Sign in

Private company

Federal Realty OP LP

American real estate investment trust, incorporated in Delaware1

In its 2026 annual report the company says: “We operate in a manner intended to qualify as a REIT for tax purposes pursuant to provisions of the Internal Revenue Code of 1986, as amended. Our portfolio includes, and we continue to acquire and redevelop, high quality retail in many formats ranging from regional, community and neighborhood shopping centers that often are anchored by grocery stores to mixed-use properties that are typically centered around a retail component but also include residential and office components.”4 It is headquartered in North Bethesda, Maryland.1

Last updated Oct 21, 2026.

Overview

  • IndustryReal Estate Investment Trusts1
  • HeadquartersNorth Bethesda, Maryland1
  • Incorporated inDE2
  • Business address909 Rose Ave., Suite 200, North Bethesda, Md 208522
  • Filer categoryLarge accelerated filer2

See how the biggest companies compare on our leaderboards

We were founded in 1962 as a REIT under the laws of the District of Columbia and re-formed as a REIT in the state of Maryland in 1999. In January of 2022, we consummated the UPREIT reorganization described in the Explanatory Note at the beginning of this Annual Report. We operate in a manner intended to qualify as a REIT for tax purposes pursuant to provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Our principal executive offices are located at 909 Rose Avenue, North Bethesda, Maryland 20852. Our telephone number is (301) 998-8100. Our website address is www.federalrealty.com . The information contained on our website is not a part of this report and is not incorporated herein by reference.4 From its latest annual report

Corporate structure

Federal Realty OP LP sits at the top of its group. 117 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Federal Realty OP LP North Bethesda, Maryland
    • 3112 Commodore Plaza Investments, LLC Subsidiary · Florida, United States
    • 3131 Commodore Plaza Investments, LLC Subsidiary · Florida, United States
    • 3206 Grand Avenue, LLC Subsidiary · Delaware, United States
    • 3406 Main Highway, LLC Subsidiary · Delaware, United States
    • 35 West, LLC Subsidiary · Washington, United States
    • Andorra Associates Subsidiary · Pennsylvania, United States
    • Assembly Hotel Operator, LLC Subsidiary · Delaware, United States
    • Assembly Row Condominium, Inc. Subsidiary · Delaware, United States
    • Assembly Row Hotel, LLC Subsidiary · Delaware, United States
    • Azalea Joint Venture, LLC Subsidiary · Delaware, United States
    • Berman Enterprises II Limited Partnership Subsidiary · Maryland, United States
    • Chandler Festival SPE LLC Subsidiary · Delaware, United States
    • Chandler Gateway Partners, LLC Subsidiary · Arizona, United States
    • Chandler Gateway SPE LLC Subsidiary · Delaware, United States
    • Cole Grove West, LLC Subsidiary · Washington, United States
    • Congressional Plaza Associates, LLC Subsidiary · Maryland, United States
    • Federal Realty GP LLC Subsidiary · Delaware, United States
    • Federal Realty Management Services, Inc. Subsidiary · Delaware, United States
    • Federal Realty Partners L.P. Subsidiary · Delaware, United States
    • FLV Barcroft Plaza GP, LLC Subsidiary · Delaware, United States
    • FLV Barcroft Plaza, LP Subsidiary · Delaware, United States
    • FLV Campus Plaza GP, LLC Subsidiary · Delaware, United States
    • FLV Campus Plaza Limited Partnership Subsidiary · Delaware, United States
    • FLV Greenlawn Plaza GP, LLC Subsidiary · Delaware, United States
    • FLV Greenlawn Plaza, LP Subsidiary · Delaware, United States
    • and 91 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Federal Realty OP LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

General

As of December 31, 2025, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet. These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals. No single commercial or residential property accounted for over 10% of our 2025 total revenue. We believe that our properties are adequately covered by commercial general liability, fire, flood, earthquake, terrorism and business interruption insurance provided by reputable companies, with commercially reasonable exclusions, deductibles and limits.

The rest of Item 2

Tenant Diversification

As of December 31, 2025, we had approximately 3,700 commercial leases and 2,700 residential leases, with commercial tenants ranging from sole proprietors to major national and international retailers. No one tenant or affiliated group of tenants accounted for more than 2.4% of our annualized base rent as of December 31, 2025. As a result of our tenant diversification, we

believe our exposure to any one bankruptcy filing has not been and will not be significant, however, multiple filings by a number of tenants could have a significant impact.

Geographic Diversification

Our 104 real estate projects are located in 14 states and the District of Columbia. The following table shows the number of projects, the gross leasable area (“GLA”) of commercial space and the percentage of total portfolio gross leasable area of commercial space in each state as of December 31, 2025.

State · Number ofProjects · Gross LeasableArea · Percentageof GrossLeasableArea

(In square feet)

California · 20 · 7,169,000 · 24.9

Maryland · 18 · 5,085,000 · 17.7

Virginia · 20 · 4,766,000 · 16.5

Massachusetts · 7 · 2,249,000 · 7.8

New Jersey · 7 · 1,886,000 · 6.5

Pennsylvania · 9 · 1,786,000 · 6.2

New York · 7 · 1,494,000 · 5.2

Florida · 4 · 1,287,000 · 4.5

Arizona · 2 · 908,000 · 3.2

Illinois · 4 · 778,000 · 2.7

Kansas · 1 · 552,000 · 1.9

Nebraska · 1 · 452,000 · 1.6

Michigan · 1 · 205,000 · 0.7

Connecticut · 2 · 156,000 · 0.5

District of Columbia · 1 · 25,000 · 0.1

Total · 104 · 28,798,000 · 100.0

Leases, Lease Terms and Lease Expirations

Our leases are classified as operating leases and typically are structured to require the monthly payment of minimum rents in advance, subject to periodic increases during the term of the lease, percentage rents based on the level of sales achieved by tenants, and reimbursement of a majority of on-site operating expenses and real estate taxes. These features in our leases generally reduce our exposure to higher costs and allow us to participate in improved tenant sales.

Commercial property leases generally range from three to ten years; however, certain leases, primarily with anchor tenants, may be longer. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. Leases on residential units are generally for a period of one year or less and, in 2025, represented approximately 8.7% of total rental income.

The following table sets forth the schedule of lease expirations for our commercial leases in place as of December 31, 2025 for each of the 10 years beginning with 2026 and after 2035 in the aggregate assuming that none of the tenants exercise future renewal options. Annualized base rents reflect in-place contractual rents as of December 31, 2025.

Year of Lease Expiration · LeasedSquareFootageExpiring · Percentage ofLeased SquareFootageExpiring · AnnualizedBase RentRepresented byExpiring Leases · Percentage of Annualized Base Rent Represented by Expiring Leases

2026 · 1,859,000 · 7 · 51,872,000 · 6

2027 · 3,016,000 · 11 · 101,069,000 · 11

2028 · 3,300,000 · 12 · 99,794,000 · 11

2029 · 3,726,000 · 14 · 127,878,000 · 14

2030 · 2,879,000 · 11 · 94,113,000 · 11

2031 · 2,197,000 · 8 · 76,161,000 · 9

2032 · 2,572,000 · 9 · 90,735,000 · 10

2033 · 1,607,000 · 6 · 54,261,000 · 6

2034 · 1,403,000 · 5 · 44,586,000 · 5

2035 · 1,886,000 · 7 · 67,991,000 · 8

Thereafter · 2,650,000 · 10 · 79,917,000 · 9

Total · 27,095,000 · 100 · 888,377,000 · 100

During 2025, we signed leases for a total of 2,471,000 square feet of retail space including 2,340,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 15% on a cash basis. New leases for comparable spaces were signed for 841,000 square feet at an average rental increase of 19% on a cash basis. Renewals for comparable spaces were signed for 1,499,000 square feet at an average rental increase of 12% on a cash basis. Tenant improvements and incentives for comparable spaces were $23.18 per square foot, of which, $53.34 per square foot was for new leases and $6.26 per square foot was for renewals in 2025.

During 2024, we signed leases for a total of 2,434,000 square feet of retail space including 2,392,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 11% on a cash basis. New leases for comparable spaces were signed for 979,000 square feet at an average rental increase of 15% on a cash basis. Renewals for comparable spaces were signed for 1,413,000 square feet at an average rental increase of 8% on a cash basis. Tenant improvements and incentives for comparable spaces were $26.03 per square foot, of which, $58.91 per square foot was for new leases and $3.25 per square foot was for renewals in 2024.

Item 2 of the 10-K filed Feb 12, 2026.4

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 3112 Commodore Plaza Investments, LLC Florida3
  • 3131 Commodore Plaza Investments, LLC Florida3
  • 3206 Grand Avenue, LLC Delaware3
  • 3406 Main Highway, LLC Delaware3
  • 35 West, LLC Washington3
  • Andorra Associates Pennsylvania3
  • Assembly Hotel Operator, LLC Delaware3
  • Assembly Row Condominium, Inc. Delaware3
  • Assembly Row Hotel, LLC Delaware3
  • Azalea Joint Venture, LLC Delaware3
  • Berman Enterprises II Limited Partnership Maryland3
  • Chandler Festival SPE LLC Delaware3
  • Chandler Gateway Partners, LLC Arizona3
  • Chandler Gateway SPE LLC Delaware3
  • Cole Grove West, LLC Washington3
  • Congressional Plaza Associates, LLC Maryland3
  • FLV Barcroft Plaza GP, LLC Delaware3
  • FLV Barcroft Plaza, LP Delaware3
  • FLV Campus Plaza GP, LLC Delaware3
  • FLV Campus Plaza Limited Partnership Delaware3
  • FLV Greenlawn Plaza GP, LLC Delaware3
  • FLV Greenlawn Plaza, LP Delaware3
  • FLV Plaza del Mercado, LLC Delaware3
  • FLV Plaza del Mercado, LP Delaware3
All 118 listed subsidiaries
  • FR 508 Broad, LLC Delaware3
  • FR Assembly Row, LLC Delaware3
  • FR Assembly Square, LLC Delaware3
  • FR Associates Limited Partnership Maryland3
  • FR Bethesda Row, LLC Delaware3
  • FR Camelback Colonnade, LLC Delaware3
  • FR Chandler Festival, LLC Delaware3
  • FR Chandler Gateway, LLC Delaware3
  • FR Chelsea Commons I, LLC Delaware3
  • FR Chelsea Commons Member, LLC Delaware3
  • FR Chesterbrook JV, LLC Delaware3
  • FR Crow Canyon, LLC Delaware3
  • FR Darien, LLC Delaware3
  • FR Del Monte, LLC Delaware3
  • FR Fairfax Junction. LLC Delaware3
  • FR Georgetowne, LLC Delaware3
  • FR Grossmont, LLC Delaware3
  • FR Hastings Ranch, LLC Delaware3
  • FR Hilton Village, LLC Delaware3
  • FR Huntington Square Fee Owner, LLC Delaware3
  • FR Huntington Square, LLC Delaware3
  • FR Linden Square, LLC Delaware3
  • FR Mercer Mall Fee Owner, LLC Delaware3
  • FR Mercer Mall, LLC Delaware3
  • FR Montrose Crossing, LLC Delaware3
  • FR Pembroke Gardens, LLC Delaware3
  • FR Pike 7 Limited Partnership Delaware3
  • FR Riverpoint, LLC Delaware3
  • FR San Antonio Center, LLC Delaware3
  • FR Scottsdale Forum, LLC Delaware3
  • FR Shoppers World, LLC Delaware3
  • FR Town Center Crossing, LLC Delaware3
  • FR Town Center, LLC Delaware3
  • FR Westgate Mall, LLC Delaware3
  • FR White Marsh, LLC Maryland3
  • FRIT CA Operations, Inc. California3
  • FRIT Cocowalk Owner, LLC Delaware3
  • FRIT Florida, LLC Delaware3
  • FRIT Leasing & Development Services, Inc. Delaware3
  • FRIT San Jose Town and Country Village, LLC California3
  • FRIT Solar, Inc. Delaware3
  • Federal Realty GP LLC Delaware3
  • Federal Realty Management Services, Inc. Delaware3
  • Federal Realty Partners L.P. Delaware3
  • Federal Realty Partners, LLC Delaware3
  • Governor Plaza Associates Pennsylvania3
  • Merritt Shrewsbury Commons LLC Washington3
  • NVI-Avenue, LLC Maryland3
  • PES Partners, LLC Delaware3
  • PNR Hotel XXVI JV LLC Delaware3
  • PNR Hotel XXVI Operator LLC Delaware3
  • PNR Hotel XXVI Owner LLC Delaware3
  • Pike & Rose Condominium, Inc. Delaware3
  • Prime/FRIT Alameda, LLC Delaware3
  • Prime/FRIT Bell Gardens, LLC Delaware3
  • Prime/FRIT El Monte, LLC Delaware3
  • Prime/FRIT El Portal, LLC Delaware3
  • Prime/FRIT Los Jardines, LLC Delaware3
  • Prime/FRIT Mission Hills, LLC Delaware3
  • Prime/FRIT Olivo Land, LLC Delaware3
  • Prime/FRIT SCP, LLC Delaware3
  • Prime/FRIT Sylmar, LLC Delaware3
  • Prime/FRIT TRS JV, LLC Delaware3
  • Primestor Development Investment, LLC Delaware3
  • Primestor Jordan Downs, LLC Delaware3
  • Primestor/FRIT JV, LLC Delaware3
  • Primestor/FRIT Jordan Downs JV, LLC Delaware3
  • RevUp, Inc. Maryland3
  • Rosecrans-Sepulveda Partners 3, LLC Delaware3
  • Route 35 Shrewsbury Limited Partnership New Jersey3
  • SR Winchester, LLC Delaware3
  • SRI Assembly Row Hotel, Inc. Delaware3
  • SRI Old Town, LLC California3
  • SRI UNLMTD JV, LLC Delaware3
  • SRI-WSA 1426 Willow, LLC Delaware3
  • SRI-WSA 158 14 th , LLC Delaware3
  • SRI-WSA 210 14 th , LLC Delaware3
  • SRI-WSA 214 Washington, LLC Delaware3
  • SRI-WSA 301 Washington, LLC Delaware3
  • SRI-WSA 302 Washington, LLC Delaware3
  • SRI-WSA 600 Washington, LLC Delaware3
  • SRI-WSA Properties I, LLC Delaware3
  • SRI-WSA Properties II, LLC Delaware3
  • SRI/CM 4th Street JV, LLC Delaware3
  • SanTan Festival, LLC Arizona3
  • Santana Row ROF, Inc. Delaware3
  • Santana Row Services, Inc. Delaware3
  • Sea Girt Limited Partnership Washington3
  • Shopping Center Associates Pennsylvania3
  • Shrewsbury Commons L.P. Washington3
  • Street Retail West 6, L.P. Delaware3
  • Street Retail West 7, L.P. Delaware3
  • Street Retail, LLC Maryland3
  • The Grove Fee Owner, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 11, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares5
  2. Jul 31, 20268-K Results of operations6
  3. May 6, 20268-K Shareholder vote7
  4. May 1, 20268-K Results of operations8
  5. Apr 15, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation9
  6. Feb 12, 20268-K Results of operations10
  7. Nov 20, 20258-K Entered a material agreement11
  8. Nov 10, 20258-K Executive or director change12
  9. Oct 31, 20258-K Results of operations13
  10. Aug 6, 20258-K Results of operations14
  11. May 9, 20258-K Executive or director change; Shareholder vote15
  12. May 8, 20258-K Results of operations16

Calendar

Coming up

  1. Around Oct 30, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Jul 31, 2026Reported quarterly or annual results6
  2. May 1, 2026Reported quarterly or annual results8
  3. Feb 12, 2026Reported quarterly or annual results10
  4. Oct 31, 2025Reported quarterly or annual results13
  5. Aug 6, 2025Reported quarterly or annual results14
  6. May 8, 2025Reported quarterly or annual results16
  7. Feb 13, 2025Reported quarterly or annual results17
  8. Oct 30, 2024Reported quarterly or annual results18

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

63 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 41 major events, 3 other. The latest 20:

  1. Aug 11, 20268-K EDGAR
  2. Jul 31, 202610-Q EDGAR
  3. Jul 31, 20268-K EDGAR
  4. May 6, 20268-K EDGAR
  5. May 1, 202610-Q EDGAR
  6. May 1, 20268-K EDGAR
  7. Apr 15, 20268-K EDGAR
  8. Feb 12, 202610-K EDGAR
  9. Feb 12, 20268-K EDGAR
  10. Nov 20, 20258-K EDGAR
  11. Nov 10, 20258-K EDGAR
  12. Oct 31, 202510-Q EDGAR
  13. Oct 31, 20258-K EDGAR
  14. Aug 6, 202510-Q EDGAR
  15. Aug 6, 20258-K EDGAR
  16. May 9, 20258-K EDGAR
  17. May 8, 202510-Q EDGAR
  18. May 8, 20258-K EDGAR
  19. Apr 11, 20258-K EDGAR
  20. Mar 21, 20258-K EDGAR

The 63 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Federal Realty OP LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFederal Realty OP LP1
  • CIK0001901876
  • Employer ID (EIN)87-39163634
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address909 Rose Ave., Suite 200, North Bethesda, MD 208521
  • Phone(301) 998-83131
  • Shares outstanding86,889,133 as of Jul 27, 202619
  • Public float$8.2B as of Jun 30, 20254
  • AuditorGRANT THORNTON LLP, Jacksonville, Florida PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJan 5, 20221
  • Filings68 in all: 8-K (41), 10-Q (14), 10-K (5), S-3ASR (2), UPLOAD (2), 424B2 (1), 424B5 (1), CORRESP (1)1
    All 9 form types

    FWP (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares of Beneficial InterestFRTNew York Stock Exchange
Depositary Shares, each representing 1/1000 of a shareFRT-CNew York Stock Exchange

From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Federal Realty OP LP names in Item 1A of its 10-K filed Feb 12, 2026: 35 risks under these headings, as written.4

  • Revenue from our properties may be reduced or limited if the retail operations of our tenants are not successful.
  • Our net income depends on the success and continued presence of our “anchor” tenants.
  • A shift in retail shopping from brick and mortar stores to online shopping may have an adverse impact on our cash flow, financial condition and results of operations.
  • We have properties that are geographically concentrated, and adverse economic or real estate market declines in these areas could have a material adverse effect on us.
  • We may be unable to collect balances due from tenants that file for bankruptcy protection.
  • We may experience difficulty or delay in renewing leases or re-leasing space.
  • Our development activities have inherent risks.
  • Redevelopments and acquisitions may fail to perform as expected.
  • Our performance and value are subject to general risks associated with the real estate industry.
  • Many real estate costs are fixed, even if income from our properties decreases.
  • Competition may limit our ability to purchase new properties and generate sufficient income from tenants.
  • We may be unable to sell properties when appropriate because real estate investments are illiquid.
The other 23 risks
  • We may have limited flexibility in dealing with our jointly owned investments.
  • Our insurance coverage on our properties may be inadequate.
  • Natural disasters, climate change and health crises, could have an adverse impact on our cash flow and operating results.
  • The amount of debt we have and the restrictions imposed by that debt could adversely affect our business and financial condition.
  • We are obligated to comply with financial and other covenants pursuant to our debt obligations that could restrict our operating activities, and the failure to comply with such covenants could result in defaults that accelerate payment under our debt agreements.
  • Adverse changes in our credit rating could affect our borrowing capacity and borrowing terms.
  • Our ability to grow will be limited if we cannot obtain additional capital.
  • Rising interest rates could adversely affect our cash flow and the market price of our outstanding debt and preferred shares.
  • Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
  • Failure to qualify as a REIT for federal income tax purposes would cause the Parent Company to be taxed as a corporation, which would substantially reduce funds available for payment of distributions.
  • To maintain our status as a REIT, we limit the amount of shares any one shareholder of the Parent Company can own.
  • Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us and our investors.
  • We may be required to incur additional debt to qualify as a REIT.
  • Environmental laws and regulations could reduce the value or profitability of our properties.
  • The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly acquired properties.
  • The revenues generated by our tenants could be negatively affected by various federal, state and local laws to which they are subject.
  • Certain tax and anti-takeover provisions of the Parent Company's declaration of trust and bylaws, and certain restrictions in the Partnership's limited partnership agreement, may inhibit a change of our control.
  • General Risk Factors
  • The market value of our debt and equity securities is subject to various factors that may cause significant fluctuations or volatility.
  • We cannot assure you we will continue to pay dividends in the current composition or at historical rates.
  • The Parent Company is a holding company with no direct operations, and it will rely on funds received from the Partnership to pay its obligations and make distributions to its shareholders.
  • Loss of our key management could adversely affect performance and the value of our common shares.
  • We may adjust our business policies without shareholder approval.
  • We face risks relating to cyber threats that could cause loss of confidential information and other business disruptions.

Legal proceedings

We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that our current proceedings will not have a material adverse effect on our financial condition, liquidity or results of operations. See Note 7 to the consolidated financial statements for further discussions.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19