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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES SECOND QUARTER RESULTS

 BETHESDA, Md., Aug. 12 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) reported today that funds from operations for the second quarter of 1993 rose 33 percent to $10.0 million or 36 cents per share from $7.5 million or 34 cents per share in the second quarter of 1992. Funds from operations for the first six months of 1993 increased 25 percent to $18.5 million or 71 cents per share from $14.8 million or 71 per share in the first half of 1992.
 A comparison of property results between the second quarters of 1993 and 1992 shows the following:
 -- At June 30, the overall portfolio was 95.5 percent leased -- up
 from 94.6 percent a year ago. Shopping centers operating in both
 periods (excluding properties acquired, sold or under
 redevelopment) were 96.3 percent leased at June 30, 1993, vs.
 94.5 percent leased a year ago.
 -- Rental income increased 19 percent to $26.2 million in the
 second quarter as compared to $21.9 million for the corresponding
 period of 1992. If adjusted for properties sold and acquired,
 rental income increased $2.7 million or 12 percent in the second
 quarter of 1993.
 -- During the second quarter of 1993, the Trust renewed or relet
 leases for 209,000 square feet of space at an average rent of
 $13.88 per square foot compared to previous average rent per
 square foot for the same spaces of $10.95 -- a 27 percent
 increase.
 Steven J. Guttman, president and chief executive officer, commenting on the second quarter stated that the combination of positive investment spreads from new acquisitions, improved property performance and decreased interest expense has produced favorable results for the first half of 1993. He also stated that since the Trust's large cash balances have been fully invested in property acquisitions, the growth in its portfolio will no longer be offset by dilution, resulting in stronger operating results going forward.
 Federal Realty currently owns 45 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, re-leasing and re-merchandising programs.
 FEDERAL REALTY INVESTMENT TRUST
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 OPERATING RESULTS 1993 1992 1993 1992
 Revenues $28,444 $24,114 $55,088 $49,223
 Income before gain on
 sale of real estate
 and extraordinary item 3,787 1,632 6,373 3,313
 Net income 2,825 2,244 5,346 3,947
 Funds from operations 9,972 7,496 18,494 14,842
 Weighted average shares
 outstanding 27,409 21,927 26,135 20,863
 Per Share:
 Income before gain on
 sale of real estate
 and extraordinary item $ 0.14 $ 0.07 $ 0.24 $ 0.16
 Net income 0.10 0.10 0.20 0.19
 Funds from operations 0.36 0.34 0.71 0.71
 Six Months Ended
 June 30,
 BALANCE SHEET DATA 1993 1992
 Real estate owned, at cost $659,794 $580,646
 Mortgages and other notes payable 115,776 127,634
 Senior Notes -- 50,000
 Convertible subordinated debentures 43,847 50,308
 Shareholders' equity 285,653 232,456
 Shares outstanding 27,721 24,544
 -0- 8/12/93
 /CONTACT: Mary Jane Morrow, vice president-finance & treasurer, Federal Realty Investment Trust, 301-652-3360/
 (FRT)


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

DC-MH -- DC011 -- 2149 08/12/93 13:32 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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