The filing content provided is primarily a cover page, explanatory note, and table of contents for Federal Realty Investment Trust's Form 10-Q for the quarter ended September 30, 2026. The substantive financial disclosure content (balance sheets, income statements, MD&A, etc.) appears to have been cut off before any financial figures, operational results, or material disclosures were included. However, the cover page and explanatory note do contain more than 150 words of substantive disclosure content about the company's structure, REIT status, and organizational details, so I will proceed with what is available.

Federal Realty Investment Trust (NYSE:FRT) filed a combined quarterly report on Form 10-Q for the quarter ended September 30, 2026, covering both the Trust and its operating partnership, Federal Realty OP LP, with the SEC on October 30, 2026.

Key Highlights

  • Common shares outstanding: The filing reported 86,021,559 common shares of beneficial interest outstanding as of October 26, 2026.
  • REIT structure: Federal Realty Investment Trust is organized as a Maryland real estate investment trust and, as of September 30, 2026, owned 100% of the outstanding partnership units in Federal Realty OP LP.
  • Exchange listings: Common shares trade on NYSE:FRT; depositary shares, each representing 1/1000 of a 5.00% Series C Cumulative Redeemable Preferred Share, trade on NYSE under the symbol FRT-C.
  • Large accelerated filer: Federal Realty Investment Trust is classified as a large accelerated filer; Federal Realty OP LP is classified as a non-accelerated filer.
  • Combined filing: The report combines the quarterly disclosures of both the Parent Company and the Operating Partnership into a single document, including separate financial statements but combined footnotes.
  • Principal offices: The company is headquartered at 909 Rose Avenue, Suite 200, North Bethesda, Maryland 20852, according to the filing.

Federal Realty's Organizational Structure and REIT Operations Disclosed in Q3 2026 Filing

According to the filing, Federal Realty Investment Trust is a real estate investment trust organized under the laws of Maryland. The Trust owns 100% of the limited liability company interests of Federal Realty GP LLC, which serves as the sole general partner of Federal Realty OP LP, the operating partnership through which substantially all of the company's business is conducted. As of September 30, 2026, the Parent Company held 100% of the outstanding OP Units in the Operating Partnership, the filing disclosed.

The filing explains that the Parent Company's only material asset is its direct and indirect interest in the Operating Partnership, and that the Parent Company "does not conduct business itself other than issuing public equity from time to time." The Operating Partnership, according to the filing, "holds substantially all of our assets and retains the ownership interests in the Company's joint ventures" and "generates all capital required by the Company's business" through its operations, indebtedness, and issuance of partnership units.

The combined report format was described by the company as providing benefits including enhanced investor understanding, elimination of duplicate disclosure, and time and cost efficiencies. The filing noted that management operates the Parent Company and the Operating Partnership as one business, and that the management of both entities consists of the same individuals. The primary differences between the two sets of financial statements relate to shareholders' equity, partner capital, and non-controlling interests, the filing stated.

What Was Disclosed

Federal Realty Investment Trust submitted a combined Form 10-Q for the quarter ended September 30, 2026, covering both the Trust and Federal Realty OP LP. The filing reported 86,021,559 common shares outstanding as of October 26, 2026, and described the company's REIT and operating partnership structure in detail.