v3.26.1
Earnings Per Share And Unit
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND UNIT 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 the three and six months ended June 30, 2026 and 2025, 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 reconciliations below.
The following potentially issuable shares were excluded from the diluted EPS and EPU calculations because their impact is anti-dilutive:
•exercise of 3,019 stock options for the three months ended June 30, 2025, and 1,190 stock options for the six months ended June 30, 2026 and 2025,
•conversions of downREIT operating partnership units for the the three months ended June 30, 2026,
•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for the three months ended June 30, 2026, and the six months ended June 30, 2026 and 2025, and
•the issuance of 0.5 million shares and units issuable under common share forward sales agreements for the period they were outstanding during the six months ended June 30, 2025.
Potentially issuable shares and units in exchange for the 3.25% Exchangeable Senior Notes due 2029 for both the three and six months ended June 30, 2026 and 2025, did not have a dilutive effect on the diluted EPS and EPU calculations.

Federal Realty Investment Trust Earnings per Share
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(In thousands, except per share data)
NUMERATOR
Net income$88,553 $159,956 $249,623 $226,534 
Less: Preferred share dividends(2,008)(2,008)(4,016)(4,016)
Less: Income from operations attributable to noncontrolling interests(2,851)(4,040)(4,822)(6,850)
Less: Earnings allocated to unvested shares(342)(520)(841)(727)
Net income for common shareholders, basic83,352 153,388 239,944 214,941 
Add: Income attributable to downREIT operating partnership units— 601 1,187 1,268 
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Shares
— 133 — — 
Net income available for common shareholders, diluted$83,352 $154,122 $241,131 $216,209 
DENOMINATOR
Weighted average common shares outstanding, basic86,183 85,969 86,112 85,722 
Effect of dilutive securities:
DownREIT operating partnership units— 548 527 578 
5.417% Series 1 Cumulative Convertible Preferred Shares
— 94 — — 
Weighted average common shares outstanding, diluted86,183 86,611 86,639 86,300 
EARNINGS PER COMMON SHARE, BASIC:
Net income available for common shareholders$0.97 $1.78 $2.79 $2.51 
EARNINGS PER COMMON SHARE, DILUTED:
Net income available for common shareholders$0.97 $1.78 $2.78 $2.51 
Federal Realty OP LP Earnings per Unit
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(In thousands, except per unit data)
NUMERATOR
Net income$88,553 $159,956 $249,623 $226,534 
Less: Preferred unit distributions(2,008)(2,008)(4,016)(4,016)
Less: Income from operations attributable to noncontrolling interests(2,851)(4,040)(4,822)(6,850)
Less: Earnings allocated to unvested units(342)(520)(841)(727)
Net income available for common unit holders, basic$83,352 $153,388 $239,944 $214,941 
Add: Income attributable to downREIT operating partnership units— 601 1,187 1,268 
Add: Dividends on 5.417% Series 1 Cumulative Convertible Preferred Units
— 133 — — 
Net income available for common unit holders, diluted$83,352 $154,122 $241,131 $216,209 
DENOMINATOR
Weighted average common units outstanding, basic86,183 85,969 86,112 85,722 
Effect of dilutive securities:
DownREIT operating partnership units— 548 527 578 
5.417% Series 1 Cumulative Convertible Preferred Units
— 94 — — 
Weighted average common units outstanding, diluted86,183 86,611 86,639 86,300 
EARNINGS PER COMMON UNIT, BASIC:
Net income available for common unit holders$0.97 $1.78 $2.79 $2.51 
EARNINGS PER COMMON UNIT, DILUTED:
Net income available for common unit holders$0.97 $1.78 $2.78 $2.51