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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER 1993 RESULTS

 BETHESDA, Md., Nov. 11 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) reported today that funds from operations for the third quarter of 1993 increased 50 percent to $11.1 million from $7.4 million last year. On a per share basis, funds from operations increased 33 percent to 40 cents per share in the third quarter of 1993 from 30 per share in 1992. Funds from operations were also up for the first nine months of 1993, increasing 33 percent to $29.5 million or $1.11 per share from $22.2 million or $1.00 per share for the comparable period of 1992. This increase resulted from the combination of positive spreads on the company's new acquisitions, improved results from the company's base portfolio and a decrease in interest expense.
 A comparison of property operations between the third quarter of 1993 and the same quarter of 1992 shows the following:
 -- At Sept. 30, 1993, the overall portfolio was 94.3 percent leased
 compared to 95.5 percent a year ago. Shopping centers operating
 in both periods (excluding properties acquired, sold or under
 redevelopment) remained at 95.5 percent leased at Sept. 30, 1993,
 and 1992. Economic occupancy (percent of leasable square feet
 generating rental income) at Sept. 30, 1993, was 94.0 percent.
 -- Rental income increased 23 percent to $26.5 million in the third
 quarter as compared to $21.6 million for the corresponding
 period of 1992. If adjusted for properties sold and acquired,
 rental income increased $1.8 million or 9 percent to
 $23.3 million in the third quarter of 1993.
 -- During the third quarter of 1993, the trust leased 298,000
 square feet of space at an average rent of $13.78 per square
 foot compared to the previous average rent per square foot for
 the same spaces of $11.47 -- a 20 percent increase. In addition,
 we leased 41,000 square feet of previously unleased space at an
 average rent of $12.21 per square foot. For the 9 months ended
 Sept. 30, 1993, we have leased 648,000 square feet of space which
 will generate an annual incremental increase in minimum rent of
 $1.4 million and for which we have committed approximately
 $4.4 million for tenant improvements.
 Steven J. Guttman, president and chief executive officer, commenting on the third quarter stated that in addition to the positive contributions of the recent acquisitions, the trust continues to benefit from the improved performance of its base portfolio. The combination of occupancy gains, increased rental income from our recent redevelopment and remerchandising programs and our ability to achieve higher rental rates as leases roll over has produced strong operating results.
 Federal Realty currently owns 46 neighborhood and community shopping centers located principally along the east coast region between the New York metropolitan area and Richmond, Va. The trust specializes in the acquisition of older, well-located centers which can be enhanced through renovation, expansion, reconfiguration and re-merchandising programs.
 FEDERAL REALTY INVESTMENT TRUST
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 OPERATING RESULTS 1993 1992 1993 1992
 Revenue
 Rental income $28,096 $22,852 $81,128 $69,691
 Interest 802 1,641 2,858 4,025
 Total 28,898 24,493 83,986 73,716
 Expenses
 Rental 6,655 5,089 19,393 15,259
 Real estate taxes 2,758 2,273 7,606 6,544
 Interest 7,268 8,703 23,474 26,656
 Administrative 964 891 3,286 2,671
 Depreciation & amortization 6,522 5,647 18,643 17,176
 Total 24,167 22,603 72,402 68,306
 Operating income before
 investors' share of operations,
 gain on sale of real estate
 and extraordinary item 4,731 1,890 11,584 5,410
 Less investors' share
 of operations (193) (153) (673) (360)
 Income before gain on
 sale of real estate
 and extraordinary item 4,538 1,737 10,911 5,050
 Net income $4,538 $3,580 $9,884 $7,527
 Earnings per share
 Income before gain on sale
 of real estate $0.16 $0.07 $0.41 $0.23
 Net income per share $0.16 $0.15 $0.37 $0.34
 Funds from operations
 Net income $4,538 $3,580 $9,884 $7,527
 Add: Depreciation and
 Amortization 6,522 5,647 18,643 17,176
 Deduct: Gain on sale
 of real estate -- (1,859) -- (2,501)
 Add: Extraordinary loss -- 16 1,027 24
 Funds from operations $11,060 $7,384 $29,554 $22,226
 Funds from operations
 per share $0.40 $0.30 $1.11 $1.00
 Weighted average number
 of common shares 27,852 24,605 26,713 22,119
 BALANCE SHEET DATA Sept. 30, 1993 Dec. 31, 1992
 Assets
 Real estate, at cost $698,911 $598,867
 Mortgage notes receivable 16,682 16,693
 Cash and investments 14,470 71,910
 Other assets 34,843 29,523
 Total assets 635,875 603,811
 Liabilities and Shareholders' Equity
 Obligations under capital
 leases & mortgages 234,315 245,694
 Notes payable 38,221 6,117
 Other liabilities 38,886 32,904
 Senior Notes -- 50,000
 5-1/4 pct. convertible subordinated
 debentures 43,847 43,847
 8-3/4 pct. convertible subordinated
 debentures -- 2,371
 Shareholders' Equity 280,606 222,878
 -0- 11/11/93
 /CONTACT: Mary Jane Morrow, vice president, finance, of Federal Realty Investment Trust, 301-652-3360/
 (FRT)


CO: Federal Realty Investment Trust ST: Maryland IN: FIN SU: ERN

MH-DC -- DC008 -- 3173 11/11/93 11:05 EST
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Date:Nov 11, 1993
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