Forward Looking Statements
Certain matters included in this presentation may be forward looking statements within the meaning of federal securities laws. Actual future performance and results may differ materially from those included in forward looking statements. Please refer to the Appendix to this presentation for information about how to identify such forward-looking statements and for a non-exclusive list of factors that can cause actual results to be different from those we describe.
Part of our business a nearly a decade
Long History of Responsible Investing
- First LEED certification completed in 2012
- Total investment of more than $2.3 billion in buildings already having received or expected to receive a LEED certification*
| Project | Use Type | LEED Level | Year Certified |
|---|---|---|---|
| Assembly Row Total Investment | $740 million* | ||
| 450 Artisan Way | Retail/Office | Gold | 2015 |
| 449 Canal St (Montaje) | Retail/Residential | Gold | 2019 |
| 455 Grand Union Blvd | Retail/Office | Gold | 2022 |
| 485 Foley St (Miscela) | Retail/Residential | Gold | 2022 |
| Pike & Rose Total Investment | $892 million* | ||
| 900 Per Sei Place (Per Sei) | Retail/Residential | Certified | 2015 |
| 11810 Grand Park Ave | Retail/Office | Silver | 2016 |
| 11803 Grand Park Ave (Pallas) | Retail/Residential | Certified | 2017 |
| Neighborhood | Project Wide | Gold | 2018 |
| 11920 Grand Park Ave | Retail | Certified | 2018 |
| 925 Rose Ave | Retail | Silver | 2018 |
| 11870 Grand Park Ave | Retail/Residential | Certified | 2018 |
| 940 Rose Ave | Retail/Residential/Hotel | Silver | 2018 |
| 910 Rose Ave | Retail | Certified | 2018 |
| 909 Rose Ave | Retail/Office | Gold | 2020 |
| Federal Corporate HQ | Office | Gold | 2020 |
| 915 Meeting St | Retail/Office | Gold* | In progress |
| Santana Row Total Investment | $550 million* | ||
| 3003 Olin Ave (Levare) | Residential | Certified | 2013 |
| 700 Santana Row | Retail/Office | Certified | 2021 |
| One Santana West | Office | Gold | 2023 |
| Other Properties Total Investment | $162 million* | ||
| Bethesda Row | Retail | Silver | 2012 |
| Montrose Crossing | Retail | Certified | 2012 |
| Chelsea** | Residential | Silver | 2013 |
| Montrose Crossing | Retail | Certified | 2018 |
| CocoWalk | Retail/Office | Gold | 2021 |
| Plaza El Segundo | Office | Certified | 2021 |
| Plaza El Segundo | Office | Gold | 2023 |
*Some portion of the total project investments may not be allocable to support a green bond. No assurance can be given that projects in progress will achieve targeted level of LEED certification.
** Property has been sold.
Potential Investments to Support Green Bonds
Eligible Green Projects
- Green Bond issued October 2020
- All proceeds fully allocated to Eligible Green Projects
- Green Bond issued April 2023
- No proceeds allocated
- Approximately $800 million to $1.1 billion of total investments available to support 2023 green bond and future green bonds*
- All projects listed have been completed or are currently under construction
- Additional LEED projects may be added that are not yet under construction
| Project | Use Type | LEED Level | Year Certified |
|---|---|---|---|
| October 2020 Green Bonds | $400.0 million | ||
| Net Proceeds | $394.2 million | ||
| Remaining to be Allocated | $0 million | ||
| Proceeds Allocated/Projects | $394.2 million | ||
| 449 Canal Street (Montaje) | Retail/Residential | Gold | 2019 |
| 925 Rose Avenue | Retail | Silver | 2018 |
| 940 Rose Avenue | Retail/Residential/Hotel | Silver | 2018 |
| 909 Rose Avenue | Retail/Office | Gold | 2020 |
| 909 Rose Avenue – FRT HQ | Office | Gold | 2020 |
| April 2023 Green Bonds | $350.0 million | ||
| Net Proceeds | $345.7 million | ||
| Remaining to be Allocated | $345.7 million | ||
| Proceeds Allocated/Projects | $0 million |
| Eligible to Support Green Bonds* | Use Type | LEED Level | Year Certified |
|---|---|---|---|
| Assembly Row Total Investment | $475-$485 million* | ||
| 455 Grand Union | Retail/Office | Gold | 2022 |
| 485 Foley Street (Miscela) | Retail/Residential | Gold | 2022 |
| Pike & Rose Total Investment | $185-$200 million* | ||
| 915 Meeting Street | Retail/Office | Gold* | In progress |
| Santana Row Total Investment | $315-$330 million* | ||
| One Santana West | Office | Gold* | 2023 |
| Other Properties Total Investment | $108-$118 million* | ||
| Cocowalk | Retail/office | Gold | 2021 |
| Plaza El Segundo | Office | Gold* | In progress |
*Some portion of the total project investments may not be allocable to support a green bond. No assurance can be given that projects in progress will achieve targeted level of LEED certification.
Appendix: Forward Looking Statements
Certain statements included in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Federal Realty Investment Trust (“we” “our” or “us”) and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should,” “targets” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
- The following are some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements:
- risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;
- risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
- risks that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;
- risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
- risks that our growth will be limited if we cannot obtain additional capital;
- risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;
- risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT;
- risks related to natural disasters, climate change and public health crises (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.
Given these uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements. We also make no promise to update any of the forward-looking statements, or to publicly release the results if we revise any of them.