Earnings Per Share And Unit

9 Months Ended

Sep. 30, 2026

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 nine months ended September 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 September 30, 2025, and 1,190 stock options for the nine months ended September 30, 2026 and 2025,

•conversions of downREIT operating partnership units for the three months ended September 30, 2026 and the three and nine months ended September 30, 2025,

•conversions of 5.417% Series 1 Cumulative Convertible Preferred Shares and units for both the three and nine months ended September 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 nine months ended September 30, 2025.

Potentially issuable shares and units in exchange for the 3.50% Exchangeable Senior Notes due 2031 for the three and nine months ended September 30, 2026, and the 3.25% Exchangeable Senior Notes due 2029 for both the three and nine months ended September 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 Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
	(In thousands, except per share data)
NUMERATOR
Net income	$	68,985	$	64,499	$	318,608	$	291,033
Less: Preferred share dividends	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,816)		(2,850)		(7,638)		(9,700)
Less: Earnings allocated to unvested shares	(345)		(324)		(1,062)		(964)
Net income available for common shareholders, basic	63,816		59,317		303,884		274,345



Add: Income attributable to downREIT operating partnership units	—		—		1,795		—

Net income available for common shareholders, diluted	$	63,816	$	59,317	$	305,679	$	274,345
DENOMINATOR
Weighted average common shares outstanding, basic	86,558		85,978		86,262		85,808
Effect of dilutive securities:


DownREIT operating partnership units	—		—		527		—

Weighted average common shares outstanding, diluted	86,558		85,978		86,789		85,808

EARNINGS PER COMMON SHARE, BASIC & DILUTED:
Net income available for common shareholders	$	0.74	$	0.69	$	3.52	$	3.20

Federal Realty OP LP Earnings per Unit


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
	(In thousands, except per unit data)
NUMERATOR
Net income	$	68,985	$	64,499	$	318,608	$	291,033
Less: Preferred unit distributions	(2,008)		(2,008)		(6,024)		(6,024)
Less: Income from operations attributable to noncontrolling interests	(2,816)		(2,850)		(7,638)		(9,700)
Less: Earnings allocated to unvested units	(345)		(324)		(1,062)		(964)



Net income available for common unit holders, basic	$	63,816	$	59,317	$	303,884	$	274,345
Add: Income attributable to downREIT operating partnership units	—		—		1,795		—

Net income available for common unit holders, diluted	$	63,816	$	59,317	$	305,679	$	274,345
DENOMINATOR
Weighted average common units outstanding, basic	86,558		85,978		86,262		85,808
Effect of dilutive securities:


DownREIT operating partnership units	—		—		527		—

Weighted average common units outstanding, diluted	86,558		85,978		86,789		85,808




EARNINGS PER COMMON UNIT, BASIC & DILUTED:
Net income available for common unit holders	$	0.74	$	0.69	$	3.52	$	3.20