SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 30, 1995
Federal Realty Investment Trust
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
District of Columbia 1-7533 52-0782497
--------------------------------------- ----------- ------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4800 Hampden Lane, Suite 500, Bethesda, Maryland 20814
------------------------------------------------ -----------
(Address of principal executive officers) (Zip Code)
Registrant's telephone number including area code: 301/652-3360
Exhibit Index appears on Page 3.
Item 5. Other Events
Federal Realty Investment Trust hereby files as exhibit 99 the following
supplemental data pertaining to its portfolio of properties at June 30, 1995.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at June 30, 1995
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 INVESMENT TRUST
Date: August 16, 1995 \s\ Cecily A. Ward
-----------------------------
Cecily A. Ward
Vice President, Controller
-2-
EXHIBIT INDEX
Exh No. Exhibit Page No.
------- ------- --------
99 Supplemental portfolio information at June 30, 1995 4
-3-
FEDERAL REALTY INVESTMENT TRUST
================================================================================
Supplemental Information
June 30, 1995
================================================================================
TABLE OF CONTENTS
1. Debt Summary..................................................... E-2
2. Occupancy
Percentage Leased......................................... E-3
Economic Occupancy........................................ E-4
Regional Breakdown........................................ E-5
3. Leases Signed Analysis
Comparable and Non-Comparable............................. E-6
4. Press Release.................................................... E-7
5. Glossary of Terms................................................ E-10
================================================================================
4800 Hampden Lane, Suite 500
Bethesda, Maryland 20814
301/652-3360
FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (EXCLUDING CAPITAL LEASES AND INTEREST RATE SWAPS)
JUNE 30, 1995
=======================================================================================================
Balance
Maturity Rate (in thousands)
-------- ----
MORTGAGES
Barracks Road 06/01/98 9.77% $21,929
Falls Plaza 06/01/98 9.77% 4,360
Old Keene Mill 06/01/98 9.77% 7,148
West Falls 06/01/98 9.77% 5,003
Loehmanns Plaza 07/21/98 9.75% 6,538
Federal Plaza 03/10/01 8.95% 28,961
Tysons Station 09/01/01 9.875% 4,344
Northeast 12/31/01 participating 1,500
--------------
$79,783
==============
NOTES PAYABLE
Revolving credit facilities libor +.85% to libor +1% $19,365
Note issued in connection with
tenant buyout at Queen Anne Plaza 01/15/06 8.875% 1,369
Note issued in connection with
aquisition of Federal Plaza 07/01/96 8.00% 2,916
Note issued in connection with
renovation of Perring Plaza 01/31/13 10.00% 2,955
Other various various 149
--------------
$26,754
==============
UNSECURED PUBLIC DEBT
5 1/4% Convertible subordinated 04/30/02 5.250% $ 289
debentures
5 1/4% Convertible subordinated 10/28/03 5.250% 75,000
debentures
8 7/8% Notes (fixed) 01/15/00 8.875% 75,000
8 7/8% Notes (fixed)* 01/15/00 7.530% 25,000
8% Notes (fixed) 04/21/02 8.000% 25,000
--------------
$200,289
==============
Total fixed rate debt $285,961 93.20%
Total variable rate debt 20,865 6.80%
-------------- --------------
Total debt $306,826 100.00%
============== ==============
Weighted average interest rate:
----------------------------------
Fixed rate debt 7.89%
Variable on revolving facilities 7.01% **
* The Trust purchased an interest rate swap on $25 million which was sold for
$1.5 million, thereby decreasing the effective interest rate.
** Weighted average interest rate on revolving credit facilities for six months
ended June 30, 1995.
2
FEDERAL REALTY INVESTMENT TRUST
PERCENTAGE LEASED ANALYSIS
June 30, 1995
====================================================================================================================================
OVERALL OCCUPANCY
(Quarter to Quarter Analysis) June 30, 1995 June 30, 1994
------------------------------------------ ----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
----------------------------------------- ---------- ---------- -------------- ---------- ---------- ----------
Shopping Center (square feet) 11,530,816 10,796,603 94% 10,782,397 10,094,769 94%
Main Street Retail (square feet) 194,266 180,394 93%
Rollingwood Apartments (# of units) 282 280 99% 282 272 96%
OVERALL OCCUPANCY
(Rolling 12 Months) June 30, 1995 March 31, 1995
----------------------------------------- ----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
----------------------------------------- ---------- ---------- -------------- ---------- ---------- ----------
Shopping Center (square feet) 11,530,816 10,796,603 94% 11,199,906 10,482,104 94%
Main Street Retail (square feet) 194,266 180,394 93% 22,906 22,906 100%
Rollingwood Apartments (# of units) 282 280 99% 282 281 99%
OVERALL OCCUPANCY
(Rolling 12 Months) December 31, 1994 September 30, 1994
----------------------------------------- ----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
----------------------------------------- ---------- ---------- -------------- ---------- ---------- ----------
Shopping Center (square feet) 11,179,222 10,592,521 95% 10,898,289 10,176,605 93%
Main Street Retail (square feet) 16,106 16,106 100%
Rollingwood Apartments (# of units) 282 278 99% 282 281 99%
====================================================================================================================================
SAME CENTER OCCUPANCY
(Quarter to Quarter Analysis) June 30, 1995 June 30, 1994
----------------------------------------- ----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
----------------------------------------- ---------- ---------- -------------- ---------- ---------- ----------
Shopping Center (square feet) 10,438,581 9,820,887 94% 10,373,401 9,784,722 94%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 280 99% 282 272 96%
SAME CENTER OCCUPANCY
(Rolling 12 Months) June 30, 1995 March 31, 1994
----------------------------------------- ----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
----------------------------------------- ---------- ---------- -------------- ---------- ---------- ----------
Shopping Center (square feet) 10,438,581 9,820,887 94% 10,203,347 9,600,482 94%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 280 99% 282 281 99%
SAME CENTER OCCUPANCY
(Rolling 12 Months) December 31, 1994 September 30, 1994
----------------------------------------- ----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
----------------------------------------- ---------- ---------- -------------- ---------- ---------- ----------
Shopping Center (square feet) 10,192,241 9,681,163 95% 10,156,707 9,549,487 94%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 278 99% 282 281 99%
3
FEDERAL REALTY INVESTMENT TRUST
ECONOMIC OCCUPANCY ANALYSIS
June 30, 1995
====================================================================================================================================
OVERALL ECONOMIC OCCUPANCY
(Quarter to Quarter Analysis) June 30, 1995 June 30, 1994
------------------------------------------- ---------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
--------------------------------- -------------- ------------ ------------- ----------- ------------ ------------
Shopping Center (square feet) 11,530,816 10,460,610 91% 10,782,397 9,875,544 92%
Main Street Retail (square feet) 194,266 180,394 93%
Rollingwood Apartments (# of units) 282 280 99% 282 272 96%
OVERALL ECONOMIC OCCUPANCY
(Rolling 12 Months) June 30, 1995 March 31, 1995
------------------------------------------- --------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
--------------------------------- -------------- ------------ ------------- ----------- ------------ -----------
Shopping Center (square feet) 11,530,816 10,460,610 91% 11,199,906 10,153,934 91%
Main Street Retail (square feet) 194,266 180,394 93% 22,906 22,906 100%
Rollingwood Apartments (# of units) 282 280 99% 282 281 99%
OVERALL ECONOMIC OCCUPANCY
(Rolling 12 Months)
December 31, 1994 September 30, 1994
------------------------------------------- --------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
--------------------------------- --------------- ------------ ------------- ----------- ------------ ------------
Shopping Center (square feet) 11,179,222 10,213,130 91% 10,898,289 9,983,789 92%
Main Street Retail (square feet) 16,106 16,106 100%
Rollingwood Apartments (# of units) 282 272 96% 282 281 99%
====================================================================================================================================
SAME CENTER ECONOMIC OCCUPANCY
(Quarter to Quarter Analysis) June 30, 1995 June 30, 1994
------------------------------------------- --------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
--------------------------------- -------------- ------------ ------------- ----------- ------------ -----------
Shopping Center (square feet) 10,438,581 9,552,765 92% 10,373,401 9,650,465 93%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 280 99% 282 272 96%
SAME CENTER ECONOMIC OCCUPANCY
(Rolling 12 Months) June 30, 1995 March 31, 1995
------------------------------------------- --------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
--------------------------------- -------------- ------------ ------------- ----------- ------------ -----------
Shopping Center (square feet) 10,438,581 9,552,765 92% 10,203,347 9,441,725 93%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 280 99% 282 281 99%
SAME CENTER ECONOMIC OCCUPANCY
(Rolling 12 Months)
December 31, 1994 September 30, 1994
------------------------------------------- --------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
---------------------------------- -------------- ------------ ------------- ----------- ------------ -----------
Shopping Center (square feet) 10,192,241 9,472,958 93% 10,156,707 9,431,031 93%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 272 96% 282 281 99%
4
FEDERAL REALTY INVESTMENT TRUST
REGIONAL OCCUPANCY ANALYSIS
JUNE 30, 1995
==============================================================
Total Square Occupancy
Region Footage 06/30/95
-------------------------- ----------------- ---------------
D.C./Baltimore 3,481,146 93%
Philadelphia 2,053,195 95%
New York/New Jersey 1,971,191 97%
Central Virginia 1,162,705 95%
Mid-West 1,133,622 93%
New England 400,989 99%
Other 1,327,968 85%
==============================================================
Total Square Occupancy
Region Footage 06/30/95
-------------------------- ----------------- ---------------
D.C./Baltimore
Anchor 1,859,425 94%
Small Shops 1,621,721 92%
Philadelphia
Anchor 1,183,655 96%
Small Shops 869,540 94%
New York/New Jersey
Anchor 1,434,069 98%
Small Shops 537,122 95%
Central Virginia
Anchor 570,503 97%
Small Shops 592,202 93%
Mid-West
Anchor 729,306 97%
Small Shops 404,316 86%
New England
Anchor 241,311 100%
Small Shops 159,678 97%
Other
Anchor 732,162 88%
Small Shops 595,806 81%
5
FEDERAL REALTY INVESTMENT TRUST
LEASING ACTIVITY
JUNE 30, 1995
===================================================================================================================================
COMPARABLE
AVERAGE AVERAGE PRIOR AVERAGE CURRENT
NUMBER OF SQUARE LEASE RENT PER RENT PER ANNUALIZED
ROLLING 12 MONTHS LEASES SIGNED FEET TERM (YEARS) SQUARE FOOT SQUARE FOOT INCREASE IN RENT
--------------------- --------------- ------------- -------------- --------------- ----------------- ------------------
2nd Quarter 1995 96 313,386 4.9 $13.61 $17.56 $1,239,862
1st Quarter 1995 68 230,171 5.2 12.95 14.60 379,854
4th Quarter 1994 93 455,584 5.6 10.16 14.04 1,766,764
3rd Quarter 1994 62 145,265 5.1 16.30 17.55 181,298
--------------- ------------- -------------- --------------- ----------------- ------------------
Total 319 1,144,406 5.2 $12.45 $15.57 $3,567,778
ESTIMATED
PERCENTAGE TENANT
INCREASE IMPROVEMENT
ROLLING 12 MONTHS OVER PRIOR RENT COSTS
--------------------- ----------------- ----------------
2nd Quarter 1995 29% $3,892,000
1st Quarter 1995 13% 1,290,000
4th Quarter 1994 38% 4,055,000
3rd Quarter 1994 8% 854,000
----------------- ----------------
Total 25% $10,091,000
NON-COMPARABLE ESTIMATED
AVERAGE ANNUALIZED TENANT
NUMBER OF SQUARE LEASE AVERAGE RENT CURRENT IMPROVEMENT
ROLLING 12 MONTHS LEASES SIGNED FEET TERM (YEARS) PER SQUARE FOOT RENT COSTS
--------------------- --------------- ------------- -------------- ----------------- ----------------- ------------------
2nd Quarter 1995 8 60,731 7.3 $23.26 $1,412,465 $1,433,000
1st Quarter 1995 6 14,516 6.7 15.22 220,998 12,000
4th Quarter 1994 12 124,234 6.3 10.63 1,320,747 1,758,000
3rd Quarter 1994 6 20,812 6.7 16.49 343,207 99,000
--------------- ------------- -------------- ----------------- ----------------- ------------------
Total 32 220,293 6.8 $14.97 $3,297,417 $3,302,000
6
GLOSSARY OF TERMS
OCCUPANCY: The currently leased portion of a property expressed as a percentage
of its total rentable square feet; includes square feet covered by leases for
stores not yet opened.
OVERALL OCCUPANCY: Occupancy for the entire portfolio -- includes all centers
owned in reporting period.
SAME CENTER OCCUPANCY: Occupancy for only those centers owned and operating in
the periods being compared. Excludes centers purchased or sold as well as
properties under redevelopment.
ECONOMIC OCCUPANCY: The current physical occupancy of a property (that portion
of the property that is occupied and on which we are receiving rent) expressed
as a percentage of its total rentable square feet.
LEASES SIGNED - COMPARABLE: Represents leases signed on spaces for which there
was a former tenant.
LEASES SIGNED - NONCOMPARABLE: Represents leases signed on spaces for which
there was no previous tenant, i.e. expansion space or space that was previously
non-rentable.
LEASES SIGNED - PRIOR RENT: Total rent paid by the previous tenant; includes
minimum and percentage rent.
TENANT IMPROVEMENT COSTS: Represents the total dollars committed for the
improvement (fit-out) of a space as relates to a specific lease. The amounts
shown represent not only the estimated cost to fit-out the tenant space, but may
also include base building costs (i.e. escalators or new entrances) which are
required to make the space leasable.
