FRT信托 2025年度报告

2025 Annual ReportForm 10-K & Proxy Statement Dear FellowShareholders, Whatdistinguishes retail real estate fromnearly every other property type is that valueis shaped not only by who occupies a space,butby the quality and balance of thesurroundingtenancy.Thoughtfulmerchandisingdrivestraffic,extendscustomervisits,and strengthens long-termperformance. This focus has been refined atFederalRealty over decades and remains acorecompetitive advantage.As consumersincreasingly prioritize experience, connection,andquality,well-merchandisedretailenvironments continue to serve as importantgathering places within the communities theyserve. Ifthe past several years have taught usanything, it is that predicting the direction ofmarkets,politics,or headlines has becomeincreasingly difficult. 2025 may have been theclearest example yet. A new administration inWashington,shifting geopolitical dynamics,andintenseinvestorfocusonartificialintelligence created a steady stream of noiseand uncertainty. Equity markets reached newhighsascapitalflowedheavilytowardcompaniestiedtoAI,drivingstrongperformancein a narrow group of sectorswhileleaving many others,including realestate, largely overlooked. Yetamid constant change,in our businesssomethings remain remarkably consistent.That reality was tested directly within severalof our core markets during 2025. Workforcereductionstiedtogovernment-relatedemploymentcreated periods of uncertaintyacrossportions of the Washington,D.C.metropolitanarea(theDMV),aregionrepresentingameaningfulpartofourportfolio.Periods of disruption like thesereinforcethe principles that have guidedFederal Realty for decades: Publicmarkets often gravitate toward whatfeels shiny and new in the short term, but realvalueis built over time.Federal Realty hasapplied these same principles for more thansixdecades,and 2025 served as anotherreminder that long-term success in real estatecomesfrom applying consistent disciplineeven as markets and opportunities evolve. •Owning high-quality real estate in affluent,supply-constrained communities;•Actively curating tenancy to drive long-termperformance; and•Maintaining a strong balance sheet thatenables us to invest consistently throughcycles. Even amid this disruption, our DMV propertiescontinued to generate strong traffic and salesperformance,underscoring the resilience ofthe communities we serve. Well-located realestatein affluent communities continues tooutperform. I N D U S T R Y - L E A D I N GC O N S I S T E N C Y58 consecutive yearsof increased dividends. *Annualized dividend per share. Operationally, 2025 was one of the strongestleasingyears in our company’s history.Wecompletednearly 2.5 million square feet ofretail leasing activity, increasing occupancy to94.1%and leased occupancy to 96.1%.Thebreadthand durability of leasing demandacrossall categories have remained strong.Comparablerentspreadsreachedtheirhighest level in more than a decade at 15% ona cash basis and 27% on a straight-line basis. AL o o k B a c k :E x e c u t i o nM a t t e r s Againstthatbackdrop,FederalRealtydeliveredanotheryearofexcellentoperationaland financial progress in 2025,reflectingthe continued strength of ourbusinessmodel and disciplined executionacross the portfolio. NAREIT funds from operations per share grewapproximately 6.6% year-over-year to a record$7.22 per common share1. Core funds fromoperationsper share grew approximately4.3%.Growth was driven by strong leasingexecution,embedded rent escalators,andcontinued operational discipline. Our ability tocapturecontractual rent growth and bringtenantsintooperationmorequicklycontributedmeaningfullytoresultsandreinforced the durability of our income stream. Whiletheindustryexperiencedrenewedbankruptcyheadlinesinvolvingseveralnational retailers, the impact on Federal Realtywaslimited.Our focus on strong operatorsresulted in manageable bad debt levels andrapidbackfilling opportunities.Simply put,betterreal estate attracts better tenants,especially during periods of disruption. Redevelopment and densification remain equallyimportant drivers of external growth. During theyear, both 915 Meeting Street at Pike & Rose andSantanaWest at Santana Row became 100%committed, marking an important milestone forour mixed-use portfolio and reflecting improvingdemand for well-located and highly amenitizedoffice environments. Since the start of 2024, weadvanced multiple residential developments atour existing retail centers across the portfolio,including projects in Hoboken, New Jersey; BalaCynwydand Willow Grove,Pennsylvania;andSantana Row’s Lot 12 in San Jose, California. Wealso added new retail redevelopment projects atAndorraShoppingCenterinsuburbanPhiladelphiaand Grossmont Center near SanDiego.In many cases,the highest returnopportunityis not acquiring new assets,butimproving what we already own, a skillset thatremains a defining advantage for Federal Realty. And of course, what remains central to ouridentity as a company is the consistency ofourd