SEC Filing | Federal Realty Investment Trust

Exh No.

Exhibit

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Supplemental Information at December 31, 2003

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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) February 17, 2004

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 7. Financial Statements and Exhibits.

	(c)		Exhibits

	99.1		Supplemental portfolio information at December 31, 2003 (including press release dated February 17, 2004)

Item 12. Results of Operations and Financial Condition.

The following information is being furnished under Item 12-Results of Operations and Financial Condition. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in such filing.

On February 17, 2004, Federal Realty Investment Trust issued supplemental data pertaining to its operations, as well as a press release, to report its financial results for the quarter and year ended December 31, 2003. The supplemental data and press release are furnished as Exhibit 99.1 hereto.

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 17, 2004		/s/ Larry E. Finger

		Larry E. Finger
		Senior Vice President,
		Chief Financial Officer and Treasurer

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EXHIBIT INDEX

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exv99w1

Exhibit 99.1

FEDERAL REALTY INVESTMENT TRUST

Supplemental Information
December 31, 2003

TABLE OF CONTENTS


1.	Fourth Quarter and Year-end 2003 Earnings Press Release		3
2.	Financial Highlights
		Summarized Operating Results	8
		Summarized Balance Sheet	9
		Funds From Operations / Summary Capital Expenditures	10
		Market Data / Capital Availability / Operational Statistics	12
3.	Summary of Debt
		Summary of Outstanding Debt	13
		Summary of Debt Maturities	14
4.	Summary of Current and Future Redevelopment Opportunities		15
5.	2003 Acquisitions and Dispositions		16
6.	Real Estate Status Report		17
7.	Shopping Center / Street Retail Summary		19
8.	Leasing Summary
		Retail Leasing Summary – Comparable	20
		Retail Leasing Summary – Non-comparable	21
9.	Lease Expirations		22
10.	Portfolio Leasing Statistics		23
11.	Summary of Top 25 Tenants		24
12.	Reconciliation of Non-GAAP Disclosures		25
13.	Glossary of Terms		26

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 we believe the expectations reflected in the forward looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained. The factors that may impact these expectations include:

	¨		risks that growth will be limited if additional capital cannot be obtained;

	¨		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 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;

	¨		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 our SEC reports, including our current report on Form 8-K filed with the SEC on March 25, 2003, our annual report on Form 10-K filed with the SEC on March 26, 2003 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, Capital Markets & Investor Relations		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 2003 OPERATING RESULTS

ROCKVILLE, Md. (February 17, 2004) — Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its fourth quarter and year ended December 31, 2003.

	•		Funds from Operations (FFO) was $0.82 per diluted share for the fourth quarter and net income per diluted share was $0.66.

	•		FFO was $2.70 per diluted share for the year and net income per diluted share was $1.59.

	•		When compared to 2002, same-center property operating income, including redevelopments and expansions, increased 1.8% for the fourth quarter and 2.7% for the year.

	•		Cash rent increases on lease rollovers were 14.3% for the fourth quarter and 15.3% for the year on approximately 250,000 and 1.3 million square feet of comparable retail space, respectively.

	•		During 2003, the Trust acquired four shopping center assets (committing a total of $125 million of capital) and completed seven dispositions generating net proceeds of $44 million.

	•		At Santana Row, 97% of the residential units and 89% of the retail square footage were leased.

	•		FFO per diluted share guidance for 2004 remains unchanged at a range of $2.78 to $2.82.

Financial Results
Federal Realty reported FFO of $41.4 million for the fourth quarter of 2003, or $0.82 per diluted share. This compares to FFO of $14.0 million for the fourth quarter of 2002, or $0.32 per diluted share. Net income available for common shareholders was $32.5 million, or $0.66 per diluted share for the quarter ended December 31, 2003. For the fourth quarter of 2002, the Trust reported a net loss of $2.1 million, or a loss of $0.05 per diluted share. For the year ended December 31, 2003, Federal Realty reported FFO of $131.3 million, or $2.70 per diluted share, and net income of $76.0 million, or $1.59 per diluted share. This compares to FFO of $90.5 million, or $2.11 per diluted share, and net income of $35.9 million, or $0.85 per diluted share for the year ended December 31, 2002.

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FOURTH QUARTER AND YEAR-END 2003 OPERATING RESULTS
February 17, 2004
Page 2

“Our Company accomplished much of what it set out to do in 2003, and the groundwork is laid for a very successful 2004,” commented Donald Wood, Federal Realty’s President and Chief Executive Officer. “Our core redevelopment plan is thriving with grocers expanding and new anchor tenants doing business in many of our shopping centers. Our record leasing activity in 2003, encompassing over 1.6 million square feet of space, ensures our growth in 2004 and beyond.”

Portfolio Results
On a same-center basis, including redevelopment and expansion properties, property operating income increased 1.8% over fourth quarter 2002. When redevelopment and expansion properties are excluded from the same-center results, property operating income increased slightly over fourth quarter 2002. For the year ended December 31, 2003, same-center property operating income increased 2.7% when redevelopments and expansions are included, and 2.4% when redevelopment and expansion properties are excluded.

As of December 31, 2003, Federal Realty’s same-center portfolio was 94.3% leased compared to 95.2% on September 30, 2003, and 95.4% on December 31, 2002. Overall, the Trust’s portfolio was 93.1% leased as of December 31, 2003, compared to 93.9% on September 30, 2003, and 94.7% on December 31, 2002.

“Much of the Trust’s increased vacancy that depressed our same-center results represents space that will be the source of future growth. In fact, as of December 31, 2003, 300,000 square feet of vacant space was under lease, but was not yet occupied or rent paying and therefore not contributing to our same-center results,” commented Larry Finger, Federal Realty’s Senior Vice President and Chief Financial Officer. “With our focus on redevelopment, we expect to have periods where portfolio vacancy is temporarily above normal. This is simply the short-term cost of capitalizing on growth opportunities.”

During the fourth quarter, the Trust signed 79 leases for approximately 271,000 square feet of retail space. On a comparable space basis (i.e. spaces for which there was a former tenant), the Trust leased 249,000 square feet at an average cash-basis contractual rent increase per square foot (i.e. excluding the impact of straight-line rents) of 14.3%. The weighted-average contractual rent on this comparable space for the first year of the new lease was $25.43 per square foot compared to the weighted-average contractual rent of $22.24 per square foot for the last year of the prior lease. The previous weighted-average contractual rent is calculated by including both the minimum rent and the percentage rent actually paid during the last year of

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FOURTH QUARTER AND YEAR-END 2003 OPERATING RESULTS
February 17, 2004
Page 3

the lease term for the re-leased space. For 2003, Federal Realty leased a record 1.6 million square feet of retail space, of which nearly 1.3 million square feet was comparable retail space, which was leased at an average contractual rent increase of 15.3%. On a GAAP basis (i.e. including the impact of straight-line rents), rent increases per square foot for comparable retail space were 27.4% for the fourth quarter and 26.9% for all of 2003. As of December 31, 2003, Federal Realty’s weighted-average contractual rent for retail space in its portfolio was $17.89 per square foot.

Santana Row
At Santana Row, Federal Realty’s mixed-use community in San Jose, Calif., 89% of the retail space was leased as of January 15, 2004, with 92 tenants open and operating. Best Buy, The Container Store and Club One, a 30,000 square foot full service health club, have opened for business since the end of the third quarter. With respect to the residential component of Santana Row, 97% of the 255 existing residential units were leased as of February 2, 2004. Construction of the 96 townhomes and 160 flats on Building 7 that comprise Santana Row Phase IV, began in November 2003, with the first units expected to be delivered in early 2005.

Guidance
Federal Realty is today reconfirming previous guidance for 2004 FFO per diluted share of a range of $2.78 to $2.82, or $1.15 to $1.19 of net income per diluted share.

Summary of Other Quarterly Activities and Recent Developments

	•		January 21, 2004 — Federal Realty priced a $75 million offering of seven-year senior unsecured notes. The 4.50% notes are due February 15, 2011, and were offered at 99.698% of par. Proceeds from the offering were primarily used to repay existing corporate debt.

	•		January 13, 2004 — Federal Realty increased its previously issued FFO per diluted share guidance to $2.69 in 2003, and to a range of $2.78 to $2.82 in 2004. The increase in FFO guidance resulted from the final settlement of the Santana Row fire insurance claim, and is net of the $0.07 per diluted share impact related to the redemption of preferred shares in the second quarter of 2003 pursuant to EITF Issue D-42. The final $27 million insurance payment, stemming from the August 2002 fire at Santana Row, brought total payments received as a result of the Trust’s claims to $129 million. With respect to this final

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FOURTH QUARTER AND YEAR-END 2003 OPERATING RESULTS
February 17, 2004
Page 4

			payment of insurance proceeds, Federal Realty realized lost income and operating expense recovery of approximately $8 million in 2003 and will recognize approximately $3 million of lost income in 2004. The remainder of the final payment of insurance proceeds, as well as the $102 million of proceeds previously received, reduced Santana Row’s cost basis.

	•		January 5, 2004 — Federal Realty announced the sale of four Street Retail properties, totaling 62,000 square feet, in West Hartford, Conn. — 967 and 970 Farmington Avenue, 27-43 LaSalle Road, and 1253 New Britain Avenue — for $15.7 million, generating a book gain of approximately $7.9 million. The sales price reflects a 7.6% capitalization rate based on Federal Realty’s estimates of forward 12-month property operating income and an 18.2% unleveraged internal rate of return over Federal Realty’s holding period.

	•		December 2, 2003 — Federal Realty announced that its Board of Trustees had declared a regular quarterly cash dividend of $0.49 per share on its common shares, resulting in an indicated annual rate of $1.96 per share.

	•		November 12, 2003 — Federal Realty announced milestones of progress for Santana Row. Just one year after opening for business, Santana Row had established itself as the premier retail, restaurant, and entertainment destination in the Bay Area. Included among Santana Row’s milestones of progress were: Best Buy and The Container Store opened in November 2003 with heavy traffic and strong sales, existing retailers have expanded and brought new concepts, Century Theatres initiated construction of a new CinéArts Theatre scheduled to open in 2004, and construction commenced on 256 additional residential units and related amenities.

Conference Call Information
Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its fourth quarter and year-end earnings conference call, which is scheduled for Tuesday, February 17, 2004, at noon EST. To participate, please call (888) 566-5771 five to ten minutes prior to the call’s 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 call. A telephone recording of the call will also be available for 14 days by dialing (888) 562-6135.

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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FOURTH QUARTER AND YEAR-END 2003 OPERATING RESULTS
February 17, 2004
Page 5

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of shopping centers and Street Retail properties. Federal Realty’s portfolio contains approximately 16.2 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and Western United States. The operating portfolio was approximately 93% leased to over 2,000 national, regional, and local retailers as of December 31, 2003, with no single tenant accounting for more than 2.3% 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 36 consecutive years, the longest consecutive record in the REIT industry.

Shares of Federal Realty are traded on the NYSE 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 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 that our growth will be limited if we cannot obtain additional capital;

	•		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 or 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, that we may have environmental risks at our properties, 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 additional risks detailed from time to time in our SEC reports, including our current report on Form 8-K filed with the SEC on March 25, 2003, our annual report on Form 10-K filed with the SEC on March 26, 2003, 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.

Federal Realty Investment Trust
Summarized Operating Results
December 31, 2003

Financial Highlights
(in thousands, except per share data)


					Three months ended
					December 31,						Year ended December 31,

					2003			2002			2003			2002

OPERATING RESULTS
Revenue
	Rental income				$	94,898		$	83,067		$	334,697		$	295,016
	Other property income					4,622			4,200			17,800			15,468
	Interest and other income					1,574			1,392			5,379			5,156

						101,094			88,659			357,876			315,640
Expenses
	Rental					23,811			24,225			83,447			72,990
	Real estate taxes					9,145			7,983			34,596			30,687

				Total property operating expenses		32,956			32,208			118,043			103,677

Property operating income						68,138			56,451			239,833			211,963

	Interest					20,682			19,742			75,232			65,058
	Administrative					2,178			3,581			11,820			13,790
	Restructuring expenses					—			13,780			—			22,269
	Depreciation and amortization					21,022			16,197			75,089			63,777

Total other expenses						43,882			53,300			162,141			164,894

Operating income before minority interests and discontinued operations						24,256			3,151			77,692			47,069
Minority Interests						(1,413	)		(755	)		(4,670	)		(4,112	)

Income from continuing operations						22,843			2,396			73,022			42,957

	Operating income from discontinued operations					227			383			1,422			2,876
	Gain on sale of real estate					12,330			—			20,053			9,454

Income from discontinued operations						12,557			383			21,475			12,330

Net income						35,400			2,779			94,497			55,287
Dividends on preferred stock						(2,869	)		(4,857	)		(15,084	)		(19,425	)
Preferred stock redemption - excess of redemption cost over carrying value						—			—			(3,423	)		—

Net income available for common shareholders					$	32,531		$	(2,078	)	$	75,990		$	35,862

FUNDS FROM OPERATIONS
				Net income available for common shareholders	$	32,531		$	(2,078	)	$	75,990		$	35,862
				Gain on sale of real estate		(12,330	)		—			(20,053	)		(9,454	)
				Depreciation and amortization of real estate assets		19,067			14,933			68,202			58,605
				Amortization of initial direct costs of leases		1,628			1,204			5,801			4,750
				Income attributable to operating partnership units		501			(37	)		1,317			740

				Funds from operations	$	41,397		$	14,022		$	131,257		$	90,503

				Weighted average number of common shares, diluted		50,447			44,251			48,619			42,882

				Funds from operations per share, diluted	$	0.82		$	0.32		$	2.70		$	2.11

EARNINGS PER COMMON SHARE, BASIC
		Income from continuing operations			$	0.41		$	(0.06	)	$	1.15		$	0.57
		Discontinued operations				0.25			0.01			0.45			0.29

					$	0.66		$	(0.05	)	$	1.60		$	0.86

			Weighted average number of common shares, basic			49,066			43,014			47,379			41,624

EARNINGS PER COMMON SHARE, DILUTED
		Income from continuing operations			$	0.41		$	(0.06	)	$	1.15		$	0.57
		Discontinued operations				0.25			0.01			0.44			0.28

					$	0.66		$	(0.05	)	$	1.59		$	0.85

			Weighted average number of common shares, diluted			50,477			44,251			48,619			42,882

Federal Realty Investment Trust
Balance Sheet
December 31, 2003

Financial Highlights
(in thousands)

CONSOLIDATED BALANCE SHEETS


			December 31,			December 31,
			2003			2002

ASSETS
Real estate, at cost
	Operating		$	2,342,315		$	1,966,338
	Development			127,834			340,488

				2,470,149			2,306,826
	Less accumulated depreciation and amortization			(514,177	)		(450,697	)

Net real estate investments				1,955,972			1,856,129

Cash and cash equivalents				34,968			23,123
Mortgage notes receivable				48,950			35,577
Accounts and notes receivable				23,757			18,722
Other assets				79,788			65,827

TOTAL ASSETS			$	2,143,435		$	1,999,378

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
		Obligations under capital leases, mortgages and construction loans	$	414,357		$	383,812
		Notes payable		361,323			207,711
		Senior notes and debentures		535,000			535,000
		5 1/4% Convertible subordinated debentures		—			75,000
		Other liabilities		111,799			124,202

Total liabilities				1,422,479			1,325,725
Minority interests				29,582			29,366
Commitments and contingencies
Shareholders’ equity
		Preferred stock		135,000			235,000
		Common shares and other shareholders’ equity		556,374			409,287

Total shareholders’ equity				691,374			644,287

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	2,143,435		$	1,999,378

Federal Realty Investment Trust
Funds From Operations /Summary Capital Expenditures
December 31, 2003


		Year Ended

		12/31/2003			12/31/2002

		(in thousands, except per share data)
Funds From Operations (FFO) (1)
Net income (loss) available for common shareholders		$	75,990		$	35,862
	Gain on sale of real estate		(20,053	)		(9,454	)
	Depreciation and amortization of real estate assets		68,202			58,605
	Amortization of initial direct costs of leases		5,801			4,750
	Income attributable to operating partnership units		1,317			740

FFO (3)		$	131,257		$	90,503

	Weighted average shares outstanding, diluted		48,619			42,882
FFO per share, diluted (3)		$	2.70		$	2.11

Summary of Capital Expenditures
Non-maintenance capital expenditures
	Development, net of insurance proceeds	$	88,465		$	210,305
	Acquisition - related (2)		2,438			349
	Capital expenditures related to new square footage		626			111
	Redevelopment and expansions		45,568			28,107
	Tenant Improvements		15,411			8,367

Total non-maintenance capital expenditures			152,508			247,239
Maintenance capital expenditures		$	5,294		$	5,200

Total capital expenditures		$	157,802		$	252,439

Dividends and Payout Ratios
	Common dividends declared	$	93,889		$	82,273
	Dividend payout ratio as a percentage of FFO		72	%		91	%

Note:

(1)		See Glossary of Terms.

(2)		Capital expenditures related to properties acquired in the last two years for which non-maintenance expenditures were planned at the time of the acquisition underwriting.

(3)		For 2003, includes a $3.4 million charge for preferred stock redemption and approximately $8 million of income from Santana Row fire insurance proceeds for a net impact of $0.10 per share. For 2002, includes a charge of $22.3 million or $0.52 per share of restructuring expenses related to the change in business plan and management succession.

Federal Realty Investment Trust
Funds From Operations / Summary Capital Expenditures
December 31, 2003


		Three Months Ended

		12/31/2003			12/31/2002

		(in thousands, except per share data)
Funds From Operations (FFO) (1)
Net income (loss) available for common shareholders		$	32,531		$	(2,078	)
	Gain on sale of real estate		(12,330	)		0
	Depreciation and amortization of real estate assets		19,067			14,933
	Amortization of initial direct costs of leases		1,628			1,204
	Income attributable to operating partnership units		501			(37	)

FFO (3)		$	41,397		$	14,022

	Weighted average shares outstanding, diluted		50,447			44,251
FFO per share, diluted (3)		$	0.82		$	0.32

Summary of Capital Expenditures
Non-maintenance capital expenditures
	Development, net of insurance proceeds	$	6,010		$	40,400
	Acquisition - related (2)		2,312			12
	Capital expenditures related to new square footage		330			1
	Redevelopment and expansions		12,810			9,765
	Tenant Improvements		4,554			2,080

Total non-maintenance capital expenditures			26,016			52,258
Maintenance capital expenditures			1,969			5,200

Total capital expenditures		$	27,985		$	57,458

Dividends and Payout Ratios
	Common dividends declared	$	24,109		$	21,115
	Dividend payout ratio as a percentage of FFO		58	%		151	%

Note:

(1)		See Glossary of Terms.

(2)		Capital expenditures related to properties acquired in the last two years for which non-maintenance expenditures were planned at the time of the acquisition underwriting.

(3)		For Quarter 4 2003, includes approximately $8 million or $0.16 per share of income from Santana Row fire insurance proceeds. For Quarter 4 2002, includes a charge of $13.8 million or $0.31 per share of restructuring expenses related to the change in business plan and management succession.

Federal Realty Investment Trust
Market Data / Capital Availability / Operational Statistics
December 31, 2003


		As of
		December 31, 2003		December 31, 2002

		(in thousands, except per share data)
Market data
	Common shares outstanding		50,671		43,535
	Market price per common share	$	38.39	$	28.12
	Series A preferred shares outstanding (1)		—		4,000
	Market price per Series A preferred share		—	$	24.90
	Series B preferred shares outstanding		5,400		5,400
	Market price per Series B preferred share	$	27.50	$	25.75

	Equity market capitalization	$	2,093,760	$	1,462,854
	Total debt (2)		1,310,680		1,201,523

	Total market capitalization	$	3,404,440	$	2,664,377

	Total debt to market capitalization		38%		45%

Capital availability:
	Cash on hand	$	34,968	$	23,123
	Available capacity under line of credit		200,250		229,000
	Available for issuance under shelf registration statement		400,000		500,000

		$	635,218	$	752,123


		Year ended			Year ended
		December 31, 2003			December 31, 2002

Operational statistics
	Ratio of earnings to fixed charges (3)		1.67	x		1.25	x (4)
	Ratio of earnings to combined fixed charges and preferred share dividends (3)		1.39	x		1.03	x (4)
	Ratio of EBITDA to combined fixed charges and preferred share dividends (3) (5)		2.06	x		1.60	x (4)
	Administrative expense as a percentage of total revenues		3.30	%		4.37	%

Note:

(1)		Series A Preferred Shares were redeemed on June 13, 2003.

(2)		Total debt includes capital leases, mortgages and construction loans payable, notes payable, senior notes and debentures and, as of December 31, 2002, convertible subordinated debentures.

(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 a $22.3 million restructuring charge incurred in 2002. Excluding this charge 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)		See Glossary of Terms for reconciliation of EBITDA to net income.

Federal Realty Investment Trust
Summary of Outstanding Debt
December 31, 2003


			Maturity		Effective Rate					Balance

										(in thousands)
Mortgage Loans
		Leesburg Plaza		10/01/08		6.510	%			$	9,900
		164 E Houston Street		10/06/08		7.500	%				230
		Federal Plaza		06/01/11		6.750	%				35,543
		Barracks Road		11/01/15		7.950	%				44,222
		Brick Plaza		11/01/15		7.415	%				32,936
		Hauppauge		11/01/15		7.950	%				16,670
		Lawrence Park		11/01/15		7.950	%				31,344
		Wildwood		11/01/15		7.950	%				27,551
		Wynnewood		11/01/15		7.950	%				31,943
		Mount Vernon		04/15/28		5.660	%	(a	)		13,086
		Tyson’s Station		09/01/11		7.400	%				6,753
		Mercer Mall		04/01/09		8.375	%				4,693

										$	254,871

Notes payable
		Revolving credit facility		10/08/06	libor + .75%			(b	)	$	99,750
		Term note with banks		10/08/06	libor + .95%						100,000
		Term note with banks		10/08/08	libor + .95%			(c	)		150,000
		Note issued in connection with renovation of Perring Plaza		01/31/13		10.00	%				2,128
		Escondido (Municipal bonds)		10/01/16		3.060	%	(d	)		9,400
		Other	various		various						45

										$	361,323

Notes and Debentures
		6.74% Medium Term Notes		03/10/04		6.370	%	(e	)	$	39,500
		6.625% Notes (fixed)		12/01/05		6.625	%				40,000
		6.99% Medium Term Notes		03/10/06		6.894	%	(e	)		40,500
		6.125% Notes		11/15/07		6.325	%	(f	)		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

										$	535,000
Capital lease obligations
			Various through 2077					(g	)	$	159,486

	Total debt and capital lease obligations									$	1,310,680


														Average annualized interest rate

			Total fixed rate debt							$	951,530	72.60	%		7.73	%
			Total variable rate debt					(c)	(h)		359,150	27.40	%		2.13	%

			Total debt							$	1,310,680	100.00	%		6.20	%

(a)		The lender has the option to call the loan after year ten.

(b)		A $300 million three-year revolving credit facility, with a one-year extension option.

(c)		In January, 2004, the Trust purchased an interest rate swap on this note thereby locking in the LIBOR portion of the interest rate at 2.401% thru October 2006. In addition, in January 2004, the Trust issued $75 million of fixed rate Notes and utilized the proceeds to pay down the Revolving Credit facility. Assuming that both these transactions occurred on December 31, 2003 and that the proceeds from the $75 million Notes were used to pay down the revolving credit facility, the Trust's variable rate debt exposure on December 31, 2003 would have been 10.2%

(d)		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 twelve months ended December 31, 2003 was 2.9%.

(e)		The Trust purchased interest rate swaps at issuance, thereby reducing the effective interest on these notes.

(f)		The Trust purchased an interest rate lock to hedge the November 2002 note offering. A loss of $1.5 million associated with this hedge is being amortized into the note offering thereby increasing the effective interest rate on these notes to 6.325%.

(g)		Average annualized interest rate on capital lease obligations as of December 31, 2003, is 9.35% on a basis of minimum rent and 12.31% including performance based participation rent paid by the Trust.

(h)		Average annualized interest rate on variable rate debt as of December 31, 2003.

Federal Realty Investment Trust
Summary of Debt Maturities
December 31, 2003

DEBT MATURITIES

(in thousands)


													Cumulative
			Scheduled							Percent of			Percent of
Year			Amortization		Maturities		Total			Debt Expiring			Debt Expiring

		2004	$	3,441	$	39,500	$	42,941			3.3	%		3.3	%
		2005		4,540		40,000		44,540			3.4	%		6.7	%
		2006		5,037		240,250		245,287	(1)		18.7	%		25.4	%
		2007		5,436		150,000		155,436			11.9	%		37.3	%
		2008		5,829		159,541		165,370			12.6	%		49.9	%
		2009		6,163		179,394		185,557			14.2	%		64.1	%
		2010		6,639		—		6,639			0.5	%		64.6	%
		2011		6,670		37,226		43,896			3.3	%		67.9	%
		2012		6,178		—		6,178			0.5	%		68.4	%
		2013		6,672		—		6,672			0.5	%		68.9	%
Thereafter				162,958		245,206		408,164			31.1	%		100.0	%

	Total		$	219,563	$	1,091,117	$	1,310,680			100.00	%

Note:

(1)

Includes $99.75 million drawn on the Trust’s $300 million, three-year revolving credit facility due October 2006, subject to a one-year extension option.

Federal Realty Investment Trust
Summary of Current and Future Redevelopment Opportunities
December 31, 2003

Current Redevelopment Opportunities (1) ($ millions)


			Projected			Projected		Cost to
Property	Location	Opportunity	ROI (2)			Cost (1)		Date

*Projects Stabilized in 2003 (3)*
Congressional Plaza	Rockville, MD	Addition of 146-unit apartment building and structured parking in existing parking field		10	%	$	12.8	$	12.7
Third Street Promenade	Santa Monica, CA	Retail redevelopment		10	%	$	10.7	$	10.7
Bethesda Row	Bethesda, MD	Grocer expansion, new pad site, GLA expansion and re-tenanting (restaurant)		9	%	$	5.8	$	5.1
Ellisburg Circle	Cherry Hill, NJ	Re-tenanting (new grocer) and associated expansion		19	%	$	2.3	$	2.3
Lawrence Park	Broomall, PA	New pad site (drug store), common area improvements		19	%	$	1.8	$	0.7
Dedham Plaza	Dedham, MA	Tenant re-location (electronics), parking lot and common area improvements		12	%	$	1.2	$	1.2
Finley Square	Downers Grove, IL	Re-tenanting (office supply)		17	%	$	1.1	$	1.1
Governor Plaza	Glen Burnie, MD	New pad sites (furniture and grocer)		15	%	$	1.1	$	1.1
Quince Orchard	Gaithersburg, MD	Pad site re-tenanting (drug store)		37	%	$	0.5	$	0.5

*Subtotal: Projects Stabilized in 2003 (3) (4)*				11	%	$	37.3	$	35.2

*Projects Anticipated to Stabilize in 2004 (3)*
Santana Row Phase II	San Jose, CA	Two new pad sites (Best Buy and The Container Store) and additional parking		17	%	$	26.4	$	24.2
Andorra	Philadelphia, PA	Expansion and re-tenanting (new health club)		14	%	$	4.0	$	0.3
Santana Row Phase III	San Jose, CA	Pad site (theater)		10	%	$	3.8	$	1.5
Garden Market	Western Springs, IL	Expansion, re-tenanting (new grocer) and new pad site (existing drug store)		10	%	$	2.6	$	2.5
Brick Plaza	Brick, NJ	Re-tenanting (electronics)		10	%	$	2.1	$	0.1
Bristol Plaza	Bristol, CT	Grocer relocation, canopy and façade renovation		10	%	$	1.9	$	0.4
Old Town center	Los Gatos, CA	Re-tenanting (office) and site improvements		12	%	$	0.8	$	0.8
Bethesda Row	Bethesda, MD	New pad site (fitness equipment)		16	%	$	0.8	$	0.1
Laurel	Laurel, MD	Grocer expansion		21	%	$	0.4	$	0.4
Wildwood	Bethesda, MD	Pad expansion and re-tenanting (bank)		34	%	$	0.4	$	0.1
Lawrence Park	Broomall, PA	Grocer expansion		6	%	$	0.3	$	0.3
Hauppauge Shopping Center	Hauppauge, NY	Pad site re-tenanting (restaurant)		14	%	$	0.2	$	0.1

*Subtotal: Projects Anticipated to Stabilize in 2004 (3) (4)*				15	%	$	43.6	$	30.7

*Total: Projects Anticipated to Stabilize in 2003 and 2004 (3) (4)*				13	%	$	80.9	$	65.9

*Anticipated Future Redevelopments Stabilizing After 2004 (3) (5)*
Bala Cynwyd	Bala Cynwyd, PA
Bethesda Row - Future Phases	Bethesda, MD
Brunswick Shopping Center	North Brunswick, NJ
Greenlawn Plaza	Greenlawn, NY
Houston Street	San Antonio, TX
Leesburg Plaza	Leesburg, VA
Mercer Mall	Mercer County, NJ
Mount Vernon/South Valley	Alexandria, VA
Pan Am	Fairfax, VA
Rockville Town Square	Rockville, MD
Rutgers Plaza	Franklin, NJ
Santana Row - Future Phases	San Jose, CA
The Village at Shirlington	Arlington, VA
Willow Lawn	Richmond, 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 Return on Investment (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 Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by cost. Incremental POI is the POI 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) Anticipated Stabilization is 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
Acquisitions and Dispositions - Year to Date
December 31, 2003

Acquisitions

Date

Property

City / State

GLA

Total
Acquisition
Cost

Anchor tenant

(in thousands)

March 21, 2003

South Valley Shopping Center

Alexandria, VA

214,000

13,900

Home Depot, TJ Maxx

March 31, 2003

Mount Vernon Plaza

Alexandria, VA

257,000

18,200

Shoppers Food Warehouse

October 14, 2003

Mercer Mall

Lawrenceville, NJ

321,000

66,300

(1)

ShopRite, DSW, Bed, Bath & Beyond

October 31, 2003

Plaza del Mercado

Silver Spring, MD

96,000

20,500

Giant Food

December 4, 2003

Mercer Mall Out-Parcel

Lawrenceville, NJ

40,000

6,500

Olive Garden

928,000

125,400

Dispositions

Date

Property

City / State

GLA

Net Proceeds

(in thousands)

June 16, 2003

4929 Bethesda Avenue

Bethesda, MD

6,000

1,400

July 31, 2003

4925 Bethesda Avenue

Bethesda, MD

3,400

1,000

September 12, 2003

Tanasbourne

Hillsboro, OR

n/a

9,400

September 15, 2003

Coolidge Corner

Brookline, MA

13,101

7,900

September 22, 2003

2106 Central Avenue

North Evanston, IL

7,000

1,700

October 31, 2003

234 Greenwich Avenue

Greenwich, CT

14,700

7,600

December 18, 2003

1253 New Britain Avenue

West Hartford, CT

9,800

3,700

December 18, 2003

27-42 LaSalle Road

West Hartford, CT

9,900

3,300

December 18, 2003

967 Farmington Avenue

West Hartford, CT

9,000

2,000

December 18, 2003

970 Farmington Avenue

West Hartford, CT

35,000

6,100

107,901

44,100

(1) Includes capital lease obligation of approximately $55 million

Federal Realty Investment Trust
Real Estate Status Report
December 31, 2003


																Mortgage		Grocery
			Year		Total			Ownership					%			Capital Lease		Anchor		Grocery	Other Principal
Property Name	Type(1)	MSA Description	Acquired		Investment			Percentage			GLA (2)		Leased			Obligation		GLA (3)		Anchor (3)	Tenants
					(in thousands)											(in thousands)
Mid-Atlantic Region
Washington Metropolitan Area
Bethesda Row	SR	Washington, DC-MD-VA-WV		1993-98		79,501			(4	)		434,000		99	%		12,576		40,000	Giant Food	Barnes & Noble / Landmark Theater
Congressional Plaza	SC	Washington, DC-MD-VA-WV		1965		66,482	(5)		55.8	%		339,000		98	%				28,000	Whole Foods	Buy Buy Baby / Container Store / Tower
Courthouse Center	SC	Washington, DC-MD-VA-WV		1997		4,295			(6	)		37,000		100	%
Falls Plaza	SC	Washington, DC-MD-VA-WV		1967		8,195			100.0	%		73,000		100	%				51,000	Giant Food
Falls Plaza-East	SC	Washington, DC-MD-VA-WV		1972		3,355			100.0	%		71,000		100	%						CVS / Staples
Federal Plaza	SC	Washington, DC-MD-VA-WV		1989		61,925			100.0	%		247,000		98	%		35,543				TJ Maxx / CompUSA / Ross
Friendship Center	SR	Washington, DC-MD-VA-WV		2001		33,309			100.0	%		119,000		100	%						Borders / Linens 'n Things / Maggiano's
Gaithersburg Square	SC	Washington, DC-MD-VA-WV		1993		23,905			100.0	%		215,000		90	%						Bed, Bath & Beyond / Borders / Ross
Idylwood Plaza	SC	Washington, DC-MD-VA-WV		1994		14,914			100.0	%		73,000		97	%				30,000	Whole Foods
Laurel	SC	Washington, DC-MD-VA-WV		1986		45,658			99.9	%		384,000		94	%				40,000	Giant Food	Marshalls / Toys R Us
Leesburg Plaza	SC	Washington, DC-MD-VA-WV		1998		20,516			(6	)		247,000		66	%		9,900		55,000	Giant Food	Pier One
Loehmann’s Plaza	SC	Washington, DC-MD-VA-WV		1983		25,394			(6	)		242,000		98	%						Bally's / Linens 'n Things / Loehmann's
Magruder’s Center	SC	Washington, DC-MD-VA-WV		1997		11,026			(6	)		109,000		98	%				31,000	Magruders
Mid-Pike Plaza	SC	Washington, DC-MD-VA-WV		1982		17,280			(7	)		304,000		100	%		10,041				Linens 'n Things / Toys R Us / Bally's / AC Moore
Mount Vernon	SC	Washington, DC-MD-VA-WV		2003		19,790			(7	)(6)		254,000		68	%		13,086		54,000	Shoppers Food Warehouse
Old Keene Mill	SC	Washington, DC-MD-VA-WV		1976		5,152			100.0	%		92,000		100	%				24,000	Whole Foods
Pan Am	SC	Washington, DC-MD-VA-WV		1993		25,078			100.0	%		218,000		99	%				33,000	Safeway	Micro Center / Michaels
Pentagon Row	SR	Washington, DC-MD-VA-WV		1999		87,538			100.0	%		296,000		99	%				45,000	Harris Teeter	Bally's / Bed, Bath & Beyond / DSW / Cost Plus
Pike 7	SC	Washington, DC-MD-VA-WV		1997		33,432			100.0	%		164,000		97	%						Staples / TJ Maxx / Tower
Plaza del Mercado	SC	Washington, DC-MD-VA-WV		2003		20,582			100.0	%		96,000		95	%				25,000	Giant Food	CVS
Quince Orchard	SC	Washington, DC-MD-VA-WV		1993		19,112			100.0	%		252,000		95	%				24,000	Magruders	Circuit City / Staples
Rollingwood Apartments	SR	Washington, DC-MD-VA-WV		1971		6,688			100.0	%		N/A		95	%
Sam’s Park & Shop	SR	Washington, DC-MD-VA-WV		1995		11,786			100.0	%		50,000		100	%						Petco
South Valley	SC	Washington, DC-MD-VA-WV		2003		14,293			(6	)		218,000		85	%						Home Depot / TJ Maxx
Tower	SC	Washington, DC-MD-VA-WV		1998		18,455			100.0	%		106,000		99	%						Virginia Fine Wine / Talbot
Tyson’s Station	SC	Washington, DC-MD-VA-WV		1978		3,351			100.0	%		50,000		85	%		6,752				Trader Joes
Village of Shirlington	SR	Washington, DC-MD-VA-WV		1995		33,262			100.0	%		204,000		96	%						Cineplex Odeon
Wildwood	SC	Washington, DC-MD-VA-WV		1969		16,584			100.0	%		86,000		99	%		27,551		20,000	Sutton Place Gourmet	CVS

						730,858						4,980,000		94	%
Mid-Atlantic Region — Other
Governor Plaza	SC	Baltimore, MD		1985		18,640			99.9	%		269,000		100	%						Bally's / Comp USA / Syms / Office Depot
Perring Plaza	SC	Baltimore, MD		1985		23,989			99.9	%		402,000		90	%				58,000	Metro Foods	Home Depot / Burlington Coat Factory
Barracks Road	SC	Charlottesville, VA		1985		39,571			100.0	%		483,000		99	%		44,222		91,000	Harris Teeter / Kroger	Bed, Bath & Beyond / Barnes & Noble / Old Navy
Winter Park	SR	Orlando, FL		1996		6,877			100.0	%		28,000		93	%
Eastgate	SC	Raleigh-Durham-Chapel Hill, NC		1986		16,536			100.0	%		159,000		90	%				23,000	Southern Season	Stein Mart
Shops at Willow Lawn	SC	Richmond-Petersburg, VA		1983		60,890			99.9	%		488,000		74	%				60,000	Kroger	Old Navy / Tower Records

						166,503						1,829,000		89	%
		Total Mid-Atlantic Region				897,361						6,809,000		93	%
Northeast Region
Philadelphia Metropolitan Area
Andorra	SC	Philadelphia, PA-NJ		1988		19,317			99.9	%		259,000		98	%				24,000	Acme Markets	Kohl's / Staples
Bala Cynwyd	SC	Philadelphia, PA-NJ		1993		23,999			100.0	%		281,000		100	%				45,000	Acme Markets	Lord & Taylor
Ellisburg Circle	SC	Philadelphia, PA-NJ		1992		28,029			100.0	%		268,000		100	%				47,000	Genuardi's	Bed, Bath & Beyond / Ross
Feasterville	SC	Philadelphia, PA-NJ		1980		11,650			100.0	%		111,000		100	%				53,000	Genuardi's	OfficeMax
Flourtown	SC	Philadelphia, PA-NJ		1980		8,756			100.0	%		187,000		54	%				42,000	Genuardi's
Langhorne Square	SC	Philadelphia, PA-NJ		1985		17,637			100.0	%		216,000		87	%				55,000	Redner's Warehouse Mkts.	Marshalls
Lawrence Park	SC	Philadelphia, PA-NJ		1980		25,822			100.0	%		345,000		94	%		31,344		43,000	Acme Markets	CHI / TJ Maxx / CVS
Northeast	SC	Philadelphia, PA-NJ		1983		21,830			100.0	%		292,000		96	%						Burlington Coat / Marshalls / Tower Records
Willow Grove	SC	Philadelphia, PA-NJ		1984		26,262			100.0	%		215,000		100	%						Barnes & Noble / Marshalls / Toys R Us
Wynnewood	SC	Philadelphia, PA-NJ		1996		35,251			100.0	%		255,000		99	%		31,943		98,000	Genuardi's	Bed, Bath & Beyond / Borders / Old Navy

						218,551						2,429,000		94	%
New York / New Jersey
Allwood	SC	Bergen-Passaic, NJ		1988		4,296			(7	)		52,000		100	%		3,501		25,000	Stop & Shop	Mandee Shop
Clifton	SC	Bergen-Passaic, NJ		1988		4,951			(7	)		80,000		93	%		3,256		27,000	Acme Markets	Drug Fair / Dollar Express
Blue Star	SC	Middlesex-Somerset-Hunterdon, NJ		1988		39,520			(7	)		407,000		97	%		26,724		43,000	Shop Rite	Kohl's / Michaels / Toys R Us / Marshalls
Brunswick	SC	Middlesex-Somerset-Hunterdon, NJ		1988		21,334			(7	)		303,000		99	%		11,125		55,000	A&P
Rutgers	SC	Middlesex-Somerset-Hunterdon, NJ		1988		15,925			(7	)		217,000		99	%		12,887		44,000	Edwards Super Food	Kmart
Brick Plaza	SC	Monmouth-Ocean, NJ		1989		53,869			100.0	%		409,000		96	%		32,936		66,000	A&P	Loews Theatre / Barnes & Noble / Sports Authority
Greenlawn Plaza	SC	Nassau-Suffolk, NY		2000		11,040			100.0	%		92,000		100	%				46,000	Waldbaum's
Hauppauge	SC	Nassau-Suffolk, NY		1998		26,320			100.0	%		131,000		100	%		16,670		61,000	Shop Rite
Huntington	SC	Nassau-Suffolk, NY		1988		22,433			(7	)		279,000		90	%		14,297				Buy Buy Baby / Toys R Us / Bed, Bath & Beyond

Federal Realty Investment Trust
Real Estate Status Report
December 31, 2003


														Mortgage or		Grocery
			Year	Total		Ownership					%			Capital Lease		Anchor		Grocery	Other Principal
Property Name	Type(1)	MSA Description	Acquired	Investment		Percentage			GLA (2)		Leased			Obligation		GLA (3)		Anchor (3)	Tenants
				(in thousands)										(in thousands)
Forest Hills	SR	New York, NY	1997		23,969		100.0	%		86,000		100	%						Midway Theatre /
																			Duane Reade / Gap
Fresh Meadows	SC	New York, NY	1997		64,647		100.0	%		408,000		92	%						Value City / Kohl's /
																			Cineplex Odeon
Troy	SC	Newark, NJ	1980		20,512		100.0	%		202,000		100	%				64,000	Pathmark	A.C.Moore / Comp USA /
																			Toys R Us
Hamilton	SC	Trenton, NJ	1988		8,087		(7	)		190,000		100	%		4,827		53,000	Shop Rite	A.C.Moore /
																			Stevens Furniture
Mercer Mall	SC	Trenton, NJ	2003		76,583		(7	)		360,000		86	%		60,039		(12)	Shop Rite	Bed, Bath & Beyond /
																			DSW / TJ Maxx

					393,486					3,216,000		95	%
New England
Dedham Plaza	SC	Boston-Worcester-	1993		29,650		100.0	%		245,000		97	%				80,000	Shaw's Supermarket	Pier One
		Lawrence-Lowell-
		Brockton, MA
Queen Anne Plaza	SC	Boston-Worcester-	1994		14,777		100.0	%		149,000		100	%				50,000	Victory Supermarket	TJ Maxx
		Lawrence-Lowell
		Brockton, MA
Saugus Plaza	SC	Boston-Worcester-	1996		13,184		100.0	%		171,000		100	%				55,000	Super Stop & Shop	Kmart
		Lawrence-Lowell
		Brockton, MA
Bristol Plaza	SC	Hartford, CT	1995		22,332		100.0	%		280,000		94	%				57,000	Super Stop & Shop	TJ Maxx
West Hartford	SR	Hartford, CT	1994- 1996		8,002		100.0	%		62,000		69	%
Greenwich Avenue	SR	New Haven-	1994- 1996		15,993		100.0	%		42,000		100	%						Saks Fifth Avenue
		Bridgeport-
		Stamford-Waterbury

					103,939					949,000		95	%
Chicago
Crossroads	SC	Chicago, IL	1993		21,812		100.0	%		173,000		97	%						Comp USA / Golfsmith / Guitar Center
Finley Square	SC	Chicago, IL	1995		28,359		100.0	%		313,000		100	%						Bed, Bath & Beyond / Sports Authority
Garden Market	SC	Chicago, IL	1994		11,139		100.0	%		140,000		99	%				63,000	Dominick's	Walgreens
North Lake Commons	SC	Chicago, IL	1998		12,993		100.0	%		129,000		93	%				77,000	Dominick's
Evanston	SR	Chicago, IL	1995		3,220		100.0	%		12,000		100	%						Gap

					77,522					767,000		98	%
Northeast Region — Other
Gratiot Plaza	SC	Detroit, MI	1973		16,637		100.0	%		218,000		86	%				69,000	Farmer Jack's	Bed, Bath & Beyond / Best Buy
Lancaster	SC	Lancaster, PA	1980		10,011		(7	)		107,000		97	%		4,907		39,000	Giant Food

					26,648					325,000		89	%
		Total Northeast Region			820,145					7,686,000		95	%
West Region
California
Colorado Blvd	SR	Los Angeles-Long	1996- 1998		15,006		(8	)		69,000		96	%						Pottery Barn / Banana Republic
		Beach, CA
Hermosa Ave	SR	Los Angeles-Long	1997		4,592		90.0	%		23,000		100	%
		Beach, CA
Hollywood Blvd	SR	Los Angeles-Long	1999		26,136		90.0	%		151,000		90	%						Hollywood Entertainment Museum
		Beach, CA
Third St Promenade	SR	Los Angeles-Long	1996- 2000		72,266		(9	)		209,000		98	%						J. Crew / Banana Republic / Old Navy
		Beach, CA
Escondido	SC	San Diego, CA	1996		24,854		70.0	%		222,000		95	%						Cost Plus / TJ Maxx / Toys R Us
Fifth Ave	SR	San Diego, CA	1996- 1997		12,126		(10	)		51,000		95	%						Urban Outfitters
150 Post Street	SR	San Francisco, CA	1997		30,025		100.0	%		101,000		58	%						Brooks Brothers
Kings Court	SC	San Jose, CA	1998		11,409		(6	)		79,000		98	%				25,000	Lunardi's Super Market	Longs Drug Store
Old Town	SR	San Jose, CA	1997		33,508		100.0	%		95,000		96	%						Borders / Gap Kids / Banana Republic
Santana Row (Phase I & II)	SR	San Jose, CA	1997		451,304		100.0	%		529,000		89	%						Crate & Barrel / Container Store / Best Buy /Borders

					681,225					1,529,000		91	%
West Region — Other
Mill Avenue	SR	Phoenix-Mesa, AZ	1998		11,068		(11	)		40,000		100	%						Gordon Biersch
Houston St	SR	San Antonio, TX	1998		60,350		100.0	%		170,000		67	%		230

					71,417					210,000		73	%
		Total West Region			752,642					1,739,000		88	%

Total					2,470,149					16,234,000		93	%		414,357

Notes:

(1)		SR - Street Retail; SC - Shopping Center

(2)		Excludes redevelopment square footage not yet in service, Santana Row residential, future phases of Santana Row, Rollingwood and Congressional 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.

(5)		Total investment includes dollars associated with the 146 units of the Crest at Congressional.

(6)		Property owned in a “downreit” partnership, of which the Trust is the sole general partner, with third party partners holding operating partnership units.

(7)		Property subject to capital lease obligation.

(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)		GLA for Shop Rite currently under construction.

Federal Realty Investment Trust
Shopping Center / Street Retail Summary
December 31, 2003

Shopping Center Summary
(in thousands, except square footage data)


	For the year ended December 31,
	2003		2002


Rental Income (1)	$	231,457	$	220,594
Other Property Income		9,070		8,507
Interest Income		916		1,870

Total Revenues		241,443		230,971

Rental Expense		45,322		41,527
Real Estate Tax Expense		25,934		24,056

Total Property Operating Expenses		71,256		65,583

Property Operating Income (2)	$	170,187	$	165,388

Real Estate Assets, at cost	$	1,443,493	$	1,287,887
Square Feet (3)		13,464,000		12,555,000

Street Retail Summary
(in thousands, except square footage data)


	For the year ended December 31,
	2003		2002


Rental Income (1)	$	103,240	$	74,422
Other Property Income		8,730		6,961
Interest Income		4,463		3,286

Total Revenues		116,433		84,669

Rental Expense		38,125		31,463
Real Estate Tax Expense		8,662		6,631

Total Property Operating Expenses		46,787		38,094

Property Operating Income (2)	$	69,646	$	46,575

Real Estate Assets, at cost	$	1,026,656	$	1,018,939
Square Feet (3)		2,770,000		2,690,000

Notes:

(1)		Includes rent revenue from residential units amounting to a total of $13.5 million in 2003 and $3.8 million in 2002 related to Santana Row, Rollingwood Apartments and Congressional Apartments.

(2)		All components of property operating income for the period ended December 31, 2002 have been restated for discontinued operations.

(3)		Excludes redevelopment square footage not yet in service. Does not include any future phases of Santana Row nor residential square footage at Santana Row, Rollingwood Apartments or Congressional Apartments.

Federal Realty Investment Trust
Retail Leasing Summary (1) — Comparable Basis
December 31, 2003
New Lease Summary — Comparable (2)


																	Straight-
														Cash			lined
														Basis			Basis %
	Number		%of					Contractual		Prior				%			Increase			Weighted				Tenant
	of		Total					Rent (3)		Rent (4)		Annual		Increase			Over			Average		Tenant		Improvements
	Leases		Leases			GLA		Per.		Per		Increase		Over			Prior			Lease		Improvements		Per
Quarter	Signed		Signed			Signed		Sq. Ft.		Sq. Ft.		in Rent		Prior Rent			Rent			Term (5)		(6)		Sq. Ft.
4th Quarter 2003		33		45	%		124,333	$	23.90	$	18.88	$	623,990		27	%		38	%		7.8	$	3,700,718	$	29.76
3rd Quarter 2003		28		38	%		218,307	$	14.21	$	11.82	$	522,865		20	%		28	%		10.9	$	2,596,768	$	11.90
2nd Quarter 2003		28		43	%		87,912	$	25.26	$	20.29	$	436,197		24	%		28	%		8.3	$	443,910	$	5.05
1st Quarter 2003		25		38	%		166,415	$	16.11	$	12.30	$	634,063		31	%		41	%		10.6	$	3,245,153	$	19.50

Total - 12 months		114		41	%		596,967	$	18.39	$	14.67	$	2,217,115		25	%		34	%		9.5	$	9,986,549	$	16.73

Renewal Lease Summary — Comparable (2) (7)


																	Straight-
														Cash			lined
														Basis			Basis %
	Number		% of					Contractual		Prior				%			Increase			Weighted				Tenant
	of		Total					Rent (3)		Rent (4)		Annual		Increase			Over			Average		Tenant		Improvements
	Renewals		Leases			GLA		Per		Per		Increase		Over			Prior			Lease		Improvements		Per
Quarter	Signed		Signed			Signed		Sq. Ft.		Sq. Ft.		in Rent		Prior Rent			Rent			Term (5)		(6)		Sq. Ft.
4th Quarter 2003		40		55	%		124,683	$	26.95	$	25.59	$	169,950		5	%		19	%		4.8	$	47,000	$	0.38
3rd Quarter 2003		45		62	%		189,521	$	21.41	$	19.44	$	373,441		10	%		21	%		5.0	$	536,173	$	2.83
2nd Quarter 2003		37		57	%		165,717	$	18.83	$	17.24	$	264,509		9	%		23	%		7.0	$	106,700	$	0.64
1st Quarter 2003		41		62	%		207,725	$	16.54	$	15.14	$	291,261		9	%		24	%		5.7	$	315,041	$	1.52

Total - 12 months		163		59	%		687,646	$	20.32	$	18.72	$	1,099,161		9	%		22	%		5.6	$	1,004,914	$	1.46

Total Lease Summary — Comparable (2)


																	Straight-
														Cash			lined
	Number													Basis			Basis %
	of		% of					Contractual		Prior				%			Increase			Weighted				Tenant
	Leases		Total					Rent (3)		Rent (4)		Annual		Increase			Over			Average		Tenant		Improvements
	& Renewals		Leases			GLA		Per		Per		Increase		Over			Prior			Lease		Improvements		Per
Quarter	Signed		Signed			Signed		Sq. Ft.		Sq. Ft.		in Rent		Prior Rent			Rent			Term (5)		(6)		Sq. Ft.
4th Quarter 2003		73		100	%		249,016	$	25.43	$	22.24	$	793,940		14	%		27	%		6.2	$	3,747,718	$	15.05
3rd Quarter 2003		73		100	%		407,828	$	17.56	$	15.36	$	896,306		14	%		24	%		7.5	$	3,132,941	$	7.68
2nd Quarter 2003		65		100	%		253,629	$	21.06	$	18.30	$	700,706		15	%		25	%		7.5	$	550,610	$	2.17
1st Quarter 2003		66		100	%		374,140	$	16.35	$	13.88	$	925,325		18	%		31	%		7.8	$	3,560,194	$	9.52

Total - 12 months		277		100	%		1,284,613	$	19.42	$	16.84	$	3,316,276		15	%		27	%		7.3	$	10,991,463	$	8.56

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) Contractual Rent represents contractual Minimum Rent under the new lease for the first 12 months of the term.

(4) Prior 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) See Glossary of Terms

(7) 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, 2003

New Lease Summary - Non-Comparable (2)


									Contractual		Weighted				Tenant
		Number of		% of Total					Rent (3)		Average		Tenant		Improvements
Quarter		Leases Signed		Leases Signed			GLA Signed		Per Sq. Ft.		Lease Term (4)		Improvements (5)		Per Sq. Ft.

	4th Quarter 2003		6		100	%		21,867	$	36.64		8.9	$	84,425	$	3.86
	3rd Quarter 2003		11		100	%		85,426	$	24.59		17.3	$	50,000	$	0.59
	2nd Quarter 2003		12		92	%		70,475	$	15.35		18.3	$	1,050,000	$	14.90
	1st Quarter 2003		10		91	%		150,407	$	34.48		10.4	$	436,775	$	2.90

	Total - 12 months		39		95	%		328,175	$	27.94		12.8	$	1,621,200	$	4.94

Renewal Lease Summary - Non-Comparable (2) (6)


									Contractual		Weighted				Tenant
		Number of		% of Total					Rent (3)		Average		Tenant		Improvements
Quarter		Renewals Signed		Leases Signed			GLA Signed		Per Sq. Ft.		Lease Term (4)		Improvements (5)		Per Sq. Ft.

	4th Quarter 2003		0		0	%		—	$	—		0.0	$	—	$	—
	3rd Quarter 2003		0		0	%		—	$	—		0.0	$	—	$	—
	2nd Quarter 2003		1		8	%		1,604	$	12.00		5.0	$	—	$	—
	1st Quarter 2003		1		9	%		7,473	$	11.58		10.0	$	—	$	—

	Total - 12 months		2		5	%		9,077	$	11.65		9.1	$	—	$	—

Total Lease Summary - Non-Comparable (2)


									Contractual		Weighted				Tenant
		Number of Leases		% of Total					Rent (3)		Average		Tenant		Improvements
Quarter		& Renewals Signed		Leases Signed			GLA Signed		Per Sq. Ft.		Lease Term (4)		Improvements (5)		Per Sq. Ft.

	4th Quarter 2003		6		100	%		21,867	$	36.64		8.9	$	84,425	$	3.86
	3rd Quarter 2003		11		100	%		85,426	$	24.59		17.3	$	50,000	$	0.59
	2nd Quarter 2003		13		100	%		72,079	$	15.28		18.1	$	1,050,000	$	14.57
	1st Quarter 2003		11		100	%		157,880	$	33.39		10.4	$	436,775	$	2.77

	Total - 12 months		41		100	%		337,252	$	27.50		12.7	$	1,621,200	$	4.81

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)		Contractual 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)		See Glossary of Terms.

(6)		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, 2003

Assumes no exercise of lease options


	Anchor Tenants(1)							Small Shop Tenants							Total
Year	Expiring SF (2)		% of Anchor SF			Minimum Rent PSF (3)		Expiring SF (2)		% of Small Shop SF			Minimum Rent PSF (3)		Expiring SF (2)		% of Total SF			Minimum Rent PSF (3)
2004		476,000		6	%	$	6.29		679,000		10	%	$	20.25		1,155,000		8	%	$	14.50
2005		505,000		6	%	$	12.61		897,000		14	%	$	22.56		1,402,000		10	%	$	18.97
2006		505,000		6	%	$	11.14		845,000		13	%	$	23.85		1,350,000		9	%	$	19.10
2007		722,000		9	%	$	10.44		977,000		15	%	$	23.29		1,699,000		12	%	$	17.83
2008		760,000		9	%	$	12.82		845,000		13	%	$	22.00		1,605,000		11	%	$	17.65
2009		833,000		10	%	$	10.39		566,000		9	%	$	26.84		1,399,000		10	%	$	17.04
2010		215,000		3	%	$	11.67		321,000		5	%	$	22.42		536,000		4	%	$	18.11
2011		351,000		4	%	$	18.44		416,000		6	%	$	29.19		767,000		5	%	$	24.27
2012		563,000		7	%	$	13.18		377,000		6	%	$	32.75		940,000		6	%	$	21.03
2013		613,000		8	%	$	14.52		233,000		4	%	$	30.73		846,000		6	%	$	18.98
Thereafter		2,539,000		31	%	$	13.63		360,000		6	%	$	30.12		2,899,000		20	%	$	15.68

Total		8,082,000		100	%	$	12.48		6,516,000		100	%	$	24.61		14,598,000		100	%	$	17.89

Assumes lease options are exercised


	Anchor Tenants(1)							Small Shop Tenants							Total
Year	Expiring SF (2)		% of Anchor SF			Minimum Rent PSF (3)		Expiring SF (2)		% of Small Shop SF			Minimum Rent PSF (3)		Expiring SF (2)		% of Total SF			Minimum Rent PSF (3)
2004		89,000		1	%	$	—		486,000		7	%	$	20.51		575,000		4	%	$	18.37
2005		19,000		0	%	$	15.58		547,000		8	%	$	22.97		566,000		4	%	$	22.73
2006		54,000		1	%	$	12.28		495,000		8	%	$	26.07		549,000		4	%	$	24.72
2007		198,000		2	%	$	7.34		594,000		9	%	$	23.15		792,000		5	%	$	19.20
2008		120,000		1	%	$	12.74		521,000		8	%	$	22.81		641,000		4	%	$	20.92
2009		294,000		4	%	$	10.37		460,000		7	%	$	28.00		754,000		5	%	$	21.12
2010		158,000		2	%	$	13.27		343,000		5	%	$	25.12		501,000		3	%	$	21.38
2011		114,000		1	%	$	15.01		483,000		7	%	$	23.30		597,000		4	%	$	21.72
2012		238,000		3	%	$	12.97		422,000		6	%	$	27.08		660,000		5	%	$	21.99
2013		214,000		3	%	$	12.40		308,000		5	%	$	24.62		522,000		4	%	$	19.61
Thereafter		6,584,000		81	%	$	12.71		1,857,000		28	%	$	25.50		8,441,000		58	%	$	15.55

Total		8,082,000		100	%	$	12.48		6,516,000		100	%	$	24.61		14,598,000		100	%	$	17.89

Notes:

(1)		Anchor is defined as a tenant leasing 15,000 square feet or more.

(2)		Represents occupied square footage as of December 31, 2003.

(3)		Minimum Rent reflects in-place contractual rent as of December 31, 2003.

Federal Realty Investment Trust
Portfolio Leasing Statistics
December 31, 2003

Overall Portfolio Statistics (1)


	At December 31, 2003							At December 31, 2002

Type	Size		Leased		Leased %			Size		Leased		Leased %

Retail Properties:
Including Santana Row Phase I & II (2)		16,234,000		15,120,000		93.1	%		15,245,000		14,442,000		94.7	%
Excluding Santana Row (2)		15,705,000		14,654,000		93.3	%		14,801,000		14,128,000		95.5	%
Residential Properties:
Rollingwood Apartments (# of units)		282		269		95.4	%		282		275		97.5	%
Santana Row Apartments (# of units)		255		248		97.3	%		N/A		N/A		N/A
Crest at Congressional Apartments (# of units)		146		136		93.2	%		N/A		N/A		N/A

Same Center Statistics (1)


	At December 31, 2003							At December 31, 2002

Type	Size		Leased		Leased %			Size		Leased		Leased %

Retail Properties:
Including properties under redevelopment (leasable square feet)		14,667,000		13,831,000		94.3	%		14,670,000		14,002,000		95.4	%
Excluding properties under redevelopment (leasable square feet)		12,752,000		12,241,000		96.0	%		12,724,000		12,265,000		96.4	%
Residential Properties:
Rollingwood Apartments (# of units)		282		269		95.4	%		282		275		97.5	%

Notes:

(1)		See Glossary of Terms

(2)		Leasable square feet; excludes redevelopment square footage not yet placed in service.

Federal Realty Investment Trust
Summary of Top 25 Tenants
December 31, 2003


						Percentage of									Number of
						Total Annualized						Percentage of			Stores
Rank		Tenant Name	Annualized Base Rent			Base Rent			Tenant GLA			Total GLA			Leased

	1	Gap, Inc., The	$	6,185,000			2.30	%		210,000			1.29	%		11
	2	Ahold USA, Inc.	$	6,157,000			2.29	%		527,000			3.25	%		11
	3	Safeway, Inc.	$	5,889,000			2.19	%		434,000			2.67	%		7
	4	Bed, Bath & Beyond, Inc.	$	5,619,000			2.09	%		397,000			2.45	%		9
	5	Barnes & Noble, Inc.	$	3,766,000			1.40	%		168,000			1.03	%		18
	6	CVS Corporation	$	3,742,000			1.39	%		173,000			1.07	%		14
	7	TJX Companies, The	$	3,638,000			1.35	%		369,000			2.27	%		11
	8	Best Buy Stores, L.P.	$	3,550,000			1.32	%		103,000			0.63	%		4
	9	Toys R Us, Inc.	$	3,246,000			1.21	%		347,000			2.14	%		11
	10	Borders Group, Inc.	$	2,780,000			1.03	%		135,000			0.83	%		5
	11	OPNET Technologies, Inc.	$	2,406,000			0.89	%		60,000			0.37	%		1
	12	Great Atlantic &Pacific Tea Co	$	2,380,000			0.89	%		239,000			1.47	%		4
	13	Dollar Tree Stores, Inc.	$	2,305,000			0.86	%		177,000			1.09	%		17
	14	MTS, Inc.	$	2,273,000			0.85	%		91,000			0.56	%		5
	15	Home Depot, Inc.	$	2,207,000			0.82	%		218,000			1.34	%		3
	16	Container Store, Inc., The	$	2,137,000			0.79	%		52,000			0.32	%		2
	17	Michaels Stores, Inc.	$	1,992,000			0.74	%		184,000			1.13	%		6
	18	Wakefern Food Corporation	$	1,991,000			0.74	%		157,000			0.97	%		3
	19	Bally’s Health & Tennis	$	1,976,000			0.73	%		156,000			0.96	%		5
	20	Retail Ventures, Inc.	$	1,969,000			0.73	%		86,000			0.53	%		3
	21	Dress Barn, Inc.	$	1,969,000			0.73	%		93,000			0.57	%		13
	22	CompUSA, Inc.	$	1,921,000			0.71	%		108,000			0.67	%		4
	23	Kohl’s Corporation	$	1,905,000			0.71	%		356,000			2.19	%		3
	24	Staples, Inc.	$	1,731,000			0.64	%		91,000			0.56	%		5
	25	Viacom International, Inc.	$	1,689,000			0.63	%		72,000			0.44	%		13
		Totals - Top 25 Tenants	$	75,423,000			28.05	%		5,003,000			30.82	%		188

		Total Annualized Base Rent:	$	268,878,000	(2)
		Total Portfolio Square Footage:								16,234,000	(1)

Note:

(1)		Excludes redevelopment square footage not yet placed in service.

(2)		Reflects annual in-place contractual rent as of December 31, 2003.

Federal Realty Investment Trust
Reconciliation of Non-GAAP Disclosures
December 31, 2003

Reconciliation of 2004 EPS Guidance to 2004 FFO Guidance ($ millions except per share amounts)


	Forecast					Per Share

Net Income Available to Common Shareholders	$	58	to	$	60	$	1.15	to	$	1.19
Depreciation and Amortization of Real Estate Assets		81			81		1.61			1.61
Income Attributable to Operating Partnership Units		1			1		0.02			0.02

Funds from Operations	$	140	to	$	142	$	2.78	to	$	2.82

Weighted Average Shares (diluted)		50.5

Glossary of Terms

EBITDA: EBITDA is a non-GAAP measure that 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. EBITDA is presented because it provides useful information regarding our ability to service debt, EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of EBITDA, adjusted for discontinued operations, to net income for the twelve months ended December 31, 2003 and 2002 is as follows:


	For the Twelve Months Ended
	December 31,

	(in thousands)
	2003			2002

Net income (loss)	$	94,497		$	55,287
Depreciation and amortization		75,089			63,777
Interest		75,232			65,058
(Gain) on sale of real estate net of loss on abandoned developments held for sale		(20,053	)		(9,454	)

EBITDA	$	224,765		$	174,668

Funds From Operations (FFO): FFO is 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 and losses 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.

Property Operating Income: Gross revenues, including interest income, less rental expenses and real estate taxes.

Overall Portfolio: Includes all operating properties owned in reporting period.

Same Center: Excludes centers purchased or sold.

Tenant improvements: Represents the total dollars committed for the improvement (fit-out) of a space as it 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.