EXHIBIT 99.1
FEDERAL REALTY INVESTMENT TRUST
Supplemental Information
March 31, 2003
TABLE OF CONTENTS
1. First Quarter 2003 Earnings Press Release ................................. 3
2. Financial Highlights
Summarized Operating Results ...................................... 7
Summarized Balance Sheet .......................................... 8
Funds From Operations / Funds Available for
Distribution / Summary of Capital Expenditures .................... 9
Market Data / Capital Availability / Operational Statistics ....... 10
3. Summary of Debt
Summary of Outstanding Debt ....................................... 11
Summary of Debt Maturities ........................................ 12
4. Summary of Redevelopments
Summary of Current and Future Redevelopment Opportunities ......... 13
Summary of Recent Redevelopments .................................. 14
5. Santana Row Summary ....................................................... 15
6. Acquisitions and Dispositions - Year to Date .............................. 16
7. Real Estate Status Report ................................................. 17
8. Shopping Center / Street Retail Summary ................................... 19
9. Leasing Summary
Retail Leasing Summary - Comparable ............................... 20
Retail Leasing Summary - Non-comparable ........................... 21
10. Lease Expirations ......................................................... 22
11. Occupancy Summary
Occupancy Summary - Overall ....................................... 23
Occupancy Summary - Same Center ................................... 24
12. Summary of Top 25 Tenants - Prospective ................................... 25
13. Reconciliation of Non-GAAP Disclosures .................................... 26
14. Glossary of Terms ......................................................... 27
1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100
Certain matters discussed within this Supplemental Information may be deemed to
be forward looking statements within the meaning of the federal securities laws.
Although we believe the expectations reflected in the forward looking statements
are based on reasonable assumptions, we can give no assurance that our
expectations will be attained. The factors that may impact these expectations
include: (a) risks that growth will be limited if additional capital cannot be
obtained; (b) risks of financing, such as our ability to consummate additional
financings or obtain replacement financing on terms which are acceptable to us,
our ability to meet existing financial covenants and the possibility of
increases in interest rates that would result in increased interest expense; (c)
risks normally associated with the real estate industry, including risks that
tenants will not pay rent or that we may be unable to renew leases or relet
space at favorable rents as leases expire, that new acquisitions or development,
construction and renovation projects, including Santana Row, may fail to perform
as expected, that competition for acquisitions could result in increased prices,
that there may be environmental risks at our properties, and, because real
estate is illiquid, that we may not be able to sell properties when appropriate;
(d) risks related to our status as a REIT for federal income tax purposes, such
as the existence of complex regulations relating to our status as a REIT, the
effect of future changes in REIT requirements as a result of new legislation and
the adverse consequences of the failure to qualify as a REIT; and (e) those
risks detailed from time to time in our SEC reports, including our current
report on Form 8-K filed with the SEC on March 25, 2003, our annual report on
Form 10-K filed with the SEC on March 26, 2003 and our quarterly reports on Form
10-Q. Federal Realty assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.
FOR IMMEDIATE RELEASE
Investor Inquiries Media Inquiries
Andrew Blocher Kristine Warner
Vice President, Capital Markets
& Investor Relations Director, Corporate Communications
301/998-8166 301/998-8212
ablocher@federalrealty.com kwarner@federalrealty.com
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2003 OPERATING RESULTS
ROCKVILLE, MD (May 7, 2003) - Federal Realty Investment Trust (NYSE:FRT) today
reported operating results for the quarter ended March 31, 2003.
. Funds from operations (FFO) was $0.64 per diluted share for the first
quarter
. First quarter 2003 net income per diluted share was $0.26
. Same-center property operating income, excluding properties
redeveloped, expanded or acquired, increased 4.8% when compared to
first quarter 2002
. Cash rent increases on lease rollovers were 18% for the first quarter
on 374,000 square feet of comparable retail space
Financial Results
Federal Realty reported FFO of $28.9 million for the first quarter of 2003, or
$0.64 per diluted share. This compares to FFO of $19.0 million for the first
quarter of 2002, or $0.46 per diluted share, which included an $8.5 million, or
$0.21 per diluted share charge recognized as a result of the change in business
strategy and resulting restructuring announced on March 11, 2002.
Net income available for common shareholders was $11.5 million, or $0.26 per
diluted share for the quarter ended March 31, 2003. For the first quarter of
2002, the Trust reported a net loss to common shareholders of $6.2 million, or
$0.15 per diluted share. The net loss recorded for the first quarter of 2002
included an $18.1 million, or $0.44 per diluted share charge relating to the
change in business strategy, resulting restructuring and loss on abandoned
developments held for sale.
Portfolio Results
On a same-center basis, which excludes properties redeveloped, expanded or
acquired since March 31, 2002, property operating income increased 4.8% versus
first quarter 2002. At March 31, 2003, retail occupancy on a same-center basis
remained strong at 95.8% compared to 95.5% on March 31, 2002 and December 31,
2002. Same-center occupancy excludes the 444,000 square feet of retail space in
Phase I of Santana Row which was 74% leased and 471,000 square feet of retail
space in South Valley Shopping Center and Mount Vernon Plaza, properties
acquired late in the first quarter that were a combined 74% leased. Overall
occupancy was 94.3% at March 31, 2003, compared to 95.5% on March 31, 2002 and
94.7% on December 31, 2002.
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2003 OPERATING RESULTS
MAY 7, 2003
Page 2
During the first quarter, the Trust signed 77 leases for over 525,000 square
feet of retail space. On a comparable space basis (i.e. spaces for which there
was a former tenant), the Trust leased 374,000 square feet at an average
cash-basis contractual rent increase (i.e. excluding the impact of straight-line
rents) in rent per square foot of 18%. The weighted-average contractual rent on
this space for the first year of the new lease was $16.35 per square foot
compared to the weighted-average contractual rent of $13.88 per square foot for
the last year of the prior lease. The previous weighted-average contractual rent
is calculated by including both the minimum rent and the percentage rent
actually paid during the last year of the lease term for the re-leased space. On
a GAAP basis, rent increases were 31% on the 374,000 square feet of comparable
space re-leased during the quarter.
"I am impressed with the strong performance of our core portfolio in the face of
the uncertainties caused by the war and generally poor economic conditions,"
stated Donald C. Wood, Federal Realty's president and chief executive officer.
"We look forward to executing the opportunities afforded to us by projects like
Santana Row, our newly acquired properties and our redevelopment pipeline."
Guidance
Federal Realty re-confirmed previous expectations for 2003 FFO per diluted share
of $2.60 and provided new guidance, as a result of SEC Regulation G covering
non-GAAP financial disclosure, for net income per diluted share of $0.99.
Summary of Other Quarterly Activities and Recent Developments
>> On April 23, 2003, the Trust provided updated information relating to the
status of its three Kmart locations, comprising 326,000 square feet of
retail space and $1.7 million of contractual rent, that were closed as a
result of the retailer's chapter 11 bankruptcy filing. Kohl's Corporation
is assuming the previous lease for the 150,000 square foot store at Fresh
Meadows in Queens, New York. The leases for the Kmart locations at both
Flourtown Shopping Center in Flourtown, Pennsylvania and Leesburg Plaza in
Leesburg, Virginia, represent a combined 1.1% of portfolio occupancy and
0.15% of annualized revenues. The Trust will re-claim both of these spaces
and management believes both properties provide potential for increased
earnings and increased value through redevelopment or re-tenanting.
>> On April 16, 2003, Federal Realty announced the appointment of David
Faeder, vice chairman of Sunrise Assisted Living, Inc. (NYSE:SRZ) to serve
on the Trust's board of trustees. Mr. Faeder also has been appointed to
serve on the Trust's audit committee and has been designated by the Board
as the Trust's
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2003 OPERATING RESULTS
MAY 7, 2003
Page 3
"audit committee financial expert." Mr. Faeder will stand for election by
the Trust's shareholders at the 2004 Annual Meeting of Shareholders.
>> On April 1, 2003, Federal Realty announced the acquisition of South Valley
Shopping Center and Mount Vernon Plaza in Fairfax County, Virginia. The
shopping centers are adjacent to one another on the west side of Route 1
approximately three miles south of the Capital Beltway and were acquired
from unrelated, private owners. The Trust purchased the fee interest in
South Valley Shopping Center for approximately $13.7 million in an all cash
transaction and acquired the leasehold interest with a purchase option in
Mount Vernon Plaza for aggregate consideration of approximately $17.5
million in the form of cash, down-REIT partnership units and the assumption
of debt. Management believes that both properties have significant
potential for future re-leasing and redevelopment.
>> On February 7, 2003, the Trust announced plans for Phase II of Santana Row,
which includes 84,000 square feet of retail space on two pad sites and 275
additional parking spaces. 95% of the retail space has been pre-leased to
Best Buy and The Container Store, and Federal Realty expects an
approximately 16% unleveraged return on its anticipated $27 million cost.
Conference Call Information
Federal Realty's management team will present an in depth discussion of the
Trust's operating performance on its first quarter earnings conference call,
which is scheduled for Thursday, May 8, 2003 at 11:00 A.M. Eastern Time. To
participate, please call (888) 913-9966 five to ten minutes prior to the start
time and use the Passcode EARNINGS (required). The conference leader is Andrew
Blocher. Federal Realty will also provide an online Web Simulcast on the
company's web site, www.federalrealty.com, which will remain available for 14
days following the conference call. A telephone recording of the call will be
available for 14 days by dialing (800) 337-6851.
Federal Realty Investment Trust is an equity real estate investment trust
specializing in the ownership, management, development and re-development of
shopping centers and street retail properties. Federal Realty's portfolio
contains approximately 15.7 million square feet located in major metropolitan
markets across the United States. The operating portfolio is currently over 94%
occupied by over 2,000 national, regional and local retailers with no single
tenant accounting for more than 2.5% of rental revenue. Federal Realty has paid
quarterly dividends to its shareholders continuously since its founding in 1962,
and has increased its dividend rate for 35 consecutive years, the longest
consecutive record in the REIT industry.
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
FIRST QUARTER 2003 OPERATING RESULTS
MAY 7, 2003
Page 4
Shares of Federal Realty are traded on the New York Stock Exchange under the
symbol FRT. Additional information about Federal Realty can be found on the
Internet at www.federalrealty.com.
Safe Harbor Language
Certain matters discussed within this press release may be deemed to be forward
looking statements within the meaning of the federal securities laws. Although
Federal Realty believes the expectations reflected in the forward looking
statements are based on reasonable assumptions, it can give no assurance that
its expectations will be attained. The factors that may impact these
expectations include:
. risks of financing, such as our ability to consummate additional
financings or obtain replacement financing on terms which are
acceptable to us, our ability to meet existing financial covenants and
the possibility of increases in interest rates that would result in
increased interest expense;
. risks that our growth will be limited if we cannot obtain additional
capital;
. risks normally associated with the real estate industry, including
risks that our tenants will not pay rent or that we may be unable to
renew leases or relet space at favorable rents as leases expire, that
new acquisitions or our development, construction and renovation
projects, including our Santana Row project, may fail to perform as
expected, that competition for acquisitions could result in increased
prices, that we may have environmental risks at our properties, and,
because real estate is illiquid, that we may not be able to sell
properties when appropriate;
. risks related to our status as a REIT for federal income tax purposes,
such as the existence of complex regulations relating to our status as
a REIT, the effect of future changes in REIT requirements as a result
of new legislation and the adverse consequences of the failure to
qualify as a REIT; and
. those risks detailed from time to time in our SEC reports, including
our current report on Form 8-K filed with the SEC on March 25, 2003,
our annual report on Form 10-K filed with the SEC on March 26, 2003
and our quarterly reports on Form 10-Q.
Federal Realty assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
####
Federal Realty Investment Trust
Income Statement
March 31, 2003
- -------------------------------------------------------------------------------
Financial Highlights
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
OPERATING RESULTS 2003 2002
- ----------------- ---- ----
Revenues
Rental income $ 79,996 $ 70,499
Other property income 4,095 3,476
Interest and other income 1,215 1,261
-------- --------
85,306 75,236
Expenses
Rental 21,700 15,371
Real estate taxes 7,858 7,740
-------- --------
Total property operating expenses 29,558 23,111
-------- --------
Property operating income 55,748 52,125
Interest 17,579 16,640
Administrative 3,274 2,999
Restructuring expenses - 8,489
Depreciation and amortization 17,449 15,825
-------- --------
Total other expenses 38,302 43,953
-------- --------
Operating income before investors' share of operations and discontinued
operations 17,446 8,172
Investors' share of operations (1,070) (697)
-------- --------
Income before loss on abandoned developments held for sale and discontinued
operations 16,376 7,475
Income from operations of discontinued assets - 841
-------- --------
Income before loss on abandoned developments held for sale 16,376 8,316
Loss on abandoned developments held for sale - (9,647)
-------- --------
Net income (loss) 16,376 (1,331)
Dividends on preferred stock (4,856) (4,856)
-------- --------
Net income (loss) available for common shareholders $ 11,520 $ (6,187)
======== ========
Funds from Operations
Net income (loss) available for common shareholders $ 11,520 $ (6,187)
Loss on abandoned developments held for sale - 9,647
Depreciation and amortization of real estate assets 15,798 14,537
Amortization of initial direct costs of leases 1,354 1,171
Income (loss) attributable to operating partnership units 206 (136)
-------- --------
Funds from operations $ 28,878 $ 19,032
======== ========
Weighted average number of common shares, diluted 45,354 40,942
======== ========
Funds from operations per share $ 0.64 $ 0.46
======== ========
Funds from operations $ 28,878 $ 19,032
Add back restructuring expense - 8,489
-------- --------
Adjusted funds from operations $ 28,878 $ 27,521
======== ========
Weighted average number of common shares, diluted 45,354 40,942
======== ========
Adjusted funds from operations per share $ 0.64 $ 0.67
======== ========
Earnings per common share, basic
Income (loss) before loss on abandoned developments held for sale and
discontinued operations $ 0.26 $ 0.07
Discontinued operations - 0.02
Loss on abandoned developments held for sale - (0.24)
-------- --------
$ 0.26 $ (0.15)
======== ========
Weighted average number of common shares, basic 44,271 39,702
======== ========
Earnings per common share, diluted
Income (loss) before loss on abandoned developments held for sale and
discontinued operations $ 0.26 $ 0.06
Discontinued operations - 0.02
Loss on abandoned developments held for sale - (0.23)
-------- --------
$ 0.26 $ (0.15)
======== ========
Weighted average number of common shares, diluted 45,354 40,942
======== ========
Federal Realty Investment Trust
Balance Sheet
March 31, 2003
- -------------------------------------------------------------------------------
Financial Highlights
(in thousands, except per share data)
BALANCE SHEET DATA March 31, December 31,
- ------------------ 2003 2002
---- ----
(unaudited)
Assets
Real estate, at cost
Operating $ 1,907,912 $ 1,864,244
Development 483,797 442,582
----------- -----------
2,391,709 2,306,826
Less accumulated depreciation and amortization (466,332) (450,697)
----------- -----------
1,925,377 1,856,129
Other Assets
Mortgage notes receivable 37,542 35,577
Cash and investments 18,113 23,123
Receivables 23,383 18,722
Other assets 66,986 65,827
----------- -----------
Total Assets $ 2,071,401 $ 1,999,378
=========== ===========
Liabilities and Shareholders' Equity
Obligations under capital leases, mortgages and construction loans $ 364,811 $ 393,212
Notes payable 276,278 198,311
Senior notes 535,000 535,000
5 1/4% Convertible subordinated debentures 75,000 75,000
Other liabilities 148,209 153,568
----------- -----------
Total Liabilities 1,399,298 1,355,091
Preferred stock 235,000 235,000
Common Shares and Other Shareholders' Equity 437,103 409,287
----------- -----------
Total Liabilities and Shareholders' Equity $ 2,071,401 $ 1,999,378
=========== ===========
Federal Realty Investment Trust
Funds From Operations / Funds Available for Distribution / Summary of Capital
Expenditures
March 31, 2003
- --------------------------------------------------------------------------------
Three months ended
March 31, 2003 March 31, 2002
------------------ ------------------
(in thousands, except per share data)
Funds From Operations, exclusive of restructuring expense (FFO) (1)
- -------------------------------------------------------------------
Net income (loss) available for common shareholders $ 11,520 $ (6,187)
Loss on abandoned developments held for sale - 9,647
Restructuring expense - 8,489
Depreciation and amortization of real estate assets 15,798 14,537
Amortization of initial direct costs of leases 1,354 1,171
Income (loss) attributable to operating partnership units 206 (136)
------------------ ------------------
FFO $ 28,878 $ 27,521
================== ==================
Weighted average shares number of common shares, diluted 45,354 40,942
FFO per share $ 0.64 $ 0.67
================== ==================
Funds Available for Distribution (FAD)
- --------------------------------------
FFO $ 28,878 $ 27,521
Maintenance capital expenditures (758) (984)
------------------ ------------------
FAD $ 28,120 $ 26,537
================== ==================
Common dividends declared $ 21,907 $ 19,465
Dividend payout ratio as a percentage of FFO 76% 71%
Dividend payout ratio as a percentage of FAD 78% 73%
Summary of Capital Expenditures
- -------------------------------
Non-maintenance Capital Expenditures
Development $ 45,743 $ 47,626
Acquisition Related (2) - 291
Redevelopments and Expansions 2,921 4,559
Tenant Improvements 2,804 1,714
------------------ ------------------
Total Non-maintenance Capital Expenditures 51,468 54,190
Maintenance Capital Expenditures 758 984
------------------ ------------------
Total Capital Expenditures $ 52,226 $ 55,174
================== ==================
Note:
(1) See Glossary of Terms.
(2) Capital expenditures related to properties acquired in the last two years
for which non-maintenance expenditures were planned at the time of the
acquisition underwriting.
Federal Realty Investment Trust
Market Data / Capital Availability / Operational Statistics
March 31, 2003
- --------------------------------------------------------------------------------
As of
March 31, 2003 March 31, 2002
------------------- ------------------
(in thousands, except per share data)
Market data
Common shares outstanding 45,188 40,637
Market price per common share $ 30.37 $ 25.67
Series A preferred shares outstanding 4,000 4,000
Market price per Series A preferred share $ 25.10 $ 24.60
Series B preferred shares outstanding 5,400 5,400
Market price per Series B preferred share $ 26.40 $ 24.95
Equity market capitalization $ 1,615,320 $ 1,276,282
Total debt (1) 1,146,756 1,052,428
------------------- ------------------
Total market capitalization $ 2,762,076 2,328,710
=================== ==================
Total debt to market capitalization .42:1 .45:1
=================== ==================
Capital availability:
Cash on hand $ 18,113 $ 17,325
Tax deferred exchange escrows - 6,006
Available capacity under line of credit 151,000 245,000
Available capacity under Santana Row construction loan (2) - 202,000
Available for issuance under shelf registration statement 500,000 190,000
------------------- ------------------
$ 669,113 $ 660,331
=================== ==================
Three months ended Three months ended
March 31, 2003 March 31, 2002
------------------- ------------------
Operational statistics
Ratio of earnings to fixed charges (3) 1.48x 1.16x (4)
Ratio of earnings to combined fixed charges
and preferred share dividends (3) 1.22x .95x (4)
Ratio of EBITDA to combined fixed charges
and preferred share dividends (3) (5) 1.82x 1.53x (4)
Administrative expense as a percentage of total revenues 3.84% 3.99%
Note:
(1) Total debt includes mortgages and construction loans payable, notes
payable, senior notes and debentures and 5.25% convertible subordinated
debentures.
(2) Santana Row construction loan retired on November 19, 2002.
(3) Earnings consist of income before gain (loss) on sale of real estate and
fixed charges. Fixed charges consist of interest on borrowed funds
(including capitalized interest), amortization of debt discount and
expense and the portion of rent expense representing an interest factor.
Preferred share dividends consist of dividends paid on outstanding Series
A preferred shares and Series B preferred shares.
(4) Includes an $8.5 million restructuring charge incurred in the first
quarter of 2002. Excluding this charge the ratio of earnings to fixed
charges would have been 1.55x, the ratio of earnings to combined fixed
charges and preferred share dividends would have been 1.27x and the ratio
of EBITDA to combined fixed charges and preferred share dividends would
have been 1.84x.
(5) See Glossary of Terms for reconciliation of EBITDA to net income.
Federal Realty Investment Trust
Summary of Outstanding Debt
March 31, 2003
- --------------------------------------------------------------------------------
Maturity Effective Rate Balance
-------- -------------- -------
(in thousands)
Mortgage Loans
- --------------
Leesburg Plaza 10/01/08 6.510% $ 9,900
164 E Houston Street 10/06/08 7.500% 259
Federal Plaza 06/01/11 6.750% 35,831
Barracks Road 11/01/15 7.950% 44,300
Hauppauge 11/01/15 7.950% 16,700
Lawrence Park 11/01/15 7.950% 31,400
Wildwood 11/01/15 7.950% 27,600
Wynnewood 11/01/15 7.950% 32,000
Brick Plaza 11/01/15 7.415% 33,000
Tysons Station 09/01/11 7.400% 6,838
Escondido (Municipal bonds) 10/01/16 3.150% (a) 9,400
Mount Vernon 04/15/28 5.660% (b) 13,250
--------------
$ 260,478
==============
Notes payable
- -------------
Revolving credit facilities 12/19/03 libor + .80% $ 149,000
Term note with banks 12/19/03 6.22% (c) 125,000
Note issued in connection with
renovation of Perring Plaza 01/31/13 10.00% 2,233
Other various various 45
--------------
$ 276,278
==============
Unsecured Public Debt
- ---------------------
Convertible Subordinated Debentures
- -----------------------------------
5 1/4% Convertible subordinated debentures 10/28/03 5.250% $ 75,000
==============
Notes and Debentures
- --------------------
6.74% Medium Term Notes (d) 03/10/04 6.370% $ 39,500
6.625% Notes (fixed) 12/01/05 6.625% 40,000
6.99% Medium Term Notes (d) 03/10/06 6.894% 40,500
6.125% Notes (e) 11/15/07 6.325% 150,000
8.75% Notes 12/01/09 8.750% 175,000
7.48% Debentures 08/15/26 7.480% 50,000
6.82% Medium Term Notes 08/01/27 6.820% 40,000
--------------
$ 535,000
==============
Weighted average
interest rate
Total fixed rate debt $ 988,356 86.19% 7.09%
Total variable rate debt 158,400 13.81% 2.24% (f)
-------------- -------- ----
Total debt $ 1,146,756 100.00% 6.42%
============== ======== ====
Capital lease obligations
- -------------------------
Various through 2077 (g) $ 104,333
--------------
Total debt and capital lease obligations $ 1,251,089
==============
(a) The bonds bear interest at a variable rate determined weekly to be the
interest rate which would enable the bonds to be remarketed at 100% of their
principal amount. The weighted average interest rate for the three months
ended March 31, 2003, was 3.15%
(b) The interest rate is fixed at 5.66% for the first ten years and then is
reset to a market rate. The lender has the option to call the loan after
year ten.
(c) LIBOR plus 95 basis points. The Trust purchased interest rate swaps or
hedges on this note, thereby locking in the LIBOR interest rate of 5.27%.
(d) The Trust purchased interest rate swaps at issuance, thereby reducing the
effective interest rate on these notes.
(e) The Trust purchased an interest rate lock to hedge the planned note
offering. The $1.5 million settlement of this hedge is being amortized into
the November 2002 note offering thereby increasing the effective interest
rate on these notes to 6.325%.
(f) Weighted average interest rate on variable rate debt as of March 31, 2003.
(g) Weighted average interest rate on capital lease obligations is 9.7% on a
stated basis and 12.7% including performance based participation interest
paid by the Trust.
Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2003
- --------------------------------------------------------------------------------
DEBT MATURITIES
(in thousands)
Cumulative
Scheduled Percent of Percent of
Year Amortization Maturities Total Debt Expiring Debt Expiring
- --------------------------------------------------------------------------------------------------- -----------------
2003 $ 828 $ 349,000 (1) $ 349,828 (1) 30.5% 30.5%
2004 3,068 39,500 42,568 3.7% 34.2%
2005 3,336 40,000 43,336 3.8% 38.0%
2006 3,700 40,500 44,200 3.9% 41.9%
2007 3,991 150,000 153,991 13.4% 55.3%
2008 4,241 9,541 13,782 1.2% 56.5%
2009 4,437 175,045 179,482 15.7% 72.2%
2010 4,789 - 4,789 0.4% 72.6%
2011 4,670 37,236 41,906 3.6% 76.2%
2012 4,638 - 4,638 0.4% 76.6%
Thereafter 23,029 245,207 268,236 23.4% 100.0%
-------------------------------------------------------------------------------
Total $ 60,727 $ 1,086,029 $ 1,146,756 100.00%
===============================================================================
Note:
(1) Includes $149 million balance on revolving credit facility and $125 million
balance on term loan.
Federal Realty Investment Trust
Summary of Current and Future Redevelopment Opportunities
March 31, 2003
- --------------------------------------------------------------------------------
Current Redevelopment Opportunities (1) ($ millions)
Property Location Opportunity
-------- -------- -----------
Projects Anticipated to Stabilize in 2003 (4)
Congressional Plaza Rockville, MD Addition of 146-unit apartment building and structured parking
in existing parking field
Bethesda Row Bethesda, MD Grocery expansion, new pad site, GLA expansion and
re-tenanting (restaurant)
Ellisburg Circle Cherry Hill, NJ Re-tenanting (new grocer) and associated expansion
Lawrence Park Broomall, PA Grocer expansion, new pad site (drug store), common area
improvements
Finley Square Downers Grove, IL Re-tenanting (office supply)
Governor Plaza Glen Burnie, MD New pad sites (furniture and grocer)
Dedham Plaza Dedham, MA Tenant re-location (electronics), parking lot and common area
improvements
Quince Orchard Gaithersburg, MD Pad site re-tenanting (drug store)
Projects Anticipated to Stabilize in 2004 (4)
Santana Row Phase II San Jose, CA Two new pad sites (Best Buy and The Container Store) and
additional parking
Third Street Promenade Santa Monica, CA Retail redevelopment
Andorra Philadelphia, PA Expansion and re-tenanting (new health club)
Brunswick Shopping Center North Brunswick, NJ Re-tenanting of vacant Ames (fitness center)
Garden Market Western Springs, IL Expansion, re-tenanting (new grocer) and new pad site
(existing drug store)
Bristol Plaza Bristol, CT Grocer relocation, canopy and facade renovation
150 Post Street San Francisco, CA Office space refurbishment and common area improvements
Greenlawn Plaza Greenlawn, NY New pad site (child care center)
Bethesda Row Bethesda, MD New pad site (fitness equipment)
Willow Lawn Richmond, VA Grocery expansion
Hauppauge Shopping Center Hauppauge, NY Pad site re-tenanting (restaurant)
Laurel Laurel, MD Grocery expansion
Potential Future Redevelopments Stabilizing After 2004 (5)
Bala Cynwyd Bala Cynwyd, PA
Bethesda Row - Future Phases Bethesda, MD
Fresh Meadows Queens, NY
Houston Street San Antonio, TX
Mount Vernon/South Valley Alexandria, VA
Rockville Town Square Rockville, MD
Rutgers Plaza Franklin, NJ
Santana Row - Future Phases San Jose, CA
The Village at Shirlington Arlington, VA
Projected Projected Cost to Anticipated
Property Location ROI (2) Cost (1) Date Stabilization (3)
-------- -------- ------- -------- ----- -----------------
Projects Anticipated to Stabilize in 2003 (4)
Congressional Plaza Rockville, MD 10% $ 12.4 $ 10.9 2003
Bethesda Row Bethesda, MD 8% $ 5.9 $ 4.4 2003
Ellisburg Circle Cherry Hill, NJ 19% $ 2.3 $ 1.3 2003
Lawrence Park Broomall, PA 19% $ 2.0 $ 0.2 2003
Finley Square Downers Grove, IL 15% $ 1.2 $ 0.0 2003
Governor Plaza Glen Burnie, MD 14% $ 1.1 $ 0.7 2003
Dedham Plaza Dedham, MA 13% $ 1.1 $ 1.1 2003
Quince Orchard Gaithersburg, MD 41% $ 0.4 $ 0.4 2003
--- ------ ------
Subtotal: Projects Anticipated to Stabilize in 2003 (4) 12% $ 26.4 $ 19.0
=== ====== ======
Projects Anticipated to Stabilize in 2004 (4)
Santana Row Phase II San Jose, CA
16% $ 27.0 $ 1.2 2004
Third Street Promenade Santa Monica, CA 10% $ 10.1 $ 10.0 2004
Andorra Philadelphia, PA 15% $ 3.3 $ 0.0 2004
Brunswick Shopping Center North Brunswick, NJ 13% $ 2.8 $ 0.0 2004
Garden Market Western Springs, IL 10% $ 2.5 $ 2.2 2004
Bristol Plaza Bristol, CT 10% $ 1.9 $ 0.0 2004
150 Post Street San Francisco, CA 12% $ 1.9 $ 0.4 2004
Greenlawn Plaza Greenlawn, NY 12% $ 0.9 $ 0.0 2004
Bethesda Row Bethesda, MD 16% $ 0.8 $ 0.1 2004
Willow Lawn Richmond, VA 7% $ 0.5 $ 0.0 2004
Hauppauge Shopping Center Hauppauge, NY 14% $ 0.3 $ 0.0 2004
Laurel Laurel, MD 136% $ 0.3 $ 0.3 2004
--- ------ ------
Subtotal: Projects Anticipated to Stabilize in 2004 (4) 15% $ 52.3 $ 14.2
=== ====== ======
Total: Projects Anticipated to Stabilize in 2003 and 2004 (4) 14% $ 78.7 $ 33.2
=== ====== ======
Potential Future Redevelopments Stabilizing After 2004 (5)
(1) These current redevelopment opportunities are being pursued by the Trust.
There is no guaranty that the Trust will ultimately complete any or all of these
opportunities, that the Projected (ROI) Return on Investment or Projected Costs
will be the amounts shown or that stabilization will occur as anticipated. The
projected ROI and Projected Cost are management's best estimate based on current
information and may change over time.
(2) Projected ROI reflects only the deal specific cash, unleveraged Incremental
Property Operating Income (POI) generated by the redevelopment and is calculated
as Incremental POI divided by cost. Incremental POI is the POI generated by the
redevelopment after deducting rent previously in place for the redevelopment
space or space taken out of service as a result of the redevelopment. Projected
ROI does NOT include peripheral impacts, such as the impact on future lease
rollovers at the property or the impact on the long-term value of the property.
(3) The year in which 95% occupancy of the redeveloped space is anticipated to
be achieved.
(4) All subtotals and totals reflect projected cost weighted-average ROIs.
(5) These future redevelopment opportunities are being explored by the Trust.
There is no guaranty that the Trust will ultimately pursue or complete any or
all of these opportunities.
Federal Realty Investment Trust
Summary of Recent Redevelopments
March 31, 2003
- --------------------------------------------------------------------------------
Summary of Redevelopments Stabilized 1999 to 2002 ($ millions)
Property Location Opportunity
-------- -------- -----------
Third Street Promenade Santa Monica, CA Redevelopment and re-tenanting (includes Banana Republic, J. Crew
and Rockport)
Brick Plaza Brick, NJ Grocery expansion, new pad sites, re-tenanting and common area
improvements
Gratiot Plaza Roseville, MI New pad sites, re-tenanting and common area improvements
Troy Hills Parsippany, NJ Grocery expansion, re-tenanting and common area improvements
Falls Plaza Falls Church, VA Grocery expansion, common area improvements, new in-line space and
pad site
Langhorne Square Levittown, PA New grocer in expanded leaseable area and new pad sites
Fifth Avenue San Diego, CA Redevelopment and re-tenanting (Urban Outfitters)
Blue Star Watchung, NJ New pad sites and common area improvements
Fifth Avenue San Diego, CA Redevelopment and re-tenanting
Wynnewood Wynnewood, PA Grocery expansion, re-tenanting and common area improvements
Old Town Pasadena Pasadena, CA Redevelopment and re-tenanting of two buildings
Brunswick North Brunswick, NJ Grocery expansion, re-tenanting, new pad site and renovation
Federal Plaza Rockville, MD New pad site
Third Street Promenade Santa Monica, CA Redevelopment and re-tenanting (Old Navy and others)
Fifth Avenue San Diego, CA Redevelopment and re-tenanting of retail and residential buildings
Hermosa Avenue Hermosa Beach, CA Redevelopment and re-tenanting of retail and office
Completed
Property Location ROI (1) Cost Stabilized (2)
-------- -------- ------- ---- --------------
Third Street Promenade Santa Monica, CA 13% $ 23.9 1999
Brick Plaza Brick, NJ 11% $ 20.8 1999
Gratiot Plaza Roseville, MI 14% $ 12.4 1999
Troy Hills Parsippany, NJ 13% $ 8.9 1999
Falls Plaza Falls Church, VA 12% $ 6.0 1999
Langhorne Square Levittown, PA 12% $ 5.9 1999
Fifth Avenue San Diego, CA 12% $ 2.1 1999
--- ------
Subtotal: Projects Stabilized in 1999 (3) 12% $ 80.0
=== ======
Blue Star Watchung, NJ 12% $ 6.5 2000
Fifth Avenue San Diego, CA 11% $ 2.9 2000
--- ------
Subtotal: Projects Stabilized in 2000 (3) 11% $ 9.4
=== =====
Wynnewood Wynnewood, PA 17% $ 14.1 2001
Old Town Pasadena Pasadena, CA 11% $ 8.8 2001
Brunswick North Brunswick, NJ 11% $ 8.2 2001
Federal Plaza Rockville, MD 18% $ 0.7 2001
--- ------
Subtotal: Projects Stabilized in 2001 (3) 14% $ 31.8
=== ======
Third Street Promenade Santa Monica, CA 13% $ 10.5 2002
Fifth Avenue San Diego, CA 5% $ 6.4 2002
Hermosa Avenue Hermosa Beach, CA 12% $ 4.3 2002
--- ------
Subtotal: Projects Stabilized in 2002 (3) 10% $ 21.2
=== ======
Total Projects Stabilized 1999 through 2002 (3) 12% $142.4
=== ======
(1) (ROI) Return on Investment reflects only the deal specific cash, unleveraged
Incremental Property Operating Income (POI) generated by the redevelopment and
is calculated as Incremental POI divided by cost. Incremental POI is the POI
generated by the redevelopment after deducting rent previously in place for the
redevelopment space or space taken out of service as a result of the
redevelopment. ROI does NOT include peripheral impacts, such as the impact on
future lease rollovers at the property or the impact on the long-term value of
the property.
(2) The year in which 95% occupancy of the redeveloped space has been achieved.
(3) All subtotals and totals reflect cost weighted-average ROIs.
Federal Realty Investment Trust
Santana Row Summary
March 31, 2003
- --------------------------------------------------------------------------------
Property Description: A multi-phased, mixed-use development built on
42 acres in San Jose, California, in the heart
of the Silicon Valley. Phase I of the property
consists of a 1,500 foot long "main street"
and eight buildings comprising approximately
444,000 square feet of retail, 255 residential
units, and a 213-room boutique hotel. Phase II
consists of two pad sites comprising
approximately 84,000 square feet of retail
space and 275 additional parking spaces. Phase
II is 95% pre-leased to Best Buy and The
Container Store.
Retail Summary (1)
-------------------------------------------------------------------------------------------
Total Retail Square Footage Occupied
--------------------------- --------
Building/Description Stores Square Feet % Leased Stores Square Feet % of Total
-------------------- ------ ----------- -------- ------ ----------- ----------
1 (Crate & Barrel) 1 40,000 100.0% 1 40,000 100.0%
3 (Primarily luxury) 14 39,489 81.4% 9 28,818 73.0%
4 (Primarily luxury) 14 33,612 100.0% 13 29,787 88.6%
5 (Hotel and lifestyle) 14 56,579 69.0% 9 21,865 38.6%
6 (Lifestyle) 7 49,415 85.9% 6 42,444 85.9%
7 (Lifestyle) 35 87,386 89.8% 9 24,843 28.4%
8 (Lifestyle) 14 39,974 100.0% 13 39,174 98.0%
13 (Restaurants & lifestyle) 12 95,669 26.4% 4 25,244 26.4%
Kiosks and Carts 5 1,570 69.2% 4 1,086 69.2%
------------ ------------ ------------ ------------ ------------ ------------
Total Phase I Retail 116 443,694 74.8% 68 253,261 57.1%
Phase II Retail 3 84,171 95.5% - - 0.0%
------------ ------------ ------------ ------------ ------------ ------------
Total Santana Row Retail 119 527,865 78.1% 68 253,261 48.0%
============ ============ ============ ============ ============ ============
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Leased (Unoccupied) Available to Lease
------------------- ------------------
Building/Description Stores Square Feet % of Total Stores Square Feet % of Total
-------------------- ------ ----------- ---------- ------ ----------- ----------
1 (Crate & Barrel) - - 0.0% - - 0.0%
3 (Primarily luxury) 2 3,336 8.4% 3 7,335 18.6%
4 (Primarily luxury) 1 3,825 11.4% - - 0.0%
5 (Hotel and lifestyle) 2 17,200 30.4% 3 17,514 31.0%
6 (Lifestyle) - - 0.0% 1 6,971 14.1%
7 (Lifestyle) 17 53,592 61.3% 9 8,951 10.2%
8 (Lifestyle) 1 800 2.0% - - 0.0%
13 (Restaurants & lifestyle) - - 0.0% 8 70,425 73.6%
Kiosks and Carts - - 0.0% 1 484 30.8%
------------ ------------ ------------ ------------ ------------ ------------
Total Phase I Retail 23 78,753 17.7% 25 111,680 25.2%
Phase II Retail 2 80,371 95.5% 1 3,800 4.5%
------------ ------------ ------------ ------------ ------------ ------------
Total Santana Row Retail 25 159,124 30.1% 26 115,480 21.9%
============ ============ ============ ============ ============ ============
-------------------------------------------------------------------------------------------
Residential Summary (1)
-------------------------------------------------------------------------------------------
Total Residential Units Occupied
----------------------- --------
Building Rent (2) Units % Leased Rent (3) Units % of Total
-------- -------- ----- -------- -------- ----- ----------
3 (Lofts) $ 2.02 98 80.6% $ 1.93 73 74.5%
4 (Lofts) $ 2.35 100 86.0% $ 2.22 85 85.0%
(5) 6 (Villas) $ 2.47 21 19.0% $ 2.42 3 14.3%
(5) 8 (Townhouses) $ 2.20 36 38.9% $ 2.25 8 22.2%
------------ ------------ ------------ ------------ ------------ ------------
Total Phase I Residential $ 2.22 255 71.8% $ 2.09 169 66.3%
============ ============ ============ ============ ============ ============
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Leased (Unoccupied) Available to Lease
------------------- ------------------
Building Rent (3) Units % of Total Rent (4) Units % of Total
-------- -------- ----- ---------- -------- ----- ----------
3 (Lofts) $ 1.90 6 6.1% $ 1.97 19 19.4%
4 (Lofts) $ 2.05 1 1.0% $ 2.05 14 14.0%
(5) 6 (Villas) $ 2.49 1 4.8% $ 2.41 17 81.0%
(5) 8 (Townhouses) $ 2.16 6 16.7% $ 2.23 22 61.1%
------------ ------------ ------------ ------------ ------------ ------------
Total Phase I Residential $ 2.09 14 5.5% $ 2.22 72 28.2%
============ ============ ============ ============ ============ ============
-------------------------------------------------------------------------------------------
Hotel Summary
A 213 room boutique hotel owned and operated by the Valencia Group. Opening
is currently scheduled for second quarter 2003.
Financial Summary (as of March 31, 2003):
Anticipated
All amounts $ million Projected Cost to Stabilized
Cost Date (6) Yield Stabilized
-------- -------- ----- ----------
(5)Santana Row Phase I $ 445 $ 418 5% 2004
Santana Row Phase II $ 27 $ 1 16% 2004
Notes:
(1) Retail and residential leasing summaries are as of May 5, 2003.
(2) Budgeted rents to meet Phase I stabilized yield target.
(3) Gross rents, though market conditions have dictated concessions of up to
one month on a 12 month lease.
(4) Gross market rents.
(5) Phase I includes the cost of all land and substantial infrastructure for
future phases, net of anticipated insurance proceeds.
(6) Phase I Cost to Date includes costs associated with the Building 7 fire and
clean-up, net of $57.4 million of insurance reimbursements received through
April 23, 2003.
Federal Realty Investment Trust
Acquisitions and Dispositions - Year to Date
March 31, 2003
- --------------------------------------------------------------------------------
Acquisitions
Date Property City / State GLA Acquisition price Anchor tenant
- ----------------------------------------------------------------------------------------------------------------------------
(in thousands)
March 21, 2003 South Valley Shopping Center Alexandria, VA 214,000 $13,700 Home Depot, TJ Maxx
March 31, 2003 Mount Vernon Plaza Alexandria, VA 257,000 17,500 Shoppers Food Warehouse
------- -------
471,000 $31,200
======= =======
Dispositions
None
Federal Realty Investment Trust
Real Estate Status Report
March 31, 2003
- -------------------------------------------------------------------------------
Year Total Ownership
Property Name Type(1) MSA Description Acquired Investment Percentage
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
Mid-Atlantic Region
- -------------------
Washington Metropolitan Area
- ------------------------------
Bethesda Row SR Washington, DC-MD-VA-WV 1993-98 79,068 (4)
Congressional Plaza SC Washington, DC-MD-VA-WV 1965 63,973 55.8%
Courthouse Center SC Washington, DC-MD-VA-WV 1997 4,250 (5)
Falls Plaza SC Washington, DC-MD-VA-WV 1967 8,145 100.0%
Falls Plaza-East SC Washington, DC-MD-VA-WV 1972 3,351 100.0%
Federal Plaza SC Washington, DC-MD-VA-WV 1989 61,773 100.0%
Friendship Center SR Washington, DC-MD-VA-WV 2001 33,405 100.0%
Gaithersburg Square SC Washington, DC-MD-VA-WV 1993 23,703 100.0%
Idylwood Plaza SC Washington, DC-MD-VA-WV 1994 14,809 100.0%
Laurel SC Washington, DC-MD-VA-WV 1986 45,620 99.9%
Leesburg Plaza SC Washington, DC-MD-VA-WV 1998 20,346 (5)
Loehmann's Plaza SC Washington, DC-MD-VA-WV 1983 25,156 (5)
Magruder's Center SC Washington, DC-MD-VA-WV 1997 10,465 (5)
Mid-Pike Plaza SC Washington, DC-MD-VA-WV 1982 16,995 (6)
Mount Vernon SC Washington, DC-MD-VA-WV 2003 18,454 (5)
Old Keene Mill SC Washington, DC-MD-VA-WV 1976 5,044 100.0%
Pan Am SC Washington, DC-MD-VA-WV 1993 24,888 100.0%
Pentagon Row SR Washington, DC-MD-VA-WV 1999 86,449 100.0%
Pike 7 SC Washington, DC-MD-VA-WV 1997 33,370 100.0%
Quince Orchard SC Washington, DC-MD-VA-WV 1993 18,978 100.0%
Rollingwood Apartments SR Washington, DC-MD-VA-WV 1971 6,683 100.0%
Sam's Park & Shop SR Washington, DC-MD-VA-WV 1995 11,783 100.0%
South Valley SC Washington, DC-MD-VA-WV 2003 13,895 (5)
Tower SC Washington, DC-MD-VA-WV 1998 18,109 100.0%
Tyson's Station SC Washington, DC-MD-VA-WV 1978 3,335 100.0%
Village of Shirlington SR Washington, DC-MD-VA-WV 1995 32,500 100.0%
Wildwood SC Washington, DC-MD-VA-WV 1969 16,123 100.0%
------
700,670
Mid-Atlantic Region - Other
- -----------------------------
Governor Plaza SC Baltimore, MD 1985 17,897 99.9%
Perring Plaza SC Baltimore, MD 1985 23,978 99.9%
Barracks Road SC Charlottesville, VA 1985 39,491 100.0%
Winter Park SR Orlando, FL 1996 6,875 100.0%
Eastgate SC Raleigh-Durham-Chapel Hill, NC 1986 15,087 100.0%
Shops at Willow Lawn SC Richmond-Petersburg, VA 1983 62,378 99.9%
------
165,706
Total Mid-Atlantic Region 866,376
Northeast Region
- ----------------
Philadelphia Metropolitan Area
- --------------------------------
Andorra SC Philadelphia, PA-NJ 1988 19,062 99.9%
Bala Cynwyd SC Philadelphia, PA-NJ 1993 23,905 100.0%
Ellisburg Circle SC Philadelphia, PA-NJ 1992 27,024 100.0%
Feasterville SC Philadelphia, PA-NJ 1980 11,623 100.0%
Flourtown SC Philadelphia, PA-NJ 1980 8,724 100.0%
Langhorne Square SC Philadelphia, PA-NJ 1985 17,556 100.0%
Lawrence Park SC Philadelphia, PA-NJ 1980 23,730 100.0%
Northeast SC Philadelphia, PA-NJ 1983 21,509 100.0%
Willow Grove SC Philadelphia, PA-NJ 1984 25,917 100.0%
Wynnewood SC Philadelphia, PA-NJ 1996 35,134 100.0%
------
214,184
New York / New Jersey
- -----------------------
Allwood SC Bergen-Passaic, NJ 1988 4,265 (6)
Clifton SC Bergen-Passaic, NJ 1988 4,947 (6)
Blue Star SC Middlesex-Somerset-Hunterdon, NJ 1988 39,184 (6)
Brunswick SC Middlesex-Somerset-Hunterdon, NJ 1988 21,085 (6)
Rutgers SC Middlesex-Somerset-Hunterdon, NJ 1988 15,919 (6)
Brick Plaza SC Monmouth-Ocean, NJ 1989 53,753 100.0%
Greenlawn Plaza SC Nassau-Suffolk, NY 2000 10,613 100.0%
Hauppauge SC Nassau-Suffolk, NY 1998 26,225 100.0%
Huntington SC Nassau-Suffolk, NY 1988 22,403 (6)
Mortage or Grocery
Capital Lease Anchor
Property Name GLA (2) % Leased Obligation GLA (3) Grocery Anchor (3) Other Principal Tenants
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
Mid-Atlantic Region
- -------------------
Washington Metropolitan Area
- ------------------------------
Bethesda Row 433,000 96% 12,576 40,000 Giant Food Barnes & Noble/Landmark
Theater
Congressional Plaza 339,000 95% 28,258 Whole Foods Buy Buy Baby/Container
Store/Tower
Courthouse Center 38,000 94%
Falls Plaza 73,000 100% 51,385 Giant Food
Falls Plaza-East 71,000 100% CVS/Staples
Federal Plaza 246,000 98% 35,831 TJ Maxx/CompUSA/Ross
Friendship Center 119,000 100% Borders/Linens 'n
Things/Maggiano's
Gaithersburg Square 219,000 94% Bed, Bath &
Beyond/Borders/Ross
Idylwood Plaza 73,000 100% 29,556 Whole Foods
Laurel 384,000 97% 39,500 Giant Food Marshalls/Toys R Us
Leesburg Plaza 247,000 100% 9,900 55,330 Giant Food Kmart/Peebles
Loehmann's Plaza 242,000 100% Bally's/Linens 'n
Things/Loehmann's
Magruder's Center 109,000 100% 30,750 Magruders Tuesday Morning
Mid-Pike Plaza 304,000 100% 10,041 Linens 'n Things/Toys R
Us/Bally's/AC Moore
Mount Vernon 257,000 67% 13,250 53,692 Shoppers Food Warehouse
Old Keene Mill 92,000 100% 24,060 Whole Foods
Pan Am 218,000 99% 32,725 Safeway Micro Center/Michaels
Pentagon Row 296,000 99% 44,623 Harris Teeter Bally's/Bed, Bath &
Beyond/DSW/Cost Plus
Pike 7 164,000 100% Staples/TJ Maxx/Tower
Quince Orchard 245,000 91% 23,640 Magruders Circuit City/Staples
Rollingwood Apartments N/A 99%
Sam's Park & Shop 50,000 100% Petco
South Valley 214,000 83% HomeDepot/TJ Maxx
Tower 109,000 89% Virginia Fine Wine /
Talbot
Tyson's Station 50,000 100% 6,838 Trader Joes
Village of Shirlington 204,000 90% Cineplex Odeon
Wildwood 84,000 99% 27,600 20,000 Sutton Place Gourmet CVS
------ --
4,880,000 95%
Mid-Atlantic Region - Other
- -----------------------------
Governor Plaza 252,000 100% Bally's/Comp USA/Syms
/Office Depot
Perring Plaza 412,000 88% 57,706 Metro Foods Home Depot/Burlington
Coat Factory
Barracks Road 483,000 99% 44,300 91,032 Harris Teeter / Kroger Bed, Bath & Beyond/
Barnes & Noble/Old Navy
Winter Park 29,000 100%
Eastgate 159,000 93% 22,938 Southern Season (7)
Shops at Willow Lawn 503,000 88% 44,607 Kroger Dillard's/Old Navy/
------- -- Tower Records
1,838,000 93%
6,718,000 94%
Northeast Region
- ----------------
Philadelphia Metropolitan Area
- --------------------------------
Andorra 259,000 88% 23,542 Acme Markets Kohl's
Bala Cynwyd 281,000 100% 45,000 Acme Markets Lord & Taylor
Ellisburg Circle 255,000 100% 47,600 Genuardi's Bed, Bath & Beyond/Ross
Feasterville 116,000 96% 52,694 Genuardi's OfficeMax
Flourtown 191,000 100% 41,511 Genuardi's Kmart
Langhorne Square 216,000 93% 55,000 Redner's Warehouse Mkts. Marshalls/Drug Emporium
Lawrence Park 333,000 100% 31,400 38,481 Acme Markets CHI/TJ Maxx/Today's
Man
Northeast 292,000 98% Burlington Coat/
Marshalls/Tower Records
Willow Grove 215,000 100% Barnes & Noble/
Marshalls/Toys R Us
Wynnewood 256,000 99% 32,000 98,000 Genuardi's Bed, Bath & Beyond/
------- -- Borders/Old Navy
2,414,000 98%
New York / New Jersey
- -----------------------
Allwood 52,000 100% 3,510 25,025 Stop & Shop Mandee Shop
Clifton 80,000 93% 3,264 26,500 Acme Markets Drug Fair/Dollar Express
Blue Star 407,000 96% 26,791 43,365 Shop Rite Kohl's/Michaels/Toys R Us
/Marshalls
Brunswick 318,000 89% 11,153 55,345 A&P Just Living Rooms
Rutgers 217,000 100% 12,919 44,456 Edwards Super Food Kmart
Brick Plaza 409,000 100% 33,000 66,110 A&P Loews Theatre/ Barnes &
Noble/Sports Authority
Greenlawn Plaza 92,000 99% 45,958 Waldbaum's
Hauppauge 131,000 100% 16,700 60,791 Shop Rite
Huntington 279,000 90% 14,333 Buy Buy Baby/Toys R Us/
Bed,Bath & Beyond
Federal Realty Investment Trust
Real Estate Status Report
March 31, 2003
- --------------------------------------------------------------------------------
Year Total Ownership
Property Name Type(1) MSA Description Acquired Investment Percentage
- -----------------------------------------------------------------------------------------------------------------------------------
(in thousands)
Forest Hills SR New York, NY 1997 23,965 100.0%
Fresh Meadows SC New York, NY 1997 64,473 100.0%
Troy SC Newark, NJ 1980 20,496 100.0%
Hamilton SC Trenton, NJ 1988 7,790 (6)
-----
315,118
New England
-----------
Coolidge Corner SR Boston-Worcester-Lawrence-Lowell-Brockton, MA 1995 4,022 100.0%
Dedham Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1993 29,290 100.0%
Queen Anne Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1994 14,687 100.0%
Saugus Plaza SC Boston-Worcester-Lawrence-Lowell-Brockton, MA 1996 13,070 100.0%
Bristol Plaza SC Hartford, CT 1995 21,857 100.0%
West Hartford SR Hartford, CT 1994-1996 16,178 100.0%
Greenwich Avenue SR New Haven-Bridgeport-Stamford-Waterbury 1994-1996 19,386 100.0%
------
118,490
Chicago
-------
Crossroads SC Chicago, IL 1993 21,730 100.0%
Finley Square SC Chicago, IL 1995 26,344 100.0%
Garden Market SC Chicago, IL 1994 10,634 100.0%
North Lake Commons SC Chicago, IL 1998 12,958 100.0%
Evanston SR Chicago, IL 1995 4,277 100.0%
-----
75,943
Northeast Region - Other
------------------------
Gratiot Plaza SC Detroit, MI 1973 16,647 100.0%
Lancaster SC Lancaster, PA 1980 9,808 (6)
-----
26,455
Total Northeast Region 750,190
West Region
- -----------
California
----------
Colorado Blvd SR Los Angeles-Long Beach, CA 1996-1998 14,717 (8)
Hermosa Ave SR Los Angeles-Long Beach, CA 1997 4,591 90.0%
Hollywood Blvd SR Los Angeles-Long Beach, CA 1999 25,963 90.0%
Third St Promenade SR Los Angeles-Long Beach, CA 1996-2000 71,592 (9)
Escondido SC San Diego, CA 1996 24,649 70.0%
Fifth Ave SR San Diego, CA 1996-1997 12,091 (10)
150 Post Street SR San Francisco, CA 1997 28,309 100.0%
Kings Court SC San Jose, CA 1998 10,921 (5)
Old Town SR San Jose, CA 1997 32,634 100.0%
Santana Row SR San Jose, CA 1997 475,338 100.0%
-------
700,805
West Region - Other
-------------------
Mill Avenue SR Phoenix-Mesa, AZ 1998 11,036 (11)
Houston St SR San Antonio, TX 1998 55,800 100.0%
Tanasbourne SR Portland, OR 2000 7,502 100.0%
-----
74,338
Total West Region 775,143
- -----------------------------------------------------------------------------------------------------------------------------------
Total 2,391,709
Mortage or Grocery
Capital Lease Anchor
Property Name GLA (2) % Leased Obligation GLA (3) Grocery Anchor (3) Other Principal Tenants
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
Forest Hills 86,000 100% Midway Theatre / Duane Reade / Gap
Fresh Meadows 408,000 94% Value City / Kmart / Cineplex Odeon
Troy 202,000 100% 64,209 Pathmark A.C.Moore / Comp USA / Toys R Us
Hamilton 190,000 100% 4,839 53,220 Shop Rite A.C.Moore / Stevens Furniture
------- ---
2,871,000 96%
New England
-----------
Coolidge Corner 13,000 100%
Dedham Plaza 245,000 97% Pier One
Queen Anne Plaza 149,000 100% 50,284 Victory Supermarket TJ Maxx
Saugus Plaza 171,000 100% 54,530 Super Stop & Shop Kmart
Bristol Plaza 296,000 92% 56,634 Super Stop & Shop TJ Maxx
West Hartford 125,000 80%
Greenwich Avenue 57,000 99% Saks Fifth Avenue
------ --
1,056,000 95%
Chicago
-------
Crossroads 173,000 99% Comp USA/Golfsmith/Guitar Center
Finley Square 313,000 98% Bed,Bath & Beyond/Sports Authority
Garden Market 142,000 96% 62,937 Dominick's Walgreens
North Lake Commons 129,000 91% 77,303 Dominick's
Evanston 19,000 100% Gap
------ ---
776,000 97%
Northeast Region - Other
------------------------
Gratiot Plaza 218,000 100% 68,802 Farmer Jack's Bed, Bath & Beyond/Best Buy
Lancaster 107,000 95% 4,907 39,404 Giant Food A.C.Moore
------- ---
325,000 99%
7,442,000 97%
West Region
- -----------
California
----------
Colorado Blvd 69,000 97% Pottery Barn/Banana Republic
Hermosa Ave 23,000 100%
Hollywood Blvd 148,000 78% General Cinema/Hollywood Ent. Museum
Third St Promenade 210,000 94% J. Crew/Banana Republic/Old Navy
Escondido 222,000 92% 9,400 Cost Plus/TJ Maxx /Toys R Us
Fifth Ave 51,000 99% Urban Outfitters
150 Post Street 103,000 72% Brooks Brothers/Williams Sonoma
Kings Court 79,000 98% 24,860 Lunardi's Super Market Longs Drug Store
Old Town 97,000 95% Borders/Gap Kids/Banana Republic
Santana Row 444,000 72% Crate & Barrel/Borders
------- ---
1,446,000 84%
West Region - Other
-------------------
Mill Avenue 39,000 100% Gordon Biersch
Houston St 53,000 37% 259
Tanasbourne N/A N/A
------ ----
92,000 64%
1,538,000 83%
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,698,000 94% 364,811
Notes:
(1) SR - Street Retail; SC - Shopping Center
(2) Excludes redevelopment square footage not yet in service, Santana Row
residential, Phase II and other future phases of Santana Row and
Rollingwood Apartments.
(3) Grocery anchor is defined as a grocery tenant leasing 15,000 square feet
or more.
(4) Portion of property subject to capital lease obligation.
(5) Property purchased through "downreit" partnership, of which the Trust is
the sole general partner, in exchange for operating partnership units.
(6) Property subject to capital lease obligation.
(7) There is a second grocery anchor in the center; Food Lion has vacated, but
is currently paying rent.
(8) Consists of two properties, one at 100% and one at 90%.
(9) Consists of nine properties, seven at 100% and two at 90%.
(10) Consists of four properties, three at 100% and one at 90%.
(11) Consists of two properties, one at 100% and one at 85%.
Federal Realty Investment Trust
Shopping Center / Street Retail Summary
March 31, 2003
- --------------------------------------------------------------------------------
Shopping Center Summary
(in thousands, except square footage data)
For the three months ended March 31,
2003 2002
----------------------------------------------
Real Estate Assets, at cost $ 1,327,543 $ 1,260,280
Rental Income $ 57,765 $ 52,618
Other Property Income 2,376 2,162
Interest Income 234 583
----------------------------------------------
Total Revenues 60,375 55,363
Rental Expense 12,998 9,820
Real Estate Tax Expense 6,015 6,008
----------------------------------------------
Total Property Operating Expenses 19,013 15,828
----------------------------------------------
Property Operating Income (1) $ 41,362 $ 39,535
==============================================
Square Feet (2) 13,030,000 12,545,000
For the year ended December 31,
2002 2001 2000
-----------------------------------------------------------------
Real Estate Assets, at cost $ 1,287,887 $ 1,256,778 $ 1,248,770
Rental Income $ 219,057 $ 211,664 $ 205,456
Other Property Income 8,498 8,989 7,483
Interest Income 1,906 3,175 3,067
-----------------------------------------------------------------
Total Revenues 229,461 223,828 216,006
Rental Expense 41,066 40,541 40,599
Real Estate Tax Expense 23,976 22,577 21,515
-----------------------------------------------------------------
Total Property Operating Expenses 65,042 63,118 62,114
-----------------------------------------------------------------
Property Operating Income (1) $ 164,419 $ 160,710 $ 153,892
=================================================================
Square Feet (2) 12,555,000 12,547,000 12,700,000
Street Retail Summary
(in thousands, except square footage data)
For the three months ended March 31,
2003 2002
--------------------------------------------
Real Estate Assets, at cost (3) $ 1,064,166 $ 884,766
Rental Income $ 22,231 $ 17,881
Other Property Income 1,719 1,314
Interest Income 981 678
------------------------------------------
Total Revenues 24,931 19,873
Rental Expense 8,702 5,551
Real Estate Tax Expense 1,843 1,732
------------------------------------------
Total Property Operating Expenses 10,545 7,283
------------------------------------------
Property Operating Income (1) (4) $ 14,386 $ 12,590
==========================================
Square Feet (2) 2,668,000 2,145,000
For the year ended December 31,
2002 2001 2000
-----------------------------------------------------------------
Real Estate Assets, at cost (3) $ 1,018,939 $ 847,526 $ 606,143
Rental Income $ 79,028 $ 62,903 $ 50,178
Other Property Income 7,095 4,964 3,540
Interest Income 3,250 3,415 4,465
-----------------------------------------------------------------
Total Revenues 89,373 71,282 58,183
Rental Expense 32,525 22,174 15,032
Real Estate Tax Expense 7,210 5,771 4,696
-----------------------------------------------------------------
Total Property Operating Expenses 39,735 27,945 19,728
-----------------------------------------------------------------
Property Operating Income (1) (4) $ 49,638 $ 43,337 $ 38,455
=================================================================
Square Feet (2) 2,690,000 2,232,000 1,876,000
Notes:
(1) All components of property operating income for the periods ended
March 31, 2002, December 31, 2001 and December 31, 2000 have been restated
for 2002 discontinued asset sales.
(2) Excludes redevelopment square footage not yet in service. Street Retail
includes 444,000 square feet of Santana Row Phase I only. It does not
include Phase II or any future phases of Santana Row or residential
square footage at Santana Row or Rollingwood Apartments.
(3) Street Retail includes stabilized assets and assets which are in various
stages of development and redevelopment. At March 31, 2003, real estate
assets include $475 million related to the Santana Row development.
(4) Property operating income is reduced by start-up expenses for Street
Retail's development projects.
Federal Realty Investment Trust
Retail Leasing Summary (1) - Comparable Basis (cash, non-straight-lined basis)
March 31, 2003
- --------------------------------------------------------------------------------
New Lease Summary - Comparable (2)
Number of % of Total New Rent (3) Old Rent (4)
Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft.
------- ------------- ------------- ---------- ------------ ------------
1st Quarter 2003 25 38% 166,415 $ 16.11 $ 12.30
4th Quarter 2002 20 29% 84,857 $ 16.80 $ 14.20
3rd Quarter 2002 38 41% 158,079 $ 22.23 $ 16.99
2nd Quarter 2002 34 36% 207,888 $ 18.88 $ 15.69
--- --- -------- -------- --------
Total - 12 months 117 36% 617,239 $ 18.71 $ 14.90
=== === ======== ======== ========
Straight-lined
Cash Basis Basis
Tenant
Annual % Increase % Increase Weighted Average Tenant Improvements
Quarter Increase in Rent Over Old Rent Over Old Rent Lease Term (5) Improvements Per Sq. Ft.
------- ----------------- ------------- ------------- -------------- ------------ ------------
1st Quarter 2003 $ 634,063 31% 41% 10.6 $ 3,245,153 $ 19.50
4th Quarter 2002 $ 220,227 18% 10.7 $ 485,714 $ 5.72
3rd Quarter 2002 $ 827,936 31% 41% 10.3 $ 3,038,504 $ 19.22
2nd Quarter 2002 $ 664,412 20% 10.5 $ 2,703,314 $ 13.00
------------ --- ---- ------------ -------
Total - 12 months $ 2,346,637 26% 10.5 $ 9,472,685 $ 15.35
============ === ==== ============ =======
Renewal Lease Summary - Comparable (2)(6)
Number of % of Total New Rent (3) Old Rent (4)
Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft.
------- --------------- ------------- ----------- ------------ ------------
1st Quarter 2003 41 62% 207,725 $ 16.54 $ 15.14
4th Quarter 2002 50 71% 183,151 $ 22.83 $ 20.76
3rd Quarter 2002 54 59% 219,027 $ 16.76 $ 15.16
2nd Quarter 2002 61 64% 207,779 $ 18.16 $ 17.34
--- --- -------- -------- --------
Total - 12 months 206 64% 817,682 $ 18.42 $ 16.96
==== === ======== ======== ========
Straight-lined
Cash Basis Basis
Tenant
Annual % Increase % Increase Weighted Average Tenant Improvements
Quarter Increase in Rent Over Old Rent Over Old Rent Lease Term (5) Improvements Per Sq. Ft.
------- ----------------- ------------- ------------- -------------- ------------ -----------
1st Quarter 2003 $ 291,261 9% 24% 0.0 $ 315,041 $ 1.52
4th Quarter 2002 $ 378,702 10% 6.2 $ 564,416 $ 3.08
3rd Quarter 2002 $ 350,554 11% 59% 5.0 $ 75,680 $ 0.35
2nd Quarter 2002 $ 170,240 5% 5.7 $ 150,620 $ 0.72
----------- -- --- ----------- ------
Total - 12 months $ 1,190,757 9% 4.4 $ 1,105,757 $ 1.35
=========== == === =========== ======
Total Lease Summary - Comparable (2)
Number of Leases % of Total New Rent (3) Old Rent (4)
Quarter & Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Per Sq. Ft.
------- ----------------- ------------- ----------- ------------ ------------
1st Quarter 2003 66 100% 374,140 $ 16.35 $ 13.88
4th Quarter 2002 70 100% 268,008 $ 20.92 $ 18.69
3rd Quarter 2002 92 100% 377,106 $ 19.05 $ 15.93
2nd Quarter 2002 95 100% 415,667 $ 18.52 $ 16.51
--- ---- ---------- -------- --------
Total - 12 months 323 100% 1,434,921 $ 18.54 $ 16.08
=== ==== ========== ======== ========
Straight-lined
Cash Basis Basis
Tenant
Annual % Increase % Increase Weighted Average Tenant Improvements
Quarter Increase in Rent Over Old Rent Over Old Rent Lease Term (5) Improvements Per Sq. Ft.
------- ----------------- ------------- ------------- -------------- ------------ -----------
1st Quarter 2003 $ 925,325 18% 31% 4.7 $ 3,560,194 $ 9.52
4th Quarter 2002 $ 598,929 12% 7.4 $ 1,050,130 $ 3.92
3rd Quarter 2002 $ 1,178,490 20% 31% 7.6 $ 3,114,184 $ 8.26
2nd Quarter 2002 $ 834,652 12% 8.1 $ 2,853,934 $ 6.87
----------- --- --- ----------- ------
Total - 12 months $ 3,537,395 15% 7.0 $ 9,456,499 $ 6.59
=========== === === =========== ======
Notes:
(1) Leases on this report represent retail activity only; office and
residential leases are not included.
(2) Comparable leases represent those leases signed on spaces for which there
was a former tenant.
(3) New Rent represents contractual Minimum Rent under the new lease for the
first 12 months of the term.
(4) Old Rent represents Minimum Rent and Percentage Rent paid by the prior
tenant in the final 12 months of the term.
(5) Weighted average is determined on the basis of square footage.
(6) Renewal leases represent expiring leases rolling over with the same tenant.
All other leases are categorized as new.
Federal Realty Investment Trust
Retail Leasing Summary (1) - Non-Comparable Basis (cash, non-straight-lined
basis)
March 31, 2003
- --------------------------------------------------------------------------------
New Lease Summary - Non-Comparable (2)
Number of % of Total New Rent (3) Weighted Average
Quarter Leases Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term (4)
------- ------------- ------------- ----------- ------------ --------------
1st Quarter 2003 10 91% 150,407 $ 34.48 10.4
4th Quarter 2002 21 100% 44,874 $ 29.89 7.9
3rd Quarter 2002 24 96% 96,327 $ 31.55 11.3
2nd Quarter 2002 17 100% 27,236 $ 48.03 9.8
-- --- -------- -------- ----
Total - 12 months 72 97% 318,844 $ 34.10 10.2
== === ======== ======== ====
Tenant Improvements
Quarter Improvements Per Sq. Ft.
------- ------------- -----------
1st Quarter 2003 $ 436,775 $ 2.90
4th Quarter 2002 $ 225,118 $ 5.02
3rd Quarter 2002 $ 653,631 $ 6.79
2nd Quarter 2002 $ - $ -
----------- -----------
Total - 12 months $ 1,315,525 $ 4.13
=========== ===========
Renewal Lease Summary - Non-Comparable (2)(5)
Number of % of Total New Rent (3) Weighted Average
Quarter Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term (4)
------- --------------- ------------- ----------- ------------ --------------
4th Quarter 2002 1 9% 7,473 $ 11.58 10.0
3rd Quarter 2002 0 0% - $ - 0.0
2nd Quarter 2002 1 4% 8,669 $ - 0.0
1st Quarter 2002 0 0% - $ - 0.0
- -- -------- ------- ----
Total - 12 months 2 3% 16,142 $ 5.36 10.0
= == ======== ======= ====
Tenant
Tenant Improvements
Quarter Improvements Per Sq. Ft.
------- ------------ -----------
4th Quarter 2002 $ - $ -
3rd Quarter 2002 $ - $ -
2nd Quarter 2002 $ - $ -
1st Quarter 2002 $ - $ -
----------- -----------
Total - 12 months $ - $ -
=========== ===========
Total Lease Summary - Non-Comparable (2)
Number of Leases % of Total New Rent (3) Weighted Average
Quarter & Renewals Signed Leases Signed GLA Signed Per Sq. Ft. Lease Term (4)
------- ----------------- ------------- ----------- ------------ --------------
4th Quarter 2002 11 100% 157,880 $ 33.39 10.4
3rd Quarter 2002 21 100% 44,874 $ 29.89 7.9
2nd Quarter 2002 25 100% 104,996 $ 28.94 11.3
1st Quarter 2002 17 100% 27,236 $ 48.03 10.4
-- ---- -------- ------- ----
Total - 12 months 74 100% 334,986 $ 32.72 10.3
== ==== ======== ======= ====
Tenant
Tenant Improvements
Quarter Improvements Per Sq. Ft.
------- ------------- -----------
4th Quarter 2002 $ 436,775 $ 2.77
3rd Quarter 2002 $ 225,118 $ 5.02
2nd Quarter 2002 $ 653,631 $ 6.23
1st Quarter 2002 $ - $ -
----------- -----------
Total - 12 months $ 1,315,525 $ 3.93
=========== ===========
Notes:
(1) Leases on this report represent retail activity only; office and
residential leases are not included.
(2) Non-comparable leases represent those leases signed on spaces for which
there was no former tenant, or expansion square footage for leases rolling
over for which there was no former tenant.
(3) New Rent represents contractual Minimum Rent under the new lease for the
first 12 months of the term.
(4) Weighted average is determined on the basis of square footage.
(5) Renewal leases represent expiring leases rolling over with the same tenant.
All other leases are categorized as new.
Federal Realty Investment Trust
Lease Expirations
March 31, 2003
- --------------------------------------------------------------------------------
Assumes no exercise of lease options
Anchor Tenants (1) Small Shop Tenants
------------------ ------------------
% of Minimum Rent % of Small Minimum Rent
Year Expiring SF Anchor SF PSF Expiring SF Shop SF PSF
----------------------------------------------------------------------------------------------------------------------------
2003 110,000 1% $ 3.46 460,000 7% $ 20.32
2004 908,000 11% $ 6.74 795,000 12% $ 22.11
2005 538,000 7% $ 12.21 896,000 14% $ 23.17
2006 479,000 6% $ 11.52 863,000 13% $ 24.99
2007 730,000 9% $ 10.13 949,000 14% $ 26.03
2008 919,000 11% $ 12.12 668,000 10% $ 24.07
2009 572,000 7% $ 12.27 397,000 6% $ 33.41
2010 215,000 3% $ 12.98 299,000 5% $ 26.67
2011 416,000 5% $ 21.26 387,000 6% $ 33.03
2012 550,000 7% $ 14.05 316,000 5% $ 42.92
Thereafter 2,764,000 34% $ 15.48 575,000 9% $ 33.42
---------- --- ------- ---------- --- --------
Total (2) 8,202,000 100% $ 12.96 6,605,000 100% $ 26.77
========== === ======= ========== === ========
Total
-----
% of Total Minimum Rent
Year Expiring SF SF PSF
---------------------------------------------------------------------------
2003 570,000 4% $ 17.07
2004 1,703,000 12% $ 13.91
2005 1,434,000 10% $ 19.06
2006 1,342,000 9% $ 20.18
2007 1,679,000 11% $ 19.12
2008 1,587,000 11% $ 17.15
2009 969,000 7% $ 20.93
2010 514,000 3% $ 20.94
2011 803,000 5% $ 26.94
2012 867,000 6% $ 24.57
Thereafter 3,339,000 23% $ 18.57
---------- --- -------
Total (2) 14,807,000 100% $ 19.12
=========== === =======
Assumes lease options are exercised
Anchor Tenants (1) Small Shop Tenants
------------------ ------------------
% of Minimum Rent % of Small Minimum Rent
Year Expiring SF Anchor SF PSF Expiring SF Shop SF PSF
----------------------------------------------------------------------------------------------------------------------------
2003 0 0% $ 0 345,000 5% $ 20.14
2004 171,000 2% $ 6.98 512,000 8% $ 23.09
2005 19,000 0% $ 15.58 546,000 8% $ 24.00
2006 54,000 1% $ 12.27 546,000 8% $ 27.61
2007 141,000 2% $ 4.72 597,000 9% $ 25.56
2008 150,000 2% $ 12.72 503,000 8% $ 24.13
2009 355,000 4% $ 11.18 391,000 6% $ 33.24
2010 158,000 2% $ 13.48 354,000 5% $ 29.74
2011 114,000 1% $ 23.89 432,000 7% $ 27.46
2012 310,000 4% $ 14.49 421,000 6% $ 36.88
Thereafter 6,730,000 82% $ 17.27 1,958,000 30% $ 32.57
---------- --- -------- ---------- --- --------
Total (3) 8,202,000 100% $ 16.37 6,605,000 100% $ 28.62
========== === ======== ========== === ========
Total
-----
% of Total Minimum Rent
Year Expiring SF SF PSF
---------------------------------------------------------------------------
2003 345,000 2% $ 20.14
2004 683,000 5% $ 19.06
2005 565,000 4% $ 23.71
2006 600,000 4% $ 26.23
2007 738,000 5% $ 21.58
2008 653,000 4% $ 21.51
2009 746,000 5% $ 22.74
2010 512,000 3% $ 24.72
2011 546,000 4% $ 26.72
2012 731,000 5% $ 27.39
Thereafter 8,688,000 59% $ 20.72
---------- --- -------
Total (3) 14,807,000 100% $ 21.83
=========== === =======
Notes:
(1) Anchor is defined as a tenant leasing 15,000 square feet or more.
(2) Minimum Rent reflects contractual rent at the end of the term or option.
For leases with CPI or market based increases, such increases are excluded
from analysis.
(3) Represents occupied square footage as of March 31, 2003.
Federal Realty Investment Trust
Occupancy Summary - Overall
March 31, 2003
- --------------------------------------------------------------------------------
Overall Occupancy (1)
- ---------------------
(Quarter to Quarter Analysis) At March 31, 2003 (3) At March 31, 2002
-----------------------------------------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---- ---- ------ --------- ---- ------ ---------
Retail Properties - Excluding Santana Row (2) 15,254,267 14,486,515 95.0% 14,863,000 14,201,000 95.5%
Retail Properties - Including Santana Row Phase I (2) 15,697,961 14,807,131 94.3% N/A N/A N/A
Rollingwood Apartments (# of units) (4) 282 278 98.6% 282 274 97.2%
- ------------------------------------------------------------------------------------------------------------------------------------
Overall Occupancy (1)
- ---------------------
(Rolling 12 Months) At March 31, 2003 (3) At December 31, 2002 (3)
----------------------------------------------------------------------------
Retail Properties - Excluding Santana Row (2) 15,254,267 14,486,515 95.0% 14,801,252 14,128,278 95.5%
Retail Properties - Including Santana Row Phase I (2) 15,697,961 14,807,131 94.3% 15,245,000 14,442,000 94.7%
Rollingwood Apartments (# of units) (4) 282 278 98.6% 282 275 98.0%
At September 30, 2002 At June 30, 2002
----------------------------------------------------------------------------
Retail Properties - Excluding Santana Row (2) 14,738,000 14,081,000 95.5% 14,687,000 14,093,000 95.9%
Retail Properties - Including Santana Row Phase I (2) N/A N/A N/A N/A N/A N/A
Rollingwood Apartments (# of units) (4) 282 279 98.9% 282 280 99.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) See Glossary of Terms
(2) Leasable square feet; excludes redevelopment square footage not yet placed
in service and Phase II and other future phases of Santana Row.
(3) Includes 444,000 square feet of Santana Row Phase I.
(4) Residential occupancy for Santana Row is included in the Santana Row
Summary Schedule.
Federal Realty Investment Trust
Occupancy Summary - Same Center
March 31, 2003
- ------------------------------------------------------------------------------------------------------------------------------------
Same Center Occupancy (1)
- -------------------------
(Quarter to Quarter Comparison) At March 31, 2003 At March 31, 2002
-------------------------------------------------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---- ---- ------ --------- ---- ------ ---------
Retail Properties (leasable square feet) (2) 14,688,735 14,075,558 95.8% 14,402,000 13,759,000 95.5%
Rollingwood Apartments (# of units) 282 278 98.6% 282 274 97.2%
- ------------------------------------------------------------------------------------------------------------------------------------
Same Center Occupancy (1)
- -------------------------
(Rolling 12 Months) At March 31, 2003 At December 31, 2002
-------------------------------------------------------------------------------------
Retail Properties (leasable square feet) (2) 14,688,735 14,075,558 95.8% 14,603,000 13,965,000 95.6%
Rollingwood Apartments (# of units) 282 278 98.6% 282 275 97.5%
At September 30, 2002 At June 30, 2002
-------------------------------------------------------------------------------------
Retail Properties (leasable square feet) (2) 14,368,000 13,756,000 95.7% 14,251,000 13,670,000 95.9%
Rollingwood Apartments (# of units) 282 279 98.9% 282 280 99.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) See Glossary of Terms.
(2) Excludes centers purchased or sold as well as properties under development
and redevelopment.
Federal Realty Investment Trust
Summary of Top 25 Tenants - Prospective (April 2003 through March 2004)
March 31, 2003
- --------------------------------------------------------------------------------------------------------------------
Percentage of Number of
Annualized Total Annualized Percentage of Stores
Rank Tenant Name Base Rent Base Rent Tenant GLA Total GLA Leased
- --------------------------------------------------------------------------------------------------------------------
1 Gap, Inc., The $ 6,063,625 2.44% 210,275 1.34% 11
2 Ahold USA, Inc. 5,888,651 2.37% 503,230 3.21% 10
3 Safeway, Inc. 5,597,172 2.26% 412,770 2.63% 7
4 Bed, Bath & Beyond, Inc. 5,007,899 2.02% 358,165 2.28% 8
5 CVS Corporation 3,858,676 1.56% 164,266 1.05% 14
6 Barnes & Noble, Inc. 3,752,078 1.51% 167,765 1.07% 18
7 TJX Companies, The 3,302,350 1.33% 340,547 2.17% 10
8 Toys R Us, Inc. 3,040,162 1.23% 325,582 2.07% 10
9 Borders Group, Inc. 2,753,858 1.11% 135,181 0.86% 5
10 MTS, Inc. 2,452,569 0.99% 106,479 0.68% 5
11 Great Atlantic & Pacific Tea Co. 2,380,178 0.96% 239,215 1.52% 4
12 OPNET Technologies, Inc. 2,335,499 0.94% 60,466 0.39% 1
13 Dollar Tree Stores, Inc. 2,313,100 0.93% 176,834 1.13% 17
14 Dress Barn, Inc. 1,954,958 0.79% 92,588 0.59% 13
15 CompUSA, Inc. 1,909,776 0.77% 108,219 0.69% 4
16 Wakefern Food Corporation 1,908,096 0.77% 157,376 1.00% 3
17 Bally's Health & Tennis 1,738,673 0.70% 139,546 0.89% 5
18 Whole Foods Market, Inc. 1,662,066 0.67% 81,874 0.52% 3
19 Linens' N Things 1,652,689 0.67% 108,169 0.69% 3
20 Saks & Company 1,635,300 0.66% 35,550 0.23% 1
21 Michaels Stores, Inc. 1,613,849 0.65% 143,843 0.92% 5
22 Ross Stores, Inc. 1,589,240 0.64% 84,858 0.54% 3
23 Viacom International, Inc. 1,559,386 0.63% 65,592 0.42% 12
24 Kohl's Corporation 2,125,749 0.86% 390,626 2.49% 3
25 Home Depot, Inc. 1,487,180 0.60% 127,550 0.81% 1
------------ ----- ---------- ----- ---------
Totals - Top 25 Tenants $ 69,582,778 28.06% 4,736,566 30.17% 176
============ ===== ========== ===== =========
Total Annualized Base Rent: $248,020,984
Total Portfolio Square Footage: 15,698,000 (1)(2)
Note:
(1) Excludes redevelopment square footage not yet placed in service.
(2) Includes 444,000 square feet of Santana Row Phase I, but no future Phases
of Santana Row.
Federal Realty Investment Trust
Reconciliation of Non-GAAP Disclosures
March 31, 2003
- ---------------------------------------------------------------------------------------
1. Reconciliation of 2003 EPS to 2003 FFO Guidance ($ millions except per share
amounts)
Forecast Per Share
------------ -------------
Net Income Available to Common Shareholders $ 45.6 $ .99
Depreciation and Amortization $ 73.1 $ 1.59
Income Attributable to Operating Partnership Units $ 1.2 $ 0.03
----------- -----------
Funds from Operations $ 119.9 $ 2.60
=========== ===========
Weighted-average Diluted Shares (million) 46.1
Glossary of Terms
EBITDA: EBITDA is a non-GAAP measure that means net income or loss plus interest
expense, income taxes, depreciation and amortization; adjusted for gain or loss
on sale of assets, impairment provisions, provision for loss on equity
securities and other nonrecurring expenses. EBITDA is presented because it
provides useful information regarding our ability to service debt, EBITDA should
not be considered an alternative measure of operating results or cash flow from
operations as determined in accordance with GAAP. The reconciliation of EBITDA,
adjusted for discontinued operations, to net income for the three months ended
March 31, 2003 and 2002 is as follows:
For the Three Months
Ended March 31,
---------------
2003 2002
---- ----
Net income (loss) .................................................... $16,376 ($1,331)
Depreciation and amortization ........................................ 17,449 15,986
Interest ............................................................. 17,579 16,640
Loss on abandoned developments held for sale ......................... - 9,647
------- -------
EBITDA ............................................................... $51,404 $40,942
======= =======
Funds From Operations (FFO): FFO is a supplemental measure of real estate
companies' operating performances. The National Association of Real Estate
Investment Trusts ("NAREIT") defines FFO as follows: income available for common
shareholders before depreciation and amortization of real estate assets and
before extraordinary items less gains and losses on sale of real estate. NAREIT
developed FFO as a relative measure of performance and liquidity of an equity
REIT in order to recognize that the value of income-producing real estate
historically has not depreciated on the basis determined under GAAP. However,
FFO does not represent cash flows from operating activities in accordance with
GAAP (which, unlike FFO, generally reflects all cash effects of transactions and
other events in the determination of net income); should not be considered an
alternative to net income as an indication of our performance; and is not
necessarily indicative of cash flow as a measure of liquidity or ability to pay
dividends. We consider FFO a meaningful, additional measure of operating
performance because it primarily excludes the assumption that the value of the
real estate assets diminishes predictably over time, and because industry
analysts have accepted it as a performance measure. Comparison of our
presentation of FFO to similarly titled measures for other REITs may not
necessarily be meaningful due to possible differences in the application of the
NAREIT definition used by such REITs.
Property Operating Income: Gross revenues, including interest income, less
rental expenses and real estate taxes.
Occupancy: The portion of the property for which the Trust is collecting rent,
or for which a lease has been signed but a tenant has not yet commenced, divided
by the total square footage available for lease.
Occupancy - overall: Occupancy for the entire portfolio -- includes all
operating properties owned in reporting period.
Occupancy - same center: Occupancy for only those properties owned and operating
in the periods being compared. Excludes centers purchased or sold as well as
properties under redevelopment and development.
Tenant improvements: Represents the total dollars committed for the improvement
(fit-out) of a space as it relates to a specific lease. The amounts shown
represent not only the estimated cost to fit-out the tenant space, but may also
include base building costs (i.e. expansion, escalators or new entrances) which
are required to make the space leasable.