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)  June 30, 1998



                          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 
June 30, 1998.


Item 7.        Financial Statements and Exhibits

    (c)        Exhibits.

               99   Supplemental portfolio information at June 30, 1998



                                   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:  August 6, 1998                            /s/ Cecily A. Ward
                                                 -------------------------------
                                                 Cecily A. Ward
                                                 Vice President, Controller

                                      -2-

 
                                 EXHIBIT INDEX


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

 99       Supplemental portfolio information at June 30, 1998             4

                                      -3-

 
                        FEDERAL REALTY INVESTMENT TRUST
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                            Supplemental Information
                                 June 30, 1998
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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.   Press Release...........................................................E-7

5.   Glossary of Terms......................................................E-10


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                           1626 East Jefferson Street
                        Rockville, Maryland  20852-4041
                                  301/998-8100

FEDERAL  REALTY INVESTMENT TRUST
DEBT ANALYSIS  (excluding capital leases and interest rate swaps)
June 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------ Balance Maturity Rate (in thousands) Mortgages Loehmanns Plaza 07/21/98 9.75% 6,274 Federal Plaza 03/10/01 8.95% 27,854 Tysons Station 09/01/01 9.875% 4,174 Bristol 08/01/98 9.65% 10,674 Escondido (Municipal bonds) purchased 12/31/96 10/01/16 Variable ## 9,400 -------- $ 58,376 ======== Notes payable Revolving credit facilities libor +.65% $121,000 Note issued in connection with tenant buyout at Queen Anne Plaza 01/15/06 8.875% 1,112 Note issued in connection with renovation of Perring Plaza 01/31/13 10.00% 2,738 Other various various 229 -------- $125,079 ======== 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 6.82% Medium Term Notes 08/01/27 6.820% 40,000 6.74% Medium Term Notes * 03/10/06 6.370% 39,500 6.99% Medium Term Notes * 03/10/06 6.894% 40,500 -------- $410,289 ======== Total fixed rate debt $463,344 78.04% Total variable rate debt 130,400 21.96% ------- ------ Total debt $593,744 100.00% ======== ====== Weighted average interest rate: ------------------------------- Fixed rate debt 7.30% Variable on revolving facilities 6.20%** Variable on municipal bonds ##
* The Trust purchased interest rate swaps or hedges on these notes, thereby decreasing the effective interest. ** Weighted average interest rate on revolving credit facilities for six months ended June 30,1998. ## 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 JUNE 30, 1998
Overall Occupancy (Quarter to Quarter Analysis) June 30, 1998 June 30, 1997 ------------------------------- --------------------------------- Type Size Leased Occupancy Size Leased Occupancy - --------------------------------- ----------- ----------- ----------- ----------- ----------- --------- Retail Properties (leasable square feet) 13,658,940 12,989,036 95% 12,770,492 11,986,868 94% Rollingwood Apartments (# of units) 282 281 99% 282 280 99% Overall Occupancy (Rolling 12 Months) June 30, 1998 March 31, 1998 ----------------------------------- --------------------------------- Type Size Leased Occupancy Size Leased Occupancy - --------------------------------- ----------- ----------- ----------- ----------- ----------- --------- Retail Properties (leasable square feet) 13,658,940 12,989,036 95% 13,518,261 12,923,203 96% Rollingwood Apartments (# of units) 282 281 99% 282 280 99% Overall Occupancy (Rolling 12 Months) December 31, 1997 September 30, 1997 ------------------------------------ ----------------------------------- Type Size Leased Occupancy Size Leased Occupancy - --------------------------------- ----------- ----------- --------- ----------- ----------- --------- Retail Properties (leasable square feet) 13,518,197 12,919,532 96% 12,856,798 12,202,952 95% Rollingwood Apartments (# of units) 282 279 99% 282 282 100% Same Center Occupancy (Quarter to Quarter Comparison) June 30, 1998 June 30, 1997 ----------------------------------- --------------------------------- Type Size Leased Occupancy Size Leased Occupancy - --------------------------------- ----------- ----------- ----------- ----------- ----------- --------- Retail Properties (leasable square feet) 11,938,810 11,358,594 95% 11,821,443 11,186,570 95% Rollingwood Apartments (# of units) 282 281 99% 282 280 99% Same Center Occupancy (Rolling 12 Months) At June 30, 1998 At March 31, 1998 ----------------------------------- --------------------------------- Type Size Leased Occupancy Size Leased Occupancy - --------------------------------- ----------- ----------- ----------- ----------- ----------- --------- Retail Properties (leasable square feet) 11,938,810 11,358,594 95% 11,652,173 11,119,804 95% Rollingwood Apartments (# of units) 282 281 99% 282 280 99% Same Center Occupancy (Rolling 12 Months) At December 31, 1997 At September 30, 1997 ------------------------------------ ----------------------------------- Type Size Leased Occupancy Size Leased Occupancy - --------------------------------- ----------- ----------- --------- ----------- ----------- --------- Retail Properties (leasable square feet) 12,188,308 11,639,769 95% 11,096,212 10,577,015 95% Rollingwood Apartments (# of units) 282 279 99% 282 282 100%
FEDERAL REALTY INVESTMENT TRUST ECONOMIC OCCUPANCY ANALYSIS JUNE 30, 1998 Overall Economic Occupancy (Quarter to Quarter Analysis) June 30, 1998 June 30, 1997 -------------------------------------- --------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ------------------------------- ----------- -------------- --------- ----------- --------------- --------- Retail Properties (leasable square feet) 13,658,940 12,778,700 94% 12,770,492 11,724,538 92% Rollingwood Apartments (# of units) 282 274 97% 282 280 99% Overall Economic Occupancy (Rolling 12 Months) June 30, 1998 March 31, 1998 -------------------------------------- --------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ------------------------------- ----------- -------------- --------- ----------- --------------- --------- Retail Properties (leasable square feet) 13,658,940 12,778,700 94% 13,518,261 12,619,318 93% Rollingwood Apartments (# of units) 282 274 97% 282 280 99% December 31, 1997 September 30, 1997 -------------------------------------- --------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ------------------------------- ----------- -------------- --------- ----------- --------------- --------- Retail Properties (leasable square feet) 13,518,197 12,757,485 94% 12,856,798 12,056,781 94% Rollingwood Apartments (# of units) 282 279 99% 282 276 98% Same Center Economic Occupancy (Quarter to Quarter Comparison) June 30, 1998 June 30, 1997 -------------------------------------- --------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ------------------------------- ----------- -------------- --------- ----------- --------------- --------- Retail Properties (leasable square feet) 11,938,810 11,167,083 94% 11,821,443 10,937,511 93% Rollingwood Apartments (# of units) 282 274 97% 282 280 99% Same Center Economic Occupancy (Rolling 12 Months) June 30, 1998 At March 31, 1998 -------------------------------------- --------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ------------------------------- ----------- -------------- --------- ----------- --------------- --------- Retail Properties (leasable square feet) 11,938,810 11,167,083 94% 11,652,173 10,819,572 93% Rollingwood Apartments (# of units) 282 274 97% 282 280 99% At December 31, 1997 At September 30, 1997 -------------------------------------- --------------------------------------- Leases Leases Generating Economic Generating Economic Type Size Income Occupancy Size Income Occupancy - ------------------------------- ----------- -------------- --------- ----------- --------------- --------- Retail Properties (leasable square feet) 12,188,308 11,486,609 94% 11,096,212 10,433,345 94% Rollingwood Apartments (# of units) 282 279 99% 282 276 98%
FEDERAL REALTY INVESTMENT TRUST REGIONAL OCCUPANCY ANALYSIS JUNE 30, 1998 - ------------------------------------------------------ Total Square Occupancy Region Footage 06/30/98 - ----------------------- -------------- ------------- Northeast 6,010,804 96% Mid-Atlantic 5,301,511 97% Mid-West 842,401 94% Southeast 634,076 76% West Coast 830,573 94% Southwest 39,575 95% - ------------------------------------------------------ Total Square Occupancy Region Footage 06/30/98 - ----------------------- -------------- ------------- Northeast Anchor 3,645,394 97% Small Shops 2,365,410 94% Mid-Atlantic Anchor 2,562,251 100% Small Shops 2,739,260 94% Mid-West Anchor 517,014 97% Small Shops 325,387 88% Southeast Anchor 302,245 67% Small Shops 331,831 85% West Coast Anchor 88,095 100% Small Shops 742,478 93% Southwest Anchor 0 0% Small Shops 39,575 95%
Federal Realty Investment Trust Leasing Activity June 30, 1998 COMPARABLE Weighted Average Prior Average Current Number of Square Average Lease Rent Per Rent Per Rolling 12 Months Leases Signed Feet Term (Years) Square Foot Square Foot - ---------------------- -------------- ----------- --------------- ------------------ --------------- 2nd Quarter 1998 68 241,132 7.8 $15.33 $20.14 1st Quarter 1998 78 304,204 7.0 $15.38 $17.43 4th Quarter 1997 72 272,820 9.2 $17.07 $19.60 3rd Quarter 1997 69 270,550 7.9 $14.21 $16.12 Total 287 1,088,706 8.0 $15.50 $18.25
Estimated Percentage Tenant Annualized Increase Improvement Rolling 12 Months Increase in Rent over Prior Rent Costs - ---------------------- ---------------- --------------- ------------- 2nd Quarter 1998 $1,160,247 31% $933,000 1st Quarter 1998 $623,425 13% $990,000 4th Quarter 1997 $690,291 15% $923,000 3rd Quarter 1997 $518,342 13% $1,269,000 Total $2,992,305 18% $4,115,000
NON-COMPARABLE Weighted Estimated Average Annualized Tenant Number of Square Lease Average Rent Current Improvement Rolling 12 Months Leases Signed Feet Term (Years) Per Square Foot Rent Costs - ---------------------- -------------- ----------- --------------- ------------------ --------------- ---------------- 2nd Quarter 1998 15 63,474 9.3 $14.30 $907,455 $78,000 1st Quarter 1998 10 55,877 12.1 $22.49 $1,256,594 $585,000 4th Quarter 1997 10 40,744 11.9 $21.03 $857,046 $90,000 3rd Quarter 1997 15 99,537 10.0 $18.60 $1,851,254 $133,000 Total 50 259,632 10.8 $18.77 $4,872,349 $886,000
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. Kathy Klein Vice President Corporate Communications 301/998-8211 FEDERAL REALTY INVESTMENT TRUST ANNOUNCES SECOND QUARTER 1998 OPERATING RESULTS August 5, 1998 Rockville, Maryland Federal Realty Investment Trust (NYSE:FRT) reported today that funds from operations for the second quarter of 1998 increased 5% to $20.9 million from $19.9 million in the second quarter of 1997. On a per share basis, funds from operations rose 2% to $.52 in the second quarter of 1998 from $.51 in the comparable quarter of 1997. Excluding the impact of prospective changes in accounting policies (EITF 97-11) requiring that internal acquisition costs be expensed rather than capitalized and acquisition write-offs, funds from operations per share for the second quarter would have increased 8% to $.55 in 1998 from $.51 in the second quarter of 1997. A comparison of property operations for the second quarter of 1998 versus the second quarter of 1997 shows the following: . Rental income increased 15% to $54.1 million in 1998 from $47.1 million in 1997. When adjusted to exclude properties acquired and sold during 1997 and 1998, rental income increased 4% to $46.1 million in 1998 from $44.2 million in 1997. . Net operating income increased 19% to $40.0 million in 1998 from $33.7 million in 1997. When adjusted to exclude properties acquired and sold during 1997 and 1998, net operating income increased 9% to $34.6 million in 1998 from $31.7 million in 1997. -MORE- . During the second quarter of 1998, the Trust signed leases for a total 305,000 square feet of retail space. On a same space basis, the Trust re-leased 241,000 square feet of retail space at an average increase in rent per square foot of 31%. The weighted average rent on these leases was $20.14 per square foot compared to the previous average rent of $15.33 per square foot. . Same property occupancy stood at 95% at both June 30, 1998 and 1997. At June 30, 1998, the Trust's overall portfolio was 95% leased compared to 94% a year ago. Funds from operations also improved for the first six months of 1998 increasing 8% to $42.2 million or from $38.9 million in the first half of 1997. On a per share basis, funds from operations advanced 4% to $1.05 per share for the first six months of 1998 compared to $1.01 for the comparable period of 1997. If adjusted to exclude the impact of accounting changes and acquisition write-offs, funds from operations per share for the first six months of 1998 would have increased 8% to $1.09 from $1.01 for the first half of 1997. Commenting on the results, Steven Guttman, President and Chief Executive Officer stated, "While recent market conditions have made it difficult to acquire assets that add long-term value at attractive prices, we continue to focus keenly on improving margins in our existing portfolio and on creating a development pipeline of unique street retail assets. Federal's core portfolio continues to perform well and with a comprehensive reengineering effort currently in progress, is expected to continue to improve during the balance of this year and into 1999." 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 116 retail properties, consisting of neighborhood and community shopping centers and main street retail properties, located in strategic metropolitan markets across the United States. These markets include Boston, New York, Philadelphia, Washington D.C., Chicago, San Antonio, Portland, San Francisco, Los Angeles, San Jose and San Diego. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962 and has increased its dividend rate for 30 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 Six Months Ended June 30, June 30, Operating Results 1998 1997 1998 1997 - ----------------- -------------- -------------- -------------- -------------- Revenues Rental income $54,127 $ 47,061 $ 106,608 $ 90,981 Interest and other income 1,341 1,448 2,935 2,948 Other property income 2,934 2,293 5,036 5,520 ------- -------- ---------- ---------- 58,402 50,802 114,579 99,449 Expenses Rental 11,347 10,789 23,269 21,005 Real estate taxes 5,745 4,892 11,217 9,466 Interest 13,404 11,999 26,097 23,988 Administrative 3,995 2,493 5,836 4,594 Depreciation and amortization 11,203 10,404 21,972 20,528 ------- -------- ---------- ---------- 45,694 40,577 88,391 79,581 ------- -------- ---------- ---------- Operating income before investors' share of operations and gain on sale of real estate 12,708 10,225 26,188 19,868 investor's share of operations (745) (249) (1,531) (581) ------- -------- ---------- ---------- Income before gain on sale of real estate 11,963 9,976 24,657 19,287 Gain on sale of real estate - 7,034 - 7,034 ------- -------- ---------- ---------- Net income $11,963 $ 17,010 $ 24,657 $ 26,321 Dividends on preferred stock (1,987) - (3,975) - ------- -------- ---------- ---------- Net income available for common shareholders $ 9,976 $ 17,010 $ 20,682 $ 26,321 ======= ======== ========== ========== Earnings per common share, basic $ 0.26 $ 0.44 $ 0.53 $ 0.69 ======= ======== ========== ========== Earnings per common share, diluted $ 0.25 $ 0.43 $ 0.53 $ 0.68 ======= ======== ========== ========== Weighted average shares outstanding, basic 39,122 38,754 39,057 38,126 Weighted average shares outstanding, diluted 39,900 39,200 39,896 38,616 Funds From Operations Net income available for common shareholders $ 9,976 $ 17,010 $ 20,682 $ 26,321 Less: gain on sale of real estate - (7,034) - (7,034) Add: depreciation and amortization of real estate assets 10,168 9,354 19,906 18,418 Add: amortization of initial direct costs of leases 588 564 1,181 1,148 Add: income attributable to operating partnership units 207 - 414 - ------- -------- ---------- ---------- Funds from operations, diluted $20,939 $ 19,894 $ 42,183 $ 38,853 ======= ======== ========== ========== Funds from operations per share, diluted $ 0.52(1) $ 0.51 $ 1.05 $ 1.01 ======= ======== ========== ==========
(1) FFO per share for the second quarter was $.55 or 8% better than the 1997 second quarter when excluding the impact of prospective changes in accounting policies (EITF 97-11) and acquisition write-offs.
Balance Sheet Data 1998 1997 - ------------------ ---------- ------------ Assets Real estate, at cost $1,513,127 $1,453,639 Accumulated depreciation and amortization (265,622) (247,497) ---------- ---------- 1,247,505 1,206,142 Mortgage notes receivable 34,883 38,360 Cash and investments 13,554 17,043 Receivables 17,711 18,794 Other assets 38,025 36,234 ---------- ---------- Total Assets $1,351,678 $1,316,573 ========== ========== Liabilities and Shareholders' Equity Obligations under capital leases & mortgages payable $ 180,949 $ 221,573 Notes payable 125,079 119,028 Senior Notes 335,000 255,000 5 1/4% Convertible subordinated debentures 75,289 75,289 Other liabilities 90,552 91,873 Shareholders' Equity 544,809 553,810 ---------- ---------- Total Liabilities and Shareholders' Equity $1,351,678 $1,316,573 ========== ==========