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FEDERAL REALTY INVESTMENT TRUST AGREES TO ISSUE COMMON SHARES TO RETIRE $22,645,000 OF CONVERTIBLE DEBENTURES

FEDERAL REALTY INVESTMENT TRUST AGREES TO ISSUE COMMON SHARES TO
 RETIRE $22,645,000 OF CONVERTIBLE DEBENTURES
 BETHESDA, Md., Feb. 13 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today it has reached an agreement to issue common shares to retire $22,645,000 of face value (accreted value of approximately $25,400,000 as of Dec. 31, 1991) of its outstanding 5-1/4 percent convertible subordinated debentures. This exchange transaction is subject to registration with the Securities and Exchange Commission and is expected to close prior to April 30, 1992. The number of shares to be issued will be based on the average closing price of the trust's shares on the New York Stock Exchange for the ensuing 20 trading days, but will in no event be more than 1,317,527 shares. The trust also announced it has purchased for cash an aggregate of $25,434,000 of the 5-1/4 percent convertible subordinated debentures in the open market
since Dec. 5, 1991, at an aggregate purchase price of $27,772,000. These purchases, combined with the exchange, will reduce the original $100 million issue to an outstanding face amount $46,477,000. Upon completion of these transactions, the trust's pro forma debt to equity ratio will be approximately 1.8 to 1 on a book basis and .7 to 1 on a market value of equity basis. From time to time, the trust will consider additional exchanges or open market purchases of the bonds depending upon market conditions and other factors.
 Steven J. Guttman, president and chief executive officer said: "We are very pleased to have retired over half of this issue with minimal impact on the trust's projected funds from operations per share. This reduction in our debt level, the increase in shareholders equity and the remaining proceeds from our recent public offering enable us to refocus our attention on acquisitions and redevelopment opportunities."
 Federal Realty currently owns 41 neighborhood and community shopping centers and one enclosed mall primarily in the Mid-Atlantic 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, re- configuration, re-leasing and re-merchandising programs. The trust has made 117 consecutive quarterly dividends and has increased its dividend rate for each of the last 24 years. The current indicated annual dividend rate is $1.52.
 -0- 2/13/92
 /CONTACT: Mary Jane Morrow, vice president-finance, Federal Realty Investment Trust, 301-652-3360/
 (FRT) CO: Federal Realty Investment Trust ST: Maryland IN: SU:


TW -- DC021 -- 9754 02/13/92 12:29 EST
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Publication:PR Newswire
Date:Feb 13, 1992
Words:433
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