SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 31, 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 ------------
Item 9. Regulation FD Disclosure Federal Realty Investment Trust hereby furnishes the following supplemental data pertaining to its portfolio of properties at December 31, 2002. 99 Supplemental information at December 31, 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FEDERAL REALTY INVESTMENT TRUST Date: February 12, 2003 /s/ Larry E. Finger --------------------------------------- Larry E. Finger Senior Vice President, Chief Financial Officer and Treasurer
Exhibit 99 FEDERAL REALTY INVESTMENT TRUST Supplemental Information December 31, 2002 TABLE OF CONTENTS 1. Fourth Quarter and Year-end 2002 Earnings Press Release ............. 3 2. Financial Highlights Summarized Operating Results ................................. 9 Summarized Balance Sheet ..................................... 10 Funds From Operations / Funds Available for Distribution / Summary of Capital Expenditures ............... 11 Market Data / Capital Availability / Operational Statistics .. 12 3. Summary of Debt Summary of Outstanding Debt .................................. 13 Summary of Debt Maturities ................................... 14 4. Summary of Redevelopments Summary of Current and Future Redevelopment Opportunities .... 15 Summary of Recent Redevelopments ............................. 16 5. Santana Row Summary ................................................. 17 6. Acquisitions and Dispositions - Year to Date ........................ 18 7. Real Estate Status Report ........................................... 19 8. Shopping Center / Street Retail Summary ............................. 21 9. Leasing Summary Retail Leasing Summary - Comparable .......................... 22 Retail Leasing Summary - Non-comparable ...................... 23 10. Lease Expirations ................................................... 24 11. Occupancy Summary Occupancy Summary - Overall .................................. 25 Occupancy Summary - Same Center .............................. 26 12. Summary of Top 25 Tenants - Prospective ............................. 27 13. Glossary of Terms ................................................... 28 1626 East Jefferson Street Rockville, Maryland 20852-4041 301/998-8100 Certain matters discussed within this Supplemental Information may be deemed to be forward looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The factors that may impact these expectations include: (a) risks that growth will be limited if additional capital cannot be obtained; (b) risks of financing, such as the ability to consummate additional financings or obtain replacement financing on terms which are acceptable, ability to meet existing financial covenants and the possibility of increases in interest rates that would result in increased interest expense; (c) risks normally associated with the real estate industry, including risks that tenants will not pay rent or that we may be unable to renew leases or relet space at favorable rents as leases expire, that new acquisitions or development, construction and renovation projects, including Santana Row, may fail to perform as expected, that competition for acquisitions could result in increased prices, that there may be environmental risks at our properties, and, because real estate is illiquid, that we may not be able to sell properties when appropriate; (d) risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT; and (e) those risks detailed from time to time in our SEC reports, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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 FOURTH QUARTER AND YEAR-END 2002 OPERATING RESULTS ROCKVILLE, MD (February 12, 2003) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its fourth quarter and year ended December 31, 2002. . Funds from operations (FFO), excluding charges associated with the accelerated executive transition, was $0.63 per diluted share for the fourth quarter . Same-center net operating income, excluding the impact of redevelopments and expansions, increased 3.7% versus fourth quarter 2001 . Cash rent increases on lease rollovers were 12% for the fourth quarter and 13% for the year on over 265,000 and approximately 1.3 million square feet of retail space, respectively . FFO per diluted share guidance for 2003 remains unchanged at $2.60 Financial Results Federal Realty reported FFO of $14.0 million for the fourth quarter of 2002, or $0.32 per diluted share. This includes a $0.31 charge recognized as a result of the accelerated executive transition announced on December 20, 2002. Excluding this charge, the Trust would have reported FFO of $27.8 million, or $0.63 per diluted share. For the year ended December 31, 2002, Federal Realty reported FFO of $90.5 million, or $2.11 per diluted share. During 2002, the Trust recognized $22.3 million of charges relating to the change in business strategy and associated management changes announced in March, and the accelerated executive transition announced in December. Excluding these charges, Federal Realty would have reported FFO of $112.8 million, or $2.63 per diluted share.
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END 2002 OPERATING RESULTS FEBRUARY 12, 2003 Page 2 On a same-center basis, net operating income, excluding the impact of properties redeveloped or expanded, increased 3.7% versus fourth quarter 2001 and 4.4% versus full-year 2001. Although same-center net operating income increased, FFO declined on a year-over-year basis due to pre-opening expenses and initial operations at Santana Row. FRT vs. REIT Industry Same-Center NOI Growth Over Last 6 Quarters 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 FRT (1) 6.5% 6.3% 6.2% 4.7% 4.0% 3.7% Peer Group Average (2) 2.4% 1.5% 0.3% -0.3% -0.4% n/a (1) FRT same-center NOI growth excludes properties where redevelopment capital was invested. If these properties were included, same-center NOI growth would have equaled or exceeded the growth shown in all periods. (2) Peer Group includes KIM, REG, NXL, WRI and PNP. Complete 4Q02 data for Peer Group not yet available. Source: Morgan Stanley Research Portfolio Results At December 31, 2002, overall occupancy, excluding Santana Row, remained strong at 95.5%, compared to 95.6% on December 31, 2001 and 95.5% on September 30, 2002. Including the 444,000 square feet of retail space in Phase I of Santana Row, occupancy on December 31, 2002 was 94.7%. During the fourth quarter, the Trust signed leases for more than 310,000 square feet of retail space. On a comparable space basis (i.e. spaces for which there was a former tenant), the Trust leased over 265,000
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END 2002 OPERATING RESULTS FEBRUARY 12, 2003 Page 3 square feet at an average cash increase in rent per square foot of 12%. On a cash-basis, the weighted-average minimum rent on this space for the first year of the new lease was $20.92 per square foot compared to the previous weighted-average rent of $18.69 per square foot. The previous weighted-average rent is calculated by including both minimum rent and percentage rent actually paid during the last year of the lease term for the re-leased space. Rent increases on the almost 1.3 million square feet of comparable space leased during 2002 averaged 13.0% on a cash basis, using the same methodology. "We've tackled some challenging issues in 2002, and without question have emerged a stronger company," stated Donald C. Wood, Federal Realty's president and chief executive officer. "Our balance sheet is stronger compared to a year ago and Santana Row is open, both of which mitigate risk in this difficult economic climate." Summary of Other Quarterly Activities and Recent Developments .. On February 7, 2003, the Trust announced plans for Phase II of Santana Row, which includes 84,000 square feet of retail space on two pad sites and 275 additional parking spaces. 95% of the retail space has been pre-leased to Best Buy and The Container Store, and Federal Realty expects an approximate 16% unleveraged return on its $27 million cost. .. On January 15, 2003, Federal Realty announced that three of its five Kmart locations were on the list of 326 stores that Kmart intends to close. The three properties potentially impacted by the announcement are in Queens, New York, Flourtown, Pennsylvania and Leesburg, Virginia. Details of the terms of these leases are contained in the January 15, 2003 Press Release. .. On January 9, 2003, the Trust announced the opening of a new 62,000 square foot Giant Food and Pharmacy at Bethesda Row. Federal Realty invested $3.6 million in this, the fifth phase of Bethesda Row, and expects an approximately 14% cash return on cost. .. On December 20, 2002, Federal Realty announced the resignation of Steven J. Guttman as Trustee, chief executive officer and chairman of the Board of Trustees effective January 1, 2003. Donald Wood, the Trust's then president and chief operating officer, was named chief executive officer and a member of the Board of Trustees. Mark Ordan, a member of the Board of Trustees since 1996, was named non-executive chairman of the board.
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END 2002 OPERATING RESULTS FEBRUARY 12, 2003 Page 4 .. On November 19, 2002, Federal Realty issued $150 million of senior unsecured notes, rated Baa2 and BBB by Moody's and Standard and Poor's, respectively. The notes yielded 6.181% to investors, and proceeds from the issuance, along with fire insurance proceeds previously received by the Trust, were utilized to retire the Santana Row construction loan. .. On November 7, 2002, Federal Realty announced the successful opening of Santana Row, the Trust's mixed-use community in San Jose, California. Phase I of Santana Row includes 444,000 square feet of retail, 255 residential units and a 213 room boutique hotel. .. In October 2002, Standard & Poor's reaffirmed the Trust's BBB corporate credit rating and removed the Trust from credit watch. In addition, 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. Conference Call Information Federal Realty's management team will present a more in depth discussion of the Trust's operating performance on its fourth quarter earnings conference call, which is scheduled for Thursday, February 13, 2003 at 11:00 A.M. Eastern Time. To participate, please call (888) 560-8502 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, which will remain available for 14 days following the conference call. A telephone recording of the call will be available for 14 days by dialing (888) 568-0348. 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 over 15 million square feet located in major metropolitan markets across the United States. The operating portfolio is currently approximately 95% occupied by over 2,000 national, regional and local retailers with no single tenant accounting for more than 2.5% of rental revenue. Federal
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END 2002 OPERATING RESULTS FEBRUARY 12, 2003 Page 5 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 federal securities laws. Although Federal Realty believes the expectations reflected in the forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The factors that may impact these expectations include: . risks that our growth will be limited if we cannot obtain additional capital; . risks of financing, such as our ability to consummate additional financings or obtain replacement financing on terms which are acceptable to us, our ability to meet existing financial covenants and the possibility of increases in interest rates that would result in increased interest expense; . risks normally associated with the real estate industry, including risks that our tenants will not pay rent or that we may be unable to renew leases or relet space at favorable rents as leases expire, that new acquisitions and our development, construction and renovation projects, including our Santana Row project, may fail to perform as expected, that competition for acquisitions could result in increased prices, environmental risks, and, because real estate is illiquid, that we may not be able to sell properties when appropriate; . risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT; and . those risks detailed from time to time in the Company's SEC reports, including its annual report on Form 10-K and its quarterly reports on Form 10-Q. 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 December 31, 2002 - -------------------------------------------------------------------------------- Financial Highlights (in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, OPERATING RESULTS 2002 2001 2002 2001 - ----------------- ---- ---- ---- ---- Revenues Rental income $ 83,843 $ 73,390 $ 298,085 $ 274,567 Other property income 4,200 3,764 15,593 13,953 Interest and other income 1,394 1,315 5,156 6,590 --------- --------- --------- --------- 89,437 78,469 318,834 295,110 Expenses Rental 24,303 17,601 73,591 62,715 Real estate taxes 8,108 7,807 31,186 28,348 Interest 19,741 16,953 65,054 69,313 Administrative 3,581 4,310 13,790 14,281 Restructuring expenses 13,780 - 22,269 - Depreciation and amortization 16,425 15,610 64,251 59,171 --------- --------- --------- --------- 85,938 62,281 270,141 233,828 --------- --------- --------- --------- Operating income before investors' share of operations and discontinued operations 3,499 16,188 48,693 61,282 Investors' share of operations (755) (1,179) (4,112) (5,170) --------- --------- --------- --------- Income before gain on sale of real estate net of loss on abandoned developments held for sale and discontinued operations 2,744 15,009 44,581 56,112 Income from operations of discontinued assets 35 878 1,252 3,459 --------- --------- --------- --------- Income before gain on sale of real estate net of loss on abandoned developments held for sale 2,779 15,887 45,833 59,571 Gain on sale of real estate net of loss on abandoned developments held for sale - 1,287 9,454 9,185 --------- --------- --------- --------- Net income 2,779 17,174 55,287 68,756 Dividends on preferred stock (4,857) (3,071) (19,425) (9,034) --------- --------- --------- --------- Net income (loss) available for common shareholders $ (2,078) $ 14,103 $ 35,862 $ 59,722 ========= ========= ========= ========= Funds from Operations Net income (loss) available for common shareholders $ (2,078) $ 14,103 $ 35,862 $ 59,722 Gain on sale of real estate - (1,287) (9,454) (9,185) Depreciation and amortization of real estate assets 14,933 14,211 58,605 54,350 Amortization of initial direct costs of leases 1,204 1,146 4,750 4,161 Income attributable to operating partnership units (37) 335 740 1,384 --------- --------- --------- --------- Funds from operations 14,022 28,508 90,503 110,432 Add back restructuring expense 13,780 - 22,269 - --------- --------- --------- --------- Adjusted funds from operations $ 27,802 $ 28,508 $ 112,772 $ 110,432 ========= ========= ========= ========= Weighted average number of common shares, diluted 44,251 40,653 42,882 40,266 ========= ========= ========= ========= Adjusted funds from operations per share $ 0.63 $ 0.70 $ 2.63 $ 2.74 ========= ========= ========= ========= Earnings per common share, basic Income (loss) before gain on sale of real estate net of loss on abandoned developments held for sale and discontinued operations $ (0.05) $ 0.30 $ 0.60 $ 1.20 Discontinued operations - 0.02 0.03 0.09 Gain on sale of real estate net of loss on abandoned developments held for sale - 0.03 0.23 0.23 --------- --------- --------- --------- $ (0.05) $ 0.35 $ 0.86 $ 1.52 ========= ========= ========= ========= Weighted average number of common shares, basic 43,014 39,473 41,624 39,164 ========= ========= ========= ========= Earnings per common share, diluted Income (loss) before gain on sale of real estate net of loss on abandoned developments held for sale and discontinued operations $ (0.05) $ 0.30 $ 0.60 $ 1.20 Discontinued operations - 0.02 0.03 0.09 Gain on sale of real estate net of loss on abandoned developments held for sale - 0.03 0.22 0.23 --------- --------- --------- --------- $ (0.05) $ 0.35 $ 0.85 $ 1.52 ========= ========= ========= ========= Weighted average number of common shares, diluted 44,251 40,653 42,882 40,266 ========= ========= ========= =========
Federal Realty Investment Trust Balance Sheet December 31, 2002 - -------------------------------------------------------------------------------- Financial Highlights (in thousands, except per share data) BALANCE SHEET DATA December 31, December 31, - ------------------ 2002 2001 ---- ---- Assets Real estate, at cost Operating $ 1,864,244 $ 1,741,385 Development 442,582 321,986 Discontinued operations - 40,933 ----------- ----------- 2,306,826 2,104,304 Less accumulated depreciation and amortization (450,697) (395,767) ----------- ----------- 1,856,129 1,708,537 Other Assets Mortgage notes receivable 35,577 35,607 Cash and investments 23,123 17,563 Receivables 18,722 15,483 Tax deferred exchange escrows - 6,006 Other assets 65,827 51,685 ----------- ----------- Total Assets $ 1,999,378 $ 1,834,881 =========== =========== Liabilities and Shareholders' Equity Obligations under capital leases, mortgages and construction loans $ 393,212 $ 450,336 Notes payable 198,311 174,843 Senior notes 535,000 410,000 5 1/4% Convertible subordinated debentures 75,000 75,289 Other liabilities 154,280 135,122 ----------- ----------- Total Liabilities 1,355,803 1,245,590 Preferred stock 235,000 235,000 Common Shares and Other Shareholders' Equity 408,575 354,291 ----------- ----------- Total Liabilities and Shareholders' Equity $ 1,999,378 $ 1,834,881 =========== ===========
Federal Realty Investment Trust Funds From Operations / Funds Available for Distribution / Summary of Capital Expenditures December 31, 2002 - -------------------------------------------------------------------------------- Three months ended December 31, 2002 December 31, 2001 ----------------- ----------------- Funds From Operations, exclusive of restructuring expense (FFO) (1) (in thousands, except per share data) - ------------------------------------------------------------------- Net income available for common shareholders $ (2,078) $ 14,103 Gain on sale of real estate - (1,287) Restructuring expense 13,780 - Depreciation and amortization of real estate assets 14,933 14,211 Amortization of initial direct costs of leases 1,204 1,146 Income attributable to operating partnership units (37) 335 ----------------- ----------------- FFO $ 27,802 $ 28,508 ================= ================= Weighted average shares number of common shares, diluted 44,251 40,653 FFO per share $ 0.63 $ 0.70 ================= ================= Funds Available for Distribution (FAD) - -------------------------------------- FFO $ 27,802 $ 28,508 Non-accretive capital expenditures (1,017) (1,141) ----------------- ----------------- FAD $ 26,785 $ 27,367 ================= ================= Weighted average shares number of common shares, diluted 44,251 40,653 FAD per share $ 0.61 $ 0.67 ================= ================= Dividends declared per share $ 0.485 $ 0.48 Dividend payout ratio as a percentage of FFO 77% 69% Dividend payout ratio as a percentage of FAD 80% 72% Summary of Capital Expenditures - ------------------------------- Accretive Capital Expenditures Development $ 45,604 $ 36,344 Acquisition Related (2) 12 199 Redevelopments and Expansions 4,562 6,121 Tenant Improvements 2,080 1,851 ----------------- ----------------- Total Accretive Capital Expenditures 52,258 44,515 Non-accretive Capital Expenditures 1,017 1,141 ----------------- ----------------- Total Capital Expenditures $ 53,275 $ 45,656 ================= ================= Note: - ---- (1) See Glossary of Terms. (2) Capital expenditures related to properties acquired in the last two years for which accretive expenditures were projected at the time of the acquisition underwriting.
Federal Realty Investment Trust Market Data / Capital Availability / Operational Statistics December 31, 2002 - -------------------------------------------------------------------------------- As of December 31, 2002 December 31, 2001 ----------------- ----------------- (in thousands, except per share data) Market data Common shares outstanding 43,535 40,071 Market price per common share $ 28.12 $ 23.00 Series A preferred shares outstanding 4,000 4,000 Market price per Series A preferred share $ 24.90 $ 24.10 Series B preferred shares outstanding 5,400 5,400 Market price per Series B preferred share $ 25.75 $ 24.40 Equity market capitalization $ 1,462,854 $ 1,149,793 Total debt (1) 1,097,128 1,010,175 ----------------- ----------------- Total market capitalization $ 2,559,982 $ 2,159,968 ================= ================= Total debt to market capitalization .43:1 .47:1 ================= ================= Capital availability: Cash on hand $ 23,123 $ 17,563 Tax deferred exchange escrows - 6,006 Available capacity under line of credit 229,000 256,000 Available capacity under Santana Row construction loan (2) - 233,000 Available for issuance under shelf registration statement 500,000 190,000 ----------------- ----------------- $ 752,123 $ 702,569 ================= ================= Year ended Year ended December 31, 2002 December 31, 2001 ----------------- ----------------- Operational statistics Ratio of earnings to fixed charges (3) 1.25x (4) 1.47x Ratio of earnings to combined fixed charges and preferred share dividends (3) 1.03x (4) 1.34x Ratio of EBITDA to combined fixed charges and preferred share dividends (3) (5) 1.60x (4) 1.93x Administrative expense as a percentage of total revenues 4.33% 4.84% Note: - ---- (1) Total debt includes mortgages and construction loans payable, notes payable, senior notes and debentures and 5.25% convertible subordinated debentures. (2) Santana Row construction loan retired on November 19, 2002. (3) Earnings consist of income before gain (loss) on sale of real estate and fixed charges. Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount and expense and the portion of rent expense representing an interest factor. Preferred share dividends consist of dividends paid on outstanding Series A preferred shares and Series B preferred shares. (4) Includes an $8.5 million restructuring charge incurred in the first quarter of 2002 and a $13.8 million restructuring charge incurred in the fourth quarter of 2002. Excluding these charges the ratio of earnings to fixed charges would have been 1.49x, the ratio of earnings to combined fixed charges and preferred share dividends would have been 1.23x, and the ratio of EBITDA to combined fixed charges and preferred share dividends would have been 1.80x. (5) EBITDA means net income or loss plus interest expense, income taxes, depreciation and amortization; adjusted for gain or loss on sale of assets, impairment provisions, provision for loss on equity securities and other nonrecurring expenses.
Federal Realty Investment Trust Summary of Outstanding Debt December 31, 2002 - -------------------------------------------------------------------------------- Maturity Effective Rate Balance -------- -------------- ------- Mortgages and Construction Loans (in thousands) - --------------------------------
Construction loan on Woodmont East 08/29/03 libor + 1.20% (a) $ 24,449 Friendship Center 09/22/03 libor + 1.35% (a) 17,000 Leesburg Plaza 10/01/08 6.510% 9,900 164 E Houston Street 10/06/08 7.500% 268 Federal Plaza 06/01/11 6.750% 35,936 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% 6,864 Escondido (Municipal bonds) 10/01/16 3.14% (b) 9,400 ----------- $ 288,817 =========== Notes payable - ------------- Revolving credit facilities 12/19/03 libor + .80% $ 71,000 Term note with banks 12/19/03 6.22% (c) 125,000 Note issued in connection with renovation of Perring Plaza 01/31/13 10.00% 2,266 Other various various 45 ----------- $ 198,311 =========== Unsecured Public Debt - --------------------- Convertible Subordinated Debentures - ----------------------------------- 5 1/4% Convertible subordinated debentures 10/28/03 5.250% $ 75,000 =========== Notes and Debentures - -------------------- 6.74% Medium Term Notes (d) 03/10/04 6.370% 39,500 6.625% Notes (fixed) 12/01/05 6.625% 40,000 6.99% Medium Term Notes (d) 03/10/06 6.894% 40,500 6.125% Notes (e) 11/15/07 6.325% 150,000 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 Weighted ----------- average $ 535,000 interest =========== rate Total fixed rate debt $ 975,279 88.89% 7.11% Total variable rate debt 121,849 11.11% 2.84% (f) ----------- ------ ----- Total debt $ 1,097,128 100.00% 6.64% =========== ====== ===== Capital lease obligations - ------------------------- Various through 2077 (g) $ 104,395 ----------- Total debt and capital lease obligations $ 1,201,523 =========== (a) These mortgages were paid off on February 11, 2003 through borrowings under the revolving credit facility. (b) 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 year ended December 31, 2002, was 3.14% (c) 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%. (d) The Trust purchased interest rate swaps at issuance, thereby reducing the effective interest rate on these notes. (e) The Trust purchased an interest rate lock to hedge the planned note offering. A hedge loss of $1.5 million associated with this hedge is being amortized into the November 2002 note offering thereby increasing the effective interest rate on these notes to 6.325%. (f) Weighted average interest rate on variable rate debt as of December 31, 2002. (g) Weighted average interest rate on capital lease obligations is 9.80% on a stated basis and 12.99% including performance based participation interest paid by the Trust. Federal Realty Investment Trust Summary of Debt Maturities December 31, 2002 - -------------------------------------------------------------------------------- DEBT MATURITIES (in thousands) Cumulative Scheduled Percent of Percent of Year Amortization Maturities Total Debt Expiring Debt Expiring - --------------------------------------------------------------------------------------------------- -------------- 2003 $ 837 $ 312,449 (1) $ 313,286 (1) 28.6% 28.6% 2004 2,811 39,500 42,311 3.9% 32.5% 2005 3,064 40,000 43,064 3.9% 36.4% 2006 3,412 40,500 43,912 4.0% 40.4% 2007 3,686 150,000 153,686 14.0% 54.4% 2008 3,918 9,541 13,459 1.2% 55.6% 2009 4,095 175,045 179,140 16.3% 71.9% 2010 4,427 - 4,427 0.4% 72.3% 2011 4,287 37,236 41,523 3.8% 76.1% 2012 4,233 - 4,233 0.4% 76.5% Thereafter 12,880 245,207 258,087 23.5% 100.0% ------------------------------------------------------------------------------ Total $ 47,650 $ 1,049,478 $ 1,097,128 100.00% ============================================================================== Note: - ---- (1) Includes $71 million balance on revolving credit facility and $125 million balance on term loan.
Federal Realty Investment Trust Summary of Current and Future Redevelopment Opportunities December 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Current Redevelopment Opportunities (1) ($ millions) Property Location Opportunity -------- -------- ----------- Congressional Plaza Rockville, MD Addition of 146-unit apartment building and structured parking in existing parking field Third Street Promenade Santa Monica, CA Retail redevelopment Bethesda Row Bethesda, MD Grocery expansion, new pad site, GLA expansion and re-tenanting (restaurant) Garden Market Western Springs, IL Expansion, re-tenanting (new grocer) and new pad site (existing drug store) Ellisburg Circle Cherry Hill, NJ Re-tenanting (new grocer) and associated expansion Finley Square Downers Grove, IL Re-tenanting (office supply) Governor Plaza Glen Burnie, MD New pad sites (furniture and grocer) Dedham Plaza Dedham, MA Tenant re-location (electronics), parking lot and common area improvements Willow Lawn Richmond, VA Grocery expansion Quince Orchard Gaithersburg, MD Pad site re-tenanting (drug store) Hauppauge Shopping Center Hauppauge, NY Pad site re-tenanting (restaurant) Subtotal: Projects Anticipated to Stabilize in 2003 (4) Santana Row Phase II San Jose, CA Two new pad sites (Best Buy and The Container Store) and additional parking Andorra Philadelphia, PA Expansion and re-tenanting (new health club) Lawrence Park Broomall, PA Grocer expansion, new pad site (drug store), common area improvements Greenlawn Plaza Greenlawn, NY New pad site (child care center) Laurel Laurel, MD Grocery expansion Subtotal: Projects Anticipated to Stabilize in 2004 (4) Potential Future Redevelopments Stabilizing After 2004 (5) 150 Post Street San Francisco, CA Bala Cynwyd Bala Cynwyd, PA Bethesda Row - Future Phases Bethesda, MD Brunswick Shopping Center North Brunswick, NJ Fresh Meadows Queens, NY Houston Street San Antonio, TX Rockville Town Square Rockville, MD Rutgers Plaza Franklin, NJ Santana Row - Future Phases San Jose, CA The Village at Shirlington Arlington, VA - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Current Redevelopment Opportunities (1) ($ millions) Projected Projected Cost to Anticipated Property Location ROI (2) Cost Date Stabilization (3) -------- -------- ------- ---- ---- ----------------- Congressional Plaza Rockville, MD 11% $ 12.1 $ 8.9 2003 Third Street Promenade Santa Monica, CA 10% $ 8.8 $ 8.5 2003 Bethesda Row Bethesda, MD 10% $ 6.6 $ 4.3 2003 Garden Market Western Springs, IL 11% $ 2.4 $ 2.2 2003 Ellisburg Circle Cherry Hill, NJ 19% $ 2.2 $ 0.2 2003 Finley Square Downers Grove, IL 15% $ 1.2 $ - 2003 Governor Plaza Glen Burnie, MD 14% $ 1.1 $ 0.6 2003 Dedham Plaza Dedham, MA 13% $ 1.1 $ 1.0 2003 Willow Lawn Richmond, VA 7% $ 0.5 $ - 2003 Quince Orchard Gaithersburg, MD 41% $ 0.4 $ 0.4 2003 Hauppauge Shopping Center Hauppauge, NY 16% $ 0.3 $ - 2003 --- ------ ----- Subtotal: Projects Anticipated to Stabilize in 2003 (4) 12% $ 36.8 $26.2 === ====== ===== Santana Row Phase II San Jose, CA 16% $ 27.0 $ - 2004 Andorra Philadelphia, PA 15% $ 3.3 $ 0.0 2004 Lawrence Park Broomall, PA 19% $ 2.0 $ 0.1 2004 Greenlawn Plaza Greenlawn, NY 12% $ 0.9 $ 0.0 2004 Laurel Laurel, MD 104% $ 0.4 $ 0.2 2004 --- ------ ----- Subtotal: Projects Anticipated to Stabilize in 2004 (4) 17% $ 33.6 $ 0.3 === ====== ===== Potential Future Redevelopments Stabilizing After 2004 (5) 150 Post Street San Francisco, CA Bala Cynwyd Bala Cynwyd, PA Bethesda Row - Future Phases Bethesda, MD Brunswick Shopping Center North Brunswick, NJ Fresh Meadows Queens, NY Houston Street San Antonio, TX Rockville Town Square Rockville, MD Rutgers Plaza Franklin, NJ Santana Row - Future Phases San Jose, CA The Village at Shirlington Arlington, VA - ------------------------------------------------------------------------------------------------------------------------------------ (1) These current redevelopment opportunities are being pursued by the Trust. There is no guaranty that the Trust will ultimately complete any or all of these opportunities, that the Projected ROI or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected ROI and Projected Cost are management's best estimate based on current information and may change over time. (2) Projected ROI reflects only the deal specific cash, unleveraged Incremental Net Operating Income (NOI) generated by the redevelopment and is calculated as Incremental NOI divided by cost. Incremental NOI is the NOI generated by the redevelopment after deducting rent previously in place for the redevelopment space or space taken out of service as a result of the redevelopment. Projected ROI does NOT include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property. (3) The year in which 95% occupancy of the redeveloped space is anticipated to be achieved (4) All subtotals and totals reflect cost weighted-average ROIs (5) These future redevelopment opportunities are being explored by the Trust. There is no guaranty that the Trust will ultimately pursue or complete any or all of these opportunities.
Federal Realty Investment Trust Summary of Recent Redevelopments December 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Summary of Redevelopments Stabilized 1999 to 2002 ($ millions) Property Location Opportunity -------- -------- ----------- Third Street Promenade Santa Monica, CA Redevelopment and re-tenanting (includes Banana Republic, J. Crew and Rockport) Brick Plaza Brick, NJ Grocery expansion, new pad sites, re-tenanting and common area improvements Gratiot Plaza Roseville, MI New pad sites, re-tenanting and common area improvements Troy Hills Parsippany, NJ Grocery expansion, re-tenanting and common area improvements Falls Plaza Falls Church, VA Grocery expansion, common area improvements, new in-line space and pad site Langhorne Square Levittown, PA New grocer in expanded leaseable area and new pad sites Fifth Avenue San Diego, CA Redevelopment and re-tenanting (Urban Outfitters) Subtotal: Projects Stabilized in 1999 (3) Blue Star Watchung, NJ New pad sites and common area improvements Fifth Avenue San Diego, CA Redevelopment and re-tenanting Subtotal: Projects Stabilized in 2000 (3) Wynnewood Wynnewood, PA Grocery expansion, re-tenanting and common area improvements Old Town Pasadena Pasadena, CA Redevelopment and re-tenanting of two buildings Brunswick North Brunswick, NJ Grocery expansion, re-tenanting, new pad site and renovation Federal Plaza Rockville, MD New pad site Subtotal: Projects Stabilized in 2001 (3) Third Street Promenade Santa Monica, CA Redevelopment and re-tenanting (Old Navy and others) Fifth Avenue San Diego, CA Redevelopment and re-tenanting of retail and residential buildings Hermosa Avenue Hermosa Beach, CA Redevelopment and re-tenanting of retail and office Subtotal: Projects Stabilized in 2002 (3) Total Projects Stabilized 1999 through 2002 (3) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Summary of Redevelopments Stabilized 1999 to 2002 ($ millions) Completed Property Location ROI (1) Cost Stabilized (2) -------- -------- ------- ----- -------------- Third Street Promenade Santa Monica, CA 13% $ 23.9 1999 Brick Plaza Brick, NJ 11% $ 20.8 1999 Gratiot Plaza Roseville, MI 14% $ 12.4 1999 Troy Hills Parsippany, NJ 13% $ 8.9 1999 Falls Plaza Falls Church, VA 16% $ 6.0 1999 Langhorne Square Levittown, PA 12% $ 5.9 1999 Fifth Avenue San Diego, CA 12% $ 2.1 1999 --- ------ Subtotal: Projects Stabilized in 1999 (3) 13% $ 80.0 === ====== Blue Star Watchung, NJ 12% $ 6.5 2000 Fifth Avenue San Diego, CA 11% $ 2.9 2000 --- ------ Subtotal: Projects Stabilized in 2000 (3) 11% $ 9.4 === ====== Wynnewood Wynnewood, PA 17% $ 14.1 2001 Old Town Pasadena Pasadena, CA 11% $ 8.8 2001 Brunswick North Brunswick, NJ 11% $ 8.2 2001 Federal Plaza Rockville, MD 18% $ 0.7 2001 --- ------ Subtotal: Projects Stabilized in 2001 (3) 14% $ 31.8 === ====== Third Street Promenade Santa Monica, CA 13% $ 10.5 2002 Fifth Avenue San Diego, CA 5% $ 6.4 2002 Hermosa Avenue Hermosa Beach, CA 12% $ 4.3 2002 --- ------ Subtotal: Projects Stabilized in 2002 (3) 10% $ 21.3 === ====== Total Projects Stabilized 1999 through 2002 (3) 12% $142.5 === ====== - ------------------------------------------------------------------------------------------------------------------------------------ (1) ROI reflects only the deal specific cash, unleveraged Incremental Net Operating Income (NOI) generated by the redevelopment and is calculated as Incremental NOI divided by cost. Incremental NOI is the NOI generated by the redevelopment after deducting rent previously in place for the redevelopment space or space taken out of service as a result of the redevelopment. ROI does NOT include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property. (2) The year in which 95% occupancy of the redeveloped space has been achieved (3) All subtotals and totals reflect cost weighted-average ROIs
Federal Realty Investment Trust Santana Row Summary December 31, 2002 - -------------------------------------------------------------------------------- Property 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 property consists of a 1,500 foot long "main street" and eight buildings comprising approximately 444,000 square feet of retail, 255 residential units, and a 213-room boutique hotel. Phase II consists of two pad sites comprising approximately 84,000 square feet of retail space and 275 additional parking spaces. Phase II is 95% pre-leased to Best Buy and The Container Store. Retail Summary (1) - ------------------ -------------------------------------------------------------------------------------------------- Total Retail Square Footage Occupied --------------------------- -------- Building/Description Stores Square Feet % Leased Stores Square Feet % of Total -------------------- ------ ----------- -------- ------ ----------- ---------- 1 (Crate & Barrel) 1 40,000 100.0% 1 40,000 100.0% 3 (Primarily luxury) 14 39,489 73.0% 8 27,250 69.0% 4 (Primarily luxury) 14 33,612 100.0% 12 26,631 79.2% 5 (Hotel and lifestyle) 14 56,929 63.8% 7 16,756 29.4% 6 (Lifestyle) 7 49,415 85.9% 6 42,444 85.9% 7 (Lifestyle) 35 87,386 86.1% - - 0.0% 8 (Lifestyle) 14 39,974 100.0% 11 33,391 83.5% 13 (Restaurants & lifestyle) 13 95,897 26.3% 2 14,826 15.5% Kiosks and Carts 5 1,570 69.2% 4 1,086 69.2% ------------- ------------- ----- --------- ------------ ----- Total Phase I Retail 117 444,272 72.7% 51 202,384 45.6% Phase II Retail 3 84,171 95.5% - - 0.0% ------------- ------------- ----- --------- ------------ ----- Total Santana Row Retail 120 528,443 76.3% 51 202,384 38.3% ============= ============= ===== ========= ============ ===== -------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------- Leased (Unoccupied) Available to Lease ------------------- ------------------ Building/Description Stores Square Feet % of Total Stores Square Feet % of Total -------------------- ------ ----------- ---------- ------ ----------- ---------- 1 (Crate & Barrel) - - 0.0% - - 0.0% 3 (Primarily luxury) 1 1,568 4.0% 5 10,671 27.0% 4 (Primarily luxury) 2 6,981 20.8% - - 0.0% 5 (Hotel and lifestyle) 3 19,576 34.4% 4 20,597 36.2% 6 (Lifestyle) - - 0.0% 1 6,971 14.1% 7 (Lifestyle) 24 75,267 86.1% 11 12,119 13.9% 8 (Lifestyle) 3 6,583 16.5% - - 0.0% 13 (Restaurants & lifestyle) 2 10,418 10.9% 9 70,653 73.7% Kiosks and Carts - - 0.0% 1 484 30.8% ------------- ------------- ------- --------- ------------ ----- Total Phase I Retail 35 120,393 27.1% 31 121,495 27.3% Phase II Retail 2 80,371 95.5% 1 3,800 4.5% ------------- ------------- ------- --------- ------------ ----- Total Santana Row Retail 37 200,764 38.0% 32 125,295 23.7% ============= ============= ======= ========= ============ ===== -------------------------------------------------------------------------------------------------- Residential Summary (1) - ------------------------ -------------------------------------------------------------------------------------------------- Total Residential Units Occupied ----------------------- -------- Building Rent (2) Units % Leased Rent (3) Units % of Total -------- -------- ----- -------- --------- ----- ---------- 3 (Lofts) $ 2.02 98 57.1% $ 1.89 48 49.0% 4 (Lofts) $ 2.35 100 57.0% $ 2.02 42 42.0% (5) 6 (Villas) $ 2.47 21 9.5% $ - - 0.0% (5) 8 (Townhouses) $ 2.20 36 0.0% $ - - 0.0% --------- --------- ---------- ---------- -------- ----------- Total Phase I Residential $ 2.22 255 45.1% $ 1.96 90 35.3% ========= ========= ========== ========== ======== =========== -------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------- Leased (Unoccupied) Available to Lease ------------------- ------------------ Building Rent (3) Units % of Total Rent (4) Units % of Total -------- -------- ----- ---------- -------- ----- ---------- 3 (Lofts) $ 2.04 8 8.2% $ 1.96 42 42.9% 4 (Lofts) $ 2.08 15 15.0% $ 2.21 43 43.0% (5) 6 (Villas) $ 2.71 2 9.5% $ 2.83 19 90.5% (5) 8 (Townhouses) $ - - 0.0% $ 2.34 36 100.0% --------- --------- ----------- ---------- -------- ----------- Total Phase I Residential $ 2.12 25 9.8% $ 2.32 140 54.9% ========= ========= =========== ========== ======== =========== -------------------------------------------------------------------------------------------------- Hotel Summary - ------------- A 213 room boutique hotel owned and operated by the Valencia Group. Opening is currently scheduled for second quarter 2003. Financial Summary (as of December 31, 2002): - -------------------------------------------- Anticipated All amounts $ million Projected Cost to Stabilized Cost (6) Date (7) Yield Stabilized -------- -------- ----- ---------- Santana Row Phase I $ 445 $ 434 5% 2004 Santana Row Phase II $ 27 $ - 16% 2004 Notes: - ----- (1) Retail and residential leasing summaries are as of February 4, 2003 (2) Budgeted rents to meet Phase I stabilized yield target (3) Gross rents, though market conditions have dictated concessions of up to one month on a 12 month lease (4) Gross market rents for Buildings 3 and 4, and gross asking rents for Buildings 6 and 8 (5) Villas in Building 6 and Townhouses in Building 8 will be available for occupancy in March 2003 (6) Phase I includes the cost of all land and substantial infrastructure for future phases, net of anticipated fire insurance proceeds. (7) Phase I Cost to Date includes costs associated with the Building 7 fire and clean-up, before any insurance reimbursements.
Federal Realty Investment Trust Acquisitions and Dispositions - Year to Date December 31, 2002 - -------------------------------------------------------------------------------- Acquisitions - ------------ None Dispositions - ------------ Date Property City / State GLA Sales price Cap rate (1) Anchor tenant - ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) April 11, 2002 252 - 264 Greenwich Ave Greenwich, CT 24,000 $ 16,500 7.30% Banana Republic, Gap Kids April 30, 2002 138 Central Ave Westfield, NJ 11,000 4,200 8.10% Legg Mason, Toys R Us April 30, 2002 Ships Building Westport, CT 16,000 7,500 7.60% Eddie Bauer April 30, 2002 27 Main Street Westport, CT 10,000 7,500 7.30% Pottery Barn June 6, 2002 Uptown Shopping Center Portland, OR 100,000 20,800 8.40% Zupan's Market, Elephant's Deli June 18, 2002 6410 Hollywood Blvd Hollywood, CA 12,000 2,300 4.30% Hollywood Suit Outlet -------- -------- ----- Total dispositions 173,000 $ 58,800 7.67% (2) ======== ======== ===== Note: - ---- (1) Represents 12 month forward net operating income (NOI), as estimated by management, divided by sales price. (2) Cap rate for total dispositions is based on a sales price weighted average.
Federal Realty Investment Trust Real Estate Status Report December 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Year Total Ownership Property Name Type(1) MSA Description Acquired Investment Percentage GLA (2) % Leased - ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) Mid-Atlantic Region - ------------------- Washington Metropolitan Area ---------------------------- Bethesda Row SR Washington, DC-MD-VA-WV 1993-98 78,312 (4) 457,000 98.6% Congressional Plaza SC Washington, DC-MD-VA-WV 1965 60,229 55.8% 339,000 94.9% Courthouse Center SC Washington, DC-MD-VA-WV 1997 4,192 (5) 38,000 93.6% Falls Plaza SC Washington, DC-MD-VA-WV 1967 8,145 100.0% 73,000 97.6% Falls Plaza-East SC Washington, DC-MD-VA-WV 1972 3,351 100.0% 71,000 100.0% Federal Plaza SC Washington, DC-MD-VA-WV 1989 61,768 100.0% 247,000 98.4% Friendship Center SR Washington, DC-MD-VA-WV 2001 33,452 100.0% 119,000 100.0% Gaithersburg Square SC Washington, DC-MD-VA-WV 1993 23,578 100.0% 219,000 97.7% Idylwood Plaza SC Washington, DC-MD-VA-WV 1994 14,809 100.0% 73,000 100.0% Laurel SC Washington, DC-MD-VA-WV 1986 45,480 99.9% 384,000 97.2% Leesburg Plaza SC Washington, DC-MD-VA-WV 1998 20,343 (5) 247,000 100.0% Loehmann's Plaza SC Washington, DC-MD-VA-WV 1983 25,132 (5) 242,000 99.0% Magruder's Center SC Washington, DC-MD-VA-WV 1997 10,388 (5) 109,000 100.0% Mid-Pike Plaza SC Washington, DC-MD-VA-WV 1982 16,983 (6) 306,000 98.7% Old Keene Mill SC Washington, DC-MD-VA-WV 1976 5,044 100.0% 92,000 100.0% Pan Am SC Washington, DC-MD-VA-WV 1993 24,797 100.0% 218,000 99.0% Pentagon Row SR Washington, DC-MD-VA-WV 1999 85,565 100.0% 296,000 98.0% Pike 7 SC Washington, DC-MD-VA-WV 1997 33,370 100.0% 164,000 100.0% Quince Orchard SC Washington, DC-MD-VA-WV 1993 18,960 100.0% 237,000 96.5% Rollingwood Apartments SR Washington, DC-MD-VA-WV 1971 6,683 100.0% N/A 98.9% Sam's Park & Shop SR Washington, DC-MD-VA-WV 1995 11,736 100.0% 50,000 100.0% Tower SC Washington, DC-MD-VA-WV 1998 18,093 100.0% 109,000 88.1% Tyson's Station SC Washington, DC-MD-VA-WV 1978 3,323 100.0% 50,000 100.0% Village of Shirlington SR Washington, DC-MD-VA-WV 1995 32,115 100.0% 204,000 94.5% Wildwood SC Washington, DC-MD-VA-WV 1969 16,016 100.0% 84,000 100.0% ------- --------- ------ 661,864 4,428,000 97.9% Mid-Atlantic Region - Other --------------------------- Governor Plaza SC Baltimore, MD 1985 17,903 99.9% 252,000 100.0% Perring Plaza SC Baltimore, MD 1985 23,975 99.9% 412,000 87.5% Barracks Road SC Charlottesville, VA 1985 39,508 100.0% 484,000 100.0% Winter Park SR Orlando, FL 1996 6,875 100.0% 28,000 90.3% Eastgate SC Raleigh-Durham-Chapel Hill, NC 1986 14,644 100.0% 159,000 98.6% Shops at Willow Lawn SC Richmond-Petersburg, VA 1983 62,321 99.9% 503,000 86.9% ------- --------- ----- 165,226 1,838,000 93.3% Total Mid-Atlantic Region 827,090 6,266,000 96.5% Northeast Region - ---------------- Philadelphia Metropolitan Area ------------------------------ Andorra SC Philadelphia, PA-NJ 1988 19,086 99.9% 259,000 94.9% Bala Cynwyd SC Philadelphia, PA-NJ 1993 23,896 100.0% 281,000 100.0% Ellisburg Circle SC Philadelphia, PA-NJ 1992 26,001 100.0% 259,000 98.7% Feasterville SC Philadelphia, PA-NJ 1980 11,570 100.0% 116,000 95.5% Flourtown SC Philadelphia, PA-NJ 1980 8,698 100.0% 191,000 100.0% Langhorne Square SC Philadelphia, PA-NJ 1985 17,542 100.0% 216,000 93.1% Lawrence Park SC Philadelphia, PA-NJ 1980 23,602 100.0% 326,000 98.6% Northeast SC Philadelphia, PA-NJ 1983 21,444 100.0% 292,000 95.4% Willow Grove SC Philadelphia, PA-NJ 1984 25,875 100.0% 215,000 100.0% Wynnewood SC Philadelphia, PA-NJ 1996 35,134 100.0% 255,000 99.1% ------- --------- ----- 212,848 2,410,000 97.6% New York / New Jersey --------------------- Allwood SC Bergen-Passaic, NJ 1988 4,265 (6) 52,000 100.0% Clifton SC Bergen-Passaic, NJ 1988 4,936 (6) 80,000 93.1% Blue Star SC Middlesex-Somerset-Hunterdon, NJ 1988 38,871 (6) 407,000 96.1% Brunswick SC Middlesex-Somerset-Hunterdon, NJ 1988 21,072 (6) 318,000 69.1% Rutgers SC Middlesex-Somerset-Hunterdon, NJ 1988 15,915 (6) 217,000 89.0% Brick Plaza SC Monmouth-Ocean, NJ 1989 53,735 100.0% 409,000 100.0% Greenlawn Plaza SC Nassau-Suffolk, NY 2000 10,584 100.0% 92,000 94.9% Hauppauge SC Nassau-Suffolk, NY 1998 26,182 100.0% 131,000 100.0% Huntington SC Nassau-Suffolk, NY 1988 22,521 (6) 279,000 100.0% Forest Hills SR New York, NY 1997 23,965 100.0% 86,000 100.0% Fresh Meadows SC New York, NY 1997 64,381 100.0% 408,000 94.4% Troy SC Newark, NJ 1980 20,446 100.0% 202,000 100.0% Hamilton SC Trenton, NJ 1988 7,662 (6) 190,000 100.0% ------- --------- ------ 314,535 2,871,000 94.0% - ------------------------------------------------------------------------------------------------------------------------------------ Mortage or Grocery Capital Lease Anchor Property Name Obligation GLA (3) Grocery Anchor (3) Other Principal Tenants - ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) Mid-Atlantic Region - ------------------- Washington Metropolitan Area ---------------------------- Bethesda Row 37,025 40,000 Giant Food Barnes & Noble / Landmark Theater Congressional Plaza 28,258 Fresh Fields Buy Buy Baby / Container Store / Tower Courthouse Center Falls Plaza 51,385 Giant Food Falls Plaza-East CVS / Staples Federal Plaza 35,936 TJ Maxx / CompUSA / Ross Friendship Center 17,000 Borders/Eddie Bauer/Linens 'n Things/Maggiano's Gaithersburg Square Bed, Bath & Beyond / Borders / Ross Idylwood Plaza 29,556 Fresh Fields Laurel 39,500 Giant Food Marshalls / Toys R Us Leesburg Plaza 9,900 55,330 Giant Food Kmart / Peebles Loehmann's Plaza Bally's / Linens 'n Things / Loehmann's Magruder's Center 30,750 Magruders Tuesday Morning Mid-Pike Plaza 10,041 Linens 'n Things/Toys R Us/Bally's/AC Moore Old Keene Mill 24,060 Fresh Fields Pan Am 32,725 Safeway Micro Center / Michaels Pentagon Row 44,623 Harris Teeter Bally's / Bed, Bath & Beyond / DSW /Cost Plus Pike 7 Staples / TJ Maxx / Tower Quince Orchard 23,640 Magruders Circuit City / Staples Rollingwood Apartments Sam's Park & Shop Petco Tower Virginia Fine Wine / Talbot Tyson's Station 6,864 Trader Joes Village of Shirlington Cineplex Odeon Wildwood 27,600 20,000 Sutton Place Gourmet CVS Mid-Atlantic Region - 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 Winter Park Eastgate 22,938 Southern Season (7) Shops at Willow Lawn 44,607 Kroger Dillard's / Old Navy / Tower Records Northeast Region - ---------------- Philadelphia Metropolitan Area ------------------------------ Andorra 23,542 Acme Markets Kohl's / Andorra Theatre Bala Cynwyd 45,000 Acme Markets Lord & Taylor Ellisburg Circle 47,600 Genuardi's (8) Bed, Bath & Beyond / Ross Feasterville 52,694 Genuardi's OfficeMax Flourtown 41,511 Genuardi's Kmart Langhorne Square 55,000 Redner's Warehouse Mkts. Marshalls / Drug Emporium Lawrence Park 31,400 38,481 Acme Markets CHI / TJ Maxx / Today's Man Northeast Burlington Coat / Marshalls / Tower Records Willow Grove Barnes & Noble / Marshalls / Toys R Us Wynnewood 32,000 98,000 Genuardi's Bed, Bath & Beyond / Borders / Old Navy New York / New Jersey --------------------- Allwood 3,513 25,025 Stop & Shop Mandee Shop Clifton 3,267 26,500 Acme Markets Drug Fair / Dollar Express Blue Star 26,812 43,365 Shop Rite Kohl's / Michaels / Toys R Us / Marshalls Brunswick 11,162 55,345 A&P Just Living Rooms Rutgers 12,930 44,456 Edwards Super Food Kmart Brick Plaza 33,000 66,110 A&P Loews Theatres/Barnes&Noble/Sports Authority Greenlawn Plaza 45,958 Waldbaum's Hauppauge 16,700 60,791 Shop Rite Huntington 14,344 BuyBuyBaby/Toys R Us/Bed,Bath & Beyond Forest Hills Midway Theatre / Duane Reade / Gap Fresh Meadows Value City / Kmart / Cineplex Odeon Troy 64,209 Pathmark A.C.Moore / Comp USA / Toys R Us Hamilton 4,843 53,220 Shop Rite A.C.Moore / Stevens Furniture
- ------------------------------------------------------------------------------------------------------------------------------------ Year Total Ownership Property Name Type(1) MSA Description Acquired Investment Percentage GLA (2) - ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) New England ----------- Coolidge Corner SR Boston-Worcester-Lawrence-Lowell-Brockton, MA 1995 4,022 100.0% 13,000 Dedham Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1993 29,284 100.0% 248,000 Queen Anne Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1994 14,642 100.0% 149,000 Saugus Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1996 13,069 100.0% 171,000 Bristol Plaza SC Hartford, CT 1995 21,793 100.0% 296,000 West Hartford SR Hartford, CT 1994-1996 16,137 100.0% 125,000 Greenwich Avenue SR New Haven-Bridgeport-Stamford-Waterbury 1994-1996 19,384 100.0% 57,000 ------ ------ 118,331 1,059,000 Chicago ------- Crossroads SC Chicago, IL 1993 21,703 100.0% 173,000 Finley Square SC Chicago, IL 1995 26,109 100.0% 313,000 Garden Market SC Chicago, IL 1994 10,613 100.0% 142,000 North Lake Commons SC Chicago, IL 1998 12,954 100.0% 129,000 Evanston SR Chicago, IL 1995 4,277 100.0% 19,000 ----- ------ 75,656 776,000 Northeast Region - Other ------------------------ Gratiot Plaza SC Detroit, MI 1973 16,646 100.0% 218,000 Lancaster SC Lancaster, PA 1980 9,762 (6) 107,000 ----- ------- 26,408 325,000 Total Northeast Region 747,778 7,441,000 West Region - ----------- California ---------- Colorado Blvd SR Los Angeles-Long Beach, CA 1996-1998 14,716 (9) 69,000 Hermosa Ave SR Los Angeles-Long Beach, CA 1997 4,336 90.0% 23,000 Hollywood Blvd SR Los Angeles-Long Beach, CA 1999 25,907 90.0% 148,000 Third St Promenade SR Los Angeles-Long Beach, CA 1996-2000 71,278 (10) 209,000 Escondido SC San Diego, CA 1996 24,624 70.0% 222,000 Fifth Ave SR San Diego, CA 1996-1997 12,090 (11) 51,000 150 Post Street SR San Francisco, CA 1997 27,927 100.0% 103,000 Kings Court SC San Jose, CA 1998 10,921 (5) 79,000 Old Town SR San Jose, CA 1997 32,500 100.0% 97,000 Santana Row SR San Jose, CA 1997 434,123 100.0% 444,000 ------- ------- 658,422 1,445,000 West Region - Other ------------------- Mill Avenue SR Phoenix-Mesa, AZ 1998 11,036 (12) 40,000 Houston St SR San Antonio, TX 1998 54,998 100.0% 53,000 Tanasbourne SR Portland, OR 2000 7,502 100.0% N/A ----- --- 73,536 93,000 Total West Region 731,958 1,538,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total 2,306,826 15,245,000 - ------------------------------------------------------------------------------------------------------------------------------------ Mortage or Grocery Capital Lease Anchor Property Name % Leased Obligation GLA (3) Grocery Anchor (3) Other Principal Tenants - ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) New England ----------- Coolidge Corner 100.0% Dedham Plaza 98.7% Pier One Queen Anne Plaza 100.0% 50,284 Victory Supermarket TJ Maxx Saugus Plaza 100.0% 54,530 Super Stop & Shop Kmart Bristol Plaza 92.4% 56,634 Super Stop & Shop TJ Maxx West Hartford 78.0% Greenwich Avenue 99.1% Saks Fifth Avenue ----- 94.9% Chicago ------- Crossroads 100.0% Comp USA / Golfsmith / Guitar Center Finley Square 91.2% Bed, Bath & Beyond / Sports Authority Garden Market 93.8% 62,937 Dominick's Walgreens North Lake Commons 88.3% 77,303 Dominick's Evanston 100.0% Gap ------ 93.3% Northeast Region - Other ------------------------ Gratiot Plaza 100.0% 68,802 Farmer Jack's Bed, Bath & Beyond / Best Buy Lancaster 95.3% 4,907 39,404 Giant Food A.C.Moore ----- 98.4% Total Northeast Region 95.5% West Region - ----------- California ---------- Colorado Blvd 97.6% Pottery Barn / Banana Republic Hermosa Ave 100.0% Hollywood Blvd 78.0% General Cinema / Hollywood Ent. Museum Third St Promenade 96.3% J. Crew / Banana Republic / Old Navy Escondido 96.0% 9,400 Cost Plus / TJ Maxx / Toys R Us Fifth Ave 97.3% Urban Outfitters 150 Post Street 74.9% Brooks Brothers / Williams Sonoma Kings Court 98.4% 24,860 Lunardi's Super Market Longs Drug Store Old Town 93.8% Borders / Gap Kids / Banana Republic Santana Row 70.8% Crate & Barrel / Borders ----- 85.2% West Region - Other ------------------- Mill Avenue 100.0% Gordon Biersch Houston St 37.4% 268 Tanasbourne N/A ----- 64.2% Total West Region 83.9% - ------------------------------------------------------------------------------------------------------------------------------------ Total 94.7% 393,212 Notes: - ----- (1) SR - Street Retail; SC - Shopping Center (2) Excludes redevelopment square footage not yet in service, Phase II and other future phases of Santana Row and Rollingwood Apartments. (3) Grocery anchor is defined as a grocery tenant leasing 15,000 square feet or more. (4) 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 (5) Property purchased through "downreit" partnership, of which the Trust is the sole general partner, in exchange for operating partnership units. (6) Property subject to capital lease obligation. (7) There is a second grocery anchor in the center; Food Lion has vacated, but is currently paying rent. (8) Genuardi's space has been delivered, they are not yet open. (9) Consists of two properties, one at 100% and one at 90%. (10) Consists of nine properties, seven at 100% and two at 90%. (11) Consists of four properties, three at 100% and one at 90%. (12) Consists of two properties, one at 100% and one at 85%.
Federal Realty Investment Trust Shopping Center / Street Retail Summary December 31, 2002 - -------------------------------------------------------------------------------- Shopping Center Summary - ----------------------- (in thousands, except square footage data) For the year ended December 31, 2002 2001 2000 ------------------------------------------------------------- Real Estate Assets, at cost $ 1,287,887 $ 1,256,778 $ 1,248,770 Rental Income $ 219,057 $ 211,664 $ 205,456 Other Property Income 8,498 8,989 7,483 Interest Income 1,906 3,175 3,067 ------------------------------------------------------------- Total Revenues 229,461 223,828 216,006 Rental Expense 41,066 40,541 40,599 Real Estate Tax Expense 23,976 22,577 21,515 ------------------------------------------------------------- Total Rental and Real Estate Tax Expense 65,042 63,118 62,114 ------------------------------------------------------------- Net Operating Income (1) (2) $ 164,419 $ 160,710 $ 153,892 ============================================================= Square Feet (3) 12,555,000 12,547,000 12,700,000 Street Retail Summary - --------------------- (in thousands, except square footage data) For the year ended December 31, 2002 2001 2000 ------------------------------------------------------------- Real Estate Assets, at cost (4) $ 1,018,939 $ 847,526 $ 606,143 Rental Income $ 79,028 $ 62,903 $ 50,178 Other Property Income 7,095 4,964 3,540 Interest Income 3,250 3,415 4,465 ------------------------------------------------------------- Total Revenues 89,373 71,282 58,183 Rental Expense 32,525 22,174 15,032 Real Estate Tax Expense 7,210 5,771 4,696 ------------------------------------------------------------- Total Rental and Real Estate Tax Expense 39,735 27,945 19,728 ------------------------------------------------------------- Net Operating Income (1) (2) (5) $ 49,638 $ 43,337 $ 38,455 ============================================================= Square Feet (3) 2,690,000 2,232,000 1,876,000 Notes: - ----- (1) All components of net operating income for the periods ended December 31, 2001 and 2000 have been restated for 2002 discontinued asset sales. (2) Net operating income as presented above includes all interest income. (3) Excludes redevelopment square footage not yet in service. Street Retail includes 444,000 square feet of Santana Row Phase I only. It does not include Phase II or any future Phases of Santana Row. (4) Street Retail includes stabilized assets and assets which are in various stages of development and redevelopment. At December 31, 2002, real estate assets include $434 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 (1) - Comparable Basis (cash, non-straight-lined basis) December 31, 2002 - -------------------------------------------------------------------------------- New Lease Summary - Comparable (2) - ---------------------------------- Number of % of Total New Rent (3) Old Rent (4) Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft. ------- ------------- ------------- ---------- ----------- ----------- 4th Quarter 2002 20 29% 84,857 $ 16.80 $ 14.20 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 --- --- ---------- ----------- ----------- Total - 12 months 124 36% 530,986 $ 20.20 $ 16.64 ==== === ========== =========== =========== Tenant Annual % Increase Weighted Average Tenant Improvements Quarter Increase in Rent Over Old Rent Lease Term (5) Improvements Per Sq. Ft. ------- ---------------- ------------- -------------- ----------- ------------- 4th Quarter 2002 $ 220,227 18% 10.7 $ 485,714 $ 5.72 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 --------------- --- ----- ------------ ------------ Total - 12 months 1,887,703 21% 10.0 $ 7,085,905 $ 13.34 =============== === ===== ============ ============ Renewal Lease Summary - Comparable (2) (6) - ------------------------------------------ Number of % of Total New Rent (3) Old Rent (4) Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft. ------- --------------- ------------- ----------- ------------ ------------ 4th Quarter 2002 50 71% 183,151 $ 22.83 $ 20.76 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 ---- --- -------- ------------ ------------ Total - 12 months 225 64% 756,475 $ 19.91 $ 18.49 ==== === ======== ============ ============ Tenant Annual % Increase Weighted Average Tenant Improvements Quarter Increase in Rent Over Old Rent Lease Term (5) Improvements Per Sq. Ft. ------- ---------------- ------------- -------------- ------------- ------------ 4th Quarter 2002 $ 378,702 10% 6.2 $ 564,416 $ 3.08 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 ---------------- -- --- ------------- ------------ Total - 12 months $ 1,072,027 8% 5.5 $ 934,724 $ 1.24 ================ == === ============= ============ Total Lease Summary - Comparable (2) - ------------------------------------ Number of Leases % of Total New Rent (3) Old Rent (4) Quarter & Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft. ------- ----------------- ------------- ----------- ----------- ----------- 4th Quarter 2002 70 100% 268,008 $ 20.92 $ 18.69 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 --- ---- ----------- ----------- ------------ Total - 12 months 349 100% 1,287,461 $ 20.03 $ 17.73 ==== ==== =========== ----------- ------------ Tenant Annual % Increase Weighted Average Tenant Improvements Quarter Increase in Rent Over Old Rent Lease Term (5) Improvements Per Sq. Ft. ------- ----------------- ------------- -------------- ------------ ----------- 4th Quarter 2002 $ 598,929 12% 7.4 $ 1,050,130 $ 3.92 3rd Quarter 2002 $ 1,178,490 20% 7.6 $ 3,114,184 $ 8.26 2nd Quarter 2002 $ 834,652 12% 8.1 $ 2,853,934 $ 6.87 1st Quarter 2002 $ 347,660 7% 5.8 $ 1,002,381 $ 4.42 ----------------- -- ---- ------------ ----------- Total - 12 months $ 2,959,730 13% 7.3 $ 9,456,499 $ 7.35 ================= == ==== ============ =========== Notes: - ----- (1) Leases on this report represent retail activity only; office and residential leases are not included. (2) Comparable leases represent those leases signed on spaces for which there was a former tenant. (3) New Rent represents contractual Minimum Rent under the new lease for the first 12 months of the term. (4) Old Rent represents Minimum Rent and Percentage Rent paid by the prior tenant in the final 12 months of the term. (5) Weighted average is determined on the basis of square footage. (6) Renewal leases represent expiring leases rolling over with the same tenant. All other leases are categorized as new.
Federal Realty Investment Trust Retail Leasing Summary (1) - Non-Comparable Basis (cash, non-straight-lined basis) December 31, 2002 - -------------------------------------------------------------------------------- New Lease Summary - Non-Comparable (2) - -------------------------------------- Tenant Number of % of Total New Rent (3) Weighted Average Tenant Improvements Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term (4) Improvements Per Sq. Ft. ------- ------------- ------------- ---------- ----------- -------------- ------------ ----------- 4th Quarter 2002 21 100% 44,874 $ 29.89 7.9 $ 225,118 $ 5.02 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 $ - $ - -- -- -------- ----------- ---- ------------ ----------- Total - 12 months 78 98% 197,256 $ 36.78 9.7 $ 878,750 $ 4.45 == == ======== =========== ==== ============ =========== Renewal Lease Summary - Non-Comparable (2) (5) - ---------------------------------------------- Tenant Number of % of Total New Rent (3) Weighted Average Tenant Improvements Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term (4) Improvements Per Sq. Ft. ------- --------------- ------------- ---------- ----------- -------------- ------------ ----------- 4th Quarter 2002 0 0% - $ - 0.0 $ - $ - 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 $ 61,180 $ 23.00 - - ---------- ----------- ---- ------------ ----------- Total - 12 months 2 3% 11,329 $ 5.40 5.0 $ 61,180 $ 5.40 = = ========== =========== ==== ============ =========== Total Lease Summary - Non-Comparable (2) - ---------------------------------------- Tenant Number of Leases % of Total New Rent (3) Weighted Average Tenant Improvements Quarter & Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term (4) Improvements Per Sq. Ft. ------- ----------------- ------------- ---------- ----------- -------------- ------------ ----------- 4th Quarter 2002 21 100% 44,874 $ 29.89 7.9 $ 225,118 $ 5.02 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 $ 61,180 $ 1.94 -- ---- -------- ----------- ---- ------------ ----------- Total - 12 months 80 100% 208,585 $ 35.08 9.7 $ 939,930 $ 4.51 == ==== ======== =========== ==== ============ =========== Notes: (1) Leases on this report represent retail activity only; office and residential leases are not included. (2) Non-comparable leases represent those leases signed on spaces for which there was no former tenant, or expansion square footage for leases rolling over for which there was no former tenant. (3) New Rent represents contractual Minimum Rent under the new lease for the first 12 months of the term. (4) Weighted average is determined on the basis of square footage. (5) Renewal leases represent expiring leases rolling over with the same tenant. All other leases are categorized as new.
Federal Realty Investment Trust Lease Expirations December 31, 2002 - -------------------------------------------------------------------------------- - ----------------------------------------- Assumes no exercise of lease options - ----------------------------------------- Anchor Tenants (1) Small Shop Tenants Total ------------------ ------------------ ----- Expiring % of Anchor Minimum Rent Expiring % of Small Minimum Rent Expiring % of Total Minimum Rent Year SF (3) SF PSF (2) SF (3) Shop SF PSF (2) SF (3) SF PSF(2) ----------------------------------------------------- ------------------------------------- -------------------------------------- 2003 289,000 4% $ 7.47 617,000 10% $ 20.60 906,000 6% $ 16.41 2004 896,000 11% $ 6.69 830,000 13% $ 21.98 1,726,000 12% $ 14.04 2005 538,000 7% $ 12.21 867,000 14% $ 23.18 1,405,000 10% $ 18.98 2006 497,000 6% $ 11.10 818,000 13% $ 25.33 1,315,000 9% $ 19.96 2007 741,000 9% $ 9.98 933,000 15% $ 26.07 1,674,000 12% $ 18.95 2008 883,000 11% $ 12.09 517,000 8% $ 23.64 1,400,000 10% $ 16.36 2009 572,000 7% $ 12.27 352,000 5% $ 34.18 924,000 6% $ 20.61 2010 251,000 3% $ 13.45 280,000 4% $ 25.77 531,000 4% $ 19.95 2011 416,000 5% $ 21.26 382,000 6% $ 33.02 798,000 6% $ 26.89 2012 520,000 6% $ 14.09 319,000 5% $ 43.32 839,000 6% $ 25.20 Thereafter 2,426,000 30% $ 16.46 498,000 8% $ 40.91 2,924,000 20% $ 20.54 ---------- --- ----------- ---------- --- ------------ ---------- --- ------------ Total 8,029,000 100% $ 13.06 6,413,000 100% $ 27.17 14,442,000 100% $ 19.31 ========== === =========== ========== === ============ ========== === ============ - ----------------------------------------- Assumes lease options are exercised - ----------------------------------------- Anchor Tenants (1) Small Shop Tenants Total ------------------ ------------------ ----- Expiring % of Anchor Minimum Rent Expiring % of Small Minimum Rent Expiring % of Total Minimum Rent Year SF (3) SF PSF (2) SF (3) Shop SF PSF (2) SF (3) SF PSF (2) ----------------------------------------------------- ------------------------------------- -------------------------------------- 2003 55,000 1% $ 7.27 452,000 7% $ 20.05 507,000 4% $ 18.67 2004 86,000 1% $ 6.03 501,000 8% $ 23.30 587,000 4% $ 20.77 2005 19,000 0% $ 15.58 522,000 8% $ 23.97 541,000 4% $ 23.68 2006 54,000 1% $ 12.26 533,000 8% $ 27.70 587,000 4% $ 26.28 2007 141,000 2% $ 4.72 614,000 10% $ 25.46 755,000 5% $ 21.58 2008 209,000 3% $ 11.38 432,000 7% $ 25.08 641,000 4% $ 20.61 2009 366,000 5% $ 10.84 387,000 6% $ 32.68 753,000 5% $ 22.07 2010 158,000 2% $ 13.47 343,000 5% $ 29.91 501,000 3% $ 24.73 2011 114,000 1% $ 23.89 421,000 7% $ 28.15 535,000 4% $ 27.24 2012 279,000 3% $ 14.62 431,000 7% $ 36.91 710,000 5% $ 28.15 Thereafter 6,548,000 82% $ 17.71 1,777,000 28% $ 34.53 8,325,000 58% $ 21.28 ---------- --- ----------- ---------- --- ------------ ---------- --- ------------ Total 8,029,000 100% $ 16.66 6,413,000 100% $ 29.07 14,442,000 100% $ 22.17 ========== === =========== ========== === ============ ========== === ============ Notes: (1) Anchor is defined as a tenant leasing 15,000 square feet or more. (2) Minimum Rent reflects contractual rent at the end of the term or option. For leases with CPI or market based increases, such increases are excluded from analysis. (3) Represents occupied square footage as of December 31, 2002.
Federal Realty Investment Trust Occupancy Summary - Overall December 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Overall Occupancy (1) - --------------------- (Quarter to Quarter Analysis) At December 31, 2002 (3) At December 31, 2001 ------------------------------------ --------------------------------------- Type Size Leased Occupancy Size Leased Occupancy - ---- ---- ------ --------- ---- ------ --------- Retail Properties - Excluding Santana Row (2) 14,801,252 14,128,278 95.5% 14,761,000 14,116,000 95.6% Retail Properties - Including Santana Row Phase 1 (2) 15,245,000 14,442,000 94.7% N/A N/A N/A Rollingwood Apartments (# of units) 282 275 98.0% 282 278 98.6% - ------------------------------------------------------------------------------------------------------------------------------------ Overall Occupancy (1) - --------------------- (Rolling 12 Months) At December 31, 2002 (3) At September 30, 2002 ------------------------------------ --------------------------------------- Retail Properties - Excluding Santana Row (2) 14,801,252 14,128,278 95.5% 14,738,000 14,081,000 95.5% Retail Properties - Including Santana Row Phase 1 (2) 15,245,000 14,442,000 94.7% N/A N/A N/A Rollingwood Apartments (# of units) 282 275 98.0% 282 279 98.9% At June 30, 2002 At March 31, 2002 ------------------------------------ --------------------------------------- Retail Properties - Excluding Santana Row (2) 14,687,000 14,093,000 95.9% 14,863,000 14,201,000 95.5% Retail Properties - Including Santana Row Phase 1 (2) N/A N/A N/A N/A N/A N/A Rollingwood Apartments (# of units) 282 280 99.3% 282 274 97.2% - ------------------------------------------------------------------------------------------------------------------------------------ Notes: - ----- (1) See Glossary of Terms (2) Leasable square feet; excludes redevelopment square footage not yet placed in service and Phase II and other future phases of Santana Row. (3) Includes 444,000 square feet of Santana Row Phase I.
Federal Realty Investment Trust Occupancy Summary - Same Center December 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Same Center Occupancy (1) - -------------------------- (Quarter to Quarter Comparison) At December 31, 2002 At December 31, 2001 ----------------------------------------------- ------------------------------------ Type Size Leased Occupancy Size Leased Occupancy - ---- ---- ------ --------- ---- ------ --------- Retail Properties (leasable square feet)(2) 14,603,000 13,965,000 95.6% 14,588,000 13,945,000 95.6% Rollingwood Apartments (# of units) 282 275 98.0% 282 278 98.6% - ------------------------------------------------------------------------------------------------------------------------------------ Same Center Occupancy (1) (Rolling 12 Months) At December 31, 2002 At September 30, 2002 ----------------------------------------------- ------------------------------------ Retail Properties (leasable square feet)(2) 14,603,000 13,965,000 95.6% 14,368,000 13,756,000 95.7% Rollingwood Apartments (# of units) 282 275 98.0% 282 279 98.9% At June 30, 2002 At March 31, 2002 ------------------------------------------------------------------------------------ Retail Properties (leasable square feet)(2) 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% - ------------------------------------------------------------------------------------------------------------------------------------ Notes: (1) See Glossary of Terms. (2) Excludes centers purchased or sold as well as properties under development and redevelopment.
Federal Realty Investment Trust Summary of Top 25 Tenants - Prospective (January 2003 through December 2003) December 31, 2002 - -------------------------------------------------------------------------------- Percentage of Number of Annualized Base Total Annualized Percentage of Stores Rank Tenant Name Rent Base Rent Tenant GLA Total GLA Leased - --------------------------------------------------------------------------------------------------------------------------------- 1 Gap, Inc., The $ 6,005,000 2.45% 210,000 1.38% 11 2 Safeway, Inc. 5,500,000 2.24% 413,000 2.71% 7 3 Ahold USA, Inc. 5,431,000 2.21% 505,000 3.31% 11 4 Bed, Bath & Beyond, Inc. 4,975,000 2.03% 358,000 2.35% 8 5 CVS Corporation 3,738,000 1.52% 155,000 1.02% 13 6 Barnes & Noble, Inc. 3,664,000 1.49% 166,000 1.09% 17 7 TJX Companies, The 3,110,000 1.27% 333,000 2.18% 10 8 Toys R Us, Inc. 3,027,000 1.23% 326,000 2.14% 10 9 Borders Group, Inc. 2,659,000 1.08% 135,000 0.89% 5 10 MTS, Inc. 2,434,000 0.99% 106,000 0.70% 5 11 Great Atlantic & Pacific Tea Co. 2,380,000 0.97% 239,000 1.57% 4 12 OPNET Technologies, Inc. 2,336,000 0.95% 60,000 0.39% 1 13 Kmart Corporation (1) 2,292,000 0.93% 509,000 3.34% 5 14 Dollar Tree Stores, Inc. 1,985,000 0.81% 166,000 1.09% 17 15 Dress Barn, Inc. 1,951,000 0.80% 103,000 0.68% 14 16 Wakefern Food Corporation 1,878,000 0.77% 157,000 1.03% 3 17 Bally's Health & Tennis 1,722,000 0.70% 140,000 0.92% 5 18 CompUSA, Inc. 1,696,000 0.69% 108,000 0.71% 4 19 Michaels Stores, Inc. 1,692,000 0.69% 144,000 0.94% 5 20 Whole Foods Market, Inc. 1,650,000 0.67% 82,000 0.54% 3 21 Linens' N Things 1,636,000 0.67% 108,000 0.71% 3 22 Saks & Company 1,635,000 0.67% 36,000 0.24% 1 23 Ross Stores, Inc. 1,632,000 0.67% 85,000 0.56% 3 24 Home Depot, Inc. 1,487,000 0.61% 128,000 0.84% 1 25 Viacom International, Inc. 1,459,000 0.59% 61,000 0.40% 11 ------------- ------ ----------- ------ --- Totals - Top 25 Tenants $ 67,974,000 27.72% 4,833,000 31.70% 177 ============= ====== =========== ====== ==== Total Annualized Base Rent: $ 245,242,000 Total Portfolio Square Footage: 15,245,000 (2) (3) Note: - ---- (1) Three of the Trust's five locations are designated for closure. These locations represent approximately 2.1% of total square footage and 0.7% of annualized base rent. (2) Excludes redevelopment square footage not yet placed in service. (3) Includes 444,000 square feet of Santana Row Phase I, but no future Phases of Santana Row.
Glossary of Terms Funds From Operations (FFO): a supplemental measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as follows: income available for common shareholders before depreciation and amortization of real estate assets and before extraordinary items less gains on sale of real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs. Net Operating Income: Gross revenues, including mortgage interest income, less rental expenses and real estate taxes. Occupancy: The portion of the property for which the Trust is collecting rent, or for which a lease has been signed but a tenant has not yet commenced, divided by the total square footage available for lease. Occupancy - overall: Occupancy for the entire portfolio -- includes all operating properties owned in reporting period. Occupancy - same center: 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 improvements: 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.