v3.26.3
Earnings Per Share And Unit (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of earnings per share and unit
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 EndedNine Months Ended
September 30,September 30,
2026202520262025
(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, basic63,816 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, basic86,558 85,978 86,262 85,808 
Effect of dilutive securities:
DownREIT operating partnership units— — 527 — 
Weighted average common shares outstanding, diluted86,558 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 EndedNine Months Ended
September 30,September 30,
2026202520262025
(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, basic86,558 85,978 86,262 85,808 
Effect of dilutive securities:
DownREIT operating partnership units— — 527 — 
Weighted average common units outstanding, diluted86,558 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