Investor Presentaiton
Balance Sheet Snapshot
Credit Ratings
Ample Liquidity & Financial Flexibility
$1.3 billion of total liquidity in cash and credit
facility proforma for January financing
activity & dividends paid
S&P
BBB+
.
MOODY'S
Baal
The complete ratings report can be accessed at
www.federalrealty.com.
Undrawn $1.25 billion revolving credit
facility
Demonstrated access to diverse and
innovative capital sources
$485 million of 3.25% Exchangeable
Senior Notes due January 2029 issued in
January 2024
$200 million mortgage loan secured by
Bethesda Row in December 2023
$350 million 5-year green bond in April
2023
No debt maturities remaining in 2024 and no
material maturities until 2026
4Q23 Balance Sheet Update
5.9x annualized net debt to EBITDA
Target a ratio in the mid 5x over the next
year
87% of total debt is fixed rate
Free cash flow expected to return to pre-
COVID levels in 2024
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