Federal Realty Investment Trust Increases Common Dividend for 36th Consecutive Year
ROCKVILLE, Md.--(BUSINESS WIRE)--Aug. 11, 2003--Federal Realty Investment Trust (NYSE:FRT) announced today that its Board of Trustees has declared a regular quarterly cash dividend of $.49 per share on its common shares, resulting in an indicated annual rate of $1.96, an increase of $.02 annually. Federal Realty has increased its common dividend every year since 1967, the longest record of consecutive annual dividend increases in the REIT sector, and among the longest records of consecutive annual dividend increases for all publicly traded companies in the United States. The dividend will be payable on October 15, 2003, to common shareholders of record as of September 25, 2003.
"Our 36-year record of consecutive annual dividend increases, the longest such record in the REIT sector, is an extremely valuable asset of the Trust," commented Donald C. Wood, Federal Realty's President and Chief Executive Officer. "The magnitude of this year's dividend increase reflects our fiscal responsibility by maintaining a conservative dividend payout ratio."
Federal Realty's Board of Trustees also declared a regular quarterly cash dividend of $.53125 per share on the Trust's Series B Cumulative Redeemable Preferred Shares (NYSE: FRTprB). Dividends on the Series B Cumulative Redeemable Preferred Shares will be payable on October 31, 2003, to shareholders of record on October 15, 2003.
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of shopping centers and street retail properties. Federal Realty's portfolio contains approximately 15.7 million square feet located in major metropolitan markets across the United States. The operating portfolio is currently over 93% occupied by over 2,000 national, regional, and local retailers with no single tenant accounting for more than 2.5% of rental revenue. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 36 consecutive years, the longest consecutive record in the REIT industry.
Shares of Federal Realty are traded on the NYSE under the symbol FRT. Additional information about Federal Realty can be found on the Internet at www.federalrealty.com.
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. The factors that may impact these expectations include:
- 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 meet existing financial covenants and the possibility of increases in interest rates that would result in increased interest expense;
- risks that our growth will be limited if we cannot obtain additional capital;
- risks normally associated with the real estate industry, including risks that our tenants will not pay rent or that we may be unable to renew leases or relet space at favorable rents as leases expire, that new acquisitions or our development, construction and renovation projects, including our Santana Row project, may fail to perform as expected, that competition for acquisitions could result in increased prices, that we may have environmental risks at our properties, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
- risks related to our status as a REIT for federal income tax purposes, such as the existence of complex 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; and
- those risks detailed from time to time in our SEC reports, including our current report on Form 8-K filed with the SEC on March 25, 2003, our annual report on Form 10-K filed with the SEC on March 26, 2003 and our quarterly reports on Form 10-Q.
Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Federal Realty Investment Trust, Rockville
Andrew Blocher, 301-998-8166
Kristine Warner, 301-998-8212
SOURCE: Federal Realty Investment Trust