Exhibit 99
FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
DECEMBER 31, 1994
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. Lease Expirations
Average Rent on Leases Expiring................................... E-7
Leases Expiring on Anchor and Small Shops......................... E-8
5. Press Release..................................................... E-9
6. Glossary of Terms................................................. E-12
4800 Hampden Lane, Suite 500
Bethesda, Maryland 20814
301/652-3360
E-1
FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (EXCLUDING CAPITAL LEASES)
DECEMBER 31, 1994
MATURITY RATE BALANCE
-------- ---- --------------
(IN THOUSANDS)
MORTGAGES
Northeast Plaza............. 01/31/95 LIBOR + 1.0% $ 22,500
Barracks Road............... 06/01/98 9.77% 22,086
Falls Plaza................. 06/01/98 9.77% 4,391
Old Keene Mill.............. 06/01/98 9.77% 7,199
West Falls.................. 06/01/98 9.77% 5,039
Loehmanns Plaza............. 07/21/98 9.75% 6,573
Federal Plaza............... 03/10/01 8.25%(a) 29,125
Tysons Station.............. 09/01/01 9.88% 4,368
Northeast................... 12/31/01 participating 1,500
--------
(a) Original mortgage was $102,781
amended on 4/10/95, ========
interest rate will be
8.95% until 3/10/01.
NOTES PAYABLE
Revolving credit facilities. LIBOR +.85% $ 54,745
to LIBOR +1%
Note issued in connection
with acquisition of Queen
Anne Plaza................. 01/23/95 4.00% 1,101
Note issued in connection
with acquisition of Federal
Plaza...................... 07/01/96 8.00% 2,877
Note issued in connection
with renovation of Perring
Plaza...................... 01/31/13 10.00% 2,984
Other....................... various various 176
--------
$ 61,883
========
5 1/4% CONVERTIBLE SUBORDI-
NATED DEBENTURES............. 04/30/02 5.250% $ 289
========
5 1/4% CONVERTIBLE SUBORDI-
NATED DEBENTURES............. 01/15/00 5.250% $ 75,000
========
Total fixed rate debt......... $161,208 67.18%
Total variable rate debt...... 78,745 32.82%
--------
Total debt.................... $239,953 100.00%
========
Weighted average interest
rate:
Fixed rate debt............. 7.31%
Variable.................... 5.60%
E-2
FEDERAL REALTY INVESTMENT TRUST
PERCENTAGE LEASED ANALYSIS
DECEMBER 31, 1994
OVERALL OCCUPANCY
(QUARTER TO QUARTER DECEMBER 31, 1994 DECEMBER 31, 1993
ANALYSIS) ------------------------------- -------------------------------
TYPE SIZE LEASED OCCUPANCY SIZE LEASED OCCUPANCY
------------------------ ---------- ---------- --------- ---------- ---------- ---------
Shopping Center (square
feet).................. 11,179,222 10,592,521 95% 10,555,130 10,070,182 95%
Main Street Retail
(# of buildings)....... 1 1 100%
Rollingwood Apartments
(# of units)........... 282 278 99% 282 268 95%
OVERALL
OCCUPANCY
(ROLLING 12 DECEMBER 31, 1994 SEPTEMBER 30, 1994 JUNE 30, 1994 MARCH 31, 1994
MONTHS) --------------------------- --------------------------- --------------------------- --------------------------
OCCU- OCCU- OCCU- OCCU-
TYPE SIZE LEASED PANCY SIZE LEASED PANCY SIZE LEASED PANCY SIZE LEASED PANCY
---------------- ---------- ---------- ----- ---------- ---------- ----- ---------- ---------- ----- ---------- --------- -----
Shopping Center
(square feet).. 11,179,222 10,529,521 95% 10,898,289 10,176,605 93% 10,782,397 10,094,769 94% 10,607,520 9,985,667 94%
Main Street Re-
tail (# of
buildings)..... 1 1 100%
Rollingwood
Apartments
(# of units)... 282 278 99% 282 281 99% 282 272 96% 282 263 93%
SAME CENTER OCCUPANCY
(QUARTER TO QUARTER DECEMBER 31, 1994 DECEMBER 31, 1993
ANALYSIS) ------------------------------ ------------------------------
TYPE SIZE LEASED OCCUPANCY SIZE LEASED OCCUPANCY
------------------------ ---------- --------- --------- ---------- --------- ---------
Shopping Center (square
feet).................. 10,192,241 9,681,163 95% 10,146,426 9,749,141 96%
Main Street Retail
(# of buildings).......
Rollingwood Apartments
(# of units)........... 282 278 99% 282 268 95%
SAME CENTER
OCCUPANCY
(ROLLING 12 DECEMBER 31, 1994 SEPTEMBER 30, 1994 JUNE 30, 1994 MARCH 31, 1994
MONTHS) -------------------------- ------------------------- ------------------------- -------------------------
OCCU- OCCU- OCCU- OCCU-
TYPE SIZE LEASED PANCY SIZE LEASED PANCY SIZE LEASED PANCY SIZE LEASED PANCY
---------------- ---------- --------- ----- --------- --------- ----- --------- --------- ----- --------- --------- -----
Shopping Center
(square feet).. 10,192,241 9,681,163 95% 9,376,238 8,785,042 94% 9,239,218 8,709,989 94% 9,027,971 8,592,822 95%
Main Street Re-
tail
(# of build-
ings)..........
Rollingwood
Apartments
(# of units)... 282 278 99% 282 281 99% 282 272 96% 282 263 93%
E-3
FEDERAL REALTY INVESTMENT TRUST
ECONOMIC OCCUPANCY ANALYSIS
DECEMBER 31, 1994
DECEMBER 31, 1994 DECEMBER 31, 1993
------------------------------- -------------------------------
OVERALL ECONOMIC OCCUPANCY LEASES LEASES
(QUARTER TO QUARTER GENERATING ECONOMIC GENERATING ECONOMIC
ANALYSIS) TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
-------------------------- ---------- ---------- --------- ---------- ---------- ---------
Shopping Center (square
feet) ................. 11,179,222 10,213,130 91% 10,555,130 9,788,768 93%
Main Street Retail (# of
buildings)............. 1 1 100%
Rollingwood Apartments
(# of units)........... 282 272 96% 282 265 94%
DECEMBER 31, 1994 SEPTEMBER 30, 1994 JUNE 30, 1994
------------------------------- ------------------------------- -------------------------------
OVERALL
ECONOMIC
OCCUPANCY
(ROLLING 12 LEASES LEASES LEASES
MONTHS) GENERATING ECONOMIC GENERATING ECONOMIC GENERATING ECONOMIC
TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
---------------- ---------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------
Shopping Center
(square feet).. 11,179,222 10,213,130 91% 10,898,289 9,983,789 92% 10,782,397 9,875,544 92%
Main Street
Retail
(# of
buildings)..... 1 1 100%
Rollingwood
Apartments (#
of units)...... 282 272 96% 282 281 99% 282 272 96%
MARCH 31, 1994
-------------------------------
OVERALL
ECONOMIC
OCCUPANCY
(ROLLING 12 LEASES
MONTHS) GENERATING ECONOMIC
TYPE SIZE INCOME OCCUPANCY
---------------- ---------- ---------- ---------
Shopping Center
(square feet).. 10,607,520 9,771,132 92%
Main Street
Retail
(# of
buildings).....
Rollingwood
Apartments (#
of units)...... 282 263 93%
DECEMBER 31, 1994 DECEMBER 31, 1993
------------------------------- ------------------------------
SAME CENTER
ECONOMIC OCCUPANCY LEASES LEASES
(QUARTER TO QUARTER GENERATING ECONOMIC GENERATING ECONOMIC
ANALYSIS) TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
------------------- ---------- ---------- --------- --------- ---------- ---------
Shopping Center (square
feet) ................. 10,192,241 9,472,958 93% 8,785,416 8,223,835 94%
Main Street Retail (# of
buildings).............
Rollingwood Apartments
(# of units)........... 282 272 96% 282 265 94%
DECEMBER 31, 1994 SEPTEMBER 30, 1994 JUNE 30, 1994
------------------------------- ------------------------------ ------------------------------
SAME CENTER
ECONOMIC
OCCUPANCY
(ROLLING 12 LEASES LEASES LEASES
MONTHS) GENERATING ECONOMIC GENERATING ECONOMIC GENERATING ECONOMIC
TYPE SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY SIZE INCOME OCCUPANCY
---------------- ---------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
Shopping Center
(square feet).. 10,192,241 9,472,958 93% 9,376,238 8,634,248 92% 9,239,218 8,585,442 93%
Main Street
Retail (# of
buildings).....
Rollingwood
Apartments (#
of units)...... 282 272 96% 282 281 99% 282 272 96%
MARCH 31, 1994
------------------------------
SAME CENTER
ECONOMIC
OCCUPANCY
(ROLLING 12 LEASES
MONTHS) GENERATING ECONOMIC
TYPE SIZE INCOME OCCUPANCY
---------------- --------- ---------- ---------
Shopping Center
(square feet).. 9,027,971 8,400,187 93%
Main Street
Retail (# of
buildings).....
Rollingwood
Apartments (#
of units)...... 282 263 93%
E-4
FEDERAL REALTY INVESTMENT TRUST
REGIONAL OCCUPANCY ANALYSIS
DECEMBER 31, 1994
TOTAL
SQUARE OCCUPANCY
REGION FOOTAGE 12/31/94
------ --------- ------------
Washington D.C./Baltimore............................. 3,447,016 95%
Philadelphia.......................................... 2,040,945 97
New York/New Jersey................................... 1,976,291 96
Central Virginia...................................... 1,154,168 94
Mid-West.............................................. 830,456 93
New England........................................... 400,658 99
Other................................................. 1,329,688 90
TOTAL
SQUARE OCCUPANCY
REGION FOOTAGE 12/31/94
------ --------- ------------
Washington D.C./Baltimore
Anchor.............................................. 1,787,806 98%
Small Shops......................................... 1,659,210 92
Philadelphia
Anchor.............................................. 1,184,650 100
Small Shops......................................... 856,295 92
New York/New Jersey
Anchor.............................................. 1,414,171 98
Small Shops......................................... 562,120 91
Central Virginia
Anchor.............................................. 537,435 97
Small Shops......................................... 616,733 92
Mid-West
Anchor.............................................. 430,715 95
Small Shops......................................... 399,741 90
New England
Anchor.............................................. 241,009 100
Small Shops......................................... 159,649 98
Other
Anchor.............................................. 695,225 95
Small Shops......................................... 634,463 82
E-5
FEDERAL REALTY INVESTMENT TRUST
LEASING ACTIVITY
DECEMBER 31, 1994
COMPARABLE
AVERAGE PRIOR AVERAGE CURRENT PERCENTAGE TENANT AVERAGE
NUMBER OF SQUARE RENT PER RENT PER ANNUALIZED INCREASE IMPROVEMENT LEASE
LEASES SIGNED FEET SQUARE FOOT SQUARE FOOT INCREASE IN RENT OVER PRIOR RENT COSTS TERM (YEARS)
------------- ------- ------------- --------------- ---------------- --------------- ----------- ------------
1st Quarter..... 43 150,165 $11.58 $14.93 $ 502,255 29% $1,311,057 4.6
2nd Quarter..... 57 219,104 12.08 16.05 869,824 33% 3,354,156 5.9
3rd Quarter..... 62 145,265 16.30 17.55 181,298 8% 854,187 5.1
4th Quarter..... 93 455,584 10.16 14.04 1,766,764 38% 4,054,759 5.6
--- ------- ---------- ------ ---------- --- ---------- ---
Total--12 months. 255 970,118 $11.74 $15.16 $3,320,141 29% $9,574,159 5.3
NON-COMPARABLE
ANNUALIZED TENANT AVERAGE
# OF LEASES SQUARE CURRENT AVERAGE RENT IMPROVEMENT LEASE
SIGNED FEET RENT PER SQUARE FOOT COSTS TERM (YEARS)
------------- ------- ------------- --------------- ---------------- ---------------
1st Quarter..... 1 990 $ 15,840 $16.00 $ 23,600 2.0
2nd Quarter..... 7 65,973 1,310,839 19.87 886,853 7.0
3rd Quarter..... 6 20,812 343,207 16.49 98,715 6.7
4th Quarter..... 12 124,234 1,320,870 10.63 1,758,070 6.3
--- ------- ---------- ------ ---------- ---
Total--12 months. 26 212,009 $2,990,756 $13.90 $2,767,238 5.5
E-6
FEDERAL REALTY INVESTMENT TRUST
LEASES EXPIRING
TOTAL PERCENT AVERAGE
SQUARE FEET OF TOTAL RENT PER
EXPIRING(1) PORTFOLIO(2) SQUARE FOOT
----------- ------------ -----------
1995................................. 596,757 5% $11.92
1996................................. 362,227 3% $16.72
1997................................. 554,653 5% $13.92
1998................................. 442,244 4% $14.30
1999................................. 676,155 6% $11.60
--------
(1) Excludes lease expirations with options
(2) Total square footage December 31, 1994: 11,179,222
E-7
FEDERAL REALTY INVESTMENT TRUST
LEASES EXPIRING--ANCHORS AND SMALL SHOPS
TOTAL SQUARE PERCENT OF
FEET TOTAL
EXPIRING (1) PORTFOLIO (2)
------------ -------------
1995
Anchor............................................. 168,161 1%
Small Shop......................................... 428,596 4%
1996
Anchor............................................. 26,160 less than 1%
Small Shop......................................... 336,067 3%
1997
Anchor............................................. 190,712 2%
Small Shop......................................... 363,941 3%
1998
Anchor............................................. 167,374 2%
Small Shop......................................... 274,870 2%
1999
Anchor............................................. 340,632 3%
Small Shop......................................... 335,523 3%
--------
(1)Excludes lease expirations with options
(2)Total square footage December 31, 1994: 11,179,222
E-8
NEWS FEDERAL REALTY INVESTMENT TRUST
RELEASE 4800 Hampden Lane, Suite 500
Bethesda, Maryland 20814 301/652-3360
FOR IMMEDIATE RELEASE For further information contact:
NYSE SYMBOL-FRT
Mary Jane Morrow
Sr. Vice President--Finance
(301) 961-9321
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
1994 OPERATING RESULTS
Bethesda, Maryland
February 16, 1995
Federal Realty Investment Trust (NYSE:FRT) reported today that funds from
operations for the year ended December 31, 1994 increased 21% to $50.3 million
from $41.5 million in 1993. On a per share basis, funds from operations
increased 6% to $1.64 per share in 1994 from $1.54 per share in 1993. These
operating results include non-recurring charges of $1.0 million or $.03 per
share. Excluding these non-recurring items, funds from operations increased 24%
to $51.3 million or 8% on a per share basis to $1.67 per share.
Funds from operations also improved in the fourth quarter of 1994 increasing
20% to $14.3 million or $.45 per share from $11.9 million or $.43 per share in
the fourth quarter of 1993.
A comparison of property operations for the year ended 1994 versus 1993 shows
the following:
Rental income increased 20.9% to $128.1 million in 1994 from $105.9
million in 1993. When adjusted for properties acquired during these
years, rental income increased 6.1% to $102.1 million in 1994 from
$96.3 million in 1993.
-MORE-
E-9
During 1994, the Trust leased a total 1.2 million square feet. On a same
space basis, 970,000 square feet was re-leased at an average increase in
rent of 29%. The weighted average rent on these leases was $15.16 per square
foot compared to the previous average rent per square foot for the same
spaces of $11.74.
During 1993, the Trust leased a total 1.0 million square feet. On a same
space basis, 880,000 square feet was re-leased at an average increase in
rent of 19%. The weighted average rent per square foot on these leases was
$13.51 per square foot compared to the previous average rent per square foot
for the same spaces of $11.35.
The overall portfolio was 95% leased at both December 31, 1993 and 1994.
Shopping centers operating in both periods (excluding properties acquired,
or under redevelopment) were 95% leased at year end 1994 versus 96% leased a
year ago.
Commenting on the year, Steven J. Guttman President and Chief Executive
Officer stated that we are pleased with our 1994 results. Strong leasing gains
and contributions from our recent redevelopment and remerchandising programs
produced solid growth throughout our core portfolio. This improved property
performance combined with the positive contributions from our recent
acquisitions and decreased interest expense, improved overall operating results
while positioning the Trust for future growth.
Federal Realty is an equity real estate investment trust specializing in the
ownership, management and redevelopment of prime community and neighborhood
shopping centers. The Trust's portfolio currently contains 52 shopping centers
containing 11.2 million square feet located principally along the east coast
region between the New York Metropolitan area and Richmond, Virginia.
E-10
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
------------------- ------------------
1994 1993 1994 1993
--------- --------- -------- --------
OPERATING RESULTS
Revenues
Rental income........................ $ 33,965 $ 28,763 $128,133 $105,948
Interest............................. 887 1,036 3,933 3,894
Other income......................... 1,630 1,552 5,698 5,495
--------- --------- -------- --------
36,482 31,351 137,764 115,337
Expenses
Rental............................... 8,647 7,126 35,830 26,519
Real estate taxes.................... 3,223 2,718 12,097 10,324
Interest............................. 7,929 8,076 31,462 31,550
Administrative....................... 2,213 1,389 6,661 4,675
Other charges........................ 297 -- 1,055 --
Depreciation and amortization........ 8,065 6,732 29,801 25,375
--------- --------- -------- --------
30,374 26,041 116,906 98,443
Operating income before investors'
share of operations and extraordinary
item................................. 6,108 5,310 20,858 16,894
Investor's share of operations....... 103 (107) (392) (780)
--------- --------- -------- --------
Income before extraordinary item...... 6,211 5,203 20,466 16,114
Extraordinary item
Net gain on early extinguishment of
debt................................ -- 3,043 -- 2,016
--------- --------- -------- --------
Net income............................ $ 6,211 $ 8,246 $ 20,466 $ 18,130
========= ========= ======== ========
Earnings per share
Income before extraordinary item..... $ .20 $ .19 $ .67 $ .60
Net income........................... .20 .30 .67 .67
Funds from operations
Net income........................... $ 6,211 $ 8,246 $ 20,466 $ 18,130
Add: depreciation and amortization... 8,065 6,732 29,801 25,375
Add: extraordinary item.............. -- (3,043) -- (2,016)
--------- --------- -------- --------
Funds from operations................. $ 14,276 $ 11,935 $ 50,267 $ 41,489
========= ========= ======== ========
Funds from operations per share....... $ .45 $ .43 $ 1.64 $ 1.54
Weighted average shares outstanding... 31,604 27,840 30,679 27,009
DECEMBER 31,
-----------------
1994 1993
-------- --------
BALANCE SHEET DATA
Assets
Real estate, at cost........................................ $852,722 $758,088
Mortgage notes receivable................................... 13,178 13,871
Cash and investments........................................ 7,583 13,643
Total assets................................................. 753,737 690,943
Liabilities and Shareholders' Equity
Obligations under capital leases............................ 132,924 137,308
Mortgages payable........................................... 102,781 81,237
Notes payable............................................... 61,883 30,519
5 1/4% Convertible subordinated debentures due 2003.......... 75,000 75,000
5 1/4% Convertible subordinated debentures due 2002.......... 289 40,167
Shareholders' Equity......................................... 345,155 284,199
E-11
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 square footage generating rental income 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-leasable.
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. expansion, escalators or new
entrances) which are required to make the space leasable.
E-12