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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES 1991 OPERATING RESULTS

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES 1991 OPERATING RESULTS
 BETHESDA, Md., Feb. 21 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) reported today that funds from operations for the year ended Dec. 31, 1991, increased 9 percent to $26.2 million ($1.52 per share) from $24.0 million ($1.44 per share) in 1990. The 1990 results reflected a fourth quarter write-off of a mortgage note receivable in the amount of $1.4 million (8 cents per share). If 1990 funds from operations were adjusted to exclude this write-off, funds from operations rose 3 percent to $26.2 million ($1.52 per share) in 1991 from $25.4 million ($1.52 per share) in 1990. These results are consistent with expectations and reflect the continued strong performance of the base portfolio. Funds from operations for the fourth quarter rose $1.5 million, or 27 percent, to $7.0 million (39 cents per share) from $5.5 million (33 cents per share) in 1990.
 Excluding shopping centers acquired, sold or under redevelopment, rental income for the core portfolio increased $5.3 million or, 7 percent, in 1991 over 1990. Rental income for the entire portfolio increased $7.6 million, or 9 percent, in 1991, rising from $80.7 million in 1990 to $88.3 million in 1991. Federal Plaza, which was completed in the second quarter of 1991, contributed $2.3 million, or 30 percent of the increase, and Town & Country Plaza, which was re-acquired in December of 1990 contributed $642,000, or 8 percent.
 For shopping centers operating in both periods (excluding properties acquired, sold or under redevelopment) average occupancy increased 1 percent to 94 percent at year-end 1991. During 1991, the trust renewed or relet leases for 683,000 square feet at an average rent of $11.08 per squarer foot compared to previous average rent per square foot for the same spaces of $9.13.
 Steven J. Guttman, president and chief executive officer stated, "We are pleased with our continued growth in funds from operations. In a year filled with difficulties in real estate and retailing, our improved performance demonstrates the quality of our shopping centers and the strength of their prime locations."
 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.
 FEDERAL REALTY INVESTMENT TRUST
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 Operating Results 1991 1990 1991 1990
 Revenues $25,726 $24,213 $97,652 $90,949
 Net income 1,571 500 4,800 5,841
 Funds from operations 7,001 5,484 26,246 23,985
 Weighted average
 shares outstanding 17,921 16,713 17,304 16,695
 Per Share:
 Income before gain
 on sale of real estate
 and extraordinary
 items $ .06 $ .01 $ .25 $ .29
 Net income .09 .03 .28 .35
 Funds from operations .39 .33 1.52 1.44
 Year Ended
 Dec. 31,
 Balance Sheet Data 1991 1990
 Real estate owned, at cost $556,056 $555,879
 Mortgages, capital leases
 and other notes payable 237,524 234,509
 Senior Notes 50,000 50,000
 Convertible subordinated debentures 92,003 104,576
 Shareholders' equity 151,480 129,346
 Shares outstanding 19,687 16,716
 -0- 2/21/92
 /CONTACT: Mary Jane Morrow, vice president - finance, Federal Realty Investment Trust, 301-652-3360/
 (FRT) CO: Federal Realty Investment Trust ST: Maryland IN: SU: ERN


DC-TW -- DC008 -- 1320 02/21/92 10:29 EST
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Date:Feb 21, 1992
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