Document


UNITED STATES
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, 2019
 
Federal Realty Investment Trust
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
Maryland
 
1-07533
 
52-0782497
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
1626 East Jefferson Street, Rockville, Maryland
 
20852-4041
(Address of principal executive offices)
 
(Zip Code)
Registrant's telephone number including area code: 301/998-8100
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
¨
Emerging growth company
¨
If an emerging growth company, indicate by checkmark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.









Item 2.02. Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02-Results of Operations and Financial Condition. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in such filing.

On May 2, 2019, Federal Realty Investment Trust issued supplemental data pertaining to its operations, as well as a press release, to report its financial results for the quarter ended March 31, 2019. The supplemental data and press release are furnished as Exhibit 99.1 hereto.

Item 9.01.     Financial Statements and Exhibits.

(c)    Exhibits

99.1     Supplemental information at March 31, 2019 (including press release dated May 2, 2019)

    

    
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
 
 
 
 
Date:
May 2, 2019
 
 /s/ Daniel Guglielmone
 
 
 
 
 
 
 
Daniel Guglielmone
 
 
 
Executive Vice President-
 
 
 
Chief Financial Officer and Treasurer








EXHIBIT INDEX


Exh No.    Exhibit                                    
99.1        Supplemental Information at March 31, 2019




Exhibit


FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
March 31, 2019
 
 
 
 
TABLE OF CONTENTS
 
 
 
 
1
First Quarter 2019 Earnings Press Release
 
 
 
 
2
Financial Highlights
 
 
 
Consolidated Income Statements
 
 
Consolidated Balance Sheets
 
 
Funds From Operations / Other Supplemental Information
 
 
Market Data
 
 
Components of Rental Income
 
 
Comparable Property Information
 
 
 
 
3
Summary of Debt
 
 
 
Summary of Outstanding Debt and Finance Lease Liabilities
 
 
Summary of Debt Maturities
 
 
 
 
4
Summary of Redevelopment Opportunities
 
 
 
 
5
Assembly Row, Pike & Rose, and Santana Row
 
 
 
6
Future Redevelopment Opportunities
 
 
 
 
7
Real Estate Status Report
 
 
 
 
8
Retail Leasing Summary
 
 
 
 
9
Lease Expirations
 
 
 
 
10
Portfolio Leased Statistics
 
 
 
 
11
Summary of Top 25 Tenants
 
 
 
 
12
Reconciliation of FFO Guidance
 
 
 
 
13
Glossary of Terms
 
 
 
 
 
 
 
 
1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100

1




Safe Harbor Language
Certain matters discussed within this Supplemental Information 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 February 13, 2019, and include the following:

risks that our tenants will not pay rent, may vacate early or may file for bankruptcy 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 redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;
risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;
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 costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, 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 associated with general economic conditions, including local economic conditions in our geographic markets;
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 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 Supplemental Information. Except as 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 review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2019.



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NEWS RELEASE
www.federalrealty.com
 
 
FOR IMMEDIATE RELEASE
 
 
 
Investor Inquiries:
Media Inquiries:
Leah Andress Brady
Brenda Pomar
Investor Relations Manager
Corporate Communications Manager
301.998.8265
301.998.8316
lbrady@federalrealty.com
bpomar@federalrealty.com


Federal Realty Investment Trust Announces First Quarter 2019 Operating Results

ROCKVILLE, Md. (May 2, 2019) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its first quarter ended March 31, 2019. For the three months ended March 31, 2019 and 2018, net income available for common shareholders was $0.78 per diluted share and $0.81 per diluted share, respectively.
Highlights of the quarter include:
Generated funds from operations available for common shareholders (FFO) per diluted share of $1.56 for the quarter compared to $1.52 in first quarter 2018.
Generated comparable property operating income (POI) growth of 3.5% for the first quarter.
Signed leases for 247,331 sf of comparable space in the first quarter at an average rent of $45.07 psf and achieved cash basis rollover growth on those comparable spaces of 10%.
Announced the launch of Phase I at Santana West, a 360,000 square foot office building across Winchester Boulevard from Santana Row.
Maintained our 2019 FFO per diluted share guidance range to $6.30 - $6.46.

“We’re pleased with our first quarter results,” said Donald C. Wood, President and Chief Executive Officer. “We continue to execute on our multifaceted business plan with the goal of driving long term real estate value. Our best-in-class located properties are our greatest assets as we navigate the changing retail environment.”

Financial Results
Net income available for common shareholders was $58.1 million and earnings per diluted share was $0.78 for first quarter 2019 versus $59.2 million and $0.81, respectively, for first quarter 2018.
In the first quarter 2019, Federal Realty generated FFO of $116.9 million, or $1.56 per diluted share. This compares to FFO of $112.4 million, or $1.52 per diluted share, in first quarter 2018.


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FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Portfolio Results
The overall portfolio was 94.0% leased as of March 31, 2019, and the comparable portfolio was 94.6% leased. In first quarter 2019, comparable property POI increased 3.5%. Comparable property POI represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment.
During the first quarter 2019, Federal Realty signed 79 leases for 305,724 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), Federal Realty leased 247,331 square feet at an average rent of $45.07 per square foot compared to the average contractual rent of $41.03 per square foot for the last year of the prior leases, representing a cash basis rollover growth on those comparable spaces of 10%.

Regular Quarterly Dividends
Federal Realty also announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.02 per common share, resulting in an indicated annual rate of $4.08 per common share. The regular common dividend will be payable on July 15, 2019 to common shareholders of record as of June 21, 2019.
Federal Realty’s Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on payable on July 15, 2019 to common shareholders of record as of June 21, 2019.

Summary of Other Quarterly Activities and Recent Developments
May 1, 2019 - Federal Realty announced the launch of Phase I at Santana West, a 360,000 square foot office building across Winchester Boulevard from Santana Row. The estimated total investment in Phase I is expected to be approximately $250 - $270 million.

Guidance
Federal Realty maintained its 2019 guidance for FFO per diluted share of $6.30 to $6.46 and maintained 2019 earnings per diluted share guidance of $3.14 to $3.30.


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Conference Call Information
Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its first quarter 2019 earnings conference call, which is scheduled for Friday, May 3, 2019 at 10:00AM ET. To participate, please call 877.445.3230 five to ten minutes prior to the call start time and use the passcode 6892556 (required). A replay of the webcast will be available on Federal Realty’s website at www.federalrealty.com. A telephonic replay of the conference call will also be available through May 10, 2019 by dialing 855.859.2056; Passcode: 6892556.

About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty’s mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 105 properties include approximately 3,000 tenants, in 24 million square feet, and over 2,600 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 51 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit 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. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 13, 2019, and include the following:
risks that our tenants will not pay rent, may vacate early or may file for bankruptcy 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 renovation projects that we do pursue may cost more, take more time to complete, or fail to perform as expected;
risks that we are investing a significant amount in ground-up development projects that may not perform as planned, may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;
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 costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, 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 associated with general economic conditions, including local economic conditions in our geographic markets;
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 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.

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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 with the Securities and Exchange Commission on February 13, 2019.


6




Federal Realty Investment Trust
 
 
 
Consolidated Income Statements
 
 
 
March 31, 2019
 
 
 
 
Three Months Ended
 
March 31,
 
2019

2018
 
(in thousands, except per share data)
 
(unaudited)
REVENUE
 
 
 
Rental income
$
231,492

 
$
224,648

Mortgage interest income
735

 
757

Total revenue
232,227

 
225,405

EXPENSES
 
 
 
Rental expenses
44,260

 
44,773

Real estate taxes
27,687

 
28,448

General and administrative
9,565

 
7,929

Depreciation and amortization
59,622

 
58,110

Total operating expenses
141,134

 
139,260

 
 
 
 
Gain on sale of real estate, net of tax

 
3,316

 
 
 
 
OPERATING INCOME
91,093

 
89,461

 
 
 
 
OTHER INCOME/(EXPENSE)
 
 
 
Other interest income
177

 
179

Interest expense
(28,033
)
 
(26,184
)
Loss from partnerships
(1,434
)
 
(525
)
NET INCOME
61,803

 
62,931

   Net income attributable to noncontrolling interests
(1,659
)
 
(1,684
)
NET INCOME ATTRIBUTABLE TO THE TRUST
60,144

 
61,247

Dividends on preferred shares
(2,010
)
 
(2,010
)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
$
58,134

 
$
59,237

EARNINGS PER COMMON SHARE, BASIC:
 
 
 
Net income available for common shareholders
$
0.78

 
$
0.81

Weighted average number of common shares
74,200

 
72,905

EARNINGS PER COMMON SHARE, DILUTED:
 
 
 
Net income available for common shareholders
$
0.78

 
$
0.81

Weighted average number of common shares
74,200

 
72,968



7




Federal Realty Investment Trust
Consolidated Balance Sheets
March 31, 2019
 
March 31,
 
December 31,
 
2019
 
2018
 
(in thousands, except share and per share data)
 
(unaudited)
 
 
ASSETS
 
 
 
Real estate, at cost
 
 
 
Operating (including $1,699,440 and $1,701,804 of consolidated variable interest entities, respectively)
$
7,293,205

 
$
7,307,622

Construction-in-progress (including $62,037 and $51,313 of consolidated variable interest entities, respectively)
540,192

 
495,274

Assets held for sale
10,771

 
16,576

 
7,844,168

 
7,819,472

Less accumulated depreciation and amortization (including $301,029 and $292,374 of consolidated variable interest entities, respectively)
(2,105,159
)
 
(2,059,143
)
Net real estate
5,739,009

 
5,760,329

Cash and cash equivalents
43,003

 
64,087

Accounts and notes receivable, net
137,779

 
142,237

Mortgage notes receivable, net
30,429

 
30,429

Investment in real estate partnerships
30,530

 
26,859

Operating lease right of use assets
95,402

 

Finance lease right of use assets
53,365

 

Prepaid expenses and other assets
221,849

 
265,703

TOTAL ASSETS
$
6,351,366

 
$
6,289,644

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Mortgages payable, net (including $441,107 and $444,388 of consolidated variable interest entities, respectively)
$
452,466

 
$
474,379

Capital lease obligations

 
71,519

Notes payable, net
299,106

 
279,027

Senior notes and debentures, net
2,404,987

 
2,404,279

Accounts payable and accrued expenses
156,029

 
177,922

Dividends payable
78,547

 
78,207

Security deposits payable
19,381

 
17,875

Operating lease liabilities
75,057

 

Finance lease liabilities
72,071

 

Other liabilities and deferred credits
157,451

 
182,898

Total liabilities
3,715,095

 
3,686,106

Commitments and contingencies
 
 
 
Redeemable noncontrolling interests
134,708

 
136,208

Shareholders’ equity
 
 
 
Preferred shares, authorized 15,000,000 shares, $.01 par:
 
 
 
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
150,000

 
150,000

5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding
9,997

 
9,997

Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 74,836,984 and 74,249,633 shares issued and outstanding, respectively
752

 
745

Additional paid-in capital
3,071,981

 
3,004,442

Accumulated dividends in excess of net income
(843,947
)
 
(818,877
)
Accumulated other comprehensive loss
(625
)
 
(416
)
Total shareholders’ equity of the Trust
2,388,158

 
2,345,891

Noncontrolling interests
113,405

 
121,439

Total shareholders’ equity
2,501,563

 
2,467,330

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
6,351,366

 
$
6,289,644


8




Federal Realty Investment Trust
 
 
 
 
Funds From Operations / Other Supplemental Information
March 31, 2019
 
 
 
 
 
 
Three Months Ended
 
 
March 31,
 
 
2019
 
2018
 
 
(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1) (2)
 
 
Net income
 
$
61,803

 
$
62,931

Net income attributable to noncontrolling interests
 
(1,659
)
 
(1,684
)
Gain on sale of real estate, net
 

 
(3,316
)
Depreciation and amortization of real estate assets
 
53,489

 
51,351

Amortization of initial direct costs of leases
 
4,750

 
4,600

Funds from operations
 
118,383

 
113,882

Dividends on preferred shares
 
(1,875
)
 
(1,875
)
Income attributable to operating partnership units
 
729

 
775

Income attributable to unvested shares
 
(344
)
 
(388
)
FFO
 
$
116,893

 
$
112,394

Weighted average number of common shares, diluted
 
75,010

 
73,838

FFO per diluted share
 
$
1.56

 
$
1.52

 
 
 
 
 
Summary of Capital Expenditures
 
 
 
 
Non-maintenance capital expenditures
 
 
 
 
Development, redevelopment and expansions
 
$
60,411

 
$
66,726

Tenant improvements and incentives
 
5,792

 
11,774

Total non-maintenance capital expenditures
 
66,203

 
78,500

Maintenance capital expenditures
 
1,468

 
3,337

Total capital expenditures
 
$
67,671

 
$
81,837

 
 
 
 
 
Dividends and Payout Ratios
 
 
 
 
Regular common dividends declared
 
$
76,106

 
$
73,153

Dividend payout ratio as a percentage of FFO
 
65
%
 
65
%
 
 
 
 
 
Noncontrolling Interests Supplemental Information (3)
 
 
 
 
Property operating income (1)
 
3,056

 
3,333

Depreciation and Amortization
 
(1,530
)
 
(1,719
)
Interest Expense
 
(596
)
 
(705
)
Net income
 
$
930

 
$
909


Notes:
1)
See Glossary of Terms.
2)
In connection with the adoption of the new lease accounting standard, effective January 1, 2019, certain internal and external legal leasing costs no longer qualify for capitalization. As a result, capitalized leasing costs excluding external commissions decreased to $0.4 million for the three months ended March 31, 2019, compared to $1.6 million for the three months ended March 31, 2018.
3)
Amounts reflect the components of "net income attributable to noncontrolling interests," but excludes "income attributable to operating partnership units."



9




Federal Realty Investment Trust
Market Data
March 31, 2019
 
 
 
March 31,
 
 
 
2019
 
2018
 
 
 
(in thousands, except per share data)
Market Data
 
 
 
 
 
Common shares outstanding and operating partnership units (1)
 
75,506

 
73,979

 
Market price per common share
 
$
137.85

 
$
116.11

 
Common equity market capitalization including operating partnership units
 
$
10,408,502

 
$
8,589,702

 
 
 
 
 
 
 
Series C preferred shares outstanding
 
6

 
6

 
Liquidation price per Series C preferred share
 
$
25,000

 
25,000

 
Series C preferred equity market capitalization
 
$
150,000

 
$
150,000

 
 
 
 
 
 
 
Series 1 preferred shares outstanding (2)
 
400

 
400

 
Liquidation price per Series 1 preferred share
 
$
25.00

 
$
25.00

 
Series 1 preferred equity market capitalization
 
$
10,000

 
$
10,000

 
 
 
 
 
 
 
Equity market capitalization
 
$
10,568,502

 
$
8,749,702

 
 
 
 
 
 
 
Total debt (3)
 
3,156,559

 
3,263,867

 
 
 
 
 
 
 
Total market capitalization
 
$
13,725,061

 
$
12,013,569

 
 
 
 
 
 
 
Total debt to market capitalization at market price per common share
 
23
%
 
27
%

Notes:
1)
Amounts include 669,377 and 762,487 operating partnership units outstanding at March 31, 2019 and 2018, respectively.
2)
These shares, issued March 8, 2007, are unregistered.
3)
Total debt includes mortgages payable, notes payable, senior notes and debentures, net of premiums/discounts and debt issuance costs from our consolidated balance sheet. The previously reported 2018 balance has been adjusted to exclude capital lease obligations, as finance lease liabilities are no longer included in debt upon the adoption of the new lease accounting standard. See Note 2 of our March 31, 2019 Form 10-Q for additional information regarding the adoption.



10




Federal Realty Investment Trust
 
 
 
Components of Rental Income
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective January 1, 2019, we adopted the accounting guidance in ASU 2016-2, Leases (Topic 842), which resulted in several presentation changes with respect to our 2019 Consolidated Income Statements. 
l
All income from tenant leases are reported as a single line item called “Rental Income.” We have provided below supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation.
l
Real estate taxes paid directly to the taxing authority by our tenants are no longer presented gross as “real estate tax expense” and “rental income” (this amount in 2018 was approximately $1 million). This change is only reflected in the 2019 results.
l
Bad debt expense is no longer reflected in “rental expenses” but instead is a direct reduction of “rental income.” This change is reflected in the 2019 results only, and is a reduction of rental income of approximately $1 million.
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
March 31,
 
 
2019
 
2018
 
 
(in thousands)
Minimum rents (1)
 
 
 
Commercial
$
156,146

 
$
152,150

Residential
19,164

 
16,015

Cost reimbursements
44,454

 
45,204

Percentage rents
1,935

 
2,774

Other
9,793

 
8,505

Total rental income
$
231,492

 
$
224,648


Notes:
1)
Minimum rents include $1.4 million and $1.9 million for the three months ended March 31, 2019 and 2018, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $1.8 million and $0.8 million for the three months ended March 31, 2019 and 2018, respectively, to recognize income from the amortization of in-place leases.

11




Federal Realty Investment Trust
 
 
 
 
Comparable Property Information
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q1 include: Assembly Row - Phase 2, CocoWalk, Olivo at Mission Hills, Pike & Rose, The Shops at Sunset Place, Towson Residential, 700 Santana Row, a portion of Graham Park Plaza, and all properties acquired or disposed of from Q1 2018 to Q1 2019. Comparable Property property operating income (“Comparable Property POI”) is a non-GAAP measure used by management in evaluating the operating performance of our properties period over period.
 
 
 
 
 
Reconciliation of GAAP operating income to Comparable Property POI
 
Three Months Ended
 
 
March 31,
 
 
2019
 
2018
 
 
(in thousands)
 
Operating Income
$
91,093

 
$
89,461

 
Add:
 
 
 
 
Depreciation and amortization
59,622

 
58,110

 
General and administrative
9,565

 
7,929

 
Gain on sale of real estate, net

 
(3,316
)
 
Property operating income (POI)
160,280

 
152,184

 
Less: Non-comparable POI - acquisitions/dispositions
(38
)
 
(596
)
 
Less: Non-comparable POI - redevelopment, development & other
(13,634
)
 
(9,962
)
 
Comparable Property POI
$
146,608

 
$
141,626

 
 
 
 
 
 
Additional information regarding the components of Comparable Property POI
 
Three Months Ended
 
 
March 31,
 
 
2019
 
2018
% Change
 
(in thousands)
 
Rental income
$
209,041

 
$
205,926

 
 
 
 
 
 
Rental expenses
(37,536
)
 
(38,449
)
 
Real estate taxes
(24,897
)
 
(25,851
)
 
 
(62,433
)
 
(64,300
)
 
 
 
 
 
 
Comparable Property POI
$
146,608

 
$
141,626

3.5
%
 
 
 
 
 
Comparable Property POI as a percentage of total POI
91
%
 
93
%
 
 
 
 
 
 
Comparable Property - Occupancy Statistics (1)
 
At March 31,
 
 
2019
 
2018
 
GLA - comparable commercial properties
22,678,000

 
22,665,000
 
Leased % - comparable commercial properties
94.6
%
 
95.5
%
 
Occupancy % - comparable commercial properties
93.6
%
 
93.9
%
 
 
 
 
 
 
Comparable Property - Summary of Capital Expenditures (2)
 
Three Months Ended
 
 
March 31,
 
 
2019
 
2018
 
 
(in thousands)
 
Redevelopment and tenant improvements and incentives
$
15,953

 
$
22,591

 
Maintenance capital expenditures
1,402

 
3,226

 
 
$
17,355

 
$
25,817

 
Notes:
 
1)
See page 25 for entire portfolio occupancy statistics.
2)
See page 9 for "Summary of Capital Expenditures" for our entire portfolio.

12




Federal Realty Investment Trust
Summary of Outstanding Debt and Finance Lease Liabilities
March 31, 2019
 
 
As of March 31, 2019
 
 
Stated maturity date
 
Stated interest rate
 
Balance
 
 
 
Weighted average effective rate (4)
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
Mortgages Payable (1)
 
 
 
 
 
 
 
 
 
 
 
Secured fixed rate
 
 
 
 
 
 
 
 
 
 
 
The Shops at Sunset Place
9/1/2020
 
5.62%
 
$
63,884

 
 
 
 
 
 
29th Place
1/31/2021
 
5.91%
 
4,058

 
 
 
 
 
 
Sylmar Towne Center
6/6/2021
 
5.39%
 
16,911

 
 
 
 
 
 
Plaza Del Sol
12/1/2021
 
5.23%
 
8,365

 
 
 
 
 
 
The AVENUE at White Marsh
1/1/2022
 
3.35%
 
52,705

 
 
 
 
 
 
Montrose Crossing
1/10/2022
 
4.20%
 
68,863

 
 
 
 
 
 
Azalea
11/1/2025
 
3.73%
 
40,000

 
 
 
 
 
 
Bell Gardens
8/1/2026
 
4.06%
 
12,872

 
 
 
 
 
 
Plaza El Segundo
6/5/2027
 
3.83%
 
125,000

 
 
 
 
 
 
The Grove at Shrewsbury (East)
9/1/2027
 
3.77%
 
43,600

 
 
 
 
 
 
Brook 35
7/1/2029
 
4.65%
 
11,500

 
 
 
 
 
 
Chelsea
1/15/2031
 
5.36%
 
5,856

 
 
 
 
 
 
Subtotal
 
 
 
 
453,614

 
 
 
 
 
 
Net unamortized premium and debt issuance costs
 
 
 
(1,148
)
 
 
 
 
 
 
Total mortgages payable, net
 
 
 
 
452,466

 
 
 
4.03%
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes payable
 
 
 
 
 
 
 
 
 
 
 
Term loan
11/21/2019
 
LIBOR + 0.90%
 
275,000

 
 
 
 
 
 
Revolving credit facility (2)
4/20/2020
 
LIBOR + 0.825%
 
20,000

 
 
 
 
 
 
Various
Various through 2028
 
11.31%
 
4,386

 
 
 
 
 
 
Subtotal
 
 
 
 
299,386

 
 
 
 
 
 
Net unamortized debt issuance costs
 
 
 
(280
)
 
 
 
 
 
 
Total notes payable, net
 
 
 
 
299,106

 
 
 
3.62%
(5)
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes and debentures
 
 
 
 
 
 
 
 
 
 
 
Unsecured fixed rate
 
 
 
 
 
 
 
 
 
 
 
2.55% notes
1/15/2021
 
2.55%
 
250,000

 
 
 
 
 
 
3.00% notes
8/1/2022
 
3.00%
 
250,000

 
 
 
 
 
 
2.75% notes
6/1/2023
 
2.75%
 
275,000

 
 
 
 
 
 
3.95% notes
1/15/2024
 
3.95%
 
300,000

 
 
 
 
 
 
7.48% debentures
8/15/2026
 
7.48%
 
29,200

 
 
 
 
 
 
3.25% notes
7/15/2027
 
3.25%
 
475,000

 
 
 
 
 
 
6.82% medium term notes
8/1/2027
 
6.82%
 
40,000

 
 
 
 
 
 
4.50% notes
12/1/2044
 
4.50%
 
550,000

 
 
 
 
 
 
3.625% notes
8/1/2046
 
3.63%
 
250,000

 
 
 
 
 
 
Subtotal
 
 
 
 
2,419,200

 
 
 
 
 
 
Net unamortized discount and debt issuance costs
 
 
 
(14,213
)
 
 
 
 
 
 
Total senior notes and debentures, net
 
 
 
2,404,987

 
 
 
3.75%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net debt
 
3,156,559

 
(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finance lease liabilities
 
 
 
 
 
 
 
 
 
 
 
Various
Various through 2106
 
Various
 
72,071

 
 
 
8.03%
 
Total debt and finance lease liabilities
 
 
 
 
$
3,228,630

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed rate debt and finance lease liabilities, net
 
 
 
$
2,933,842

 
91
%
 
3.91%
 
Total variable rate debt
 
 
 
294,788

 
9
%
 
3.50%
(5)
Total debt and finance lease liabilites, net
 
 
 
$
3,228,630

 
100
%
 
3.88%
(5)

13




 
Three Months Ended
 
March 31,
 
2019
 
2018
Operational Statistics
 
 
 
Ratio of EBITDAre to combined fixed charges and preferred share dividends (6)
4.17x
 
4.13x

Notes:
1)
Mortgages payable does not include our share of the debt on our unconsolidated real estate partnerships. At March 31, 2019, our share was approximately $54.1 million. At March 31, 2019, our noncontrolling interests share of mortgages payable was $58.5 million.
2)
The maximum amount drawn under our revolving credit facility during the three months ended March 31, 2019 was $116.5 million. The weighted average interest rate on borrowings under our revolving credit facility, before amortization of debt fees, for the three months ended March 31, 2019 was 3.2%.
3)
The weighted average remaining term on our debt is 10 years.
4)
The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 5.
5)
The weighted average effective interest rate excludes $0.5 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility which had $20.0 million outstanding on March 31, 2019.
6)
Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor. EBITDAre is reconciled to net income in the Glossary of Terms.

14




Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2019
Year
Scheduled Amortization
 
Maturities
 
Total
 
Percent of Debt Maturing
 
Cumulative Percent of Debt Maturing
 
Weighted Average Rate (3)
 
 
(in thousands)
 
 
 
 
 
 
 
2019
$
4,777

 
$
274,869

 
$
279,646

 
8.8
%
 
8.8
%
 
3.5
%
 
2020
5,559

 
80,593

(1)
86,152

 
2.7
%
 
11.5
%
 
3.8
%
(4)
2021
3,677

 
277,546

 
281,223

 
8.9
%
 
20.4
%
 
2.9
%
 
2022
1,453

 
366,323

 
367,776

 
11.6
%
 
32.0
%
 
3.4
%
 
2023
1,517

 
275,000

 
276,517

 
8.7
%
 
40.7
%
 
3.0
%
 
2024
1,455

 
300,000

 
301,455

 
9.5
%
 
50.2
%
 
4.2
%
 
2025
1,026

 
40,000

 
41,026

 
1.3
%
 
51.5
%
 
3.9
%
 
2026
753

 
39,886

 
40,639

 
1.3
%
 
52.8
%
 
6.6
%
 
2027
617

 
683,600

 
684,217

 
21.6
%
 
74.4
%
 
3.8
%
 
2028
611

 

 
611

 
%
 
74.4
%
 
11.8
%
 
Thereafter
1,438

 
811,500

 
812,938

 
25.6
%
 
100.0
%
 
4.3
%
 
Total
$
22,883

 
$
3,149,317

 
$
3,172,200

(2)
100.0
%
 
 
 
 
 
Notes:
1)
Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of March 31, 2019, there was $20.0 million outstanding under this credit facility.
2)
The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on certain mortgage loans, notes payable, and senior notes as of March 31, 2019.
3)
The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.
4)
The weighted average rate excludes $0.5 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.


15




Federal Realty Investment Trust
 
 
 
 
 
Summary of Redevelopment Opportunities
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
The following redevelopment opportunities have received or will shortly receive all necessary approvals to proceed and are actively being worked on by the Trust. (1)
 
 
 
 
 
 
 
Property
Location
Opportunity
Projected ROI (2)
Projected Cost (1)
Cost to Date
Anticipated Stabilization (3)
 
 
 
 
(in millions)
(in millions)
 
 
 
 
 
 
CocoWalk
Coconut Grove, FL
Shopping center redevelopment to include demolition of three story east wing of the property and construction of an 106,000 square foot 5-story office/retail building including 24,000 square feet of retail
6%-7%

 $75 - $80
$28
2020
Jordan Downs Plaza (5)
Los Angeles, CA
Development of a new 113,000 square foot single-story grocery anchored neighborhood shopping center
7
%
 $38 - $42
$21
2020
Brick Plaza
Brick, NJ
Redevelopment and repositioning of anchor tenant and small shop spaces to transform property into a market dominant center
7
%
$30
$21
2020
Bala Cynwyd
Bala Cynwyd, PA
New 87 unit apartment building to be constructed on underutilized land behind our existing shopping center
6
%
$23
$5
2021
Melville Mall
Huntington, NY
Development of a new 15,000 square foot pad site consisting of two multi-tenant retail buildings
8
%
$11
$2
2020
Montrose Crossing
Rockville, MD
Demolition of 10,000 square foot restaurant building to construct an 18,000 square foot multi-tenant pad building
11
%
$10
$8
2019
Pike 7 Plaza
Vienna, VA
Addition of 8,300 square foot multi-tenant retail pad building
7
%
$10
$9
2019
Wildwood
Bethesda, MD
4,900 square foot south end building expansion and site improvements
7
%
$6
$5
2019
Willow Lawn
Richmond, VA
Conversion of vacant 5,000 square foot pad building to retail use to accommodate new 3,500 square foot fast casual restaurant tenant. Remainder of pad building to be demolished to construct new 2,200 square foot Starbucks pad site
8
%
$2
$2
2019
Total Active Redevelopment projects (4)
 
7
%
 $205 - $214

$101

 

Notes:
(1)
There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the Projected Return on Investment (ROI) or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected ROI and Projected Cost are management's best estimate based on current information and may change over time.
(2)
Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects does NOT include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property.
(3)
Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time.
(4)
All subtotals and totals reflect cost weighted-average ROIs.
(5)
Projected cost is net of the proceeds from our New Market Tax Credit structure. See Note 3 of our December 31, 2018 Form 10-K for additional information.


16




Federal Realty Investment Trust
 
 
 
 
 
 
 
 
 
 
Assembly Row, Pike & Rose, and Santana Row
 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected POI Delivered
 
 
 
 
 
 
 
 
 
 
(as a % of Total)
 
 
 
 
 
Projected
 
Total
Costs to
 
For Year Ended December 31, (2)
 
 
Property (1)
Opportunity
 
ROI (3)
 
Cost (4)
Date
 
2019
2020
 
Expected Opening Timeframe
 
 
 
 
 
(in millions)
(in millions)
 
 
 
 
 
Assembly Row, Somerville, MA
 
 
 
 
 
 
 
 
 
 
Phase II
- 161,000 SF of retail
- 447 residential units
- 158 boutique hotel rooms
 
7%
 (5)
$290 - 305
$292
 
90%
Stabilized
 
128,000 square feet of retail has opened, remaining
tenants projected to open through 2019

 




 


 
Residential building opened in September 2017 with
deliveries through 3Q 2018

 
 




 


 
741,500 SF Partners Healthcare office space (built by Partners) opened in 2016
 
 
 
 
 
 
 
 
 
 
 
Hotel opened in 3Q18

- 122 for-sale condominium units
 
 (6)
$81
$81
 


 
Closings commenced 1Q 2018
Phase III
- 277,000 SF of office
- 500 residential units
- 56,000 SF of retail
 
6%
 
$465 - 485
82
 
 
150,000 square feet of office space pre-leased
 
 
 
 
 
 
 
 
 
 
Openings projected to begin in 2022
 
 
 
 
 
 
 
 
 
 
 
Future Phases
- 1.5M SF of commercial
 
TBD

TBD

 


 


- 329 residential units
 




 


 



 




 


 

Pike & Rose, North Bethesda, MD
 




 


 

Phase II
- 216,000 SF of retail
- 272 residential units
- 177 boutique hotel rooms
 
6%
 (5)
$200 - 207
$198
 
80%
Stabilized
 
192,000 square feet of retail has opened, remaining
tenants projected to open through 2019

 




 


 

 




 


 
Residential building opened in August 2017 with
deliveries through 2Q 2018
 
 
 
 
 
 
 
 
 
 
Hotel opened in 1Q18

- 99 for-sale condominium units
 
 (6)
$62
$62
 


 
Closings commenced 1Q 2018
Phase III
- 212,000 SF of office
 
6-7%
 
$128 - 135
$32
 
 
Opening projected to begin in 2021
 
- 4,000 SF of retail
 
 
 
 
 
 
 
 
 
 
Future Phases
- 740,000 SF of commercial
 
TBD

TBD

 


 


- 741 residential units
 




 


 



 




 
 
 
 

Santana Row, San Jose, CA
 
 
 
 
 
 
 
 
 

700 Santana Row
- 301,000 SF of office
 
7-8%
 
$210 - 220
$161
 
90%
 
Commenced construction 4Q 2016
 
- 18,000 SF of retail & 1,300 parking spaces
 
 
 
 
 
 
 
 
 
Retail openings projected to begin in late 2019
 
- Redevelopment of Santana Row Park including
the installation of a new retail pavilion
 
 
 
 
 
 
 
 
 
Office 100% pre-leased, opening in 2020
Santana West - Phase I
- 360,000 SF of commercial
 
6-7%
 
$250 - 270
$15
 
 
Openings projected to begin in 2021
 
- 1,750 parking spaces
 
 
 
 
 
 
 
 
 
 
Future Phases
- 321,000 SF of commercial
 
TBD
 
TBD

 
 
 
 
 
 
- 395 residential units
 
 
 
 
 
 
 
 
 
 
 
- 620,000 SF of commercial across from Santana Row
 
 
 
 
 
 
 
 
 
 
Notes
(1)
Expected opening dates, total cost, projected return on investment (ROI), and projected POI percentages are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.
(2)
Percentage figures reflect (i) the projected POI (herein defined) for the stated year divided by (ii) the current projected annual stabilized POI for the Property. These percentages are projections only and we cannot give any assurances that these amounts will actually be achieved.
(3)
Projected ROI for development projects reflects the unleveraged Property Operating Income (POI) generated by the development and is calculated as POI divided by cost.
(4)
Projected costs for Assembly Row and Pike & Rose include an allocation of infrastructure costs for the entire project. Phase I of Santana West includes an allocation of infrastructure for the Santana West site.
(5)
Costs are net of expected reimbursement by third parties and land sale proceeds. Phase II total costs and costs to date include our share of the costs in the hotel.
(6)
Condominiums shown at cost; the projected ROI for Phase II does not assume any incremental profit on the sale of condominium units; for return calculation purposes, condominiums are assumed to be sold at cost.

17




Federal Realty Investment Trust
Future Redevelopment Opportunities
March 31, 2019
 
We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these new opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.
 
 
 
 
 
 
 
 
Pad Site Opportunities - Opportunities to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are "by right" and construction is awaiting appropriate retailer demand.
 
Escondido Promenade
Escondido, CA
 
Mercer Mall
Lawrenceville, NJ
 
 
 
Federal Plaza
Rockville, MD
 
Pan Am
Fairfax, VA
 
 
 
Flourtown
Flourtown, PA
 
Sylmar Towne Center
Sylmar, CA
 
 
 
Fresh Meadows
Queens, NY
 


 
 
 


 


 
 
Property Expansion or Conversion - Opportunities at successful retail properties to convert previously underutilized land into new GLA and to convert other existing uses into more productive uses for the property.
 
Barracks Road
Charlottesville, VA
 
Hastings Ranch Plaza
Pasadena, CA
 
 
 
Bethesda Row
Bethesda, MD
 
Northeast
Philadelphia, PA
 
 
 
Crossroads
Highland Park, IL
 
Riverpoint Center
Chicago, IL
 
 
 
Darien
Darien, CT
 
The Shops at Sunset Place
South Miami, FL
 
 
 
Dedham Plaza
Dedham, MA
 
Third Street Promenade
Santa Monica, CA
 
 
 
Fourth Street
Berkeley, CA
 
Wildwood
Bethesda, MD
 
 
 
Fresh Meadows
Queens, NY
 


 
 
 
 
 
 
 
 
 
 
Residential Opportunities - Opportunity to add residential units to existing retail and mixed-use properties.
 
Barracks Road
Charlottesville, VA
 
Graham Park Plaza
Falls Church, VA
 
 
 
Bala Cynwyd
Bala Cynwyd, PA
 
Village at Shirlington
Arlington, VA
 
 
 
 
 
 
 
 
 
 
Longer Term Mixed-Use Opportunities
 
Assembly Row (1)
Somerville, MA
 
San Antonio Center
Mountain View, CA
 
 
 
Bala Cynwyd
Bala Cynwyd, PA
 
Santana Row (3)
San Jose, CA
 
 
 
Pike 7 Plaza
Vienna, VA
 
Santana Row - Santana West (3)
San Jose, CA
 
 
 
Pike & Rose (2)
North Bethesda, MD
 


 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
(1)
Assembly Row
Remaining entitlements after Phase II include approximately 1.5 million square feet of commercial-use buildings and 329 residential units.
(2)
Pike & Rose
Remaining entitlements after Phase II include approximately 740,000 square feet of commercial-use buildings and 741 residential units.
(3)
Santana Row
Remaining entitlements include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 620,000 square feet of commercial space on land we control across from Santana Row.

18




Federal Realty Investment Trust
Real Estate Status Report
March 31, 2019
Property Name
 
MSA Description
Real Estate at Cost (1)
Mortgage/Finance Lease Liabilities (2)
Acreage
GLA (3)
 
% Leased (3)
Residential Units
 Grocery Anchor GLA
 
Grocery Anchor
Other Retail Tenants
 
 
 
(in thousands)
 (in thousands)
 
 
 
 
 
 
 
 
 
 
  Washington Metropolitan Area
 
 
 
 
 
 
 
 
 
 
 
 
Barcroft Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV
$
46,977



10

 
115,000

 
97
%


46,000

 
Harris Teeter

Bethesda Row

Washington-Arlington-Alexandria, DC-VA-MD-WV
227,554



17

 
536,000

 
95
%
180

40,000

 
Giant Food
Apple / Equinox / Multiple Restaurants
Congressional Plaza
(4)
Washington-Arlington-Alexandria, DC-VA-MD-WV
102,528



21

 
325,000

 
93
%
194

25,000

 
The Fresh Market
Buy Buy Baby / Saks Fifth Avenue Off 5th / Container Store / Ulta
Courthouse Center

Washington-Arlington-Alexandria, DC-VA-MD-WV
6,608



2

 
38,000

 
70
%


 


Fairfax Junction
(5)
Washington-Arlington-Alexandria, DC-VA-MD-WV
21,604

 
7

 
75,000

 
100
%
 
23,000

 
Aldi
CVS / Planet Fitness
Falls Plaza/Falls Plaza-East

Washington-Arlington-Alexandria, DC-VA-MD-WV
13,879



10

 
144,000

 
87
%

51,000

 
Giant Food
CVS / Staples
Federal Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV
70,183



18

 
250,000

 
97
%

14,000

 
Trader Joe's
TJ Maxx / Micro Center / Ross Dress For Less
Free State Shopping Center

Washington-Arlington-Alexandria, DC-VA-MD-WV
65,526



29

 
264,000

 
97
%

73,000


Giant Food
TJ Maxx / Ross Dress For Less / Office Depot
Friendship Center

Washington-Arlington-Alexandria, DC-VA-MD-WV
38,109



1

 
119,000

 
100
%


 

Marshalls / Nordstrom Rack / DSW / Maggiano's
Gaithersburg Square

Washington-Arlington-Alexandria, DC-VA-MD-WV
28,173



16

 
208,000

 
94
%


 

Bed, Bath & Beyond / Ross Dress For Less / Ashley Furniture HomeStore
Graham Park Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV
35,963



19

 
158,000

 
94
%

58,000

 
Giant Food
CVS
Idylwood Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV
17,094



7

 
73,000

 
98
%

30,000

 
Whole Foods

Laurel

Washington-Arlington-Alexandria, DC-VA-MD-WV
57,887



26

 
389,000

 
87
%

61,000

 
Giant Food
Marshalls / L.A. Fitness
Leesburg Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV
36,876



26

 
236,000

 
92
%

55,000

 
Giant Food
Petsmart / Gold's Gym / Office Depot
Montrose Crossing
(4)
Washington-Arlington-Alexandria, DC-VA-MD-WV
162,014

68,863

36

 
368,000

 
89
%

73,000

 
Giant Food
Marshalls / Old Navy / Barnes & Noble / Bob's Discount Furniture
Mount Vernon/South Valley/7770 Richmond Hwy
(7)
Washington-Arlington-Alexandria, DC-VA-MD-WV
85,186



29

 
570,000

 
97
%

62,000

 
Shoppers Food Warehouse
TJ Maxx / Home Depot / Bed, Bath & Beyond / Results Fitness
Old Keene Mill

Washington-Arlington-Alexandria, DC-VA-MD-WV
9,189



10

 
92,000

 
97
%

24,000

 
Whole Foods
Walgreens / Planet Fitness
Pan Am

Washington-Arlington-Alexandria, DC-VA-MD-WV
29,423



25

 
226,000

 
98
%

65,000

 
Safeway
Micro Center / CVS / Michaels
Pentagon Row

Washington-Arlington-Alexandria, DC-VA-MD-WV
106,632



14

 
298,000

 
96
%

45,000

 
Harris Teeter
TJ Maxx / Bed, Bath & Beyond / DSW
Pike & Rose
(6)
Washington-Arlington-Alexandria, DC-VA-MD-WV
572,215



24

 
443,000

 
98
%
765


 

iPic Theater / Porsche / H & M / REI / Pinstripes / Multiple Restaurants
Pike 7 Plaza

Washington-Arlington-Alexandria, DC-VA-MD-WV
48,215



13

 
169,000

 
95
%


 

TJ Maxx / DSW / Crunch Fitness / Staples
Plaza del Mercado

Washington-Arlington-Alexandria, DC-VA-MD-WV
46,525



10

 
117,000

 
94
%

18,000


Aldi
CVS / L.A. Fitness
Quince Orchard

Washington-Arlington-Alexandria, DC-VA-MD-WV
39,378



16

 
267,000

 
94
%

19,000

 
Aldi
HomeGoods / L.A. Fitness / Staples
Rockville Town Square
(8)
Washington-Arlington-Alexandria, DC-VA-MD-WV
52,031

4,431

12

 
186,000

 
86
%

25,000

 
Dawson's Market
CVS / Gold's Gym / Multiple Restaurants
Rollingwood Apartments

Washington-Arlington-Alexandria, DC-VA-MD-WV
11,116



14

 
N/A

 
98
%
282


 


Sam's Park & Shop

Washington-Arlington-Alexandria, DC-VA-MD-WV
13,881



1

 
50,000

 
87
%


 

Target
Tower Shopping Center

Washington-Arlington-Alexandria, DC-VA-MD-WV
22,112



12

 
112,000

 
87
%

26,000

 
L.A. Mart
Talbots / Total Wine & More
Tyson's Station

Washington-Arlington-Alexandria, DC-VA-MD-WV
4,709



5

 
50,000

 
92
%

11,000

 
Trader Joe's

Village at Shirlington
(8)
Washington-Arlington-Alexandria, DC-VA-MD-WV
66,842

6,719

16

 
260,000

 
92
%

28,000

 
Harris Teeter
AMC / Carlyle Grand Café
Wildwood

Washington-Arlington-Alexandria, DC-VA-MD-WV
24,883



12

 
83,000

 
91
%

20,000

 
Balducci's
CVS
 

Total Washington Metropolitan Area
2,063,312



458

 
6,221,000

 
94
%


 
 
 
 
 
 
 
 


 
 
 
 

 
 
 
 
  California
 
 
 
 


 
 
 
 

 
 
 
 
Azalea
(4)
Los Angeles-Long Beach-Anaheim, CA
107,451

40,000

22

 
223,000

 
100
%

 
 
 
Marshalls / Ross Dress for Less / Ulta / CVS
Bell Gardens
(4)
Los Angeles-Long Beach-Anaheim, CA
110,531

12,872

32

 
330,000

 
93
%


67,000