Federal Realty Investment Trust Announces Pricing of Green Bonds

Federal Realty Investment Trust (NYSE: FRT) today announced that its operating partnership, Federal Realty OP LP (the “Operating Partnership”), has priced its public offering of $350 million aggregate principal amount of 5.375% notes due 2028 (the “green bonds”) at an effective yield of 5.468%, maturing May 1, 2028. The offering is expected to close on April 12, 2023, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to allocate an amount equal to the net proceeds from this offering to the financing and refinancing of recently completed and future eligible green projects (“eligible green projects”). Eligible green projects means: (i) investments in acquisitions of buildings; (ii) building developments or redevelopments; (iii) renovations in existing buildings; and (iv) tenant improvement projects, in each case, that have received, or are expected to receive, in the three years prior to the issuance of the notes or during the term of the notes, a LEED Gold or Platinum certification (or environmentally equivalent successor standards). Net proceeds allocated to previously incurred costs associated with eligible green projects will be available for repayment of indebtedness, which the Operating Partnership intends to include funding the repayment in full of all of our outstanding 2.75% Notes due 2023, and for general corporate purposes. Pending any such applications of the net proceeds, we may invest the net proceeds in short-term income-producing investments or may use the net proceeds to temporarily repay current and/or future amounts outstanding under our revolving credit facility.

J.P. Morgan, PNC Capital Markets LLC, TD Securities, BofA Securities, Regions Securities LLC, Truist Securities, US Bancorp and Wells Fargo Securities served as joint book-running managers for the green bonds. BNP PARIBAS, Citigroup, Deutsche Bank Securities, Ramirez & Co., Inc., Scotiabank and SMBC Nikko served as co-managers for the green bonds.

The offering of the green bonds is being made pursuant to an effective shelf registration statement, prospectus and related prospectus supplement. Copies of the prospectus supplement and the base prospectus, when available, may be obtained by contacting: (i) J.P. Morgan at 1-212-834-4533; (ii) PNC Capital Markets LLC at 1-855-881-0697; (iii) TD Securities at 1-855-495-9846; or (iv) BofA Securities at 1-800-294-1322. Investors may also obtain these documents for free by visiting EDGAR on the Securities and Exchange Commission’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.