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, 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 ------------------------------------------------------------------------ (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, 2001. Item 7. Financial Statements and Exhibits (c) Exhibits. 99 Supplemental portfolio information at December 31, 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: February 12, 2002 /s/ Cecily A. Ward ____________________________________ 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, 2001 4 -3-
FEDERAL REALTY INVESTMENT TRUST Supplemental Information December 31, 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. 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. Development Pipeline........................................................ E-9 7. 2001 Year End Earnings Press Release, February 12, 2002..................... E-10 8. 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, 2001 - -------------------------------------------------------------------------------- Balance Maturity Rate (in thousands) -------- ---- -------------- Mortgages Leesburg Plaza 10/01/08 6.510% $ 9,900 Federal Plaza 06/01/11 6.750% 36,304 Tysons Station 09/01/11 7.400% 6,967 164 E Houston Street 10/06/08 7.500% 304 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 + 1.35% 23,164 Construction loan on Santana Row (may be extended to 4/16/06) 04/16/04 libor + 2.125% 62,004 Escondido (Municipal bonds) 10/01/16 variable (a) 9,400 ---------- $ 350,043 ========== Notes payable Revolving credit facilities 12/19/03 libor + .80% $ 44,000 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% 2,389 Note issued in connection with land purchase 06/30/02 libor + 1.25% 3,400 Other various various 54 ---------- $ 174,843 ========== 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 $ 851,207 84.26% Total variable rate debt 158,968 15.74% ---------- ------- Total debt $1,010,175 100.00% ========== ======= Weighted average interest rate: ------------------------------- Fixed rate debt 7.27% Variable on revolving credit facilities 4.87% (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 LIBOR interest rate at 5.27%. (c) The Trust purchased interest rate swaps at issuance, thereby reducing the effective interest on these notes. (d) Weighted average interest rate on revolving credit facilities for year ended December 31, 2001. DEBT MATURITIES (excluding capital leases and interest rate swaps) (In thousands) Cumulative Percent of Percent of Scheduled Debt Debt Year Amortization Maturities Total Expiring Expiring ---------------------------------------------------------------------------------------------------------------------------- 2002 $ 630 $ 28,689 $ 29,319 2.9% 2.9% 2003 846 261,000 261,846 25.9% 28.8% 2004 2,810 62,664 65,474 6.5% 35.3% 2005 3,063 40,000 43,063 4.3% 39.6% 2006 3,412 102,504 105,916 10.5% 50.1% 2007 3,686 - 3,686 0.4% 50.5% 2008 3,918 9,541 13,459 1.3% 51.8% 2009 4,095 175,045 179,140 17.7% 69.5% 2010 4,427 - 4,427 0.4% 69.9% 2011 4,287 37,235 41,522 4.1% 74.0% Thereafter 17,116 245,207 262,323 26.0% 100.0% -------------------------------------------------------------------------- $ 48,290 $ 961,885 $ 1,010,175 100.00% ==========================================================================
Federal Realty Investment Trust Percentage Leased Analysis December 31, 2001 - -------------------------------------------------------------------------------- Overall Operating Occupancy (Quarter to Quarter Analysis) At December 31, 2001 At December 31, 2000 ----------------------------------- ------------------------------------ Type Size Leased Occupancy Size Leased Occupancy - ------------------------------------------ ---------- ---------- ----------- ---------- ---------- ------------ Retail Properties (leasable square feet) 14,761,301 14,116,003 96% 14,101,425 13,504,384 96% Rollingwood Apartments (# of units) 282 278 99% 282 282 100% Overall Operating Occupancy (Rolling 12 Months) At December 31, 2001 At September 30, 2001 ----------------------------------- ------------------------------------ Type Size Leased Occupancy Size Leased Occupancy - ------------------------------------------ ---------- ---------- ----------- ---------- ---------- ------------ Retail Properties (leasable square feet) 14,761,301 14,116,003 96% 14,586,960 13,969,698 96% Rollingwood Apartments (# of units) 282 278 99% 282 282 100% Overall Operating Occupancy (Rolling 12 Months) At June 30, 2001 At March 31, 2001 ----------------------------------- ------------------------------------ Type Size Leased Occupancy Size Leased Occupancy - ------------------------------------------ ---------- ---------- ----------- ---------- ---------- ------------ Retail Properties (leasable square feet) 14,401,918 13,763,220 96% 14,609,901 13,938,466 95% Rollingwood Apartments (# of units) 282 281 99% 282 281 99% - ----------------------------------------------------------------------------------------------------------------------- Same Center Occupancy (Quarter to Quarter Comparison) At December 31, 2001 At December 31, 2000 ----------------------------------- ------------------------------------ Type Size Leased Occupancy Size Leased Occupancy - ------------------------------------------ ---------- ---------- ----------- ---------- ---------- ------------ Retail Properties (leasable square feet) 13,871,494 13,239,805 95% 13,845,319 13,256,781 96% Rollingwood Apartments (# of units) 282 278 99% 282 282 100% Same Center Occupancy (Rolling 12 Months) At December 31, 2001 At September 30, 2001 ----------------------------------- ------------------------------------ Type Size Leased Occupancy Size Leased Occupancy - ------------------------------------------ ---------- ---------- ----------- ---------- ---------- ------------ Retail Properties (leasable square feet) 13,871,494 13,239,805 95% 13,729,885 13,145,884 96% Rollingwood Apartments (# of units) 282 278 99% 282 282 100% - ----------------------------------------------------------------------------------------------------------------------- Same Center Occupancy (Rolling 12 Months) At June 30, 2001 At March 31, 2001 ------------------------------------ ------------------------------------ Type Size Leased Occupancy Size Leased Occupancy - ------------------------------------------ ---------- ---------- ----------- ---------- ---------- ------------ Retail Properties (leasable square feet) 13,676,328 13,072,483 96% 13,997,565 13,392,116 96% Rollingwood Apartments (# of units) 282 281 99% 282 281 99%
Federal Realty Investment Trust Regional Occupancy Analysis December 31, 2001 - -------------------------------------------------------------------------------- Total Square Occupancy Region Footage 12/31/01 - ------------------------------------ ---------------- --------------- Northeast 7,500,621 96% Mid-Atlantic 6,139,491 96% West Coast 1,121,189 93% - -------------------------------------------------------------------------------- Total Square Occupancy Region Footage 12/31/01 - ------------------------------------ ---------------- --------------- Northeast Anchor 4,746,910 98% Small Shops 2,753,711 91% --------- 7,500,621 Mid-Atlantic Anchor 2,879,432 99% Small Shops 3,260,059 94% --------- 6,139,491 West Anchor 361,313 100% Small Shops 759,876 90% --------- 1,121,189
Federal Realty Investment Trust Retail Leasing Activity December 31, 2001 - -------------------------------------------------------------------------------- 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 ----------------- ------------- ------- ------------ ----------- ----------- ---------------- --------------- ---------- 4th Quarter 2001 61 253,166 9.6 $19.73 $ 22.40 $ 674,705 14% $2,485,000 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 $ 1,014,598 25% $1,697,000 1st Quarter 2001 63 233,106 6.0 $17.27 $ 19.64 $ 554,492 14% $ 614,000 Total 266 892,818 7.3 $19.86 $ 22.94 $ 2,751,915 16% $5,731,000 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 ----------------- ------------- ------- ------------ --------------- ----------- ----------- 4th Quarter 2001 20 67,720 10.9 $47.96 $ 3,247,544 $ 56,000 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 Total 66 585,937 14.3 $21.70 $12,714,568 $ 1,239,000
Federal Realty Investment Trust Leases Expiring December 31, 2001 Total Percent Average Square Feet of Total Rent Per Expiring (1) Portfolio(2) Square Foot ------------------ ------------------- ------------------- 2002 561,412 4% $19.69 2003 497,824 3% $20.03 2004 592,836 4% $20.60 2005 467,605 3% $24.08 2006 603,389 4% $25.71 (1) Excludes lease expirations with options (2) Total portfolio square footage at December 31, 2001 is 15,149,698 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, 2001 Total Percent Square Feet of Total Expiring (1) Portfolio(2) ------------ ------------ 2002 Anchor 34,670 *1% Small Shop 526,742 3% 2003 Anchor 54,600 *1% Small Shop 443,224 3% 2004 Anchor 106,261 *1% Small Shop 486,575 3% 2005 Anchor 18,500 *1% Small Shop 449,105 3% 2006 Anchor 70,177 *1% Small Shop 533,212 4% (1) Excludes lease expirations with options (2) Total portfolio square footage at December 31, 2001 is 15,149,698 representing the physical square footage of the properties including redevelopments, which may exceed the rentable square footage used to express occupancy. * Means less than
Federal Realty Investment Trust Major Tenants by Revenue Contribution December 31, 2001 Square Percent of Tenant Footage Revenue (1) ------ ------- ----------- The Gap, Inc. 235,982 2.66% Safeway, Inc. 365,170 2.10% Bed, Bath & Beyond, Inc. 356,941 1.97% Ahold USA, Inc. 409,883 1.91% CVS Corporation 164,687 1.66% The TJX Companies 362,100 1.43% Barnes & Noble Superstores, Inc. 148,796 1.37% Toys R Us, Inc. 329,604 1.29% Dollar Tree Stores, Inc. 190,625 1.08% Kmart Corporation 508,580 1.01% (1) Revenue equals 2001 minimum plus percentage rent
FEDERAL REALTY INVESTMENT TRUST Development Pipeline December 31, 2001 Total Expected Cost Estimate To Complete Completed Stabilized Principal Project Specifications To Date 2002 2003 Thereafter Cost Return Tenants - ------------------------------------------------------------------------------------------------------------------------------------ ( $ in millions ) DEVELOPMENT IN PROGRESS Pentagon Row 300,000 sf retail (1) $ 77 $ 15 $ 92 (2) 8.25% - 8.5% Bed, Bath & Arlington, Virginia 1,150 apartment units Beyond Harris Teeter Santana Row (Phase I) 538,000 sf retail (3) $ 229 $225 $ 21 - $475 (4) 6.75% - 7.25%(5) Borders Books San Jose, California 501 residential units Burberry 214 hotel rooms Century Theaters Crate & Barrel Gucci Maggiano's Tommy Bahama ----- ---- ----- ----- ----- $ 306 $240 $ 21 - $567 LAND FOR DEVELOPMENT The Shops at Tanasbourne 400,000 sf retail $ 16 Portland, Oregon 12,000 sf office ----- Total in Progress and Future Development $ 322 ===== (1) Federal Realty master planned this project and is developing the retail component. (2) Estimated total project cost before any 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 building to be completed twelve to eighteen months later. At February 12, 2002 leases for over 280,000 square feet of retail space have been executed or are under signed letters of intent. As a result of the retail leasing to date, 80% 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 stabilized. Assumes residential rents of $2.25 per foot. Every $.10 cent change in monthly rents will result in a 15 basis point change in the stabilized return.
FOR IMMEDIATE RELEASE FEBRUARY 12, 2002 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 - -------------------------- ------------------------------- FEDERAL REALTY INVESTMENT TRUST ANNOUNCES RECORD FOURTH QUARTER AND YEAR-END 2001 OPERATING RESULTS ROCKVILLE, MD (February 12, 2002) - Federal Realty Investment Trust (NYSE:FRT) today reported financial and operating results for the quarter and year ended December 31, 2001. . Funds from operations (FFO) increased 7% to $2.74 per diluted share . Rental income increased 6% on a same-center basis for the year . Overall occupancy remains strong at 96% Financial Results - ----------------- Funds from operations for the year ended December 31, 2001 increased 8.1% to $110.4 million from $102.2 million in 2000. On a diluted per share basis, funds from operations increased 7.0% to $2.74 from $2.56 in 2000, beating First Call Consensus Estimates by $.04. Federal Realty reported net operating income, which includes interest income from mortgage notes receivable, of $208.2 million, a 6.0% increase from the $196.4 million reported for 2000. Funds from operations also improved for the fourth quarter of 2001 increasing 10.9% to $28.5 million from $25.7 million in the fourth quarter of 2000. On a diluted per share basis, funds from operations advanced 7.7% to $.70 per share in the fourth quarter of 2001 compared to $.65 per share in the same period last year. Portfolio Results - ----------------- Rental income increased 7.4% to $279.9 million in 2001 from $260.7 million in 2000. When adjusted to exclude properties acquired, sold or under development or redevelopment during 2001, rental income -MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END 2001 OPERATING RESULTS February 12, 2002 Page 2 increased 6.4% to $270.7 million in 2001 from $254.3 million in 2000. Growth in rental income can largely be attributed to lease rollovers and incremental rent increases and lease from developments and redevelopments. During 2001, the Trust executed 342 new and renewed leases for a total of 1.6 million square feet of retail, office and residential space. On a comparable space basis, the Trust re-leased 1.0 million square feet, achieving 16% growth in same-store base rents. The weighted average rent on these leases was $23.03 per square foot compared to the previous average rent of $19.78 per square foot. For the third straight year, overall occupancy at year-end remained strong at 96%. Commenting on the year, Donald C. Wood, president and chief operating officer stated, "Despite the slowing economy, demand for our retail space remains strong as evidenced by rental rate increases and strong occupancy levels. Our ability to generate consistent core portfolio growth over our 40-year history underscores the quality of our properties and the strength of their locations." Development Activities - ---------------------- At Santana Row, San Jose, California, the Trust continues to make progress with construction. Leasing activity continues with 80% of the first floor space facing Santana Row, either executed or under signed letter of intent. The company anticipates Phase I to begin opening in August 2002. "At year-end, our retail leasing and construction progress allowed us to mitigate development risks," stated Steven J. Guttman, chairman and chief executive officer, "We now have the retail density on the main street necessary to assure a successful opening." In October, Federal Realty broke ground on the fifth phase of redevelopment at Bethesda Row in Bethesda, Maryland. Plans call for the development of a brand new 62,000 square foot, state-of-the-art Giant Food and Pharmacy on the west side of Arlington Road. The estimated cost to Federal Realty for the -MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END 2001 OPERATING RESULTS February 12, 2002 Page 3 redevelopment of this parcel is approximately $5.5 million. Plans for phase six, which include the development of the existing Giant Food parcel are currently being finalized. Federal Realty also announced that construction of 146-unit apartment community on a 2-acre parcel behind Congressional Plaza in Rockville, Maryland has commenced. Federal Realty's portion of the construction costs are estimated to be approximately $15 million. At Pentagon Row in Arlington, Virginia, two-thirds of the 300,000 square feet of retail space is currently open and operating. The development is 95% leased with the remaining portions of buildings C and D expected to open in the first and second quarters of 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 2002 earnings guidance on its fourth quarter and year-end earnings conference call, which is scheduled for 11:00 A.M ET, Wednesday February 13, 2002. 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 on --------------------- February 13, 2002. A telephone recording of the call can also be heard by dialing (888) 203-1112. The passcode for this replay is 467891. Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of retail and mixed-use properties. Federal Realty's portfolio contains shopping centers, street retail and mixed-use properties comprising 15.2 million square feet. The operating portfolio is currently 96% leased to over 2,100 national, regional and local retailers with no single tenant accounting for more than 2.7% of rental revenue. The portfolio is diversified across major metropolitan markets within the United States that are densely populated with high household income levels. The Trust's 58 community and neighborhood shopping centers are predominantly grocery-anchored with -MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END 2001 OPERATING RESULTS February 12, 2002 Page 4 average sales per square foot of $305. Federal Realty's street retail and mixed-use portfolio comprises over 2 million square feet with average sales per square foot of $435. Federal Realty has gained national recognition for its main street revitalization program as well as the development of urban-mixed use, pedestrian-friendly communities. In addition, the Trust participates in the results of an additional 30 street retail properties through convertible participating mortgages. Federal Realty has paid quarterly dividends to its shareholders continuously since it's 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. --------------------- 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 becuse of subsequent events.
Financial Highlights (in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, OPERATING RESULTS 2001 2000 2001 2000 - ----------------- ---- ---- ---- ---- Revenues Rental income $74,798 $68,100 $279,935 $260,684 Other property income 3,764 2,917 13,977 11,065 Interest and other income 1,315 1,773 6,590 7,532 ------- ------- -------- -------- 79,877 72,790 300,502 279,281 Expenses Rental 17,849 15,223 63,481 56,280 Real estate taxes 7,895 6,900 28,772 26,620 Interest 16,953 16,897 69,313 66,418 Administrative 4,310 4,283 14,281 13,318 Depreciation and amortization 15,804 13,826 59,914 53,259 ------- ------- -------- -------- 62,811 57,129 235,761 215,895 ------- ------- -------- -------- Operating income before investors' share of operations 17,066 15,661 64,741 63,386 Investor's share of operations (1,179) (1,772) (5,170) (6,544) ------- ------- -------- -------- Income before gain on sale of real estate 15,887 13,889 59,571 56,842 Gain on sale of real estate 1,287 - 9,185 3,681 ------- ------- -------- -------- Net Income 17,174 13,889 68,756 60,523 Dividends on preferred stock (3,071) (1,987) (9,034) (7,950) ----- ------- -------- -------- Net income available for common shareholders $14,103 $11,902 $ 59,722 $ 52,573 ======= ======= ======== ======== Earnings per common share, basic $ 0.35 $ 0.31 $ 1.52 $ 1.36 ======= ======= ======== ======== Earnings per common share, diluted $ 0.35 $ 0.31 $ 1.52 $ 1.35 ======= ======= ======== ======== Weighted average shares outstanding, basic 39,473 38,750 39,164 38,796 Weighted average shares outstanding, diluted 40,653 39,794 40,266 39,910 Funds from Operations Net income available for common shareholders $14,103 $11,902 $ 59,722 $ 52,573 Less: (gain) on sale of real estate (1,287) - (9,185) (3,681) Add : depreciation and amortization of real estate 14,211 12,604 54,350 48,456 assets Add : amortization of initial direct costs of leases 1,146 917 4,161 3,514 Add : income attributable to operating partnership units 335 289 1,384 1,311 ------- ------- -------- -------- Funds from operations $28,508 $25,712 $110,432 $102,173 ======= ======= ======== ======== Funds from operations per share, diluted $ 0.70 $ 0.65 $ 2.74 $ 2.56 ======= ======= ======== ======== December 31, December 31, BALANCE SHEET DATA 2001 2000 - ------------------ ---- ---- Assets Real estate, at cost Operating $ 1,782,318 $ 1,679,289 Development 321,986 175,624 ------- ------- 2,104,304 1,854,913 Accumulated depreciation and amortization (395,767) (351,258) --------- --------- 1,708,537 1,503,655 Mortgage notes receivable 35,607 47,360 Cash and investments 17,563 11,357 Receivables 18,580 13,092 Other assets 57,691 45,615 ------------ ----------- Total assets $ 1,837,978 $ 1,621,079 ============ =========== Liabilities and Shareholders' Equity Obligations under capital leases, mortgages and construction loans $ 450,336 $ 340,152 Notes payable 174,843 209,005 Senior Notes 410,000 410,00 5 1/4% Convertible subordinated debentures 75,289 75,289 Other liabilities 135,122 118,979 Shareholders' Equity 592,388 467,654 ------------ ----------- $ 1,837,978 $ 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.