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FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER RESULTS; FILES REGISTRATION STATEMENT COVERING 2,750,000 SHARES

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES THIRD QUARTER RESULTS;
 FILES REGISTRATION STATEMENT COVERING 2,750,000 SHARES
 BETHESDA, Md., Nov. 5 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) reported today that funds from operations for the first nine months of 1991 increased 4 percent to $19.2 million ($1.13 per share) from $18.5 million ($1.11 per share) last year. Third quarter 1991 funds from operations were $6.0 million (35 cents per share) compared to $6.0 million (36 cents per share) in the third quarter of 1990. Rental income for the third quarter rose 9 percent or $1.8 million from $19.7 million in 1990 to $21.5 million in 1991. This increase was achieved despite the vacancies resulting from the bankruptcy of Ames Department store and the additional vacancies created at Perring Plaza in preparation for the redevelopment of the center.
 A comparison of property results between the first nine months of 1991 and the comparable period of 1990 shows the following:
 -- For shopping centers operating in both periods (excluding
 properties acquired, sold or under redevelopment) average
 occupancy remained steady at 95 percent at Sept. 30, 1991 and
 1990.
 -- Excluding shopping centers acquired, sold or under
 redevelopment, rental income from the core portfolio
 increased $4.5 million or 8 percent in the first nine months
 of 1991. Rental income for the entire portfolio increased
 $6.2 million or 11 percent in the first nine months of 1991,
 rising from $58.9 million to $65.1 million. Federal Plaza,
 which was completed in the second quarter of 1991,
 contributed $1.8 million or 29 percent of the increase,
 and Town & Country Plaza, which was reacquired in December
 1990, contributed $467,000 or 8 percent.
 -- During the first nine months of 1991, the Trust renewed
 or relet leases for 582,000 square feet at an average rent
 of $11.14 per square foot, compared to previous average rent
 per square foot for the same spaces of $8.93.
 Commenting on the Trust's performance, Steven J. Guttman, president and chief executive officer, said, "We are pleased with our continued growth in funds from operations. Demand for our centers remains strong, and our core properties continue to perform well in these difficult times."
 The Trust also announced today that it has filed a Registration Statement with the Securities and Exchange Commission covering the proposed public offering of 2,750,000 common shares. Of the 2,750,000 shares being offered, 2,500,000 shares are being offered by Federal Realty, and 250,000 are being offered by shareholders of the Trust. Alex. Brown & Sons Incorporated; Goldman, Sachs & Company; PaineWebber Incorporated; and Legg Mason Wood Walker Incorporated will co-manage the proposed offering. Net proceeds from the sale of the shares will be used to repay short-term lines of credit, retire mortgages and to repurchase the Trust's 5-1/4 percent convertible subordinated debentures. To the extent that proceeds are not used to fund the foregoing, they will be used for general corporate purposes, including ongoing property renovation and improvement programs.
 Federal Realty currently owns 42 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, reconfiguration, re-leasing and re-merchandising programs. The Trust has made 116 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 Nine Months Ended
 Sept. 30, Sept. 30,
 1991 1990 1991 1990
 Operating Results
 Revenues $23,882 $22,403 $71,926 $66,736
 Net income 632 1,258 3,229 5,341
 Funds from operations 6,023 6,041 19,245 18,501
 Per Share
 Net income $0.04 $0.08 $0.19 $0.32
 Funds from operations 0.35 0.36 1.13 1.11
 Nine Months Ended
 Sept. 30,
 1991 1990
 Balance Sheet Data
 Real estate owned, at cost $570,502 $539,197
 Mortgage and other notes payable 244,448 234,397
 Senior notes 50,000 50,000
 Convertible subordinated debentures 98,927 104,663
 Shareholders' equity 114,156 134,889
 Shares outstanding 17,182 16,713
 -0- 11/5/91
 /CONTACT: Mary Jane Morrow, vice president - finance, Federal Realty Investment Trust, 301-652-3360/
 (FRT) CO: Federal Realty Investment Trust ST: Maryland IN: FIN SU: ERN SB-DC -- DC009 -- 1201 11/05/91 11:22 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 5, 1991
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