Federal Realty Investment Trust Closes on $265 Million of Opportunistic Capital Raising
"The manageable size of these capital raises reflects the measured and
balanced approach that we take in running our business while recognizing the
uncertainties associated with the current economic condition," said
"Both the unsecured notes and common equity offering were significantly
oversubscribed at very favorable terms, demonstrating continued strong demand
for Federal Realty securities from both fixed income and equity investors,"
Federal Realty is revising its 2009 FFO per diluted share guidance to
reflect the receipt of proceeds from both the unsecured notes and common
equity offering. The new guidance of FFO per diluted share of
About Federal Realty
Safe Harbor Language
Certain matters discussed within this press release may be deemed to be
forward-looking statements within the meaning of the federal securities laws.
Although Federal Realty believes the expectations reflected in the
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. These factors include, but
are not limited to, the risk factors described in our Annual Report on Form
10-K filed on
-- risks that our tenants will not pay rent or that we may be unable to renew leases or re-let space at favorable rents as leases expire; -- risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopments or renovations may cost more, take more time to complete, or fail to perform as expected; -- risks that the number of properties we acquire for our own account, and therefore the amount of capital we invest in acquisitions, may be impacted by our real estate partnership; -- risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate; -- risks that our growth will be limited if we cannot obtain additional capital; -- risks of financing, such as our ability to consummate additional financings or obtain replacement financing on terms which are acceptable to us, our ability to close any pending financing activities, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; and -- risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT.
Given these uncertainties, readers are cautioned not to place undue
reliance on any forward-looking statements that we make, including those in
this press release. Except as may be required by law, we make no promise to
update any of the forward-looking statements as a result of new information,
future events or otherwise. You should carefully review the risks and risk
factors included in our Annual Report on Form 10-K filed
Investor and Media Inquiries Gina Birdsall Janelle Stevenson Investor Relations Corporate Communications 301/998-8265 301/998-8185 firstname.lastname@example.org email@example.com
Federal Realty Investment TrustReconciliation of Net Income to FFO Guidance 2009 Guidance --------------- (Dollars in millions except per share amounts)(1) Funds from Operations available for common shareholders (FFO) ------------------------------------------------------------- Net income attributable to the Trust $90 $93 Gain on sale of real estate (1) (1) Depreciation and amortization of real estate & real estate partnership assets 105 105 Amortization of initial direct costs of leases 9 9 ----- ----- Funds from operations 203 206 Dividends on preferred stock (1) (1) Income attributable to operating partnerships units 1 1 Income attributable to unvested shares (1) (1) ----- ----- FFO 203 206 Litigation provision (2) 21 21 ----- ----- FFO excluding litigation provision $224 $227 ===== ===== Weighted average number of common shares, diluted 60.2 60.2 FFO per diluted share $3.37 $3.42 Litigation provision (2) 0.35 0.35 ----- ----- FFO per diluted share excluding litigation provision $3.72 $3.77 ===== ===== Notes: ------ (1) Individual items may not add up to total due to rounding. (2) Amount represents a charge for litigation regarding a parcel of land located adjacent to Santana Rowas well as other costs related to the litigation and appeal process.
Federal Realty Investment Trust-0- 08/17/2009/CONTACT: Gina Birdsall, Investor Relations, +1-301-998-8265, firstname.lastname@example.org, or Janelle Stevenson, Corporate Communications, +1-301-998-8185, email@example.com, both of Federal Realty Investment Trust/ /Photo: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, firstname.lastname@example.org/ /Web Site: http://www.federalrealty.com / (FRT) CO: Federal Realty Investment TrustST: MarylandIN: FIN RLT CRL RRL REA SU: ERP FNC PR -- PH62166 -- 5966 08/17/2009 08:00 EDThttp://www.prnewswire.com