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) March 31, 2002 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 March 31, 2002. Item 7. Financial Statements and Exhibits (c) Exhibits. 99 Supplemental portfolio information at March 31, 2002 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 /s/ Larry E. Finger Date: April 29, 2002 _________________________________ Larry E. Finger Senior Vice President, Chief Financial Officer and Treasurer -2-
EXHIBIT INDEX Exh No. Exhibit Page No. - ------- ------- -------- 99 Supplemental information at March 31, 2002 4 -3-
EXHIBIT 99 FEDERAL REALTY INVESTMENT TRUST Supplemental Information March 31, 2002 TABLE OF CONTENTS 1. Debt Summary................................................ E-2 2. Occupancy Percentage Leased.................................... E-3 Regional Breakdown................................... E-4 3. Sales / Occupancy Costs..................................... E-5 4. Leases Signed Analysis Comparable and Non-Comparable................ E-6 5. Street Retail Operating & Development Overview.............. E-7 6. Construction Schedule....................................... E-8 7. First Quarter Earnings Press Release, April 29, 2002........ E-9 8. Glossary of Terms........................................... E-14 1626 East Jefferson Street Rockville, Maryland 20852-4041 301/998-8100
FEDERAL REALTY INVESTMENT TRUST DEBT ANALYSIS (excluding capital leases) March 31, 2002 ================================================================================ Balance Maturity Rate (in thousands) -------- ---- -------------- Mortgages and Construction Loans Leesburg Plaza 10/01/08 6.510% $ 9,900 Federal Plaza 06/01/11 6.750% 36,206 Tysons Station 09/01/11 7.400% 6,943 164 E Houston Street 10/06/08 7.500% 295 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% 23,508 Construction loan on Santana Row (may be extended to 4/16/06) 04/16/04 libor + 2.125% 93,086 Escondido (Municipal bonds) 10/01/16 3.23% (a) 9,400 ----------- $ 381,338 =========== Notes payable Revolving credit facilities 12/19/03 libor + .80% $ 55,000 Term note with banks 12/19/03 6.22% (b) 125,000 Note issued in Connection with renovation of Perring Plaza 01/31/13 10.00% 2,359 Note issued in connection with land purchase 06/30/02 libor + 1.25% 3,400 Other various various 42 ----------- $ 185,801 =========== 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 $ 851,034 80.86% Total variable rate debt 201,394 19.14% ----------- --------- Total debt $ 1,052,428 100.00% =========== ========= Weighted average interest rate: ----------------------------------------- Fixed rate debt 7.27% Variable on revolving credit facilities 2.64% (d) Variable on muncipal bonds 3.23 (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. The weighted average interest rate for the three months ended March 31, 2002, was 3.23%. (b) LIBOR plus 95 basis points. 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 three months ended March 31, 2002. DEBT MATURITIES (excluding capital leases) Assumes the option to extend the Woodmont East construction loan is exercised Cumulative (In thousands) Percent of Percent of Scheduled Debt Debt Year Amortization Maturities Total Expiring Expiring --------------------------------------------------------------------------------------------------------------------------- 2002 $ 456 $ 28,689 $ 29,145 2.8% 2.8% 2003 846 272,000 272,846 25.9% 28.7% 2004 2,810 156,094 158,904 15.1% 43.8% 2005 3,063 40,000 43,063 4.1% 47.9% 2006 3,412 40,500 43,912 4.2% 52.1% 2007 3,686 3,686 0.4% 52.5% 2008 3,918 9,541 13,459 1.3% 53.8% 2009 4,095 175,046 179,141 17.0% 70.8% 2010 4,427 4,427 0.4% 71.2% 2011 4,287 37,235 41,522 3.9% 75.1% Thereafter 17,116 245,207 262,323 24.9% 100.0% ----------------------------------------------------------------------- $ 48,116 $ 1,004,312 $ 1,052,428 100.00% ======================================================================= E-2
Federal Realty Investment Trust Percentage Leased Analysis March 31, 2002 ==================================================================================================================================== Overall Operating Occupancy (Quarter to Quarter Analysis) At March 31, 2002 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,863,316 14,201,349 96% Rollingwood Apartments (# of units) 282 274 97% - ------------------------------------------------------------------------------------------------------------------------------------ Overall Operating Occupancy (Quarter to Quarter Analysis) At March 31, 2001 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,609,901 13,938,466 95% Rollingwood Apartments (# of units) 282 281 99% Overall Operating Occupancy (Rolling 12 Months) At March 31, 2002 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,863,316 14,201,349 96% Rollingwood Apartments (# of units) 282 274 97% Overall Operating Occupancy (Rolling 12 Months) At December 31, 2001 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,761,301 14,116,003 96% Rollingwood Apartments (# of units) 282 278 99% Overall Operating Occupancy (Rolling 12 Months) At September 30, 2001 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- ------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,586,960 13,969,698 96% Rollingwood Apartments (# of units) 282 282 100% Overall Operating Occupancy (Rolling 12 Months) At June 30, 2001 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- -------------------- -------------- Retail Properties (leasable square feet) 14,401,918 13,763,220 96% Rollingwood Apartments (# of units) 282 281 99% ================================================================================ Same Center Occupancy (Quarter to Quarter Comparison) At March 31, 2002 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,401,838 13,758,702 96% Rollingwood Apartments (# of units) 282 274 97% Same Center Occupancy (Quarter to Quarter Comparison) At March 31, 2001 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,300,826 13,635,785 95% Rollingwood Apartments (# of units) 282 281 99% Same Center Occupancy (Rolling 12 Months) At March 31, 2002 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 14,401,838 13,758,702 96% Rollingwood Apartments (# of units) 282 274 97% Same Center Occupancy (Rolling 12 Months) At December 31, 2001 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- ------------------- ---------------- Retail Properties (leasable square feet) 13,871,494 13,239,805 95% Rollingwood Apartments (# of units) 282 278 99% Same Center Occupancy (Rolling 12 Months) At September 30, 2001 ---------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- ------------------- ------------------- --------------- Retail Properties (leasable square feet) 13,729,885 13,145,884 96% Rollingwood Apartments (# of units) 282 282 100% Same Center Occupancy (Rolling 12 Months) At June 30, 2001 ----------------------------------------------------------------- Type Size Leased Occupancy - -------------------------------------------------------------- -------------------- -------------------- -------------- Retail Properties (leasable square feet) 13,676,328 13,072,483 96% Rollingwood Apartments (# of units) 282 281 99% E-3
Federal Realty Investment Trust Regional Occupancy Analysis March 31, 2002 ================================================================================ Total Square Occupancy Region Footage 03/31/02 - ------------------------------- -------------------------- ---------------- Northeast 7,499,108 96% Mid-Atlantic 6,219,368 96% West Coast 1,144,840 93% ================================================================================ Total Square Occupancy Region Footage 03/31/02 - ------------------------------- ------------------------ ---------------- Northeast Anchor 4,749,945 98% Small Shops 2,749,163 91% --------- 7,499,108 Mid-Atlantic Anchor 2,920,469 99% Small Shops 3,298,899 93% --------- 6,219,368 West Anchor 361,313 100% Small Shops 783,527 90% --------- 1,144,840 E-4
Federal Realty Investment Trust 2001 Sales/Occupancy Costs Average Average Average Occupancy Occupancy Costs Sales Per Cost per as Percentage Square Foot (1) Square Foot (2) of Sales (2) --------------- --------------- ------------ Reporting Tenants $317.34 $19.65 6.2% Reporting Anchor Tenants $314.28 $14.44 4.6% Reporting Small Shop Tenants $322.01 $27.52 8.5% (1) Includes only those tenants that have 12 months of reported sales in 2001. (2) Occupancy costs calculated only for those tenants that have 12 months of reported sales in 2001 and who are in centers that Federal has owned for all of 2001. E-5
Federal Realty Investment Trust Retail Leasing Activity March 31, 2002 ================================================================================ 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 ----------------- ------------- ---- ------------ ----------- ----------- 1st Quarter 2002 92 226,680 5.8 $21.81 $23.34 4th Quarter 2001 61 253,166 9.6 $19.73 $22.40 3rd Quarter 2001 77 200,388 6.1 $23.03 $25.57 2nd Quarter 2001 65 206,158 7.3 $19.86 $24.78 Total 295 886,392 7.2 $21.04 $23.91 Estimated Percentage Tenant Annualized Increase Improvement Rolling 12 Months Increase in Rent over Prior Rent Costs ----------------- ---------------- --------------- ----------- 1st Quarter 2002 $347,660 7% $1,002,000 4th Quarter 2001 $674,705 14% $2,485,000 3rd Quarter 2001 $508,120 11% $935,000 2nd Quarter 2001 $1,014,598 25% $1,697,000 Total $2,545,083 14% $6,119,000 Non-Comparable Estimated Weighted Annualized Tenant Number of Square Average Lease Average Rent Current Improvement Rolling 12 Months Leases Signed Feet Term (Years) Per Square Foot Rent Costs ----------------- ------------- ---- ------------ --------------- ---------- ----- 1st Quarter 2002 17 31,479 8.2 $51.73 $1,628,294 $152,000 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 Total 67 317,739 10.9 $31.04 $9,863,128 $656,000 E-6
Federal Realty Investment Trust Street Retail Operating & Development Overview March 31, 2002 For the year ended December 31, For the three months ended March 31, (in thousands, except sf data) 1999 2000 2001 2001 2002 ------------------------------------------------------------------------------------------------ Real Estate Assets (1) $472,190 $606,143 $847,526 $668,384 $884,766 Revenues $55,919 $63,275 $76,674 $17,266 $21,288 Net Operating Income $38,196 $42,489 $47,539 (2) $11,800 $13,627 (2) Square Feet (3) 1,792,000 1,876,000 2,232,000 1,880,000 2,318,000 (1) Street Retail includes stabilized assets and assets which are in various stages of development and redevelopment. At March 31, 2002, real estate assets includes $357 million related to the Santana Row and Pentagon Row developments. (2) Net operating income is reduced by start-up expenses for Street Retail's development projects. (3) Excludes new development square footage, redevelopment square footage, and Rollingwood Apartments. (4) Property held for sale. NORTHEAST Square Feet MID-ATLANTIC Square Feet Connecticut Virginia Greenwich Avenue 81,000 Pentagon Row 294,000 West Hartford 126,000 Village at Shirlington 203,000 Westport 26,000 Illinois WESTERN Evanston 19,000 Arizona Mill Avenue 40,000 Massachusetts Coolidge Corner 13,000 California Colorado Boulevard 69,000 New Jersey Fifth Avenue 51,000 Central Avenue 11,000 Hermosa Beach 24,000 Hollywood Blvd. 160,000 New York Old Town Center 97,000 Forest Hills 85,000 Post Street 103,000 Santana Row N/A (3) Third Street Promenade 201,000 MID-ATLANTIC District of Columbia Oregon Sam's Park N Shop 50,000 Tanasbourne N/A (4) Friendship Center 119,000 Uptown 100,000 Florida Texas Winter Park 28,000 Houston Street N/A (3) Maryland Bethesda Row 418,000 (3) Rollingwood Apartments 282 units (3) E-7
FEDERAL REALTY INVESTMENT TRUST Construction Schedule March 31, 2002 Total Cost Estimate To Complete Completed Project Specifications To Date 2002 2003 Cost -------------------------------------------------------------------------------------------------------------------------- ($ in millions) CONSTRUCTION IN PROGRESS Pentagon Row 300,000 sf retail (1) $83 $9 - $92 Arlington, Virginia Santana Row (Phase I) 538,000 sf retail (2) $274 $197 $29 $500 (3) San Jose, California 501 residential units 214 hotel rooms ============== ============ =========== =========== $357 $206 $29 $592 ============== ============ ============ =========== Expected Stabilized Principal Project Return Tenants ------------------------------------------------------------------------- CONSTRUCTION IN PROGRESS Pentagon Row 8.25% - 8.5% Bed, Bath & Beyond Arlington, Virginia Harris Teeter Santana Row (Phase I) 6.25% - 7.0% (4) Borders Books San Jose, California Burberry Century Theaters Crate & Barrel Gucci Maggiano's Tommy Bahamas (1) Federal Realty master planned this project and is developing the retail component. The project also includes 500 apartment units owned and operated by Post Properties. (2) Phase I includes the "1,500 foot main street" and nine buildings. Completion of eight buildings with 440,000 square feet of retail space is scheduled for September 2002 with the ninth building to be completed twelve to eighteen months later. At April 23, 2002, leases for over 313,000 square feet of retail space have been executed or are under signed letters of intent. As a result of the retail leasing to date, over 80% of the first floor space directly on Santana Row, the development's main street, is leased or under signed letter of intent. (3) The estimated total cost for Phase I of $500 million includes the land and infrastructure for the later phases as well as Phase I. The infrastructure for the project includes 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. (4) Assumes all buildings in Phase I are stabilized. Assumes monthly 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. E-8
FOR IMMEDIATE RELEASE Investor Inquiries Media Inquiries - ------------------ ---------------- Andrew Blocher Kristine Warner Vice President, Director, Investor Relations & Capital Markets Corporate Communications 301/998-8166 301/998-8212 ablocher@federalrealty.com kwarner@federalrealty.com - -------------------------- ------------------------- FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FIRST QUARTER 2002 OPERATING RESULTS ROCKVILLE, MD (April 29, 2002) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its first quarter ended March 31, 2002. o Funds from operations (FFO), excluding restructuring charges, increased to $0.67 per diluted share o Net operating income increased 6.8% on a same-center basis o Occupancy remained strong at 95.5% at quarter end Financial Results - ----------------- The Trust reported FFO of $19.0 million for the first quarter, or $0.46 per diluted share. This includes a $0.21 charge recognized as a result of the change in business strategy and resulting restructuring announced March 11, 2002. Excluding these charges, the Trust reported FFO of $27.5 million, or $0.67 per diluted share, a 1.5% increase over the $0.66 reported for last year's first quarter and $0.01 above consensus First Call estimates. Portfolio Results - ----------------- Rental income increased 7.1% from $66.8 million in 2001 to $71.6 million in 2002. On a same-center basis, which excludes the impact of properties acquired, developed or sold during the analyzed periods, rental income increased 5.1% from $65.7 million to $69.0 million. Net operating income increased 6.2% from $49.8 million to $52.9 million. On a same center basis, net operating income increased 6.8% from -MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FIRST QUARTER 2002 OPERATING RESULTS April 29, 2002 Page 2 $47.3 million to $50.5 million. Strong core operating performance, net of pre-opening expenses incurred at Santana Row, was the primary driver of the improvement in funds from operations. At March 31, 2002, overall occupancy remained strong at 95.5%, compared to 95.4% on March 31, 2001. During the first quarter, the Trust signed leases for over 258,000 square feet of retail space and 37,000 square feet of office space. On a comparable retail space basis, the Trust leased over 225,000 square feet at an average increase in rent per square foot of 7%. The weighted-average new rent on these same space leases was $23.34 per square foot compared to the previous average rent of $21.81 per square foot. "Our outstanding locations have resulted in strong occupancy during a time when others are reporting significant declines," stated Donald C. Wood, president and chief operating officer for Federal Realty. "Additionally, our properties are situated in areas with excellent demographics and barriers to entry, which positions the Trust to continue to produce superior results." Santana Row Update - ------------------ At Santana Row, Federal Realty's mixed-use community in San Jose, California, construction is advancing in anticipation of the September 19 opening date. Retail leasing continues to progress as the Trust has executed 78 leases and letters of intent, totaling 325,000 square feet, comprising 83% of first floor space directly on the main street of the project, ensuring a vibrant street experience by the opening date. After a thorough and conservative review of project costs, the Trust estimates the total cost of Phase I to be $500 million, which includes all infrastructure and 19 acres of undeveloped land on which the Trust has entitlements to build an additional 700 residential units and approximately 200,000 square feet of retail space. 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 earnings guidance on it's first quarter earnings conference call, which is scheduled for Tuesday, April 30, 2002 at 11:00 A.M. Eastern Time. To participate, please call (800) 319-9003 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 available for --------------------- seven days following the conference -MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FIRST QUARTER 2002 OPERATING RESULTS April 29, 2002 Page 3 call. A telephone recording of the call can also be heard by dialing (888) 203-1112. The passcode for this replay is 510761. Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of shopping centers and street retail properties. Federal Realty's portfolio contains 15.1 million square feet located in major metropolitan markets across the United States. The operating portfolio is currently 95.5% leased to over 2,100 national, regional and local retailers with no single tenant accounting for more than 2.4% of rental revenue. 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, the longest consecutive record in the REIT industry. 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 because of subsequent events. ###
Financial Highlights (in thousands, except per share data) (unaudited) Three Months Ended March 31, OPERATING RESULTS 2002 2001 - ----------------- ---- ---- Revenues Rental income $71,575 $66,825 Other property income 3,482 2,709 Interest and other income 1,261 1,857 ----- ----- 76,318 71,391 Expenses Rental 15,622 15,029 Real estate taxes 7,832 6,600 Interest 16,640 17,150 Administrative 2,999 3,133 Restructuring expenses 8,489 - Depreciation and amortization 15,986 14,110 ------ ------ 67,568 56,022 ------ ------ Operating income before investors' share of operations and discontinued operations 8,750 15,369 Investors' share of operations (697) (1,378) ----- ------- Income before loss on abandoned developments held for sale and discontinued operations 8,053 13,991 Discontinued operations 263 242 ---- --- Income before loss on abandoned developments held for sale 8,316 14,233 Loss on abandoned developments held for sale (9,647) - ------- ------- Net (loss) income (1,331) 14,233 Dividends on preferred stock (4,856) (1,988) ------- ------- Net (loss) income available for common shareholders ($6,187) $12,245 ======= ======= Earnings per common share, basic Income before loss on abandoned developments held for sale and discontinued operations $0.08 $0.31 Discontinued operations 0.01 0.01 Loss on abandoned developments held for sale (0.24) - ------- ------ ($0.15) $0.32 ======= ===== Weighted average number of common shares, basic 39,702 38,822 ====== ====== Earnings per common share, diluted Income before loss on abandoned developments held for sale and discontinued operations $0.08 $0.31 Discontinued operations 0.01 0.01 Loss on abandoned developments held for sale (0.24) - ------- ------ ($0.15) $0.32 ======= ====== Weighted average number of common shares, diluted 40,942 39,856 ====== ====== Funds from Operations Net (loss) income available for common shareholders ($6,187) $12,245 Add: loss on abandoned developments held for sale 9,647 - Add: depreciation and amortization of real estate assets 14,537 12,866 Add: amortization of initial direct costs of leases 1,171 969 Add: (loss) income attributable to operating partnership units (136) 299 ----- --- Funds from operations $19,032 $26,379 ======= ======= Funds from operations per share, diluted $0.46 $0.66 ===== ===== March 31, December 31, BALANCE SHEET DATA 2002 2001 - ------------------ ---- ---- (unaudited) Assets Real estate, at cost Operating $1,770,455 $1,782,318 Development 356,450 321,986 Held for sale 18,141 - --------- -------- 2,145,046 2,104,304 Accumulated depreciation and amortization (410,295) (395,767) --------- --------- 1,734,751 1,708,537 Mortgage notes receivable 48,661 35,607 Cash and investments 17,325 17,563 Receivables 17,095 18,580 Other assets 57,367 57,691 ------ ------ Total assets $1,875,199 $1,837,978 ========== ========== Liabilities and Shareholders' Equity Obligations under capital leases, mortgages and $481,001 $450,336 construction loans Notes payable 185,801 174,843 Senior Notes 410,000 410,000 5 1/4% Convertible subordinated debentures 75,289 75,289 Other liabilities 139,770 135,122 Shareholders' Equity 583,338 592,388 ------- ------- Total Liabilities and Shareholders' Equity $1,875,199 $1,837,978 ========== ==========
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 cash (not straight lined) rent paid by the previous tenant; includes minimum and percentage rent. Leases signed - current rent: Total cash (not straight lined) rent paid by the current (new) tenant; includes minimum rent only. Net Operating Income: Gross revenues, including mortgage 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. E-10