FRT信托 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO THE SECTION13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025OR For the transition period fromtoCommission file number:1-07533(Federal Realty Investment Trust)Commission file number:333-262016-01(Federal Realty OP LP) FEDERAL REALTY INVESTMENT TRUSTFEDERAL REALTY OP LP (Exact Name of Registrant as Specified in its Charter)Maryland(Federal Realty Investment Trust)87-3916363Delaware(Federal Realty OP LP)52-0782497(State of Organization)(IRS Employer Identification No.) 909 Rose Avenue, Suite 200,North Bethesda,Maryland20852(Address of Principal Executive Offices) (Zip Code) (301)998-8100(Registrant’s Telephone Number, Including Area Code) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days. Federal Realty Investment Trust☒Yes☐No Federal Realty OP LP☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Federal Realty Investment Trust☒Yes☐No Federal Realty OP LP☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company" in Rule 12b-2 of theExchange Act.: If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.Federal Realty Investment Trust☐Federal Realty OP LP☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Federal Realty Investment Trust☐Yes☒No Federal Realty OP LP☐Yes☒No The number of Federal Realty Investment Trust's common shares outstanding on October28, 2025 was86,270,031. EXPLANATORY NOTE This report combines the quarterly reports on Form 10-Q for the quarter ended September30, 2025, of Federal Realty InvestmentTrust and Federal Realty OP, LP. Unless stated otherwise or the context otherwise requires, references to "Federal Realty InvestmentTrust," the "Parent Company" or the "Trust" mean Federal Realty Investment Trust; and references to "Federal Realty OP LP" or the"Operating Partnership" mean Federal Realty OP LP. The term "the Company," "we," "us," and "our" refer to the Parent Company andits business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership.References to "shares" and "shareholders" refer to the shares and shareholders of the Parent Company and not the limited partnershipinterests for limited partners of the Operating Partnership. The Parent Company is a real estate investment trust ("REIT") that owns 100% of the limited liability company interests of, is the solemember of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which is the sole general partner ofthe Operating Partnership. As of September30, 2025, the Parent Company owned 100% of the outstanding partnership units (the "OPUnits") in the Operating Partnership. The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into thissingle report provides the following benefits: •Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view thebusinesses as a whole in the same manner as management views and operates the business;•Eliminates duplicate disclosure and provides a more streamlined and readable presentation; and•Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. Management operates the Parent Company and the Operating Partnership as one business. Since the Operating Partnership is managedby the Parent Company, and the Parent Company conducts substantially all of its operations through the Operating Partnership, themanagement of the Parent Company consists of the same individuals as the management of the Operating Partnership. We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the contextof how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whoseonly material asset is its direct and