Investor Presentaiton

Cycle-Tested Business Plan (cont.) TRACK RECORD MATTERS Global Financial Crisis (2008 - 2012) We believe our outperformance in the Global Financial Crisis was driven by: Our sector-leading demographics → consumers in our markets were better able to absorb the recession's impact The quality of our tenancy The quality of our assets The strength of our balance sheet During the Global Financial Crisis, we outperformed our peers in FFO per share growth, same-store growth, and leased rate, among various other metrics COVID-19 Pandemic Disproportionally affected by COVID-19 due to stricter and longer government shutdowns and mandates in our markets Resilient higher-demographic markets have led to a strong bounce back FFO Per Share Growth FRT Peer Avg. Same-store growth FRT excl. Redev Peer Avg. 7.5% 7.7% 7.3% 2.6% 3.1% 3.9% 3.7% -2.1% -2.8% 2.1% 1.9% -3.2% 1.3% 1.2% 0.4% P" ya -20.0% -0.5% -0.3% -33.2% -3.8% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Source: SEC filings. Note: Peers include REG, KIM (US Shopping Centers), WRI (acquired by KIM), EQY (Acquired by REG), SITE (formerly DDR). I Inflationary Environment with Potential Recession Inflation and recession risks expected to impact retail differently than COVID-19 pandemic Higher income demographic markets with higher income customers should be less impacted Stronger demographics around our properties should support better performance through inflation and recession 7

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