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) December 31, 1996

                        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           (IRS Employer
of incorporation)                File Number)          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
                                                   ------------

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 December 31, 1996.

Item 7.     Financial Statements and Exhibits

    (c)     Exhibits.

            99   Supplemental portfolio information at December 31, 1996

                                  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:  February 24, 1997                  /s/ Cecily A. Ward
                                          -------------------------------
                                          Cecily A. Ward
                                          Vice President, Controller




                                      -2-

 
                                 EXHIBIT INDEX

Exh No.   Exhibit                                                    Page No.
- -------   -------                                                    --------

  99      Supplemental portfolio information at December 31, 1996           4

                                      -3-

 
                        FEDERAL REALTY INVESTMENT TRUST

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                           Supplemental Information
                               December 31, 1996

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                               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.   Lease Expirations
           Average Rent on Leases Expiring...............................  E-7
           Leases Expiring on Anchor and Small Shops.....................  E-8

5.   Sales/Occupancy Costs
           Overall, Anchor & Small Shop..................................  E-9

6.   Press Release....................................................... E-10

7.   Glossary of Terms................................................... E-13
================================================================================ 1626 East Jefferson Street Rockville, Maryland 20852-4041 301/998-8100 FEDERAL REALTY INVESTMENT TRUST DEBT ANALYSIS (excluding capital leases) December 31, 1996
========================================================================================================================= Balance Maturity Rate (in thousands) -------------- Mortgages Barracks Road 06/01/98 9.77% $21,412 Falls Plaza 06/01/98 9.77% 4,257 Old Keene Mill 06/01/98 9.77% 6,979 West Falls 06/01/98 9.77% 4,885 Loehmanns Plaza 07/21/98 9.75% 6,415 Bristol 08/01/98 9.65% 11,018 Federal Plaza 03/10/01 8.95% 28,445 Tysons Station 09/01/01 9.875% 4,265 Northeast 12/31/01 participating 1,500 Escondido (Municipal bonds) purchased 12/31/96 10/01/16 Variable*** 9,400 $98,576 ============== Notes payable Revolving credit facilities libor +.75% $59,400 Note issued in connection with tenant buyout at Queen Anne Plaza 01/15/06 8.875% 1,291 Note issued in connection with renovation of Perring Plaza 01/31/13 10.00% 2,854 Note issued in connection with lease 11/13/95 none 2,500 Other various various 61 -------------- $66,106 ============== Unsecured Public Debt 5 1/4% Convertible subordinated 04/30/02 5.250% $289 debentures 5 1/4% Convertible subordinated 10/28/03 5.250% 75,000 debentures 8 7/8% Notes (fixed) 01/15/00 8.875% 75,000 8 7/8% Notes (fixed)* 01/15/00 7.530% 25,000 8% Notes (fixed) 04/21/02 8.000% 25,000 6 5/8% Notes (fixed) 12/01/05 6.625% 40,000 7.48% Debentures 08/15/26 7.480% 50,000 -------------- $290,289 ============== Total fixed rate debt $384,671 84.55% Total variable rate debt 70,300 15.45% -------------- -------- Total debt $454,971 100.00% ============== ======== Weighted average interest rate: --------------------------------- Fixed rate debt 7.75% Variable on revolving facilities 6.40% **
*The Trust purchased an interest rate swap on $25 million which sold for $1.5 million, thereby decreasing the effective interest rate. **Weighted average interest rate on revolving credit facilities for twelve months ended December 31, 1996. ***The bonds bear interest at a variable rate determined weekly to be the Interest rate which would enable the bonds to be remarketed at 100% of their principal amount. Federal Realty Investment Trust Percentage Leased Analysis December 31, 1996
================================================================================================================================== Overall Occupancy (Quarter to Quarter Analysis) December 31, 1996 December 31, 1995 ---------------------------------------- --------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---------------------------------------- ------------ ------------ ----------- ------------ ------------ ----------- Retail Properties (square feet) 12,733,461 11,935,107 94% 12,455,447 11,888,280 95% Rollingwood apartments (# of units) 282 278 98% 282 271 96% Overall Occupancy (Rolling 12 Months) December 31, 1996 September 30, 1996 ---------------------------------------- --------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---------------------------------------- ------------ ------------ ----------- ------------ ------------ ----------- Retail Properties (square feet) 12,733,461 11,935,107 94% 12,324,469 11,509,125 93% Rollingwood apartments (# of units) 282 278 98% 282 281 99% Overall Occupancy (Rolling 12 Months) June 30, 1996 March 31, 1996 ---------------------------------------- --------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---------------------------------------- ------------ ------------ ----------- ------------ ------------ ----------- Retail Properties (square feet) 12,317,789 11,593,141 94% 12,480,181 11,796,821 95% Rollingwood apartments (# of units) 282 100% 282 274 97% ==================================================================================================================================
Same Center Occupancy (Quarter to Quarter Comparison) December 31, 1996 December 31, 1995 ---------------------------------------- --------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---------------------------------------- ------------ ------------ ----------- ------------ ------------ ----------- Retail Properties (square feet) 11,247,168 10,625,745 94% 11,215,520 10,727,011 96% Rollingwood Apartments (# of units) 282 278 98% 282 271 96% Same Center Occupancy (Rolling 12 Months) At December 31, 1996 At September 31, 1995 ---------------------------------------- --------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---------------------------------------- ------------ ------------ ----------- ------------ ------------ ----------- Retail Properties (square feet) 11,247,168 10,625,745 94% 11,559,958 10,904,972 94% Rollingwood apartments (# of units) 282 278 98% 282 281 99% Same Center Occupancy (Rolling 12 Months) At June 30, 1996 At March 31, 1996 ---------------------------------------- --------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---------------------------------------- ------------ ------------ ----------- ------------ ------------ ----------- Retail Properties (square feet) 11,115,866 10,546,049 95% 11,223,075 10,605,961 95% Rollingwood apartments (# of units) 282 282 100% 282 274 97%
Federal Realty Investment Trust Economic Occupancy Analysis December 31, 1996 ================================================================================
Overall Economic Occupancy (Quarter to Quarter Analysis) December 31, 1996 December 31,1995 ----------------------------------------- ------------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ----------------------------------- ------------ ------------ -------------- ------------ ------------ ------------- Retail Properties (square feet) 12,733,461 11,681,107 92% 12,455,447 11,627,243 93% Rollingwood Apartments (# of units) 282 277 98% 282 271 96% Overall Economic Occupancy (Rolling 12 Months) At December 31, 1996 At September 30, 1996 ----------------------------------------- ------------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ----------------------------------- ------------ ------------ -------------- ------------ ------------ ------------- Retail Properties (square feet) 12,733,461 11,680,876 92% 12,324,469 11,277,086 92% Rollingwood Apartments (# of units) 282 277 98% 282 277 98% Overall Economic Occupancy (Rolling 12 Months) At June 30, 1996 At March 31, 1996 ----------------------------------------- ------------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ----------------------------------- ------------ ------------ -------------- ------------ ------------ ------------- Retail Properties (square feet) 12,317,789 11,300,470 92% 12,480,181 11,544,594 93% Rollingwood Apartments (# of units) 282 282 100% 282 274 97% - ----------------------------------------------------------------------------------------------------------------------------- Same Center Economic Occupancy (Quarter to Quarter Comparison) December 31, 1996 December 31, 1995 ----------------------------------------- ------------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ----------------------------------- ------------ ------------ -------------- ------------ ------------ ------------- Retail Properties (square feet) 11,247,168 10,378,343 92% 11,215,520 10,477,908 93% Rollingwood Apartments (# of units) 282 277 98% 282 271 96% Same Center Economic Occupancy (Rolling 12 Months) At December 31, 1996 At September 30, 1996 ----------------------------------------- ------------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ----------------------------------- ------------ ------------ -------------- ------------ ------------ ------------- Retail Properties (square feet) 11,247,168 10,378,343 92% 11,559,958 10,678,908 92% Rollingwood Apartments (# of units) 282 277 98% 282 277 98% Same Center Economic Occupancy (Rolling 12 Months) At June 30, 1996 At March 31, 1996 ----------------------------------------- ------------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ----------------------------------- ------------ ------------ -------------- ------------ ------------ ------------- Retail Properties (square feet) 11,115,866 10,272,070 92% 11,223,075 10,413,790 93% Rollingwood Apartments (# of units) 282 282 100% 282 274 97%
Federal Realty Investment Trust Regional Occupancy Analysis December 31, 1996 ================================================================================
Total Square Occupancy Region Footage 12/31/96 - -------------------- ---------------- ----------------- D.C./Baltimore 3,782,761 95% Philadelphia 2,301,010 96% New York/New Jersey 1,962,610 98% Central Virginia 1,175,872 95% Mid-West 1,097,895 83% New England 1,109,995 96% Southern California 273,540 92% Other 1,029,778 81%
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Total Square Occupancy Region Footage 12/31/96 - -------------------- ---------------- ----------------- D.C./Baltimore 3,782,761 95% Anchor 1,886,095 98% Small Shops 1,896,666 92% Philadelphia 2,301,010 96% Anchor 1,312,322 98% Small Shops 988,688 94% New York/New Jersey 1,962,610 98% Anchor 1,428,008 100% Small Shops 534,602 94% Central Virginia 1,175,872 95% Anchor 543,525 100% Small Shops 632,347 91% Mid-West 1,097,895 83% Anchor 654,384 76% Small Shops 443,511 94% New England 1,109,995 96% Anchor 564,207 100% Small Shops 545,788 93% Southern California 273,540 92% Anchor 88,095 100% Small Shops 185,445 88% Other 1,029,778 81% Anchor 522,790 81% Small Shops 506,988 82%
Federal Realty Investment Trust Leasing Activity December 31, 1996 =============================================================================== Comparable
Weighted Average Prior Average Current Number of Square Average Lease Rent Per Rent Per Annualized Rolling 12 Months Leases Signed Feet Term (Years) Square Foot Square Foot Increase in Rent - ------------------------- ----------------- ------------ ---------------- --------------- --------------- -------------------- 4th Quarter 1996 85 469,455 10.7 $10.88 $15.94 $2,376,264 3rd Quarter 1996 89 298,546 6.1 14.17 16.05 562,179 2nd Quarter 1996 81 272,984 6.9 14.80 15.52 196,312 1st Quarter 1996 61 259,925 7.0 13.28 14.88 416,047 Total 316 1,300,910 8.1 $12.94 $15.67 $3,550,802 Estimated Percentage Tenant Increase Improvement Rolling 12 Months over Prior Rent Costs - ------------------------- ------------------- --------------- 4th Quarter 1996 47% $6,988,000 3rd Quarter 1996 13% 1,740,000 2nd Quarter 1996 5% 2,042,000 1st Quarter 1996 12% 1,010,000 Total 21% $11,780,000
Non-Comparable
Estimated Weighted Annualized Tenant Number of Square Average Lease Average Rent Current Improvement Rolling 12 Months Leases Signed Feet Term (Years) Per Square Foot Rent Costs - ------------------------- ----------------- ------------ ---------------- ------------------- --------------- ---------------- 4th Quarter 1996 8 170,449 18.3 $12.85 $2,189,679 $995,000 3rd Quarter 1996 5 19,918 8.3 13.89 276,607 380,000 2nd Quarter 1996 8 31,194 8.7 8.10 252,789 390,000 1st Quarter 1996 6 69,840 12.6 12.54 875,799 351,000 Total 27 291,401 17.5 $12.34 $3,594,874 $2,116,000
Federal Realty Investment Trust Leases Expiring
Total Percent Average Square Feet of Total Rent Per Expiring (1) Portfolio(2) Square Foot ------------ ------------ ----------- 1997 424,896 3% $15.71 1998 411,273 3% $16.53 1999 720,648 5% $11.98 2000 431,157 3% $19.33 2001 470,455 4% $19.14
(1) Excludes lease expirations with options (2) Total square footage December 31, 1996: 13,122,333 Federal Realty Investment Trust Leases Expiring - Anchors and Small Shops
Total Percent Square Feet of Total Expiring(1) Portfolio(2) ----------- ------------ 1997 Anchor 90,899 (less than)1% Small Shop 333,997 3% 1998 Anchor 71,789 (less than)1% Small Shop 339,484 3% 1999 Anchor 340,632 3% Small Shop 380,016 3% 2000 Anchor 41,663 (less than)1% Small Shop 389,494 3% 2001 Anchor 30,997 (less than)1% Small Shop 439,448 3%
(1) Excludes lease expirations with options (2) Total square footage December 31, 1996: 13,122,333 Federal Realty Investment Trust 1996 Sales/Occupancy Costs
Average Average Average Occupancy Occupancy Costs Sales Per Cost Per as Percentage Square Foot Square Foot of Sales ---------------- ------------------ ------------------- Reporting Tenants* $264.21 $14.01 5.3% Reporting Anchor Tenants $286.88 $9.64 3.3% Reporting Small Shop Tenants $231.30 $20.26 8.7%
* Includes only those tenants that have 12 months of reported sales in 1996 "Ami pro" Release [LOGO OF FEDERAL REALTY INVESTMENT TRUST APPEARS HERE] F E D E R A L R E A L T Y I N V E S T M E N T T R U S T Mary Jane Morrow Senior Vice President Finance & Treasurer (301) 998-8321 FEDERAL REALTY INVESTMENT TRUST ANNOUNCES 1996 OPERATING RESULTS Rockville, Maryland February 12, 1997 Federal Realty Investment Trust (NYSE:FRT) reported today that funds from operations for the year ended December 31, 1996 increased 14% to $65.3 million from $57.0 million in 1995. On a per share basis, funds from operations rose 8% to $1.94 per share in 1996 from $1.79 in 1995. A comparison of property operations for the year ended 1996 versus 1995 shows the following: . Rental income increased 15% to $164.9 million in 1996 from $142.8 million in 1995. When adjusted to exclude properties acquired and sold during 1995 and 1996, rental income increased 7% to $146.4 million in 1996 from $137.3 million in 1995. . During 1996, the Trust signed leases for a total 1.6 million square feet of retail space. On a same space basis, the Trust re-leased 1.3 million square feet at an average increase in rent per square foot of 21%. The weighted average rent on these leases was $15.67 per square foot compared to the previous average rent of $12.94 per square foot. -More- 1 6 2 6 E A S T J E F F E R S O N S T R E E T, R O C K V I L L E, M D 2 0 8 5 2 - 4 0 4 1 3 0 1 - 9 9 8 - 8 1 0 0 During 1995, the Trust leased a total 1.5 million square feet. On a same space basis, 1.3 million square feet was released at an average increase in rent per square foot of 18%. The weighted average rent on these leases was $14.80 per square foot compared to the previous average rent per square foot of $12.53. . Same property occupancy stood at 94% at December 31, 1996 compared to 96% at year end 1995. The Trust's overall portfolio was 94% leased compared to 95% a year ago. Commenting on the year, Steven J. Guttman, President and Chief Executive Officer stated, "We are pleased with our strong 1996 results. In addition to the positive contributions from our recent acquisitions, we continue to benefit from the improved performance of our core portfolio. Our redevelopment and remerchandising programs have produced steady rental income growth, which combined with our expense control program, has had a positive impact on the bottom line." Federal Realty is an equity real estate investment trust specializing in the ownership, management and redevelopment of prime retail properties. The Trust's real estate portfolio contains 87 retail properties, principally neighborhood and community shopping centers, located in strategic metropolitan markets across the United States. These markets include Boston, New York/New Jersey, Philadelphia, metropolitan Washington D.C., Chicago and Southern California. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962 and has increased its dividend rate for 29 consecutive years. Shares of the Trust are traded on the New York Stock Exchange under the symbol: FRT. ### Financial Highlights (in thousands, except per share data)
Three Months Ended Year Ended December 31, December 31, OPERATING RESULTS 1996 1995 1996 1995 - ----------------- ---- ---- ---- ---- Revenues Rental income $43,332 $38,284 $164,887 $142,841 Interest 1,204 1,064 4,352 4,113 Other income 2,840 2,152 9,816 7,435 ----- ----- ----- ----- 47,376 41,500 179,055 154,389 Expenses Rental 10,177 10,034 40,687 35,093 Real estate taxes 4,300 3,767 16,411 14,471 Interest 11,996 10,454 45,555 39,268 Administrative 3,026 2,822 9,100 7,305 Depreciation and amortization 10,029 9,086 38,154 34,901 ------ ----- ------ ------ 39,528 36,163 149,907 131,038 ------ ------ ------- ------- Operating income before investors' share of operations and loss on sale of real estate 7,848 5,337 29,148 23,351 Investor's share of operations (140) 29 (394) 304 ----- ----- ------ ------ Income before loss on sale of real estate 7,708 5,336 28,754 23,655 Loss on sale of real estate (12) -- (12) (545) ----- ----- ------ ------- Net income $7,696 $5,366 $28,742 $23,110 ====== ====== ======= ======= Earnings per share $0.22 $0.17 $0.86 $0.72 ===== ===== ===== ===== Funds from Operations Net income $7,696 $5,366 $28,742 $23,110 Add: depreciation and amortization of real estate assets 8,972 8,096 34,128 30,986 Add: amortization of initial direct costs of leases 595 598 2,372 2,393 Add: loss on sale and nonrecurring items 12 -- 12 545 ---- ---- ---- ----- Funds from operations $17,275 $14,060 $65,254 $57,034 ======= ======= ======= ======= Funds from operations per share $0.50 $0.44 $1.94 $1.79 ===== ===== ===== ===== Weighted average shares outstanding 34,288 32,205 33,573 31,860 ========================================================================================================================== December 31, December 31, BALANCE SHEET DATA 1996 1995 - ------------------ ---- ---- Assets Real estate, at cost $1,147,865 $1,009,682 Accumulated depreciation and amortization (223,553) (190,795) -------- -------- 924,312 818,887 Mortgage notes receivable 27,913 13,561 Cash and investments 11,041 10,521 Receivables 17,294 16,102 Other assets 54,746 27,083 ------ ------ Total assets $1,035,306 $886,154 ========== ======== Liabilities and Shareholders' Equity Obligations under capital leases & mortgages payable $229,189 $222,317 Notes payable 66,106 49,980 Senior Notes 215,000 165,000 5 1/4% Convertible subordinated debentures 75,289 75,289 Other liabilities 60,837 46,100 Shareholders' Equity 388,885 327,468 ------- ------- $1,035,306 $886,154 ========== ========
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 development. 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.