SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) MARCH 31, 1995
FEDERAL REALTY INVESTMENT TRUST
------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DISTRICT OF COLUMBIA 1-7533 52-0782497
-------------------- ---------------- ----------
(STATE OR OTHER JURISDICTION (COMMISSION FILE (IRS EMPLOYER
OF INCORPORATION) NUMBER) IDENTIFICATION NO.)
4800 HAMPDEN LANE, SUITE 500, BETHESDA, MARYLAND 20814
------------------------------------------------ ------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICERS) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: 301/652-3360
------------
EXHIBIT INDEX APPEARS ON PAGE 3.
ITEM 5. OTHER EVENTS
Federal Realty Investment Trust hereby files as exhibit 99 the following
supplemental data pertaining to its portfolio of properties at March 31, 1995.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99 Supplemental portfolio information at March 31, 1995
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
FEDERAL REALTY INVESTMENT TRUST
/s/ Cecily A. Ward
--------------------------------------
Cecily A. Ward
Vice President, Controller
Date: May 25, 1995
-2-
EXHIBIT INDEX
EXH NO. EXHIBIT PAGE NO.
------- ------- --------
99 Supplemental portfolio information at March 31, 1995 E-1
-3-
Exhibit 99
FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
MARCH 31, 1995
TABLE OF CONTENTS
1. Debt Summary ..................................................... E-2
2. Occupancy
Percentage Leased................................................. E-3
Economic Occupancy................................................ E-4
Regional Breakdown................................................ E-5
3. Leases Signed Analysis
Comparable and Non-Comparable..................................... E-6
4. Sales/Occupancy Costs............................................. E-7
5. Press Release..................................................... E-8
6. Glossary of Terms................................................. E-11
4800 Hampden Lane, Suite 500
Bethesda, Maryland 20814
301/652-3360
E-1
FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (EXCLUDING CAPITAL LEASES)
DECEMBER 31, 1994
MATURITY RATE BALANCE
-------- ---- --------------
(IN THOUSANDS)
MORTGAGES
Barracks Road............... 06/01/98 9.77% $ 22,009
Falls Plaza................. 06/01/98 9.77% 4,376
Old Keene Mill.............. 06/01/98 9.77% 7,174
West Falls.................. 06/01/98 9.77% 5,021
Loehmanns Plaza............. 07/21/98 9.75% 6,555
Federal Plaza............... 03/10/01 8.95% 29,041
Tysons Station.............. 09/01/01 9.875% 4,356
Northeast................... 12/31/01 participating 1,500
--------
$ 80,032
========
NOTES PAYABLE
Revolving credit facilities. LIBOR +.85% $ 0
to LIBOR +1%
Note - acquisition of Queen
Anne Plaza................. 01/15/06 8.875% 1,369
Note - acquisition of
Federal Plaza.............. 07/01/96 8.00% 2,896
Note - renovation of Perring
Plaza...................... 01/31/13 10.00% 2,969
Other....................... various various 163
--------
$ 7,397
========
5 1/4% CONVERTIBLE SUBORDI-
NATED DEBENTURES............. 04/30/02 5.250% $ 289
========
5 1/4% CONVERTIBLE SUBORDI-
NATED DEBENTURES............. 10/28/03 5.250% $ 75,000
========
8 7/8% Notes (fixed).......... 01/15/00 8.875% $ 75,000
8 7/8% Notes (floating)*...... 01/15/00 6.927% 25,000
--------
$100,000
========
Total fixed rate debt......... $236,218 89.91%
Total variable rate debt...... 26,500 10.09%
--------
Total debt.................... $262,718 100.00%
========
Weighted average interest
rate:
Fixed rate debt............. 7.92%
Variable on revolving
facilities................ 7.00%**
Variable on notes........... 6.93%*
* The Trust purchased an interest rate swap, exchanging fixed payments for
three month LIBOR
** Weighted average interest rate on revolving credit facilities for quarter
ended March 31, 1995
E-2
FEDERAL REALTY INVESTMENT TRUST
PERCENTAGE LEASED ANALYSIS
MARCH 31, 1995
OVERALL OCCUPANCY
(QUARTER TO QUARTER MARCH 31, 1995 MARCH 31, 1994
ANALYSIS) ------------------------------- -------------------------------
TYPE SIZE LEASED OCCUPANCY SIZE LEASED OCCUPANCY
- ------------------------ ---------- ---------- --------- ---------- ---------- ---------
Shopping Center (square
feet).................. 11,199,906 10,482,104 94% 10,607,520 9,985,667 94%
Main Street Retail
(# of buildings)....... 2 2 100%
Rollingwood Apartments
(# of units)........... 282 281 99% 282 263 93%
OVERALL
OCCUPANCY
(ROLLING 12 MARCH 31, 1995 DECEMBER 31, 1994 SEPTEMBER 30, 1994 JUNE 30, 1994
MONTHS) ------------------------------- --------------------------- --------------------------- ---------------------------
OCCU- OCCU- OCCU-
TYPE SIZE LEASED OCCUPANCY SIZE LEASED PANCY SIZE LEASED PANCY SIZE LEASED PANCY
- ---------------- ---------- ---------- --------- ---------- ---------- ----- ---------- ---------- ----- ---------- ---------- -----
Shopping Center
(square feet).. 11,199,906 10,482,104 94% 11,179,222 10,529,521 95% 10,898,289 10,176,605 93% 10,782,397 10,094,769 94%
Main Street Re-
tail (# of
buildings)..... 2 2 100% 1 1 100%
Rollingwood
Apartments
(# of units)... 282 281 99% 282 278 99% 282 281 99% 282 272 96%
SAME CENTER OCCUPANCY
(QUARTER TO QUARTER MARCH 31, 1995 MARCH 31, 1994
ANALYSIS) ------------------------------ ------------------------------
TYPE SIZE LEASED OCCUPANCY SIZE LEASED OCCUPANCY
- ------------------------ ---------- --------- --------- ---------- --------- ---------
Shopping Center (square
feet).................. 10,203,347 9,600,482 94% 10,171,376 9,657,306 95%
Main Street Retail
(# of buildings).......
Rollingwood Apartments
(# of units)........... 282 281 99% 282 263 93%
SAME CENTER
OCCUPANCY
(ROLLING 12 MARCH 31, 1995 DECEMBER 31, 1994 SEPTEMBER 30, 1994 JUNE 30, 1994
MONTHS) ------------------------------ -------------------------- ------------------------- -------------------------
OCCU- OCCU- OCCU-
TYPE SIZE LEASED OCCUPANCY SIZE LEASED PANCY SIZE LEASED PANCY SIZE LEASED PANCY
- ---------------- ---------- --------- --------- ---------- --------- ----- --------- --------- ----- --------- --------- -----
Shopping Center
(square feet).. 10,203,347 9,600,482 94% 10,192,241 9,681,163 95% 10,156,707 9,549,487 94% 10,176,778 9,594,893 94%
Main Street Re-
tail
(# of build-
ings)..........
Rollingwood
Apartments
(# of units)... 282 281 99% 282 278 99% 282 281 99% 282 272 96%
E-3
FEDERAL REALTY INVESTMENT TRUST
ECONOMIC OCCUPANCY ANALYSIS
MARCH 31, 1995
MARCH 31, 1995 MARCH 31, 1994
------------------------------- -------------------------------
OVERALL ECONOMIC OCCUPANCY LEASES LEASES
(QUARTER TO QUARTER GENERATING ECONOMIC GENERATING ECONOMIC
ANALYSIS) TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
- -------------------------- ---------- ---------- --------- ---------- ---------- ---------
Shopping Center (square
feet) ................. 11,199,906 10,153,934 91% 10,607,520 9,771,132 92%
Main Street Retail (# of
buildings)............. 2 2 100%
Rollingwood Apartments
(# of units)........... 282 281 99% 282 263 93%
MARCH 31, 1995 DECEMBER 31, 1994 SEPTEMBER 30, 1994
------------------------------- ------------------------------- -------------------------------
LEASES LEASES LEASES
OVERALL ECONOMIC OCCUPANCY GENERATING ECONOMIC GENERATING ECONOMIC GENERATING ECONOMIC
(ROLLING 12 MONTHS) TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
- --------------------------- ---------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------
Shopping Center (square
feet).................... 11,199,906 10,153,934 91% 11,179,222 10,213,130 91% 10,898,289 9,983,789 92%
Main Street Retail (# of
buildings)................ 2 2 100% 1 1 100%
Rollingwood Apartments
(# of units).............. 282 281 99% 282 272 96% 282 281 99%
JUNE 30, 1994
-------------------------------
LEASES
OVERALL ECONOMIC OCCUPANCY GENERATING ECONOMIC
(ROLLING 12 MONTHS) TYPE SIZE INCOME OCCUPANCY
- --------------------------- ---------- ---------- ---------
Shopping Center (square
feet)..................... 10,782,397 9,875,544 92%
Main Street Retail (# of
buildings)................
Rollingwood Apartments
(# of units).............. 282 272 96%
MARCH 31, 1995 MARCH 31, 1994
SAME CENTER ------------------------------- ------------------------------
ECONOMIC OCCUPANCY LEASES LEASES
(QUARTER TO QUARTER GENERATING ECONOMIC GENERATING ECONOMIC
ANALYSIS) TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
------------------- ---------- ---------- --------- --------- ---------- ---------
Shopping Center (square
feet) ................. 10,203,347 9,441,725 92% 10,171,376 9,464,671 93%
Main Street Retail (# of
buildings).............
Rollingwood Apartments
(# of units)........... 282 281 99% 282 263 93%
MARCH 31, 1995 DECEMBER 31, 1994 SEPTEMBER 30, 1994
------------------------------- ------------------------------- ------------------------------
SAME CENTER ECONOMIC LEASES LEASES LEASES
OCCUPANCY (ROLLING 12 GENERATING ECONOMIC GENERATING ECONOMIC GENERATING ECONOMIC
MONTHS) TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
- ------------------------ ---------- ---------- --------- ---------- ---------- --------- --------- ---------- ---------
Shopping Center (square
feet)................. 10,203,347 9,441,725 92% 10,192,241 9,472,958 93% 10,156,707 9,431,031 93%
Main Street Retail (# of
buildings)............
Rollingwood Apartments
(# of units).......... 282 281 99% 282 272 96% 282 281 99%
JUNE 30, 1994
------------------------------
SAME CENTER ECONOMIC LEASES
OCCUPANCY (ROLLING 12 GENERATING ECONOMIC
MONTHS) TYPE SIZE INCOME OCCUPANCY
- ------------------------ --------- ---------- ---------
Shopping Center (square
feet)................. 10,176,778 9,462,222 93%
Main Street Retail (# of
buildings)............
Rollingwood Apartments
(# of units).......... 282 272 96%
E-4
FEDERAL REALTY INVESTMENT TRUST
REGIONAL OCCUPANCY ANALYSIS
DECEMBER 31, 1994
TOTAL
SQUARE OCCUPANCY
REGION FOOTAGE 12/31/94
------ --------- ------------
Washington D.C./Baltimore............................. 3,480,992 94%
Philadelphia.......................................... 2,040,850 95
New York/New Jersey................................... 1,966,349 96
Central Virginia...................................... 1,153,479 95
Mid-West.............................................. 827,769 91
New England........................................... 400,892 99
Other................................................. 1,329,575 85
TOTAL
SQUARE OCCUPANCY
REGION FOOTAGE 12/31/94
------ --------- ------------
Washington D.C./Baltimore
Anchor.............................................. 1,787,806 97%
Small Shops......................................... 1,693,186 91
Philadelphia
Anchor.............................................. 1,184,650 98
Small Shops......................................... 856,200 92
New York/New Jersey
Anchor.............................................. 1,414,171 98
Small Shops......................................... 552,178 92
Central Virginia
Anchor.............................................. 537,435 97
Small Shops......................................... 616,044 92
Mid-West
Anchor.............................................. 430,715 95
Small Shops......................................... 397,054 87
New England
Anchor.............................................. 241,009 100
Small Shops......................................... 159,883 97
Other
Anchor.............................................. 695,225 87
Small Shops......................................... 634,350 82
E-5
FEDERAL REALTY INVESTMENT TRUST
LEASING ACTIVITY
MARCH 31, 1995
COMPARABLE
ESTIMATED
AVERAGE PRIOR AVERAGE CURRENT PERCENTAGE TENANT AVERAGE
NUMBER OF SQUARE RENT PER RENT PER ANNUALIZED INCREASE IMPROVEMENT LEASE
ROLLING 12 MONTHS LEASES SIGNED FEET SQUARE FOOT SQUARE FOOT INCREASE IN RENT OVER PRIOR RENT COSTS TERM (YEARS)
- ----------------- ------------- ------- ------------- --------------- ---------------- --------------- ----------- ------------
1st Quarter 1995 68 230,171 $12.95 $14.60 $ 379,854 13% $1,290,000 5.2
4th Quarter 1994 93 455,584 10.16 14.04 1,766,764 38% 4,055,000 5.6
3rd Quarter 1994 62 145,265 16.30 17.55 181,298 8% 854,000 5.1
2nd Quarter 1994 57 219,104 12.08 16.05 869,824 33% 3,354,000 5.9
--- --------- ---------- ------ ---------- --- ---------- ---
Total--12 months. 280 1,050,124 $12.03 $15.07 $3,197,741 25% $9,553,000 5.5
NON-COMPARABLE
ESTIMATED
ANNUALIZED TENANT AVERAGE
# OF LEASES SQUARE CURRENT AVERAGE RENT IMPROVEMENT LEASE
SIGNED FEET RENT PER SQUARE FOOT COSTS TERM (YEARS)
------------- ------- ------------- --------------- ---------------- ---------------
1st Quarter 1995 6 14,516 $ 220,998 $15.22 $ 12,000 6.7
4th Quarter 1994 12 124,234 1,320,747 10.63 1,758,000 6.3
3rd Quarter 1994 6 20,812 343,207 16.49 99,000 6.7
2nd Quarter 1994 7 65,973 1,310,839 19.87 887,000 7.0
--- ------- ---------- ------ ---------- ---
Total--12 months. 31 225,535 $3,195,791 $14.17 $2,756,000 6.7
E-6
Federal Realty Investment Trust
1994 Sales/Occupancy Costs
Average Average
Average Occupancy Occupancy Costs
Sales Per Cost per as Percentage
Square Foot Square Foot of Sales
---------------- ---------------- ----------------
Reporting Tenants* $247.70 $12.04 4.9%
Reporting Anchor Tenants $267.97 $8.39 3.1%
Reporting Small Shop Tenants $213.28 $18.23 8.5%
* Includes only those tenants that have 12 months of reported sales in 1994
Federal Realty Investment Trust
NEWS 4800 Hampden Lane, Suite 500
RELEASE Bethesda, Maryland 20814 301/652-3360
================================================================================
FOR IMMEDIATE RELEASE For further information contact:
NYSE SYMBOL-FRT
Mary Jane Morrow
Senior Vice President
Finance & Treasurer
(301) 961-9321
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER RESULTS
Bethesda, Maryland
May 10, 1995
Federal Realty Investment Trust (NYSE:FRT) report today that funds from
operations for the first quarter of 1995 rose 35% to a record $14.6 million from
$10.8 million in the first quarter of 1994. On a per share basis, funds from
operations increased 21% to $.46 per share in the first quarter of 1995 from
$.38 per share in the first quarter of 1994. Lower operating expenses,
principally decreases in bad debt and snow removal costs, contributed
significantly to the increased profitability.
Federal Realty has adopted the definition of funds from operations as
recommended in March of 1995 by the National Association of Real Estate
Investment Trusts (NAREIT). The 1994 results have been restated to conform to
the revised definition.
A comparison of property operations for the first quarter of 1995 versus
the first quarter of 1994 shows the following:
* Rental income increased 9% to $34.4 million in 1995 from $31.5 million in
1994. When adjusted for properties acquired during these years, rental
income increased 4% to $32.7 million in 1995 from $31.5 million in 1994.
E-8
* During the first quarter of 1995, the Trust signed leases for a total
245,000 square feet. On a same space basis, the Trust re-leased 230,000
square feet at an average increase in rent per square foot of 13%. The
weighted average rent on these leases was $14.60 per square foot compared
to the previous average rent per square foot for the same spaces of
$12.95.
* At both March 31, 1995 and 1994, the Trust's overall portfolio was 94%
leased. Shopping centers operating in both periods (excluding properties
acquired or under redevelopment) were 94% leased at March 31, 1995 versus
95% at March 31, 1994.
Commenting on the quarter, Steven J. Guttman, President and Chief
Executive Officer stated, "We are pleased to get 1995 off to a good start. Our
ability to generate increasing rents while reducing operating costs resulted in
improved property level performance during the first quarter of 1995."
Year to date, the Trust has completed four acquisitions containing a
total of 470,000 square feet for a cash investment of approximately $48 million.
These acquisitions include the purchase of two main street retail buildings in
Greenwich, Connecticut; seven main street retail buildings in West Hartford,
Connecticut; and the purchase of the 302,000 square foot Finley Square shopping
center in Downers Grove, Illinois.
Federal Realty is an equity real estate investment trust specializing in
the ownership, management and redevelopment of prime community and neighborhood
shopping centers. The Trust's portfolio is comprised principally of 53 shopping
centers containing 11.5 million square feet, most of which are located along the
east coast region between the New York metropolitan area and Richmond, Virginia.
E-9
Financial Highlights
(in thousands, except per share data)
Three Months Ended
March 31,
------------------
Operating Results 1995 1994
- ----------------- ---- ----
Revenues
Rental income $34,407 $31,481
Interest 1,006 869
Other income 1,514 1,342
------- -------
36,927 33,692
Expenses
Rental 7,955 10,112
Real estate taxes 3,397 2,859
Interest 9,157 8,178
Administrative 1,427 1,381
Depreciation and amortization 8,369 6897
------- -------
30,305 29,427
Operating income before investors'
share of operations 6,622 4,265
Investor's share of operations 1 (182)
------- -------
Net income $ 6,623 $ 4,083
======= =======
Earnings per share $ .21 $ .15
Funds from operations
Net income $ 6,623 $ 4,083
Add: depreciation and amortization
of real estate assets 7,392 6,137
Add: amortization of initial direct
costs of leases 609 588
------- -------
Funds from operations $14,624 $10,808
======= =======
Funds from operations per share $ .46 $ .38
Weighted average shares outstanding 31,658 28,151
- --------------------------------------------------------------------------------
March 31, December 31,
Balance Sheet 1995 1994
- ------------- --------- ------------
Assets
Real estate, at cost $863,916 $852,722
Mortgage notes receivable 13,179 13,178
Cash and investments 21,526 7,583
Total assets 771,905 753,737
Liabilities and Shareholders' Equity
Obligations under capital leases 132,661 132,924
Mortgages payable 80,032 102,781
Notes payable 7,397 61,883
8 7/8% Notes, due 2000 100,000 ---
5 1/4% Convertible subordinated
debentures due 2003 75,000 75,000
5 1/4% Convertible subordinated
debentures due 2002 289 289
Shareholders Equity 341,021 345,155
E-10
GLOSSARY OF TERMS
AVERAGE OCCUPANCY COSTS: Includes rent, common area maintenance expense, real
estate taxes, merchant association dues and other charges
ECONOMIC OCCUPANCY: The square footage generating rental income expressed as a
percentage of its total rentable square feet.
LEASES SIGNED - COMPARABLE: Represents leases signed on spaces for which there
was a former tenant.
LEASES SIGNED - NONCOMPARABLE: Represents leases signed on spaces for which
there was no previous tenant, i.e. expansion space or space that was previously
non-leasable.
LEASES SIGNED - PRIOR RENT: Total rent paid by the previous tenant; includes
minimum and percentage rent.
OCCUPANCY: The currently leased portion of a property expressed as a percentage
of its total rentable square feet; includes square feet covered by leases for
stores not yet opened.
OVERALL OCCUPANCY: Occupancy for the entire portfolio - includes all centers
owned in reporting period.
SAME CENTER OCCUPANCY: Occupancy for only those centers owned and operating in
the periods being compared. Excludes centers purchased or sold as well as
properties under redevelopment.
TENANT IMPROVEMENT COSTS: Represents the total dollars committed for the
improvement (fit-out) of a space as relates to a specific lease. The amounts
shown represent not only the estimated cost to fit-out the tenant space, but may
also include base building costs (i.e. expansion, escalators or new entrances)
which are required to make the space leasable.
E-11
