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
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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