Federal Realty Investment Trust (FRT) is an equity real estate investment trust (REIT) specializing in the ownership, management, and redevelopment of high-quality retail and mixed-use properties. The company focuses on locations in densely populated and affluent areas where retail demand exceeds supply. FRT's core business model revolves around leasing space to a diverse base of tenants, including national and regional retailers, as well as local specialty shops. The company's competitive advantage lies in its strategic market selection, proactive property management, and long-standing relationships with tenants. FRT primarily operates in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. FRT faces competition from other commercial developers and real estate companies.

• Employees: 297 full-time and 7 part-time employees (as of February 7, 2024)
• Geographic Footprint: 12 states and the District of Columbia
• Headquarters: North Bethesda, Maryland
• Founded: 1962
• Number of locations/facilities: 102 predominantly retail real estate projects
• Revenue: $1.13 billion (FY2023)
• Market Capitalization: $7.9 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Federal Realty OP LP

• CEO: Donald C. Wood
• CFO: Daniel Guglielmone
• Board Chair: David W. Faeder

Management operates the Parent Company and the Operating Partnership as one business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership.

• Annual Revenue: $1.13 billion (FY2023)
• Net Income: $237 million (attributable to the Trust)
• Market Cap: $7.9 billion (as of June 30, 2023)
• Total Assets: $8.44 billion
• Number of Employees: 304 (as of February 7, 2024)
• Key Financial Highlights: Property operating income was $769.1 million, and net income attributable to the Trust was $237 million.

FRT's main product is the ownership, management, and redevelopment of retail and mixed-use properties. Key offerings include:

• Community and Neighborhood Shopping Centers: These centers are often anchored by grocery stores and provide a mix of essential goods and services.
• Mixed-Use Properties: These properties typically combine retail with residential, office, and/or hotel components.

FRT operates as a single segment, focusing on the ownership, management, and redevelopment of retail and mixed-use properties. The company does not break down revenue by specific business divisions or segments.

FRT's business strategy focuses on owning, managing, acquiring, and redeveloping high-quality retail-focused properties. Key strategic priorities include:

• Maximizing rents and occupancy levels through proactive property management.
• Attracting and retaining a strong and diverse tenant base.
• Investing in redevelopment and expansion opportunities.
• Maintaining a strong balance sheet and financial flexibility.
• Focusing on properties in densely populated and affluent areas.
• Adapting to market trends and leveraging technology.

FRT is committed to sustainable business practices and is actively addressing energy efficiency, water conservation, and waste minimization.

FRT operates in the real estate industry, specifically within the retail and mixed-use property sector. Key market trends affecting the business include the shift to online shopping, which impacts brick-and-mortar retailers, and the increasing demand for mixed-use developments. FRT faces competition from other commercial developers and real estate companies. FRT's market position is based on its strategic property locations and its ability to maintain high occupancy rates and rental growth. Market share information is not explicitly provided in the 10-K.

• Market Risks: Competition for acquisitions and tenants, changes in consumer preferences, and economic downturns.
• Operational Risks: Challenges in development and redevelopment projects, difficulty in renewing leases, and potential tenant bankruptcies.
• Financial Risks: Dependence on debt financing, fluctuations in interest rates, and potential inability to meet financial covenants.
• Regulatory Risks: Compliance with environmental laws, REIT regulations, and the Americans with Disabilities Act.
• Cybersecurity Risks: Potential loss of confidential information and business disruptions due to cyber threats.