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, operation, and redevelopment of high-quality retail-based properties. As of September 30, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 103 predominantly retail real estate projects comprising approximately 27.9 million commercial square feet. In total, the real estate projects were 95.4% leased and 93.8% occupied at September 30, 2025.

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 March 31, 2026, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects comprising approximately 29.0 million commercial square feet. In total, the real estate projects were 96.1% leased and 93.8% occupied at March 31, 2026.

Previous wording

Significant uncertainty continues within the political and macro-economic environment including concerns over inflation risk, high interest rates, the introduction of new tariffs and their impact on trade and prices, the government shutdown, and potentially worsening economic conditions, which presents risks for our business and tenants. We continue to monitor and address risks related to the general state of the economy. We believe that the actions we have taken to maintain a strong financial position and reinforce our liquidity will continue to mitigate the negative short term impacts of the current economic environment.

Current wording

Significant uncertainty continues within the macro-economic and political environment including inflation risk, changes in interest rates, geopolitical instability, changes in tariffs and their impact on trade and prices, increases or decreases in federal and government spending, and potentially worsening economic conditions, which presents risks for our business and tenants. We continue to monitor and address risks related to the general state of the economy. We believe the actions we have taken to maintain a strong financial position and reinforce our liquidity will continue to mitigate the negative short term impacts of the current environment. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted.

Previous wording

On February 25, 2025, we acquired the fee interest in Del Monte Shopping Center, a 675,000 square foot, grocery anchored retail shopping center located in Monterey, California, for$123.5 million. Approximately $17.7 million and $0.8 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $23.5 million of net assets acquired were allocated to other liabilities for "below market leases."

Current wording

On March 12, 2026, we acquired the fee interest in Congressional North Shopping Center, a 217,000 square foot, grocery-anchored shopping center in Rockville, Maryland for $72.3 million. This purchase was completed in a multi-step transaction, and was funded with a combination of cash and the issuance of 2,513 downREIT operating partnership units, net of the repayment of two mortgage notes receivable that were included on our consolidated balance sheets at December 31, 2025. Approximately $5.2 million and $0.1 million of net assets acquired were allocated to other assets for "acquired lease costs" and "above market leases," respectively, and $1.5 million of net assets acquired were allocated to other liabilities for "below market leases."

Previous wording

During the nine months ended September 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.

Current wording

During the three months ended March 31, 2026, we sold a residential building at our Santana Row property and we sold our Courthouse Center retail property for a combined sales price of $158.5 million, resulting in a net gain of $92.2 million.

Previous wording

On January 9, 2025 and October 1, 2025, we repaid two mortgage loans at our Hoboken property totaling $4.3 million, at par.

Current wording

In March 2026, we repaid two mortgage loans totaling $2.1 million at our Hoboken property, at par.

Previous wording

During the nine months ended September 30, 2025, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $315.3 million. The weighted average amount of borrowings outstanding was $101.9 million and the weighted average interest rate, before amortization of debt fees, was 5.2% for the nine months ended September 30, 2025. At September 30, 2025, our revolving credit facility had $102.4 million outstanding. On October 30, 2025, we amended our revolving credit facility to remove the 0.10% adjustment to SOFR.

Current wording

During the three months ended March 31, 2026, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $699.5 million. The weighted average amount of borrowings outstanding was $397.3 million and the weighted average interest rate, before amortization of debt fees, was 4.4% for the three months ended March 31, 2026. At March 31, 2026, our revolving credit facility had $369.1 million outstanding.

Previous wording

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2025, we were in compliance with all default related debt covenants.

Current wording

Our revolving credit facility, unsecured term loans, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of March 31, 2026, we were in compliance with all default related debt covenants.

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 $121 million and $6 million, respectively, for the nine months ended September 30, 2025, and $102 million and $6 million for the nine months ended September 30, 2024. We capitalized external and internal costs related to other property improvements of $72 million and $4 million, respectively, for the nine months ended September 30, 2025, and $74 million and $4 million, respectively, for the nine months ended September 30, 2024. We capitalized external and internal costs related to leasing activities of $15 million and $3 million, respectively, for the nine months ended September 30, 2025, and $14 million and $3 million, respectively, for the nine months ended September 30, 2024. The amount of capitalized internal costs for salaries and related benefits for development and redevelopment activities, other property improvements, and leasing activities were $6 million, $3 million, and $3 million, respectively, for both the nine months ended September 30, 2025 and 2024. Total capitalized costs were $220 million and $204 million for the nine months ended September 30, 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 $33 million and $2 million, respectively, for the three months ended March 31, 2026, and $32 million and $2 million, respectively, for the three months ended March 31, 2025. We capitalized external and internal costs related to other property improvements of $20 million and $1 million, respectively, for the three months ended March 31, 2026, and $26 million and $1 million, respectively, for the three months ended March 31, 2025. We capitalized external and internal costs related to leasing activities of $5 million and $2 million, respectively, for the three months ended March 31, 2026, and $5 million and $1 million, respectively, for the three months ended March 31, 2025. 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 $2 million, respectively, for the three months ended March 31, 2026, and $2 million, $1 million, and $1 million, respectively, for the three months ended March 31, 2025. Total capitalized costs were $63 million and $68 million for the three months ended March 31, 2026 and 2025, 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 2.4 million square feet of comparable space leasing we've completed in the last twelve months, and the 1.6% spread between our leased rate of 95.4% and our occupied rate of 93.8%. 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 2.6 million square feet of comparable space leasing we've completed in the last twelve months, and the 2.3% spread between our leased rate of 96.1% and our occupied rate of 93.8%. 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 tariffs or supply chain disruptions 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 unexpected impacts of tariffs supporting their own products, staffing issues due to labor shortages, significant disruptions in supply chains, 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

•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 135,000 square feet is open.

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. All of the space is leased, of which 317,000 square feet is occupied.

Previous wording

•Throughout the portfolio, we currently have redevelopment projects underway with a projected total cost of approximately $283 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 $312 million that we expect to stabilize over the next several years.

Previous wording

At September 30, 2025, the leasable commercial square feet in our properties was 95.4% leased and 93.8% 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 March 31, 2026, the leasable commercial square feet in our properties was 96.1% leased and 93.8% 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 third quarter of 2025, we signed retail leases for a total of 775,000 square feet of retail space including 727,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 28% on a cash basis. New leases for comparable spaces were signed for 235,000 square feet, with an average rental increase of 27% on a cash basis. Renewals for comparable spaces were signed for 492,000 square feet at a 29% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $21.25 per square foot, of which $55.12 per square foot was for new leases and $5.08 per square foot was for renewals for the three months ended September 30, 2025.

Current wording

For the first quarter of 2026, we signed leases for a total of 661,000 square feet of retail space including 649,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 13% on a cash basis. New leases for comparable spaces were signed for 243,000 square feet, with an average rental increase of 26% on a cash basis. Renewals for comparable spaces were signed for 406,000 square feet at a 6% average rental increase on a cash basis. Tenant improvements and incentives for comparable spaces were $22.00 per square foot, of which $55.84 per square foot was for new leases and $1.76 per square foot was for renewals for the three months ended March 31, 2026.

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 and nine months ended September 30, 2025, all or a portion of 97 and 95 properties, respectively, were considered comparable properties and six and seven properties, respectively, were considered non-comparable properties. For the three months ended September 30, 2025, one property was moved from non-comparable properties to comparable properties and one property was moved from acquisitions to comparable properties; all compared to the designations as of December 31, 2024. For the nine months ended September 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.

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 months ended March 31, 2026, 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, 2026, one property and one portion of a property were removed from comparable properties, as they were sold; all compared to the designations as of December 31, 2025. 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 $18.6 million, or 6.1%, to $322.3 million in the three months ended September 30, 2025 compared to $303.6 million in the three months ended September 30, 2024. The percentage occupied at our shopping centers was 93.8% and 94.0% at September 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:

Current wording

Total property revenue increased $31.9 million, or 10.3%, to $341.1 million in the three months ended March 31, 2026 compared to $309.2 million in the three months ended March 31, 2025. The percentage occupied at our shopping centers was 93.8% and 93.6% at March 31, 2026 and 2025, 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 $9.3 million from comparable properties primarily related to higher rental rates of approximately $5.6 million, a $3.0 million increase in recoveries from tenants on higher occupancy and expenses, higher average occupancy of approximately $1.2 million, and a $0.6 million increase in lease termination fee income, partially offset by a $1.4 million increase in collectibility related adjustments, and

Current wording

•an increase of $14.0 million from comparable properties primarily related to higher rental rates of approximately $5.3 million, a $3.8 million increase in recoveries from tenants on higher occupancy and expenses, a $2.3 million increase in lease termination fee income, a $1.4 million increase in parking income, and higher average occupancy of approximately $1.2 million, and

Previous wording

•an increase of $1.6 million from non-comparable properties primarily driven by occupancy increases,

Current wording

•an increase of $6.6 million from non-comparable properties primarily driven by occupancy increases,

Previous wording

Total property expenses increased $5.7 million, or 5.7%, to $105.7 million in the three months ended September 30, 2025 compared to $100.0 million in the three months ended September 30, 2024. Changes in the components of property expenses are discussed below.

Current wording

Total property expenses increased $9.3 million, or 8.9%, to $113.7 million in the three months ended March 31, 2026 compared to $104.4 million in the three months ended March 31, 2025. Changes in the components of property expenses are discussed below.

Previous wording

•an increase of $5.3 million from comparable properties due primarily to higher snow removal costs, higher utilities, and an increase in management fees on higher revenues, and

Current wording

•an increase of $4.5 million from comparable properties due primarily to higher snow removal costs and higher utilities,

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 decreased to 21.5% in the three months ended September 30, 2025 from 21.7% in the three months ended September 30, 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 increased to 22.5% in the three months ended March 31, 2026 from 22.4% in the three months ended March 31, 2025.

Previous wording

Real estate tax expense increased $2.1 million, or 5.9%, to $38.2 million in the three months ended September 30, 2025 compared to $36.1 million in the three months ended September 30, 2024. This increase is primarily due to the following:

Current wording

Real estate tax expense increased $2.4 million, or 6.6%, to $39.0 million in the three months ended March 31, 2026 compared to $36.6 million in the three months ended March 31, 2025. This increase is primarily due to the following:

Previous wording

•an increase of $2.1 million from comparable properties primarily due to higher assessments and prior year refunds received during 2024, and

Current wording

•an increase of $0.6 million from comparable properties due primarily to higher assessments, and

Previous wording

Property operating income increased $12.9 million, or 6.3%, to $216.6 million in the three months ended September 30, 2025 compared to $203.7 million in the three months ended September 30, 2024. This increase is primarily driven by acquisitions, higher rental rates and average occupancy, and lower rental expenses after recoveries from tenants, partially offset by property dispositions and higher collectibility related adjustments.

Current wording

Property operating income increased $22.6 million, or 11.1%, to $227.4 million in the three months ended March 31, 2026 compared to $204.8 million in the three months ended March 31, 2025. This increase is primarily driven by acquisitions, higher rental rates and average occupancy, and openings at Santana West and Pike & Rose Phase IV, partially offset by property dispositions.

Previous wording

General and administrative expense increased $0.8 million, or 7.6%, to $11.6 million in the three months ended September 30, 2025 compared to $10.8 million in the three months ended September 30, 2024. This increase is due primarily to higher personnel related costs.

Current wording

General and administrative expense increased $1.1 million, or 9.7%, to $11.9 million in the three months ended March 31, 2026 compared to $10.9 million in the three months ended March 31, 2025. This increase is due primarily to higher personnel related costs.

Previous wording

The $77.7 million gain on sale of real estate for the nine months ended September 30, 2025 is primarily due to the sale of a residential building at Santana Row, our Hollywood Boulevard property, and a portion of our White Marsh Other property.

Current wording

The $92.7 million gain on sale of real estate for the three months ended March 31, 2026 is primarily due to the sale of a residential building at our Santana Row property and the sale of our Courthouse Center retail property.

Previous wording

The $52.3 million gain on sale of real estate for the nine months ended September 30, 2024 is primarily due to the sale of Third Street Promenade.

Current wording

The $1.2 million gain on sale of real estate for the three months ended March 31, 2025 is primarily due to the sale of a portion of our White Marsh Other property.

Previous wording

Operating income increased $58.5 million, or 16.1%, to $421.5 million in the nine months ended September 30, 2025 compared to $363.0 million in the nine months ended September 30, 2024. This increase is primarily driven by higher gains on sale of real estate, higher rental rates and average occupancy, income related to the sale of the new market tax credits, and 2025 and 2024 acquisitions, partially offset by property dispositions and higher collectibility related adjustments.

Current wording

Operating income increased $100.9 million, or 93.3%, to $209.0 million in the three months ended March 31, 2026 compared to $108.1 million in the three months ended March 31, 2025. This increase is primarily driven by higher gains on sale of real estate, higher rental rates and average occupancy, and acquisitions, partially offset by property dispositions.

Previous wording

•an increase of $1.9 million due to higher weighted average borrowings,

Current wording

•an increase of $4.4 million due to higher weighted average borrowings,

Previous wording

•a decrease of $2.7 million in capitalized interest, and

Current wording

•a decrease of $1.9 million in capitalized interest, and

Previous wording

•a decrease of $1.2 million due to a lower overall weighted average borrowing rate.

Current wording

•an increase of $0.4 million due to a higher overall weighted average borrowing rate.

Previous wording

Gross interest costs were $50.2 million and $49.5 million in the three months ended September 30, 2025 and 2024, respectively. Capitalized interest was $2.5 million and $5.2 million for the three months ended September 30, 2025 and 2024, respectively.

Current wording

Gross interest costs were $52.1 million and $47.3 million in the three months ended March 31, 2026 and 2025, respectively. Capitalized interest was $3.0 million and $4.8 million for the three months ended March 31, 2026 and 2025, respectively.

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 nine months ended September 30, 2025 were approximately $290.2 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 three months ended March 31, 2026 were approximately $99.5 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

As of September 30, 2025, we had cash and cash equivalents of $111.3 million and $102.4 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 March 31, 2026, we had cash and cash equivalents of $115.6 million and $369.1 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 nine months ended September 30, 2025, the weighted average amount of borrowings outstanding on our revolving credit facility was $101.9 million, and the weighted average interest rate, before amortization of debt fees, was 5.2%.

Current wording

For the three months ended March 31, 2026, the weighted average amount of borrowings outstanding on our revolving credit facility was $397.3 million, and the weighted average interest rate, before amortization of debt fees, was 4.4%.

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 $285 million. We expect to incur the majority of these costs in the next two years. We expect overall capital costs (excluding acquisitions) to be at levels slightly above 2024. Year to date through October 2025, we've acquired three properties for $599.5 million, and continue to evaluate additional opportunities.

Current wording

Our overall capital requirements for the remainder of 2026 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 $301 million. We expect to incur the majority of these costs in the next two years. We expect overall capital costs (excluding acquisitions) to be at levels consistent with 2025. Year to date through April 2026, we've acquired two properties for $92.0 million, and continue to evaluate additional opportunities.

Previous wording

We believe cash flow from operations, the cashon our balance sheet, and our$1.25 billion revolving credit facility will allow us to continue to operate our business in the short-term. Given our ability to access the capital markets, we also expect debt or equity financing to be available to us, although newly issued debt would likely be at higher interest rates than the debt we are refinancing. We also have the ability to delay the timing of certain development and redevelopment projects as well as limit future acquisitions, reduce our operating expenditures, or re-evaluate our dividend policy. We expect these sources of liquidity and opportunities for operating flexibility to allow us to meet our financial obligations over the long term. We intend to operate with and to maintain our long term commitment to a conservative capital structure that will allow us to maintain strong debt service coverage and fixed-charge coverage ratios as part of our commitment to investment-grade debt ratings.

Current wording

We believe cash flow from operations, the cashon our balance sheet, and our amended$1.4 billion revolving credit facility will allow us to continue to operate our business in the short-term. Given our ability to access the capital markets, we also expect debt or equity financing to be available to us, although newly issued debt would likely be at higher interest rates than the debt we are refinancing. We also have the ability to delay the timing of certain development and redevelopment projects as well as limit future acquisitions, reduce our operating expenditures, or re-evaluate our dividend policy. We expect these sources of liquidity and opportunities for operating flexibility to allow us to meet our financial obligations over the long term. We intend to operate with and to maintain our long term commitment to a conservative capital structure that will allow us to maintain strong debt service coverage and fixed-charge coverage ratios as part of our commitment to investment-grade debt ratings.

Previous wording

Net cash provided by operating activities increased $22.6 million to $477.5 million during the nine months ended September 30, 2025 from $455.0 million during the nine months ended September 30, 2024. The increase was primarily due to 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 $5.6 million to $184.6 million during the three months ended March 31, 2026 from $179.0 million during the three months ended March 31, 2025. The increase was primarily due to higher net income after adjusting for non-cash items and gain on sale of real estate, offset by the timing of collections related to year end recovery billings.

Previous wording

Net cash used in financing activities decreased $222.1 million to $11.8 million during the nine months ended September 30, 2025 from $233.9 million during the nine months ended September 30, 2024. The decrease was primarily attributable to:

Current wording

Net cash used in investing activities decreased $202.3 million to $20.5 million provided by investing activities during the three months ended March 31, 2026 from $181.8 million used in investing activities during the three months ended March 31, 2025. The change was primarily attributable to:

Previous wording

•a $44.8 million increase in net proceeds from the sale of real estate primarily due to $141.2 million of net proceeds from the sale of a residential building at Santana Row, our Hollywood Boulevard property, and a portion of our White Marsh Other property during the nine months ended September 30, 2025, as compared to $96.3 million of net proceeds from the sale of Third Street Promenade during the nine months ended September 30, 2024.

Current wording

•a $151.5 million increase in net proceeds from the sale of real estate primarily due to $155.3 million of net proceeds from the sale of a residential building at our Santana Row property and the sale of our Courthouse Center retail property during the three months ended March 31, 2026, and

Previous wording

•a $14.8 increase in capital expenditures,

Current wording

•a $5.9 increase in capital expenditures.