FEDERAL REALTY INVESTMENT TRUST

Previous wording

Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interests of, and is sole member and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties.

Current wording

Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interests of, and is sole member and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, operation, and redevelopment of high-quality retail-based properties. As of June 30, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 102 predominantly retail real estate projects comprising approximately 27.4 million commercial square feet. In total, the real estate projects were 95.4% leased and 93.6% occupied at June 30, 2025.

Previous wording

During the three months ended March 31, 2025, we sold a portion of our White Marsh Other property for $3.4 million.

Current wording

During the six months ended June 30, 2025, we sold a residential building at Santana Row, our Hollywood Boulevard property, and a portion of our White Marsh Other property for net proceeds of $146.3 million, resulting in a net gain of $77.1 million.

Previous wording

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $1.0 billion borrowed under the restated agreement. Debt issuance costs included in our consolidated Balance Sheet related to this amendment were $4.8 million as of March 31, 2025. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10% adjustment to SOFR.

Current wording

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. Under an accordion feature, we have the right to request additional loans, subject to an aggregate maximum of $1.0 billion borrowed under the restated agreement. Debt issuance costs related to this amendment were $4.8 million as of June 30, 2025. Additionally, on May 1, 2025, the interest rate was reduced by removing the 0.10% adjustment to SOFR.

Previous wording

During the three months ended March 31, 2025, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $109.0 million. The weighted average amount of borrowings outstanding was $35.1 million and the weighted average interest rate, before amortization of debt fees, was 5.2% for the three months ended March 31, 2025. At March 31, 2025, our revolving credit facility had $44.6 million outstanding.

Current wording

During the six months ended June 30, 2025, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $122.1 million. The weighted average amount of borrowings outstanding was $37.6 million and the weighted average interest rate, before amortization of debt fees, was 5.2% for the six months ended June 30, 2025. At June 30, 2025, our revolving credit facility had $17.6 million outstanding.

Previous wording

During the three months ended March 31, 2025, we settled our remaining open forward sales agreements by issuing 476,497 common shares for net cash proceeds of $54.5 million including paying $0.1 million in additional offering expenses.

Current wording

During the six months ended June 30, 2025, we settled our remaining open forward sales agreements by issuing 476,497 common shares for net cash proceeds of $54.4 million including paying $0.2 million in additional offering expenses.

Previous wording

Certain external and internal costs directly related to the development, redevelopment and leasing of real estate, including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. We capitalized certain external and internal costs related to both development and redevelopment activities of $32 million and $2 million, respectively, for the three months ended March 31, 2025, and $36 million and $2 million for the three months ended March 31, 2024. We capitalized external and internal costs related to other property improvements of $26 million and $1 million, respectively, for the three months ended March 31, 2025, and $27 million and $1 million, respectively, for the three months ended March 31, 2024. We capitalized external and internal costs related to leasing activities of $5 million and $1 million, for both the three months ended March 31, 2025 and 2024. The amount of capitalized internal costs for salaries and related benefits for development and redevelopment activities, other property improvements, and leasing activities were $2 million, $1 million, and $1 million, respectively, for both the three months ended March 31, 2025 and 2024. Total capitalized costs were $68 million and $72 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Certain external and internal costs directly related to the development, redevelopment and leasing of real estate, including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved, are capitalized. We capitalized certain external and internal costs related to both development and redevelopment activities of $75 million and $4 million, respectively, for the six months ended June 30, 2025, and $65 million and $4 million for the six months ended June 30, 2024. We capitalized external and internal costs related to other property improvements of $51 million and $2 million, respectively, for the six months ended June 30, 2025, and $53 million and $2 million, respectively, for the six months ended June 30, 2024. We capitalized external and internal costs related to leasing activities of $11 million and $2 million, respectively, for both the six months ended June 30, 2025 and 2024. The amount of capitalized internal costs for salaries and related benefits for development and redevelopment activities, other property improvements, and leasing activities were $4 million, $2 million, and $2 million, respectively, for both the six months ended June 30, 2025 and 2024. Total capitalized costs were $145 million and $137 million for the six months ended June 30, 2025 and 2024, respectively.

Previous wording

Our comparable property growth is primarily driven by increases in rental rates on new leases and lease renewals, changes in portfolio occupancy, and the redevelopment of those assets. Over the long-term, the infill nature and strong demographics of our properties provide a strategic advantage allowing us to maintain relatively high occupancy and generally increase rental rates. We continue to experience strong demand for our commercial space as evidenced by the 2.2 million square feet of comparable space leasing we've completed in the last twelve months, and the 2.1% spread between our leased rate of 95.7% and our occupied rate of 93.6%. However, the effects of inflationary pressures and elevated interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs. Additionally, significant impacts from supply chain disruptions or tariffs could also result in extended time frames and/or increased costs for completion of our projects and tenant build-outs, which could delay the commencement of rent payments under new leases. Similarly, if our tenants experience significant disruptions in supply chains and unexpected impacts of tariffs supporting their own products, staffing issues due to labor shortages, or are otherwise impacted by worsening economic conditions, their ability to pay rent may be adversely affected. We continue to monitor these macroeconomic developments and are working with our tenants and our vendors to limit the overall impact to our business.

Current wording

Our comparable property growth is primarily driven by increases in rental rates on new leases and lease renewals, changes in portfolio occupancy, and the redevelopment of those assets. Over the long-term, the infill nature and strong demographics of our properties provide a strategic advantage allowing us to maintain relatively high occupancy and generally increase rental rates. We continue to experience strong demand for our commercial space as evidenced by the 2.2 million square feet of comparable space leasing we've completed in the last twelve months, and the 1.8% spread between our leased rate of 95.4% and our occupied rate of 93.6%. However, the effects of inflationary pressures and elevated interest rates continue to negatively impact our business with the largest impacts being higher interest costs, increased material costs, and higher operating costs. Additionally, significant impacts from supply chain disruptions or tariffs could also result in extended time frames and/or increased costs for completion of our projects and tenant build-outs, which could delay the commencement of rent payments under new leases. Similarly, if our tenants experience significant disruptions in supply chains and unexpected impacts of tariffs supporting their own products, staffing issues due to labor shortages, or are otherwise impacted by worsening economic conditions, their ability to pay rent may be adversely affected. We continue to monitor these macroeconomic developments and are working with our tenants and our vendors to limit the overall impact to our business.

Previous wording

•Phase IV at Pike & Rose is a 276,000 square foot office building (which includes 10,000 square feet of ground floor retail space). Approximately 250,000 square feet of the office space is leased, of which, 193,000 square feet is open, and all of the retail space is open. The building is expected to cost between $180 million and $190 million, and began delivering in late September 2023.

Current wording

•Phase IV at Pike & Rose is a 272,000 square foot office building (which includes 10,000 square feet of ground floor retail space). Approximately 251,000 square feet of the office space is leased, of which, 206,000 square feet is open, and all of the retail space is open. The building is expected to cost between $180 million and $190 million, and began delivering in late September 2023.

Previous wording

•Construction on Santana West includes an eight story 369,000 square foot office building, which is expected to cost between $325 million and $335 million. Approximately 302,000 square feet of space is leased.

Current wording

•Construction on Santana West includes an eight story 369,000 square foot office building, which is expected to cost between $325 million and $335 million. Approximately 327,000 square feet of space is leased, of which 102,000 square feet is open.

Previous wording

•Throughout the portfolio, we currently have redevelopment projects underway with a projected total cost of approximately $271 million that we expect to stabilize over the next several years.

Current wording

•Throughout the portfolio, we currently have redevelopment projects underway with a projected total cost of approximately $268 million that we expect to stabilize over the next several years.

Previous wording

At March 31, 2025, the leasable commercial square feet in our properties was 95.7% leased and 93.6% occupied. The leased rate is higher than the occupied rate due to leased spaces that are being redeveloped or improved or that are awaiting permits and, therefore, are not yet ready to be occupied. Our occupancy and leased rates are subject to variability over time due to factors including acquisitions, the timing of the start and stabilization of our redevelopment projects, lease expirations and tenant closings and bankruptcies.

Current wording

At June 30, 2025, the leasable commercial square feet in our properties was 95.4% leased and 93.6% occupied. The leased rate is higher than the occupied rate due to leased spaces that are being redeveloped or improved or that are awaiting permits and, therefore, are not yet ready to be occupied. Our occupancy and leased rates are subject to variability over time due to factors including acquisitions, the timing of the start and stabilization of our redevelopment projects, lease expirations and tenant closings and bankruptcies.

Previous wording

For the first quarter of 2025, we signed retail leases for a total of 430,000 square feet of retail space including 369,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 6% on a cash basis. New leases for comparable spaces were signed for 175,000 square feet, with an average rental increase of 2% on a cash basis. Renewals for comparable spaces were signed for 194,000 square feet at a 8% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $19.36 per square foot, of which $39.22 per square foot was for new leases and $1.48 per square foot was for renewals for the three months ended March 31, 2025.

Current wording

For the second quarter of 2025, we signed retail leases for a total of 653,000 square feet of retail space including 644,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 10% on a cash basis. New leases for comparable spaces were signed for 170,000 square feet, with an average rental increase of 14% on a cash basis. Renewals for comparable spaces were signed for 474,000 square feet at a 9% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $21.15 per square foot, of which $57.52 per square foot was for new leases and $8.07 per square foot was for renewals for the three months ended June 30, 2025.

Previous wording

Throughout this section, we have provided certain information on a “comparable property” basis. Information provided on a comparable property basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties that are currently under development or are being repositioned for significant redevelopment and investment. For the three months ended March 31, 2025, all or a portion of 96 properties were considered comparable properties and seven properties were considered non-comparable properties. For the three months ended March 31, 2025, one property was moved from comparable properties to non-comparable properties compared to the designations as of December 31, 2024. While there is judgment surrounding changes in designations, we typically move non-comparable properties to comparable properties once they have stabilized, which is typically considered 90% physical occupancy or when the growth expected from the redevelopment has been included in the comparable periods. We typically remove properties from comparable properties when the repositioning of the asset has commenced and has or is expected to have a significant impact on property operating income within the calendar year. Acquisitions are moved to comparable properties once we have owned the property for the entirety of comparable periods and the property is not under development or being repositioned for significant redevelopment and investment.

Current wording

Throughout this section, we have provided certain information on a “comparable property” basis. Information provided on a comparable property basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties that are currently under development or are being repositioned for significant redevelopment and investment. For the three and six months ended June 30, 2025, all or a portion of 95 properties were considered comparable properties and seven properties were considered non-comparable properties. For the six months ended June 30, 2025, one property was moved from comparable properties to non-comparable properties, and one property and one portion of two properties were removed from comparable properties, as they were sold; all compared to the designations as of December 31, 2024. While there is judgment surrounding changes in designations, we typically move non-comparable properties to comparable properties once they have stabilized, which is typically considered 90% physical occupancy or when the growth expected from the redevelopment has been included in the comparable periods. We typically remove properties from comparable properties when the repositioning of the asset has commenced and has or is expected to have a significant impact on property operating income within the calendar year. Acquisitions are moved to comparable properties once we have owned the property for the entirety of comparable periods and the property is not under development or being repositioned for significant redevelopment and investment.

Previous wording

Total property revenue increased $17.8 million, or 6.1%, to $309.2 million in the three months ended March 31, 2025 compared to $291.3 million in the three months ended March 31, 2024. The percentage occupied at our shopping centers was 93.6% and 92.0% at March 31, 2025 and 2024, respectively. Rental income consists primarily of minimum rent, cost reimbursements from tenants and percentage rent, and is net of collectibility related adjustments. Other property income includes revenue for our Pike & Rose hotel, parking income, and other incidental income from our properties. The increase in property revenues is due primarily to the following:

Current wording

Total property revenue increased $15.5 million, or 5.2%, to $311.5 million in the three months ended June 30, 2025 compared to $296.1 million in the three months ended June 30, 2024. The percentage occupied at our shopping centers was 93.6% and 93.1% at June 30, 2025 and 2024, respectively. Rental income consists primarily of minimum rent, cost reimbursements from tenants and percentage rent, and is net of collectibility related adjustments. Other property income includes revenue for our Pike & Rose hotel, parking income, and other incidental income from our properties. The increase in property revenue is due primarily to the following:

Previous wording

•an increase of $1.7 million from non-comparable properties primarily driven by occupancy increases at Santana West, Huntington Shopping Center, and Pike & Rose Phase IV,

Current wording

•an increase of $1.4 million from non-comparable properties primarily driven by occupancy increases,

Previous wording

Total property expenses increased $8.7 million, or 9.0%, to $104.4 million in the three months ended March 31, 2025 compared to $95.7 million in the three months ended March 31, 2024. Changes in the components of property expenses are discussed below.

Current wording

Total property expenses increased $4.1 million, or 4.4%, to $98.3 million in the three months ended June 30, 2025 compared to $94.2 million in the three months ended June 30, 2024. Changes in the components of property expenses are discussed below.

Previous wording

As a result of the changes in rental income and rental expenses as discussed above, rental expenses as a percentage of rental income increased to 22.4% in the three months ended March 31, 2025 from 21.7% in the three months ended March 31, 2024.

Current wording

As a result of the changes in rental income and rental expenses as discussed above, rental expenses as a percentage of rental income decreased to 20.4% in the three months ended June 30, 2025 from 20.5% in the three months ended June 30, 2024.

Previous wording

Real estate tax expense increased $2.5 million, or 7.4%, to $36.6 million in the three months ended March 31, 2025 compared to $34.1 million in the three months ended March 31, 2024. This increase is primarily due to an increase of $1.4 million from comparable properties primarily due to higher assessments, and an increase of $1.1 million from 2024 and 2025 acquisitions.

Current wording

Real estate tax expense increased $1.4 million, or 3.9%, to $36.7 million in the three months ended June 30, 2025 compared to $35.3 million in the three months ended June 30, 2024. This increase is primarily due to the following:

Previous wording

Depreciation and amortization expense increased $3.5 million, or 4.2%, to $86.9 million in the three months ended March 31, 2025 compared to $83.4 million in the three months ended March 31, 2024. This increase is due primarily to 2024 and 2025 acquisitions, partially offset by property dispositions.

Current wording

Depreciation and amortization expense increased $4.2 million, or 4.9%, to $89.2 million in the three months ended June 30, 2025 compared to $85.0 million in the three months ended June 30, 2024. This increase is due primarily to 2024 and 2025 acquisitions, the opening of Santana West and Pike & Rose Phase IV, partially offset by fully depreciated lease assets related to our Grossmont property and property dispositions.

Previous wording

•a decrease of $0.5 million in capitalized interest.

Current wording

•a decrease of $2.1 million in capitalized interest,

Previous wording

•a decrease of $0.1 million due to lower weighted average borrowings,

Current wording

•a decrease of $0.2 million due to lower weighted average borrowings.

Previous wording

Gross interest costs were $47.3 million and $49.0 million in the three months ended March 31, 2025 and 2024, respectively. Capitalized interest was $4.8 million and $5.3 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

Gross interest costs were $47.6 million and $49.5 million in the three months ended June 30, 2025 and 2024, respectively. Capitalized interest was $3.0 million and $5.2 million for the three months ended June 30, 2025 and 2024, respectively.

Previous wording

•an increase of $11.0 million from comparable properties primarily related to higher average occupancy of approximately $3.4 million, higher rental rates of approximately $3.0 million, a $4.5 million increase in recoveries from tenants on higher expenses, and a $0.5 million decrease in collectibility related adjustments,

Current wording

•an increase of $19.7 million from comparable properties primarily related to higher rental rates of approximately $7.4 million, higher average occupancy of approximately $6.5 million, and a $6.0 million increase in recoveries from tenants primarily on higher expenses,

Previous wording

Rental expenses increased $6.1 million, or 10.0%, to $67.8 million in the three months ended March 31, 2025 compared to $61.7 million in the three months ended March 31, 2024 due primarily to the following:

Current wording

Rental expenses increased $8.9 million, or 7.4%, to $129.4 million in the six months ended June 30, 2025 compared to $120.6 million in the six months ended June 30, 2024 due primarily to the following:

Previous wording

•an increase of $4.7 million from comparable properties due primarily to higher snow removal costs, higher utilities and other operating costs, and an increase in management fees on higher revenues, and

Current wording

•an increase of $4.9 million from comparable properties due primarily to higher snow removal costs, higher utilities and other operating costs, and an increase in management fees on higher revenues,

Previous wording

Property operating income increased $9.2 million, or 4.7%, to $204.8 million in the three months ended March 31, 2025 compared to $195.6 million in the three months ended March 31, 2024. This increase is primarily driven by higher rental rates and average occupancy, 2024 and 2025 acquisitions, 2024 and 2025 openings at our non-comparable properties, and lower collectibility related adjustments, partially offset by property dispositions, and higher rental expenses after recoveries from tenants.

Current wording

Property operating income increased $20.5 million, or 5.2%, to $418.0 million in the six months ended June 30, 2025 compared to $397.5 million in the six months ended June 30, 2024. This increase is primarily driven by higher rental rates and average occupancy, 2024 and 2025 acquisitions, and 2024 and 2025 openings at our non-comparable properties, partially offset by property dispositions, and higher rental expenses after recoveries from tenants.

Previous wording

General and administrative expense decreased $1.1 million, or 9.4%, to $10.9 million in the three months ended March 31, 2025 compared to $12.0 million in the three months ended March 31, 2024. This decrease is due primarily to lower personnel related costs.

Current wording

General and administrative expense decreased $1.3 million, or 5.4%, to $22.8 million in the six months ended June 30, 2025 compared to $24.1 million in the six months ended June 30, 2024. This decrease is due primarily to lower personnel related costs.

Previous wording

Operating income increased $7.9 million, or 7.9%, to $108.1 million in the three months ended March 31, 2025 compared to $100.2 million in the three months ended March 31, 2024. This increase is primarily driven by higher rental rates and average occupancy, 2024 and 2025 acquisitions, 2024 and 2025 openings at our non-comparable properties, higher gains on sale of real estate, lower personnel related costs, and lower collectibility related adjustments, partially offset by property dispositions, and higher rental expenses after recoveries from tenants.

Current wording

Operating income increased $53.7 million, or 20.9%, to $310.9 million in the six months ended June 30, 2025 compared to $257.2 million in the six months ended June 30, 2024. This increase is primarily driven by higher gains on sale of real estate, income related to the sale of the new market tax credits, higher rental rates and average occupancy, 2024 and 2025 acquisitions, and 2024 and 2025 openings at our non-comparable properties, partially offset by property dispositions and higher rental expenses after recoveries from tenants.

Previous wording

Interest expense decreased $1.2 million, or 2.8%, to $42.5 million in the three months ended March 31, 2025 compared to $43.7 million in the three months ended March 31, 2024. This decrease is due primarily to the following:

Current wording

Interest expense decreased $0.9 million, or 1.1%, to $87.1 million in the six months ended June 30, 2025 compared to $88.0 million in the six months ended June 30, 2024. This decrease is due primarily to the following:

Previous wording

Due to the nature of our business and strategy, we typically generate significant amounts of cash from operations which is largely paid to our common and preferred shareholders in the form of dividends because as a REIT, the Trust is generally required to make annual distributions to shareholders of at least 90% of our taxable income (cash dividends paid in the three months ended March 31, 2025 were approximately $96.4 million). Remaining cash flow from operations after regular debt service requirements (including debt service relating to additional or replacement debt, as well as scheduled debt maturities) and dividend payments is used to fund recurring and non-recurring capital projects (such as tenant improvements and redevelopments). We maintain an unsecured $1.25 billion revolving credit facility to fund short term cash flow needs and also look to the public and private debt and equity markets, joint venture relationships, and property dispositions to fund capital expenditures on a long-term basis.

Current wording

Due to the nature of our business and strategy, we typically generate significant amounts of cash from operations which is largely paid to our common and preferred shareholders in the form of dividends because as a REIT, the Trust is generally required to make annual distributions to shareholders of at least 90% of our taxable income (cash dividends paid in the six months ended June 30, 2025 were approximately $193.3 million). Remaining cash flow from operations after regular debt service requirements (including debt service relating to additional or replacement debt, as well as scheduled debt maturities) and dividend payments is used to fund recurring and non-recurring capital projects (such as tenant improvements and redevelopments). We maintain an unsecured $1.25 billion revolving credit facility to fund short term cash flow needs and also look to the public and private debt and equity markets, joint venture relationships, and property dispositions to fund capital expenditures on a long-term basis.

Previous wording

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. In the next twelve months, we have $644.6 million of debt maturing, of which, $200.0 million is the mortgage loan secured by Bethesda Row, which has two one-year extensions, at our option, that would extend the maturity date to December 28, 2027.

Current wording

On March 20, 2025, we amended and restated our $600.0 million unsecured term loan, extending the maturity date to March 20, 2028, plus two one-year extensions, at our option. In addition, we have the right until December 20, 2025 to borrow up to an additional $150.0 million in the form of one or more unsecured term loans. In the next twelve months, we have $645.2 million of debt maturing, of which, $200.0 million is the mortgage loan secured by Bethesda Row, which has two one-year extensions, at our option, that would extend the maturity date to December 28, 2027.

Previous wording

As of March 31, 2025, we had cash and cash equivalents of $109.2 million and $44.6 million outstanding on our $1.25 billion revolving credit facility. We also have the capacity to issue up to $750.0 million in common shares under our ATM equity program.

Current wording

As of June 30, 2025, we had cash and cash equivalents of $177.0 million and $17.6 million outstanding on our $1.25 billion revolving credit facility. We also have the capacity to issue up to $750.0 million in common shares under our ATM equity program.

Previous wording

For the three months ended March 31, 2025, the weighted average amount of borrowings outstanding on our revolving credit facility was $35.1 million, and the weighted average interest rate, before amortization of debt fees, was 5.2%.

Current wording

For the six months ended June 30, 2025, the weighted average amount of borrowings outstanding on our revolving credit facility was $37.6 million, and the weighted average interest rate, before amortization of debt fees, was 5.2%.

Previous wording

Our overall capital requirements for the remainder of 2025 will depend on acquisition opportunities, the level and general timing of our redevelopment and development activities, and the overall economic environment. We currently have development and redevelopment projects in various stages of constructions with remaining costs of $204 million. We expect to incur the majority of these costs in the next two years. We expect overall capital costs to be at levels consistent with 2024.

Current wording

Our overall capital requirements for the remainder of 2025 will depend on acquisition opportunities, the level and general timing of our redevelopment and development activities, and the overall economic environment. We currently have development and redevelopment projects in various stages of constructions with remaining costs of $306 million. We expect to incur the majority of these costs in the next two years. We expect overall capital costs to be at levels consistent with 2024.

Previous wording

Net cash provided by operating activities increased $37.9 million to $179.0 million during the three months ended March 31, 2025 from $141.2 million during the three months ended March 31, 2024. The increase was primarily due to higher collections related to year end recovery billings, timing of cash receipts related to prepaid rent, and higher net income after adjusting for non-cash items and gain on sale of real estate.

Current wording

Net cash provided by operating activities increased $18.9 million to $329.7 million during the six months ended June 30, 2025 from $310.9 million during the six months ended June 30, 2024. The increase was primarily due to higher net income after adjusting for non-cash items and gain on sale of real estate.

Previous wording

Net cash used in investing activities increased $114.8 million to $181.8 million during the three months ended March 31, 2025 from $66.9 million during the three months ended March 31, 2024. The increase was primarily attributable to:

Current wording

Net cash used in investing activities decreased $136.3 million to $116.3 million during the six months ended June 30, 2025 from $252.6 million during the six months ended June 30, 2024. The decrease was primarily attributable to:

Previous wording

•a $120.4 million increase in acquisition of real estate due to the February 2025 acquisition of the fee interest in Del Monte Shopping Center (see Note 3 to the consolidated financial statements for additional information),

Current wording

•a $93.5 million decrease in acquisition of real estate primarily due to the February 2025 acquisition of the fee interest in Del Monte Shopping Center (see Note 3 to the consolidated financial statements for additional information), as compared to the May 2024 acquisition of the fee interest in Virginia Gateway, and

Previous wording

Net cash used in financing activities decreased $219.4 million to $10.0 million during the three months ended March 31, 2025 from $229.4 million during the three months ended March 31, 2024. The decrease was primarily attributable to:

Current wording

Net cash used in financing activities decreased $59.2 million to $145.2 million during the six months ended June 30, 2025 from $204.4 million during the six months ended June 30, 2024. The decrease was primarily attributable to:

Previous wording

•$600.0 million from the January 2024 repayment of our $600.0 million 3.95% senior unsecured notes at maturity,

Current wording

•$600.0 million from the January 2024 repayment of our $600.0 million 3.95% senior unsecured notes at maturity, and

Previous wording

•$471.6 million in net proceeds from the issuance of $485.0 million 3.25% exchangeable senior notes in January 2024, and

Current wording

•$471.5 million in net proceeds from the issuance of $485.0 million 3.25% exchangeable senior notes in January 2024,