Federal Realty (FRT) official guidance

Our cash comparable growth or adjusted comparable per our disclosure is expected to be 75 basis points higher, so a range of roughly 4%-4.5%.

Drivers for the guidance increase include our comparable GAAP-based POI growth outlook improving to 3.25% to 3.75% from the previous 3.125% to 3.625%.

| Comparable properties growth | 3.25% - 3.75% | 3.125% - 3.625% |

Drivers for the increase in guidance include our comparable POI growth outlook improving to 3.125% to 3.625% from the previous range of 3% to 3.5%.

| Comparable properties growth | 3.125% - 3.625% | 3.0% - 3.5% |

| Comparable properties growth | 3.6% | 3.0% - 3.5% |

As a result of a robust first quarter and more encouraging outlook, given the continued resiliency in our portfolio, we are raising guidance for both NAREIT and core FFO to $7.46 to $7.55 per share.

As we look forward to 2026, our guidance for both NAREIT and core FFO is $7.42-$7.52 per share, with no one-time adjustments in the forecast.

As a result of a robust first quarter and more encouraging outlook, given the continued resiliency in our portfolio, we are raising guidance for both NAREIT and core FFO to $7.46 to $7.55 per share.

With respect to our expectations for quarterly FFO cadence over the remainder of 2026, we've set the third quarter at $1.82-$1.86 per share, and the fourth quarter at $1.91-$1.95 per share, primarily driven by the aforementioned contractual occupancy growth.

The third quarter is $1.84 to $1.87 with the fourth quarter in the low to mid-$1.90s per share, primarily driven by contractual occupancy growth.

The second and third quarter will be in the mid-$1.80s, and the fourth quarter in the mid-$1.90s per share.

Given it's early in the year, we are keeping our credit reserve flat at 60 to 85 basis points of rental income and additional guidance assumptions all remain unchanged and are outlined on Page 27 of the 8-K.

We've assumed a total credit reserve of roughly 60-85 basis points of rental income in 2026, given our limited exposure to credit issues.

The third quarter is $1.84 to $1.87 with the fourth quarter in the low to mid-$1.90s per share, primarily driven by contractual occupancy growth.

The second and third quarter will be in the mid-$1.80s, and the fourth quarter in the mid-$1.90s per share.

We continue to forecast strong free cash flow after dividends and maintenance capital and expect to exceed $100 million in 2026 and head higher in '27 and '28 as we convert straight-line rent to cash paying rent.

our free cash flow after dividends and maintenance capital is expected to exceed $100 million in 2026, and head higher in 2027 as we convert straight-line rent to cash paying rent.

| Lease termination fees | $10 - $11 million | $8 - $9 million |

And our outlook on term fees also improved to $8 million to $9 million as our strong leasing contracts allow us to leverage underperforming tenants.

| Lease termination fees | $8 - $9 million | $7 - $8 million |

We're just under $6 million. We're guiding to $7 million-$8 million, and we kind of feel like, you know, there's some things that are identified.

| Lease termination fees | $6 million | $7 - $8 million |

We still expect the trajectory of occupancy in the first 3 quarters of 2026 to be in the mid- to upper 93% range before climbing higher to the mid- to upper 94% range by year-end, powered by leases that have already been signed.

| Development/redevelopment capital | $175 - $225 million | $175 - $225 million |

| Development / redevelopment capital | $194 million | $175 - $225 million |

| Capitalized interest | $11 - $12 million | $11 - $12 million |

| Capitalized interest | $13 million | $11 - $12 million |

With regards to capitalized interest, you brought up, we had about $13.5 million or expecting in the $13 million-$14 million range this year. We're not done. We don't have a precise number, but I think as a placeholder, using kind of a $10 million-$11 million kind of level for capitalized interest is something you can use for now.

| Net income available for common shareholders per diluted share | $3.94 - $4.03 | $3.90 - $4.00 |

| Net income available for common shareholders per diluted share | $4.68 | $3.90 - $4.00 |

| Nareit FFO per diluted share (2) | $7.46 - $7.55 | $7.42 - $7.52 |

As we look forward to 2026, our guidance for both NAREIT and core FFO is $7.42-$7.52 per share, with no one-time adjustments in the forecast.

| Nareit FFO per diluted share | $ | 6.77 | $ | 7.22 | $7.42 - $7.52 |