SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 30, 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
September 30, 1995.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at September 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: November 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 September 30, 1995 4
-3-
Exhibit 99
FEDERAL REALTY INVESTMENT TRUST
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Supplemental Information
September 30, 1995
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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
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4800 Hampden Lane, Suite 500
Bethesda, Maryland 20814
301/652-3360
FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (excluding capital leases and interest rate swaps)
September 30, 1995
- ----------------------------------------------------------------------------------------------------------------------------------
Balance
Maturity Rate (in thousands)
-------- ----
Mortgages
Barracks Road 06/01/98 9.77% $21,848
Falls Plaza 06/01/98 9.77% 4,344
Old Keene Mill 06/01/98 9.77% 7,121
West Falls 06/01/98 9.77% 4,985
Loehmanns Plaza 07/21/98 9.75% 6,518
Federal Plaza 03/10/01 8.95% 28,880
Tysons Station 09/01/01 9.875% 4,332
Bristol 08/01/98 9.65% 11,269
Northeast 12/31/01 participating 1,500
--------------
$90,797
==============
Notes payable
Revolving credit facilities libor +.85% to libor +1% $35,920
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% 2,936
Note issued in connection with
renovation of Perring Plaza 01/31/13 10.00% 2,939
Note issued in connection with lease 11/13/95 none 2,500
Other various various 135
--------------
$45,799
==============
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 $299,465 88.89%
Total variable rate debt 37,420 11.11%
-------------- -----------
Total debt $336,885 100.00%
============== ===========
Weighted average interest rate:
---------------------------------------
Fixed rate debt 7.95%
Variable on revolving facilities 7.00%**
* 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 nine
months ended September 30, 1995.
Federal Realty Investment Trust
Percentage Leased Analysis
September 30, 1995
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Overall Occupancy
(Quarter to Quarter Analysis) September 30, 1995 September 30, 1994
------------------------------------------ ----------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------- ---------- ------------ -------------- ---------- ------------ ---------------
Shopping Center (square feet) 11,806,960 11,173,268 95% 10,898,289 10,178,944 93%
Main Street Retail (square feet) 224,814 202,408 90%
Rollingwood Apartments (# of units) 282 279 99% 282 281 99%
Overall Occupancy
(Rolling 12 Months) September 30, 1995 June 30, 1995
------------------------------------------ ----------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------- ---------- ------------ -------------- ---------- ------------ ---------------
Shopping Center (square feet) 11,806,960 11,173,268 95% 11,530,816 10,796,603 94%
Main Street Retail (square feet) 224,814 202,408 90% 194,266 180,394 93%
Rollingwood Apartments (# of units) 282 279 99% 282 280 99%
Overall Occupancy
(Rolling 12 Months) March 31, 1995 December 31, 1994
------------------------------------------ ----------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------- ---------- ------------ -------------- ---------- ------------ ---------------
Shopping Center (square feet) 11,199,906 10,482,104 94% 11,179,222 10,592,521 95%
Main Street Retail (square feet) 22,906 22,906 100% 16,106 16,106 100%
Rollingwood Apartments (# of units) 282 281 99% 282 278 99%
================================================================================
Same Center Occupancy
(Quarter to Quarter Analysis) September 30, 1995 September 30, 1994
------------------------------------------ ----------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------- ---------- ------------ -------------- ---------- ------------ ---------------
Shopping Center (square feet) 10,553,745 10,009,447 95% 10,385,521 9,773,527 94%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 279 99% 282 281 99%
Same Center Occupancy
(Rolling 12 Months) September 30, 1995 June 30, 1995
------------------------------------------- ----------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------- ---------- ------------ -------------- ---------- ------------ ---------------
Shopping Center (square feet) 10,553,745 10,009,447 95% 10,438,581 9,820,887 94%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 279 99% 282 280 99%
Same Center Occupancy
(Rolling 12 Months) March 31, 1995 December 31, 1994
------------------------------------------ ----------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------- ---------- ------------ -------------- ---------- ------------ ---------------
Shopping Center (square feet) 10,203,347 9,600,482 94% 10,192,241 9,681,163 95%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 281 99% 282 278 99%
Federal Realty Investment Trust
Economic Occupancy Analysis
September 30, 1995
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Overall Economic Occupancy
(Quarter to Quarter Analysis) September 30, 1995 September 30, 1994
------------------------------------------- ------------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
- ----------------------------------- ---------- ------------ ------------- ---------- ------------ -------------
Shopping Center (square feet) 11,806,960 10,842,916 92% 10,898,289 9,986,128 92%
Main Street Retail (square feet) 224,814 166,908 74%
Rollingwood Apartments (# of units) 282 279 99% 282 281 99%
Overall Economic Occupancy
(Rolling 12 Months) September 30, 1995 June 30, 1995
------------------------------------------- ------------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
- ----------------------------------- ---------- ------------ ------------- ---------- ------------ -------------
Shopping Center (square feet) 11,806,960 10,842,916 92% 11,530,816 10,460,610 91%
Main Street Retail (square feet) 224,814 166,908 74% 194,266 180,394 93%
Rollingwood Apartments (# of units) 282 279 99% 282 280 99%
Overall Economic Occupancy
(Rolling 12 Months) March 31, 1995 December 31, 1994
------------------------------------------- ------------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
- ----------------------------------- ---------- ------------ ------------- ---------- ------------ -------------
Shopping Center (square feet) 11,199,906 10,153,934 91% 11,179,222 10,213,130 91%
Main Street Retail (square feet) 22,906 22,906 100% 16,106 16,106 100%
Rollingwood Apartments (# of units) 282 281 99% 282 272 96%
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Same Center Economic Occupancy
(Quarter to Quarter Analysis) September 30, 1995 September 30, 1994
------------------------------------------- ------------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
- ----------------------------------- ---------- ------------ ------------- ---------- ------------ -------------
Shopping Center (square feet) 10,553,745 9,764,246 93% 10,385,521 9,653,236 93%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 279 99% 282 281 99%
Same Center Economic Occupancy
(Rolling 12 Months) September 30, 1995 June 30, 1995
------------------------------------------- ------------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
- ----------------------------------- ---------- ------------ ------------- ---------- ------------ -------------
Shopping Center (square feet) 10,553,745 9,764,246 93% 10,438,581 9,552,765 92%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 279 99% 282 280 99%
Same Center Economic Occupancy
(Rolling 12 Months) March 31, 1995 December 31, 1994
------------------------------------------- ------------------------------------------
Leases Leases
Generating Economic Generating Economic
Type Size Income Occupancy Size Income Occupancy
- ----------------------------------- ---------- ------------ ------------- ---------- ------------ -------------
Shopping Center (square feet) 10,203,347 9,441,725 93% 10,192,241 9,472,958 93%
Main Street Retail (square feet)
Rollingwood Apartments (# of units) 282 281 99% 282 272 96%
Federal Realty Investment Trust
Regional Occupancy Analysis
September 30, 1995
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Total Square Occupancy
Region Footage 09/30/95
- ------------------------------ --------------------- -------------
D.C./Baltimore 3,494,268 94%
Philadelphia 2,143,751 96%
New York/New Jersey 1,971,191 97%
Central Virginia 1,161,212 97%
Mid-West 1,133,622 93%
New England 683,376 99%
Other 1,219,540 87%
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Total Square Occupancy
Region Footage 09/30/95
- ------------------------------ --------------------- -------------
D.C./Baltimore
Anchor 1,851,081 95%
Small Shops 1,643,187 92%
Philadelphia
Anchor 1,289,176 96%
Small Shops 854,575 96%
New York/New Jersey
Anchor 1,452,676 98%
Small Shops 518,515 94%
Central Virginia
Anchor 551,944 100%
Small Shops 609,268 94%
Mid-West
Anchor 705,155 98%
Small Shops 428,467 85%
New England
Anchor 408,236 100%
Small Shops 275,140 98%
Other
Anchor 623,864 89%
Small Shops 595,676 85%
Federal Realty Investment Trust
Shopping Center Leasing Activity
September 30, 1995
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Comparable
Weighted Average Prior
Number of Square Average Lease Rent Per
Rolling 12 Months Leases Signed Feet Term (Years) Square Foot
- ------------------------ ---------------- ---------------- ---------------- ----------------
3rd Quarter 1995 69 226,759 5.8 $14.05
2nd Quarter 1995 96 313,386 8.6 13.61
1st Quarter 1995 68 230,171 6.9 12.95
4th Quarter 1994 93 455,584 9.2 10.16
Total 326 1,225,900 8.0 $12.29
Estimated
Average Current Percentage Tenant
Rent Per Annualized Increase Improvement
Rolling 12 Months Square Foot Increase in Rent over Prior Rent Costs
- ------------------------ ---------------- ---------------- ---------------- ----------------
3rd Quarter 1995 $14.24 $41,961 1% $865,000
2nd Quarter 1995 17.56 1,239,862 29% 3,892,000
1st Quarter 1995 14.60 379,854 13% 1,290,000
4th Quarter 1994 14.04 1,766,764 38% 4,055,000
Total $15.08 $3,428,442 23% $10,102,000
Non-Comparable
Weighted
Number of Square Average Lease Average Rent
Rolling 12 Months Leases Signed Feet Term (Years) Per Square Foot
- ------------------------ ---------------- ---------------- ---------------- ----------------
3rd Quarter 1995 4 26,089 9.7 $13.76
2nd Quarter 1995 8 60,731 7.3 $23.26
1st Quarter 1995 6 14,516 6.9 15.22
4th Quarter 1994 12 124,234 8.1 10.63
Total 30 225,570 8.7 $14.69
Estimated
Annualized Tenant
Current Improvement
Rolling 12 Months Rent Costs
- ------------------------ ---------------- ----------------
3rd Quarter 1995 $358,961 $0
2nd Quarter 1995 1,412,465 1,433,000
1st Quarter 1995 220,998 12,000
4th Quarter 1994 1,320,747 1,758,000
Total $3,313,171 $3,203,000
Mary Jane Morrow
Senior Vice President
Finance & Treasurer
(301) 961-9321
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
THIRD QUARTER OPERATING RESULTS
Bethesda, Maryland
November 13, 1995
Federal Realty Investment Trust (NYSE:FRT) reported today that funds from
operations for the third quarter of 1995 rose 10% to $14.4 million from $13.1
million in the third quarter of 1994. On a per share basis, funds from
operations increased 10% to $.45 in the third quarter of 1995 from $.41 for the
comparable quarter of 1994. Funds from operations also improved for the first
nine months of 1995 increasing 19% to $43.0 million or $1.35 per share from
$36.1 million or $1.19 per share in the first nine months of 1994. These
increases resulted principally from property acquisitions and from significant
contributions from recently redeveloped and remerchandised properties.
A comparison of property operations for the third quarter of 1995 versus
the third quarter of 1994 shows the following:
. Rental income increased 11% to $35.9 million in the third quarter of 1995
compared to $32.2 million in 1994. If adjusted to exclude properties
acquired during 1994 and 1995, rental income increased 4% to $32.3 million
in 1995 from $31.2 million in 1994.
-MORE-
. During the third quarter of 1995, the Trust signed leases for a total
253,000 square feet of shopping center space. On a same space basis, the
Trust re-leased 227,000 square feet at an average increase in rent per
square foot of 1%. The weighted average rent on these leases was $14.24
per square foot compared to the previous average rent of $14.05 per square
foot.
. At September 30, 1995 the Trust's shopping center portfolio was 95% leased
compared to 93% a year ago. Shopping centers operating in both periods
(excluding properties acquired or under redevelopment) were 95% leased at
September 30, 1995 versus 94% a year ago.
Commenting on the quarter, Steven J. Guttman, President and Chief Executive
Officer stated, "We are very pleased with the continued growth of our portfolio.
In addition to the positive contributions from our recent acquisitions, we
continue to benefit from the improved performance of our core portfolio. Our
recent redevelopment and remerchandising programs combined with continued strong
demand for our retail space has produced steady rental income growth which has
added positively to our operating results."
Federal Realty is an equity real estate investment trust specializing in
the ownership, management, development and redevelopment of prime retail
properties. The Trust's real estate portfolio is comprised principally of 54
shopping centers containing approximately 11.8 million square feet and 14 main
street retail buildings. The Trust's properties are located principally along
the east coast region between Boston, Massachusetts and Richmond, Virginia.
Federal Realty has paid quarterly dividends to its shareholders
continuously since its founding in 1962 and has increased its dividend rate for
each of the last 28 consecutive years. Shares of the Trust are traded on the
New York Stock Exchange under the symbol: FRT.
###
Financial Highlights
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, 1995 September 30, 1995
OPERATING RESULTS 1995 1994 1995 1994
- ----------------- ---- ---- ---- ----
Revenues
Rental income $35,910 $32,238 $104,557 $94,168
Interest 1,156 1,009 3,049 3,046
Other income 1,907 1,549 5,283 4,068
------- ------ ------- -------
38,973 34,796 112,889 101,282
Expenses
Rental 8,840 9,247 25,059 27,183
Real estate taxes 3,719 3,254 10,704 8,874
Interest 10,098 7,718 28,814 23,533
Administrative 1,666 1,264 4,483 4,448
Other Charges --- 758 --- 758
Depreciation and amortization 8,827 7,570 25,815 21,736
------- ------ ------- -------
33,150 29,811 94,875 86,532
------- ------ ------- -------
Operating income before investors'
share of operations and loss on
sale of real estate 5,823 4,985 18,014 14,750
Investor's share of operations 105 (19) 275 (495)
------- ------ ------- -------
Income before loss on sale
of real estate 5,928 4,966 18,289 14,255
Loss on sale of real estate (10) --- (545) ---
------- ------ ------- -------
Net income $5,918 $4,966 $17,744 $14,255
======= ====== ======= =======
Earnings per share $0.19 $0.16 $0.56 $0.47
Funds from Operations
Net income $5,918 $4,966 $17,744 $14,255
Add: depreciation and amortization
of real estate assets 7,826 6,713 22,853 19,335
Add: amortization of initial direct
costs of leases 614 613 1,832 1,798
Add: loss on sale and nonrecurring
items 10 758 545 758
------- ------- ------- -------
Funds from operations $14,368 $13,050 $42,974 $36,146
======= ======= ======= =======
Funds from operations per share $0.45 $0.41 $1.35 $1.19
Weighted average shares outstanding 31,850 31,563 31,744 30,368
================================================================================
Sept. 30, December 31,
BALANCE SHEET DATA 1995 1994
- ------------------ ---- ----
Assets
Real estate, at cost $962,473 $852,722
Mortgage notes receivable 13,181 13,178
Cash and investments 7,175 7,583
Total assets $842,707 $751,804
Liabilities and Shareholders' Equity
Obligations under capital leases $132,114 $132,924
Mortgages payable 90,797 102,781
Notes payable 45,799 61,883
Senior Notes 125,000 ---
Convertible subordinated debentures 75,289 75,289
Shareholders' Equity 334,235 343,222
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.
