURES Management's Evaluations of Disclosure Controls and Procedures The Trust and the Operating Partnership maintain disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Trust and the Operating Partnership's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. Because of inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of disclosure controls and procedures are met. 48 Table of Contents Our management, with the participation of the Trust and the Operating Partnership’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Trust and the Operating Partnership’s disclosure controls and procedures as of December 31, 2025. Based on that evaluation, the Trust and the Operating Partnership’s Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, the Trust and the Operating Partnership’s disclosure controls and procedures were effective at a reasonable assurance level. Management's Evaluations of Internal Control over Financial Reporting The Trust and the Operating Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, the Trust and the Operating Partnership’s principal executive and principal financial officers and effected by our Board of Trustees, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America (GAAP) and includes those policies and procedures that: • pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and disposition of our assets; • provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorization of management and our Trustees; and • provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of any of our assets in circumstances that could have a material adverse effect on our financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We assessed the effectiveness of the Trust and the Operating Partnership’s internal control over financial reporting as of December 31, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013) . Based on that assessment and criteria, management concluded that the Trust and the Operating Partnership's internal control over financial reporting was effective as of December 31, 2025. Grant Thornton LLP, the independent registered public accounting firm that audited the Trust and the Operating Partnership's consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on the Trust and the Operating Partnership's internal control over financial reporting, which appears on page F-2 of this Annual Report on Form 10-K. Changes in Internal Control Over Financial Reporting There was no change in our internal control over financial reporting during our fourth fiscal quarter of 2025 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. ITEM 9B. OTHER INFORMATION Recent Legislation. New legislation has been recently enacted that modifies certain disclosures under the heading "Material Federal Income Tax Considerations" contained in prospectuses filed by Federal Realty Investment Trust and/or Federal Realty OP LP under the Securities Act of 1933 prior to the date of this Annual Report. See below for a brief description of these modifications. • The new legislation permanently extends the ability of non-corporate shareholders to generally deduct 20% of the aggregate amount of ordinary dividends distributed by us, eliminating the previously-scheduled expiration of this deduction at the end of 2025. • Under the new legislation, as of January 1, 2026, the 20% asset test quarterly limit on the value of our securities in one or more taxable REIT subsidiaries (unless they would otherwise be treated as real estate assets) will increase to 25%. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS None. 49 Table of Contents 50 Table of Contents PART III Certain information required in Part III is omitted from this Report but is incorporated herein by reference from our Proxy Statement for the 2026 Annual Meeting of Shareholders (as amended or supplemented, the “Proxy Statement”). ITEM 10. TRUSTEES, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The tables and narrative in the Proxy Statement identifying our Trustees and Board committees under the caption “Election of Trustees” and “Corporate Governance”, the sections of the Proxy Statement entitled “Executive Officers” and “Section 16(a) Beneficial Ownership Reporting Compliance,” the section of the Proxy Statement entitled "Equity Grant Practices," and other information included in the Proxy Statement required by this Item 10 are incorporated herein by reference. We have adopted a Code of Ethics, which is applicable to our Chief Executive Officer and senior financial officers. The Code of Ethics is available in the Corporate Governance section of the Investors section of our website at www.federalrealty.com . We have adopted an insider trading policy and related procedures governing the purchase, sale, and other dispositions of our securities that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations and any NYSE listing standards applicable to us. ITEM 11. EXECUTIVE COMPENSATION The sections of the Proxy Statement entitled “Summary Compensation Table,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Committee Report,” “Trustee Compensation” and “Compensation Discussion and Analysis” and other information included in the Proxy Statement required by this Item 11 are incorporated herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS The sections of the Proxy Statement entitled “Share Ownership” and “Equity Compensation Plan Information” and other information included in the Proxy Statement required by this Item 12 are incorporated herein by reference. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND TRUSTEE INDEPENDENCE The sections of the Proxy Statement entitled “Certain Relationship and Related Transactions” and “Independence of Trustees” and other information included in the Proxy Statement required by this Item 13 are incorporated herein by reference. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The sections of the Proxy Statement entitled “Ratification of Independent Registered Public Accounting Firm” and “Relationship with Independent Registered Public Accounting Firm” and other information included in the Proxy Statement required by this Item 14 are incorporated herein by reference. PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)(1) Financial Statements Our consolidated financial statements and notes thereto, together with Reports of Independent Registered Public Accounting Firm are included as a separate section of this Annual Report on Form 10-K commencing on page F- 1 . (2) Financial Statement Schedules Our financial statement schedules are included in a separate section of this Annual Report on Form 10-K commencing on page F- 41 . (3) Exhibits (b) The following documents are filed as exhibits are filed as part of, or incorporated by reference info, this report: 51 Table of Contents EXHIBIT INDEX Exhibit No. Description 2.1 Merger Agreement and Plan of Reorganization, dated December 2, 2021, by and among the Predecessor, the Parent Company, and Merger Sub (previously filed as Exhibit 2.1 to the Predecessor's Current Report on Form 8-K filed on December 2, 2021 and incorporated herein by reference) ‡ 3.1 Amended and Restated Declaration of Trust of the Parent Company dated January 1, 2022, as amended by the Articles of Amendment effective as of January 1, 2022 and Articles of Amendment effective as of May 4, 2023 (previously filed as Exhibit 3.1 to our Quarterly Report on Form 10-Q filed on August 2, 2023 and incorporated herein by reference) 3.2 Amended and Restated Bylaws of the Parent Company dated January 1, 2022, as amended February 7, 2023 (previously filed as Exhibit 3.1 to our Quarterly Report on Form 10-Q filed on May 4, 2023 and incorporated herein by reference) 3.3 Articles of Merger, dated December 8, 2021, by and among Merger Sub and the Predecessor (previously filed as Exhibit 3.4 to the Parent Company's Current Report on Form 8-K filed on January 3, 2022 and incorporated herein by reference) 3.4 Certificate of Limited Partnership of Federal Realty OP LP (previously filed as Exhibit 3.1 to our Current Report on Form 8-K filed on January 5, 2022 and incorporated herein by reference) 3.5 Agreement of Limited Partnership of Federal Realty OP LP, dated as of January 5, 2022, by and between Federal Realty GP LLC and the Parent Company (Previously filed as Exhibit 3.2 to our Current Report on Form 8-K filed on January 5, 2022 and incorporated herein by reference) 4.1 Specimen Common Share certificate (previously filed as Exhibit 4(i) to the Predecessor’s Annual Report on Form 10-K for the year ended December 31, 1999 and incorporated herein by reference) 4.2 † Indenture dated December 1, 1993 related to the Partnership’s 7.48% Debentures due August 15, 2026; and 6.82% Medium Term Notes due August 1, 2027; (previously filed as Exhibit 4(a) to the Predecessor’s Registration Statement on Form S-3, and amended on Form S-3, filed on December 13, 1993 and incorporated herein by reference) ‡ 4.3 † Indenture dated September 1, 1998 related to the Partnership’s 2.75% Notes due 2023; 3.95% Notes due 2024; 4.50% Notes due 2044; 2.55% Notes due 2021; 3.625% Notes due 2046; 3.25% Notes due 2027; 3.20% Notes due 2029; 3.50% Notes due 2030; 1.25% Notes due 2026 (previously filed as Exhibit 4(a) to the Predecessor’s Registration Statement on Form S-3 filed on September 17, 1998 and incorporated herein by reference) ‡ 4.4 † First Supplemental Indenture, dated as of January 5, 2022, by and between Federal Realty OP LP and U.S. Bank National Association, with respect to the Partnership's Indenture dated December 1, 1993 related to the Partnership's 7.48% Debentures due August 15, 2026 and 6.82% Medium Term Notes due August 1, 2027 (previously filed as Exhibit 4.1 to our Current Report on Form 8-K filed on January 5, 2022 and incorporated herein by reference) 4.5 † First Supplemental Indenture, dated as of January 5, 2022, by and between Federal Realty OP LP and U.S. Bank National Association, with respect to the Partnership's Indenture dated September 1, 1998 related to the Partnership's 2.75% Notes due 2023; 3.95% Notes due 2024; 4.50% Notes due 2044; 2.55% Notes due 2021; 3.625% Notes due 2046; 3.25% Notes due 2027; 3.20% Notes due 2029; 3.50% Notes due 2030; 1.25% Notes due 2026; 5.375% Notes due 2028 (previously filed as Exhibit 4.2 to our Current Report on Form 8-K filed on January 5, 2022 and incorporated herein by reference) 4.6 Deposit Agreement, dated as of September 29, 2017, by and among Federal Realty Investment Trust, Equiniti Trust Company, LLC (successor to American Stock Transfer and Trust Company, LLC), as Depositary, and all holders from time to time of Receipt (previously filed as Exhibit 4.1 to the Predecessor's Registration Statement on Form 8-A, filed on September 29, 2017 and incorporated herein by reference) 4.7 Specimen certificate relating to the 5.000% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest (previously filed as Exhibit 4.3 to the Predecessor's Registration Statement on Form 8-A, filed on September 29, 2017 and incorporated herein by reference) 4.8 † Indenture dated January 11, 2024 related to the 3.25% Exchangeable Senior Notes due 2029, by and between Federal Realty OP LP and U.S. Bank National Association (previously filed as Exhibit 4.1 to our current report on Form 8-K filed on January 11, 2023 and incorporated herein by reference) 4.9 Description of Securities (previously filed as Exhibit 4.9 to the Trust's Annual Report on Form 10-K, filed on February 12, 2024 and incorporated here by reference) 10.1 * Severance Agreement between Federal Realty Investment Trust and Donald C. Wood dated February 22, 1999 (previously filed as a portion of Exhibit 10 to the Predecessor's Quarterly Report on Form 10-Q for the quarter ended March 31, 1999 (the "1999 1Q Form 10-Q") and incorporated herein by reference) 52 Table of Contents Exhibit No. Description 10.2 * Executive Agreement between Federal Realty Investment Trust and Donald C. Wood dated February 22, 1999 (previously filed as a portion of Exhibit 10 to the Predecessor's 1999 1Q Form 10-Q and incorporated herein by reference) 10.3 * Amendment to Executive Agreement between Federal Realty Investment Trust and Donald C. Wood dated February 16, 2005 (previously filed as Exhibit 10.12 to the Predecessor’s Annual Report on Form 10-K for the year ended December 31, 2004 (the “2004 Form 10-K”) and incorporated herein by reference) 10.4 * Health Coverage Continuation Agreement between Federal Realty Investment Trust and Donald C. Wood dated February 16, 2005 (previously filed as Exhibit 10.26 to the Predecessor's 2004 Form 10-K and incorporated herein by reference) 10.5 * Severance Agreement between Federal Realty Investment Trust and Dawn M. Becker dated April 19, 2000 (previously filed as Exhibit 10.26 to the Predecessor’s 2005 2Q Form 10-Q and incorporated herein by reference) 10.6 * Amendment to Severance Agreement between Federal Realty Investment Trust and Dawn M. Becker dated February 16, 2005 (previously filed as Exhibit 10.27 to the Predecessor's 2004 Form 10-K and incorporated herein by reference) 10.7 Form of Restricted Share Award Agreement for long term vesting and retention awards for shares issued out of the 2010 Plan (previously filed as Exhibit 10.35 to the Predecessor's Annual Report on Form 10-K for the year ended December 31, 2010 (the "2010 Form 10-K") and incorporated herein by reference) 10.8 * Amendment to Severance Agreement between Federal Realty Investment Trust and Donald C. Wood dated January 1, 2009 (previously filed as Exhibit 10.26 to the Predecessor’s Annual Report on Form 10-K for the year ended December 31, 2008 (“the 2008 Form 10-K”) and incorporated herein by reference) 10.9 * Second Amendment to Executive Agreement between Federal Realty Investment Trust and Donald C. Wood dated January 1, 2009 (previously filed as Exhibit 10.27 to the Predecessor’s 2008 Form 10-K and incorporated herein by reference) 10.10 * Amendment to Health Coverage Continuation Agreement between Federal Realty Investment Trust and Donald C. Wood dated January 1, 2009 (previously filed as Exhibit 10.28 to the Predecessor’s 2008 Form 10-K and incorporated herein by reference) 10.11 * Second Amendment to Severance Agreement between Federal Realty Investment Trust and Dawn M. Becker dated January 1, 2009 (previously filed as Exhibit 10.30 to the Predecessor’s 2008 Form 10-K and incorporated herein by reference) 10.12 2010 Performance Incentive Plan (previously filed as Appendix A to the Predecessor’s Definitive Proxy Statement for the 2010 Annual Meeting of Shareholders and incorporated herein by reference) 10.13 Amendment to 2010 Performance Incentive Plan (“the 2010 Plan”) (previously filed as Appendix A to the Predecessor’s Proxy Statement for the 2010 Annual Meeting of Shareholders and incorporated herein by reference) 10.14 Form of Restricted Share Award Agreement for awards made under Federal Realty Investment Trust’s Long-Term Incentive Award Program and the Trust’s Annual Incentive Bonus Program and basic awards with annual vesting for shares issued out of the 2010 Plan (previously filed as Exhibit 10.34 to the Predecessor’s 2010 Form 10-K and incorporated herein by reference) 10.15 Revised Form of Restricted Share Award Agreement for front loaded awards made under Federal Realty Investment Trust’s Long-Term Incentive Award Program for shares issued out of the 2010 Plan (previously filed as Exhibit 10.35 to the Predecessor's Annual Report on Form 10-K for the year ended December 31, 2012 (the "2012 Form 10-K") and incorporated herein by reference) 10.16 Revised Form of Restricted Share Award Agreement for long-term vesting and retention awards made under Federal Realty Investment Trust’s Long-Term Incentive Award Program for shares issued out of the 2010 Plan (previously filed as Exhibit 10.36 to the Predecessor's 2012 Form 10-K and incorporated herein by reference) 10.17 Revised Form of Performance Share Award Agreement for shares awarded out of the 2010 Plan (previously filed as Exhibit 10.37 to the Predecessor's 2012 Form 10-K and incorporated herein by reference) 10.18 Revised Form of Restricted Share Award Agreement for awards made under Federal Realty Investment Trust’s Long-Term Incentive Award Program and the Trust’s Annual Incentive Bonus Program and basic awards with annual vesting for shares issued out of the 2010 Plan (previously filed as Exhibit 10.38 to the Predecessor's 2012 Form 10-K and incorporated herein by reference) 10.19 Severance Agreement between Federal Realty Investment Trust and Daniel Guglielmone dated August 15, 2016 (previously filed as Exhibit 10.36 to the Predecessor's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and incorporated herein by reference) 10.20 2020 Performance Incentive Plan (previously filed as Appendix B to the Predecessor’s Definitive Proxy Statement for the 2020 Annual Meeting of Shareholders and incorporated herein by reference) 53 Table of Contents Exhibit No. Description 10.21 Form of Restricted Share Award Agreement for awards made under Federal Realty Investment Trust's Long-Term Incentive Award Program and the Trust's Annual Incentive Bonus Program and basic awards with annual vesting for shares issued out the 2020 Plan (previously filed as Exhibit 10.32 to the Predecessor's Annual Report on Form 10-K, filed on February 11, 2021 and incorporated herein by reference) 10.22 Form of Option Award Agreement for awards made under Federal Realty Investment Trust’s Long-Term Incentive Award Program for shares issued out of the 2020 Plan (previously filed as Exhibit 10.33 to the Predecessor's Annual Report on Form 10-K, filed on February 11, 2021, and incorporated herein by reference) 10.23 Form of Restricted Share Award Agreement for long-term vesting and retention awards made under Federal Realty Investment Trust’s Long-Term Incentive Award Program for shares issued out of the 2020 Plan (previously filed as Exhibit 10.34 to the Predecessor's Annual Report on Form 10-K, filed on February 11, 2021, and incorporated herein by reference) 10.24 Form of Performance Share Award Agreement for shares awarded out of the 2020 Plan (previously filed as Exhibit 10.35 to the Predecessor's Annual Report on From 10-K, filed on February 11, 2021, and incorporated herein by reference) 10.25 Form of Option Award Agreement for basic options awarded out of the 2020 Plan (previously filed as Exhibit 10.36 to the Predecessor's Annual Report on Form 10-K, filed on February 11, 2021, and incorporated herein by reference) 10.26 Omnibus Assignment, Assumption and Amendment entered into between the Predecessor and the Parent Company (previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on January 3, 2022 and incorporated herein by reference) 10.27 Second Amended and Restated Credit Agreement, dated as of October 5, 2022, by and among the Partnership, as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (previously filed as Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on October 11, 2022 and incorporated herein by reference) 10.28 First Amendment to Second Amended and Restated Credit Agreement, dated as of August 25, 2023, by and among the Partnership, as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (previously filed a Exhibit 10.34 to the Trust's Annual Report on Form 10-K, filed on February 12, 2024 and incorporated herein by reference) 10.29 Second Amendment to Second Amended and Restated Credit Agreement, dated as of January 2, 2024, by and among the Partnership, as borrower, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (previously filed a Exhibit 10.36 to the Trust's Annual Report on Form 10-K, filed on February 12, 2024 and incorporated herein by reference) 10.30 Registration Rights Agreement dated January 11, 2024 among the Issuer, the Parent and the Representatives (previously filed as Exhibit 10.1 to the Trust’s Current Report on Form 8-K filed on January 11, 2024 and incorporated herein by reference) 10.31 Third Amendment to Second Amended and Restated Credit Agreement, dated as of March 14, 2024, by and among the Partnership, as borrower, each of the lenders arty thereto and Wells Fargo Bank, National Association, as administrative agent (previously filed as Exhibit 10.1 to the Trust's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and incorporated herein by reference) 10.32 ₸ Consulting Agreement between Federal Realty OP LP and Jeffrey S. Berkes, dated January 1, 2025 (previously filed as Exhibit 10.40 to the Trust's Annual Report on Form 10-K, filed on February 13, 2025 and incorporated here by reference) 10.33 Amended and Restated Term Loan Agreement, dated as of March 20, 2025, by and among the Partnership, FRIT San Jose Town and Country Village, LLC, the financial institutions party thereto, as Lenders, PNC Bank, National Association, as Administrative Agent, and the other parties thereto (previously filed as Exhibit 10.1 to the Trust's Current Report on Form 8-K file on March 21, 2025 and incorporated by reference) 10.34 First Amendment to Severance Agreement dated as of May 7, 2025, by and between Federal Realty Investment Trust and Daniel Guglielmone (previously filed as Exhibit 10.1 to the Trust's Current Report on Form 8-K filed on May 9, 2025 and incorporated herein by reference) 10.35 Term Loan Agreement dated as of November 17, 2025, by and among the Partnership, as Borrower, the financial institutions party thereto as Lenders, Truist Bank, as Administrative Agent, Bank of America, N.A and Mizuho Bank LTD., as Co-Syndication Agents, each of Truist Securities, Inc., BOA Securities, Inc., and Mizuho Bank LTD., as Joint Lead Arrangers and and Truist Securities, Inc., as Sole Book Manager (previously filed as Exhibit 10.1 to the Trust's Current Report on Form 8-K, filed on November 20, 2025 and incorporated herein by reference) 19.1 Policy on Insider Information and Trading in Federal Realty Shares and other Securities (previously filed as Exhibit 19.1 to the Trust's Annual Report on Form 10-K, filed on February 12, 2024 and incorporated here by reference) 54 Table of Contents Exhibit No. Description 21.1 Subsidiaries of Federal Realty Investment Trust and Federal Realty OP LP (filed herewith) 23.1 Consent of Grant Thornton LLP (filed herewith) 31.1 Rule 13a-14(a) Certification of Chief Executive Officer - Federal Realty Investment Trust (filed herewith) 31.2 Rule 13a-14(a) Certification of Chief Financial Officer - Federal Realty Investment Trust (filed herewith) 31.3 Rule 13a-14(a) Certification of Chief Executive Officer - Federal Realty OP LP (filed herewith) 31.4 Rule 13a-14(a) Certification of Chief Financial Officer - Federal Realty OP LP (filed herewith) 32.1 Section 1350 Certification of Chief Executive Officer - Federal Realty Investment Trust (filed herewith) 32.2 Section 1350 Certification of Chief Financial Officer - Federal Realty Investment Trust (filed herewith) Exhibit No. Description 32.3 Section 1350 Certification of Chief Executive Officer - Federal Realty OP LP (filed herewith) 32.4 Section 1350 Certification of Chief Financial Officer - Federal Realty OP LP (filed herewith) 97 Federal Realty Investment Trust and Federal Realty OP LP Clawback Policy (previously filed as Exhibit 97 to the Trust's Annual Report on Form 10-K, filed on February 12, 2024 and incorporated here by reference) 101 The following materials from this Annual Report on Form 10-K for the year ended December 31, 2025, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Comprehensive Income, (3) the Consolidated Statement of Shareholders’ Equity, (4) the Consolidated Statements of Cash Flows, and (5) Notes to Consolidated Financial Statements that have been detail tagged. 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) _____________________ * Management contract or compensatory plan required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. † Pursuant to Regulation S-K Item 601(b)(4)(iii), the Trust and the Partnership by this filing agree, upon request, to furnish to the Securities and Exchange Commission a copy of other instruments defining the rights of holders of long-term debt of the Trust and the Partnership. ‡ In this Exhibit Index, the term "Predecessor" refers to Federal Realty Investment Trust before the effectiveness of our UPREIT conversion as described in our Current Reports on Form 8-K filed on January 3 and 5, 2022. Upon completion of the UPREIT conversion, the Partnership became the successor to the Predecessor's rights and obligations under this instrument. ₸ Portions of this exhibit have been redacted because (i) the registrants customarily and actually treat that information as private or confidential and (ii) the omitted information is not material. ITEM 16. FORM 10-K SUMMARY None. 55 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, each of the Registrants have duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized this February 12, 2026. Federal Realty Investment Trust Federal Realty OP LP By: /S/ DONALD C. WOOD Donald C. Wood Chief Executive Officer and Trustee Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of each of the Registrants and in the capacity and on the dates indicated. Each person whose signature appears below hereby constitutes and appoints each of Donald C. Wood and Dawn M. Becker as his or her attorney-in-fact and agent, with full power of substitution and resubstitution for him or her in any and all capacities, to sign any or all amendments to this Report and to file same, with exhibits thereto and other documents in connection therewith, granting unto such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary in connection with such matters and hereby ratifying and confirming all that such attorney-in-fact and agent or his or her substitutes may do or cause to be done by virtue hereof. Signature Title Date /S/ DONALD C. WOOD Chief Executive Officer and Trustee February 12, 2026 Donald C. Wood (Principal Executive Officer) /S/ DANIEL GUGLIELMONE Executive Vice President - Chief Financial February 12, 2026 Daniel Guglielmone Officer and Treasurer (Principal Financial and Accounting Officer) /S/ DAVID W. FAEDER Non -Executive Chairman February 12, 2026 David W. Faeder /S/ JOSEPH D. FISHER Trustee February 12, 2026 Joseph D. Fisher /S/ ELIZABETH I. HOLLAND Trustee February 12, 2026 Elizabeth I. Holland /S/ NICOLE Y. LAMB-HALE Trustee February 12, 2026 Nicole Y. Lamb-Hale /S/ THOMAS A. MCEACHIN Trustee February 12, 2026 Thomas A. McEachin /S/ ANTHONY P. NADER, III Trustee February 12, 2026 Anthony P. Nader, III /S/ GAIL P. STEINEL Trustee February 12, 2026 Gail P. Steinel 56 Table of Contents Item 8 and Item 15(a)(1) and (2) Index to Consolidated Financial Statements and Schedules Page No. Report of Independent Registered Public Accounting Firm ( PCAOB ID Number 248 ) F- 2 Federal Realty Investment Trust: Consolidated Balance Sheets as of December 31, 2025 and 2024 F- 8 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023 F- 9 Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2025, 2024, and 2023 F- 10 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 F- 11 Federal Realty OP LP: Consolidated Balance Sheets as of December 31, 2025 and 2024 F-12 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024, and 2023 F-13 Consolidated Statements of Capital for the Years Ended December 31, 2025, 2024, and 2023 F-14 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 F-15 Notes to Consolidated Financial Statements F- 16 Financial Statement Schedules Schedule III—Summary of Real Estate and Accumulated Depreciation F- 41 Schedule IV—Mortgage Loans on Real Estate F- 49 All other schedules have been omitted either because the information is not applicable, not material, or is disclosed in our consolidated financial statements and related notes. F-1 Table of Contents Report of Independent Registered Public Accounting Firm Trustees and Shareholders Federal Realty Investment Trust Opinion on internal control over financial reporting We have audited the internal control over financial reporting of Federal Realty Investment Trust (a Maryland real estate investment trust) and subsidiaries (collectively, the "Trust") as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control-Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Trust as of and for the year ended December 31, 2025, and our report dated February 12, 2026 expressed an unqualified opinion on those financial statements. Basis for opinion The Trust’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Evaluation of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ GRANT THORNTON LLP Jacksonville, Florida February 12, 2026 F-2 Table of Contents Report of Independent Registered Public Accounting Firm Trustees and Shareholders Federal Realty Investment Trust Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Federal Realty Investment Trust (a Maryland real estate investment trust) and subsidiaries (collectively, the "Trust") as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedules included under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Trust’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 12, 2026 expressed an unqualified opinion. Basis for opinion These consolidated financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical audit matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates. Lease Collectibility Assessment In order to recognize rental income on an accrual basis, the Trust must determine whether substantially all the rents due under a lease arrangement are collectible. If the Trust reaches the conclusion that substantially all of the rents are not collectible for a specific lease, then rental income under that arrangement can only be recognized when cash payment from the tenant is received. Significant judgment is exercised by the Trust when making a collectibility assessment and includes the following considerations which require challenging and subjective auditor judgment in the execution of our audit procedures: • Creditworthiness of the tenant • Current economic conditions • Historical experience with the tenant and other tenants operating in the same industry Our audit procedures related to the collectibility assessment included the following: • We tested the design and tested the operating effectiveness of internal controls relating to the collectibility assessment process. F-3 Table of Contents • We evaluated management’s accounting policies related to this assessment. • We verified the completeness of the population of tenants that management evaluated. • We researched recent publicly available information, including information for a selection of tenants with the highest rental income recognized in the year ended December 31, 2025, such as bankruptcy filings, industry journals, and periodicals, and for any of the Trust’s tenants identified in our research, we evaluated whether such information was considered in management’s collectibility assessment. • For a selection of tenant receivables where collectibility was deemed as probable, we evaluated the collectibility assessment conclusion reached by management and performed the following procedures for each selection: ◦ Verified that management’s accounting policies related to the collectibility assessment were followed. ◦ Inspected documentation from management such as tenant collection history and any direct correspondence and evaluated management’s considerations supporting the collectibility assessment conclusion reached. ◦ Recalculated the aging using supporting documentation. ◦ Researched publicly available information to independently verify the completeness and accuracy of management’s information used to make the collectibility assessment. /s/ GRANT THORNTON LLP We have served as the Trust’s auditor since 2002. Jacksonville, Florida February 12, 2026 F-4 Table of Contents Report of Independent Registered Public Accounting Firm Trustees and Unitholders Federal Realty OP LP Opinion on internal control over financial reporting We have audited the internal control over financial reporting of Federal Realty OP LP (a Delaware limited partnership) and subsidiaries (collectively, the “Operating Partnership”) as of December 31, 2025, based on criteria established in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control-Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Operating Partnership as of and for the year ended December 31, 2025, and our report dated February 12, 2026 expressed an unqualified opinion on those financial statements. Basis for opinion The Operating Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Evaluation of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Operating Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ GRANT THORNTON LLP Jacksonville, Florida February 12, 2026 F-5 Table of Contents Report of Independent Registered Public Accounting Firm Trustees and Unitholders Federal Realty OP LP Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Federal Realty OP LP (a Delaware limited partnership) and subsidiaries (collectively, the "Operating Partnership") as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, capital, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedules included under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Operating Partnership’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 12, 2026 expressed an unqualified opinion. Basis for opinion These consolidated financial statements are the responsibility of the Operating Partnership’s management. Our responsibility is to express an opinion on the Operating Partnership’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical audit matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates. Lease Collectibility Assessment In order to recognize rental income on an accrual basis, the Operating Partnership must determine whether substantially all the rents due under a lease arrangement are collectible. If the Operating Partnership reaches the conclusion that substantially all of the rents are not collectible for a specific lease, then rental income under that arrangement can only be recognized when cash payment from the tenant is received. Significant judgment is exercised by the Operating Partnership when making a collectibility assessment and includes the following considerations which require challenging and subjective auditor judgment in the execution of our audit procedures: • Creditworthiness of the tenant • Current economic conditions • Historical experience with the tenant and other tenants operating in the same industry Our audit procedures related to the collectibility assessment included the following: F-6 Table of Contents • We tested the design and tested the operating effectiveness of internal controls relating to the collectibility assessment process. • We evaluated management’s accounting policies related to this assessment. • We verified the completeness of the population of tenants that management evaluated. • We researched recent publicly available information, including information for a selection of tenants with the highest rental income recognized in the year ended December 31, 2025, such as bankruptcy filings, industry journals, and periodicals, and for any of the Operating Partnership’s tenants identified in our research, we evaluated whether such information was considered in management’s collectibility assessment. • For a selection of tenants where collectibility was deemed as probable, we evaluated the collectibility assessment conclusion reached by management and performed the following procedures for each selection: ◦ Verified that management’s accounting policies related to the collectibility assessment were followed. ◦ Inspected documentation from management such as tenant collection history and any direct correspondence and evaluated management’s considerations supporting the collectibility assessment conclusion reached. ◦ Recalculated the aging using supporting documentation. ◦ Researched publicly available information to independently verify the completeness and accuracy of management’s information used to make the collectibility assessment. /s/ GRANT THORNTON LLP We have served as the Operating Partnership's auditor since 2022. Jacksonville, Florida February 12, 2026 F-7 Table of Contents Federal Realty Investment Trust Consolidated Balance Sheets December 31, 2025 2024 (In thousands, except share and per share data) ASSETS Real estate, at cost Operating (including $ 1,832,190 and $ 1,825,656 of consolidated variable interest entities, respectively) $ 11,265,167 $ 10,363,961 Construction-in-progress (including $ 28,418 and $ 9,939 of consolidated variable interest entities, respectively) 374,735 539,752 11,639,902 10,903,713 Less accumulated depreciation and amortization (including $ 468,725 and $ 424,044 of consolidated variable interest entities, respectively) ( 3,351,881 ) ( 3,152,799 ) Net real estate 8,288,021 7,750,914 Cash and cash equivalents 107,415 123,409 Accounts and notes receivable, net 249,755 229,080 Mortgage notes receivable, net 9,091 9,144 Investment in partnerships 31,881 33,458 Operating lease right of use assets, net 83,120 85,806 Finance lease right of use assets, net 6,410 6,630 Prepaid expenses and other assets 354,767 286,316 TOTAL ASSETS $ 9,130,460 $ 8,524,757 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Mortgages payable, net (including $ 194,176 and $ 186,643 of consolidated variable interest entities, respectively) $ 521,759 $ 514,378 Notes payable, net 1,057,331 601,414 Senior notes and debentures, net 3,364,010 3,357,840 Accounts payable and accrued expenses 219,678 183,564 Dividends payable 99,792 96,743 Security deposits payable 31,548 30,941 Operating lease liabilities 72,304 74,837 Finance lease liabilities 12,903 12,783 Other liabilities and deferred credits 250,494 227,827 Total liabilities 5,629,819 5,100,327 Commitments and contingencies (Note 7) Redeemable noncontrolling interests 181,655 180,286 Shareholders’ equity Preferred shares, authorized 15,000,000 shares, $ 0.01 par: 5.0 % Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $ 25,000 per share), 6,000 shares issued and outstanding 150,000 150,000 5.417 % Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $ 25 per share), 392,878 shares issued and outstanding 9,822 9,822 Common shares of beneficial interest, $ 0.01 par, 200,000,000 shares authorized, 86,266,009 and 85,666,220 shares issued and outstanding, respectively 869 862 Additional paid-in capital 4,310,365 4,248,824 Accumulated dividends in excess of net income ( 1,224,372 ) ( 1,242,654 ) Accumulated other comprehensive income 2,047 4,740 Total shareholders’ equity of the Trust 3,248,731 3,171,594 Noncontrolling interests 70,255 72,550 Total shareholders’ equity 3,318,986 3,244,144 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,130,460 $ 8,524,757 The accompanying notes are an integral part of these consolidated statements. F-8 Table of Contents Federal Realty Investment Trust Consolidated Statements of Comprehensive Income Year Ended December 31, 2025 2024 2023 (In thousands, except per share data) REVENUE Rental income $ 1,245,491 $ 1,170,078 $ 1,101,439 Other property income 32,371 31,258 29,602 Mortgage interest income 1,113 1,116 1,113 Total revenue 1,278,975 1,202,452 1,132,154 EXPENSES Rental expenses 267,445 249,569 231,666 Real estate taxes 151,438 142,230 131,429 General and administrative 46,913 49,739 50,707 Depreciation and amortization 367,842 342,598 321,763 Total operating expenses 833,638 784,136 735,565 New market tax credit transaction income 14,176 — — Gain on sale of real estate 150,111 54,040 9,881 Impairment charge ( 7,425 ) — — OPERATING INCOME 602,199 472,356 406,470 OTHER INCOME/(EXPENSE) Other interest income 3,143 4,294 4,687 Interest expense ( 183,614 ) ( 175,476 ) ( 167,809 ) Income from partnerships 1,920 3,160 3,869 NET INCOME 423,648 304,334 247,217 Net income attributable to noncontrolling interests ( 12,571 ) ( 9,126 ) ( 10,232 ) NET INCOME ATTRIBUTABLE TO THE TRUST 411,077 295,208 236,985 Dividends on preferred shares ( 8,032 ) ( 8,032 ) ( 8,032 ) NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS $ 403,045 $ 287,176 $ 228,953 EARNINGS PER COMMON SHARE, BASIC Net income available for common shareholders $ 4.68 $ 3.42 $ 2.80 Weighted average number of common shares 85,852 83,559 81,313 EARNINGS PER COMMON SHARE, DILUTED Net income available for common shareholders $ 4.68 $ 3.42 $ 2.80 Weighted average number of common shares 86,405 83,566 81,313 NET INCOME $ 423,648 $ 304,334 $ 247,217 Other comprehensive (loss) income - change in value of interest rate swaps ( 2,903 ) 711 ( 1,824 ) COMPREHENSIVE INCOME 420,745 305,045 245,393 Comprehensive income attributable to noncontrolling interests ( 12,361 ) ( 9,149 ) ( 10,113 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST $ 408,384 $ 295,896 $ 235,280 The accompanying notes are an integral part of these consolidated statements. F-9 Table of Contents Federal Realty Investment Trust Consolidated Statement of Shareholders’ Equity Shareholders’ Equity of the Trust Preferred Shares Common Shares Additional Paid-in Capital Accumulated Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Noncontrolling Interests Total Shareholders' Equity Shares Amount Shares Amount (In thousands, except share data) BALANCE AT DECEMBER 31, 2022 398,878 159,822 81,342,959 818 3,821,801 ( 1,034,186 ) 5,757 80,003 3,034,015 Net income, excluding $ 7,253 attributable to redeemable noncontrolling interests — — — — — 236,985 — 2,979 239,964 Other comprehensive loss - change in value of interest rate swaps, excluding $ 119 attributable to redeemable noncontrolling interest — — — — — — ( 1,705 ) — ( 1,705 ) Dividends declared to common shareholders ($ 4.34 per share) — — — — — ( 355,241 ) — — ( 355,241 ) Dividends declared to preferred shareholders — — — — — ( 8,032 ) — — ( 8,032 ) Distributions declared to noncontrolling interests, excluding $ 9,539 attributable to redeemable noncontrolling interests — — — — — — — ( 4,541 ) ( 4,541 ) Common shares issued, net — — 1,310,118 13 131,716 — — — 131,729 Shares issued under dividend reinvestment plan — — 19,847 — 1,870 — — — 1,870 Share-based compensation expense, net of forfeitures — — 139,248 2 15,425 — — — 15,427 Shares withheld for employee taxes — — ( 46,009 ) — ( 5,019 ) — — — ( 5,019 ) Conversion and redemption of downREIT OP units — — 9,123 — 883 — — ( 883 ) — Contributions from noncontrolling interests — — — — — — — 1,092 1,092 Adjustment to redeemable noncontrolling interests — — — — ( 7,400 ) — — — ( 7,400 ) BALANCE AT DECEMBER 31, 2023 398,878 $ 159,822 82,775,286 $ 833 $ 3,959,276 $ ( 1,160,474 ) $ 4,052 $ 78,650 $ 3,042,159 Net income, excluding $ 7,022 attributable to redeemable noncontrolling interests — — — — — 295,208 — 2,104 297,312 Other comprehensive income - change in value of interest rate swaps, excluding $ 23 attributable to redeemable noncontrolling interest — — — — — — 688 — 688 Dividends declared to common shareholders ($ 4.38 per share) — — — — — ( 369,232 ) — — ( 369,232 ) Dividends declared to preferred shareholders — — — — — ( 8,032 ) — — ( 8,032 ) Dividend equivalent rights — — — — — ( 124 ) ( 124 ) Distributions declared to noncontrolling interests, excluding $ 8,854 attributable to redeemable noncontrolling interests — — — — — — — ( 4,239 ) ( 4,239 ) Common shares issued, net — — 2,769,747 28 303,903 — — — 303,931 Shares issued under dividend reinvestment plan — — 18,101 — 1,784 — — — 1,784 Share-based compensation expense, net of forfeitures — — 149,510 1 17,378 — — — 17,379 Shares withheld for employee taxes — — ( 64,635 ) — ( 6,709 ) — — — ( 6,709 ) Conversion and redemption of downREIT OP units — — 18,211 — 1,636 — — ( 2,596 ) ( 960 ) Purchase of capped calls — — — — ( 19,448 ) — — — ( 19,448 ) Purchase of noncontrolling interest — — — — ( 10,264 ) — — ( 2,094 ) ( 12,358 ) Contributions from noncontrolling interests — — — — — — — 725 725 Adjustment to redeemable noncontrolling interests — — — — 1,268 — — — 1,268 BALANCE AT DECEMBER 31, 2024 398,878 $ 159,822 85,666,220 $ 862 $ 4,248,824 $ ( 1,242,654 ) $ 4,740 $ 72,550 $ 3,244,144 Net income, excluding $ 8,138 attributable to redeemable noncontrolling interests — — — — — 411,077 — 4,433 415,510 Other comprehensive loss - change in value of interest rate swaps, excluding $ 210 attributable to redeemable noncontrolling interest — — — — — — ( 2,693 ) — ( 2,693 ) Dividends declared to common shareholders ($ 4.46 per share) — — — — — ( 384,763 ) — — ( 384,763 ) Dividends declared to preferred shareholders — — — — — ( 8,032 ) — — ( 8,032 ) Distributions declared to noncontrolling interests, excluding $ 8,459 attributable to redeemable noncontrolling interests — — — — — — — ( 5,345 ) ( 5,345 ) Common shares issued, net — — 476,731 5 54,235 — — — 54,240 Shares issued under dividend reinvestment plan — — 19,139 — 1,840 — — — 1,840 Share-based compensation expense, net of forfeitures — — 147,801 2 15,559 — — — 15,561 Shares withheld for employee taxes — — ( 45,040 ) — ( 4,911 ) — — — ( 4,911 ) Conversion and redemption of downREIT OP units — — 1,158 — ( 5,007 ) — — ( 2,327 ) ( 7,334 ) Contributions from noncontrolling interests — — — — — — — 944 944 Adjustment to redeemable noncontrolling interests — — — — ( 175 ) — — — ( 175 ) BALANCE AT DECEMBER 31, 2025 398,878 $ 159,822 86,266,009 $ 869 $ 4,310,365 $ ( 1,224,372 ) $ 2,047 $ 70,255 $ 3,318,986 The accompanying notes are an integral part of these consolidated statements. F-10 Table of Contents Federal Realty Investment Trust Consolidated Statements of Cash Flows Year Ended December 31, 2025 2024 2023 (In thousands) OPERATING ACTIVITIES Net income $ 423,648 $ 304,334 $ 247,217 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 367,842 342,598 321,763 Gain on sale of real estate ( 150,111 ) ( 54,040 ) ( 9,881 ) Income from partnerships ( 1,920 ) ( 3,160 ) ( 3,869 ) New market tax credit transaction income ( 14,176 ) — — Straight-line rent ( 27,976 ) ( 26,833 ) ( 11,576 ) Share-based compensation expense 14,608 16,357 14,308 Impairment charge 7,425 — — Other, net ( 3,114 ) ( 2,158 ) ( 4,959 ) Changes in assets and liabilities, net of effects of acquisitions and dispositions: Decrease (increase) in accounts receivable, net 2,417 ( 796 ) 3,468 Increase in prepaid expenses and other assets ( 4,766 ) ( 5,030 ) ( 6,881 ) Increase in accounts payable and accrued expenses 5,588 1,550 6,005 Increase in security deposits and other liabilities 2,913 1,741 235 Net cash provided by operating activities 622,378 574,563 555,830 INVESTING ACTIVITIES Acquisition of real estate ( 735,274 ) ( 273,927 ) ( 60,628 ) Capital expenditures - development and redevelopment ( 179,086 ) ( 139,534 ) ( 214,062 ) Capital expenditures - other ( 112,252 ) ( 107,226 ) ( 97,058 ) Costs associated with property sold under threat of condemnation ( 134 ) — ( 1,378 ) Proceeds from sale of real estate 305,628 99,928 28,451 Investment in partnerships ( 698 ) — — Distribution from partnerships in excess of earnings 4,109 4,742 9,860 Leasing costs ( 25,361 ) ( 30,809 ) ( 23,510 ) Net cash used in investing activities ( 743,068 ) ( 446,826 ) ( 358,325 ) FINANCING ACTIVITIES Net borrowings under revolving credit facility 310,000 — — Issuance of senior notes, net of costs — 471,507 345,698 Repayment of senior notes — ( 600,000 ) ( 275,000 ) Issuance and extension of mortgages and notes payable, net of costs 157,661 ( 902 ) 199,237 Repayment of mortgages, finance leases, and notes payable ( 7,662 ) ( 3,496 ) ( 58,472 ) Purchase of capped calls — ( 19,448 ) — Issuance of common shares, net of costs 54,466 304,045 131,895 Dividends paid to common and preferred shareholders ( 388,058 ) ( 371,586 ) ( 359,194 ) Shares withheld for employee taxes ( 4,911 ) ( 6,709 ) ( 5,019 ) Contributions from noncontrolling interests 2,670 725 1,092 Distributions to and acquisition/redemptions of noncontrolling interests ( 21,213 ) ( 26,434 ) ( 14,086 ) Net cash provided by (used in) financing activities 102,953 ( 252,298 ) ( 33,849 ) (Decrease) increase in cash, cash equivalents, and restricted cash ( 17,737 ) ( 124,561 ) 163,656 Cash, cash equivalents, and restricted cash at beginning of year 135,443 260,004 96,348 Cash, cash equivalents, and restricted cash at end of year $ 117,706 $ 135,443 $ 260,004 The accompanying notes are an integral part of these consolidated statements. F-11 Table of Contents Federal Realty OP LP Consolidated Balance Sheets December 31, 2025 2024 (In thousands, except unit data) ASSETS Real estate, at cost Operating (including $ 1,832,190 and $ 1,825,656 of consolidated variable interest entities, respectively) $ 11,265,167 $ 10,363,961 Construction-in-progress (including $ 28,418 and $ 9,939 of consolidated variable interest entities, respectively) 374,735 539,752 11,639,902 10,903,713 Less accumulated depreciation and amortization (including $ 468,725 and $ 424,044 of consolidated variable interest entities, respectively) ( 3,351,881 ) ( 3,152,799 ) Net real estate 8,288,021 7,750,914 Cash and cash equivalents 107,415 123,409 Accounts and notes receivable, net 249,755 229,080 Mortgage notes receivable, net 9,091 9,144 Investment in partnerships 31,881 33,458 Operating lease right of use assets, net 83,120 85,806 Finance lease right of use assets, net 6,410 6,630 Prepaid expenses and other assets 354,767 286,316 TOTAL ASSETS $ 9,130,460 $ 8,524,757 LIABILITIES AND CAPITAL Liabilities Mortgages payable, net (including $ 194,176 and $ 186,643 of consolidated variable interest entities, respectively) $ 521,759 $ 514,378 Notes payable, net 1,057,331 601,414 Senior notes and debentures, net 3,364,010 3,357,840 Accounts payable and accrued expenses 219,678 183,564 Dividends payable 99,792 96,743 Security deposits payable 31,548 30,941 Operating lease liabilities 72,304 74,837 Finance lease liabilities 12,903 12,783 Other liabilities and deferred credits 250,494 227,827 Total liabilities 5,629,819 5,100,327 Commitments and contingencies (Note 7) Redeemable noncontrolling interests 181,655 180,286 Partner capital Preferred units, 398,878 units issued and outstanding 154,788 154,788 Common units, 86,266,009 and 85,666,220 units issued and outstanding, respectively 3,091,896 3,012,066 Accumulated other comprehensive income 2,047 4,740 Total partner capital 3,248,731 3,171,594 Noncontrolling interests in consolidated partnerships 70,255 72,550 Total capital 3,318,986 3,244,144 TOTAL LIABILITIES AND CAPITAL $ 9,130,460 $ 8,524,757 The accompanying notes are an integral part of these consolidated statements. F-12 Table of Contents Federal Realty OP LP Consolidated Statements of Comprehensive Income Year Ended December 31, 2025 2024 2023 (In thousands, except per unit data) REVENUE Rental income $ 1,245,491 $ 1,170,078 $ 1,101,439 Other property income 32,371 31,258 29,602 Mortgage interest income 1,113 1,116 1,113 Total revenue 1,278,975 1,202,452 1,132,154 EXPENSES Rental expenses 267,445 249,569 231,666 Real estate taxes 151,438 142,230 131,429 General and administrative 46,913 49,739 50,707 Depreciation and amortization 367,842 342,598 321,763 Total operating expenses 833,638 784,136 735,565 New market tax credit transaction income 14,176 — — Gain on sale of real estate 150,111 54,040 9,881 Impairment charge ( 7,425 ) — — OPERATING INCOME 602,199 472,356 406,470 OTHER INCOME/(EXPENSE) Other interest income 3,143 4,294 4,687 Interest expense ( 183,614 ) ( 175,476 ) ( 167,809 ) Income from partnerships 1,920 3,160 3,869 NET INCOME 423,648 304,334 247,217 Net income attributable to noncontrolling interests ( 12,571 ) ( 9,126 ) ( 10,232 ) NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP 411,077 295,208 236,985 Dividends on preferred units ( 8,032 ) ( 8,032 ) ( 8,032 ) NET INCOME AVAILABLE FOR COMMON UNIT HOLDERS $ 403,045 $ 287,176 $ 228,953 EARNINGS PER COMMON UNIT, BASIC Net income available for common unit holders $ 4.68 $ 3.42 $ 2.80 Weighted average number of common units 85,852 83,559 81,313 EARNINGS PER COMMON UNIT, DILUTED Net income available for common unit holders $ 4.68 $ 3.42 $ 2.80 Weighted average number of common units 86,405 83,566 81,313 NET INCOME $ 423,648 $ 304,334 $ 247,217 Other comprehensive (loss) income - change in value of interest rate swaps ( 2,903 ) 711 ( 1,824 ) COMPREHENSIVE INCOME 420,745 305,045 245,393 Comprehensive income attributable to noncontrolling interests ( 12,361 ) ( 9,149 ) ( 10,113 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO THE PARTNERSHIP $ 408,384 $ 295,896 $ 235,280 The accompanying notes are an integral part of these consolidated statements. F-13 Table of Contents Federal Realty OP LP Consolidated Statements of Capital Preferred Units Common Units Accumulated Other Comprehensive (Loss) Income Total Partner Capital Noncontrolling Interests in Consolidated Partnerships Total Capital BALANCE AT DECEMBER 31, 2022 $ 154,788 $ 2,793,467 $ 5,757 $ 2,954,012 $ 80,003 $ 3,034,015 Net income, excluding $ 7,253 attributable to redeemable noncontrolling interests 8,032 228,953 — 236,985 2,979 239,964 Other comprehensive loss - change in fair value of interest rate swaps, excluding $ 119 attributable to redeemable noncontrolling interest — — ( 1,705 ) ( 1,705 ) — ( 1,705 ) Distributions declared to common unit holders — ( 355,241 ) — ( 355,241 ) — ( 355,241 ) Distributions declared to preferred unit holders ( 8,032 ) — — ( 8,032 ) — ( 8,032 ) Distributions declared to noncontrolling interests in consolidated partnerships, excluding $ 9,539 attributable to redeemable noncontrolling interests — — — — ( 4,541 ) ( 4,541 ) Common units issued as a result of common stock issued by Parent Company, net of issuance costs — 131,729 — 131,729 — 131,729 Common units issued under dividend reinvestment plan — 1,870 — 1,870 — 1,870 Share-based compensation expense, net of forfeitures — 15,427 — 15,427 — 15,427 Common units withheld for employee taxes — ( 5,019 ) — ( 5,019 ) — ( 5,019 ) Conversion and redemption of downREIT OP units — 883 — 883 ( 883 ) — Contributions from noncontrolling interests — — — — 1,092 1,092 Adjustment to redeemable noncontrolling interests — ( 7,400 ) — ( 7,400 ) — ( 7,400 ) BALANCE AT DECEMBER 31, 2023 $ 154,788 $ 2,804,669 $ 4,052 $ 2,963,509 $ 78,650 $ 3,042,159 Net income, excluding $ 7,022 attributable to redeemable noncontrolling interests 8,032 287,176 — 295,208 2,104 297,312 Other comprehensive income - change in fair value of interest rate swaps, excluding $ 23 attributable to redeemable noncontrolling interest — — 688 688 — 688 Distributions declared to common unit holders — ( 369,232 ) — ( 369,232 ) — ( 369,232 ) Distributions declared to preferred unit holders ( 8,032 ) — — ( 8,032 ) — ( 8,032 ) Distribution equivalent rights — ( 124 ) — ( 124 ) — ( 124 ) Distributions declared to noncontrolling interests in consolidated partnerships, excluding $ 8,854 attributable to redeemable noncontrolling interests — — — — ( 4,239 ) ( 4,239 ) Common units issued as a result of common stock issued by Parent Company, net of issuance costs — 303,931 — 303,931 — 303,931 Common units issued under dividend reinvestment plan — 1,784 — 1,784 — 1,784 Share-based compensation expense, net of forfeitures — 17,379 — 17,379 — 17,379 Common units withheld for employee taxes — ( 6,709 ) — ( 6,709 ) — ( 6,709 ) Conversion and redemption of downREIT OP units — 1,636 — 1,636 ( 2,596 ) ( 960 ) Purchase of capped calls — ( 19,448 ) — ( 19,448 ) — ( 19,448 ) Purchase of noncontrolling interest — ( 10,264 ) — ( 10,264 ) ( 2,094 ) ( 12,358 ) Contributions from noncontrolling interests — — — — 725 725 Adjustment to redeemable noncontrolling interests — 1,268 — 1,268 — 1,268 BALANCE AT DECEMBER 31, 2024 $ 154,788 $ 3,012,066 $ 4,740 $ 3,171,594 $ 72,550 $ 3,244,144 Net income, excluding $ 8,138 attributable to redeemable noncontrolling interests 8,032 403,045 — 411,077 4,433 415,510 Other comprehensive loss - change in fair value of interest rate swaps, excluding $ 210 attributable to redeemable noncontrolling interest — — ( 2,693 ) ( 2,693 ) — ( 2,693 ) Distributions declared to common unit holders — ( 384,763 ) — ( 384,763 ) — ( 384,763 ) Distributions declared to preferred unit holders ( 8,032 ) — — ( 8,032 ) — ( 8,032 ) Distributions declared to noncontrolling interests in consolidated partnerships, excluding $ 8,459 attributable to redeemable noncontrolling interests — — — — ( 5,345 ) ( 5,345 ) Common units issued as a result of common stock issued by Parent Company, net of issuance costs — 54,240 — 54,240 — 54,240 Common units issued under dividend reinvestment plan — 1,840 — 1,840 — 1,840 Share-based compensation expense, net of forfeitures — 15,561 — 15,561 — 15,561 Common units withheld for employee taxes — ( 4,911 ) — ( 4,911 ) — ( 4,911 ) Conversion and redemption of downREIT OP units — ( 5,007 ) — ( 5,007 ) ( 2,327 ) ( 7,334 ) Contributions from noncontrolling interests — — — — 944 944 Adjustment to redeemable noncontrolling interests — ( 175 ) — ( 175 ) — ( 175 ) BALANCE AT DECEMBER 31, 2025 $ 154,788 $ 3,091,896 $ 2,047 $ 3,248,731 $ 70,255 $ 3,318,986 The accompanying notes are an integral part of these consolidated statements. F-14 Table of Contents Federal Realty OP LP Consolidated Statements of Cash Flows Year Ended December 31, 2025 2024 2023 (In thousands) OPERATING ACTIVITIES Net income $ 423,648 $ 304,334 $ 247,217 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 367,842 342,598 321,763 Gain on sale of real estate ( 150,111 ) ( 54,040 ) ( 9,881 ) Income from partnerships ( 1,920 ) ( 3,160 ) ( 3,869 ) New market tax credit transaction income ( 14,176 ) — — Straight-line rent ( 27,976 ) ( 26,833 ) ( 11,576 ) Share-based compensation expense 14,608 16,357 14,308 Impairment charge 7,425 — — Other, net ( 3,114 ) ( 2,158 ) ( 4,959 ) Changes in assets and liabilities, net of effects of acquisitions and dispositions: Decrease (increase) in accounts receivable, net 2,417 ( 796 ) 3,468 Increase in prepaid expenses and other assets ( 4,766 ) ( 5,030 ) ( 6,881 ) Increase in accounts payable and accrued expenses 5,588 1,550 6,005 Increase in security deposits and other liabilities 2,913 1,741 235 Net cash provided by operating activities 622,378 574,563 555,830 INVESTING ACTIVITIES Acquisition of real estate ( 735,274 ) ( 273,927 ) ( 60,628 ) Capital expenditures - development and redevelopment ( 179,086 ) ( 139,534 ) ( 214,062 ) Capital expenditures - other ( 112,252 ) ( 107,226 ) ( 97,058 ) Costs associated with property sold under threat of condemnation ( 134 ) — ( 1,378 ) Proceeds from sale of real estate 305,628 99,928 28,451 Investment in partnerships ( 698 ) — — Distribution from partnerships in excess of earnings 4,109 4,742 9,860 Leasing costs ( 25,361 ) ( 30,809 ) ( 23,510 ) Net cash used in investing activities ( 743,068 ) ( 446,826 ) ( 358,325 ) FINANCING ACTIVITIES Net borrowings under revolving credit facility 310,000 — — Issuance of senior notes, net of costs — 471,507 345,698 Repayment of senior notes — ( 600,000 ) ( 275,000 ) Issuance and extension of mortgages and notes payable, net of costs 157,661 ( 902 ) 199,237 Repayment of mortgages, finance leases, and notes payable ( 7,662 ) ( 3,496 ) ( 58,472 ) Purchase of capped calls — ( 19,448 ) — Issuance of common units, net of costs 54,466 304,045 131,895 Dividends paid to common and preferred unit holders ( 388,058 ) ( 371,586 ) ( 359,194 ) Common units withheld for employee taxes ( 4,911 ) ( 6,709 ) ( 5,019 ) Contributions from noncontrolling interests 2,670 725 1,092 Distributions to and acquisition/redemptions of noncontrolling interests ( 21,213 ) ( 26,434 ) ( 14,086 ) Net cash provided by (used in) financing activities 102,953 ( 252,298 ) ( 33,849 ) (Decrease) increase in cash, cash equivalents, and restricted cash ( 17,737 ) ( 124,561 ) 163,656 Cash, cash equivalents, and restricted cash at beginning of year 135,443 260,004 96,348 Cash, cash equivalents, and restricted cash at end of year $ 117,706 $ 135,443 $ 260,004 The accompanying notes are an integral part of these consolidated statements. F-15 Table of Contents Federal Realty Investment Trust Federal Realty OP LP Notes to Consolidated Financial Statements December 31, 2025, 2024 and 2023 NOTE 1— BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Parent Company” and "Trust") is an equity real estate investment trust (“REIT”). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operating and owns all of its assets. The Parent Company owns 100 % of the limited liability company interests of, is sole member of, and exercises control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. The Parent Company specializes in the ownership, management, and redevelopment of retail and mixed-use properties through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. Our properties are located in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals. As of December 31, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects. We operate in a manner intended to enable the Trust to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90 % of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. General Economic Conditions Significant uncertainty continues within the macro-economic environment including inflation risk, changes in interest rates, new or higher tariffs and their impact on trade and prices, increases or decreases in federal and government spending, and potentially worsening economic conditions, which presents risks for our business and tenants. We continue to monitor and address risks related to the general state of the economy. We believe the actions we have taken to maintain a strong financial position and reinforce our liquidity will continue to mitigate the negative short term impacts of the current economic environment. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted. NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation As discussed in the Explanatory Note, we have combined the Annual Reports on Form 10-K of the Parent Company and the Operating Partnership into this single report. As a result, we present two sets of consolidated financial statements. Both sets of consolidated financial statements include the accounts of the entity, its corporate subsidiaries, and all entities in which it has a controlling interest or has been determined to the primary beneficiary of a variable interest entity (“VIE”). The Parent Company's consolidated financial statements include the accounts of the Operating Partnership and its subsidiaries as the Parent, and through its ownership and control over the General Partner, exercises exclusive control over the Operating Partnership. The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at F-16 Table of Contents 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. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. If leases currently classified as not probable are subsequently changed to probable, any lease receivables (including straight-line rent receivables) are re-instated with a corresponding increase to rental income. As of December 31, 2025 and 2024, our straight-line rent receivables balance was $ 189.3 million and $ 164.6 million, respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. Other revenue recognition policies Sales of real estate are recognized upon the transfer of control, which usually occurs when the real estate is legally sold. When we enter into a transaction to sell a property or a portion of a property, we evaluate the recognition of the sale under ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets." In accordance with ASC 610-20, we apply the guidance in ASC 606, "Revenue from Contracts with Customers," to determine whether and when control transfers and how to measure the associated gain or loss. We determine the transaction price based on the consideration we expect to receive. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of a gain recognized will not occur. We analyze the risk of a significant gain reversal and if necessary limit the amount of variable consideration recognized in order to mitigate this risk. The estimation of variable consideration requires us to make assumptions and apply significant judgment. Other property income includes revenue for our Pike & Rose hotel, parking income and other incidental income from the properties and is generally recognized as the performance obligation is met. Real Estate Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2025, 2024 and 2023, real estate depreciation expense was $ 319.6 million, $ 302.4 million and $ 282.0 million, respectively, including amounts from real estate sold. Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as acquired leases, assumed debt, if any, and to current assets acquired and current liabilities assumed, if any. The value allocated to acquired leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of acquired lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any acquired lease value is written off to rental income. F-17 Table of Contents Transaction costs related to asset acquisitions, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are capitalized as part of the acquisition cost. The acquisition of an operating shopping center typically qualifies as an asset acquisition. We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable. Long-Lived Assets and Impairment There are estimates and assumptions made by management in preparing the consolidated financial statements for which the actual results will be determined over long periods of time. This includes the recoverability of long-lived assets, including our properties that have been acquired or redeveloped and our investment in certain joint ventures. Management’s evaluation of impairment includes review for possible indicators of impairment as well as, in certain circumstances, undiscounted and discounted cash flow analysis. Since most of our investments in real estate are wholly-owned or controlled assets which are held for use, a property with impairment indicators is first tested for impairment by comparing the undiscounted cash flows, including residual value, to the current net book value of the property. If the undiscounted cash flows are less than the net book value, the property is written down to expected fair value. The calculation of both discounted and undiscounted cash flows requires management to make estimates of future cash flows including revenues, operating expenses, required maintenance and development expenditures, market conditions, demand for space by tenants and rental rates over long periods. Because our properties typically have a long life, the assumptions used to estimate the future recoverability of book value requires significant management judgment. Actual results could be significantly different from the estimates. These estimates have a direct impact on net income, because recording an impairment charge results in a negative adjustment to net income. During the fourth quarter of 2025, we recognized a $ 7.4 million impairment charge related to our North Dartmouth property, as a result of an impairment analysis. Cash and Cash Equivalents We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2025, we had $ 111.9 million in excess of the FDIC insured limit. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are incremental direct costs incurred which were essential to originate a successful leasing arrangement and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions related to obtaining a lease. Capitalized lease costs are amortized over the initial life of the related lease which generally ranges from three to ten years . We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow and therefore, we classify cash outflows related to leasing costs as an investing activity in our consolidated statements of cash flows. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any previously capitalized lease costs are written off. Debt Issuance Costs Costs related to the issuance of debt instruments are deferred and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs related to our revolving credit facility and our undrawn $ 250.0 million unsecured term loan are classified as an asset and are included in "prepaid expenses and other assets" in our consolidated balance sheets. All other debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability. F-18 Table of Contents Derivative Instruments We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. Interest rate swaps associated with cash flow hedges are recorded at fair value on a recurring basis. Effectiveness of cash flow hedges is assessed both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recorded in other comprehensive income (loss) which is included in accumulated other comprehensive income (loss) on the balance sheet and statement of shareholders' equity. Cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and SOFR rate. In addition, the default risk of the counterparty is evaluated by monitoring the credit worthiness of the counterparty which includes reviewing debt ratings and financial performance. If a cash flow hedge is deemed ineffective, the ineffective portion of changes in fair value of the interest rate swaps associated with cash flow hedges is recognized in earnings in the period affected. At December 31, 2025, we have interest rate swap agreements that effectively fix the rate on the following debt instruments: Debt Notional Amount of Related Swap Agreements Weighted Average Fixed Rate Maturity Date of Related Swap Agreements (in millions) Consolidated Debt $750 million term loan $ 450.0 4.17 % March 1, 2028 Hoboken mortgage loan $ 50.6 3.67 % December 15, 2029 Unconsolidated Debt Assembly Row Hotel $ 37.9 6.11 % May 30, 2028 Chandler Festival $ 51.0 4.93 % October 4, 2030 Chandler Gateway $ 22.3 4.93 % October 4, 2030 All swaps were designated and qualify as cash flow hedges. Hedge ineffectiveness has not impacted earnings in 2025, 2024 and 2023. Mortgage Notes Receivable We have invested in certain mortgage loans that, because of their nature, qualify as loan receivables. At the time of investment, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. Mortgage notes receivable are recorded at cost, net of any valuation adjustments. We account for mortgage notes receivable using the "expected credit loss" model, and accordingly impairment losses are estimated and recorded for the entire life of the loan. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable and update our expected credit loss model based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. As our loans are collateralized by mortgages, these loans have risk characteristics similar to the risks in owning commercial real estate. At December 31, 2025, we had three mortgage notes receivable with an aggregate carrying amount, net of valuation adjustments, of $ 9.1 million, and a weighted average interest rate of 11.0 %. The borrower on two of these mortgage notes receivable is in default. However, we believe the fair value of the property supports the $ 9.1 million carrying value of our notes. F-19 Table of Contents Share Based Compensation We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure share based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 12 to the consolidated financial statements for further discussion regarding our share based compensation plans and policies. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Our equity method investments in the Assembly Row hotel joint venture, the La Alameda shopping center, the Chandler Festival and Chandler Gateway shopping centers, and our mortgage notes receivable are considered variable interests in a VIE. As we do not control the activities that most significantly impact the economic performance of our equity method joint ventures or the borrower entities related to our mortgage notes receivable, we are not the primary beneficiary and do not consolidate. As of December 31, 2025 and 2024, our investment in the equity method joint ventures and maximum exposure to loss was $ 27.9 million and $ 29.4 million, respectively. As of December 31, 2025 and 2024, our investment in mortgage notes receivable and maximum exposure to loss was $ 9.1 million. In addition, we have 18 entities that meet the criteria of a VIE in which we hold a variable interest. For each of these entities, we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. Net real estate assets related to VIEs included in our consolidated balance sheets were approximately $ 1.4 billion as of December 31, 2025 and 2024, and mortgages related to VIEs included in our consolidated balance sheets were approximately $ 194.2 million and $ 186.6 million, as of December 31, 2025 and 2024, respectively. Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets. The following table provides a rollforward of the redeemable noncontrolling interests: Year Ended December 31, 2025 2024 (In thousands) Beginning balance $ 180,286 $ 183,363 Net income 8,138 7,022 Contributions 1,725 — Other comprehensive (loss) income - change in value of interest rate swaps ( 210 ) 23 Distributions & redemptions ( 8,459 ) ( 8,854 ) Change in redemption value 175 ( 1,268 ) Ending balance $ 181,655 $ 180,286 Leases For operating leases where we are the lessee, the related operating lease right of use ("ROU") assets and lease liabilities are shown separately on the face of our consolidated balance sheet and reflect the present value of the minimum lease payments. A key input in the calculation is the discount rate. As the rate implied in the lease agreements is not readily determinable, we F-20 Table of Contents utilize our incremental borrowing rate that corresponds to the remaining term of the lease, our credit spread, and an adjustment to reflect the collateralized payment terms present in the lease. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the non-cancellable lease term and is included in rental expenses in our consolidated statements of operations. We recognize variable lease payments as expense in the period in which they are incurred. We do not record a ROU asset or lease liability for leases with terms of less than 12 months. Income Taxes We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90 % of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material. We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material. With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2020. As of December 31, 2025 and 2024, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense. Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. Our chief executive officer is our chief operating decision maker ("CODM"), who regularly reviews operating and financial information for commercial and, as applicable, residential components for each property on an individual basis. As a result, each commercial and, as applicable, residential component for each property represents an individual operating segment. We evaluate financial performance using property operating income ("POI"), a non-GAAP measure which consists of rental income and mortgage interest income, less rental expenses and real estate taxes. Reconciliation of property operating income to consolidated net income: Year Ended December 31, 2025 2024 2023 (In thousands) Property operating income $ 860,092 $ 810,653 $ 769,059 General and administrative expense ( 46,913 ) ( 49,739 ) ( 50,707 ) Depreciation and amortization ( 367,842 ) ( 342,598 ) ( 321,763 ) New market tax credit transaction income 14,176 — — Gain on sale of real estate 150,111 54,040 9,881 Impairment charge ( 7,425 ) — — Other interest income 3,143 4,294 4,687 Interest expense ( 183,614 ) ( 175,476 ) ( 167,809 ) Income from partnerships 1,920 3,160 3,869 Net income 423,648 304,334 247,217 Net income attributable to noncontrolling interests ( 12,571 ) ( 9,126 ) ( 10,232 ) Net income attributable to the Trust $ 411,077 $ 295,208 $ 236,985 No individual commercial or residential property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. We do not distinguish or group our operations on a geographical basis for purposes of allocation of resources or capital. Therefore, we have aggregated our properties into one F-21 Table of Contents reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies and are typically located in major metropolitan areas. We do not present significant expense disclosures for our reportable segment as operating segment level expenses are not regularly provided to our CODM. However, a breakout of the principal components of rental expense can be found in Note 11 to the consolidated financial statements and real estate tax expense is presented on the face of the consolidated statement of comprehensive income. We do not present a reconciliation of our reportable segment's assets to consolidated assets, as asset information by operating segment is not used by our CODM to allocate resources and capital or assess performance. Forward Equity Sales Our at-the-market (“ATM”) equity program allows shares to be sold through forward sales contracts. Our forward sales contracts currently meet all the conditions for equity classification; and therefore, we record common stock on the settlement date at the purchase price contemplated by the contract. Furthermore, we consider the potential dilution resulting from forward sales contracts in our earnings per share calculations. We use the treasury stock method to determine the dilution, if any, from the forward sales contracts during the period of time prior to settlement. See Note 8 to the consolidated financial statements for details of our forward sales transactions. Exchangeable Senior Notes On January 11, 2024, our Operating Partnership issued $ 485.0 million aggregate principal amount of 3.25 % Exchangeable Senior Notes due 2029 (the "Notes") in a private placement (see Note 5 for additional information). We account for our Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (after the adoption of ASU 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Contracts in an Entity's Own Equity (ASU 2020-06)). The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Notes on our dilutive earnings per common share and per common unit using the if-converted method. In connection with the Notes, we entered into privately negotiated capital call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. Similar to the exchange feature embedded in the Notes, the capped call transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded in shareholders' equity for the Trust and capital for the Operating Partnership. Recent Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Issued in 2025: ASU 2025-01, January 2025, and ASU 2024-03, November 2024, Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) This ASU requires the disaggregation of specific natural expense categories within relevant income statement captions. Public business entities are required to provide tabular disclosures which disaggregate expenses such as purchases of inventory, employee compensation, depreciation and amortization. A separate total of an entity's selling expenses is also required, along with the disclosure of how the company determines them. The guidance is required to be applied prospectively, but may be applied retrospectively for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15 2027. Early adoption is permitted. We are assessing the impact of this ASU on our consolidated financial statements. F-22 Table of Contents Standard Description Effect on the financial statements or significant matters ASU 2025-09, November 2025, Derivatives and Hedging (Topic 815), Hedge Accounting Improvements This ASU amends certain aspects of hedge accounting in ASC 815. The main amendments relate to cash flow hedging, but some of the amendments affect certain fair value and net investment hedges. The key changes include: (1) Allows individual forecasted transactions to be hedged in a group if they have similar risk exposure for cash flow hedges. (2) Establishes a model borrowers can use in cash flow hedges of forecasted interest payments on choose-your-rate debt instruments. (3) Expands hedge accounting for forecasted purchases and sales of nonfinancial assets. (4) Eliminates the requirement for the net written option test in certain instances to accommodate differences in the loan and swap markets that resulted from reference rate reform. (5) Eliminates the recognition and presentation mismatch for foreign currency-denominated debt used as both a net investment hedge instrument and a hedged item for interest rate risk. The guidance is applied prospectively for all hedging relationships as of the date of adoption. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. We are assessing the impact of this ASU on our consolidated financial statements. ASU 2025-10, December 2025, Government Grants (Topic 832), Accounting for Government Grants Received by Business Entities This ASU establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. ASU 2025-10 introduces specific recognition thresholds (probability of compliance and receipt) and detailed disclosures, aiming to improve consistency and comparability in financial reporting for grants. The new guidance is effective for public business entities in annual periods beginning after December 15, 2028 (including interim periods within) and one year later for all other entities, with early adoption permitted in any period for which financial statements have not yet been issued. The guidance can be applied on a modified prospective basis, a modified retrospective basis, or a full retrospective basis We are assessing the impact of this ASU on our consolidated financial statements. ASU 2025-11, December 2025, Interim Reporting (Topic 270), Narrow-Scope Improvements This ASU clarifies that an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. This ASU also addresses the form and content of such financial statements, adds a comprehensive list of mandatory interim disclosures pulled from other ASC topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The guidance can be applied either prospectively or retrospectively. The guidance applies to all public entities and is effective for interim reporting periods with annual reporting periods after December 15, 2027. Early adoption is permitted. We are assessing the impact of this ASU on our consolidated financial statements. F-23 Table of Contents Standard Description Effect on the financial statements or significant matters ASU 2025-12, December 2025, Codification Improvements This ASU clarifies, corrects errors in and makes improvements to several topics within the FASB Codification. The amendments are part of an ongoing FASB project to make non-substantive technical corrections, clarifications, and improvements to make standards more consistent and easier to interpret for preparers and users. The guidance applies to all public entities and is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. We do not expect this ASU to have a material impact on our consolidated financial statements. Issued in 2024: ASU 2024-04, November 2024, Debt—Debt with Conversion and Other Options (Subtopic 470-20), Induced Conversions of Convertible Debt Instruments This ASU clarifies that to qualify for induced conversion accounting, an inducement offer must preserve the issuance of all of the consideration (in form and amount) issuable in accordance with the conversion privileges specified in the terms of the existing debt instrument. In addition, the ASU requires that to qualify for induced conversion accounting, an instrument must contain a substantive conversion feature as of the date on which both the issuance offer and the inducement offer are accepted by the convertible debt holder. An entity that doesn't meet all of the criteria for conversion accounting or induced conversion accounting applies extinguishment accounting and recognizes a gain or loss for the difference between the fair value of the entire consideration transferred and the net carrying amount of the debt. Entities have the option to apply the guidance either (1) prospectively to settlements of convertible debt instruments that occur during fiscal years (and interim periods within those fiscal years) beginning after the effective date or (2) retrospectively. Under the retrospective transition approach, the entity recasts prior periods and recognizes a cumulative-effect adjustment to equity as of the later of the beginning of the earliest period presented or the date the entity adopted ASU 2020-06. This is effective for all entities for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. We do not expect this ASU to have a material impact on our consolidated financial statements. Issued in 2023: ASU 2023-06, October 2023, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the Codification and will not be effective. We do not expect this ASU to have a material impact on our consolidated financial statements. F-24 Table of Contents Consolidated Statements of Cash Flows—Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Year Ended December 31, 2025 2024 2023 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 196,781 $ 195,958 $ 190,409 Interest capitalized ( 13,167 ) ( 20,482 ) ( 22,600 ) Interest expense $ 183,614 $ 175,476 $ 167,809 Cash paid for interest, net of amounts capitalized $ 171,945 $ 169,333 $ 158,796 Cash paid for income taxes $ 369 $ 177 $ 284 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Mortgage loans refinanced $ 40,000 $ — $ — Shares issued under dividend reinvestment plan $ 1,614 $ 1,670 $ 1,704 DownREIT operating partnership units redeemed for common shares $ 103 $ 1,715 $ 883 December 31, 2025 2024 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 107,415 $ 123,409 Restricted cash (1) 10,291 12,034 Total cash, cash equivalents, and restricted cash $ 117,706 $ 135,443 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets, and is primarily related to escrow accounts. NOTE 3— REAL ESTATE 2025 Property Acquisitions During the year ended December 31, 2025, we acquired the following properties: Date Acquired Property City/State Gross Leasable Area (GLA) Purchase Price (in square feet) (in millions) February 25, 2025 Del Monte Shopping Center Monterey, California 675,000 $ 123.5 (1) July 1, 2025 Town Center Crossing and Town Center Plaza Leawood, Kansas 552,000 $ 289.0 (2) October 10, 2025 Annapolis Town Center Annapolis, Maryland 479,000 $ 187.0 (3) November 24, 2025 Village Pointe Omaha, Nebraska 452,000 $ 153.3 (4) (1) Approximately $ 17.7 million and $ 0.8 million of net assets were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $ 23.5 million of net assets acquired were allocated to other liabilities for "below market leases." (2) Approximately $ 31.0 million and $ 6.5 million of net assets were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $ 11.4 million of net assets acquired were allocated to other liabilities for "below market leases." (3) Approximately $ 18.0 million and $ 2.9 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $ 9.0 million of net assets acquired were allocated to other liabilities for "below market leases." (4) Approximately $ 18.1 million and $ 1.0 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $ 10.5 million of net assets acquired were allocated to other liabilities for "below market leases." F-25 Table of Contents 2025 Property Dispositions During the year ended December 31, 2025, we sold the following properties: Property Sales Price Gain (in millions) (in millions) Pike & Rose (one residential building) $ 125.0 $ 41.9 Santana Row (one residential building) 73.9 49.1 Hollywood Boulevard 69.0 27.2 Bristol Plaza 44.4 30.6 White Marsh Other (portion) 3.4 0.8 $ 315.7 $ 149.6 2024 Property Acquisitions On May 31, 2024, we acquired the fee interest in Virginia Gateway, which comprises five adjacent shopping centers in Gainesville, Virginia, totaling 664,000 square feet, for $ 215.0 million. Approximately $ 21.1 million and $ 0.4 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $ 13.3 million of net assets acquired were allocated to other liabilities for "below market leases." On July 31, 2024, we acquired the fee interest in Pinole Vista Crossing, a 216,000 square foot retail shopping center in Pinole, California for $ 60.0 million. Approximately $ 5.7 million of net assets acquired were allocated to other assets for "acquired lease costs," and $ 4.0 million of net assets acquired were allocated to other liabilities for "below market leases." 2024 Property Disposition During the year ended December 31, 2024, we sold our Third Street Promenade property and a portion of our White Marsh Other property for sales prices totaling $ 106.8 million, resulting in a gain on sale of $ 53.8 million. NOTE 4— ACQUIRED LEASES Acquired lease assets comprise of above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities comprise below market leases where we are the lessor and above market leases where we are the lessee. As a lessor, acquired above market leases are included in prepaid expenses and other assets, and acquired below market leases are included in other liabilities and deferred credits. In accordance with our adoption of ASC Topic 842, acquired below market leases and acquired above market leases where we are the lessee are included in right of use assets. The following is a summary of our acquired lease assets and liabilities: December 31, 2025 December 31, 2024 Cost Accumulated Amortization Cost Accumulated Amortization (in thousands) Above market leases, lessor $ 52,219 $ ( 35,922 ) $ 42,171 $ ( 34,046 ) Below market leases, lessee 28,101 ( 6,879 ) 28,101 ( 6,145 ) Total $ 80,320 $ ( 42,801 ) $ 70,272 $ ( 40,191 ) Below market leases, lessor $ ( 325,025 ) $ 122,359 $ ( 277,883 ) $ 111,719 Above market leases, lessee ( 11,127 ) 4,896 ( 11,127 ) 4,333 Total $ ( 336,152 ) $ 127,255 $ ( 289,010 ) $ 116,052 The value allocated to acquired leases where we are the lessor is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. The related amortization of acquired leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization: F-26 Table of Contents Year Ended December 31, 2025 2024 2023 (in thousands) Amortization of above market leases, lessor $ ( 3,106 ) $ ( 2,799 ) $ ( 3,254 ) Amortization of below market leases, lessor 17,862 16,290 15,864 Net increase in rental income $ 14,756 $ 13,491 $ 12,610 Amortization of below market leases, lessee $ 734 $ 734 $ 742 Amortization of above market leases, lessee ( 563 ) ( 562 ) ( 563 ) Net increase in rental expense $ 171 $ 172 $ 179 The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities: December 31, 2025 Above market leases, lessor 2.8 years Below market leases, lessee 29.0 years Below market leases, lessor 16.6 years Above market leases, lessee 16.1 years The amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows: Acquired Lease Assets Acquired Lease Liabilities (In thousands) Year ending December 31, 2026 $ 4,734 $ 17,075 2027 3,870 16,031 2028 3,221 14,693 2029 2,835 13,294 2030 2,223 12,374 Thereafter 20,636 135,430 $ 37,519 $ 208,897 F-27 Table of Contents NOTE 5— DEBT The following is a summary of our total debt outstanding as of December 31, 2025 and 2024: Principal Balance as of December 31, Stated Interest Rate as of Stated Maturity Date as of Description of Debt 2025 2024 December 31, 2025 December 31, 2025 Mortgages payable (Dollars in thousands) Bell Gardens $ 10,885 $ 11,215 4.06 % August 1, 2026 Bethesda Row (1) 200,000 200,000 SOFR + 0.95 % December 28, 2026 Plaza El Segundo 125,000 125,000 3.83 % June 5, 2027 The Grove at Shrewsbury (East) 43,600 43,600 3.77 % September 1, 2027 Azalea (2)(3) 55,000 40,000 SOFR + 0.85 % October 30, 2028 Brook 35 11,500 11,500 4.65 % July 1, 2029 Hoboken (24 Buildings) (4) 50,568 52,123 SOFR + 1.95 % December 15, 2029 Various Hoboken (12 Buildings)(5) 23,568 28,838 Various Various through 2029 Chelsea 3,091 3,568 5.36 % January 15, 2031 Subtotal 523,212 515,844 Net unamortized debt issuance costs and discount ( 1,453 ) ( 1,466 ) Total mortgages payable, net 521,759 514,378 Notes payable Revolving credit facility (2)(6) 310,000 — SOFR + 0.775 % April 5, 2027 $750 million term loan (2)(6)(7) 750,000 600,000 SOFR + 0.85 % March 20, 2028 $250 million term loan (2)(6) — — SOFR + 0.85 % January 31, 2031 Various 1,190 1,680 Various Various through 2059 Subtotal 1,061,190 601,680 Net unamortized debt issuance costs ( 3,859 ) ( 266 ) Total notes payable, net 1,057,331 601,414 Senior notes and debentures (6) 1.25% notes 400,000 400,000 1.25 % February 15, 2026 7.48% debentures 29,200 29,200 7.48 % August 15, 2026 3.25% notes 475,000 475,000 3.25 % July 15, 2027 6.82% medium term notes 40,000 40,000 6.82 % August 1, 2027 5.375% notes 350,000 350,000 5.375 % May 1, 2028 3.25% exchangeable notes 485,000 485,000 3.25 % January 15, 2029 3.20% notes 400,000 400,000 3.20 % June 15, 2029 3.50% notes 400,000 400,000 3.50 % June 1, 2030 4.50% notes 550,000 550,000 4.50 % December 1, 2044 3.625% notes 250,000 250,000 3.625 % August 1, 2046 Subtotal 3,379,200 3,379,200 Net unamortized debt issuance costs and premium ( 15,190 ) ( 21,360 ) Total senior notes and debentures, net 3,364,010 3,357,840 Total debt $ 4,943,100 $ 4,473,632 _____________________ (1) We have one one-year extension, at our option to extend the maturity date of this mortgage loan to December 28, 2027. (2) Our Azalea mortgage loan, revolving credit facility SOFR loans, and our term loans bear interest at Daily Simple SOFR, as defined in the respective credit agreements, plus a spread, based on our current credit rating. (3) The Operating Partnership is a co-borrower on this mortgage loan. Additionally, we have two one-year extensions, at our option to extend the maturity date of this mortgage loan to October 30, 2030. (4) The interest rate on this mortgage loan is fixed at 3.67 % through two interest rate swap agreements. (5) The interest rates on these mortgages range from 3.91 % to 5.00 %. (6) The Operating Partnership is the obligor under our revolving credit facility, term loans, and senior notes and debentures. A wholly owned subsidiary of the Operating Partnership is also an obligor of the $ 750.0 million term loan. F-28 Table of Contents (7) The interest rate on $ 450.0 million of our term loan is fixed at a weighted average interest rate of 4.17 % through March 1, 2028 through interest rate swap agreements. On January 9, 2025 and October 1, 2025 we repaid two mortgage loans at our Hoboken property totaling $ 4.3 million,at par. On March 20, 2025, we amended and restated our $ 600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. We also had the right to borrow up to an additional $ 150.0 million, which we exercised on September 22, 2025, bringing our total amount outstanding under this agreement to $ 750.0 million as of December 31, 2025. Debt issuance costs related to our term loan were $ 4.9 million. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $ 1.0 billion borrowed under the restated agreement. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10 % adjustment to SOFR. On October 30, 2025, we refinanced the $ 40.0 million mortgage loan at Azalea, with a new $ 55.0 million mortgage loan that bears interest at SOFR + 85 basis points, based on our credit rating, and matures on October 30, 2028, plus two one-year extensions, at our option. Debt issuance costs related to this mortgage loan were $ 0.6 million. On November 17, 2025, we entered into an additional unsecured term loan agreement, which gives us the capacity to borrow up to $ 250.0 million at an interest rate of SOFR + 85 basis points, based on our current credit rating. The loan matures on January 31, 2031, and as of December 31, 2025, we do not have any outstanding borrowings under this agreement. Debt issuance costs related to this term loan were $ 1.5 million. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $ 500.0 million. On December 17, 2025, we exercised our first option to extend our $ 200.0 million mortgage loan at Bethesda Row by one year to December 28, 2026. We have one one-year extension, at our option remaining to extend the loan to December 28, 2027. During 2025, 2024 and 2023, the maximum amount of borrowings outstanding under our revolving credit facility was $ 461.6 million, $ 202.7 million and $ 115.5 million, respectively. The weighted average amount of borrowings outstanding was $ 153.2 million, $ 33.5 million and $ 44.7 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 5.0 %, 6.1 % and 5.9 %, respectively. The revolving credit facility requires an annual facility fee which is $ 1.9 million under the amended credit agreement. At December 31, 2025, our revolving credit facility had $ 310.0 million outstanding, and had no balance outstanding at December 31, 2024. On October 30, 2025, the interest rate on our revolving credit facility was reduced by removing the 0.10 % adjustment to SOFR. Our revolving credit facility, term loans, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2025, we were in compliance with all default related debt covenants. Exchangeable Senior Notes On January 11, 2024, our Operating Partnership issued $ 485.0 million aggregate principal amount of 3.25 % Exchangeable Senior Notes due 2029 (the “Notes”) in a private placement. The notes bear interest at an annual rate of 3.25 %, payable semiannually in arrears on January 15 th and July 15 th of each year, beginning July 15, 2024. The notes mature on January 15, 2029, unless earlier exchanged, purchased, or redeemed. Net proceeds after the initial purchaser's discount and offering costs were approximately $ 471.5 million. Interest expense related to these Notes was $ 18.5 million and $ 17.9 million, respectively for the years ended December 31, 2025 and 2024, and includes debt issuance cost amortization of $ 2.7 million and $ 2.6 million, respectively. Including the debt issuance cost amortization, the current effective interest rate on these notes is approximately 3.9 %. The unamortized debt issuance costs related to the Notes were $ 8.2 million and $ 10.9 million, respectively, at December 31, 2025 and 2024. Prior to the close of business on July 15, 2028, the Notes will be exchangeable at the option of the holders only upon certain circumstances and during certain periods. On or after July 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes, holders may exchange their Notes at any time. The Operating Partnership will settle exchanges of the Notes by delivering cash up to the principal amount of the Notes exchanged, and if applicable, cash, common shares of the Trust, or a combination thereof at our option, in respect of the remainder, if any, of the exchange obligation in excess of the principal amount. If we elect to settle any portion of the exchange obligation in excess of the principal amount with shares of the Trust, an equivalent number of common units will be issued by the Operating Partnership to the Trust. The exchange rate initially equals 8.1436 common shares per $ 1,000 principal amount of the Notes (which is equivalent to an exchange price of approximately $ 122.80 per common share and reflects an exchange premium of approximately 20 % based on the closing price of $ 102.33 on January 8, 2024). The initial exchange rate is subject to adjustment upon the occurrence of certain events, including in the event of a payment of a quarterly common dividend in excess F-29 Table of Contents of $ 1.09 per share, but will not be adjusted for any accrued and unpaid interest. While our quarterly common dividend per share currently exceeds $ 1.09 , the exchange rate has not materially changed. The Operating Partnership may redeem the Notes, at its option, in whole or in part, on or after January 20, 2027 if the last reported sales price of the common shares has been at least 130 % of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 day consecutive trading period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100 % of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding the redemption date. In connection with the Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their affiliates or other financial institutions. The capped call transactions cover, subject to customary adjustments, the number of our common shares that initially underlie the Notes. The capped call transactions are expected generally to reduce the potential dilution to our common shares upon exchange of any Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Notes, with such reduction and/or offset subject to a cap. The cap price of the capped call transaction initially is approximately $ 143.26 per share, which represents a premium of approximately 40 % over the last reported sale price of our common shares of $ 102.33 on the New York Stock Exchange on January 8, 2024, and is subject to certain adjustments under the terms of the capped call transactions. A portion of the proceeds from the Notes were used to pay the capped call premium of $ 19.4 million, which was recorded in shareholders' equity for the Trust and capital for the Operating Partnership. Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2025 are as follows: Mortgages Payable Notes Payable Senior Notes and Debentures Total Principal (In thousands) Year ending December 31, 2026 $ 226,242 (1) $ 153 $ 429,200 $ 655,595 2027 178,282 310,037 (2) 515,000 1,003,319 2028 57,511 (3) 750,000 (4) 350,000 1,157,511 2029 60,434 — 885,000 945,434 2030 684 — 400,000 400,684 Thereafter 59 1,000 800,000 801,059 $ 523,212 $ 1,061,190 $ 3,379,200 $ 4,963,602 (5) _____________________ (1) Our $ 200.0 mortgage loan secured by Bethesda Row matures on December 28, 2026 plus one one-year extension, at our option to December 28, 2027. (2) Our $ 1.25 billion revolving credit facility matures on April 5, 2027 plus two six-month extensions, at our option to April 5, 2028. As of December 31, 2025, there was $ 310.0 million outstanding under this credit facility. (3) Our $ 55.0 million mortgage loan secured by Azalea matures on October 30, 2028, plus two one-year extensions at our option to October 30, 2030. (4) Our $ 750.0 million term loan matures on March 20, 2028, plus two one-year extension at our option to March 20, 2030. (5) The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2025. NOTE 6— FAIR VALUE OF FINANCIAL INSTRUMENTS A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 Inputs—quoted prices in active markets for identical assets or liabilities 2. Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities 3. Level 3 Inputs—prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. F-30 Table of Contents Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: December 31, 2025 December 31, 2024 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 1,579,090 $ 1,572,977 $ 1,115,792 $ 1,098,271 Senior notes and debentures $ 2,887,190 $ 2,743,096 $ 2,883,713 $ 2,645,097 Exchangeable senior notes $ 476,820 $ 492,912 $ 474,127 $ 495,510 The following table is a summary of our outstanding interest rate swap agreements on consolidated debt as of December 31, 2025: Interest Rate Swap Notional Amount Maturity Date of Related Swap Agreements Weighted Average Interest Rate Balance Sheet Location Fair Value (in millions) (in millions) $750 million term loan (1) $ 450.0 March 1, 2028 4.17 % Other liabilities and deferred credits $ ( 0.5 ) Hoboken 50.6 December 15, 2029 3.67 % Prepaid expenses and other assets 3.1 $ 500.6 $ 2.6 (1) These interest rate swaps were entered into during the year ended December 31, 2025, and fix the interest rate on $ 450.0 million of our unsecured term loan. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. During 2025, the value of our interest rate swaps decreased $ 2.6 million (including $ 2.5 million reclassified from other comprehensive income as a decrease to interest expense). A summary of our net financial assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: December 31, 2025 December 31, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ 2,601 $ — $ 2,601 $ — $ 5,208 $ — $ 5,208 During the year ended December 31, 2025, we entered into interest rate swap agreements for two of our equity method investees. Therefore, as of December 31, 2025, three of our equity method investees have interest rate swaps which qualify as cash flow hedges. At December 31, 2025 and December 31, 2024, our share of the change in fair value of the related swaps included in "accumulated other comprehensive (loss) income" was a loss of $ 0.3 million and income of $ 0.2 million, respectively. NOTE 7— COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also F-31 Table of Contents under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. We are self-insured for general liability costs up to predetermined retained amounts per claim, and we believe that we maintain adequate accruals to cover our retained liability. Our accrual for self-insurance liability is determined by management and is based on claims filed and an estimate of claims incurred but not yet reported. Management considers a number of factors, including third-party actuarial analysis, previous experience in our portfolio, and future increases in costs of claims, when making these determinations. If our liability costs exceed these accruals, it will reduce our net income. At December 31, 2025 and 2024, our reserves for general liability costs were $ 5.0 million and $ 4.4 million, respectively, and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During 2025 and 2024, we made payments from these reserves of $ 2.9 million and $ 2.1 million, respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses. On December 11, 2019, we received proceeds related to the sale under threat of condemnation at San Antonio Center as discussed in our Annual Report on Form 10-K for the year ended December 31, 2019. We indemnified the condemning authority for all costs incurred related to the condemnation proceedings including any payments required to tenants at the property and recorded a corresponding liability for our estimate of these costs. At December 31, 2025, we have a liability of $ 3.4 million to reflect our estimate of the remaining costs. In June 2018, we formed a joint venture to develop Freedom Plaza (formerly Jordan Downs Plaza), for which we own 92 %. The investment in this development qualified for tax credits under the New Market Tax Credit ("NMTC") Program, established by the Community Renewal Tax Relief Act of 2000. In 2018, we transferred the earned tax credits to a third-party bank in exchange for cash proceeds. The proceeds received and related transaction costs were deferred until the end of the seven-year NMTC compliance period, which concluded in June 2025. As a result, for the year ended December 31, 2025, we recognized $ 14.2 million ($ 13.0 million, net of income attributable to noncontrolling interest) in income related to the sale of the new market tax credits. At December 31, 2025, we had letters of credit outstanding of approximately $ 5.5 million. As of December 31, 2025 in connection with capital improvement, development, and redevelopment projects, we have contractual obligations of approximately $ 314.2 million. We are obligated under operating lease agreements on several shopping centers and one office lease requiring minimum annual payments as follows, as of December 31, 2025: (In thousands) Year ending December 31, 2026 $ 5,618 2027 5,325 2028 5,389 2029 5,422 2030 5,427 Thereafter 184,020 Total future minimum operating lease payments 211,201 Less amount representing interest ( 138,897 ) Operating lease liabilities $ 72,304 F-32 Table of Contents Future minimum lease payments and their present value for properties under finance leases as of December 31, 2025, are as follows: (In thousands) Year ending December 31, 2026 $ 713 2027 748 2028 801 2029 801 2030 802 Thereafter 66,272 Total future minimum finance lease payments 70,137 Less amount representing interest ( 57,234 ) Finance lease liabilities $ 12,903 Under the terms of the Congressional Plaza partnership agreement, a minority partner has the right to require us and the other minority partner to purchase its 26.63 % interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2025, our estimated maximum liability upon exercise of the put option would range from approximately $ 62 million to $ 63 million. The master lease for Melville Mall, as amended on January 15, 2026, includes a fixed price put option at any time on or prior to June 30, 2030 for $ 4.5 million. Additionally, we have the right to purchase Melville Mall in 2031 for approximately $ 5.0 million. The other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.1 % interest in The Grove at Shrewsbury and approximately 6.5 % interest in Brook 35 at the interests' then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2025, our estimated maximum liability upon exercise of the put option would range from $ 9 million to $ 10 million. The other member in Hoboken has the right to require us to purchase all of its 10.0 % ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2025, our estimated maximum liability upon exercise of the put option would range from $ 12 million to $ 13 million. Effective June 14, 2026, the other member in Camelback Colonnade and The Shops at Hilton Village has the right to require us to purchase all of its 2.0 % ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2025, our estimated maximum liability upon exercise of the put option would range from $ 4 million to $ 5 million. Effective October 6, 2027, the other member in the partnership that owns equity method investments in Chandler Festival and Chandler Gateway has the right to require us to purchase its 2.5 % net ownership interest. Based on management's current estimate of fair value as of December 31, 2025, our estimated maximum liability upon exercise of the put option would range from $ 1 million and $ 2 million. Effective June 1, 2029, the other member in Grossmont Center has the right to require us to purchase all of its 40.0 % ownership interest at the interest's then-current fair market value. Based on management's current estimate of fair value as of December 31, 2025, our estimated maximum liability upon exercise of the put option would range from $ 68 million to $ 73 million. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 526,915 downREIT operating partnership units are outstanding which have a total fair value of $ 53.1 million, based on our closing stock price on December 31, 2025. NOTE 8— SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2025, 2024 and 2023, 19,139 shares, 18,101 shares, and 19,847 shares, respectively, were issued under the Plan. As of December 31, 2025, 2024, and 2023, we had 6,000,000 Depositary Shares outstanding, each representing 1/1000th interest of 5.0 % Series C Cumulative Redeemable Preferred Share, par value $ 0.01 per share ("Series C Preferred Shares"), at the liquidation preference of $ 25.00 per depositary share (or $ 25,000 per Series C Preferred share). The Series C Preferred F-33 Table of Contents Shares accrue dividends at a rate of 5.0 % of the $ 25,000 liquidation preference per year and are redeemable at our option. Additionally, they are not convertible and holders of these shares generally have no voting rights, unless we fail to pay dividends for six or more quarters. As of December 31, 2025, 2024, and 2023, we had 392,878 shares of 5.417 % Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $ 25 per share and par value $ 0.01 per share. The Series 1 Preferred Shares accrue dividends at a rate of 5.417 % per year and are convertible at any time by the holders to our common shares at a conversion rate of $ 104.69 per share. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. On February 14, 2025, we amended our existing at-the-market (“ATM”) equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $ 750.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes. During 2025, there were no sales and we did not enter into any forward sales contracts under the amended ATM equity program, and therefore we have the remaining capacity to issue up to $ 750.0 million in common shares under this program as of December 31, 2025. For the year ended December 31, 2024, we issued 2,059,654 common shares at a weighted average price per share of $ 109.20 for net cash proceeds of $ 222.3 million including paying $ 2.2 million in commissions and $ 0.4 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2024, we also entered into forward sales contracts for 1,186,422 common shares under our ATM equity program at a weighted average offering price of $ 115.72 . During 2024, we settled a portion of the forward sales agreements entered into during the year by issuing 709,925 common shares for net proceeds of $ 81.7 million. During 2025, we settled our remaining open forward sales agreements by issuing 476,497 common shares for net proceeds of $ 54.2 million. In April 2025, our Board of Trustees approved a new common share repurchase program, under which we may purchase up to $ 300.0 million of our outstanding common shares of beneficial interest, $ 0.01 par value per share from time to time using a variety of methods, including open market, privately negotiated transactions or otherwise. The specific timing and amount of common share repurchases, if any, will depend on a number of factors, including prevailing share prices, trading volume and general market conditions, along with our working capital requirements, cash flow, and other factors. The program does not require us to repurchase any dollar amount or number of common shares and may be suspended or discontinued at any time. As of December 31, 2025, no common shares have been repurchased through the program. NOTE 9— DIVIDENDS The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2025 2024 2023 Declared Paid Declared Paid Declared Paid Common shares $ 4.460 $ 4.430 $ 4.380 $ 4.370 $ 4.340 $ 4.330 5.417% Series 1 Cumulative Convertible Preferred shares $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 $ 1.354 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 $ 1.250 (1) Amount represents dividends per depositary share, each representing 1/1000th of a share. F-34 Table of Contents A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2025 2024 2023 Common shares Ordinary dividend $ 3.810 $ 3.583 $ 3.551 Capital gain 0.620 0.656 0.130 Return of capital — 0.131 0.649 $ 4.430 $ 4.370 $ 4.330 5.417 % Series 1 Cumulative Convertible Preferred shares Ordinary dividend $ 1.164 $ 1.151 $ 1.313 Capital gain 0.190 0.203 0.041 $ 1.354 $ 1.354 $ 1.354 5.0 % Series C Cumulative Redeemable Preferred shares Ordinary dividend $ 1.075 $ 1.063 1.213 Capital gain 0.175 0.187 0.037 $ 1.250 $ 1.250 $ 1.250 On October 31, 2025, the Trustees declared a quarterly cash dividend of $ 1.13 per common share, payable January 15, 2026 to common shareholders of record on January 2, 2026. NOTE 10— LEASES At December 31, 2025, our 104 predominantly retail shopping center and mixed-use properties are located in 14 states and the District of Columbia. There are approximately 3,700 commercial leases and 2,700 residential leases. Our commercial tenants range from sole proprietorships to national retailers and corporations. At December 31, 2025, no one tenant or corporate group of tenants accounted for more than 2.4 % of annualized base rent. Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less. As of December 31, 2025, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows: (In thousands) Year ending December 31, 2026 $ 849,788 2027 809,503 2028 714,912 2029 618,592 2030 514,022 Thereafter 1,938,559 $ 5,445,376 F-35 Table of Contents The following table provides additional information on our operating and finance leases where we are the lessee: Year Ended December 31, 2025 2024 2023 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 220 $ 220 $ 998 Interest on lease liabilities 833 825 4,332 Operating lease cost 5,914 6,048 6,232 Variable lease cost 401 413 348 Total lease cost $ 7,368 $ 7,506 $ 11,910 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 713 $ 713 $ 4,227 Operating cash flows for operating leases $ 6,214 $ 6,276 $ 6,146 Financing cash flows for finance leases $ — $ — $ 55,228 December 31, 2025 2024 Weighted-average remaining term - finance leases 68.7 years 69.7 years Weighted-average remaining term - operating leases 53.7 years 53.2 years Weighted-average discount rate - finance leases 6.5 % 6.5 % Weighted-average discount rate - operating leases 4.8 % 4.8 % NOTE 11— COMPONENTS OF RENTAL EXPENSES The principal components of rental expenses are as follows: Year Ended December 31, 2025 2024 2023 (In thousands) Repairs and maintenance $ 108,267 $ 99,367 $ 87,349 Utilities 42,703 38,676 35,109 Management fees and costs 34,558 32,203 30,203 Payroll 22,876 22,302 20,598 Insurance 19,412 19,383 18,273 Marketing 7,934 7,536 7,978 Ground rent 5,892 5,259 5,303 Other operating 25,803 24,843 26,853 Total rental expenses $ 267,445 $ 249,569 $ 231,666 NOTE 12— SHARE-BASED COMPENSATION PLANS A summary of share-based compensation expense included in net income is as follows: Year Ended December 31, 2025 2024 2023 (In thousands) Grants of common shares, restricted stock units, and options $ 15,561 $ 17,379 $ 15,427 Capitalized share-based compensation ( 953 ) ( 1,022 ) ( 1,119 ) Share-based compensation expense $ 14,608 $ 16,357 $ 14,308 As of December 31, 2025, we have grants outstanding under two share-based compensation plans. In May 2020, our shareholders approved the 2020 Performance Incentive Plan ("the 2020 Plan"), which authorized the grant of share options, F-36 Table of Contents common shares, and other share-based awards for up to 1,750,000 common shares of beneficial interest. Our 2010 Long Term Incentive Plan, as amended (the "2010 Plan”), which expired in May 2020, authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest. Option awards under the plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under the plan generally vest over three to seven years and option awards typically have a ten -year contractual term. We pay dividends on unvested shares. Certain options and share awards provide for accelerated vesting if there is a change in control. Additionally, the vesting on certain option and share awards can accelerate in part or in full upon termination without cause. The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2025 and 2023. The following table provides a summary of the assumptions used to value options granted in 2024: Year Ended December 31, 2024 Volatility 31.9 % Expected dividend yield 4.3 % Expected term (in years) 7.5 Risk free interest rate 4.1 % The weighted-average grant-date fair value of options granted in 2024 was $ 24.59 per share. The following table provides a summary of option activity for 2025: Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2024 3,019 $ 98.09 Granted — — Exercised — — Forfeited or expired — — Outstanding at December 31, 2025 3,019 $ 98.09 6.3 $ 9 Exercisable at December 31, 2025 1,701 $ 96.59 5.5 $ 7 The following table provides a summary of restricted share award activity for 2025: Shares Weighted-Average Grant-Date Fair Value Unvested at December 31, 2024 268,220 $ 107.57 Granted 146,086 110.17 Vested ( 128,262 ) 110.26 Forfeited ( 5,489 ) 121.76 Unvested at December 31, 2025 280,555 $ 107.42 The weighted-average grant-date fair value of stock awarded in 2025, 2024 and 2023 was $ 110.17 , $ 101.84 and $ 109.44 , respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2025, 2024 and 2023, was $ 14.0 million, $ 17.3 million and $ 14.4 million, respectively. On February 10, 2021, 10,441 restricted stock units were awarded to an officer, of which 7,204 vested on January 7, 2025, based on meeting certain market based performance criteria. The amount of dividend equivalent rights related to these units is approximately $ 0.1 million, and was recorded against retained earnings for the year ended December 31, 2024. The weighted-average grant-date fair value of the restricted stock units awarded in 2021 was $ 97.01 . F-37 Table of Contents As of December 31, 2025, there was $ 17.2 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 4.3 years with a weighted-average period of 1.8 years. Subsequent to December 31, 2025, common shares were awarded under various compensation plans as follows: Date Award Vesting Term Beneficiary January 2, 2026 7,786 Shares Immediate Trustees February 11, 2026 157,723 Restricted Shares 3 - 5 years Officers and key employees NOTE 13— SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $ 23,500 for 2025, $ 23,000 for 2024, and 22,500 for 2023. Under the plan, we contribute 50 % of each employee’s elective deferrals up to 5 % of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment. Our expense for the years ended December 31, 2025, 2024 and 2023 was approximately $ 1,061,000 , $ 1,012,000 and $ 960,000 , respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2025 and 2024, we are liable to participants for approximately $ 27.0 million and $ 24.0 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements. F-38 Table of Contents NOTE 14— EARNINGS PER SHARE AND UNIT We have calculated earnings per share (“EPS”) and earnings per unit ("EPU") under the two-class method. The two-class method is an earnings allocation methodology whereby EPS and EPU for each class of common stock and partnership units, respectively, and participating securities is calculated according to dividends or distributions declared and participation rights in undistributed earnings. For 2025, 2024, and 2023, we had 0.3 million weighted average unvested shares and units outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS and EPU between common shares and units and unvested shares and units; the portion of earnings allocated to the unvested shares and units is reflected as “earnings allocated to unvested shares” or "earnings allocated to unvested units" in the reconciliation below. The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive: • exercise of 1,190 stock options in both 2025 and 2024 and 1,829 stock options in 2023, • shares issuable upon the assumed redemption of outstanding downREIT operating partnership units for 2024, and 2023 • 5.417 % Series 1 Cumulative Convertible Preferred Shares and units for 2025, 2024, and 2023, and • the issuance of 1.2 million shares and units issuable under common share forward sales agreements in 2024. Potentially issuable shares and units in exchange for the 3.25 % Exchangeable Senior Notes due 2029 for both 2025 and 2024, did not have a dilutive effect on the diluted EPS and EPU calculations. Additionally, 7,204 unvested restricted stock shares and units are included in the diluted EPS and EPU calculations for 2024, as certain market based performance criteria in the award was achieved as of December 31, 2024. Federal Realty Investment Trust Earnings per Share Year Ended December 31, 2025 2024 2023 (In thousands, except per share data) NUMERATOR Net income $ 423,648 $ 304,334 $ 247,217 Less: Preferred share dividends ( 8,032 ) ( 8,032 ) ( 8,032 ) Less: Income from operations attributable to noncontrolling interests ( 12,571 ) ( 9,126 ) ( 10,232 ) Less: Earnings allocated to unvested shares ( 1,342 ) ( 1,283 ) ( 1,286 ) Net income available for common shareholders, basic 401,703 285,893 227,667 Add: Income attributable to downREIT operating partnership units 2,455 — — Net income available for common shareholders, diluted $ 404,158 $ 285,893 $ 227,667 DENOMINATOR Weighted average common shares outstanding—basic 85,852 83,559 81,313 Effect of dilutive securities: Unvested performance shares — 7 — DownREIT operating partnership units 553 — — Weighted average common shares outstanding—diluted 86,405 83,566 81,313 EARNINGS PER COMMON SHARE, BASIC AND DILUTED Net income available for common shareholders $ 4.68 $ 3.42 $ 2.80 F-39 Table of Contents Federal Realty OP LP Earnings per Unit Year Ended December 31, 2025 2024 2023 (In thousands, except per unit data) NUMERATOR Net income $ 423,648 $ 304,334 $ 247,217 Less: Preferred unit distributions ( 8,032 ) ( 8,032 ) ( 8,032 ) Less: Income from operations attributable to noncontrolling interests ( 12,571 ) ( 9,126 ) ( 10,232 ) Less: Earnings allocated to unvested units ( 1,342 ) ( 1,283 ) ( 1,286 ) Net income available for common unit holders, basic 401,703 285,893 227,667 Add: Income attributable to downREIT operating partnership units 2,455 — — Net income available for common unit holders, diluted $ 404,158 $ 285,893 $ 227,667 DENOMINATOR Weighted average common units outstanding—basic 85,852 83,559 81,313 Effect of dilutive securities: Unvested performance units — 7 — DownREIT operating partnership units 553 — — Weighted average common units outstanding—diluted 86,405 83,566 81,313 EARNINGS PER COMMON UNIT, BASIC AND DILUTED Net income available for common unit holders $ 4.68 $ 3.42 $ 2.80 NOTE 15— SUBSEQUENT EVENT On January 6, 2026, we purchased the fee interest under one of our ground leases at Bethesda Row for $ 2.5 million. On February 5, 2026, we sold a residential building at our Santana Row property and our Courthouse Center property for sales prices totaling $ 158.5 million. F-40 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Land Building and Improvements Land Building and Improvements Total 29TH PLACE (Virginia) $ 10,211 $ 18,863 $ 11,994 $ 10,182 $ 30,886 $ 41,068 $ 19,777 1975 - 2001 5/30/2007 (1) ANDORRA (Pennsylvania) 2,432 12,346 39,127 2,432 51,473 53,905 22,032 1953 1/12/1988 (1) ANNAPOLIS TOWN CENTER (Maryland) 26,755 150,546 128 26,755 150,674 177,429 1,702 2007-2010 10/10/2025 (1) ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts) 93,252 34,196 1,024,008 69,421 1,082,035 1,151,456 227,346 2005, 2012-2023 2005-2013 (1) AZALEA (California) 54,465 40,219 67,117 1,684 40,219 68,801 109,020 19,557 2014 8/2/2017 (1) BALA CYNWYD ON CITY AVENUE (Pennsylvania) 3,565 14,466 115,264 3,435 129,860 133,295 30,108 1955/2020/ 2025 9/22/1993 (1) BARCROFT PLAZA (Virginia) 12,617 29,603 10,128 12,617 39,731 52,348 13,536 1963, 1972, 1990, & 2000 1/13/16 & 11/7/16 (1) BARRACKS ROAD (Virginia) 4,363 16,459 57,744 4,356 74,210 78,566 55,698 1958 12/31/1985 (1) BELL GARDENS (California) 10,864 24,406 85,947 10,094 24,406 96,041 120,447 36,107 1990, 2003, 2006 8/2/17 & 11/29/18 (1) BETHESDA ROW (Maryland) 199,735 46,579 35,406 193,640 44,382 231,243 275,625 126,029 1945-2008 12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10 (1) BIRCH & BROAD (Virginia) 1,798 1,270 23,197 1,819 24,446 26,265 13,995 1960/1962 9/30/67 & 10/05/72 (1) BRICK PLAZA (New Jersey) — 24,715 80,531 4,385 100,861 105,246 71,923 1958 12/28/1989 (1) BROOK 35 (New Jersey) 11,428 7,128 38,355 9,365 7,128 47,720 54,848 16,986 1986/2004 1/1/2014 (1) CAMELBACK COLONNADE (Arizona) 52,658 126,646 6,134 52,658 132,780 185,438 20,592 1977/2019 6/14/2021 (1) CAMPUS PLAZA (Massachusetts) 16,710 13,412 1,989 16,710 15,401 32,111 5,397 1970 1/13/2016 (1) CHELSEA COMMONS (Massachusetts) 3,002 8,689 19,466 12,918 8,669 32,404 41,073 13,331 1962/1969/ 2008 8/25/06, 1/30/07, & 7/16/08 (1) CHESTERBROOK (Virginia) 13,042 24,725 13,479 13,042 38,204 51,246 5,570 1967/1991 4/30/21 (1) F-41 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Descriptions Encumbrance Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed COCOWALK (Florida) 32,513 71,536 102,416 48,943 157,522 206,465 40,751 1990/1994, 1922-1973, 2018-2021 5/4/15, 7/1/15, 12/16/15, 7/26/16, 6/30/17, & 8/10/17 (1) COLORADO BLVD (California) 2,415 3,964 7,723 2,415 11,687 14,102 10,866 1905-1988 8/14/98 (1) CONGRESSIONAL PLAZA (Maryland) 2,793 7,424 99,450 2,793 106,874 109,667 73,768 1965/2003/ 2016 4/1/1965 (1) COURTHOUSE CENTER (Maryland) 1,750 1,869 4,024 1,750 5,893 7,643 4,504 1975 12/17/1997 (1) CROSSROADS (Illinois) 4,635 11,611 21,881 4,635 33,492 38,127 27,419 1959 7/19/1993 (1) CROW CANYON COMMONS (California) 27,245 54,575 12,624 27,245 67,199 94,444 39,542 Late 1970's/ 1998/2006 12/29/05 & 2/28/07 (1) DARIEN COMMONS (Connecticut) 30,368 19,523 104,899 30,368 124,422 154,790 15,521 1920-2009/2022-2023 4/3/13 & 7/20/18 (1) DEDHAM PLAZA (Massachusetts) 16,354 13,413 24,638 16,354 38,051 54,405 23,901 1959 12/31/93, 12/14/16, 1/29/19, & 3/12/19 (1) DEL MAR VILLAGE (Florida) 15,624 41,712 19,151 15,587 60,900 76,487 36,090 1982/1994/ 2007 5/30/08, 7/11/08, & 10/14/14 (1) DEL MONTE SHOPPING CENTER (California) 39,612 89,949 723 39,612 90,672 130,284 3,905 1968, 1976, 1984, 2004 2/25/2025 (1) EAST BAY BRIDGE (California) 29,069 138,035 12,156 29,069 150,191 179,260 64,493 1994-2001, 2011/2012 12/21/2012 (1) ELLISBURG (New Jersey) 4,028 11,309 24,630 4,013 35,954 39,967 25,951 1959 10/16/1992 (1) ESCONDIDO PROMENADE (California) 29,281 105,736 791 29,281 106,527 135,808 15,508 1987 5/26/2023 (1) FAIRFAX JUNCTION (Virgina) 16,768 23,825 6,246 16,768 30,071 46,839 7,960 1981/1986/ 2000 2/8/19 & 1/10/20 (1) FEDERAL PLAZA (Maryland) 10,216 17,895 47,132 10,216 65,027 75,243 57,602 1970 6/29/1989 (1) FINLEY SQUARE (Illinois) 9,252 9,544 23,237 9,252 32,781 42,033 22,553 1974 4/27/1995 (1) FLOURTOWN (Pennsylvania) 1,345 3,943 14,713 1,507 18,494 20,001 9,477 1957 4/25/1980 (1) FOURTH STREET (California) 13,978 9,909 4,226 13,978 14,135 28,113 5,908 1948,1975 5/19/2017 (1) F-42 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Descriptions Encumbrance Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed FREEDOM PLAZA (California) — 3,255 40,780 — 44,035 44,035 6,809 2018-2020 6/15/2018 (1) FRESH MEADOWS (New York) 24,625 25,255 49,772 24,633 75,019 99,652 55,923 1946-1949 12/5/1997 (1) FRIENDSHIP CENTER (District of Columbia) 12,696 20,803 6,341 12,696 27,144 39,840 15,132 1998 9/21/2001 (1) GAITHERSBURG SQUARE (Maryland) 7,701 5,271 26,745 5,973 33,744 39,717 24,032 1966 4/22/1993 (1) GARDEN MARKET (Illinois) 2,677 4,829 9,909 2,677 14,738 17,415 11,584 1958 7/28/1994 (1) GEORGETOWNE SHOPPING CENTER (New York) 32,202 49,586 6,447 32,202 56,033 88,235 11,813 1969/2006/ 2015 11/15/19 (1) GOVERNOR PLAZA (Maryland) 2,068 4,905 28,793 2,068 33,698 35,766 25,388 1963 10/1/1985 (1) GRAHAM PARK PLAZA (Virginia) 642 7,629 20,154 653 27,772 28,425 21,031 1971 7/21/1983 (1) GRATIOT PLAZA (Michigan) 525 1,601 19,588 525 21,189 21,714 17,254 1964 3/29/1973 (1) GREENLAWN PLAZA (New York) 10,590 20,869 3,411 10,946 23,924 34,870 8,194 1975/2004 1/13/2016 (1) GREENWICH AVENUE (Connecticut) 7,484 5,445 10,819 7,484 16,264 23,748 8,836 1968 4/12/1995 (1) GROSSMONT CENTER (California) 125,434 50,311 3,659 125,434 53,970 179,404 13,197 1961, 1963, 1982-1983, 2002 6/1/2021 (1) HASTINGS RANCH PLAZA (California) 2,257 22,393 1,347 2,257 23,740 25,997 7,080 1958, 1984, 2006, 2007 2/1/2017 (1) HAUPPAUGE (New York) 8,791 15,262 18,688 8,518 34,223 42,741 19,752 1963 8/6/1998 (1) HOBOKEN (New Jersey) 73,913 56,866 167,835 11,414 56,872 179,243 236,115 32,680 1887-2006 9/18/19, 11/26/19, 12/19/19, 2/12/20, & 11/18/22 (1) HUNTINGTON (New York) 12,194 16,008 85,745 12,294 101,653 113,947 26,158 1962/2022-2024 12/12/88, 10/26/07, & 11/24/15 (1) HUNTINGTON SQUARE (New York) 12,023 33,509 6,378 12,534 39,376 51,910 10,227 1980/2004- 2007/2019 8/16/2010 & 1/31/2023 (1) IDYLWOOD PLAZA (Virginia) 4,308 10,026 5,832 4,308 15,858 20,166 11,587 1991 4/15/1994 (1) KINGSTOWNE TOWNE CENTER (Virginia) 72,234 137,466 2,721 72,234 140,187 212,421 18,379 1996/2001/ 2006 4/20/22 & 7/27/22 (1) LANCASTER (Pennsylvania) — 2,103 6,602 432 8,273 8,705 6,949 1958 4/24/1980 (1) F-43 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Descriptions Encumbrance Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed LANGHORNE SQUARE (Pennsylvania) 720 2,974 21,091 720 24,065 24,785 19,774 1966 1/31/1985 (1) LAUREL (Maryland) 7,458 22,525 32,386 7,551 54,818 62,369 48,584 1956 8/15/1986 (1) LAWRENCE PARK (Pennsylvania) 6,150 8,491 51,692 6,161 60,172 66,333 30,704 1972 7/23/1980 & 4/3/17 (1) LINDEN SQUARE (Massachusetts) 79,382 19,247 61,693 79,346 80,976 160,322 42,199 1960-2008 8/24/2006 (1) MELVILLE MALL (New York) 35,622 32,882 40,409 35,522 73,391 108,913 33,580 1974 10/16/2006 (1) MERCER ON ONE (New Jersey) 19,152 44,384 63,215 19,102 107,649 126,751 51,570 1975 10/14/03, 1/31/17, & 10/12/2023 (1) MONTROSE CROSSING (Maryland) 48,624 91,819 31,660 48,624 123,479 172,103 56,463 1960s, 1970s, 1996 & 2011 12/27/11 & 12/19/13 (1) MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia) 15,769 33,501 50,112 15,851 83,531 99,382 56,892 1966/1972/ 1987/2001 3/31/03, 3/21/03, 1/27/06 & 1/4/21 (1) NORTH DARTMOUTH (Massachusetts) 9,366 — ( 7,422 ) 1,941 3 1,944 2 2004 8/24/2006 (1) NORTHEAST (Pennsylvania) 938 8,779 26,660 939 35,438 36,377 25,884 1959 8/30/1983 (1) OLD KEENE MILL (Virginia) 638 998 18,575 638 19,573 20,211 9,356 1968 6/15/1976 (1) OLD TOWN CENTER (California) 3,420 2,765 38,276 3,420 41,041 44,461 28,992 1962, 1997-1998 10/22/1997 (1) OLIVO AT MISSION HILLS (California) 15,048 46,732 21,127 15,048 67,859 82,907 14,545 2017-2018 8/2/2017 (1) PERRING PLAZA (Maryland) 2,800 6,461 34,168 2,800 40,629 43,429 25,185 1963 10/1/1985 (1) PIKE & ROSE (Maryland) 27,102 10,335 762,658 32,890 767,205 800,095 142,373 1963, 2012-2025 5/18/82, 10/26/07, & 7/31/12 (1) PIKE 7 PLAZA (Virginia) 14,970 22,799 19,278 14,914 42,133 57,047 25,930 1968 3/31/97 & 7/8/15 (1) PINOLE VISTA CROSSING (California) 25,218 33,286 ( 12 ) 25,218 33,274 58,492 2,472 1995, 2015 7/31/2024 (1) PLAZA DEL MERCADO (Maryland) 10,305 21,553 15,363 10,305 36,916 47,221 14,253 1969 1/13/2016 (1) PLAZA DEL SOL (California) 5,605 12,331 31 5,605 12,362 17,967 3,342 2009 8/2/2017 (1) F-44 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Descriptions Encumbrance Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed PLAZA EL SEGUNDO/THE POINT (California) 124,891 62,127 153,556 95,586 64,463 246,806 311,269 100,720 2006/2007/ 2016 12/30/11, 6/14/13, 7/26/13, & 12/27/13 (1) PROVIDENCE PLACE (formerly Pan Am) (Virginia) 8,694 12,929 16,232 8,695 29,160 37,855 19,947 1979 2/5/1993 (1) QUEEN ANNE PLAZA (Massachusetts) 3,319 8,457 8,127 3,319 16,584 19,903 13,353 1967 12/23/1994 (1) QUINCE ORCHARD (Maryland) 3,197 7,949 30,656 2,992 38,810 41,802 30,992 1975 4/22/1993 (1) RIVERPOINT CENTER (Illinois) 15,422 104,572 3,086 15,422 107,658 123,080 29,406 1989, 2012 3/31/2017 (1) SAN ANTONIO CENTER (California) 26,400 18,462 7,556 26,400 26,018 52,418 9,608 1958, 1964-1965, 1974-1975, 1995-1997 1/9/2015, 9/13/19 (1) SANTANA ROW (California) 65,930 7,502 1,315,096 56,840 1,331,688 1,388,528 364,278 1999-2006, 2009, 2014, 2016-2025 3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13 (1) SHOPS AT PEMBROKE GARDENS (Florida) 39,506 141,356 9,884 39,506 151,240 190,746 18,812 2007 7/27/2022 (1) SYLMAR TOWNE CENTER (California) — 18,522 24,637 5,827 18,522 30,464 48,986 7,371 1973 8/2/2017 (1) THE AVENUE AT WHITE MARSH (Maryland) 20,682 72,432 45,091 20,685 117,520 138,205 63,192 1997 3/8/2007 (1) THE GROVE AT SHREWSBURY (New Jersey) 43,461 18,016 103,115 17,490 18,021 120,600 138,621 43,997 1988/1993/ 2007 1/1/2014 & 10/6/14 (1) THE SHOPPES AT NOTTINGHAM SQUARE (Maryland) 4,441 12,849 2,366 4,441 15,215 19,656 8,861 2005 - 2006 3/8/2007 (1) THE SHOPS AT HILTON VILLAGE (Arizona) — 85,431 2,833 — 88,264 88,264 12,205 1982/1989 6/14/21 & 7/18/22 (1) TOWER SHOPPING CENTER (Virginia) 7,170 10,518 12,513 7,292 22,909 30,201 13,394 1953-1960 8/24/1998 (1) TOWER SHOPS (Florida) 29,940 43,390 33,048 29,962 76,416 106,378 35,535 1989, 2017 1/19/11 & 6/13/14 (1) TOWN CENTER CROSSING/TOWN CENTER PLAZA (Kansas) 31,361 232,083 1,440 31,361 233,523 264,884 4,545 1995, 2005-2008, 2014, 2015 7/1/2025 (1) F-45 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2025 (Dollars in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Descriptions Encumbrance Initial cost to company Cost Capitalized Subsequent to Acquisition Gross amount at which carried at close of period Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed Descriptions Encumbrance Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation and Amortization Date of Construction Date Acquired Life on which depreciation in latest income statements is computed TROY HILLS (New Jersey) 3,126 5,193 29,144 5,865 31,598 37,463 22,720 1966 7/23/1980 (1) TWINBROOKE CENTRE (Virginia) 16,484 18,898 8,369 16,484 27,267 43,751 3,336 1977 9/2/2021 (1) TYSON'S STATION (Virginia) 388 453 5,977 493 6,325 6,818 4,579 1954 1/17/1978 (1) VILLAGE AT SHIRLINGTON (Virginia) 9,761 14,808 53,893 6,323 72,139 78,462 43,234 1940, 2006-2009 12/21/1995 (1) VILLAGE POINTE (Nebraska) 23,250 121,993 3 23,250 121,996 145,246 472 2004 11/24/2025 (1) VIRGINIA GATEWAY (Virginia) 93,767 114,609 2,609 93,767 117,218 210,985 7,475 1999, 2006-2008, 2013-2016 5/31/2024 (1) WESTGATE CENTER (California) 6,319 107,284 50,830 6,319 158,114 164,433 92,926 1960-1966 3/31/2004 (1) WESTPOST (Virginia) — 2,955 117,907 — 120,862 120,862 72,502 1999 - 2002 1998 & 11/22/10 (1) WHITE MARSH PLAZA (Maryland) 3,478 21,413 2,294 3,514 23,671 27,185 14,075 1987 3/8/2007 (1) WHITE MARSH OTHER (Maryland) 23,703 — 125 23,703 125 23,828 59 1985 3/8/2007 (1) WILDWOOD (Maryland) 9,111 1,061 18,221 9,111 19,282 28,393 12,440 1958 5/5/1969 (1) WILLOW GROVE (Pennsylvania) 1,499 6,643 46,993 1,499 53,636 55,135 25,550 1953 11/20/1984 (1) WILLOW LAWN (Virginia) 3,192 7,723 98,231 8,211 100,935 109,146 76,657 1957 12/5/1983 (1) WYNNEWOOD (Pennsylvania) 8,055 13,759 26,589 8,055 40,348 48,403 30,130 1948 10/29/1996 (1) TOTALS $ 521,759 $ 1,932,134 $ 3,851,563 $ 5,856,205 $ 1,922,252 $ 9,717,650 $ 11,639,902 $ 3,351,881 (1) Depreciation of building and improvements is calculated based on useful lives ranging from the life of the lease to 50 years. F-46 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2025 Reconciliation of Total Cost (in thousands) Balance, December 31, 2022 $ 10,104,499 Additions during period Improvements 287,286 Reconsolidation of VIE 135,017 Acquisitions 74,723 Deduction during period—dispositions and retirements of property ( 55,338 ) Balance, December 31, 2023 10,546,187 Additions during period Acquisitions 266,877 Improvements 249,043 Deduction during period—dispositions and retirements of property ( 158,394 ) Balance, December 31, 2024 10,903,713 Additions during period Acquisitions 715,549 Improvements 300,724 Deduction during period Dispositions and retirements of property ( 272,659 ) Impairment of property ( 7,425 ) Balance, December 31, 2025 (1) $ 11,639,902 _____________________ (1) For Federal tax purposes, the aggregate cost basis is approximately $ 10.2 billion as of December 31, 2025. F-47 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2025 Reconciliation of Accumulated Depreciation and Amortization (In thousands) Balance, December 31, 2022 $ 2,715,817 Additions during period Depreciation and amortization expense 282,896 Reconsolidation of VIE 2,869 Deductions during period -dispositions and retirements of property ( 38,063 ) Balance, December 31, 2023 2,963,519 Additions during period-depreciation and amortization expense 302,635 Deductions during period -dispositions and retirements of property ( 113,355 ) Balance, December 31, 2024 3,152,799 Depreciation and amortization expense 319,819 Deductions during period -dispositions and retirements of property ( 120,737 ) Balance, December 31, 2025 $ 3,351,881 F-48 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2025 (Dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description of Lien Interest Rate Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages(1) Principal Amount of Loans Subject to delinquent Principal or Interest Second mortgage on a retail shopping center in Rockville, MD (2) 11.5 % February 2026 Interest only monthly; balloon payment due at maturity $ 58,750 (3) $ 5,075 $ 4,591 $ — Second mortgage on a retail shopping center in Rockville, MD (2) 10.75 % February 2026 Interest only monthly; balloon payment due at maturity 58,750 (3) 4,500 4,500 — Second mortgage on a retail shopping center in Baltimore, MD 7.0 % October 2031 Principal and interest monthly; balloon payment due at maturity 4,990 (4) 399 — — $ 63,740 $ 9,974 $ 9,091 $ — _____________________ (1) The amounts are net of any expected losses in accordance with ASU 2016-13. See note 2 to the consolidated financial statements. For Federal tax purposes, the aggregate tax basis is approximately $ 10.0 million as of December 31, 2025. (2) The borrower on the noted mortgage notes receivable is in default. However, we believe the fair value of the property supports the $ 9.1 million carrying value of our notes. (3) These mortgages are both subordinate to a first mortgage of $ 58.8 million in total. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2025 is estimated. (4) This mortgage is subordinate to a first mortgage of $ 5.0 million. We do not hold the first mortgage loan on this property. Accordingly, the amount of the prior lien at December 31, 2025 is estimated. F-49 Table of Contents FEDERAL REALTY INVESTMENT TRUST AND FEDERAL REALTY OP LP SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2025 Reconciliation of Carrying Amount (In thousands) Balance, December 31, 2022 $ 9,456 Deductions during period: Valuation adjustments ( 213 ) Collection and satisfaction of loans ( 47 ) Balance, December 31, 2023 9,196 Deductions during period: Collection and satisfaction of loans ( 50 ) Valuation adjustments ( 2 ) Balance, December 31, 2024 9,144 Deductions during period: Collection and satisfaction of loans ( 54 ) Valuation adjustments 1 Balance, December 31, 2025 $ 9,091 F-50