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, 2000
Federal Realty Investment Trust
-------------------------------
(Exact name of registrant as specified in its charter)
Maryland 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, 2000.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at December 31, 2000
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 15, 2001 -------------------------------------------
Cecily A. Ward
Vice President, Chief Financial Officer and Treasurer
-2-
EXHIBIT INDEX
Exh No. Exhibit Page No.
- ------- ------- --------
99 Supplemental portfolio information at December 31, 2000 4
-3-
FEDERAL REALTY INVESTMENT TRUST
Supplemental Information
December 31, 2000
TABLE OF CONTENTS
1. Debt Summary......................................................E-2
2. Occupancy
Percentage Leased...............................................E-3
Regional Breakdown..............................................E-4
3. Leases Signed Analysis
Comparable and Non-Comparable...................................E-5
4. Lease Expirations
Average Rent on Leases Expiring.................................E-6
Leases Expiring on Anchor and Small Shops.......................E-7
5. Major Tenants by Revenue Contribution.............................E-8
6. Street Retail Operating & Development Overview....................E-9
7. Development Pipeline..............................................E-10
8. 2000 Year End Earnings Press Release, February 15, 2001...........E-11
9. Glossary of Terms.................................................E-15
1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100
FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (excluding capital leases and interest rate swaps)
December 31, 2000
- --------------------------------------------------------------------------------------------------------------------------
Balance
Maturity Rate (in thousands)
-------- ---- --------------
Mortgages
Leesburg Plaza 10/01/08 6.100% $9,900
Federal Plaza 03/10/01 8.950% 26,675
Tysons Station 09/01/01 9.875% 3,988
164 E Houston Street 10/06/08 7.500% 337
Barracks Road 11/01/15 7.950% 44,300
Hauppauge 11/01/15 7.950% 16,700
Lawrence Park 11/01/15 7.950% 31,400
Wildwood 11/01/15 7.950% 27,600
Wynnewood 11/01/15 7.950% 32,000
Escondido (Municipal bonds) 10/01/16 Variable (a) 9,400
--------
$202,300
========
Notes payable
Revolving credit facilities libor + .80% (b) $ 78,000
Term note with banks libor + .95% (c) 125,000
Construction loan on Woodmont East
{may be extended to 8/29/04} 08/29/02 libor + 1.25% 16,241
Note issued in connection with
renovation of Perring Plaza 01/31/13 10.00% 2,501
Note issued in connection with land purchase 08/14/00 libor + 1.5% 3,400
Other various various 104
--------
$225,246
========
Unsecured Public Debt
5 1/4% Convertible subordinated debentures 04/30/02 5.250% $ 289
========
5 1/4% Convertible subordinated debentures 10/28/03 5.250% $ 75,000
========
8% Notes (fixed) 04/21/02 8.000% $ 25,000
6.625% 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 (d) 03/10/04 6.370% 39,500
6.99% Medium Term Notes (d) 03/10/06 6.894% 40,500
8.75% Notes 12/01/09 8.750% 175,000
--------
$410,000
========
Total fixed rate debt $680,794 74.58%
Total variable rate debt 232,041 25.42%
-------- ------
Total debt $912,835 100.00%
======== ======
Weighted average interest rate:
-------------------------------
Fixed rate debt 7.56%
Variable on revolving credit facilities
and term note 7.22% (e)
Variable on muncipal bonds (a)
(a) 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.
(b) Effective July 17, 2000 interest rate increased to LIBOR + .80% from LIBOR
+.65%
(c) Effective July 17, 2000 interest rate increased to LIBOR + .95% from LIBOR
+.75%
(d) The Trust purchased interest rate swaps or hedges on these notes, thereby
decreasing the effective interest.
(e) Weighted average interest rate on revolving credit facilities and term note
for year ended December 31, 2000.
Federal Realty Investment Trust
Percentage Leased Analysis
December 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Overall Operating Occupancy
(Quarter to Quarter Analysis) At December 31, 2000 At December 31, 1999
---------------------------------------------- -------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- -------------------------------------------- ------------- -------------- ------------- ---------- ----------- -----------
Retail Properties (leasable square feet) 14,101,425 13,504,384 96% 14,040,093 13,494,066 96%
Rollingwood Apartments (# of units) 282 282 100% 282 278 99%
Overall Operating Occupancy
(Rolling 12 Months) At December 31, 2000 At September 30, 2000
---------------------------------------------- -------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- -------------------------------------------- ------------- -------------- ------------- ---------- ----------- -----------
Retail Properties (leasable square feet) 14,101,425 13,504,384 96% 13,929,402 13,397,528 96%
Rollingwood Apartments (# of units) 282 282 100% 282 282 100%
Overall Operating Occupancy
(Rolling 12 Months) At June 30, 2000 At March 31, 2000
---------------------------------------------- -------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- -------------------------------------------- ------------- -------------- ------------- ---------- ----------- -----------
Retail Properties (leasable square feet) 14,179,596 13,619,718 96% 14,171,079 13,506,203 95%
Rollingwood Apartments (# of units) 282 276 98% 282 282 100%
- ------------------------------------------------------------------------------------------------------------------------------------
Same Center Occupancy
(Quarter to Quarter Comparison) At December 31, 2000 At December 31, 1999
---------------------------------------------- -------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- -------------------------------------------- ------------- -------------- ------------- ---------- ----------- -----------
Retail Properties (leasable square feet) 13,748,913 13,188,363 96% 13,744,117 13,204,946 96%
Rollingwood Apartments (# of units) 282 282 100% 282 278 99%
Same Center Occupancy
(Rolling 12 Months) At December 31, 2000 At September 30, 2000
---------------------------------------------- -------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- -------------------------------------------- ------------- -------------- ------------- ---------- ----------- -----------
Retail Properties (leasable square feet) 13,748,913 13,188,363 96% 13,563,527 13,038,704 96%
Rollingwood Apartments (# of units) 282 282 100% 282 282 100%
Same Center Occupancy
(Rolling 12 Months) At June 30, 2000 At March 31, 2000
---------------------------------------------- -------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- -------------------------------------------- ------------- -------------- ------------- ---------- ----------- -----------
Retail Properties (leasable square feet) 14,074,930 13,521,971 96% 14,066,413 13,418,914 95%
Rollingwood Apartments (# of units) 282 276 98% 282 282 100%
Federal Realty Investment Trust
Regional Occupancy Analysis
December 31, 2000
- ------------------------------------------------------------------------------
Total Square Occupancy
Region Footage 12/31/00
- ---------------------- ------------ ---------
Northeast 7,154,417 95%
Mid-Atlantic 5,915,121 96%
West Coast 1,031,887 97%
- ------------------------------------------------------------------------------
Total Square Occupancy
Region Footage 12/31/00
- ---------------------- ------------ ---------
Northeast
Anchor 4,453,059 98%
Small Shops 2,701,358 90%
Mid-Atlantic
Anchor 2,771,038 99%
Small Shops 3,144,083 94%
West
Anchor 336,397 95%
Small Shops 695,490 98%
Federal Realty Investment Trust
Retail Leasing Activity
December 31, 2000
- ----------------------------------------------------------------------------------------------------------------------
Comparable
Weighted Average Average
Number Average Prior Current Percentage Estimated
of Lease Rent Per Rent Per Annualized Increase Tenant
Leases Square Term Square Square Increase over Prior Improvement
Rolling 12 Months Signed Feet (Years) Foot Foot in Rent Rent Costs
- ------------------ ------ ------- -------- -------- -------- ---------- ---------- -----------
4th Quarter 2000 69 197,642 5.9 $19.40 $21.58 $430,649 11% $313,000
3rd Quarter 2000 52 282,354 10.3 $12.85 $15.29 $687,804 19% $1,407,000
2nd Quarter 2000 67 214,111 5.8 $16.97 $18.85 $402,991 11% $866,000
1st Quarter 2000 64 297,054 9.1 $16.38 $18.89 $746,945 15% $5,128,000
Total 252 991,161 7.9 $16.10 $18.39 $2,268,389 14% $7,714,000
Non-Comparable
Weighted
Number Average Average Estimated
of Lease Rent Per Annualized Tenant
Leases Square Term Square Current Improvement
Rolling 12 Months Signed Feet (Years) Foot Rent Costs
- ------------------ ------ ------- -------- -------- ----------- -----------
4th Quarter 2000 23 101,245 10.0 $31.82 $3,221,510 $0
3rd Quarter 2000 26 138,794 17.0 $30.05 $4,170,745 $116,000
2nd Quarter 2000 16 84,287 11.7 $29.37 $2,475,607 $248,000
1st Quarter 2000 10 50,126 12.8 $24.07 $1,206,432 $1,026,000
Total 75 374,452 13.5 $29.57 $11,074,294 $1,390,000
Federal Realty Investment Trust
Leases Expiring
December 31, 2000
Total Percent Average
Square Feet of Total Rent Per
Expiring (1) Portfolio(2) Square Foot
-------------------- ----------------------- --------------------
2001 384,916 3% $19.34
2002 363,731 2% $19.18
2003 346,496 2% $20.38
2004 391,828 3% $23.17
2005 376,133 3% $23.01
(1) Excludes lease expirations with options
(2) Total portfolio square footage at December 31, 2000 is 14,921,597
representing the physical square footage of the properties including
redevelopments, which may exceed the rentable square footage used to
express occupancy.
Federal Realty Investment Trust
Leases Expiring - Anchors and Small Shops
December 31, 2000
Total Percent
Square Feet of Total
Expiring (1) Portfolio (2)
-------------------- ------------------------
2001
Anchor 0 0%
Small Shop 384,916 3%
2002
Anchor 66,670 (less than)1%
Small Shop 297,061 2%
2003
Anchor 19,600 (less than)1%
Small Shop 326,896 2%
2004
Anchor 31,000 (less than)1%
Small Shop 360,828 2%
2005
Anchor 18,500 (less than)1%
Small Shop 357,633 2%
(1) Excludes lease expirations with options
(2) Total portfolio square footage at December 31, 2000 is 14,921,597
representing the physical square footage of the properties including
redevelopments, which may exceed the rentable square footage used to express
occupancy.
Federal Realty Investment Trust
Major Tenants by Revenue Contribution
December 31, 2000
Square Percent of
Tenant Footage Revenue (1)
------ -------------- -----------------
Ahold USA, Inc. 385,557 2.08%
The Gap, Inc. 190,598 1.93%
Bed, Bath & Beyond, Inc. 323,021 1.93%
CVS Corporation 164,687 1.89%
Genuardi Supermarkets, Inc. 192,205 1.63%
The TJX Companies 386,200 1.54%
Barnes & Noble Superstores, Inc. 164,189 1.42%
Toys R Us, Inc. 329,604 1.39%
Dollar Tree Stores, Inc. 180,357 1.10%
Kmart Corporation 508,580 1.08%
(1) Revenue equals 2000 minimum plus percentage rent
Federal Realty Investment Trust
Street Retail Operating & Development Overview
December 31, 2000
For the year ended December 31,
(in thousands, except sf data) 1996 1997 1998 1999 2000
-------------------------------------------------------------------
Real Estate Assets (1) $203,946 $393,623 $473,626 $563,386 $709,005
Revenues $29,118 $41,894 $62,524 $71,029 $79,013
Net Operating Income $18,532 $27,092 $40,680 $48,538 $54,210
Square Feet (2) 1,606,000 1,982,000 2,081,000 2,686,000 2,771,000
(1) From time to time, the Trust reevaluates the assets that make up "street
retail". The Trust has reclassified Barracks Road, Uptown, Fresh Meadows
and Rollingwood as "street retail" since these properties are more closely
aligned with street retail than with community shopping centers. At
December 31, 2000, street retail includes stabilized assets, assets which
are in various stages of redevelopment, and $177 million related to new
development in process.
(2) Excludes new development square footage, redevelopment square footage, and
Rollingwood Apartments.
NORTHEAST Square Feet MID-ATLANTIC Square Feet
Connecticut Virginia
Greenwich Avenue 81,000 Barracks Road 484,000
West Hartford 125,000 Pentagon Row N/A (2)
Westport 27,000 Village at Shirlington 203,000
Massachusetts WESTERN
Coolidge Corner 13,000 Arizona
Mill Avenue 40,000
New Jersey
Central Avenue 11,000 California
Colorado Boulevard 68,000
New York Fifth Avenue 66,000
Forest Hills 91,000 Hermosa Beach 25,000
Fresh Meadows 410,000 Hollywood Blvd. 198,000
Old Town Center 97,000
Post Street 101,000
MID-ATLANTIC Santana Row N/A (2)
District of Columbia Third Street Promenade 198,000
Sam's Park N Shop 50,000
Illinois
Florida Evanston 19,000
Winter Park 28,000 Oak Street 5,000
Maryland Oregon
Bethesda Row 331,000 (2) Tanasbourne N/A (2)
Rollingwood Apartments 282 units Uptown 100,000
Texas
Houston Street N/A (2)
FEDERAL REALTY INVESTMENT TRUST
Development Pipeline
December 31, 2000
Total Expected
Cost Estimate To Complete Completed Stabilized Principal
Project Specifications To Date 2001 2002 Cost Return Tenants
- -----------------------------------------------------------------------------------------------------------------------------------
($ in millions)
DEVELOPMENT IN PROGRESS
Bethesda Row - Woodmont East 52,000 sf retail $25 $7 - $32 11.0% Jaleo Restaurant
Bethesda, Maryland 78,000 sf office OpNet Technologies
Pentagon Row 300,000 sf retail (1) $40 $34 - $74 10.5% Harris Teeter
Arlington, Virginia 500 apartment units Bed, Bath & Beyond
Santana Row (Phase I) 538,000 sf retail $97 $217 $161 $475 8.5% - 9%(2) Crate & Barrel
San Jose, California 501 residential units
200 hotel rooms
----- ----- ----- -----
$162 $258 $161 $581
- -----------------------------------------------------------------------------------------------------------------------------------
FUTURE DEVELOPMENT
The Shops at Tanasbourne 400,000 sf retail $14
Portland, Oregon 12,000 sf office
Lindbergh City Center 300,000 sf retail (1) $ 1
Atlanta, Georgia 320 apartments
120 hotel rooms
290 condominiums
1.3 million sf office
-----
$15
- ------------------------------------------------------------------------------------------------------------------------------------
Total New Development and
Construction in Progress $177
====
(1) Federal Realty will develop only the retail component of this project.
(2) Including land and infrastructure for future phases. Phase I comprises
approximately 40% of the residential entitlement and approximately 75% of the
retail entitlement.
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.
Net Operating Income: Gross revenues, including interest income, less rental
expenses and real estate taxes.
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 operating
properties owned in reporting period.
Same center occupancy: Occupancy for only those properties owned and operating
in the periods being compared. Excludes centers purchased or sold as well as
properties under redevelopment and 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.
Exhibit 99.1
FOR IMMEDIATE RELEASE Contact:
February 15, 2001 Andrew Blocher
Vice President, Investor Relations & Finance
(301) 998-8166
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
RECORD YEAR-END 2000 OPERATING RESULTS
ROCKVILLE, MD (February 15, 2001) - Federal Realty Investment Trust
(NYSE:FRT) today reported operating results for the year ending December 31,
2000.
o Funds from operations (FFO) increased 8% to $2.56 per diluted share
o Overall occupancy remains strong at 95.8%
o Construction underway at Santana Row
Financial Results
- -----------------
Funds from operations for the year ended December 31, 2000 increased 6% to
$102.2 million from $96.8 in 1999. On a per diluted share basis, funds from
operations increased 8% from $2.38 in 1999 to $2.56 in 2000, beating First Call
Consensus Estimates by $0.01. Federal Realty reported net operating income,
which includes interest income from mortgage notes receivable, of $196.4
million, a 6% increase from the $186.0 million reported for 1999. Growth in
funds from operations and net operating income can largely be attributed to
increased rental income, with a major contribution from the renovation and re-
tenanting of certain properties in Federal Realty's shopping center portfolio,
and a 12% decrease in general and administrative expenses from 1999 to 2000 due
to non-recurring items in 1999. Given the current levels of interest rates,
Federal Realty is comfortable with the consensus 2001 First Call FFO estimate of
$2.64 per share.
"Our property locations, in densely populated, high barrier-to-entry, affluent
markets have allowed us to increase rental income and maintain strong occupancy
rates through varied economic conditions both today, and over the past 38 years"
commented Steven J. Guttman, president and chief executive officer of Federal
Realty. "We are pleased with our continued progress in maximizing shareholder
value through the redevelopment and re-tenanting of our core shopping center
portfolio and the development and enhancement of our urban retail and mixed-use
properties."
-MORE-
Federal Realty Investment Trust Announces
Year-end 2000 Operating Results
Page 2
Portfolio Results
- -----------------
For the year, rental income increased from $245.8 million in 1999 to $260.7
million in 2000, a 6% increase. During 2000, the Trust signed leases for a total
of 1.7 million square feet of retail, office and residential space. On a
comparable retail space basis, the Trust re-leased 1.0 million square feet at an
average increase in rent per square foot of 14%. The weighted-average rent on
these same space leases was $18.39 per square foot compared to the previous
average rent of $16.10 per square foot. At year-end 2000, overall occupancy
remained strong at 95.8%, versus 96.1% reported for December 31, 1999.
Development Activities
- ----------------------
In November 2000, construction began in earnest at Santana Row, Federal Realty's
mixed-use urban district in San Jose, California. The Trust has negotiated the
terms of a guaranteed maximum price contract with Bovis Lend Lease for a
significant portion of the hard construction costs associated with Phase I. In
addition, Federal Realty has a signed commitment letter from three banks for a
$295 million construction loan. Leasing activity continues to progress with
almost 40% of the Phase I retail space leased or under signed letter of intent.
The company anticipates the first portions of Phase I to open during the second
quarter of 2002.
At Bethesda Row, in Bethesda, Maryland, the 130,000 square foot mixed-use
Woodmont East building continues to progress on schedule. Several retail
tenants have opened for business since the first of this year, while the 77,000
square feet of office space is 100% leased and tenants are currently building
out their spaces. In Arlington, Virginia, Federal Realty now anticipates an
early second quarter opening of the first building of Pentagon Row. The 300,000
square foot mixed-use neighborhood is 90% committed, with 15 retail tenants
actively building out their space.
-MORE-
Federal Realty Investment Trust Announces
Year-end 2000 Operating Results
Page 3
Conference Call
- ---------------
Federal Realty's fourth quarter earnings conference call is scheduled for 11:00
AM EST, Friday February 16, 2001. To participate, please call (800) 289-0436
five to ten minutes prior to the start time. Federal Realty will also provide
an online Web Simulcast on the company's web site, www.federalrealty.com. For
---------------------
those interested parties who are unable to participate in the conference call, a
re-broadcast will be available online at www.federalrealty.com beginning at 6:00
---------------------
PM EST on February 16. A telephone recording of the call can also be heard by
dialing (888) 203-1112. The passcode for this replay is 663631.
Federal Realty Investment Trust is an equity real estate investment trust
specializing in the ownership, management, development and re-development of
prime retail and urban mixed-use districts. The Trust's real estate portfolio
contains more than 120 properties consisting of community and neighborhood
shopping centers, urban mixed-use main street retail and apartment properties
located in strategic metropolitan markets across the United States. The Trust is
nationally recognized for its main street revitalization, value-added urban
development programs. Federal Realty has paid quarterly dividends to its
shareholders continuously since its founding in 1962, and has increased its
dividend rate for 33 consecutive years. Shares of the Trust are traded on the
New York Stock Exchange under the symbol FRT.
Safe Harbor Language
- --------------------
Certain matters discussed within this press release may be deemed to be forward
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Although Federal Realty Investment Trust believes the
expectations reflected in such forward looking statements are based on
reasonable assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially from
Federal's expectations are detailed from time to time in the Company's SEC
reports and filings, including its annual report on Form 10-K. Federal Realty
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
###
Financial Highlights
(in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
OPERATING RESULTS 2000 1999 2000 1999
- ----------------- ---- ---- ---- ----
Revenues
Rental income $68,100 $64,755 $260,684 $245,833
Other property income 2,917 3,055 11,065 11,231
Interest and other income 1,773 1,870 7,532 7,649
------- ------- -------- --------
72,790 69,680 279,281 264,713
Expenses
Rental 15,223 14,623 56,280 53,677
Real estate taxes 6,900 6,677 26,620 25,021
Interest 16,897 15,985 66,418 61,492
Administrative 4,283 4,232 13,318 15,120
Depreciation and amortization 13,826 12,698 53,259 50,011
------- ------- -------- --------
57,129 54,215 215,895 205,321
------- ------- -------- --------
Operating income before investors' share of operations 15,661 15,465 63,386 59,392
Investor's share of operations (1,772) (1,577) (6,544) (3,899)
------- ------- -------- --------
Income before gain (loss) on sale of real estate 13,889 13,888 56,842 55,493
Gain (Loss) on sale of real estate - - 3,681 (7,050)
------- ------- -------- --------
Net Income $13,889 $13,888 $ 60,523 $ 48,443
Dividends on preferred stock (1,987) (1,987) (7,950) (7,950)
------- ------- -------- --------
Net income available for common shareholders $11,902 $11,901 $ 52,573 $ 40,493
======= ======= ======== ========
Earnings per common share, basic $0.31 $0.30 $1.36 $1.02
===== ===== ===== =====
Earnings per common share, diluted $0.31 $0.30 $1.35 $1.02
===== ===== ===== =====
Weighted average shares outstanding, basic 38,750 39,694 38,796 39,574
Weighted average shares outstanding, diluted 39,794 40,662 39,910 40,638
Funds from Operations
Net income available for common shareholders $11,902 $11,901 $52,573 $40,493
Add: (gain) loss on sale of real estate 0 - (3,681) 7,050
Add: depreciation and amortization of real estate assets 12,604 11,539 48,456 45,388
Add: amortization of initial direct costs of leases 917 798 3,514 3,033
Add: income attributable to operating partnership units 289 279 1,311 831
------- ------- -------- --------
Funds from operations $25,712 $24,517 $102,173 $96,795
======= ======= ======== ========
Funds from operations per share, diluted $0.65 $0.60 $2.56 $2.38
===== ===== ===== =====
December 31, December 31,
BALANCE SHEET DATA 2000 1999
- ------------------ ---- ----
Assets
Real estate, at cost $1,854,913 $1,721,459
Accumulated depreciation and amortization (351,258) (317,921)
---------- ----------
1,503,655 1,403,538
Mortgage notes receivable 47,360 53,495
Cash and investments 11,357 11,738
Receivables 13,092 23,130
Other assets 45,615 42,147
---------- ----------
Total assets $1,621,079 $1,534,048
========== ==========
Liabilities and Shareholders' Equity
Obligations under capital leases & mortgages payable $ 323,911 $ 172,573
Notes payable 225,246 162,768
Senior Notes 410,000 510,000
5 1/4% Convertible subordinated debentures 75,289 75,289
Other liabilities 118,979 111,591
Shareholders' Equity 467,654 501,827
---------- ----------
$1,621,079 $1,534,048
========== ==========
