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) September 30, 2001
Federal Realty Investment Trust
-------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-07533 52-0782497
------------------------ ------------ ------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1626 East Jefferson Street, Rockville, Maryland 20852-4041
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: 301/998-8100
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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
September 30, 2001.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at September 30, 2001
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: November 1, 2001 ___________________________
Cecily A. Ward
Vice President, Chief Financial Officer and Treasurer
-2-
EXHIBIT INDEX
Exh No. Exhibit Page No.
------- ------- --------
99 Supplemental portfolio information at September 30, 2001 4
-3-
Exhibit 99
FEDERAL REALTY INVESTMENT TRUST
Supplemental Information
September 30, 2001
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. Development Pipeline................................................. E-6
5. Second Quarter Earnings Press Release, November 1, 2001.............. E-7
6. Glossary of Terms.................................................... E-12
1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100
FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (excluding capital leases and interest rate swaps)
September 30, 2001
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Balance
Maturity Rate (in thousands)
-------- ---- -------------
Mortgages
Leesburg Plaza 10/01/08 6.510% $ 9,900
Federal Plaza 06/01/11 6.750% 36,387
Tysons Station 09/01/01 7.400% 6,992
164 E Houston Street 10/06/08 7.500% 312
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
Brick Plaza 11/01/15 7.415% 33,000
Friendship Center 09/22/03 libor + 1.35% 17,000
Construction loan on Woodmont East
(may be extended to 8/29/04) 08/29/02 libor + 1.25% 22,361
Construction loan on Santana Row
(may be extended to 4/16/06) 04/16/04 libor + 2.125% 23,047
Escondido (Municipal bonds) 10/01/16 variable (a) 9,400
-----------
$ 310,399
===========
Notes payable
Revolving credit facilities 12/19/03 libor + .80% $ 165,000
Term note with banks 12/19/03 libor + .95% (b) 125,000
Note issued in connection with
renovation of Perring Plaza 01/31/13 10.00% 2,418
Note issued in connection with land purchase 06/30/02 libor + 1.5% 3,400
Other various various 66
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$ 295,884
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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 (c) 03/10/04 6.370% 39,500
6.99% Medium Term Notes (c) 03/10/06 6.894% 40,500
8.75% Notes 12/01/09 8.750% 175,000
-----------
$ 410,000
===========
Total fixed rate debt $ 851,364 77.99%
Total variable rate debt 240,208 22.01%
---------- --------
Total debt $1,091,572 100.00%
========== ========
Weighted average interest rate:
---------------------------------------
Fixed rate debt 6.36%
Variable on revolving credit facilities 5.34% (d)
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) The Trust purchased interest rate swaps or hedges on this note, thereby
locking in the interest rate at 6.22%.
(c) The Trust purchased interest rate swaps or hedges on these notes, thereby
decreasing the effective interest.
(d) Weighted average interest rate on revolving credit facilities and term note
for nine months ended September 30, 2001.
DEBT MATURITIES (excluding capital leases and interest rate swaps)
(In thousands) (assumes all extensions are exercised)
Cumulative
Percent of Percent of
Scheduled Debt Debt
Year Amortization Maturities Total Expiring Expiring
-------------------------------------------------------------------------------------------------------------
2001 $ 149 $ - $ 149 0.0% 0.0%
2002 639 28,689 29,328 2.7% 2.7%
2003 846 382,000 382,846 35.1% 37.8%
2004 2,811 61,861 64,672 5.9% 43.7%
2005 3,064 40,000 43,064 4.0% 47.7%
2006 3,411 63,547 66,958 6.1% 53.8%
2007 3,686 - 3,686 0.3% 54.1%
2008 3,918 9,541 13,459 1.2% 55.3%
2009 4,095 175,045 179,140 16.4% 71.7%
2010 4,427 - 4,427 0.4% 72.1%
Thereafter 21,401 282,442 303,843 27.9% 100.0%
-------------------------------------------------------
$ 48,447 $1,043,125 $1,091,572 100.00%
=======================================================
Federal Realty Investment Trust
Percentage Leased Analysis
September 30, 2001
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Overall Operating Occupancy
(Quarter to Quarter Analysis) At September 30, 2001 At September 30, 2000
------------------------------------ ----------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
------------------------------------------------- ------------ ---------- --------- ---------- ---------- ---------
Retail Properties (leasable square feet) 14,586,960 13,969,698 96% 13,929,402 13,397,528 96%
Rollingwood Apartments (# of units) 282 282 100% 282 282 100%
Overall Operating Occupancy At September 30, 2001 At June 30, 2001
(Rolling 12 Months) ------------------------------------ ----------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
------------------------------------------------- ------------ ---------- --------- ---------- ---------- ---------
Retail Properties (leasable square feet) 14,586,960 13,969,698 96% 14,401,918 13,763,220 96%
Rollingwood Apartments (# of units) 282 282 100% 282 281 99%
------------------------------------------------------------------------------------------------------------------------------------
Same Center Occupancy
(Quarter to Quarter Comparison) At September 30, 2001 At September 30, 2000
------------------------------------ --------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
------------------------------------------------- ------------ ---------- --------- ---------- ---------- ---------
Retail Properties (leasable square feet) 13,729,885 13,145,884 96% 13,580,799 13,059,813 96%
Rollingwood Apartments (# of units) 282 282 100% 282 282 100%
Same Center Occupancy
(Rolling 12 Months) At September 30, 2001 At June 30, 2001
------------------------------------------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
------------------------------------------------- ------------ ---------- --------- ---------- ---------- ---------
Retail Properties (leasable square feet) 13,729,885 13,145,884 96% 13,676,328 13,072,483 96%
Rollingwood Apartments (# of units) 282 282 100% 282 281 99%
Overall Operating Occupancy
(Quarter to Quarter Analysis)
Type
------------------------------------------------------
Retail Properties (leasable square feet)
Rollingwood Apartments (# of units)
Overall Operating Occupancy
(Rolling 12 Months) At March 31, 2001 At December 31, 2000
----------------------------------- ------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
------------------------------------------------------ ------------ ---------- --------- ---------- ---------- ---------
Retail Properties (leasable square feet) 14,609,901 13,938,466 95% 14,101,425 13,504,384 96%
Rollingwood Apartments (# of units) 282 281 99% 282 282 100%
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Same Center Occupancy
(Quarter to Quarter Comparison)
Type
------------------------------------------------------
Retail Properties (leasable square feet)
Rollingwood Apartments (# of units)
Same Center Occupancy
(Rolling 12 Months) At March 31, 2001 At December 31, 2000
----------------------------------------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
------------------------------------------------------ ------------ ---------- --------- ---------- ---------- ----------
Retail Properties (leasable square feet) 13,997,565 13,392,116 96% 13,748,913 13,188,363 96%
Rollingwood Apartments (# of units) 282 281 99% 282 282 100%
Federal Realty Investment Trust
Regional Occupancy Analysis
September 30, 2001
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Total Square Occupancy
Region Footage 09/30/01
----------------------------- --------------------- ------------------
Northeast 7,519,308 96%
Mid-Atlantic 5,947,340 96%
West Coast 1,120,312 96%
--------------------------------------------------------------------------------
Total Square Occupancy
Region Footage 09/30/01
-------------------------------- ----------------------- ----------------
Northeast
Anchor 4,655,820 97%
Small Shops 2,863,488 94%
Mid-Atlantic
Anchor 2,724,891 98%
Small Shops 3,222,449 94%
West
Anchor 351,352 100%
Small Shops 768,960 95%
Federal Realty Investment Trust
Retail Leasing Activity
September 30, 2001
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Comparable Estimated
Weighted Average Prior Average Current Percentage Tenant
Number of Square Average Lease Rent Per Rent Per Annualized Increase Improvement
Rolling 12 Months Leases Signed Feet Term (Years) Square Foot Square Foot Increase in Rent over Prior Rent Costs
--------------------- ------------- ------- ------------- ------------- --------------- ---------------- --------------- -----------
3rd Quarter 2001 77 200,388 6.1 $23.03 $ 25.57 $ 508,120 11% $ 935,000
2nd Quarter 2001 65 206,158 7.3 $19.86 $ 24.78 $1,014,599 25% $1,697,000
1st Quarter 2001 63 233,106 6.0 $17.27 $ 19.64 $ 554,492 14% $ 614,000
4th Quarter 2000 69 197,642 5.9 $19.40 $ 21.58 $ 430,649 11% $ 313,000
Total 274 837,294 6.3 $19.79 $ 22.78 $2,507,860 15% $3,559,000
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
---------------------- ------------- ------- ------------- --------------- ----------- ------------
3rd Quarter 2001 18 82,944 11.4 $31.97 $ 2,651,794 $ 0
2nd Quarter 2001 12 135,596 12.3 $17.22 $ 2,335,496 $ 448,000
1st Quarter 2001 16 299,677 19.5 $14.95 $ 4,479,734 $ 735,000
4th Quarter 2000 23 101,245 10.2 $31.82 $ 3,221,510 $ 0
Total 69 619,462 14.1 $20.48 $12,688,534 $1,183,000
FEDERAL REALTY INVESTMENT TRUST
Development Pipeline
September 30, 2001
Cost Estimate To Complete
Project Specifications To Date 2001 2002
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($ i n m i l l i o n s )
DEVELOPMENT IN PROGRESS
Pentagon Row 300,000 sf retail (1) $69 $11 $7
Arlington, Virginia 500 apartment units
Santana Row (Phase I) 538,000 sf retail (3) $202 $37 $213
San Jose, California 501 residential units
214 hotel rooms
------ --- ----
$271 $48 $220
LAND FOR DEVELOPMENT
The Shops at Tanasbourne 400,000 sf retail $16
Portland, Oregon 12,000 sf office
------
Total In Progress and Future Development $287
======
Total Expected
Completed Stabilized Principal
Project Thereafter Cost Return Tenants
------------------------------------------------------------------------------------------------------------------------
DEVELOPMENT IN PROGRESS
Pentagon Row $87 (2) 9% Bed, Bath & Beyond
Arlington, Virginia Harris Teeter
Santana Row (Phase I) $23 $475 (4) 6.75% - 7.25% (5) Borders Books
San Jose, California Burberry
Century Theaters
Crate & Barrel
Gucci
Maggiano's
Tommy Bahama
------ ----
$23 $562
LAND FOR DEVELOPMENT
The Shops at Tanasbourne
Portland, Oregon
Total In Progress and Future Development
(1) Federal Realty will develop only the retail component of this project.
(2) Estimated total project cost before any significant recovery in litigation
of damages incurred as a result of defaults under the original
construction contract and replacement of the General Contractor.
(3) Phase I includes the "1,500 foot long main street", and nine buildings.
Completion of eight buildings with 440,000 square feet of retail space is
scheduled for August 2002 with the ninth or theater building to be
completed twelve to eighteen months later. At October 31, 2001 leases for
approximately 270,000 square feet of retail space have been executed or are
under signed letters of intent. As a result of the retail leasing to date,
more than 2/3's of the first floor space directly on Santana Row, the
development's main street, is leased or under signed letter of intent.
(4) The estimated total cost for Phase I of $475 million includes the land and
infrastructure for the later phases as well as Phase I. The infrastructure
for the project encompasses the cost of obtaining zoning; off-site
improvements such as curbs, curb cuts and an off-ramp for the highway;
site work and grading; construction of the streets; common area amenities,
parks and landscaping; a central utility plant with the capacity to
service all phases of the project; technology initiatives; and the
interest carry on these costs.
(5) Assumes all buildings in Phase I are open. Assumes a reduction from
originally projected residential rents of $3.07 per foot to $2.25 per foot,
assuming further weakening in the Silicon Valley market. Every $.10 cent
increase in monthly rents will result in a 15 basis point increase in the
stabilized return.
FOR IMMEDIATE RELEASE
NOVEMBER 1, 2001
Investor Inquiries Media Inquiries
------------------ ---------------
Andrew Blocher Melissa Macchiavelli
Vice President, Investor
Relations & Finance Public Relations Manager
301/998-8166 301/998-8168
ablocher@federalrealty.com mmacchiavelli@federalrealty.com
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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
THIRD QUARTER 2001 OPERATING RESULTS
ROCKVILLE, MD (November 1, 2001) - Federal Realty Investment Trust
(NYSE:FRT) today reported operating results for its third quarter ended
September 30, 2001.
o Funds from operations (FFO) increased 8% to $0.70 per diluted share
o Rental income increased 6% on a same-center basis
o Retail leasing progresses at Santana Row
Financial Results
-----------------
Funds from operations for the quarter ended September 30, 2001 increased 10 % to
$28.3 million from $25.8 million reported for the third quarter of 2000. On a
per diluted share basis, funds from operations increased 8% from $0.65 in 2000
to $0.70 in 2001, beating consensus First Call expectations by $0.03. Net
operating income, which includes interest income from mortgage notes receivable,
was $52.7 million, an 8% increase from the $48.8 million reported for the third
quarter of 2000.
Portfolio Results
-----------------
Rental income increased from $64.1 million in 2000 to $69.5 million in 2001, an
8% increase. On a same-center basis, which ignores the impact of properties
acquired, developed or sold during the analyzed periods, rental income increased
6% from $63.6 million to $67.5 million. Strong core operating performance,
higher lease termination fees and low interest rates on variable rate debt were
the primary force behind improvements in both net operating income and funds
from operations.
-MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
THIRD QUARTER 2001 OPERATING RESULTS
November 1, 2001
Page 2
During the third quarter, the Trust signed leases for over 300,000 square feet
of retail and office space. On a comparable retail space basis, the Trust re-
leased 200,388 square feet at an average increase in rent per square foot of
11%. The weighted-average new rent on these same space leases was $25.57 per
square foot compared to the previous average rent of $23.03 per square foot. At
September 30, 2001, overall occupancy remained strong at 95.8%, compared to
95.6% for June 30, 2001 and 96.2% for September 30, 2000.
"Federal Realty's core portfolio has a long history of performing well through
difficult economic times," Donald C. Wood, president and chief operating officer
of Federal Realty Investment Trust stated, "While the impact of a recession
results in uncertainty, the necessity-based nature of our shopping centers
combined with superior demographics helps to insulate our core portfolio during
economic downturns."
Development Activities
----------------------
At Pentagon Row, in Arlington, Virginia, several retail tenants comprising
Buildings B and C opened for business during the third quarter; including Hudson
Trail Outfitters, Home Elements, Sur La Table and a variety of restaurants,
lifestyle stores and service operations. The Trust anticipates additional store
openings in Buildings B and C in the fourth quarter and Building D in the first
quarter of 2002. On an aggregate basis, Pentagon Row is currently 92% leased.
At Santana Row, Federal Realty's mixed-use community in San Jose, California,
construction continues on schedule and on budget. Retail leasing progress
remains steady as the Trust has executed 16 leases since the end of the second
quarter. To date, the Trust has approximately 270,000 square feet either leased
or under signed letter of intent. As a result of the Trust's retail leasing
progress to date, more than two-thirds of the first floor space directly on
Santana Row, the development's main street, is leased or under signed letter of
intent.
-MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
THIRD QUARTER 2001 OPERATING RESULTS
November 1, 2001
Page 3
Commenting on the development, Steven J. Guttman, Federal Realty's chairman and
chief executive officer stated, "We have made significant progress with respect
to construction and retail leasing at Santana Row, even in the face of this
difficult economy. Weakness in the Northern California residential market will
negatively impact our short-term returns, however, we have reached a critical
mass of retail tenancy to ensure a successful opening in August 2002."
Guidance and Conference Call Information
----------------------------------------
Federal Realty's management team will present a more in depth discussion of the
Trust's operating performance and provide 2001 and 2002 earnings guidance on
it's third quarter earnings conference call, which is scheduled for 1:00 P.M
ET, Friday November 2, 2001. To participate, please call (800) 474-8920 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
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interested parties who are unable to participate in the conference call, a re-
broadcast will be available online at www.federalrealty.com beginning on
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November 5, 2001. A telephone recording of the call can also be heard by
dialing (888) 203-1112. The passcode for this replay is 593716.
Federal Realty Investment Trust is an equity real estate investment trust
specializing in the ownership, management, development and re-development of
high quality retail and mixed-use properties. Federal Realty owns or has an
interest in 56 community and neighborhood shopping centers comprising over 11
million square feet, primarily located in densely populated communities
throughout the Northeast and Mid-Atlantic United States. The Trust's
predominately grocery-anchored shopping center portfolio is one of the best-
leased and most productive necessity-based portfolios in the industry. In
addition, Federal Realty owns or has an interest in 97 retail and urban mixed-
use properties comprising almost 3 million square feet located in strategic
metropolitan markets across the United States. The Trust is nationally
recognized for its main street revitalization programs as well as the
development of urban mixed-use, pedestrian-friendly communities. Federal Realty
has paid quarterly dividends to its shareholders continuously since its founding
in 1962, and has increased its dividend rate for 34 consecutive years. Shares
of Federal Realty are traded on the New York Stock Exchange under the symbol
FRT. Additional information about Federal Realty can be found on the Internet
at www.federalrealty.com.
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-MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
THIRD QUARTER 2001 OPERATING RESULTS
November 1, 2001
Page 4
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 Nine Months Ended
September 30, September 30,
OPERATING RESULTS 2001 2000 2001 2000
----------------- ---- ---- ---- ----
Revenues
Rental income $ 69,543 $ 64,101 $205,137 $192,584
Other property income 4,303 2,683 10,213 8,148
Interest and other income 1,678 1,797 5,275 5,759
-------- -------- -------- --------
75,524 68,581 220,625 206,491
Expenses
Rental 15,410 13,015 45,632 41,057
Real estate taxes 7,398 6,741 20,877 19,720
Interest 17,680 15,992 52,360 49,521
Administrative 3,516 3,245 9,971 9,035
Depreciation and amortization 15,153 13,440 44,110 39,433
-------- -------- -------- --------
59,157 52,433 172,950 158,766
-------- -------- -------- --------
Operating income before investors' share of operations 16,367 16,148 47,675 47,725
Investor's share of operations (1,185) (1,727) (3,991) (4,772)
-------- -------- -------- --------
Income before gain on sale of real estate 15,182 14,421 43,684 42,953
Gain on sale of real estate 0 0 7,898 3,681
-------- -------- -------- --------
Net Income 15,182 14,421 51,582 46,634
Dividends on preferred stock (1,988) (1,988) (5,963) (5,963)
-------- -------- -------- --------
Net income available for common shareholders $ 13,194 $ 12,433 $ 45,619 $ 40,671
======== ======== ======== ========
Earnings per common share, basic $ 0.34 0.32 $ 1.17 $ 1.05
======== ======== ======== ========
Earnings per common share, diluted $ 0.33 0.32 $ 1.16 $ 1.04
======== ======== ======== ========
Weighted average shares outstanding, basic 39,347 38,695 39,061 38,812
Weighted average shares outstanding, diluted 40,492 39,774 40,136 39,949
Funds from Operations
Net income available for common shareholders $ 13,194 $ 12,433 $ 45,619 $ 40,671
Less: (gain) on sale of real estate 0 0 (7,898) (3,681)
Add: depreciation and amortization of real estate assets 13,764 12,229 40,139 35,852
Add: amortization of initial direct costs of leases 1,039 897 3,015 2,597
Add: income attributable to operating partnership units 289 278 1,049 1,022
-------- -------- -------- --------
Funds from operations $ 28,286 $ 25,837 $ 81,924 $ 76,461
======== ======== ======== ========
Funds from operations per share, diluted $ 0.70 $ 0.65 $ 2.04 $ 1.91
======== ======== ======== ========
September 30, December 31,
BALANCE SHEET DATA 2001 2000
------------------ ---- ----
Assets (unaudited)
Real estate, at cost
Operating $1,778,561 $1,679,289
Development 286,841 175,624
---------- ----------
2,065,402 1,854,913
Accumulated depreciation and amortization (386,381) (351,258)
---------- ----------
1,679,021 1,503,655
Mortgage notes receivable 35,505 47,360
Cash and investments 14,636 11,357
Receivables 13,718 13,092
Other assets 52,070 45,615
---------- ----------
Total assets $1,794,950 $1,621,079
========== ==========
Liabilities and Shareholders' Equity
Obligations under capital leases, mortgages and construction loans $ 410,663 $340,152
Notes payable 295,884 209,005
Senior Notes 410,000 410,000
5 1/4% Convertible subordinated debentures 75,289 75,289
Other liabilities 138,308 118,979
Shareholders' Equity 464,806 467,654
---------- ----------
$1,794,950 $1,621,079
========== ==========
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.
