SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 30, 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 June
30, 2002.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at June 30, 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: August 12, 2002 _________________________________
Larry E. Finger
Senior Vice President,
Chief Financial Officer and Treasurer
-2-
EXHIBIT INDEX
Exh No. Exhibit Page No.
- ------- ------- --------
99 Supplemental information at June 30, 2002 4
-3-
FEDERAL REALTY INVESTMENT TRUST
Supplemental Information
June 30, 2002
TABLE OF CONTENTS
1. Second Quarter Earnings Press Release, August 12, 2002 .............................. E-2
2. Financial Highlights
Summarized Operating Results.................................................. E-6
Summarized Balance Sheet...................................................... E-7
Funds From Operations / Funds Available for
Distribution / Summary of Capital Expenditures................................ E-8
Selected Financial Data....................................................... E-9
3. Summary of Debt
Summary of Outstanding Debt................................................... E-10
Summary of Debt Maturities.................................................... E-11
4. Santana Row Development Summary...................................................... E-12
5. Acquisitions and Dispositions - Year to Date......................................... E-13
6. Real Estate Status Report............................................................ E-14
7. Shopping Center / Street Retail Summary.............................................. E-16
8. Leasing Summary
Retail Leasing Summary - Comparable........................................... E-17
Retail Leasing Summary - Non-comparable....................................... E-18
9. Occupancy Summary
Occupancy Summary - Overall................................................... E-19
Occupancy Summary - Same Center............................................... E-20
10. Summary of Top Twenty-five Tenants - Prospective..................................... E-21
11. Glossary of Terms.................................................................... E-22
1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100
FOR IMMEDIATE RELEASE
Investor Inquiries Media Inquiries
Andrew Blocher Kristine Warner
Vice President, Investor Director, Corporate
Relations & Capital Markets Communications
301/998-8166 301/ 998-8212
ablocher@federalrealty.com kwarner@federalrealty.com
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
SECOND QUARTER 2002 OPERATING RESULTS
-Significant progress made on implementation of new business strategy-
ROCKVILLE, MD (August 12, 2002) - Federal Realty Investment Trust (NYSE:FRT)
today reported operating results for its second quarter ended June 30, 2002.
. Funds from operations (FFO) of $0.66 per diluted share, beating First
Call consensus estimates
. Net operating income increased 5.4% on a same-center basis
. Occupancy improved to 95.9%
. 2.2 million common shares issued resulting in $56.6 million of net
proceeds
. Santana Row to open September 19
Financial Results
The Trust reported FFO of $27.7 million for the second quarter, or $0.66 per
diluted share, beating First Call consensus estimates by $0.01. This compares to
second quarter 2001 FFO of $27.3 million, or $0.68 per diluted share. Rental
income increased 6.4% from $67.2 million in the second quarter of 2001 to $71.5
million in the second quarter of 2002. On a same-center basis, which excludes
the impact of properties acquired, developed or sold during the analyzed
periods, rental income increased 2.8% from $66.5 million in the second quarter
of 2001 to $68.4 million in the second quarter of 2002.
Net operating income increased 3.2% from $50.3 million to $51.9 million. On a
same center basis, increases to net operating income were:
. 5.4% including redevelopment properties, and
. 4.7% excluding redevelopment properties
-MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
SECOND QUARTER 2002 OPERATING RESULTS
Page 2
Federal Realty Investment Trust
Historical Same-Center NOI Growth
June 30, 2002
2Q02 1Q02 4Q01 3Q01 2Q01 1Q01
---- ---- ---- ---- ---- ----
FRT - including redeveloped properties 5.4% 6.8% 7.1% 7.3% 5.7% 6.1%
FRT - excluding redeveloped properties 4.7% 6.2% 6.3% 6.5% 5.2% 5.5%
Peer Group Average (1) 0.3% 1.5% 2.4% 3.7% 3.3%
(1) Peer Group includes KIM, REG, NXL, WRI and PNP
Source: Morgan Stanley Research and company filings
Portfolio Results
At June 30, 2002, overall occupancy improved to 95.9%, compared to 95.6% on June
30, 2001, and 95.5% on March 31, 2002. During the second quarter, the Trust
signed leases for more than 440,000 square feet of retail space. On a comparable
retail space basis, the Trust leased over 416,000 square feet, a record for any
90-day period, at an average increase in rent per square foot of 12%. The
weighted-average new rent on these same space leases was $18.52 per square foot
compared to the previous average rent of $16.51 per square foot. Year-to-date
rent increases on same space leases averaged 10%.
"This was a very important quarter for us," stated Donald C. Wood, president and
chief operating officer for Federal Realty. "Not only were we successful in
posting strong leasing and occupancy results during a time of economic
uncertainty, but we made significant progress implementing strategic initiatives
mandated by the business plan changes announced in March."
-MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
SECOND QUARTER 2002 OPERATING RESULTS
Page 3
Mr. Wood continued by commenting, "The appointment of two highly seasoned
professionals to the Trust's board and the strengthening of our balance sheet
through the issuance of 2.2 million common shares were the first fundamental
building blocks for executing our plan."
Summary of Other Quarterly Activities
- -- In connection with the business plan changes announced March 11, 2002, the
Trust completed the sale of six properties during the second quarter,
generating $57.3 million of proceeds and realizing a gain of $19.1 million.
The weighted average capitalization rate for the sales was 7.6% based on
forward 12-month net operating income
- -- In its first offering of common equity since 1996, the Trust completed
the sale of 2.2 million common shares of beneficial interest, generating
$56.6 million of net proceeds
- -- Subsequent to the end of the second quarter, the Trust appointed two new
members to serve on the Board of Trustees, Amy Lane, former retail
investment banking chief at Merrill Lynch and Joseph Vassalluzzo, current
vice chairman of Staples, Inc.
Santana Row
At Santana Row, Federal Realty's mixed-use community in San Jose, California,
approximately 50 retailers and restaurants are scheduled to open on September
19. The Trust has executed more than 65 leases, totaling more than 300,000
square feet, of which approximately 182,000 is first floor space directly facing
the main street. Additionally, the Trust has executed more than 100,000 square
feet of signed letters of intent. More than 60% of the first floor space is
expected to open September 19. The Trust has recently opened the residential
models and has begun to actively market the residential units. To date, a total
of 36 deposits have been received on the residential units, 21 of which are
non-refundable and currently have specific units assigned for delivery beginning
in October, 15 of which are refundable because rents have not yet been set.
"With the opening date fast approaching, we are encouraged by the progress we
continue to make at Santana Row," stated Steven J. Guttman, chairman and chief
executive officer for Federal Realty. "The residential models are now open and
we're seeing strong interest in this portion of the development in addition to
continued interest in the retail segment."
-MORE-
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
SECOND QUARTER 2002 OPERATING RESULTS
Page 4
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 its second
quarter earnings conference call, which is scheduled for Tuesday, August 13,
2002 at 11:00 A.M. Eastern Time. To participate, please call (888) 425-
9978 five to ten minutes prior to the start time and use the Passcode EARNINGS
(required). The conference leader is Andrew Blocher. 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 call. A
telephone recording of the call will be available for 14 days by dialing (888)
568-0810.
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 million square feet located in major metropolitan markets across the
United States. The operating portfolio is currently 95.9% leased to over 2,100
national, regional and local retailers with no single tenant accounting for more
than 3% 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.
###
Federal Realty Investment Trust
Income Statement
June 30, 2002
================================================================================
Financial Highlights
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
OPERATING RESULTS 2002 2001 2002 2001
- ----------------- ---- ---- ---- ----
Revenues
Rental income $ 71,466 $ 67,160 $ 141,965 $ 132,998
Other property income 3,404 3,193 6,981 5,897
Interest and other income 958 1,740 2,118 3,597
-------- -------- --------- ---------
75,828 72,093 151,064 142,492
Expenses
Rental 16,445 15,002 31,817 29,860
Real estate taxes 7,448 6,750 15,187 13,257
Interest 15,133 17,530 31,773 34,680
Administrative 3,497 3,322 6,496 6,455
Restructuring expenses - - 8,489 -
Depreciation and amortization 15,927 14,629 31,752 28,595
-------- -------- --------- ---------
58,450 57,233 125,514 112,847
-------- -------- --------- ---------
Operating income before investors' share
of operations and discontinued operations 17,378 14,860 25,550 29,645
Investors' share of operations (1,579) (1,428) (2,276) (2,806)
-------- -------- --------- ---------
Income before gain on sale of real estate net of loss on
abandoned developments held for sale and discontinued
operations 15,799 13,432 23,274 26,839
Income from operations of discontinued assets 435 837 1,276 1,663
-------- -------- --------- ---------
Income before gain on sale of real estate net of
loss on abandoned developments held for sale 16,234 14,269 24,550 28,502
Gain on sale of real estate net of loss on abandoned
developments held for sale 19,101 7,898 9,454 7,898
-------- -------- --------- ---------
Net income 35,335 22,167 34,004 36,400
Dividends on preferred stock (4,856) (1,987) (9,712) (3,975)
-------- -------- --------- ---------
Net income available for common shareholders $ 30,479 $ 20,180 $ 24,292 $ 32,425
-------- -------- --------- ---------
Earnings per common share, basic
Income before gain on sale of real estate net of loss on
abandoned developments held for sale and discontinued
operations $ 0.27 $ 0.29 $ 0.34 $ 0.59
Discontinued operations 0.01 0.02 0.03 0.04
Gain on sale of real estate net of loss on abandoned developments
held for sale 0.47 0.20 0.23 0.20
-------- -------- --------- ---------
$ 0.75 $ 0.51 $ 0.60 $ 0.83
======== ======== ========= =========
Weighted average number of common shares, basic 40,798 38,984 40,286 38,908
======== ======== ========= =========
Earnings per common share, diluted
Income before gain on sale of real estate net of loss on
abandoned developments held for sale and discontinued
operations $ 0.27 $ 0.29 $ 0.34 $ 0.59
Discontinued operations 0.01 0.02 0.03 0.04
Gain on sale of real estate net of loss on abandoned developments
held for sale 0.46 0.20 0.23 0.20
-------- -------- --------- ---------
$ 0.74 $ 0.51 $ 0.60 $ 0.83
======== ======== ========= =========
Weighted average number of common shares, diluted 42,136 40,027 41,568 39,946
======== ======== ========= =========
Federal Realty Investment Trust
Balance Sheet
June 30, 2002
================================================================================
Financial Highlights
(in thousands, except per share data)
BALANCE SHEET DATA June 30, December 31,
- ------------------
2002 2001
---- ----
Assets (unaudited)
Real estate, at cost
Operating $ 1,843,170 $ 1,782,318
Development 337,490 321,986
----------- -----------
2,180,660 2,104,304
Less accumulated depreciation and amortization (421,250) (395,767)
----------- -----------
1,759,410 1,708,537
Other Assets
Mortgage notes receivable 48,629 35,607
Cash and investments 18,723 17,563
Receivables 14,611 15,483
Tax deferred exchange escrows 55,128 6,006
Other assets 50,404 51,685
----------- -----------
Total Assets $ 1,946,905 $ 1,834,881
=========== ===========
Liabilities and Shareholders' Equity
Obligations under capital leases, mortgages and construction loans $ 524,147 $ 450,336
Notes payable 171,374 174,843
Senior notes 385,000 410,000
5 1/4% Convertible subordinated debentures 75,000 75,289
Other liabilities 138,325 135,122
Shareholders' Equity 653,059 589,291
----------- -----------
Total Liabilities and Shareholders' Equity $ 1,946,905 $ 1,834,881
=========== ===========
Federal Realty Investment Trust
Funds From Operations / Funds Available for Distribution / Summary of Capital
Expenditures
June 30, 2002
================================================================================
Three months ended
June 30, 2002 June 30, 2001
----------------- -----------------
Funds From Operations (FFO) (in thousands, except per share data)
- ---------------------------
Net income available for common shareholders $ 30,479 $ 20,180
Gain on sale of real estate (19,101) (7,898)
Depreciation and amortization of real estate assets 14,521 13,509
Amortization of initial direct costs of leases 1,200 1,007
Income attributable to operating partnership units 650 461
----------------- -----------------
Funds From Operations (FFO) $ 27,749 $ 27,259
================= =================
Weighted average shares outstanding 42,136 40,027
FFO per share $ 0.66 $ 0.68
================= =================
Funds Available for Distribution (FAD)
- --------------------------------------
Funds from operations $ 27,749 $ 27,259
Recurring capital expenditures (1,970) (2,008)
----------------- -----------------
Funds available for distribution (FAD) $ 25,779 $ 25,251
================= =================
Weighted average shares outstanding 42,136 40,027
FAD per share $ 0.61 $ 0.63
================= =================
Dividends per share $ 0.48 $ 0.47
Dividend payout ratio % - FFO 73% 69%
Dividend payout ratio % - FAD 79% 75%
Summary of Capital Expenditures
- -------------------------------
Accretive Capital Expenditures
Development $ 60,387 $ 56,541
Acquisition Related (1) 36 139
Redevelopments and Expansions 4,566 4,028
Tenant Improvements 3,143 3,139
----------------- -----------------
Total Accretive Capital Expenditures 68,132 63,847
Recurring Capital Expenditures 1,970 2,008
----------------- -----------------
Total Capital Expenditures $ 70,102 $ 65,855
================= =================
(1) Capital expenditures related to acquisitions in the last two years which
were projected in the acquisition underwriting.
Federal Realty Investment Trust
Selected Financial Data
June 30, 2002
================================================================================
June 30, 2002 December 31, 2001
---------------------- ----------------------
(in thousands, except per share data)
Market data
Shares outstanding 43,188 40,071
Market price per share (end of period) $ 27.71 $ 23.00
Equity market capitalization (end of period) $ 1,431,739 (1) $ 1,156,633 (1)
Total debt 1,051,008 1,010,175
-------------------- -------------------
Total market capitalization $ 2,482,747 $ 2,166,808
==================== ===================
Total debt to market capitalization .42:1 .47:1
==================== ===================
Capital availability:
Cash on hand $ 18,723 $ 17,563
Tax deferred exchange escrows 55,128 6,006
Available under line of credit 256,000 256,000
Available under Santana Row construction loan 164,300 233,000
Shelf registration 130,240(2) 190,000
-------------------- -------------------
$ 624,391 $ 702,569
==================== ===================
(1) Includes $235 million of preferred stock issued and outstanding
(2) Pursuant to rule 462(b) availability can be increased to $156.3 million.
Six months ended Six months ended
June 30, 2002 (2) June 30, 2001
---------------------- ----------------------
Operational statistics
Ratio of earnings to combined fixed charges
and preferred dividends 1.18x 1.35x
Ratio of earnings to fixed charges 1.39x 1.47x
Ratio of EBITDA to combined fixed charges
and preferred dividends 1.49x 1.94x
Administrative expense/total revenues 4.30% 4.53%
(2) Excludes one-time restructuring charge of $8.5 million incurred in the first
quarter of 2002.
Federal Realty Investment Trust
Summary of Outstanding Debt
June 30, 2002
================================================================================
Maturity Rate Balance
-------- ---- -------
Mortgages and Construction Loans (in thousands)
- --------------------------------
Construction loan on Woodmont East
(may be extended to 8/29/04) 08/29/02 libor + 1.20% $ 24,291
Friendship Center 09/22/03 libor + 1.35% 17,000
Construction loan on Santana Row
(may be extended to 4/16/06) 04/16/04 libor + 2.125% 130,727
Leesburg Plaza 10/01/08 6.510% 9,900
164 E Houston Street 10/06/08 7.500% 287
Federal Plaza 06/01/11 6.750% 36,113
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
Tysons Station 09/01/11 7.400% 6,916
Escondido (Municipal bonds) 10/01/16 3.19% (a) 9,400
-----------------
$ 419,634
=================
Notes payable
- -------------
Revolving credit facilities 12/19/03 libor + .80% $ 44,000
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% 2,329
Other various various 45
-----------------
$ 171,374
=================
Unsecured Public Debt
- ---------------------
5 1/4% Convertible subordinated debentures 10/28/03 5.250% $ 75,000
=================
6.74% Medium Term Notes (c) 03/10/04 6.370% 39,500
6.625% Notes (fixed) 12/01/05 6.625% 40,000
6.99% Medium Term Notes (c) 03/10/06 6.894% 40,500
8.75% Notes 12/01/09 8.750% 175,000
7.48% Debentures 08/15/26 7.480% 50,000
6.82% Medium Term Notes 08/01/27 6.820% 40,000
-----------------
$ 385,000
=================
Total fixed rate debt $ 825,590 78.55%
Total variable rate debt 225,418 21.45%
----------------- --------------
Total debt $ 1,051,008 100.00%
================= ==============
Weighted average interest rate:
Fixed rate debt 7.25%
Variable on revolving credit facilities 2.67% (d)
Capital lease obligations
- -------------------------
Various through 2077 (e) $ 104,513
-----------------
Total debt and capital lease
obligations $ 1,155,521
=================
(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 six months
ended June 30, 2002, was 3.19%.
(b) LIBOR plus 95 basis points. The Trust purchased interest rate swaps or
hedges on this note, thereby locking in the LIBOR interest rate of 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 six months
ended June 30, 2002.
(e) Weighted average interest rate on capital lease obligations is 9.77% on a
stated basis and 13.96% including performance based participation interest
paid by the Trust.
Federal Realty Investment Trust
Summary of Debt Maturities
June 30, 2002
- --------------------------------------------------------------------------------
DEBT MATURITIES
(Assumes the option to extend the Woodmont East construction loan is exercised)
(in thousands)
Cumulative
Scheduled Percent of Percent of
Year Amortization Maturities Total Debt Expiring Debt Expiring
- ------------------------------------------------------------------------------------------- -------------------
2002 $ 302 $ - $ 302 0.0% 0.0%
(1) 2003 846 261,000 261,846 24.9% 24.9%
2004 2,810 194,517 197,327 18.8% 43.7%
2005 3,063 40,000 43,063 4.1% 47.8%
2006 3,412 40,500 43,912 4.2% 52.0%
2007 3,686 - 3,686 0.3% 52.3%
2008 3,918 9,541 13,459 1.3% 53.6%
2009 4,095 175,046 179,141 17.0% 70.6%
2010 4,427 - 4,427 0.4% 71.0%
2011 4,287 37,235 41,522 4.0% 75.0%
Thereafter 17,116 245,207 262,323 25.0% 100.0%
----------------------------------------------------------------------
Total $ 47,962 $ 1,003,046 $ 1,051,008 100.00%
======================================================================
Note:
(1) Includes $44 million balance on revolving credit facility and $125 million
balance on term loan.
Federal Realty Investment Trust
Santana Row Development Summary
June 30, 2002
- -----------------------------------------------------------------------------------------------------------------------------
Development Description: A multi-phased, mixed-use development built on 42 acres in San Jose, California,
- ------------------------ in the heart of the Silicon Valley. Phase I of the development will consist of a
1,500 foot long "main street" and nine buildings comprising approximately 538,000
square feet of retail, 501 residential units, and a 214-room boutique hotel.
Phase I Retail Description Building Square Feet Notes:
-------------------------- -------- ----------- ------
1 40,000 Crate & Barrel (sole tenant) opened
June 27, 2002
3 42,439 Primarily luxury tenants including Gucci,
Bottega Veneta, Burberry, a French bakery
and a Singaporean restaurant
4 33,609 Primarily luxury tenants including St.
John Knit, Tods, Escada and Anne Fontaine
5 57,354 Lifestyle tenants including Tommy Bahama,
Mullholland Brothers, New Balance Shoes
and Blowfish Sushi
6 49,415 Lifestyle tenants including Anthropologie,
Borders, Oilily and Lather
7 87,267 Lifestyle tenants including Ann Taylor Loft,
Cole Haan, Theory and five restaurants
8 37,027 Lifestyle tenants including Diesel,
Sur La Table, Z-Gallerie and three
restaurants
13 95,897 Located on Olin Avenue, primarily home
furnishing tenants and restaurants
including Maggiano's and Starbucks
Kiosk and Carts 1,570
--------
Total Retail Opening 444,578
September 19, 2002
9 or 11 93,000 Estimated square footage. Principal tenant is
-------- Century Theater. Scheduled to open
following the balance of Phase I.
Retail Total 537,578
=======
Phase I Residential Description Building Units Notes:
------------------------------- -------- ----- ------
3 98 One-, two- and three-bedroom loft units.
Deliveries beginning in October 2002.
4 100 One-, two- and three-bedroom loft units.
Deliveries beginning in November 2002.
6 21 Luxury three- and four-bedroom townhouses
and villas. Deliveries beginning in
January 2003.
7 246 108 two- and four-bedroom townhouses and
138 one-, two- and three-bedroom flats.
Deliveries beginning in January 2003.
8 36 Two-bedroom townhouses. Deliveries beginning
------- in December 2002.
Residential Total 501
=======
Phase I Hotel Description Building Rooms Notes:
------------------------- -------- ----- ------
5 214 Hotel Valencia Santana Row, a boutique hotel
scheduled for delivery in first
quarter 2003.
Financial Summary:
- ------------------
Total Projected Cost (1) $500 million
Cost to Date $329 million
Anticipated Cost to Complete $171 million
Remaining Construction Loan Capacity $164 million
Anticipated Stabilized Yield - 2004 (2) 6.25% to 7.00%
Executed Leases and
Retail Leasing Summary: Executed (sf) LOI (sf) LOIs as a % of Total Opening September 2002
- ----------------------- ------------- -------- -------------------- ----------------------
First-floor Facing Santana Row 181,952 14,063 95% 36 tenants
Total Santana Row Phase I 300,856 100,782 75% 48 tenants
Average Rent per Square
Residential Leasing Summary: Number of Deposits Foot per Month
- ---------------------------- ------------------ --------------
Hard Deposits (3) 21 $ 1.93
Refundable Deposits (4) 15 (4)
Notes:
(1) Includes the cost of land and infrastructure for future phases.
(2) Assumes residential rents of $2.25 per square foot per month. Every $0.10
increase/(decrease) to residential rents results in a 15 bps
increase/(decrease) in the anticipated stabilized yield.
(3) Deposits on units for which rents have been set, specific units have been
assigned and delivery is expected to begin in October.
(4) Deposits on units for which market rents have not been set, and as a result
specific units cannot be assigned.
Federal Realty Investment Trust
Acquisitions and Dispositions - Year to Date
June 30, 2002
================================================================================
Acquisitions
- ------------
None
Dispositions
- ------------
Date Property City / State GLA Sale proceeds Cap rate (1) Anchor tenant
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
April 11, 2002 252 - 264 Greenwich Ave Greenwich, CT 24,000 $ 16,100 7.30% Banana Republic, Gap Kids
April 30, 2002 138 Central Ave Westfield, NJ 11,000 4,100 8.10% Legg Mason, Toys R Us
April 30, 2002 Ships Building Westport, CT 16,000 7,300 7.60% Eddie Bauer
April 30, 2002 27 Main Street Westport, CT 10,000 7,300 7.30% Pottery Barn
June 6, 2002 Uptown Shopping Center Portland, OR 100,000 20,400 8.40% Zupan's Market, Elephant's Deli
June 18, 2002 6410 Hollywood Blvd Hollywood, CA 12,000 2,100 4.30% Hollywood Suit Outlet
-------- --------
Total dispositions 173,000 $ 57,300
======== ========
(1) Cap rate based on twelve month forward net operating income (NOI). Blended
cap rate for properties sold is 7.64%.
Federal Realty Investment Trust
Real Estate Status Report
June 30, 2002
================================================================================
Year Total Ownership
Property Name Type MSA Description Acquired Investment Percentage
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
Washington Metropolitan Area
----------------------------
Bethesda Row SR Washington, DC-MD-VA-WV 1993-98 $ 77,061 (3)
Congressional Plaza SC Washington, DC-MD-VA-WV 1965 53,406 55.8%
Courthouse Center SC Washington, DC-MD-VA-WV 1997 4,160 (5)
Falls Plaza SC Washington, DC-MD-VA-WV 1967 8,154 100.0%
Falls Plaza-East SC Washington, DC-MD-VA-WV 1972 3,351 100.0%
Federal Plaza SC Washington, DC-MD-VA-WV 1989 61,667 100.0%
Friendship Center SR Washington, DC-MD-VA-WV 2001 33,552 100.0%
Gaithersburg Square SC Washington, DC-MD-VA-WV 1993 23,500 100.0%
Idylwood Plaza SC Washington, DC-MD-VA-WV 1994 14,820 100.0%
Laurel SC Washington, DC-MD-VA-WV 1986 45,407 99.9%
Leesburg Plaza SC Washington, DC-MD-VA-WV 1998 20,339 (5)
Loehmann's Plaza SC Washington, DC-MD-VA-WV 1983 25,079 (5)
Magruder's Center SC Washington, DC-MD-VA-WV 1997 10,264 (5)
Mid-Pike Plaza SC Washington, DC-MD-VA-WV 1982 16,864 (6)
Old Keene Mill SC Washington, DC-MD-VA-WV 1976 5,043 100.0%
Pan Am SC Washington, DC-MD-VA-WV 1993 24,749 100.0%
Pentagon Row SR Washington, DC-MD-VA-WV 1999 82,282 100.0%
Pike 7 SC Washington, DC-MD-VA-WV 1997 33,370 100.0%
Quince Orchard SC Washington, DC-MD-VA-WV 1993 19,012 100.0%
Rollingwood Apartments SR Washington, DC-MD-VA-WV 1971 6,682 100.0%
Sam's Park & Shop SR Washington, DC-MD-VA-WV 1995 11,754 100.0%
Tower SC Washington, DC-MD-VA-WV 1998 18,016 100.0%
Tyson's Station SC Washington, DC-MD-VA-WV 1978 3,312 100.0%
Village of Shirlington SR Washington, DC-MD-VA-WV 1995 31,768 100.0%
Wildwood SC Washington, DC-MD-VA-WV 1969 15,800 100.0%
Philadelphia Metropolitan Area
------------------------------
Andorra SC Philadelphia, PA-NJ 1988 18,582 99.9%
Bala Cynwyd SC Philadelphia, PA-NJ 1993 23,662 100.0%
Ellisburg Circle SC Philadelphia, PA-NJ 1992 25,826 100.0%
Feasterville SC Philadelphia, PA-NJ 1980 11,556 100.0%
Flourtown SC Philadelphia, PA-NJ 1980 8,641 100.0%
Langhorne Square SC Philadelphia, PA-NJ 1985 17,467 100.0%
Lawrence Park SC Philadelphia, PA-NJ 1980 23,535 100.0%
Northeast SC Philadelphia, PA-NJ 1983 21,410 100.0%
Willow Grove SC Philadelphia, PA-NJ 1984 25,761 100.0%
Wynnewood SC Philadelphia, PA-NJ 1996 34,987 100.0%
New York / New Jersey
---------------------
Allwood SC Bergen-Passaic, NJ 1988 4,265 (6)
Clifton SC Bergen-Passaic, NJ 1988 4,795 (6)
Blue Star SC Middlesex-Somerset-Hunterdon, NJ 1988 38,755 (6)
Brunswick SC Middlesex-Somerset-Hunterdon, NJ 1988 20,807 (6)
Rutgers SC Middlesex-Somerset-Hunterdon, NJ 1988 15,842 (6)
Brick Plaza SC Monmouth-Ocean, NJ 1989 53,695 100.0%
Greenlawn Plaza SC Nassau-Suffolk, NY 2000 10,562 100.0%
Hauppauge SC Nassau-Suffolk, NY 1998 26,133 100.0%
Huntington SC Nassau-Suffolk, NY 1988 22,499 (6)
Forest Hills SR New York, NY 1997 23,965 100.0%
Fresh Meadows SC New York, NY 1997 64,502 100.0%
Troy SC Newark, NJ 1980 20,441 100.0%
Hamilton SC Trenton, NJ 1988 7,584 (6)
New England
-----------
Coolidge Corner SR Boston-Worcester-Lawrence-Lowell-Brockton, MA 1995 4,005 100.0%
Dedham Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1993 28,489 100.0%
Queen Anne Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1994 14,556 100.0%
Saugus Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1996 13,069 100.0%
Bristol Plaza SC Hartford, CT 1995 21,652 100.0%
West Hartford SR Hartford, CT 1994-1996 16,109 100.0%
Greenwich Avenue SR New Haven-Bridgeport-Stamford-Waterbury 1994-1996 19,401 100.0%
Mortage or
Capital Lease Grocery
Property Name GLA (1) % Leased Obligation Anchor GLA Grocery Anchor (2)
- -----------------------------------------------------------------------------------------------------------------------------
(in thousands)
Washington Metropolitan Area
----------------------------
Bethesda Row 419,000 97.7% 36,867 40,000 Giant Food (4)
Congressional Plaza 339,000 93.4% 28,258 Fresh Fields
Courthouse Center 38,000 71.6%
Falls Plaza 73,000 100.0% 51,385 Giant Food
Falls Plaza-East 71,000 100.0%
Federal Plaza 247,000 98.4% 36,113
Friendship Center 119,000 100.0% 17,000
Gaithersburg Square 205,000 96.9%
Idylwood Plaza 73,000 100.0% 29,556 Fresh Fields
Laurel 386,000 98.0% 39,500 Giant Food
Leesburg Plaza 247,000 100.0% 9,900 55,330 Giant Food
Loehmann's Plaza 242,000 95.0%
Magruder's Center 109,000 100.0% 30,750 Magruders
Mid-Pike Plaza 312,000 98.7% 10,041
Old Keene Mill 92,000 100.0% 24,060 Fresh Fields
Pan Am 218,000 94.0% 32,725 Safeway
Pentagon Row 294,000 95.5% 44,623 Harris Teeter
Pike 7 164,000 100.0%
Quince Orchard 237,000 95.3% 23,640 Magruders
Rollingwood Apartments N/A 99.0%
Sam's Park & Shop 50,000 100.0%
Tower 109,000 88.1%
Tyson's Station 50,000 97.0% 6,916
Village of Shirlington 202,000 96.7%
Wildwood 84,000 100.0% 27,600 20,000 Sutton Place Gourmet
Philadelphia Metropolitan Area
------------------------------
Andorra 259,000 92.5% 23,542 Acme Markets
Bala Cynwyd 281,000 100.0% 45,000 Acme Markets
Ellisburg Circle 259,000 98.7% 47,600 Genuardi's (7)
Feasterville 116,000 95.5% 52,694 Genuardi's
Flourtown 191,000 100.0% 41,511 Genuardi's
Langhorne Square 216,000 94.4% 55,000 Redner's Warehouse Markets
Lawrence Park 326,000 98.3% 31,400 38,481 Acme Markets
Northeast 292,000 95.7%
Willow Grove 215,000 100.0%
Wynnewood 255,000 99.1% 32,000 98,000 Genuardi's
New York / New Jersey
---------------------
Allwood 52,000 100.0% 3,518 25,025 Stop & Shop
Clifton 80,000 91.1% 3,272 26,500 Acme Markets
Blue Star 410,000 96.8% 26,854 43,365 Shop Rite
Brunswick 318,000 98.4% 11,179 55,345 A&P
Rutgers 217,000 89.0% 12,950 44,456 Edwards Super Food
Brick Plaza 409,000 100.0% 33,000 66,110 A&P
Greenlawn Plaza 92,000 80.5% 45,958 Waldbaum's
Hauppauge 131,000 100.0% 16,700 60,791 Shop Rite
Huntington 279,000 100.0% 14,366
Forest Hills 85,000 100.0%
Fresh Meadows 408,000 98.1%
Troy 202,000 100.0% 64,209 Pathmark
Hamilton 190,000 100.0% 4,850 53,220 Shop Rite
New England
-----------
Coolidge Corner 13,000 100.0%
Dedham Plaza 240,000 95.9%
Queen Anne Plaza 149,000 100.0% 50,284 Victory Supermarket
Saugus Plaza 171,000 100.0% 54,530 Super Stop & Shop
Bristol Plaza 296,000 91.0% 56,634 Super Stop & Shop
West Hartford 125,000 83.8%
Greenwich Avenue 57,000 100.0%
Property Name Other Anchor or Major (2)
- --------------------------------------------------------------------------------------
Washington Metropolitan Area
----------------------------
Bethesda Row Barnes & Noble
Congressional Plaza Buy Buy Baby / Container Store
Courthouse Center
Falls Plaza
Falls Plaza-East CVS/Staples
Federal Plaza TJ Maxx/ CompUSA
Friendship Center Borders/Eddie Bauer/Linens'n Things
Gaithersburg Square Bed, Bath & Beyond/Borders/Ross
Idylwood Plaza
Laurel Chanyka Theater/Marshalls/Toys R Us
Leesburg Plaza Kmart/Peebles
Loehmann's Plaza Bally's/Linens'n Things/Scan
Magruder's Center
Mid-Pike Plaza Linens'n Things/ Toys R Us/G Street Fabrics
Old Keene Mill
Pan Am Micro Center/Michaels
Pentagon Row Bally's/Bed, Bath & Beyond
Pike 7 Gold's Gym/Staples/TJ Maxx
Quince Orchard Circuit City/Staples
Rollingwood Apartments
Sam's Park & Shop Petco
Tower Virginia Fine Wine
Tyson's Station Trader Joes
Village of Shirlington Cineplex Odeon
Wildwood
Philadelphia Metropolitan Area
------------------------------
Andorra Kohl's / Andorra Theatre / Family Toy
Bala Cynwyd Lord & Taylor / Bare Feet Shoes
Ellisburg Circle Bed, Bath & Beyond / Erlton Bowl / Ross
Feasterville OfficeMax
Flourtown Kmart
Langhorne Square Marshalls/Cottage Crafters/Drug Emporium
Lawrence Park CHI / Jefferson Health Care / TJ Maxx
Northeast Burlington Coat / Marshalls / Tower Records
Willow Grove Barnes & Noble / Modell's
Wynnewood Bed, Bath & Beyond / Old Navy
New York / New Jersey
---------------------
Allwood
Clifton Drug Fair
Blue Star Michaels/Toys R Us
Brunswick Ames/Just Living Rooms
Rutgers Kmart
Brick Plaza Bon-ton/Loews Theatres/Barnes & Noble
Greenlawn Plaza
Hauppauge OfficeMax
Huntington BuyBuyBaby/Toys R Us/Bed, Bath & Beyond
Forest Hills
Fresh Meadows Value City/Kmart/Cineplex Odeon
Troy A.C.Moore/Toys R Us
Hamilton A.C.Moore/Stevens Furniture
New England
-----------
Coolidge Corner
Dedham Plaza Ames
Queen Anne Plaza TJ Maxx
Saugus Plaza
Bristol Plaza TJ Maxx/Bradlees
West Hartford
Greenwich Avenue
Federal Realty Investment Trust
Real Estate Status Report
June 30, 2002
================================================================================
Year Total Ownership
Property Name Type MSA Description Acquired Investment Percentage GLA (1)
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
California
----------
Colorado Blvd SR Los Angeles-Long Beach, CA 1996-1998 14,711 (8) 69,000
Hermosa Ave SR Los Angeles-Long Beach, CA 1997 4,675 90.0% 23,000
Hollywood Blvd SR Los Angeles-Long Beach, CA 1999 25,805 90.0% 148,000
Third St Promenade SR Los Angeles-Long Beach, CA 1996-2000 71,267 (9) 201,000
Escondido SC San Diego, CA 1996 24,485 70.0% 222,000
Fifth Ave SR San Diego, CA 1996-1997 12,097 (10) 51,000
150 Post Street SR San Francisco, CA 1997 27,806 100.0% 103,000
Kings Court SC San Jose, CA 1998 10,896 (5) 78,000
Old Town SR San Jose, CA 1997 32,587 100.0% 97,000
Santana Row SR San Jose, CA 1997 329,061 100.0% N/A
Chicago
- -------
Crossroads SC Chicago, IL 1993 21,690 100.0% 173,000
Finley Square SC Chicago, IL 1995 25,774 100.0% 313,000
Garden Market SC Chicago, IL 1994 10,536 100.0% 142,000
North Lake Commons SC Chicago, IL 1998 12,949 100.0% 129,000
Evanston SR Chicago, IL 1995 4,261 100.0% 19,000
Other
-----
Governor Plaza SC Baltimore, MD 1985 17,442 99.9% 252,000
Perring Plaza SC Baltimore, MD 1985 23,931 99.9% 412,000
Barracks Road SC Charlottesville, VA 1985 39,416 100.0% 484,000
Gratiot Plaza SC Detroit, MI 1973 16,646 100.0% 218,000
Lancaster SC Lancaster, PA 1980 9,744 (6) 107,000
Winter Park SR Orlando, FL 1996 6,880 100.0% 28,000
Mill Avenue SR Phoenix-Mesa, AZ 1998 11,036 (11) 40,000
Eastgate SC Raleigh-Durham-Chapel Hill, NC 1986 13,153 100.0% 159,000
The Shops at Willow Lawn SC Richmond-Petersburg, VA 1983 62,236 99.9% 505,000
Houston St SR San Antonio, TX 1998 52,139 100.0% N/A
Tanasbourne SR Portland, OR 2000 7,472 100.0% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Total $ 2,180,660 14,687,000
Total Grocery Anchored Properties: 42
SC - Shopping Center 40
SR - Street Retail 2
Total Square Feet - Grocery Anchored Centers: 9,425,000
SC - Shopping Center 8,712,000
SR - Street Retail 713,000
Mortage or
Capital Lease Grocery
Property Name % Leased Obligation Anchor GLA Grocery Anchor (2)
- ---------------------------------------------------------------------------------------------------------------
(in thousands)
California
----------
Colorado Blvd 97.9%
Hermosa Ave 100.0%
Hollywood Blvd 73.1%
Third St Promenade 93.9%
Escondido 97.0% 9,400
Fifth Ave 100.0%
150 Post Street 82.0%
Kings Court 98.3% 24,460 Lunardi's Super Market
Old Town 89.0%
Santana Row N/A 130,727
Chicago
- -------
Crossroads 100.0%
Finley Square 91.2%
Garden Market 94.1% 62,937 Dominick's
North Lake Commons 88.3% 77,303 Dominick's
Evanston 100.0%
Other
-----
Governor Plaza 100.0%
Perring Plaza 97.2% 57,706 Metro Foods
Barracks Road 99.4% 44,300 91,032 Harris Teeter / Kroger
Gratiot Plaza 100.0% 68,802 Farmer Jack's
Lancaster 94.8% 4,907 39,404 Giant Food
Winter Park 90.3%
Mill Avenue 100.0%
Eastgate 98.6% 22,938 Southern Season (12)
The Shops at Willow Lawn 81.7% 44,607 Kroger
Houston St N/A 287
Tanasbourne N/A
- ---------------------------------------------------------------------------------------------------------------
Total 95.9% 524,147 1,957,271
Property Name Other Anchor or Major (2)
- --------------------------------------------------------------------------------------
California
----------
Colorado Blvd
Hermosa Ave
Hollywood Blvd
Third St Promenade
Escondido Cost Plus/TJ Maxx/Toys R Us
Fifth Ave
150 Post Street Brooks Brothers/Williams Sonoma
Kings Court Longs Drug Store
Old Town
Santana Row
Chicago
- -------
Crossroads Comp USA/Golfsmith/Binny's
Finley Square Bed, Bath & Beyond
Garden Market Walgreens
North Lake Commons
Evanston
Other
-----
Governor Plaza Bally's/Comp USA/Syms/Office Depot
Perring Plaza Home Depot/Burlington Coat Factory
Barracks Road Barnes & Noble/Old Navy/Michaels
Gratiot Plaza Bed, Bath & Beyond / Best Buy
Lancaster A.C.Moore/Provident Book Store
Winter Park
Mill Avenue
Eastgate
The Shops at Willow Lawn Dillard's/Old Navy/Tower Records
Houston St
Tanasbourne
- --------------------------------------------------------------------------------
Total
Notes:
(1) Excludes new development square footage, redevelopment square footage, and
Rollingwood Apartments.
(2) Anchor is defined as a tenant with 15,000 sf or more.
(3) Portion of property subject to capital lease obligation. Mortgage column
shows construction loan on Woodmont East of $24,291 and capital lease
obligation of $12,576.
(4) New Giant building of 40,000 sf has an approximate completion date of
December 2002.
(5) Property purchased in "downreit" in exchange for operating partnership
units.
(6) Property subject to capital lease obligation.
(7) Genuardi's space has been delivered, they are not yet open.
(8) Consists of two properties, one at 100% and one at 90%.
(9) Consists of nine properties, seven at 100% and two at 90%.
(10) Consists of four properties, three at 100% and one at 90%.
(11) Consists of two properties, one at 100% and one at 85%.
(12) There is a second grocery space in the center; Food Lion has vacated, but
is paying rent.
Federal Realty Investment Trust
Shopping Center / Street Retail Summary
June 30, 2002
- --------------------------------------------------------------------------------
Shopping Center Summary
- -----------------------
(in thousands, except sf data)
(1)For the year ended December 31, For the six months ended June 30,
---------------------------------- ---------------------------------
2001 2000 1999 2002 2001
---------------------------------------------------------------------------------
Real Estate Assets $ 1,256,778 $ 1,248,770 $ 1,249,269 $ 1,274,285 $ 1,248,096
Revenues $ 223,828 $ 216,006 $ 208,794 $ 109,715 $ 108,454
Net Operating Income (2) $ 160,710 $ 153,892 $ 147,819 $ 79,071 $ 77,225
Square Feet (3) $12,547,000 $12,700,000 $12,860,000 $12,543,000 $12,522,000
Street Retail Summary
- ---------------------
(in thousands, except sf data)
(1)For the year ended December 31, For the six months ended June 30,
---------------------------------- ---------------------------------
2001 2000 1999 2002 2001
---------------------------------------------------------------------------------
Real Estate Assets (4) $ 847,526 $ 606,143 $ 472,190 $ 906,375 $ 732,906
Revenues $ 71,282 $ 58,183 $ 51,414 $ 41,349 $ 34,038
Net Operating Income (2) (5) $ 43,337 $ 38,455 $ 34,674 $ 24,989 $ 22,150
Square Feet (3) $2,232,000 $ 1,876,000 $ 1,792,000 $ 2,144,000 $1,931,000
Notes:
(1) The periods ended December 31, 2001, 2000 and 1999 have been restated for
2002 discontinued asset sales.
(2) Net operating income includes all interest income.
(3) Excludes new development square footage, redevelopment square footage, and
Rollingwood Apartments.
(4) Street Retail includes stabilized assets and assets which are in various
stages of development and redevelopment. At June 30, 2002, real estate
assets includes $329 million related to the Santana Row development.
(5) Net operating income is reduced by start-up expenses for Street Retail's
development projects.
Federal Realty Investment Trust
Retail Leasing Summary - Comparable Basis (cash, non-straight-lined basis)
June 30, 2002
=========================================================================================================================
New Lease Summary - Comparable
- ------------------------------
Number of % of Total New Rent Old Rent
Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft.
------- ------------- ------------- ---------- ------------ ------------
2nd Quarter 2002 34 36% 207,888 $ 18.88 $ 15.69
1st Quarter 2002 32 35% 80,162 $ 23.18 $ 21.00
4th Quarter 2001 19 31% 92,693 $ 20.24 $ 17.87
3rd Quarter 2001 26 34% 73,186 $ 25.60 $ 23.01
--- --- ---------- -------- --------
Total - 12 months 111 34% 453,929 $ 21.00 $ 18.25
==== === ========= ======== ========
Weighted Tenant
Annualized % Increase Average Tenant Improvements
Increase in Rent Over Old Rent Lease Term Improvements Per Sq. Ft.
----------------- ------------- ---------- ------------ ------------
$ 664,412 20% 10.5 $ 2,703,314 $ 13.00
175,129 10% 7.6 858,373 $ 10.71
219,954 13% 9.2 1,462,000 $ 15.77
189,824 11% 7.4 871,000 $ 11.90
------------ --- --- ------------ --------
$ 1,249,319 15% 9.1 $ 5,894,687 $ 12.99
============ === ==== ============ ========
Renewal Lease Summary - Comparable
- ----------------------------------
Number of % of Total New Rent Old Rent
Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft.
------- --------------- ------------- ----------- ------------ ------------
2nd Quarter 2002 61 64% 207,779 $ 18.16 $ 17.34
1st Quarter 2002 60 65% 146,518 $ 23.43 $ 22.25
4th Quarter 2001 42 69% 160,473 $ 23.64 $ 20.80
3rd Quarter 2001 51 66% 127,202 $ 25.55 $ 23.04
--- --- ---------- -------- --------
Total - 12 months 214 66% 641,972 $ 22.20 $ 20.46
=== === ========== ======== ========
Weighted Tenant
Annualized % Increase Average Tenant Improvements
Increase in Rent Over Old Rent Lease Term Improvements Per Sq. Ft.
----------------- ------------- ---------- ------------ ------------
$ 170,240 5% 5.7 $ 150,620 $ 0.72
172,531 5% 4.8 144,008 $ 0.98
454,752 14% 9.9 1,024,000 $ 6.38
318,296 11% 5.3 64,000 $ 0.50
------------ --- ---- ------------ ------
$ 1,115,819 8% 6.5 $1,382,628 $ 2.15
============ === ==== ============ ======
Total Lease Summary - Comparable
- --------------------------------
Number of % of Total New Rent Old Rent
Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft.
------- --------------- ------------- ---------- ------------ ------------
2nd Quarter 2002 95 100% 415,667 $ 18.52 $ 16.51
1st Quarter 2002 92 100% 226,680 $ 23.34 $ 21.81
4th Quarter 2001 61 100% 253,166 $ 22.40 $ 19.73
3rd Quarter 2001 77 100% 200,388 $ 25.57 $ 23.03
--- ---- ---------- -------- --------
Total - 12 months 325 100% 1,095,901 $ 21.70 $ 19.54
==== ==== ========== ======== ========
Weighted Tenant
Annualized % Increase Average Tenant Improvements
Increase in Rent Over Old Rent Lease Term Improvements Per Sq. Ft.
- ----------------- ------------- ---------- ------------ -----------
$ 834,651 12% 8.1 $ 2,853,934 $ 6.87
347,660 7% 5.8 1,002,381 $ 4.42
674,706 14% 9.6 2,486,000 $ 9.82
508,120 11% 6.1 935,000 $ 4.67
------------ --- --- ------------ ------
$ 2,365,137 11% 7.5 $ 7,277,315 $ 6.64
============ === ==== ============ ======
Notes:
(1) Renewal leases include expiring leases renewed with the same tenant. All
other leases are categorized as new.
(2) Comparable leases represent only those leases signed on spaces for which
there was a former tenant.
Federal Realty Investment Trust
Retail Leasing Summary - Non-Comparable Basis (cash, non-straight-lined basis)
June 30, 2002
- -------------------------------------------------------------------------------
New Lease Summary - Non-Comparable
- ----------------------------------
Weighted
Number of % of Total New Rent Average
Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term
------- ------------- ------------- ----------- ------------ ----------
2nd Quarter 2002 17 100% 27,236 $ 48.03 9.8
1st Quarter 2002 16 94% 28,819 $ 54.38 8.3
4th Quarter 2001 19 95% 64,468 $ 49.26 10.7
3rd Quarter 2001 18 100% 82,944 $ 31.97 11.4
-- ---- -------- -------- -----
Total - 12 months 70 97% 203,467 $ 42.77 10.3
== === ======== ======== =====
Tenant
Tenant Improvements
Improvements Per Sq. Ft.
------------ ----------
$ - $ -
67,235 $ 2.33
56,260 $ 0.87
- $ -
--------- ------
$ 123,495 $ 0.61
========= ======
Renewal Lease Summary - Non-Comparable
- --------------------------------------
Weighted
Number of % of Total New Rent Average
Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term
------- ------------- ------------- ----------- ------------ ----------
2nd Quarter 2002 0 0% - $ - 0.0
1st Quarter 2002 1 6% 2,660 $ 23.18 5.0
4th Quarter 2001 1 5% 3,252 $ 22.19 20.0
3rd Quarter 2001 0 0% - $ - 0.0
- -- ------ -------- ----
Total - 12 months 2 3% 5,912 $ 22.56 13.1
= == ====== ======== =====
Tenant
Tenant Improvements
Improvements Per Sq. Ft.
------------ ----------
$ - $ -
84,259 $ 31.68
355 $ 0.11
- $ -
--------- -------
$ 84,614 $ 14.31
======== =======
Total Lease Summary - Non-Comparable
- ------------------------------------
Weighted
Number of % of Total New Rent Average
Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term
------- ------------- ------------- ----------- ------------ ----------
2nd Quarter 2002 17 100% 27,236 $ 48.03 9.8
1st Quarter 2002 17 100% 31,479 $ 51.73 8.2
4th Quarter 2001 20 100% 67,720 $ 47.96 10.9
3rd Quarter 2001 18 100% 82,944 $ 31.97 11.4
-- ---- ------- -------- ----
Total - 12 months 72 100% 209,379 $ 42.20 10.4
== ==== ======= ======== ====
Tenant
Tenant Improvements
Improvements Per Sq. Ft.
------------ ----------
$ - $ -
151,764 $ 4.82
56,615 $ 0.84
- $ -
--------- ------
$ 208,379 $ 1.00
========= ======
Notes:
(1) Renewal leases include expiring leases renewed with the same tenant. All
other leases are categorized as new.
(2) Non-comparable leases represent only those leases signed on spaces for
which there was no former tenant.
Federal Realty Investment Trust
Occupancy Summary - Overall
June 30, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
Overall Operating Occupancy
- ---------------------------
(Quarter to Quarter Analysis) At June 30, 2002 At June 30, 2001
---------------------------------------- --------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---- ---- ------ --------- ---- ------ ---------
Retail Properties (leasable square feet) 14,687,000 14,093,000 95.9% 14,402,000 13,763,000 95.6%
Rollingwood Apartments (# of units) 282 280 99.3% 282 281 99.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Overall Operating Occupancy
- ---------------------------
(Rolling 12 Months) At June 30, 2002 At March 31, 2002
---------------------------------------- --------------------------------------
Retail Properties (leasable square feet) 14,687,000 14,093,000 95.9% 14,863,000 14,201,000 95.5%
Rollingwood Apartments (# of units) 282 280 99.3% 282 274 97.2%
At December 31, 2001 At September 30, 2001
---------------------------------------- --------------------------------------
Retail Properties (leasable square feet) 14,761,000 14,116,000 95.6% 14,587,000 13,970,000 95.8%
Rollingwood Apartments (# of units) 282 278 98.6% 282 282 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) Overall occupancy is occupancy for the entire portfolio and includes all
operating properties owned in the reporting period.
(2) Excludes new development square footage and redevelopment square footage.
Federal Realty Investment Trust
Occupancy Summary - Same Center
June 30, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
Same Center Occupancy
- ---------------------
(Quarter to Quarter Comparison) At June 30, 2002 At June 30, 2001
----------------------------------------- -----------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---- ---- ------ --------- ---- ------ ---------
Retail Properties (leasable square feet) 14,251,000 13,670,000 95.9% 14,182,000 13,548,000 95.5%
Rollingwood Apartments (# of units) 282 280 99.3% 282 281 99.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Same Center Occupancy
- ---------------------
(Rolling 12 Months) At June 30, 2002 At March 31, 2002
----------------------------------------- -----------------------------------------------
Retail Properties (leasable square feet) 14,251,000 13,670,000 95.9% 14,402,000 13,759,000 95.5%
Rollingwood Apartments (# of units) 282 280 99.3% 282 274 97.2%
At December 31, 2001 At September 30, 2001
-------------------------------------------------------------------------------------------
Retail Properties (leasable square feet) 13,871,000 13,240,000 95.4% 13,730,000 13,146,000 95.7%
Rollingwood Apartments (# of units) 282 278 98.6% 282 282 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) Same center occupancy is occupancy for only those properties owned and
operating in the reporting periods being compared.
(2) Excludes centers purchased or sold as well as properties under development
and redevelopment.
Federal Realty Investment Trust
Summary of Top Twenty-five Tenants - Prospective (July 2002 through June 2003)
June 30, 2002
================================================================================
Percentage of
Annualized Total Annualized Percentage of Number of
Rank Tenant Name Base Rent Base Rent Tenant GLA Total GLA Stores Leased
- ----------------------------------------------------------------------------------------------------------------------------------
1 The Gap, Inc. $ 5,931,498 2.56% 210,000 1.43% 11
2 Safeway, Inc. 5,299,241 2.29% 407,000 2.77% 7
3 Bed, Bath & Beyond, Inc. 4,940,047 2.13% 353,000 2.40% 8
4 Ahold USA, Inc. 4,857,288 2.09% 429,000 2.92% 10
5 Barnes & Noble, Inc. 3,758,031 1.62% 158,000 1.08% 10
6 The TJX Companies 3,280,392 1.41% 333,000 2.27% 10
7 Toys R Us, Inc. 2,975,616 1.28% 326,000 2.22% 8
8 CVS Corporation 2,925,322 1.26% 131,000 0.89% 12
9 MTS, Inc. 2,410,795 1.04% 106,000 0.72% 5
10 Great Atlantic & Pacific Tea Co. 2,380,178 1.03% 236,000 1.61% 4
11 Kmart Corporation 2,310,612 1.00% 509,000 3.47% 5
12 OPNET Technologies 2,267,475 0.98% 60,000 0.41% 1
13 Dollar Tree Stores, Inc. 2,082,320 0.90% 172,000 1.17% 18
14 Dress Barn, Inc. 2,048,411 0.88% 101,000 0.69% 14
15 Borders Group, Inc. 1,971,661 0.85% 102,000 0.69% 4
16 Wakefern Food Corporation 1,844,135 0.80% 157,000 1.07% 3
17 CompUSA, Inc. 1,752,489 0.76% 108,000 0.74% 4
18 Michaels Stores, Inc. 1,721,236 0.74% 138,000 0.94% 5
19 Bally's Health & Fitness 1,702,155 0.73% 139,000 0.95% 5
20 Linens'n Things 1,635,566 0.71% 103,000 0.70% 3
21 Saks & Company 1,635,300 0.71% 36,000 0.25% 1
22 Ross Stores, Inc. 1,631,560 0.70% 85,000 0.58% 3
23 Whole Foods Market, Inc. 1,557,765 0.67% 82,000 0.56% 3
24 Home Depot, Inc. 1,487,180 0.64% 128,000 0.87% 1
25 Viacom International, Inc. 1,450,364 0.63% 61,000 0.42% 11
------------ ----- ---------- ----- ---
Totals - Top 25 Tenants $ 65,856,638 28.40% 4,670,000 31.80% 166
============ ===== ========== ===== ===
Total Annualized Base Rent: $231,863,104
Total Portfolio Square Footage: 14,687,000 (1)
Note:
(1) Excludes new development square footage, redevelopment square footage,
and Rollingwood Apartments.
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.
