Federal Realty OP LP issues $460M of 3.500% exchangeable senior notes due 2031

Federal Realty OP LP

$460M aggregate principal of 3.500% Exchangeable Senior Notes due 2031 issued Aug 11, 2026; includes $60M from option exercise.
Notes mature Aug 15, 2031; semiannual interest begins Feb 15, 2027; exchange rate 7.2179 shares/$1,000 (~$138.54/share).
Proceeds fund capped call transactions and repay indebtedness; capped call cap price ~$165.07/share (~40% premium over $117.91 close).
Notes are senior unsecured obligations, rank pari passu with existing unsecured debt; sold under Rule 144A/Section 4(a)(2).
Capped calls expected to reduce potential dilution to FRT common shares upon exchange of Notes.

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