(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange On Which Registered |
$.01 par value per share, with associated Common Share Purchase Rights | ||
of 5.00% Series C Cumulative Redeemable Preferred Stock, $.01 par value per share |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company |
☐ | If an emerging growth company, indicate by checkmark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
FEDERAL REALTY INVESTMENT TRUST | |||
Date: | November 5, 2020 | /s/ Daniel Guglielmone | |
Daniel Guglielmone | |||
Executive Vice President- | |||
Chief Financial Officer and Treasurer |
Exhibit Number | Description | |
Supplemental Information at September 30, 2020 | ||
104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL Document |
FEDERAL REALTY INVESTMENT TRUST | |||
SUPPLEMENTAL INFORMATION | |||
September 30, 2020 | |||
TABLE OF CONTENTS | |||
1 | Third Quarter 2020 Earnings Press Release | ||
2 | Financial Highlights | ||
Consolidated Income Statements | |||
Consolidated Balance Sheets | |||
Funds From Operations / Other Supplemental Information | |||
COVID-19 Related Impacts | |||
Components of Rental Income | |||
Comparable Property Information | |||
Market Data | |||
3 | Summary of Debt | ||
Summary of Outstanding Debt | |||
Summary of Debt Maturities | |||
4 | Summary of Redevelopment Opportunities | ||
5 | Assembly Row, Pike & Rose, and Santana Row | ||
6 | Future Redevelopment Opportunities | ||
7 | Significant Property Acquisitions, Disposition, and Impairment | ||
8 | Real Estate Status Report | ||
9 | Retail Leasing Summary | ||
10 | Lease Expirations | ||
11 | Portfolio Leased Statistics | ||
12 | Summary of Top 25 Tenants | ||
13 | Tenant Diversification by Category | ||
14 | Glossary of Terms | ||
909 Rose Avenue, Suite 200 | |||
North Bethesda, Maryland 20852-8688 | |||
301/998-8100 |
• | risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire; |
• | risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected; |
• | risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded; |
• | risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate; |
• | risks that our growth will be limited if we cannot obtain additional capital; |
• | risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; |
• | risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax 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; |
• | risks related to natural disasters, climate change and public health crises (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. |
NEWS RELEASE | www.federalrealty.com |
FOR IMMEDIATE RELEASE | |
Inquiries: | |
Leah Andress Brady | |
Investor Relations Senior Manager | |
301.998.8265 | |
lbrady@federalrealty.com |
• | risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire; |
• | risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected; |
• | risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded; |
• | risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate; |
• | risks that our growth will be limited if we cannot obtain additional capital; |
• | risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; |
• | risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax 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; |
• | risks related to natural disasters, climate change and public health crises (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. |
Federal Realty Investment Trust | |||||||||||||||
Consolidated Income Statements | |||||||||||||||
September 30, 2020 | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
REVENUE | |||||||||||||||
Rental income | $ | 207,410 | $ | 233,212 | $ | 613,687 | $ | 694,435 | |||||||
Mortgage interest income | 787 | 735 | 2,294 | 2,204 | |||||||||||
Total revenue | 208,197 | 233,947 | 615,981 | 696,639 | |||||||||||
EXPENSES | |||||||||||||||
Rental expenses | 41,832 | 54,484 | 122,561 | 140,182 | |||||||||||
Real estate taxes | 30,520 | 29,030 | 90,183 | 81,883 | |||||||||||
General and administrative | 9,308 | 11,060 | 29,373 | 32,047 | |||||||||||
Depreciation and amortization | 65,631 | 59,648 | 190,603 | 178,327 | |||||||||||
Total operating expenses | 147,291 | 154,222 | 432,720 | 432,439 | |||||||||||
Impairment charge | (57,218 | ) | — | (57,218 | ) | — | |||||||||
Gain on sale of real estate, net of tax | — | 14,293 | 11,682 | 30,490 | |||||||||||
OPERATING INCOME | 3,688 | 94,018 | 137,725 | 294,690 | |||||||||||
OTHER INCOME/(EXPENSE) | |||||||||||||||
Other interest income | 538 | 389 | 1,355 | 755 | |||||||||||
Interest expense | (36,228 | ) | (27,052 | ) | (98,746 | ) | (82,567 | ) | |||||||
Loss from partnerships | (1,621 | ) | (249 | ) | (6,657 | ) | (1,302 | ) | |||||||
NET (LOSS) INCOME | (33,623 | ) | 67,106 | 33,677 | 211,576 | ||||||||||
Net loss (income) attributable to noncontrolling interests | 5,334 | (1,641 | ) | 3,304 | (5,065 | ) | |||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO THE TRUST | (28,289 | ) | 65,465 | 36,981 | 206,511 | ||||||||||
Dividends on preferred shares | (2,010 | ) | (2,010 | ) | (6,031 | ) | (6,031 | ) | |||||||
NET (LOSS) INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $ | (30,299 | ) | $ | 63,455 | $ | 30,950 | $ | 200,480 | ||||||
EARNINGS PER COMMON SHARE, BASIC AND DILUTED: | |||||||||||||||
Net (loss) income available for common shareholders | $ | (0.41 | ) | $ | 0.84 | $ | 0.40 | $ | 2.68 | ||||||
Weighted average number of common shares | 75,404 | 74,832 | 75,386 | 74,584 |
Federal Realty Investment Trust | |||||||
Consolidated Balance Sheets | |||||||
September 30, 2020 | |||||||
September 30, | December 31, | ||||||
2020 | 2019 | ||||||
(in thousands, except share and per share data) | |||||||
(unaudited) | |||||||
ASSETS | |||||||
Real estate, at cost | |||||||
Operating (including $1,709,234 and $1,676,866 of consolidated variable interest entities, respectively) | $ | 7,817,819 | $ | 7,535,983 | |||
Construction-in-progress (including $81,463 and $102,583 of consolidated variable interest entities, respectively) | 769,668 | 760,420 | |||||
Assets held for sale | — | 1,729 | |||||
8,587,487 | 8,298,132 | ||||||
Less accumulated depreciation and amortization (including $314,866 and $296,165 of consolidated variable interest entities, respectively) | (2,339,664 | ) | (2,215,413 | ) | |||
Net real estate | 6,247,823 | 6,082,719 | |||||
Cash and cash equivalents | 863,279 | 127,432 | |||||
Accounts and notes receivable, net | 164,882 | 152,572 | |||||
Mortgage notes receivable, net | 39,905 | 30,429 | |||||
Investment in partnerships | 22,093 | 28,604 | |||||
Operating lease right of use assets | 92,837 | 93,774 | |||||
Finance lease right of use assets | 51,437 | 52,402 | |||||
Prepaid expenses and other assets | 229,037 | 227,060 | |||||
TOTAL ASSETS | $ | 7,711,293 | $ | 6,794,992 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Liabilities | |||||||
Mortgages payable, net (including $474,775 and $469,184 of consolidated variable interest entities, respectively) | $ | 549,445 | $ | 545,679 | |||
Notes payable, net | 402,580 | 3,781 | |||||
Senior notes and debentures, net | 3,508,824 | 2,807,134 | |||||
Accounts payable and accrued expenses | 276,396 | 255,503 | |||||
Dividends payable | 82,688 | 81,676 | |||||
Security deposits payable | 19,693 | 21,701 | |||||
Operating lease liabilities | 72,921 | 73,628 | |||||
Finance lease liabilities | 72,052 | 72,062 | |||||
Other liabilities and deferred credits | 148,889 | 157,938 | |||||
Total liabilities | 5,133,488 | 4,019,102 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 159,721 | 139,758 | |||||
Shareholders’ equity | |||||||
Preferred shares, authorized 15,000,000 shares, $.01 par: | |||||||
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding | 150,000 | 150,000 | |||||
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding | 9,997 | 9,997 | |||||
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 75,641,074 and 75,540,804 shares issued and outstanding, respectively | 760 | 759 | |||||
Additional paid-in capital | 3,174,066 | 3,166,522 | |||||
Accumulated dividends in excess of net income | (999,664 | ) | (791,124 | ) | |||
Accumulated other comprehensive loss | (7,300 | ) | (813 | ) | |||
Total shareholders’ equity of the Trust | 2,327,859 | 2,535,341 | |||||
Noncontrolling interests | 90,225 | 100,791 | |||||
Total shareholders’ equity | 2,418,084 | 2,636,132 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 7,711,293 | $ | 6,794,992 |
Federal Realty Investment Trust | ||||||||||||||||
Funds From Operations / Other Supplemental Information | ||||||||||||||||
September 30, 2020 | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Funds from Operations available for common shareholders (FFO) (1) (2) | ||||||||||||||||
Net (loss) income | $ | (33,623 | ) | $ | 67,106 | $ | 33,677 | $ | 211,576 | |||||||
Net loss (income) attributable to noncontrolling interests | 5,334 | (1,641 | ) | 3,304 | (5,065 | ) | ||||||||||
Gain on sale of real estate, net of tax | — | (14,293 | ) | (11,682 | ) | (30,490 | ) | |||||||||
Impairment charge, net (3) | 50,728 | — | 50,728 | — | ||||||||||||
Depreciation and amortization of real estate assets | 58,224 | 53,441 | 170,878 | 160,253 | ||||||||||||
Amortization of initial direct costs of leases | 5,853 | 4,878 | 15,562 | 14,165 | ||||||||||||
Funds from operations | 86,516 | 109,491 | 262,467 | 350,439 | ||||||||||||
Dividends on preferred shares (4) | (2,010 | ) | (1,875 | ) | (6,031 | ) | (5,625 | ) | ||||||||
Income attributable to operating partnership units | 790 | 658 | 2,362 | 2,048 | ||||||||||||
Income attributable to unvested shares | (265 | ) | (314 | ) | (806 | ) | (1,004 | ) | ||||||||
FFO (5) | $ | 85,031 | $ | 107,960 | $ | 257,992 | $ | 345,858 | ||||||||
Weighted average number of common shares, diluted (4) | 76,149 | 75,554 | 76,133 | 75,342 | ||||||||||||
FFO per diluted share (5) | $ | 1.12 | $ | 1.43 | $ | 3.39 | $ | 4.59 | ||||||||
Summary of Capital Expenditures | ||||||||||||||||
Non-maintenance capital expenditures | ||||||||||||||||
Development, redevelopment and expansions | $ | 110,478 | $ | 125,794 | $ | 317,796 | $ | 272,049 | ||||||||
Tenant improvements and incentives | 15,013 | 14,746 | 37,662 | 40,221 | ||||||||||||
Total non-maintenance capital expenditures | 125,491 | 140,540 | 355,458 | 312,270 | ||||||||||||
Maintenance capital expenditures | 2,758 | 6,226 | 8,773 | 11,101 | ||||||||||||
Total capital expenditures | $ | 128,249 | $ | 146,766 | $ | 364,231 | $ | 323,371 | ||||||||
Dividends and Payout Ratios | ||||||||||||||||
Regular common dividends declared | $ | 80,170 | $ | 79,102 | $ | 238,980 | $ | 231,657 | ||||||||
Dividend payout ratio as a percentage of FFO | 94 | % | 73 | % | 93 | % | 67 | % | ||||||||
Noncontrolling Interests Supplemental Information (2) | ||||||||||||||||
Property operating income (1) | $ | 2,554 | $ | 2,997 | $ | 7,134 | $ | 9,191 | ||||||||
Impairment charge | (6,490 | ) | — | (6,490 | ) | — | ||||||||||
Depreciation and amortization | (1,553 | ) | (1,490 | ) | (4,488 | ) | (4,477 | ) | ||||||||
Interest expense | (635 | ) | (524 | ) | (1,822 | ) | (1,697 | ) | ||||||||
Net (loss) income | $ | (6,124 | ) | $ | 983 | $ | (5,666 | ) | $ | 3,017 |
1) | See Glossary of Terms. |
2) | Amounts reflect the components of "net loss (income) attributable to noncontrolling interests," but excludes "income attributable to operating partnership units." |
3) | Impairment charge relates to The Shops at Sunset Place. Amount is net of the allocation to noncontrolling interests. See page 20 for further discussion. |
4) | For the three and nine months ended September 30, 2019, dividends on our Series 1 preferred stock were not deducted in the calculation of FFO available to common shareholders, as the related shares were dilutive and included in "weighted average common shares, diluted." |
5) | Funds from operations available for common shareholders for the three and nine months ended September 30, 2019 includes an $11.9 million charge related to the buyout of the Kmart lease at Assembly Row Marketplace. If this charge was excluded, our FFO, FFO per diluted share, and dividend payout ratio as a percentage of FFO for those periods would have been: |
Three Months Ended | Nine Months Ended | |||||||
September 30, 2019 | ||||||||
(in thousands, except per share data) | ||||||||
FFO | $ | 119,837 | $ | 357,735 | ||||
FFO per diluted share | $ | 1.59 | $ | 4.75 | ||||
Dividend payout ratio as a percentage of FFO | 66 | % | 65 | % |
Federal Realty Investment Trust | |||
COVID-19 Related Impacts | |||
September 30, 2020 |
Type | Accounts Receivable Impact | Straight-Line Rent Receivable Impact | Total | ||||||||
(in thousands) | |||||||||||
Tenants recognized on a cash basis prior to Q3 2020 (1) | $ | 16,342 | $ | — | $ | 16,342 | |||||
Changes in our collectibility assumptions in Q3 2020 and COVID-19 related disputes/abatements (2) | 11,308 | 1,731 | 13,039 | ||||||||
Total collectibility impact | $ | 27,650 | $ | 1,731 | $ | 29,381 |
Notes: | |
1) | Approximately 80% of this impact is from restaurants, fitness, and entertainment tenants. |
2) | This balance reflects rent abatements granted as a result of COVID-19, as well as changes in assumptions of collectibility primarily due to the impacts of COVID-19. Approximately 50% of the impact is due to tenants where we do not believe it is probable we will collect the remaining contractual lease payments and/or tenants that have filed for bankruptcy during Q3 2020. |
As of September 30, 2020 | |||||
Total | % Recognized on a Cash Basis | ||||
Active commercial tenant leases | 2,846 | 34% | |||
Annualized base rent from commercial tenants (in millions) (3) | $ | 637 | 27% |
As of September 30, 2020 | As of June 30, 2020 | As of March 31, 2020 | |||||||||
(in thousands) | |||||||||||
Billed accounts receivable, net | $ | 26,706 | $ | 37,149 | $ | 11,774 | |||||
Straight-line rent receivable, net | 102,867 | 100,673 | 104,440 | ||||||||
Other receivables | 35,309 | 29,819 | 37,029 | ||||||||
Total accounts receivable, net | $ | 164,882 | $ | 167,641 | $ | 153,243 |
Contractual rent deferred (in millions) (4) | $ | 34 | ||
Percent of deferred rent agreed to be repaid by December 31, 2021 | 88% | |||
Contractual rent abated (in millions) (5) | $ | 21 |
Notes: | |
3) | See Glossary of Terms. |
4) | Total contractual rent for April through September 2020 that has been deferred pursuant to modification agreements signed through October 30, 2020. Accrual basis tenants comprise approximately 64% of the deferred rent for the nine months ended September 30, 2020 for executed agreements in place as of October 30, 2020. |
5) | Total contractual rent for April through September 2020 that has been abated pursuant to modification agreements signed through October 30, 2020. |
Federal Realty Investment Trust | ||||||||||||||||
Components of Rental Income (1) | ||||||||||||||||
September 30, 2020 | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Minimum rents (2) | ||||||||||||||||
Commercial | $ | 158,560 | $ | 158,275 | $ | 468,939 | $ | 471,403 | ||||||||
Residential | 20,134 | 19,864 | 61,124 | 58,601 | ||||||||||||
Cost reimbursements | 44,253 | 44,026 | 129,838 | 128,585 | ||||||||||||
Percentage rents | 1,497 | 2,652 | 4,009 | 6,681 | ||||||||||||
Other | 10,616 | 9,833 | 26,242 | 32,448 | ||||||||||||
Collectibility related impact | (27,650 | ) | (1,438 | ) | (76,465 | ) | $ | (3,283 | ) | |||||||
Total rental income | $ | 207,410 | $ | 233,212 | $ | 613,687 | $ | 694,435 |
1) | All income from tenant leases is reported as a single line item called "rental income." We have provided the above supplemental information with a breakout of the contractual components of the rental income line, however, these breakouts are provided for informational purposes only and should be considered a non-GAAP presentation. |
2) | Minimum rent for the three and nine months ended September 30, 2020 includes a $1.7 million and $11.2 million charge, respectively, for the write-off of straight-line receivables related to the impacts of the COVID-19 pandemic (See discussion on page 10). In total, minimum rents include the following: |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in millions) | ||||||||||||||||
Straight-line rents | $ | 2.3 | $ | 1.7 | $ | 2.8 | $ | 6.0 | ||||||||
Amortization of in-place leases | $ | 1.2 | $ | 1.9 | $ | 3.1 | $ | 5.1 |
Federal Realty Investment Trust | |||||||||
Comparable Property Information | |||||||||
September 30, 2020 | |||||||||
The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q3 include: Assembly Row - Phase 2 Retail and Phase 3, Cocowalk, Darien, Pike & Rose Phase 2 Retail and Phase 3, The Shops at Sunset Place, 700 Santana Row, Freedom Plaza, a portion of Graham Park Plaza, and all properties acquired or disposed of from Q3 2019 to Q3 2020. Additionally, in Q3 2019, the $11.9 million charge related to the buyout of the Kmart lease at Assembly Square Marketplace is excluded from Comparable Property property operating income ("Comparable Property POI"). Comparable Property POI is a non-GAAP measure used by management in evaluating the operating performance of our properties period over period. However, given the impacts of COVID-19, management believes this metric is less relevant in the current environment, and is not necessarily indicative of our results. | |||||||||
Reconciliation of GAAP operating income to Comparable Property POI | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2020 | 2019 | ||||||||
(in thousands) | |||||||||
Operating income | $ | 3,688 | $ | 94,018 | |||||
Add: | |||||||||
Depreciation and amortization | 65,631 | 59,648 | |||||||
General and administrative | 9,308 | 11,060 | |||||||
Impairment charge | 57,218 | — | |||||||
Gain on sale of real estate, net of tax | — | (14,293 | ) | ||||||
Property operating income (POI) | 135,845 | 150,433 | |||||||
Less: Non-comparable POI - acquisitions/dispositions | (3,335 | ) | (1,895 | ) | |||||
Less: Non-comparable POI - redevelopment, development & other | (5,865 | ) | 6,022 | ||||||
Comparable property POI | $ | 126,645 | $ | 154,560 | |||||
Additional information regarding the components of Comparable Property POI | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2020 | 2019 | % Change | |||||||
(in thousands) | |||||||||
Rental income | $ | 190,964 | $ | 221,038 | |||||
Rental expenses | (36,784 | ) | (39,002 | ) | |||||
Real estate taxes | (27,535 | ) | (27,476 | ) | |||||
(64,319 | ) | (66,478 | ) | ||||||
Comparable property POI | $ | 126,645 | $ | 154,560 | (18.1 | )% | |||
Supplemental information: | |||||||||
Collectibility related impacts included in rental income | 25,473 | 1,246 | |||||||
Comparable property POI excluding collectibility related impacts | $ | 152,118 | $ | 155,806 | (2.4 | )% | |||
Comparable Property - Summary of Capital Expenditures (1) | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2020 | 2019 | ||||||||
(in thousands) | |||||||||
Redevelopment and tenant improvements and incentives | $ | 31,739 | $ | 30,636 | |||||
Maintenance capital expenditures | 2,678 | 5,726 | |||||||
$ | 34,417 | $ | 36,362 | ||||||
Comparable Property - Occupancy Statistics (2) | |||||||||
At September 30, | |||||||||
2020 | 2019 | ||||||||
GLA - comparable commercial properties | 22,118,000 | 22,328,000 | |||||||
Leased % - comparable commercial properties | 92.0 | % | 94.9 | % | |||||
Occupancy % - comparable commercial properties | 90.6 | % | 93.5 | % |
Notes: | |
1) | See page 9 for "Summary of Capital Expenditures" for our entire portfolio. |
2) | See page 28 for entire portfolio occupancy statistics. |
Federal Realty Investment Trust | |||||||||
Market Data | |||||||||
September 30, 2020 | |||||||||
September 30, | |||||||||
2020 | 2019 | ||||||||
(in thousands, except per share data) | |||||||||
Market Data | |||||||||
Common shares outstanding and operating partnership units (1) | 76,386 | 76,122 | |||||||
Market price per common share | $ | 73.44 | $ | 136.14 | |||||
Common equity market capitalization including operating partnership units | $ | 5,609,788 | $ | 10,363,249 | |||||
Series C preferred shares outstanding | 6 | 6 | |||||||
Liquidation price per Series C preferred share | $ | 25,000 | 25,000 | ||||||
Series C preferred equity market capitalization | $ | 150,000 | $ | 150,000 | |||||
Series 1 preferred shares outstanding (2) | 400 | 400 | |||||||
Liquidation price per Series 1 preferred share | $ | 25.00 | $ | 25.00 | |||||
Series 1 preferred equity market capitalization | $ | 10,000 | $ | 10,000 | |||||
Equity market capitalization | $ | 5,769,788 | $ | 10,523,249 | |||||
Total debt | $ | 4,460,849 | $ | 3,276,911 | |||||
Less: cash and cash equivalents | (863,279 | ) | (162,543 | ) | |||||
Total net debt (3) | $ | 3,597,570 | $ | 3,114,368 | |||||
Total market capitalization | $ | 9,367,358 | $ | 13,637,617 | |||||
Total net debt to market capitalization at market price per common share | 38 | % | 23 | % | |||||
Total net debt to market capitalization at a constant common share price of $136.14 | 25 | % | 23 | % |
1) | Amounts include 744,617 and 626,619 operating partnership units outstanding at September 30, 2020 and 2019, respectively. |
2) | These shares, issued March 8, 2007, are unregistered. |
3) | Total net debt includes mortgages payable, notes payable, senior notes and debentures, net of premiums/discounts and debt issuance costs and net of cash and cash equivalents from our consolidated balance sheet. |
Federal Realty Investment Trust | ||||||||||||||
Summary of Outstanding Debt | ||||||||||||||
September 30, 2020 | ||||||||||||||
As of September 30, 2020 | ||||||||||||||
Stated maturity date | Stated interest rate | Balance | Weighted average effective rate (8) | |||||||||||
(in thousands) | ||||||||||||||
Mortgages Payable (1) | ||||||||||||||
Secured fixed rate | ||||||||||||||
The Shops at Sunset Place (2) | 9/1/2020 | 5.62% | $ | 60,593 | ||||||||||
29th Place | 1/31/2021 | 5.91% | 3,690 | |||||||||||
Sylmar Towne Center | 6/6/2021 | 5.39% | 16,338 | |||||||||||
Plaza Del Sol | 12/1/2021 | 5.23% | 8,089 | |||||||||||
The AVENUE at White Marsh | 1/1/2022 | 3.35% | 52,705 | |||||||||||
Montrose Crossing | 1/10/2022 | 4.20% | 66,077 | |||||||||||
Azalea | 11/1/2025 | 3.73% | 40,000 | |||||||||||
Bell Gardens | 8/1/2026 | 4.06% | 12,476 | |||||||||||
Plaza El Segundo | 6/5/2027 | 3.83% | 125,000 | |||||||||||
The Grove at Shrewsbury (East) | 9/1/2027 | 3.77% | 43,600 | |||||||||||
Brook 35 | 7/1/2029 | 4.65% | 11,500 | |||||||||||
Hoboken (24 Buildings) (3) | 12/15/2029 | LIBOR + 1.95% | 56,450 | |||||||||||
Various Hoboken (14 Buildings) | Various through 2029 | Various (4) | 32,921 | |||||||||||
Chelsea | 1/15/2031 | 5.36% | 5,327 | |||||||||||
Hoboken (1 Building) (5) | 7/1/2042 | 3.75% | 16,641 | |||||||||||
Subtotal | 551,407 | |||||||||||||
Net unamortized premium and debt issuance costs | (1,962 | ) | ||||||||||||
Total mortgages payable, net | 549,445 | 4.20% | ||||||||||||
Notes payable | ||||||||||||||
Term loan | 5/6/2021 | LIBOR + 1.35% | 400,000 | |||||||||||
Revolving credit facility (6) | 1/19/2024 | LIBOR + 0.775% | — | |||||||||||
Various | Various through 2028 | 11.31% | 3,393 | |||||||||||
Subtotal | 403,393 | |||||||||||||
Net unamortized debt issuance costs | (813 | ) | ||||||||||||
Total notes payable, net | 402,580 | 2.00% | (9) | |||||||||||
Senior notes and debentures | ||||||||||||||
Unsecured fixed rate | ||||||||||||||
2.55% notes | 1/15/2021 | 2.55% | 250,000 | |||||||||||
3.00% notes | 8/1/2022 | 3.00% | 250,000 | |||||||||||
2.75% notes | 6/1/2023 | 2.75% | 275,000 | |||||||||||
3.95% notes | 1/15/2024 | 3.95% | 600,000 | |||||||||||
7.48% debentures | 8/15/2026 | 7.48% | 29,200 | |||||||||||
3.25% notes | 7/15/2027 | 3.25% | 475,000 | |||||||||||
6.82% medium term notes | 8/1/2027 | 6.82% | 40,000 | |||||||||||
3.20% notes | 6/15/2029 | 3.20% | 400,000 | |||||||||||
3.50% notes | 6/1/2030 | 3.50% | 400,000 | |||||||||||
4.50% notes | 12/1/2044 | 4.50% | 550,000 | |||||||||||
3.625% notes | 8/1/2046 | 3.63% | 250,000 | |||||||||||
Subtotal | 3,519,200 | |||||||||||||
Net unamortized discount and debt issuance costs | (10,376 | ) | ||||||||||||
Total senior notes and debentures, net | 3,508,824 | 3.64% | ||||||||||||
Total debt, net | $ | 4,460,849 | (7) | |||||||||||
Total fixed rate debt, net | $ | 4,061,605 | 91 | % | 3.71% | |||||||||
Total variable rate debt, net | 399,244 | 9 | % | 1.92% | (9) | |||||||||
Total debt, net | $ | 4,460,849 | 100 | % | 3.55% | (9) |
Three Months Ended | Nine Months Ended | Trailing Twelve | |||||||
September 30, | September 30, | Months Ended | |||||||
2020 | 2019 | 2020 | 2019 | September 30, 2020 | |||||
Operational Statistics | |||||||||
Ratio of EBITDAre to combined fixed charges and preferred share dividends (10) | 2.79x | 3.93x | 2.94x | 4.15x | 3.22x | ||||
Excluding lease buyout charge | |||||||||
Ratio of EBITDAre to combined fixed charges and preferred share dividends (10) (11) | 2.79x | 4.26x | 2.94x | 4.26x | 3.22x |
1) | Mortgages payable does not include our share of the debt on our unconsolidated real estate partnerships. At September 30, 2020, our share was approximately $53.7 million. At September 30, 2020, our noncontrolling interests share of mortgages payable was $59.3 million. |
2) | On September 1, 2020, this non-recourse mortgage loan matured, and was not repaid. See page 20 for further discussion. |
3) | We have two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%. |
4) | The interest rates on these mortgages range from 3.91% to 5.00%. |
5) | The mortgage loan has a fixed interest rate; however, the rate resets every five years until maturity. The current rate is fixed until July 1, 2022, and the loan is prepayable at par anytime after this date. |
6) | During the three months ended September 30, 2020, there were no borrowings on our revolving credit facility. |
7) | The weighted average remaining term on our mortgages payable, notes payable, and senior notes and debentures is 8 years. |
8) | The weighted average effective interest rate includes the amortization of any debt issuance costs and discounts and premiums, if applicable, except as described in Note 9. The weighted average effective interest rate includes interest at the non-default rate for The Shops at Sunset Place mortgage loan. See Note 2 above. |
9) | The weighted average effective interest rate excludes $0.6 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility. |
10) | Fixed charges consist of interest on borrowed funds and finance leases (including capitalized interest), amortization of debt discount/premium and debt costs, and the portion of rent expense representing an interest factor. EBITDAre is reconciled to net income in the Glossary of Terms. |
11) | The ratio of EBITDAre to combined fixed charges and preferred share dividends for the three and nine months ended September 30, 2019 excludes the $11.9 million charge related to the buyout of the Kmart lease at Assembly Square Marketplace. |
Federal Realty Investment Trust | |||||||||||||||||||||
Summary of Debt Maturities | |||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||
Year | Scheduled Amortization | Maturities | Total | Percent of Debt Maturing | Cumulative Percent of Debt Maturing | Weighted Average Rate (4) | |||||||||||||||
(in thousands) | |||||||||||||||||||||
2020 | $ | 1,287 | $ | 60,593 | (1) | $ | 61,880 | 1.4 | % | 1.4 | % | 5.6 | % | (1) | |||||||
2021 | 4,890 | 677,546 | (2) | 682,436 | 15.3 | % | 16.7 | % | 2.3 | % | |||||||||||
2022 | 4,139 | 366,323 | 370,462 | 8.3 | % | 25.0 | % | 3.4 | % | ||||||||||||
2023 | 4,324 | 275,000 | 279,324 | 6.2 | % | 31.2 | % | 3.0 | % | ||||||||||||
2024 | 4,353 | 600,000 | 604,353 | 13.5 | % | 44.7 | % | 3.7 | % | (5) | |||||||||||
2025 | 3,996 | 44,298 | 48,294 | 1.1 | % | 45.8 | % | 3.9 | % | ||||||||||||
2026 | 3,456 | 52,450 | 55,906 | 1.2 | % | 47.0 | % | 5.9 | % | ||||||||||||
2027 | 3,061 | 690,570 | 693,631 | 15.5 | % | 62.5 | % | 3.8 | % | ||||||||||||
2028 | 2,934 | — | 2,934 | 0.1 | % | 62.6 | % | 6.8 | % | ||||||||||||
2029 | 2,770 | 458,099 | 460,869 | 10.3 | % | 72.9 | % | 3.3 | % | ||||||||||||
Thereafter | 8,012 | 1,205,899 | 1,213,911 | 27.1 | % | 100.0 | % | 4.1 | % | ||||||||||||
Total | $ | 43,222 | $ | 4,430,778 | $ | 4,474,000 | (3) | 100.0 | % |
1) | This includes the principal balance of The Shops at Sunset Place non-recourse mortgage loan, which matured on September 1, 2020. The weighted average rate includes interest at the non-default rate. See page 20 for further discussion. |
2) | On May 6, 2020, we entered into a $400.0 million unsecured term loan, which matures on May 6, 2021. We have the option to extend the loan maturity one year to May 6, 2022. |
3) | The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on certain mortgage loans, notes payable, and senior notes as of September 30, 2020. |
4) | The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year. |
5) | The weighted average rate excludes $0.6 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility, which had no balance outstanding at September 30, 2020. Our revolving credit facility matures on January 19, 2024, plus two six month extensions at our option. |
Federal Realty Investment Trust | |||||||||
Summary of Redevelopment Opportunities | |||||||||
September 30, 2020 | |||||||||
The following redevelopment opportunities have received or will shortly receive all necessary approvals to proceed and are actively being worked on by the Trust. (1) | |||||||||
Impacts of COVID-19 Pandemic: | |||||||||
Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19. | |||||||||
Property | Location | Opportunity | Projected ROI (2) | Projected Cost (1) | Cost to Date | Anticipated Stabilization (3) | |||
(in millions) | (in millions) | ||||||||
The Commons at Darien | Darien, CT | Demolition of a 45,000 square foot anchor space to construct 75,000 square feet of new retail space, 122 rental apartments, and 720 parking spaces | 6 | % | $110 - $120 | $20 | 2023 | ||
Cocowalk | Coconut Grove, FL | Entire shopping center redevelopment to include: demolition of three story east wing of the property and construction of a 106,000 square foot 5-story office/retail building with 24,000 square feet of retail; complete renovation of the west wing. | 6%-7% | $85 - $90 | $69 | 2021 | |||
Freedom Plaza (5) | Los Angeles, CA | Development of a new 113,000 square foot single-story grocery anchored neighborhood shopping center | 7 | % | $38 - $42 | $33 | 2021 | ||
Bala Cynwyd | Bala Cynwyd, PA | New 87 unit residential apartment building to be constructed on underutilized land behind our existing shopping center | 6 | % | $23 | $22 | 2021 | ||
7021 Hollywood Blvd | Los Angeles, CA | Renovation of the center and three vacant spaces to accommodate a new 39,000 square foot anchor tenant | 9 | % | $19 | $15 | 2021 | ||
Melville Mall | Huntington, NY | Development of a new 15,000 square foot pad site consisting of two multi-tenant retail buildings | 8 | % | $11 | $9 | 2021 | ||
Lawrence Park | Broomall, PA | Full shopping center redevelopment to include expansion of Main Line Health into vacant lower level space, creation of 17,800 square feet of small shop space converted from vacated anchor space, and a façade renovation for the entire center | 8 | % | $10 | $3 | 2021 | ||
Wildwood | Bethesda, MD | 4,900 square foot south end building expansion and site improvements | 7 | % | $5 | $5 | Stabilized | ||
Flourtown | Flourtown, PA | Development of a new 4,550 square foot two-tenant pad building | 7 | % | $3 | $0 | 2021 | ||
Sylmar Towne Center | Sylmar, CA | Development of a new 3,800 square foot two-tenant pad building | 6 | % | $3 | $1 | 2021 | ||
Total Active Redevelopment projects (4) | 6 | % | $307 - $326 | $177 |
(1) | There is no guarantee 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 for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects 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) | Stabilization is generally the year in which 90% physical occupancy of the redeveloped space is achieved. Economic stabilization may occur at a later point in time. |
(4) | All subtotals and totals reflect cost weighted-average ROIs. |
(5) | Project formerly known as Jordan Downs Plaza. Cost to date and projected cost are net of the proceeds we will receive from our New Market Tax Credit structure. See Note 3 of our December 31, 2019 Form 10-K for additional information. Stabilization has been impacted by the COVID-19 pandemic. |
Federal Realty Investment Trust | ||||||||||
Assembly Row, Pike & Rose, and Santana Row | ||||||||||
September 30, 2020 | ||||||||||
Impacts of COVID-19 Pandemic: | ||||||||||
Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, and timing of stabilization may be impacted by COVID-19. | ||||||||||
Projected | Total | Costs to | ||||||||
Property (1) | Opportunity | ROI (2) | Cost (3) | Date | Expected Opening Timeframe | |||||
(in millions) | (in millions) | |||||||||
Assembly Row, Somerville, MA | ||||||||||
Phase III | - 277,000 SF of office - 500 residential units - 56,000 SF of retail | 6% | $465 - 485 | $311 | 150,000 square feet of office space pre-leased | |||||
Opening projected to begin in 2021 | ||||||||||
Future Phases | - 1.5M SF of commercial - 329 residential units | TBD | TBD | |||||||
Pike & Rose, North Bethesda, MD | ||||||||||
Phase III | - 212,000 SF of office - 4,000 SF of retail | 6-7% | $128 - 135 | $94 | (4) | Opening began in Q3 2020 | ||||
Future Phases | - 740,000 SF of commercial - 741 residential units | TBD | TBD | |||||||
Santana Row, San Jose, CA | ||||||||||
700 Santana Row | - 301,000 SF of office - 20,000 SF of retail & 1,300 parking spaces - Redevelopment of Santana Row Park including the installation of a new retail pavilion | 7-8% | $210 - 215 | $201 | Office delivered in Q1 2020 | |||||
11,000 square feet of retail has opened | ||||||||||
Project stabilized | ||||||||||
Santana West - Phase I | - 376,000 SF of office - 1,750 parking spaces | 7% | $250 - 270 | $106 | Opening projected to begin in 2022 | |||||
Future Phases | -321,000 SF of commercial -395 residential units -604,000 SF of commercial across from Santana Row | TBD | TBD |
(1) | Anticipated opening dates, total cost, and projected return on investment (ROI) are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors. | |||||
(2) | Projected ROI for development projects reflects the unleveraged Property Operating Income (POI) generated by the development and is calculated as POI divided by cost. | |||||
(3) | Projected costs for Assembly Row and Pike & Rose include an allocation of infrastructure costs for the entire project. Phase I of Santana West includes an allocation of infrastructure for the Santana West site. | |||||
(4) | Federal Realty Investment Trust is leasing 45,000 square feet of office space at a market rent in Pike & Rose Phase III, which delivered in August 2020. Revenue related to this rent will be eliminated in the consolidated financial statements. |
Federal Realty Investment Trust | |||||||
Future Redevelopment Opportunities | |||||||
September 30, 2020 | |||||||
We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many of these new opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time. | |||||||
Pad Site Opportunities - Opportunities to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are "by right" and construction is awaiting appropriate retailer demand. | |||||||
Escondido Promenade | Escondido, CA | Mercer Mall | Lawrenceville, NJ | ||||
Federal Plaza | Rockville, MD | Pan Am | Fairfax, VA | ||||
Fresh Meadows | Queens, NY | Sylmar Towne Center | Sylmar, CA | ||||
Property Expansion or Conversion - Opportunities at successful retail properties to convert previously underutilized land into new GLA and to convert other existing uses into more productive uses for the property. | |||||||
Barracks Road | Charlottesville, VA | Huntington | Huntington, NY | ||||
Bethesda Row | Bethesda, MD | Plaza El Segundo | El Segundo, CA | ||||
Dedham Plaza | Dedham, MA | Riverpoint Center | Chicago, IL | ||||
Fairfax Junction | Fairfax, VA | Third Street Promenade | Santa Monica, CA | ||||
Fourth Street | Berkeley, CA | Wildwood | Bethesda, MD | ||||
Fresh Meadows | Queens, NY | Willow Grove | Willow Grove, PA | ||||
Hastings Ranch Plaza | Pasadena, CA | ||||||
Residential Opportunities - Opportunity to add residential units to existing retail and mixed-use properties. | |||||||
Barracks Road | Charlottesville, VA | Graham Park Plaza | Falls Church, VA | ||||
Bala Cynwyd | Bala Cynwyd, PA | Village at Shirlington | Arlington, VA | ||||
Longer Term Mixed-Use Opportunities | |||||||
Assembly Row (1) | Somerville, MA | Pike & Rose (2) | North Bethesda, MD | ||||
Bala Cynwyd | Bala Cynwyd, PA | Santana Row (3) | San Jose, CA | ||||
Pike 7 Plaza | Vienna, VA | Santana Row - Santana West (3) | San Jose, CA | ||||
Notes: | |||||||
(1) | Assembly Row | Remaining entitlements after Phase III include approximately 1.5 million square feet of commercial-use buildings and 329 residential units. | |||||
(2) | Pike & Rose | Remaining entitlements after Phase III include approximately 740,000 square feet of commercial-use buildings, and 741 residential units. | |||||
(3) | Santana Row | Remaining entitlements include approximately 321,000 square feet of commercial space and 395 residential units, as well as approximately 604,000 square feet of commercial space on land we control across from Santana Row. |
Federal Realty Investment Trust | |||||||||||
Significant Property Acquisitions, Disposition, and Impairment | |||||||||||
September 30, 2020 |
Date | Property | City/State | GLA | Purchase Price | Principal Tenants | ||||
(in square feet) | (in millions) | ||||||||
January 10, 2020 | Westfair Shopping Center | Fairfax, Virginia | 49,000 | $ | 22.3 | Guitar Center | (1) | ||
February 12, 2020 | Hoboken (2 buildings) | Hoboken, New Jersey | 12,000 | $ | 14.3 | (2) |
Date | Property | City/State | GLA (3) | Sales Price | ||||
(in square feet) | (in millions) | |||||||
April 21, 2020 | Colorado Blvd (1 building) | Pasadena, California | 20,000 | $ | 16.1 |
Federal Realty Investment Trust | |||||||||||||||||||||||
Real Estate Status Report | |||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property Name | MSA Description | Real Estate at Cost (1) | Mortgage/Finance Lease Liabilities (2) | Acreage | GLA (3) | % Leased (3) | Residential Units | Grocery Anchor GLA | Grocery Anchor | Other Retail Tenants | |||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Washington Metropolitan Area | |||||||||||||||||||||||
Barcroft Plaza | Washington-Arlington-Alexandria, DC-VA-MD-WV | $ | 49,436 | 10 | 113,000 | 92 | % | 46,000 | Harris Teeter | ||||||||||||||
Bethesda Row | Washington-Arlington-Alexandria, DC-VA-MD-WV | 242,134 | 17 | 526,000 | 96 | % | 180 | 40,000 | Giant Food | Apple / Equinox / Anthropologie / Multiple Restaurants | |||||||||||||
Congressional Plaza | (4) | Washington-Arlington-Alexandria, DC-VA-MD-WV | 106,037 | 21 | 323,000 | 86 | % | 194 | 25,000 | The Fresh Market | Buy Buy Baby / Container Store / Ulta / Barnes & Noble | ||||||||||||
Courthouse Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 7,050 | 2 | 37,000 | 81 | % | |||||||||||||||||
Fairfax Junction | (5) | Washington-Arlington-Alexandria, DC-VA-MD-WV | 41,038 | 11 | 124,000 | 99 | % | 23,000 | Aldi | CVS / Planet Fitness | |||||||||||||
Falls Plaza/Falls Plaza-East | Washington-Arlington-Alexandria, DC-VA-MD-WV | 15,425 | 10 | 144,000 | 92 | % | 51,000 | Giant Food | CVS / Staples | ||||||||||||||
Federal Plaza | Washington-Arlington-Alexandria, DC-VA-MD-WV | 70,373 | 18 | 249,000 | 92 | % | 14,000 | Trader Joe's | TJ Maxx / Micro Center / Ross Dress For Less | ||||||||||||||
Friendship Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 38,161 | 1 | 119,000 | 100 | % | Marshalls / Nordstrom Rack / DSW / Maggiano's | ||||||||||||||||
Gaithersburg Square | Washington-Arlington-Alexandria, DC-VA-MD-WV | 29,388 | 16 | 208,000 | 87 | % | Bed, Bath & Beyond / Ross Dress For Less / Ashley Furniture HomeStore / CVS | ||||||||||||||||
Graham Park Plaza | Washington-Arlington-Alexandria, DC-VA-MD-WV | 36,788 | 19 | 132,000 | 86 | % | 58,000 | Giant Food | |||||||||||||||
Idylwood Plaza | Washington-Arlington-Alexandria, DC-VA-MD-WV | 17,246 | 7 | 73,000 | 100 | % | 30,000 | Whole Foods | |||||||||||||||
Laurel | Washington-Arlington-Alexandria, DC-VA-MD-WV | 60,139 | 26 | 360,000 | 96 | % | 61,000 | Giant Food | Marshalls / L.A. Fitness | ||||||||||||||
Leesburg Plaza | Washington-Arlington-Alexandria, DC-VA-MD-WV | 37,276 | 26 | 236,000 | 83 | % | 55,000 | Giant Food | Petsmart / Office Depot | ||||||||||||||
Montrose Crossing | Washington-Arlington-Alexandria, DC-VA-MD-WV | 162,560 | 66,077 | 36 | 370,000 | 84 | % | 73,000 | Giant Food | Marshalls / Home Depot Design Center / Old Navy / Bob's Discount Furniture | |||||||||||||
Mount Vernon/South Valley/7770 Richmond Hwy | (5) | Washington-Arlington-Alexandria, DC-VA-MD-WV | 86,398 | 29 | 565,000 | 96 | % | 62,000 | Shoppers Food Warehouse | TJ Maxx / Home Depot / Bed, Bath & Beyond / Results Fitness | |||||||||||||
Old Keene Mill | Washington-Arlington-Alexandria, DC-VA-MD-WV | 13,017 | 10 | 91,000 | 95 | % | 24,000 | Whole Foods | Walgreens / Planet Fitness | ||||||||||||||
Pan Am | Washington-Arlington-Alexandria, DC-VA-MD-WV | 30,006 | 25 | 228,000 | 98 | % | 65,000 | Safeway | Micro Center / CVS / Michaels | ||||||||||||||
Pentagon Row | Washington-Arlington-Alexandria, DC-VA-MD-WV | 105,135 | 14 | 297,000 | 89 | % | 45,000 | Harris Teeter | TJ Maxx / Bed, Bath & Beyond / DSW | ||||||||||||||
Pike & Rose | (6) | Washington-Arlington-Alexandria, DC-VA-MD-WV | 645,983 | 24 | 525,000 | 96 | % | 765 | iPic Theater / Porsche / Uniqlo / REI / Pinstripes / Multiple Restaurants | ||||||||||||||
Pike 7 Plaza | Washington-Arlington-Alexandria, DC-VA-MD-WV | 49,443 | 13 | 172,000 | 91 | % | TJ Maxx / DSW / Crunch Fitness / Staples | ||||||||||||||||
Plaza del Mercado | Washington-Arlington-Alexandria, DC-VA-MD-WV | 46,797 | 10 | 116,000 | 97 | % | 18,000 | Aldi | CVS / L.A. Fitness | ||||||||||||||
Quince Orchard | Washington-Arlington-Alexandria, DC-VA-MD-WV | 40,877 | 16 | 267,000 | 96 | % | 19,000 | Aldi | HomeGoods / L.A. Fitness / Staples | ||||||||||||||
Rockville Town Square | (7) | Washington-Arlington-Alexandria, DC-VA-MD-WV | 49,602 | 4,398 | 12 | 187,000 | 73 | % | 25,000 | Dawson's Market | CVS / Gold's Gym / Multiple Restaurants | ||||||||||||
Rollingwood Apartments | Washington-Arlington-Alexandria, DC-VA-MD-WV | 11,509 | 14 | N/A | 98 | % | 282 | ||||||||||||||||
Sam's Park & Shop | Washington-Arlington-Alexandria, DC-VA-MD-WV | 15,014 | 1 | 51,000 | 100 | % | Target | ||||||||||||||||
Tower Shopping Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 22,715 | 12 | 111,000 | 88 | % | 26,000 | L.A. Mart | Talbots / Total Wine & More | ||||||||||||||
Tyson's Station | Washington-Arlington-Alexandria, DC-VA-MD-WV | 5,623 | 5 | 50,000 | 86 | % | 11,000 | Trader Joe's | |||||||||||||||
Village at Shirlington | (7) | Washington-Arlington-Alexandria, DC-VA-MD-WV | 69,929 | 6,816 | 16 | 262,000 | 90 | % | 28,000 | Harris Teeter | AMC / Carlyle Grand Café | ||||||||||||
Wildwood Shopping Center | Washington-Arlington-Alexandria, DC-VA-MD-WV | 27,123 | 12 | 88,000 | 96 | % | 20,000 | Balducci's | CVS / Flower Child | ||||||||||||||
Total Washington Metropolitan Area | 2,132,222 | 433 | 6,024,000 | 92 | % | ||||||||||||||||||
California | |||||||||||||||||||||||
Azalea | (4) | Los Angeles-Long Beach-Anaheim, CA | 107,322 | 40,000 | 22 | 223,000 | 99 | % | Marshalls / Ross Dress for Less / Ulta / Michaels |
Federal Realty Investment Trust | |||||||||||||||||||||||
Real Estate Status Report | |||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property Name | MSA Description | Real Estate at Cost (1) | Mortgage/Finance Lease Liabilities (2) | Acreage | GLA (3) | % Leased (3) | Residential Units | Grocery Anchor GLA | Grocery Anchor | Other Retail Tenants | |||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Bell Gardens | (4) | Los Angeles-Long Beach-Anaheim, CA | 111,034 | 12,476 | 32 | 330,000 | 92 | % | 67,000 | Food 4 Less | Marshalls / Ross Dress for Less / Bob's Discount Furniture | ||||||||||||
Colorado Blvd | Los Angeles-Long Beach-Anaheim, CA | 13,343 | 1 | 42,000 | 100 | % | Banana Republic / True Food Kitchen | ||||||||||||||||
Crow Canyon Commons | San Francisco-Oakland-Hayward, CA | 90,731 | 22 | 245,000 | 87 | % | 32,000 | Sprouts | Total Wine & More / Rite Aid | ||||||||||||||
East Bay Bridge | San Francisco-Oakland-Hayward, CA | 178,957 | 32 | 440,000 | 99 | % | 59,000 | Pak-N-Save | Home Depot / Target / Nordstrom Rack | ||||||||||||||
Escondido Promenade | (4) | San Diego-Carlsbad, CA | 53,397 | 18 | 298,000 | 94 | % | TJ Maxx / Dick’s Sporting Goods / Ross Dress For Less / Bob's Discount Furniture | |||||||||||||||
Fourth Street | (4) | San Francisco-Oakland-Hayward, CA | 26,530 | 3 | 71,000 | 78 | % | CB2 / Ingram Book Group | |||||||||||||||
Freedom Plaza | (4) (6) | Los Angeles-Long Beach-Anaheim, CA | 40,464 | 9 | 95,000 | 100 | % | 31,000 | Smart & Final | Nike / Blink Fitness / Ross Dress for Less | |||||||||||||
Hastings Ranch Plaza | Los Angeles-Long Beach-Anaheim, CA | 25,278 | 15 | 273,000 | 100 | % | Marshalls / HomeGoods / CVS / Sears | ||||||||||||||||
Hollywood Blvd | Los Angeles-Long Beach-Anaheim, CA | 61,267 | 3 | 181,000 | 86 | % | Target / Marshalls / L.A. Fitness / La La Land | ||||||||||||||||
Kings Court | (5) | San Jose-Sunnyvale-Santa Clara, CA | 11,608 | 8 | 81,000 | 100 | % | 31,000 | Lunardi's | CVS | |||||||||||||
Old Town Center | San Jose-Sunnyvale-Santa Clara, CA | 37,438 | 8 | 98,000 | 84 | % | Anthropologie / Banana Republic / Gap | ||||||||||||||||
Olivo at Mission Hills | (4) | Los Angeles-Long Beach-Anaheim, CA | 81,308 | 12 | 155,000 | 94 | % | Target / 24 Hour Fitness / Ross Dress For Less | |||||||||||||||
Plaza Del Sol | (4) | Los Angeles-Long Beach-Anaheim, CA | 17,910 | 8,089 | 4 | 48,000 | 96 | % | Marshalls | ||||||||||||||
Plaza El Segundo / The Point | (4) | Los Angeles-Long Beach-Anaheim, CA | 295,974 | 125,000 | 50 | 500,000 | 90 | % | 66,000 | Whole Foods | Nordstrom Rack / HomeGoods / Dick's Sporting Goods / Multiple Restaurants | ||||||||||||
San Antonio Center | (5) | San Jose-Sunnyvale-Santa Clara, CA | 46,409 | 22 | 211,000 | 100 | % | 11,000 | Trader Joe's | Walmart / 24 Hour Fitness | |||||||||||||
Santana Row | San Jose-Sunnyvale-Santa Clara, CA | 1,120,797 | 45 | 1,197,000 | 95 | % | 662 | Crate & Barrel / H&M / Best Buy / Multiple Restaurants | |||||||||||||||
Sylmar Towne Center | (4) | Los Angeles-Long Beach-Anaheim, CA | 44,970 | 16,338 | 12 | 148,000 | 91 | % | 43,000 | Food 4 Less | CVS | ||||||||||||
Third Street Promenade | Los Angeles-Long Beach-Anaheim, CA | 79,662 | 2 | 209,000 | 64 | % | adidas / Old Navy / J. Crew | ||||||||||||||||
Westgate Center | San Jose-Sunnyvale-Santa Clara, CA | 158,046 | 44 | 648,000 | 98 | % | Target / Nordstrom Rack / Nike Factory / TJ Maxx | ||||||||||||||||
Total California | 2,602,445 | 364 | 5,493,000 | 94 | % | ||||||||||||||||||
NY Metro/New Jersey | |||||||||||||||||||||||
Brick Plaza | New York-Newark-Jersey City, NY-NJ-PA | 100,552 | 46 | 408,000 | 93 | % | 14,000 | Trader Joe's | AMC / HomeGoods / Ulta / L.A. Fitness | ||||||||||||||
Brook 35 | (4) (5) | New York-Newark-Jersey City, NY-NJ-PA | 48,446 | 11,500 | 11 | 99,000 | 89 | % | Banana Republic / Gap / Williams-Sonoma | ||||||||||||||
Fresh Meadows | New York-Newark-Jersey City, NY-NJ-PA | 93,583 | 17 | 409,000 | 94 | % | 15,000 | Island of Gold | AMC / Kohl's / Michaels | ||||||||||||||
Georgetowne Shopping Center | New York-Newark-Jersey City, NY-NJ-PA | 82,569 | 9 | 147,000 | 88 | % | 43,000 | Foodway | Five Below / IHOP | ||||||||||||||
Greenlawn Plaza | New York-Newark-Jersey City, NY-NJ-PA | 31,945 | 13 | 102,000 | 94 | % | 46,000 | Greenlawn Farms | Tuesday Morning | ||||||||||||||
Greenwich Avenue | Bridgeport-Stamford-Norwalk, CT | 23,748 | 1 | 35,000 | 100 | % | Saks Fifth Avenue | ||||||||||||||||
Hauppauge | New York-Newark-Jersey City, NY-NJ-PA | 30,037 | 15 | 133,000 | 74 | % | 61,000 | Shop Rite | |||||||||||||||
Hoboken | (4) (8) | New York-Newark-Jersey City, NY-NJ-PA | 215,653 | 106,012 | 3 | 171,000 | 93 | % | 129 | CVS / New York Sports Club / Sephora / Multiple Restaurants | |||||||||||||
Huntington | New York-Newark-Jersey City, NY-NJ-PA | 47,230 | 21 | 265,000 | 90 | % | Nordstrom Rack / Buy Buy Baby / Michaels / Ulta | ||||||||||||||||
Huntington Square | New York-Newark-Jersey City, NY-NJ-PA | 13,570 | 18 | 74,000 | 83 | % | Barnes & Noble | ||||||||||||||||
Melville Mall | New York-Newark-Jersey City, NY-NJ-PA | 103,541 | 21 | 239,000 | 100 | % | 53,000 | Uncle Giuseppe's Marketplace | Marshalls / Dick's Sporting Goods / Field & Stream / Macy's Backstage |
Federal Realty Investment Trust | |||||||||||||||||||||||
Real Estate Status Report | |||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property Name | MSA Description | Real Estate at Cost (1) | Mortgage/Finance Lease Liabilities (2) | Acreage | GLA (3) | % Leased (3) | Residential Units | Grocery Anchor GLA | Grocery Anchor | Other Retail Tenants | |||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Mercer Mall | (7) | Trenton, NJ | 128,300 | 55,323 | 50 | 551,000 | 87 | % | 75,000 | Shop Rite | Ross Dress For Less / Nordstrom Rack / Bed, Bath & Beyond / REI | ||||||||||||
The Commons at Darien | Bridgeport-Stamford-Norwalk, CT | 69,342 | 9 | 58,000 | 89 | % | 2 | Equinox / Walgreens | |||||||||||||||
The Grove at Shrewsbury | (4) (5) | New York-Newark-Jersey City, NY-NJ-PA | 127,102 | 43,600 | 21 | 193,000 | 95 | % | Lululemon / Anthropologie / Pottery Barn / Williams-Sonoma | ||||||||||||||
Troy | New York-Newark-Jersey City, NY-NJ-PA | 40,999 | 19 | 211,000 | 100 | % | Target / L.A. Fitness / Michaels | ||||||||||||||||
Total NY Metro/New Jersey | 1,156,617 | 274 | 3,095,000 | 92 | % | ||||||||||||||||||
Philadelphia Metropolitan Area | |||||||||||||||||||||||
Andorra | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 29,717 | 22 | 270,000 | 88 | % | 24,000 | Acme Markets | Kohl's / L.A. Fitness | ||||||||||||||
Bala Cynwyd | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 65,158 | 23 | 294,000 | 98 | % | 70 | 45,000 | Acme Markets | Lord & Taylor / Michaels / L.A. Fitness | |||||||||||||
Ellisburg | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 35,054 | 28 | 261,000 | 88 | % | 47,000 | Whole Foods | Buy Buy Baby / Stein Mart | ||||||||||||||
Flourtown | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 17,150 | 24 | 156,000 | 98 | % | 75,000 | Giant Food | Movie Tavern | ||||||||||||||
Langhorne Square | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 22,723 | 21 | 223,000 | 95 | % | 55,000 | Redner's Warehouse Markets | Marshalls / Planet Fitness | ||||||||||||||
Lawrence Park | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 38,496 | 29 | 363,000 | 98 | % | 53,000 | Acme Markets | TJ Maxx / HomeGoods / Barnes & Noble | ||||||||||||||
Northeast | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 33,200 | 15 | 227,000 | 82 | % | Marshalls / Ulta | ||||||||||||||||
Town Center of New Britain | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 16,421 | 17 | 125,000 | 87 | % | 36,000 | Giant Food | Rite Aid / Dollar Tree | ||||||||||||||
Willow Grove | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 29,261 | 13 | 183,000 | 77 | % | Marshalls / HomeGoods / Barnes & Noble | ||||||||||||||||
Wynnewood | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 42,624 | 14 | 249,000 | 96 | % | 9 | 98,000 | Giant Food | Bed, Bath & Beyond / Old Navy / DSW | |||||||||||||
Total Philadelphia Metropolitan Area | 329,804 | 206 | 2,351,000 | 91 | % | ||||||||||||||||||
New England | |||||||||||||||||||||||
Assembly Row / Assembly Square Marketplace | (6) | Boston-Cambridge-Newton, MA-NH | 921,179 | 65 | 807,000 | 96 | % | 447 | 18,000 | Trader Joe's | TJ Maxx / AMC / LEGOLAND Discovery Center / Multiple Restaurants | ||||||||||||
Campus Plaza | Boston-Cambridge-Newton, MA-NH | 30,447 | 15 | 114,000 | 96 | % | 46,000 | Roche Bros. | Burlington | ||||||||||||||
Chelsea Commons | Boston-Cambridge-Newton, MA-NH | 30,535 | 5,327 | 37 | 222,000 | 93 | % | Home Depot / Planet Fitness | |||||||||||||||
Dedham Plaza | Boston-Cambridge-Newton, MA-NH | 47,288 | 19 | 245,000 | 88 | % | 80,000 | Star Market | Planet Fitness | ||||||||||||||
Linden Square | Boston-Cambridge-Newton, MA-NH | 150,095 | 19 | 220,000 | 89 | % | 7 | 50,000 | Roche Bros. | CVS | |||||||||||||
North Dartmouth | Providence-Warwick, RI-MA | 9,369 | 28 | 48,000 | 100 | % | 48,000 | Stop & Shop | |||||||||||||||
Queen Anne Plaza | Boston-Cambridge-Newton, MA-NH | 18,356 | 17 | 149,000 | 95 | % | 50,000 | Big Y Foods | TJ Maxx / HomeGoods | ||||||||||||||
Saugus Plaza | Boston-Cambridge-Newton, MA-NH | 17,253 | 15 | 166,000 | 100 | % | 55,000 | Super Stop & Shop | Floor & Décor | ||||||||||||||
Total New England | 1,224,522 | 215 | 1,971,000 | 94 | % | ||||||||||||||||||
South Florida | |||||||||||||||||||||||
Cocowalk | (4) (9) | Miami-Fort Lauderdale-West Palm Beach, FL | 175,846 | 3 | 168,000 | 84 | % | Cinepolis Theaters / Youfit Health Club | |||||||||||||||
Del Mar Village | Miami-Fort Lauderdale-West Palm Beach, FL | 73,668 | 17 | 187,000 | 88 | % | 44,000 | Winn Dixie | CVS / L.A. Fitness | ||||||||||||||
The Shops at Sunset Place | (4) (10) | Miami-Fort Lauderdale-West Palm Beach, FL | 56,736 | 60,593 | 10 | 516,000 | 62 | % | AMC / L.A. Fitness / Barnes & Noble / Restoration Hardware Outlet | ||||||||||||||
Tower Shops | Miami-Fort Lauderdale-West Palm Beach, FL | 98,284 | 67 | 425,000 | 95 | % | 12,000 | Trader Joe's | TJ Maxx / Ross Dress For Less / Best Buy / Ulta | ||||||||||||||
Total South Florida | 404,534 | 97 | 1,296,000 | 80 | % | ||||||||||||||||||
Baltimore | |||||||||||||||||||||||
Governor Plaza | Baltimore-Columbia-Towson, MD | 26,905 | 24 | 242,000 | 87 | % | 16,500 | Aldi | Dick's Sporting Goods |
Federal Realty Investment Trust | |||||||||||||||||||||||
Real Estate Status Report | |||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property Name | MSA Description | Real Estate at Cost (1) | Mortgage/Finance Lease Liabilities (2) | Acreage | GLA (3) | % Leased (3) | Residential Units | Grocery Anchor GLA | Grocery Anchor | Other Retail Tenants | |||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Perring Plaza | Baltimore-Columbia-Towson, MD | 31,735 | 29 | 397,000 | 87 | % | 58,000 | Shoppers Food Warehouse | Home Depot / Micro Center / Burlington | ||||||||||||||
THE AVENUE at White Marsh | (5) | Baltimore-Columbia-Towson, MD | 122,421 | 52,705 | 35 | 315,000 | 85 | % | AMC / Ulta / Old Navy / Barnes & Noble | ||||||||||||||
The Shoppes at Nottingham Square | Baltimore-Columbia-Towson, MD | 18,163 | 4 | 32,000 | 96 | % | |||||||||||||||||
Towson Residential (Flats @ 703) | Baltimore-Columbia-Towson, MD | 22,382 | 1 | 4,000 | 100 | % | 105 | ||||||||||||||||
White Marsh Plaza | Baltimore-Columbia-Towson, MD | 26,229 | 7 | 79,000 | 94 | % | 54,000 | Giant Food | |||||||||||||||
White Marsh Other | Baltimore-Columbia-Towson, MD | 31,714 | 18 | 70,000 | 97 | % | |||||||||||||||||
Total Baltimore | 279,549 | 118 | 1,139,000 | 88 | % | ||||||||||||||||||
Chicago | |||||||||||||||||||||||
Crossroads | Chicago-Naperville-Elgin, IL-IN-WI | 35,869 | 14 | 168,000 | 91 | % | L.A. Fitness / Ulta / Binny's / Ferguson's Bath, Kitchen & Lighting Gallery | ||||||||||||||||
Finley Square | Chicago-Naperville-Elgin, IL-IN-WI | 41,526 | 21 | 280,000 | 91 | % | Bed, Bath & Beyond / Buy Buy Baby / Michaels / Portillo's | ||||||||||||||||
Garden Market | Chicago-Naperville-Elgin, IL-IN-WI | 14,858 | 11 | 139,000 | 99 | % | 63,000 | Mariano's Fresh Market | Walgreens | ||||||||||||||
Riverpoint Center | Chicago-Naperville-Elgin, IL-IN-WI | 122,026 | 17 | 211,000 | 92 | % | 86,000 | Jewel Osco | Marshalls / Old Navy | ||||||||||||||
Total Chicago | 214,279 | 63 | 798,000 | 93 | % | ||||||||||||||||||
Other | |||||||||||||||||||||||
Barracks Road | Charlottesville, VA | 69,903 | 40 | 497,000 | 92 | % | 99,000 | Harris Teeter / Kroger | Anthropologie / Nike / Bed, Bath & Beyond / Old Navy | ||||||||||||||
Bristol Plaza | Hartford-West Hartford-East Hartford, CT | 32,581 | 22 | 265,000 | 82 | % | 74,000 | Stop & Shop | TJ Maxx | ||||||||||||||
Eastgate Crossing | Durham-Chapel Hill, NC | 35,783 | 14 | 158,000 | 92 | % | 13,000 | Trader Joe's | Ulta / Stein Mart / Petco | ||||||||||||||
Gratiot Plaza | Detroit-Warren-Dearborn, MI | 19,863 | 20 | 215,000 | 97 | % | 69,000 | Kroger | Bed, Bath & Beyond / Best Buy / DSW | ||||||||||||||
Lancaster | (7) | Lancaster, PA | 12,933 | 5,515 | 11 | 126,000 | 81 | % | 75,000 | Giant Food | |||||||||||||
29th Place | Charlottesville, VA | 40,381 | 3,690 | 15 | 168,000 | 95 | % | HomeGoods / DSW / Stein Mart / Staples | |||||||||||||||
Willow Lawn | Richmond, VA | 103,930 | 37 | 464,000 | 97 | % | 66,000 | Kroger | Old Navy / Ross Dress For Less / Gold's Gym / Dick's Sporting Goods | ||||||||||||||
Total Other | 315,374 | 159 | 1,893,000 | 92 | % | ||||||||||||||||||
Grand Total | $ | 8,659,346 | $ | 623,459 | 1,929 | 24,060,000 | 92 | % | 2,852 |
Notes: | |
(1) | Includes "Finance lease right of use assets." |
(2) | The mortgage or finance lease liabilities differ from the total reported on the consolidated balance sheet due to the unamortized discount, premium, and/or debt issuance costs on certain mortgages payable. |
(3) | Represents the GLA and the percentage leased of the commercial portion of the property. Some of our properties include office space which is included in this square footage. Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage. |
(4) | The Trust has a controlling financial interest in this property. |
(5) | All or a portion of the property is owned in a "downREIT" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units. |
(6) | Portion of property is currently under development. See further discussion in the Assembly Row and Pike & Rose schedules and Summary of Redevelopment Opportunities for Freedom Plaza. |
(7) | All or a portion of the property is subject to finance lease liabilities. |
(8) | This property includes 39 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey. |
(9) | This property includes interests in five buildings in addition to our initial acquisition. |
(10) | See further discussion of this property on page 20. |
Federal Realty Investment Trust | |||||||||||||||||||||||||||||||||||||
Retail Leasing Summary (1) | |||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Total Lease Summary - Comparable (2) | |||||||||||||||||||||||||||||||||||||
Quarter | Number of Leases Signed | % of Comparable Leases Signed | GLA Signed | Contractual Rent (3) Per Sq. Ft. | Prior Rent (4) Per Sq. Ft. | Annual (Decrease) Increase in Rent | Cash Basis % (Decrease) Increase Over Prior Rent | Weighted Average Lease Term (5) | Tenant Improvements & Incentives (6) | Tenant Improvements & Incentives Per Sq. Ft. | |||||||||||||||||||||||||||
3rd Quarter 2020 | 98 | 100 | % | 471,726 | $ | 37.38 | $ | 37.74 | $ | (169,801 | ) | (1 | )% | 5.6 | $ | 16,274,556 | $ | 34.50 | (7) (10) | ||||||||||||||||||
2nd Quarter 2020 | 47 | 100 | % | 277,681 | $ | 28.55 | $ | 25.64 | $ | 805,618 | 11 | % | 8.2 | $ | 8,590,153 | $ | 30.94 | (10) | |||||||||||||||||||
1st Quarter 2020 | 76 | 100 | % | 466,453 | $ | 26.78 | $ | 25.58 | $ | 559,471 | 5 | % | 6.8 | $ | 14,633,657 | $ | 31.37 | (7) (10) | |||||||||||||||||||
4th Quarter 2019 | 99 | 100 | % | 461,952 | $ | 37.78 | $ | 35.41 | $ | 1,091,731 | 7 | % | 7.4 | $ | 18,521,400 | $ | 40.09 | (7) | |||||||||||||||||||
Total - 12 months | 320 | 100 | % | 1,677,812 | $ | 33.08 | $ | 31.72 | $ | 2,287,019 | 4 | % | 6.8 | $ | 58,019,766 | $ | 34.58 | ||||||||||||||||||||
New Lease Summary - Comparable (2) | |||||||||||||||||||||||||||||||||||||
Quarter | Number of Leases Signed | % of Comparable Leases Signed | GLA Signed | Contractual Rent (3) Per Sq. Ft. | Prior Rent (4) Per Sq. Ft. | Annual (Decrease) Increase in Rent | Cash Basis % (Decrease) Increase Over Prior Rent | Weighted Average Lease Term (5) | Tenant Improvements & Incentives (6) | Tenant Improvements & Incentives Per Sq. Ft. | |||||||||||||||||||||||||||
3rd Quarter 2020 | 39 | 40 | % | 164,712 | $ | 36.23 | $ | 36.84 | $ | (100,451 | ) | (2 | )% | 8.5 | $ | 15,427,773 | $ | 93.67 | (7) (10) | ||||||||||||||||||
2nd Quarter 2020 | 12 | 26 | % | 122,726 | $ | 26.79 | $ | 20.36 | $ | 789,852 | 32 | % | 14.9 | $ | 8,483,168 | $ | 69.12 | (10) | |||||||||||||||||||
1st Quarter 2020 | 29 | 38 | % | 151,171 | $ | 32.72 | $ | 30.44 | $ | 345,686 | 8 | % | 8.2 | $ | 13,395,793 | $ | 88.61 | (7) (10) | |||||||||||||||||||
4th Quarter 2019 | 45 | 45 | % | 212,341 | $ | 36.77 | $ | 33.22 | $ | 753,437 | 11 | % | 10.0 | $ | 17,786,164 | $ | 83.76 | (7) | |||||||||||||||||||
Total - 12 months | 125 | 39 | % | 650,950 | $ | 33.81 | $ | 31.07 | $ | 1,788,524 | 9 | % | 9.9 | $ | 55,092,898 | $ | 84.63 | ||||||||||||||||||||
Renewal Lease Summary - Comparable (2) (8) | |||||||||||||||||||||||||||||||||||||
Quarter | Number of Leases Signed | % of Comparable Leases Signed | GLA Signed | Contractual Rent (3) Per Sq. Ft. | Prior Rent (4) Per Sq. Ft. | Annual (Decrease) Increase in Rent | Cash Basis % (Decrease) Increase Over Prior Rent | Weighted Average Lease Term (5) | Tenant Improvements & Incentives (6) | Tenant Improvements & Incentives Per Sq. Ft. | |||||||||||||||||||||||||||
3rd Quarter 2020 | 59 | 60 | % | 307,014 | $ | 38.00 | $ | 38.23 | $ | (69,350 | ) | (1 | )% | 4.1 | $ | 846,783 | $ | 2.76 | (10) | ||||||||||||||||||
2nd Quarter 2020 | 35 | 74 | % | 154,955 | $ | 29.93 | $ | 29.83 | $ | 15,766 | — | % | 3.4 | $ | 106,985 | $ | 0.69 | (10) | |||||||||||||||||||
1st Quarter 2020 | 47 | 62 | % | 315,282 | $ | 23.93 | $ | 23.25 | $ | 213,785 | 3 | % | 5.9 | $ | 1,237,864 | $ | 3.93 | (10) | |||||||||||||||||||
4th Quarter 2019 | 54 | 55 | % | 249,611 | $ | 38.64 | $ | 37.28 | $ | 338,294 | 4 | % | 5.3 | $ | 735,236 | $ | 2.95 | ||||||||||||||||||||
Total - 12 months | 195 | 61 | % | 1,026,862 | $ | 32.62 | $ | 32.13 | $ | 498,495 | 2 | % | 4.8 | $ | 2,926,868 | $ | 2.85 | ||||||||||||||||||||
Total Lease Summary - Comparable and Non-comparable (2) (9) | |||||||||||||||||||||||||||||||||||||
Quarter | Number of Leases Signed | GLA Signed | Contractual Rent (3) Per Sq. Ft. | Weighted Average Lease Term (5) | Tenant Improvements & Incentives (6) | Tenant Improvements & Incentives Per Sq. Ft. | |||||||||||||||||||||||||||||||
3rd Quarter 2020 | 101 | 481,105 | $ | 37.66 | 5.7 | $ | 16,304,772 | $ | 33.89 | ||||||||||||||||||||||||||||
2nd Quarter 2020 | 50 | 314,679 | $ | 26.16 | 8.2 | $ | 9,314,002 | $ | 29.60 | ||||||||||||||||||||||||||||
1st Quarter 2020 | 82 | 491,003 | $ | 27.46 | 7.3 | $ | 17,337,865 | $ | 35.31 | ||||||||||||||||||||||||||||
4th Quarter 2019 | 112 | 494,768 | $ | 38.46 | 7.7 | $ | 22,021,754 | $ | 44.51 | ||||||||||||||||||||||||||||
Total - 12 months | 345 | 1,781,555 | $ | 33.04 | 7.1 | $ | 64,978,393 | $ | 36.47 | ||||||||||||||||||||||||||||
Notes: | |
(1) | Information reflects activity in retail spaces only; office and residential spaces are not included. See Glossary of Terms for further discussion of information included above. |
(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, if any, paid by the prior tenant in the final 12 months of the term. |
(5) | Weighted average is determined on the basis of contractual rent for the first 12 months of the term. |
(6) | See Glossary of Terms. |
(7) | Approximately $0.5 million ($0.90 per square foot) in 3rd Quarter 2020, $2.8 million ($5.37 per square foot) in 1st Quarter 2020, and $1.1 million ($1.65 per square foot) in 4th Quarter 2019 of the Tenant Improvements & Incentives are for properties under active redevelopment and are included in either the Projected Cost for those properties on the Summary of Redevelopment Opportunities or was included in the cost to complete estimate at acquisition. |
(8) | Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new. |
(9) | The Number of Leases Signed, GLA Signed, Contractual Rent Per Sq. Ft. and Weighted Average Lease Term columns include information for leases signed at Phase 3 of both of our Assembly Row and Pike & Rose projects. The Tenant Improvements & Incentives and Tenant Improvements & Incentives Per Sq. Ft. columns do not include the tenant improvements and incentives on leases signed for those projects; these amounts for leases signed for Phase 3 of Assembly Row and Pike & Rose are included in the Projected Cost column for those projects shown on the Assembly Row and Pike & Rose schedule. |
(10) | The annual increase over the prior rent calculated on a straight line basis for leases signed during the third, second and first quarter of 2020 was 6%, 23% and 14% for comparable leases, respectively, 5%, 52% and 18% for new leases, respectively, and 7%, 8% and 12% for renewal leases, respectively. |
Federal Realty Investment Trust | |||||||||||||||||||||||
Lease Expirations | |||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Assumes no exercise of lease options | |||||||||||||||||||||||
Anchor Tenants (1) | Small Shop Tenants | Total | |||||||||||||||||||||
Year | Expiring SF | % of Anchor SF | Minimum Rent PSF (2) | Expiring SF | % of Small Shop SF | Minimum Rent PSF (2) | Expiring SF (4) | % of Total SF | Minimum Rent PSF (2) | ||||||||||||||
2020 | 132,000 | 1 | % | $ | 15.62 | 284,000 | 4 | % | $ | 32.21 | 416,000 | 2 | % | $ | 26.95 | ||||||||
2021 | 961,000 | 6 | % | $ | 20.87 | 742,000 | 11 | % | $ | 43.88 | 1,703,000 | 8 | % | $ | 30.90 | ||||||||
2022 | 1,951,000 | 13 | % | $ | 18.21 | 905,000 | 13 | % | $ | 44.33 | 2,856,000 | 13 | % | $ | 26.49 | ||||||||
2023 | 1,426,000 | 10 | % | $ | 20.89 | 909,000 | 14 | % | $ | 45.20 | 2,335,000 | 11 | % | $ | 30.35 | ||||||||
2024 | 2,391,000 | 16 | % | $ | 17.91 | 908,000 | 13 | % | $ | 46.68 | 3,299,000 | 15 | % | $ | 25.82 | ||||||||
2025 | 1,710,000 | 11 | % | $ | 21.68 | 806,000 | 12 | % | $ | 43.94 | 2,515,000 | 12 | % | $ | 28.81 | ||||||||
2026 | 1,126,000 | 8 | % | $ | 20.66 | 478,000 | 7 | % | $ | 50.13 | 1,605,000 | 7 | % | $ | 29.45 | ||||||||
2027 | 867,000 | 6 | % | $ | 33.95 | 520,000 | 8 | % | $ | 48.49 | 1,387,000 | 6 | % | $ | 39.40 | ||||||||
2028 | 854,000 | 6 | % | $ | 20.59 | 412,000 | 6 | % | $ | 51.62 | 1,265,000 | 6 | % | $ | 30.69 | ||||||||
2029 | 974,000 | 6 | % | $ | 27.34 | 385,000 | 6 | % | $ | 47.40 | 1,359,000 | 6 | % | $ | 33.02 | ||||||||
Thereafter | 2,525,000 | 17 | % | $ | 25.45 | 390,000 | 6 | % | $ | 48.43 | 2,916,000 | 14 | % | $ | 28.53 | ||||||||
Total (3) | 14,917,000 | 100 | % | $ | 22.02 | 6,739,000 | 100 | % | $ | 45.75 | 21,656,000 | 100 | % | $ | 29.40 | ||||||||
Assumes all lease options are exercised | |||||||||||||||||||||||
Anchor Tenants (1) | Small Shop Tenants | Total | |||||||||||||||||||||
Year | Expiring SF | % of Anchor SF | Minimum Rent PSF (2) | Expiring SF | % of Small Shop SF | Minimum Rent PSF (2) | Expiring SF (4) | % of Total SF | Minimum Rent PSF (2) | ||||||||||||||
2020 | 132,000 | 1 | % | $ | 15.62 | 277,000 | 4 | % | $ | 31.61 | 410,000 | 2 | % | $ | 26.46 | ||||||||
2021 | 492,000 | 3 | % | $ | 17.38 | 581,000 | 9 | % | $ | 45.00 | 1,073,000 | 5 | % | $ | 32.33 | ||||||||
2022 | 263,000 | 2 | % | $ | 25.10 | 554,000 | 8 | % | $ | 43.71 | 817,000 | 4 | % | $ | 37.72 | ||||||||
2023 | 342,000 | 2 | % | $ | 22.38 | 583,000 | 9 | % | $ | 41.79 | 925,000 | 4 | % | $ | 34.62 | ||||||||
2024 | 579,000 | 4 | % | $ | 20.56 | 477,000 | 7 | % | $ | 45.78 | 1,056,000 | 5 | % | $ | 31.96 | ||||||||
2025 | 338,000 | 2 | % | $ | 24.71 | 441,000 | 7 | % | $ | 43.26 | 779,000 | 4 | % | $ | 35.22 | ||||||||
2026 | 436,000 | 3 | % | $ | 24.33 | 282,000 | 4 | % | $ | 48.72 | 718,000 | 3 | % | $ | 33.89 | ||||||||
2027 | 746,000 | 5 | % | $ | 21.51 | 466,000 | 7 | % | $ | 47.81 | 1,212,000 | 5 | % | $ | 31.62 | ||||||||
2028 | 628,000 | 4 | % | $ | 17.63 | 401,000 | 6 | % | $ | 48.54 | 1,028,000 | 5 | % | $ | 29.67 | ||||||||
2029 | 791,000 | 6 | % | $ | 24.28 | 362,000 | 5 | % | $ | 45.00 | 1,153,000 | 5 | % | $ | 30.79 | ||||||||
Thereafter | 10,170,000 | 68 | % | $ | 22.26 | 2,315,000 | 34 | % | $ | 48.43 | 12,485,000 | 58 | % | $ | 27.12 | ||||||||
Total (3) | 14,917,000 | 100 | % | $ | 22.02 | 6,739,000 | 100 | % | $ | 45.75 | 21,656,000 | 100 | % | $ | 29.40 |
Notes: | |
(1) | Anchor is defined as a commercial tenant leasing 10,000 square feet or more. |
(2) | Minimum Rent reflects in-place contractual (defined as rents billed on a cash basis without taking the impacts of rent abatements into account) rent as of September 30, 2020. |
(3) | Represents occupied square footage of the commercial portion of our portfolio as of September 30, 2020. |
(4) | Individual items may not add up to total due to rounding. |
Federal Realty Investment Trust | |||||||||||||
Portfolio Leased Statistics | |||||||||||||
September 30, 2020 | |||||||||||||
Overall Portfolio Statistics (1) | At September 30, 2020 | At September 30, 2019 | |||||||||||
Type | Size | Leased | Leased % | Size | Leased | Leased % | |||||||
Commercial Properties (2) (3) (4) (sf) | 23,544,000 | 21,702,000 | 92.2 | % | 23,879,000 | 22,487,000 | 94.2 | % | |||||
Residential Properties (units) (5) | 2,782 | 2,631 | 94.6 | % | 2,665 | 2,595 | 97.4 | % | |||||
Comparable Property Statistics (1) | At September 30, 2020 | At September 30, 2019 | |||||||||||
Type | Size | Leased | Leased % | Size | Leased | Leased % | |||||||
Commercial Properties (3) (6) (sf) | 22,118,000 | 20,353,000 | 92.0 | % | 22,328,000 | 21,185,000 | 94.9 | % | |||||
Residential Properties (5) (units) | 2,651 | 2,511 | 94.7 | % | 2,651 | 2,582 | 97.4 | % | |||||
(1) | See Glossary of Terms. |
(2) | Occupied percentage was 90.6% and 92.8% at September 30, 2020 and 2019, respectively. Commercial properties statistics at September 30, 2020 exclude the 516,000 square feet of GLA at The Shops at Sunset Place (see discussion of the current status of the property on page 20). Including this property, the overall leased and occupied percentage was 91.5% and 90.0%, respectively, at September 30, 2020. |
(3) | Leasable square feet excludes redevelopment square footage not yet placed in service. |
(4) | At September 30, 2020, leased percentage was 95.9% for anchor tenants and 84.9% for small shop tenants. Including The Shops at Sunset Place, leased percentage was 95.7% for anchor tenants and 83.5% for small shop tenants. |
(5) | Our residential metrics exclude "The Delwyn," our 87 unit residential building that opened at Bala Cynwyd in September 2020. |
(6) | Comparable property occupied percentage was 90.6% and 93.5% at September 30, 2020 and 2019, respectively. |
Federal Realty Investment Trust | |||||||||||||||
Summary of Top 25 Tenants | |||||||||||||||
September 30, 2020 | |||||||||||||||
Rank | Tenant Name | Credit Ratings (S&P/Moody's/Fitch) (1) | Annualized Base Rent | Percentage of Total Annualized Base Rent (3) | Tenant GLA | Percentage of Total GLA (3) | Number of Locations Leased | ||||||||
1 | Splunk, Inc. | NR / NR / NR | $ | 25,066,000 | 3.49 | % | 536,000 | 2.01 | % | 2 | |||||
2 | TJX Companies, The | A / A2 / NR | $ | 18,974,000 | 2.64 | % | 963,000 | 3.61 | % | 30 | |||||
3 | Ahold Delhaize | BBB / Baa1 / BBB+ | $ | 15,110,000 | 2.11 | % | 852,000 | 3.19 | % | 14 | |||||
4 | Gap, Inc., The | BB- / Ba2 / NR | $ | 11,605,000 | 1.62 | % | 306,000 | 1.15 | % | 27 | |||||
5 | L.A. Fitness International LLC | CCC+ / Caa3 / NR | $ | 11,289,000 | 1.57 | % | 465,000 | 1.74 | % | 11 | |||||
6 | Bed, Bath & Beyond, Inc. | B+ / Ba3 / NR | $ | 10,886,000 | 1.52 | % | 626,000 | 2.35 | % | 16 | |||||
7 | CVS Corporation | BBB / Baa2 / NR | $ | 9,471,000 | 1.32 | % | 248,000 | 0.93 | % | 19 | |||||
8 | AMC Entertainment Inc. | CCC+ / Caa3 / NR | $ | 7,239,000 | 1.01 | % | 321,000 | 1.20 | % | 6 | |||||
9 | Home Depot, Inc. | A / A2 / A | $ | 7,193,000 | 1.00 | % | 478,000 | 1.79 | % | 6 | |||||
10 | Ross Stores, Inc. | BBB+ / A2 / NR | $ | 6,535,000 | 0.91 | % | 315,000 | 1.18 | % | 11 | |||||
11 | Michaels Stores, Inc. | B / Ba3 / NR | $ | 6,457,000 | 0.90 | % | 327,000 | 1.23 | % | 14 | |||||
12 | Dick's Sporting Goods, Inc. | NR / NR / NR | $ | 6,425,000 | 0.90 | % | 289,000 | 1.08 | % | 6 | |||||
13 | Hudson's Bay Company (Saks, Lord & Taylor) | NR / NR / NR | $ | 6,332,000 | 0.88 | % | 220,000 | 0.82 | % | 4 | |||||
14 | Kroger Co., The | BBB / Baa1 / NR | $ | 6,162,000 | 0.86 | % | 529,000 | 1.98 | % | 11 | |||||
15 | Bank of America, N.A. | A- / A2 / A+ | $ | 6,150,000 | 0.86 | % | 106,000 | 0.40 | % | 24 | |||||
16 | Nordstrom, Inc. | BB+ / Baa3 / NR | $ | 6,020,000 | 0.84 | % | 218,000 | 0.82 | % | 6 | |||||
17 | DSW, Inc | NR / NR / NR | $ | 5,692,000 | 0.79 | % | 224,000 | 0.84 | % | 11 | |||||
18 | Best Buy Co., Inc. | BBB / Baa1 / NR | $ | 5,670,000 | 0.79 | % | 186,000 | 0.70 | % | 4 | |||||
19 | Ulta Beauty, Inc. | NR / NR / NR | $ | 5,542,000 | 0.77 | % | 162,000 | 0.61 | % | 15 | |||||
20 | Whole Foods Market, Inc. | A+ / A2 / NR | $ | 4,772,000 | 0.67 | % | 167,000 | 0.63 | % | 4 | |||||
21 | Starbucks Corporation | BBB+ / Baa1 / BBB | $ | 4,762,000 | 0.66 | % | 73,000 | 0.27 | % | 42 | |||||
22 | Target Corporation | A / A2 / A- | $ | 4,469,000 | 0.62 | % | 466,000 | 1.75 | % | 6 | |||||
23 | Wells Fargo Bank, N.A. | BBB+ / A2 / A+ | $ | 4,226,000 | 0.59 | % | 51,000 | 0.19 | % | 13 | |||||
24 | AB Acquisition LLC (Acme, Safeway) | B+ / B1 / NR | $ | 4,192,000 | 0.58 | % | 412,000 | 1.54 | % | 7 | |||||
25 | JPMorgan Chase Bank | A- / A2 / AA- | $ | 4,140,000 | 0.58 | % | 71,000 | 0.27 | % | 17 | |||||
Totals - Top 25 Tenants | $ | 204,379,000 | 28.49 | % | 8,611,000 | 32.27 | % | 326 | |||||||
Total (5): | $ | 717,365,000 | (2) | 26,685,000 | (4) | ||||||||||
Notes: | |||||||||||||||
(1) | Credit Ratings are as of September 30, 2020. Subsequent rating changes have not been reflected. | ||||||||||||||
(2) | See Glossary of Terms. | ||||||||||||||
(3) | Individual items may not add up to total due to rounding. | ||||||||||||||
(4) | Excludes redevelopment square footage not yet placed in service. | ||||||||||||||
(5) | Totals reflect both the commercial and residential portions of our properties. |
Federal Realty Investment Trust | ||||||||||
Tenant Diversification by Category | ||||||||||
September 30, 2020 |
25% of Annualized Base Rent comes from Essential Retail | ||
21% of Annualized Base Rent comes from Office and Residential |
(1) | See Glossary of Terms. Excludes redevelopment square footage not yet placed in service. | |
(2) | Communications & Home Office includes: Telecommunications, Electronics, and Office Supply. | |
(3) | Other Essential includes: Auto, Liquor, Home Improvement, Pets, and Medical. | |
(4) | Total Restaurants comprise full service (less than 8%) and quick service (less than 8%). | |
(5) | Experiential includes: Activity, Cinema, and Entertainment. |
Three Months Ended | Nine Months Ended | Trailing Twelve | |||||||||||||||||
September 30, | September 30, | Months Ended | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | September 30, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Net (loss) income | $ | (33,623 | ) | $ | 67,106 | $ | 33,677 | $ | 211,576 | $ | 182,643 | ||||||||
Interest expense | 36,228 | 27,052 | 98,746 | 82,567 | 125,802 | ||||||||||||||
Other interest income | (538 | ) | (389 | ) | (1,355 | ) | (755 | ) | (1,866 | ) | |||||||||
Income tax provision (benefit) | 154 | 237 | (318 | ) | 531 | (77 | ) | ||||||||||||
Depreciation and amortization | 65,631 | 59,648 | 190,603 | 178,327 | 252,034 | ||||||||||||||
Gain on sale of real estate | — | (14,149 | ) | (11,682 | ) | (30,501 | ) | (97,960 | ) | ||||||||||
Impairment charge | 57,218 | — | 57,218 | — | 57,218 | ||||||||||||||
Adjustments of EBITDAre of unconsolidated affiliates | 1,557 | 1,884 | 4,900 | 5,187 | 6,630 | ||||||||||||||
EBITDAre (1) | $ | 126,627 | $ | 141,389 | $ | 371,789 | $ | 446,932 | $ | 524,424 |
(1) | Excluding the charge related to the buyout of the Kmart lease at Assembly Square Marketplace, our EBITDAre would have been $153.3 million and $458.8 million, respectively, for the three and nine months ended September 30, 2019. |