SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 30, 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 September 30, 2002. Item 7. Financial Statements and Exhibits (c) Exhibits. 99 Supplemental portfolio information at September 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: October 30, 2002 ------------------------------------- Larry E. Finger Senior Vice President, Chief Financial Officer and Treasurer -2-
EXHIBIT INDEX Exh No. Exhibit Page No. - ------- ------- -------- 99 Supplemental information at September 30, 2002 4 -3-
FEDERAL REALTY INVESTMENT TRUST Supplemental Information September 30, 2002 TABLE OF CONTENTS 1. Third Quarter Earnings Press Release, October 30, 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 Relations & Capital Markets Director, Corporate Communications 301/998-8166 301/998-8212 ablocher@federalrealty.com kwarner@federalrealty.com - -------------------------- ------------------------- FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER 2002 OPERATING RESULTS -Core Portfolio Continues to Drive Strong Results- ROCKVILLE, MD (October 30, 2002) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its third quarter ended September 30, 2002. .. Funds from operations (FFO) of $0.67 per diluted share beat consensus estimates of $0.64 per diluted share .. Net operating income increased 4.0% on a same-center basis .. 20% average increase, on a cash basis, on lease rollovers .. Occupancy remained strong at 95.5% .. Santana Row grand opening on November 7 Financial Results - ----------------- The Trust reported FFO of $29.7 million for the third quarter, or $0.67 per diluted share, beating First Call consensus estimates by $0.03 per share. This compares to third quarter 2001 FFO of $28.3 million, or $0.70 per diluted share. Rental income increased 6.0% from $68.2 million in the third quarter of 2001 to $72.3 million in the third 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 3.1% from $67.1 million in the third quarter of 2001 to $69.2 million in the third quarter of 2002. On a same-center basis, net operating income increased 4.0% versus third quarter 2001. -MORE- FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER 2002 OPERATING RESULTS Page 2 While same-center net operating income increased, pre-opening expenses at Santana Row, increased preferred dividends, and short-term dilution resulting from recent property disposition and equity proceeds being utilized to pay down balances on the Trust's line of credit offset these increases, resulting in a year-over-year decline in FFO per diluted share. FRT vs. REIT Industry Same Center NOI Growth Over Last 6 Quarters 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 FRT (1) 5.2% 6.5% 6.3% 6.2% 4.7% 4% Peer Group Average (2) 3.7% 2.4% 1.5% 0.3% -0.3% n/a (1) FRT same-center NOI growth excludes redevelopment capital. If redevelopment capital was included, same-center NOI growth would have exceeded or equaled growth shown in all periods. (2) Peer group includes KIM, REG, NXL, WRI and PNP. Complete 3Q02 data not yet available. Source: Morgan Stanley Research Portfolio Results - ----------------- At September 30, 2002, overall occupancy remained strong at 95.5%, compared to 95.8% on September 30, 2001. During the third quarter, the Trust signed leases for more than 480,000 square feet of retail space. On a comparable retail space basis, the Trust leased over 375,000 square feet, at an average cash increase in rent per square foot of 20%. The weighted-average new rent on this space was $19.05 per square foot compared to the previous weighted-average rent of $15.93 per square foot. Rent increases on the over 1 million square feet of comparable space leased year-to-date have averaged 13% on a cash basis. -MORE- FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER 2002 OPERATING RESULTS Page 3 "The strong leasing production that our team has achieved this quarter, and in fact all year, has been very encouraging," stated Donald C. Wood, Federal Realty's president and chief operating officer. "Given the strength of our properties and our leasing team, we would expect to continue to produce sector-leading property operating income growth for the balance of 2002." Santana Row - ----------- At Santana Row, Federal Realty's mixed-use development in San Jose, California, construction continues in advance of the November 7, 2002 grand opening. Phase I of Santana Row will include 445,000 square feet of retail space, 255 residential units and a 214-room boutique hotel. Summary of Other Quarterly Activities and Recent Developments - ------------------------------------------------------------- .. On October 9, Standard & Poor's reaffirmed the Trust's BBB corporate credit rating and removed the Trust from credit watch. .. On October 7, Federal Realty reaffirmed its 2002 FFO guidance of $2.62 per diluted share, and provided 2003 FFO guidance of $2.60 per diluted share, before taking into account any one-time charges related to the previously announced retirement of Steven Guttman, the Trust's chief executive officer, in March 2003. The Trust remains comfortable with both 2002 and 2003 FFO guidance. .. On October 3, Moody's Investor Service reaffirmed its Baa2 senior unsecured debt ratings for the Trust and changed its rating outlook to negative, from stable, as a result of the impact of property loss and cash flow disruption caused by the August 19 fire at Santana Row. .. On September 13, the Trust increased its common dividend to $0.485 per share, marking the 35th consecutive year that Federal Realty has increased its common dividend. .. On August 19, a fire broke out in Building 7 at Santana Row, destroying the vast majority of the residential component and causing smoke and water damage to the retail component of that building. As -MORE- FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER 2002 OPERATING RESULTS Page 4 a result of the fire, the opening of Santana Row was delayed from September 19 to November 7. .. On July 25, 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. Conference Call Information - --------------------------- Federal Realty's management team will present a more in depth discussion of the Trust's operating performance on its third quarter earnings conference call, which is scheduled for Thursday, October 31, 2002 at 1:00 P.M. Eastern Time. To participate, please call (877) 352-5209 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 14 days following the --------------------- conference call. A telephone recording of the call will be available for 14 days by dialing (888) 445-8675. 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 approximately 96% occupied by 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 35 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 September 30, 2002 - -------------------------------------------------------------------------------- Financial Highlights (in thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, OPERATING RESULTS 2002 2001 2002 2001 - ----------------- ---- ---- ---- ---- Revenues Rental income $ 72,277 $ 68,179 $ 214,242 $ 201,177 Other property income 4,412 4,292 11,393 10,189 Interest and other income 1,644 1,678 3,762 5,275 --------- --------- --------- --------- 78,333 74,149 229,397 216,641 Expenses Rental 17,471 15,254 49,288 45,114 Real estate taxes 7,891 7,284 23,078 20,541 Interest 13,540 17,680 45,313 52,360 Administrative 3,713 3,516 10,209 9,971 Restructuring expenses - - 8,489 - Depreciation and amortization 16,074 14,966 47,826 43,561 --------- --------- --------- --------- 58,689 58,700 184,203 171,547 --------- --------- --------- --------- Operating income before investors' share of operations and discontinued operations 19,644 15,449 45,194 45,094 Investors' share of operations (1,081) (1,185) (3,357) (3,991) --------- --------- --------- --------- Income before gain on sale of real estate net of loss on abandoned developments held for sale and discontinued operations 18,563 14,264 41,837 41,103 Income (loss) from operations of discontinued assets (59) 918 1,217 2,581 --------- --------- --------- --------- Income before gain on sale of real estate net of loss on abandoned developments held for sale 18,504 15,182 43,054 43,684 Gain on sale of real estate net of loss on abandoned developments held for sale - - 9,454 7,898 --------- --------- --------- --------- Net income 18,504 15,182 52,508 51,582 Dividends on preferred stock (4,856) (1,988) (14,568) (5,963) --------- --------- --------- --------- Net income available for common shareholders $ 13,648 $ 13,194 $ 37,940 $ 45,619 ========= ========= ========= ========= 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 $ 0.32 $ 0.31 $ 0.66 $ 0.90 Discontinued operations - 0.03 0.03 0.07 Gain on sale of real estate net of loss on abandoned developments held for sale - - 0.23 0.20 --------- --------- --------- --------- $ 0.32 $ 0.34 $ 0.92 $ 1.17 ========= ========= ========= ========= Weighted average number of common shares, basic 42,802 39,347 41,155 39,061 ========= ========= ========= ========= 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 $ 0.31 $ 0.31 $ 0.66 $ 0.90 Discontinued operations - 0.02 0.03 0.06 Gain on sale of real estate net of loss on abandoned developments held for sale - - 0.22 0.20 --------- --------- --------- --------- $ 0.31 $ 0.33 $ 0.91 $ 1.16 ========= ========= ========= ========= Weighted average number of common shares, diluted 44,036 40,492 42,421 40,136 ========= ========= ========= =========
Federal Realty Investment Trust Balance Sheet September 30, 2002 - -------------------------------------------------------------------------------- Financial Highlights (in thousands, except per share data) BALANCE SHEET DATA September 30, December 31, - ------------------ 2002 2001 ---- ---- Assets (unaudited) Real estate, at cost Operating $ 1,850,345 $ 1,741,385 Development 404,195 321,986 Discontinued operations - 40,933 ------------ ------------ 2,254,540 2,104,304 Less accumulated depreciation and amortization (435,922) (395,767) ------------ ------------ 1,818,618 1,708,537 Other Assets Mortgage notes receivable 35,570 35,607 Cash and investments 24,652 17,563 Receivables 10,874 15,483 Tax deferred exchange escrows 55,204 6,006 Other assets 58,616 51,685 ------------ ------------ Total Assets $ 2,003,534 $ 1,834,881 ============ ============ Liabilities and Shareholders' Equity Obligations under capital leases, mortgages and construction loans $ 544,721 $ 450,336 Notes payable 192,343 174,843 Senior notes 385,000 410,000 5 1/4% Convertible subordinated debentures 75,000 75,289 Other liabilities 160,081 135,122 Shareholders' Equity 646,389 589,291 ------------ ------------ Total Liabilities and Shareholders' Equity $ 2,003,534 $ 1,834,881 ============ ============
Federal Realty Investment Trust Funds From Operations / Funds Available for Distribution / Summary of Capital Expenditures September 30, 2002 - -------------------------------------------------------------------------------- Three months ended September 30, 2002 September 30, 2001 ------------------ ------------------ Funds From Operations (FFO) (in thousands, except per share data) - -------------------------- Net income available for common shareholders $ 13,648 $ 13,194 Depreciation and amortization of real estate assets 14,614 13,764 Amortization of initial direct costs of leases 1,175 1,039 Income attributable to operating partnership units 263 289 ------------ ------------ Funds From Operations (FFO) $ 29,700 $ 28,286 ============ ============ Weighted average shares outstanding 44,036 40,492 FFO per share $ 0.67 $ 0.70 ============ ============ Funds Available for Distribution (FAD) - -------------------------------------- Funds from operations $ 29,700 $ 28,286 Recurring capital expenditures (1,648) (2,192) ------------ ------------ Funds available for distribution (FAD) $ 28,052 $ 26,094 ============ ============ Weighted average shares outstanding 44,036 40,492 FAD per share $ 0.64 $ 0.64 ============ ============ Dividends per share $ 0.485 $ 0.48 Dividend payout ratio % - FFO 72% 69% Dividend payout ratio % - FAD 76% 75% Summary of Capital Expenditures - ------------------------------- Accretive Capital Expenditures Development $ 69,700 $ 42,389 Acquisition Related (1) 10 213 Redevelopments and Expansions 1,100 4,221 Tenant Improvements 1,430 1,874 ------------ ------------ Total Accretive Capital Expenditures 72,240 48,697 Recurring Capital Expenditures 1,648 2,192 ------------ ------------ Total Capital Expenditures $ 73,888 $ 50,889 ============ ============ Note: (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 September 30, 2002 - -------------------------------------------------------------------------------- September 30, 2002 December 31, 2001 ------------------ ----------------- (in thousands, except per share data) Market data Shares outstanding 43,300 40,071 Market price per share (end of period) $ 27.00 $ 23.00 Equity market capitalization (end of period) $ 1,404,100 (1) $ 1,156,633 (1) Total debt 1,092,610 1,010,175 ----------- ----------- Total market capitalization $ 2,496,710 $ 2,166,808 =========== =========== Total debt to market capitalization .44:1 .47:1 =========== =========== Capital availability: Cash on hand $ 24,652 $ 17,563 Tax deferred exchange escrows 55,204 6,006 Available under line of credit 235,000 256,000 Available under Santana Row construction loan 143,675 233,000 Shelf registration 130,240 (2) 190,000 ----------- ----------- $ 588,771 $ 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. Nine months ended Nine months ended September 30, 2002 (3) September 30, 2001 ------------------ ------------------ Operational statistics Ratio of earnings to combined fixed charges and preferred dividends 1.22x 1.35x Ratio of earnings to fixed charges 1.49x 1.47x Ratio of EBITDA to combined fixed charges and preferred dividends 1.80x 1.93x Administrative expense/total revenues 4.45% 4.60% (3) Excludes one-time restructuring charge of $8.5 million incurred in the first quarter of 2002.
Federal Realty Investment Trust Summary of Outstanding Debt September 30, 2002 - -------------------------------------------------------------------------------- Maturity Rate Balance -------- ---- ------- Mortgages and Construction Loans (in thousands) - -------------------------------- Construction loan on Woodmont East (may be extended to 8/29/04) 08/29/03 libor + 1.20% $ 24,449 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% 151,325 Leesburg Plaza 10/01/08 6.510% 9,900 164 E Houston Street 10/06/08 7.500% 278 Federal Plaza 06/01/11 6.750% 36,025 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% 6,890 Escondido (Municipal bonds) 10/01/16 3.14% (a) 9,400 ---------- $ 440,267 ========== Notes payable - ------------- Revolving credit facilities 12/19/03 libor + .80% $ 65,000 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% 2,298 Other various various 45 ---------- $ 192,343 ========== 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 $ 825,436 75.55% Total variable rate debt 267,174 24.45% ---------- -------- Total debt $1,092,610 100.00% ========== ======== Weighted average interest rate: Fixed rate debt 7.25% Variable on revolving credit facilities 2.65% (d) Capital lease obligations - ------------------------- Various through 2077 (e) $ 104,454 ---------- Total debt and capital lease obligations $1,197,064 ========== (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 nine months ended September 30, 2002, was 3.14%. (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 nine months ended September 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 September 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 $ 148 $ - $ 148 0.0% 0.0% (1) 2003 846 282,000 282,846 25.9% 25.9% 2004 2,810 215,274 218,084 20.0% 45.9% 2005 3,063 40,000 43,063 3.9% 49.8% 2006 3,412 40,500 43,912 4.0% 53.8% 2007 3,686 - 3,686 0.4% 54.2% 2008 3,918 9,541 13,459 1.2% 55.4% 2009 4,095 175,045 179,140 16.4% 71.8% 2010 4,427 - 4,427 0.4% 72.2% 2011 4,287 37,235 41,522 3.8% 76.0% Thereafter 17,116 245,207 262,323 24.0% 100.0% ------------------------------------------------------------------- Total $ 47,808 $ 1,044,802 $ 1,092,610 100.00% =================================================================== Note: (1) Includes $65 million balance on revolving credit facility and $125 million balance on term loan.
Federal Realty Investment Trust Santana Row Development Summary September 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 eight buildings comprising approximately 445,000 square feet of retail, 255 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 40,872 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 56,931 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 87,494 Lifestyle tenants including Ann Taylor Loft, Cole Haan, Theory and five restaurants (opening delayed by August 19 fire) 8 39,974 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 1,086 ------------ Total Phase I Retail 445,278 ============ Phase I Residential Description Building Units Notes: - ------------------------------- -------- ----- ----- 3 98 One-, two- and three-bedroom loft units. Deliveries beginning in November 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. 8 36 Two- and three-bedroom townhouses. Deliveries ------------ beginning in December 2002. Total Phase I Residential 255 ============ Phase I Hotel Description Building Rooms Notes: - ------------------------- -------- ----- ----- 5 214 Hotel Valencia Santana Row, a boutique hotel scheduled to open in first quarter 2003. Financial Summary: - ----------------- Total Projected Cost (1) $445 million Cost to Date (2) $396 million Anticipated Cost to Complete (3) $49 million Remaining Construction Loan Capacity $144 million Anticipated Stabilized Yield - 2004 5% Executed LOI Executed Leases and Projected Open Projected Open Retail Leasing Summary: (square feet) (square feet) LOIs as a % of Total Nov. 7 (square feet) Dec. 1 (square feet) - ----------------------- ------------- ------------- -------------------- -------------------- -------------------- First-floor Facing Santana Row 190,029 4,475 94% 119,742 136,922 Total Santana Row Phase I 299,916 77,697 85% 163,623 181,889 Average Rent per Residential Leasing Summary: Number of Deposits Square Foot per Month - --------------------------- ------------------ --------------------- Deposits (4) 32 $2.03 Notes: - ----- (1) Includes the cost of land and infrastructure for future phases, net of anticipated insurance proceeds. (2) Includes costs associated with the Building 7 fire and clean-up before any insurance reimbursements. (3) Net of anticipated insurance proceeds. (4) Deposits as of October 28, 2002. Average rents are based on units for which rents have been set and specific units have been assigned. Excludes one luxury unit in Building 6 leased at approximately $3.10 per square foot per month.
Federal Realty Investment Trust Acquisitions and Dispositions - Year to Date September 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 ======== ======== Note: (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 September 30, 2002 - -------------------------------------------------------------------------------- Year Total Ownership Property Name MSA Description Acquired Investment Percentage - --------------------------------------------------------------------------------------------------------------------------------- (in thousands) Washington Metropolitan Area - ----------------------------- Bethesda Row SR Washington, DC-MD-VA-WV 1993-98 $ 77,414 (3) Congressional Plaza SC Washington, DC-MD-VA-WV 1965 55,202 55.8% Courthouse Center SC Washington, DC-MD-VA-WV 1997 4,189 (5) Falls Plaza SC Washington, DC-MD-VA-WV 1967 8,155 100.0% Falls Plaza-East SC Washington, DC-MD-VA-WV 1972 3,351 100.0% Federal Plaza SC Washington, DC-MD-VA-WV 1989 61,719 100.0% Friendship Center SR Washington, DC-MD-VA-WV 2001 33,552 100.0% Gaithersburg Square SC Washington, DC-MD-VA-WV 1993 23,524 100.0% Idylwood Plaza SC Washington, DC-MD-VA-WV 1994 14,808 100.0% Laurel SC Washington, DC-MD-VA-WV 1986 45,459 99.9% Leesburg Plaza SC Washington, DC-MD-VA-WV 1998 20,339 (5) Loehmann's Plaza SC Washington, DC-MD-VA-WV 1983 25,112 (5) Magruder's Center SC Washington, DC-MD-VA-WV 1997 10,252 (5) Mid-Pike Plaza SC Washington, DC-MD-VA-WV 1982 16,846 (6) Old Keene Mill SC Washington, DC-MD-VA-WV 1976 5,043 100.0% Pan Am SC Washington, DC-MD-VA-WV 1993 24,804 100.0% Pentagon Row SR Washington, DC-MD-VA-WV 1999 83,619 100.0% Pike 7 SC Washington, DC-MD-VA-WV 1997 33,370 100.0% Quince Orchard SC Washington, DC-MD-VA-WV 1993 19,109 100.0% Rollingwood Apartments SR Washington, DC-MD-VA-WV 1971 6,683 100.0% Sam's Park & Shop SR Washington, DC-MD-VA-WV 1995 11,736 100.0% Tower SC Washington, DC-MD-VA-WV 1998 18,036 100.0% Tyson's Station SC Washington, DC-MD-VA-WV 1978 3,314 100.0% Village of Shirlington SR Washington, DC-MD-VA-WV 1995 31,849 100.0% Wildwood SC Washington, DC-MD-VA-WV 1969 15,830 100.0% Philadelphia Metropolitan Area - ------------------------------- Andorra SC Philadelphia, PA-NJ 1988 18,619 99.9% Bala Cynwyd SC Philadelphia, PA-NJ 1993 23,869 100.0% Ellisburg Circle SC Philadelphia, PA-NJ 1992 26,006 100.0% Feasterville SC Philadelphia, PA-NJ 1980 11,560 100.0% Flourtown SC Philadelphia, PA-NJ 1980 8,642 100.0% Langhorne Square SC Philadelphia, PA-NJ 1985 17,512 100.0% Lawrence Park SC Philadelphia, PA-NJ 1980 23,546 100.0% Northeast SC Philadelphia, PA-NJ 1983 21,413 100.0% Willow Grove SC Philadelphia, PA-NJ 1984 25,817 100.0% Wynnewood SC Philadelphia, PA-NJ 1996 35,004 100.0% New York / New Jersey - ---------------------- Allwood SC Bergen-Passaic, NJ 1988 4,265 (6) Clifton SC Bergen-Passaic, NJ 1988 4,868 (6) Blue Star SC Middlesex-Somerset-Hunterdon, NJ 1988 38,766 (6) Brunswick SC Middlesex-Somerset-Hunterdon, NJ 1988 20,975 (6) Rutgers SC Middlesex-Somerset-Hunterdon, NJ 1988 15,847 (6) Brick Plaza SC Monmouth-Ocean, NJ 1989 53,715 100.0% Greenlawn Plaza SC Nassau-Suffolk, NY 2000 10,572 100.0% Hauppauge SC Nassau-Suffolk, NY 1998 26,134 100.0% 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 64,329 100.0% Troy SC Newark, NJ 1980 20,446 100.0% Hamilton SC Trenton, NJ 1988 7,586 (6) New England - ------------ Coolidge Corner SR Boston-Worcester-Lawrence-Lowell-Brockton, MA 1995 4,022 100.0% Dedham Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1993 28,918 100.0% Queen Anne Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1994 14,566 100.0% Saugus Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1996 13,069 100.0% Bristol Plaza SC Hartford, CT 1995 21,755 100.0% West Hartford SR Hartford, CT 1994-1996 16,127 100.0% Greenwich Avenue SR New Haven-Bridgeport-Stamford-Waterbury 1994-1996 19,385 100.0% Mortage or Capital Lease Grocery Property Name GLA (1) % Occupied Obligation Anchor GLA Grocery Anchor - --------------------------------------------------------------------------------------------------------------------------- (in thousands) Washington Metropolitan Area - ----------------------------- Bethesda Row 419,000 97.7% 37,025 40,000 Giant Food Congressional Plaza 339,000 94.9% 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% 36,025 Friendship Center 119,000 100.0% 17,000 Gaithersburg Square 205,000 97.5% Idylwood Plaza 73,000 100.0% 29,556 Fresh Fields Laurel 386,000 97.2% 39,500 Giant Food Leesburg Plaza 247,000 100.0% 9,900 55,330 Giant Food Loehmann's Plaza 242,000 96.9% 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 218,000 100.0% 32,725 Safeway Pentagon Row 294,000 96.0% 44,623 Harris Teeter Pike 7 164,000 100.0% Quince Orchard 237,000 97.3% 23,640 Magruders Rollingwood Apartments N/A 98.9% Sam's Park & Shop 50,000 100.0% Tower 109,000 88.1% Tyson's Station 50,000 97.0% 6,890 Village of Shirlington 204,000 94.5% Wildwood 84,000 100.0% 27,600 20,000 Sutton Place Gourmet Philadelphia Metropolitan Area - ------------------------------- Andorra 259,000 94.9% 23,542 Acme Markets Bala Cynwyd 281,000 100.0% 45,000 Acme Markets Ellisburg Circle 258,000 98.7% 47,600 Genuardi's Feasterville 116,000 95.5% 52,694 Genuardi's Flourtown 191,000 100.0% 41,511 Genuardi's Langhorne Square 216,000 93.1% 55,000 Redner's Warehouse Markets Lawrence Park 326,000 98.3% 31,400 38,481 Acme Markets Northeast 292,000 95.9% 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% 3,516 25,025 Stop & Shop Clifton 80,000 93.1% 3,269 26,500 Acme Markets Blue Star 407,000 96.1% 26,833 43,365 Shop Rite Brunswick 318,000 77.4% 11,170 55,345 A&P Rutgers 216,000 89.0% 12,940 44,456 Edwards Super Food Brick Plaza 409,000 100.0% 33,000 66,110 A&P Greenlawn Plaza 92,000 81.6% 45,958 Waldbaum's Hauppauge 131,000 100.0% 16,700 60,791 Shop Rite Huntington 279,000 100.0% 14,355 Forest Hills 85,000 100.0% Fresh Meadows 408,000 94.4% Troy 202,000 100.0% 64,209 Pathmark Hamilton 190,000 100.0% 4,847 53,220 Shop Rite New England - ------------ Coolidge Corner 13,000 100.0% Dedham Plaza 239,000 97.8% 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 92.4% 56,634 Super Stop & Shop West Hartford 125,000 79.1% Greenwich Avenue 57,000 100.0% Property Name (2) Other Principal Tenants - ----------------------------------------------------------------------------------------------- Washington Metropolitan Area - ----------------------------- Bethesda Row (4) Barnes & Noble / Landmark Theater Congressional Plaza Buy Buy Baby / Container Store / Tower Courthouse Center Falls Plaza Falls Plaza-East CVS / Staples Federal Plaza TJ Maxx / CompUSA / Ross Friendship Center Borders/Eddie Bauer/Linens 'n Things/Maggiano's Gaithersburg Square Bed, Bath & Beyond / Borders / Ross Idylwood Plaza Laurel Marshalls / Toys R Us Leesburg Plaza Kmart / Peebles Loehmann's Plaza Bally's / Linens 'n Things / Loehmann's Magruder's Center Tuesday Morning Mid-Pike Plaza Linens 'n Things/Toys R Us/Bally's/AC Moore Old Keene Mill Pan Am Micro Center / Michaels Pentagon Row Bally's / Bed, Bath & Beyond / DSW /Cost Plus Pike 7 Staples / TJ Maxx / Tower Quince Orchard Circuit City / Staples Rollingwood Apartments Sam's Park & Shop Petco Tower Virginia Fine Wine / Talbot Tyson's Station Trader Joes Village of Shirlington Cineplex Odeon Wildwood CVS Philadelphia Metropolitan Area - ------------------------------- Andorra Kohl's / Andorra Theatre Bala Cynwyd Lord & Taylor Ellisburg Circle (7) Bed, Bath & Beyond / Ross Feasterville OfficeMax Flourtown Kmart Langhorne Square Marshalls / Drug Emporium Lawrence Park CHI / TJ Maxx / Today's Man Northeast Burlington Coat / Marshalls / Tower Records Willow Grove Barnes & Noble / Marshalls / Toys R Us Wynnewood Bed, Bath & Beyond / Borders / Old Navy New York / New Jersey - ---------------------- Allwood Mandee Shop Clifton Drug Fair / Dollar Express Blue Star Kohl's / Michaels / Toys R Us / Marshalls Brunswick Just Living Rooms Rutgers Kmart Brick Plaza Loews Theatres/Barnes&Noble/Sports Authority Greenlawn Plaza Hauppauge OfficeMax Huntington BuyBuyBaby/Toys R Us/Bed,Bath & Beyond Forest Hills Midway Theatre / Duane Reade / Gap Fresh Meadows Value City / Kmart / Cineplex Odeon Troy A.C.Moore / Comp USA / Toys R Us Hamilton A.C.Moore / Stevens Furniture New England - ------------ Coolidge Corner Dedham Plaza Ames / Pier One Queen Anne Plaza TJ Maxx Saugus Plaza Kmart Bristol Plaza TJ Maxx West Hartford Greenwich Avenue Saks Fifth Avenue
Federal Realty Investment Trust Real Estate Status Report September 30, 2002 - -------------------------------------------------------------------------------- Year Total Ownership Property Name Type MSA Description Acquired Investment Percentage GLA (1) % Occupied - ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) California ---------- Colorado Blvd SR Los Angeles-Long Beach, CA 1996-1998 14,716 (8) 69,000 95.9% Hermosa Ave SR Los Angeles-Long Beach, CA 1997 4,326 90.0% 23,000 100.0% Hollywood Blvd SR Los Angeles-Long Beach, CA 1999 25,840 90.0% 148,000 78.0% Third St Promenade SR Los Angeles-Long Beach, CA 1996-2000 71,342 (9) 202,000 95.6% Escondido SC San Diego, CA 1996 24,492 70.0% 222,000 96.5% Fifth Ave SR San Diego, CA 1996-1997 12,090 (10) 51,000 100.0% 150 Post Street SR San Francisco, CA 1997 27,827 100.0% 103,000 78.5% Kings Court SC San Jose, CA 1998 10,914 (5) 79,000 98.4% Old Town SR San Jose, CA 1997 32,499 100.0% 97,000 89.0% Santana Row SR San Jose, CA 1997 395,736 100.0% N/A N/A Chicago - ------- Crossroads SC Chicago, IL 1993 21,694 100.0% 173,000 100.0% Finley Square SC Chicago, IL 1995 26,097 100.0% 313,000 91.2% Garden Market SC Chicago, IL 1994 10,604 100.0% 142,000 94.1% North Lake Commons SC Chicago, IL 1998 12,951 100.0% 129,000 88.3% Evanston SR Chicago, IL 1995 4,261 100.0% 19,000 100.0% Other ----- Governor Plaza SC Baltimore, MD 1985 17,823 99.9% 252,000 100.0% Perring Plaza SC Baltimore, MD 1985 23,938 99.9% 412,000 97.2% Barracks Road SC Charlottesville, VA 1985 39,499 100.0% 484,000 100.0% Gratiot Plaza SC Detroit, MI 1973 16,646 100.0% 218,000 100.0% Lancaster SC Lancaster, PA 1980 9,746 (6) 107,000 96.7% Winter Park SR Orlando, FL 1996 6,871 100.0% 28,000 90.3% Mill Avenue SR Phoenix-Mesa, AZ 1998 11,036 (11) 40,000 100.0% Eastgate SC Raleigh-Durham-Chapel Hill, NC 1986 13,629 100.0% 159,000 98.6% The Shops at Willow Lawn SC Richmond-Petersburg, VA 1983 62,209 99.9% 505,000 82.9% Houston St SR San Antonio, TX 1998 53,140 100.0% 53,000 37.4% Tanasbourne SR Portland, OR 2000 7,502 100.0% N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Total $ 2,254,540 14,738,000 95.5% Total Grocery Anchored Properties: 42 SC - Shopping Center 40 SR - Street Retail 2 Total Square Feet - Grocery Anchored Centers: 9,421,000 SC - Shopping Center 8,708,000 SR - Street Retail 713,000 Mortage or Capital Lease Grocery Property Name Obligation Anchor GLA Grocery Anchor (2) Other Principal Tenants - ----------------------------------------------------------------------------------------------------------------------------------- (in thousands) California ---------- Colorado Blvd Pottery Barn / Banana Republic Hermosa Ave Hollywood Blvd General Cinema / Hollywood Ent. Museum Third St Promenade J. Crew / Banana Republic / Old Navy Escondido 9,400 Cost Plus / TJ Maxx / Toys R Us Fifth Ave Urban Outfitters 150 Post Street Brooks Brothers / Williams Sonoma Kings Court 24,860 Lunardi's Super Market Longs Drug Store Old Town Borders / Gap Kids / Banana Republic Santana Row 151,325 Chicago - ------- Crossroads Comp USA / Golfsmith / Guitar Center Finley Square Bed, Bath & Beyond / Sports Authority Garden Market 62,937 Dominick's Walgreens North Lake Commons 77,303 Dominick's Evanston Gap Other ----- Governor Plaza Bally's / Comp USA / Syms / Office Depot Perring Plaza 57,706 Metro Foods Home Depot / Burlington Coat Factory Barracks Road 44,300 91,032 Harris Teeter / Kroger Bed, Bath & Beyond/Barnes & Noble/Old Navy Gratiot Plaza 68,802 Farmer Jack's Bed, Bath & Beyond / Best Buy Lancaster 4,907 39,404 Giant Food A.C.Moore Winter Park Mill Avenue Gordon Biersch Eastgate 22,938 Southern Season (12) The Shops at Willow Lawn 44,607 Kroger Dillard's / Old Navy / Tower Records Houston St 278 Tanasbourne - ------------------------------------------------------------------------------------------------------------------------------------ Total 544,721 1,957,671 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 $24,449 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 September 30, 2002 - -------------------------------------------------------------------------------- Shopping Center Summary (in thousands, except sf data) (1) For the year ended December 31, For the nine months ended September 30, 2001 2000 1999 2002 2001 ----------------------------------------------------------------------------------------- Real Estate Assets $ 1,256,778 $ 1,248,770 $ 1,249,269 $ 1,279,000 $ 1,252,227 Revenues $ 223,828 $ 216,006 $ 208,794 $ 165,377 $ 163,665 Net Operating Income (2) $ 160,710 $ 153,892 $ 147,819 $ 119,175 $ 117,432 Square Feet (3) 12,547,000 12,700,000 12,860,000 12,541,000 12,551,000 Street Retail Summary (in thousands, except sf data) (1) For the year ended December 31, For the nine months ended September 30, 2001 2000 1999 2002 2001 ----------------------------------------------------------------------------------------- Real Estate Assets (4) $ 847,526 $ 606,143 $ 472,190 $ 975,540 $ 813,175 Revenues $ 71,282 $ 58,183 $ 51,414 $ 64,020 $ 52,976 Net Operating Income (2) (5) $ 43,337 $ 38,455 $ 34,674 $ 37,856 $ 33,554 Square Feet (3) 2,232,000 1,876,000 1,792,000 2,197,000 2,345,000 Notes: (1) Revenues and net operating income for 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 September 30, 2002, real estate assets includes $396 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) September 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. ------- ------------- ------------- ---------- ----------- ----------- 3rd Quarter 2002 38 41% 158,079 $ 22.23 $ 16.99 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 Total - 12 months 123 36% 538,822 $ 20.74 $ 17.24 ==== === ======== =========== ========== Weighted Tenant Annualized % Increase Average Tenant Improvements Quarter Increase in Rent Over Old Rent Lease Term Improvements Per Sq. Ft. ------- ---------------- ------------- ---------- ------------ ------------ 3rd Quarter 2002 $ 827,936 31% 10.3 $ 3,038,504 $ 19.22 2nd Quarter 2002 $ 664,412 20% 10.5 $ 2,703,314 $ 13.00 1st Quarter 2002 $ 175,129 10% 7.6 $ 858,373 $ 10.71 4th Quarter 2001 $ 219,954 13% 9.2 $ 1,462,000 $ 15.77 Total - 12 months $ 1,887,431 20% 9.7 $ 8,062,191 $ 14.96 ================ == ==== ============= =========== 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. ------- --------------- ------------- ---------- ----------- ----------- 3rd Quarter 2002 54 59% 219,027 $ 16.76 $ 15.16 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 Total - 12 months 217 64% 733,797 $ 19.99 $ 18.43 ==== === ======== =========== ========== Weighted Tenant Annualized % Increase Average Tenant Improvements Quarter Increase in Rent Over Old Rent Lease Term Improvements Per Sq. Ft. ------- ---------------- ------------- ---------- ------------ ------------ 3rd Quarter 2002 $ 350,554 11% 5.0 $ 75,680 $ 0.35 2nd Quarter 2002 $ 170,240 5% 5.7 $ 150,620 $ 0.72 1st Quarter 2002 $ 172,531 5% 4.8 $ 144,008 $ 0.98 4th Quarter 2001 $ 454,752 14% 9.9 $ 1,024,000 $ 6.38 Total - 12 months $ 1,148,077 8% 6.4 $ 1,394,308 $ 1.90 ================ === ==== ============= =========== 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. ------- --------------- ------------- ---------- ----------- ----------- 3rd Quarter 2002 92 100% 377,106 $ 19.05 $ 15.93 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 Total - 12 months 340 100% 1,272,619 $ 20.31 $ 17.92 ==== ==== ========== =========== =========== Weighted Tenant Annualized % Increase Average Tenant Improvements Quarter Increase in Rent Over Old Rent Lease Term Improvements Per Sq. Ft. ------- ---------------- ------------- ---------- ------------- ------------ 3rd Quarter 2002 $ 1,178,490 20% 7.6 $ 3,114,184 $ 8.26 2nd Quarter 2002 $ 834,651 12% 8.1 $ 2,853,934 $ 6.87 1st Quarter 2002 $ 347,660 7% 5.8 $ 1,002,381 $ 4.42 4th Quarter 2001 $ 674,706 14% 9.6 $ 2,486,000 $ 9.82 Total - 12 months $ 3,035,508 13% 7.8 $ 9,456,499 $ 7.43 ================ === === ============= ============ 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. (3) Does not include office or residential leases.
Federal Realty Investment Trust Retail Leasing Summary - Non-Comparable Basis (cash, non-straight-lined basis) September 30, 2002 - -------------------------------------------------------------------------------- New Lease Summary - Non-Comparable Weighted Tenant Number of % of Total New Rent Average Tenant Improvements Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term Improvements Per Sq. Ft. ------- ------------- ------------- ---------- ----------- ---------- ------------- -------------- 3rd Quarter 2002 24 96% 96,327 $ 31.55 11.3 $ 653,631 $ 6.79 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 $ 56,260 $ 0.87 Total - 12 months 76 96% 216,850 $ 41.92 10.3 $ 709,891 $ 3.27 == === ========== ========== ===== ============= ============= Renewal Lease Summary - Non-Comparable Weighted Tenant Number of % of Total New Rent Average Tenant Improvements Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term Improvements Per Sq. Ft. ------- --------------- ------------- ---------- ----------- ---------- ------------- -------------- 3rd Quarter 2002 1 4% 8,669 $ - 0.0 $ - $ - 2nd Quarter 2002 0 0% - $ - 0.0 $ - $ - 1st Quarter 2002 1 6% 2,660 $ 23.00 5.0 $ 84,259 $ 31.68 4th Quarter 2001 1 5% 3,252 $ 22.19 20.0 $ 355 $ 0.11 Total - 12 months 3 4% 14,581 $ 9.15 13.1 $ 84,614 $ 5.80 = == ========== ========== ==== ============= ============= Total Lease Summary - Non-Comparable Weighted Tenant Number of % of Total New Rent Average Tenant Improvements Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term Improvements Per Sq. Ft. ------- --------------- ------------- ---------- ----------- ---------- ------------- -------------- 3rd Quarter 2002 25 100% 104,996 $ 28.94 11.3 $ 653,631 $ 6.23 2nd Quarter 2002 17 100% 27,236 $ 48.03 9.8 $ - $ - 1st Quarter 2002 17 100% 31,479 $ 51.73 8.2 $ 84,259 $ 2.68 4th Quarter 2001 20 100% 67,720 $ 47.96 10.9 $ 56,615 $ 0.84 Total - 12 months 79 100% 231,431 $ 39.85 10.4 $ 794,505 $ 3.43 == ==== ======== == ===== ==== ======= ============= 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. (3) Does not include office or residential leases.
Federal Realty Investment Trust Occupancy Summary - Overall September 30, 2002 - -------------------------------------------------------------------------------- Overall Operating Occupancy - --------------------------- (Quarter to Quarter Analysis) At September 30, 2002 At September 30, 2001 --------------------------------------------- -------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---- ---- ------ --------- ---- ------ --------- Retail Properties (leasable square feet) 14,738,000 14,081,000 95.5% 14,587,000 13,970,000 95.8% Rollingwood Apartments (# of units) 282 279 98.9% 282 282 100.0% ==================================================================================================================================== Overall Operating Occupancy - --------------------------- (Rolling 12 Months) At September 30, 2002 At June 30, 2002 --------------------------------------------- -------------------------------------- Retail Properties (leasable square feet) 14,738,000 14,081,000 95.5% 14,687,000 14,093,000 95.9% Rollingwood Apartments (# of units) 282 279 98.9% 282 280 99.3% At March 31, 2002 At December 31, 2001 --------------------------------------------- -------------------------------------- Retail Properties (leasable square feet) 14,863,000 14,201,000 95.5% 14,761,000 14,116,000 95.6% Rollingwood Apartments (# of units) 282 274 97.2% 282 278 98.6% - ------------------------------------------------------------------------------------------------------------------------------------ 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 September 30, 2002 - -------------------------------------------------------------------------------- Same Center Occupancy - --------------------- (Quarter to Quarter Comparison) At September 30, 2002 At September 30, 2001 --------------------------------------------- -------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---- ---- ------ --------- ---- ------ --------- Retail Properties (leasable square feet) 14,368,000 13,756,000 95.7% 14,374,000 13,758,000 95.7% Rollingwood Apartments (# of units) 282 279 98.9% 282 282 100.0% ==================================================================================================================================== Same Center Occupancy - --------------------- (Rolling 12 Months) At September 30, 2002 At June 30, 2002 --------------------------------------------- -------------------------------------- Retail Properties (leasable square feet) 14,368,000 13,756,000 95.7% 14,251,000 13,670,000 95.9% Rollingwood Apartments (# of units) 282 279 98.9% 282 280 99.3% At March 31, 2002 At December 31, 2001 --------------------------------------------- -------------------------------------- Retail Properties (leasable square feet) 14,402,000 13,759,000 95.5% 13,871,000 13,240,000 95.4% Rollingwood Apartments (# of units) 282 274 97.2% 282 278 98.6% - ------------------------------------------------------------------------------------------------------------------------------------ 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 (October 2002 through September 2003) September 30, 2002 - -------------------------------------------------------------------------------- Percentage of Number of Annualized Total Annualized Percentage of Stores Rank Tenant Name Base Rent Base Rent Tenant GLA Total GLA Leased - ----------------------------------------------------------------------------------------------------------------------------------- 1 The Gap, Inc. $ 5,946,374 2.54% 210,000 1.42% 11 2 Safeway, Inc. 5,403,440 2.31% 407,000 2.76% 7 3 Bed, Bath & Beyond, Inc. 4,942,026 2.11% 353,000 2.40% 8 4 Ahold USA, Inc. 4,857,288 2.07% 429,000 2.91% 10 5 Barnes & Noble, Inc. 3,635,217 1.55% 164,000 1.11% 16 6 CVS Corporation 3,201,752 1.37% 143,000 0.97% 13 7 The TJX Companies 3,110,467 1.33% 333,000 2.26% 10 8 Toys R Us, Inc. 3,002,571 1.28% 326,000 2.21% 10 9 MTS, Inc. 2,421,264 1.03% 106,000 0.72% 5 10 Great Atlantic & Pacific Tea Co. 2,380,178 1.02% 236,000 1.60% 4 11 Kmart Corporation 2,310,612 0.99% 509,000 3.45% 5 12 OPNET Technologies 2,267,475 0.97% 60,000 0.41% 1 13 Dress Barn, Inc. 2,064,149 0.88% 101,000 0.69% 14 14 Dollar Tree Stores, Inc. 2,000,372 0.85% 166,000 1.13% 17 15 Borders Group, Inc. 1,976,910 0.84% 102,000 0.69% 4 16 Wakefern Food Corporation 1,850,786 0.79% 157,000 1.07% 3 17 Michaels Stores, Inc. 1,721,236 0.73% 138,000 0.94% 5 18 Bally's Health & Fitness 1,704,328 0.73% 139,000 0.94% 5 19 CompUSA, Inc. 1,657,573 0.71% 108,000 0.73% 4 20 Linens' n Things 1,635,566 0.70% 103,000 0.70% 3 21 Saks & Company 1,635,300 0.70% 36,000 0.24% 1 22 Ross Stores, Inc. 1,631,560 0.70% 85,000 0.58% 3 23 Whole Foods Market, Inc. 1,622,444 0.69% 82,000 0.56% 3 24 Home Depot, Inc. 1,487,180 0.63% 128,000 0.87% 1 25 Viacom International, Inc. 1,453,717 0.62% 61,000 0.41% 11 ------------ ------ ---------- ------ --- Totals - Top 25 Tenants $ 65,919,785 28.14% 4,682,000 31.77% 174 ============ ====== ========== ====== === Total Annualized Base Rent: $234,280,935 Total Portfolio Square Footage: 14,738,000 (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.