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. Questions may be submitted via the message icon at the top left of your screen by typing your message then clicking the send icon to the right of the message box. 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 2025 Annual Shareholders Meeting. We'll start with the business portion of the meeting, and then time permitting, we'll 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 2024 and our 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 the Board of Trustees are participating in this meeting and are available to answer questions. Also available to answer questions are [ Julie Lamy ] with Grant Thornton and our independent auditor; 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'd like to turn it over to Dawn to present the quorum report and to report on the Notice of Annual Meeting.

Thank you, Mr. Chairman. 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 18, 2025, there were 85,780,069 common shares of beneficial interest outstanding. I further certify that on or about March 28, 2025, 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, 2024. The Notice of the Annual Meeting included in the proxy materials advised shareholders of the date, time and location of the annual meeting, the record date for the 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 78,214,221 shares or approximately 91% 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 the 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. If you have entered this meeting using your 11-digit control number and you'd like to submit a question, please click on the messaging icon at the top left side of your screen, type your question into the text box, then click the send icon at the right of that text box. Please indicate in your question what proposal it relates to. And 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 questions at any time. The polls are open, and 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 side 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 do not wish to change your vote, you do not need to take any action at this time. Let me now turn to the proposals. The Board is recommending a vote for all of these proposals. Proposal #1 is for the election of 7 trustees to serve until the Trust's 2026 Annual Meeting of Shareholders. Proposal #2 is an advisory vote on the compensation of our named executive officers as described in the proxy statement. And proposal #3 is the ratification of the appointment of Grant Thornton LLP as the Trust's independent registered public accounting firm for the fiscal year ending December 31, 2025. Are there any questions on the proposals?

Mr. Chairman, I'm not seeing any questions come in on any proposal.

Okay. We're seeing no questions, so the polls are officially closed. And Ms. Becker, would you please present the preliminary results?

Mr. Chairman, the preliminary results reflect that all of the proposals have passed. The final vote for each proposal will be included in Form 8-K that will be filed with the Securities and Exchange Commission once our transfer agent has certified the vote results.

Thank you, Dawn. Now that the formal business of the meeting is over, I will formally conclude the meeting and open it up for questions. If you want to submit a question, please click the messaging icon at the top left side of your screen, type your question into the text box then click the send icon at the right of that box. As a reminder, if you are participating in today's meeting as a guest, you will not be able to ask any questions.

Again, Mr. Chairman, we're seeing no questions coming through.

Okay. Well, seeing no questions, that concludes our meeting, and thank you for attending the annual meeting.

This concludes the meeting. You may now disconnect.