Federal Realty Investment Trust (FRT) Earnings Call Transcript & Summary

Hello, and welcome to the Federal Realty Investment Trust Annual Meeting of Shareholders. Please note that this meeting is being recorded. [Operator Instructions] The meeting is about to begin.

Good morning. I'm Dave Faeder, the Chairman of the Board, and I'd like to welcome you to our 2023 Annual Shareholders Meeting. We'll start with the business portion of the meeting and then time permitting move right into Q&A. The company will not be making any formal presentations at today's meeting, but you can find a good recap of our 2022 and the CEO's shareholder letter at the front of the annual report. I encourage you to read that letter if you haven't already done so. Now I'd like to ask that the meeting come to order. All of the members of our Board of Trustees are participating in this meeting and are available to answer questions. Also available to answer questions are Julie Lamey with Grant Thornton, our independent auditors; and Justin Bintrim with Pillsbury Winthrop Shaw Pittman, our corporate counsel. Our proxies for today's meeting are Dawn Becker and Dan G. Dawn Becker will serve as the Inspector of Elections for the annual meeting. And at this time, I would like to ask Dawn to present the quorum report and to report the notice of the annual meeting.

As Secretary of Federal Realty Investment Trust and Inspector of Elections for the annual meeting, I hereby certify that, as of the record date, March 13, 2023, there were 81,511,030 common shares of beneficial interest outstanding. I further certify that on or about March 24, 2023, the trust caused to be mailed to the shareholders of record a notice of Internet availability of proxy materials. That notice contained instructions on how to access and review the trust proxy statement and annual report to shareholders, which includes our annual report on Form 10-K for the year ended December 31, 2022. The notice of the annual meeting included in the proxy materials advise shareholders of the date, time and location of the annual meeting, the record date for voting and the matters to be considered at the annual meeting. The notice was provided under my signature on behalf of the Board of Trustees. I further certify that for the annual meeting being held today, proxies totaling at least 74,975,804 shares or approximately 92% of the outstanding shares as of the record date have been received and tallied.

Thank you, Dawn. Based on the report of the Inspector of Elections, I declare that a quorum is present and that the annual meeting was properly called and is properly constituted for the transaction of business. I will read all of the proposals being voted on at this meeting and then answer any questions with respect to those proposals. [Operator Instructions] Please indicate in your question, what proposal it relates to. If a question does not relate directly to any of the proposals, we will defer that question to the Q&A session, time permitting. If you are participating in today's meeting as a guest, you will not be able to ask any questions at any time. The polls are open. You can vote now if you haven't already done so or you can change your vote by clicking the proxy voting site link on the left of your screen. The polls will be open until the proposals have been read and questions relating to those proposals have been answered. If you submitted your proxy or voting instructions prior to today's meeting and you do not wish to change your vote, you do not need to take any action at this time. Let me turn now to the proposals and note that the Board is recommending a vote for all proposals. Proposal #1 is for the election of 7 trustees to serve until the trust's 2024 Annual Meeting of Shareholders. Proposal #2 is an advisory vote on the compensation of our named executive officers as described in the proxy statement. Number three is an advisory vote on the frequency of future votes on executive compensation. Proposal #4 is an advisory vote to amend our declaration of trust to increase the number of authorized common shares. And proposal #5 is for the ratification of the appointment of Grant Thornton LLP as the trust's independent registered public accounting firm for the fiscal year ended December 31, 2023. Are there any questions on the proposal?

There are no questions that have come in.