EX-99 2 0002.txt EXHIBIT 99 FEDERAL REALTY INVESTMENT TRUST Supplemental Information December 31, 2000 TABLE OF CONTENTS 1. Debt Summary......................................................E-2 2. Occupancy Percentage Leased...............................................E-3 Regional Breakdown..............................................E-4 3. Leases Signed Analysis Comparable and Non-Comparable...................................E-5 4. Lease Expirations Average Rent on Leases Expiring.................................E-6 Leases Expiring on Anchor and Small Shops.......................E-7 5. Major Tenants by Revenue Contribution.............................E-8 6. Street Retail Operating & Development Overview....................E-9 7. Development Pipeline..............................................E-10 8. 2000 Year End Earnings Press Release, February 15, 2001...........E-11 9. Glossary of Terms.................................................E-15 1626 East Jefferson Street Rockville, Maryland 20852-4041 301/998-8100 FEDERAL REALTY INVESTMENT TRUST DEBT ANALYSIS (excluding capital leases and interest rate swaps) December 31, 2000
-------------------------------------------------------------------------------------------------------------------------- Balance Maturity Rate (in thousands) -------- ---- -------------- Mortgages Leesburg Plaza 10/01/08 6.100% $9,900 Federal Plaza 03/10/01 8.950% 26,675 Tysons Station 09/01/01 9.875% 3,988 164 E Houston Street 10/06/08 7.500% 337 Barracks Road 11/01/15 7.950% 44,300 Hauppauge 11/01/15 7.950% 16,700 Lawrence Park 11/01/15 7.950% 31,400 Wildwood 11/01/15 7.950% 27,600 Wynnewood 11/01/15 7.950% 32,000 Escondido (Municipal bonds) 10/01/16 Variable (a) 9,400 -------- $202,300 ======== Notes payable Revolving credit facilities libor + .80% (b) $ 78,000 Term note with banks libor + .95% (c) 125,000 Construction loan on Woodmont East {may be extended to 8/29/04} 08/29/02 libor + 1.25% 16,241 Note issued in connection with renovation of Perring Plaza 01/31/13 10.00% 2,501 Note issued in connection with land purchase 08/14/00 libor + 1.5% 3,400 Other various various 104 -------- $225,246 ======== Unsecured Public Debt 5 1/4% Convertible subordinated debentures 04/30/02 5.250% $ 289 ======== 5 1/4% Convertible subordinated debentures 10/28/03 5.250% $ 75,000 ======== 8% Notes (fixed) 04/21/02 8.000% $ 25,000 6.625% Notes (fixed) 12/01/05 6.625% 40,000 7.48% Debentures 08/15/26 7.480% 50,000 6.82% Medium Term Notes 08/01/27 6.820% 40,000 6.74% Medium Term Notes (d) 03/10/04 6.370% 39,500 6.99% Medium Term Notes (d) 03/10/06 6.894% 40,500 8.75% Notes 12/01/09 8.750% 175,000 -------- $410,000 ======== Total fixed rate debt $680,794 74.58% Total variable rate debt 232,041 25.42% -------- ------ Total debt $912,835 100.00% ======== ====== Weighted average interest rate: ------------------------------- Fixed rate debt 7.56% Variable on revolving credit facilities and term note 7.22% (e) Variable on muncipal bonds (a)
(a) The bonds bear interest at a variable rate determined weekly to be the interest rate which would enable the bonds to be remarketed at 100% of their principal amount. (b) Effective July 17, 2000 interest rate increased to LIBOR + .80% from LIBOR +.65% (c) Effective July 17, 2000 interest rate increased to LIBOR + .95% from LIBOR +.75% (d) The Trust purchased interest rate swaps or hedges on these notes, thereby decreasing the effective interest. (e) Weighted average interest rate on revolving credit facilities and term note for year ended December 31, 2000. Federal Realty Investment Trust Percentage Leased Analysis December 31, 2000
------------------------------------------------------------------------------------------------------------------------------------ Overall Operating Occupancy (Quarter to Quarter Analysis) At December 31, 2000 At December 31, 1999 ---------------------------------------------- ------------------------------------- Type Size Leased Occupancy Size Leased Occupancy -------------------------------------------- ------------- -------------- ------------- ---------- ----------- ----------- Retail Properties (leasable square feet) 14,101,425 13,504,384 96% 14,040,093 13,494,066 96% Rollingwood Apartments (# of units) 282 282 100% 282 278 99% Overall Operating Occupancy (Rolling 12 Months) At December 31, 2000 At September 30, 2000 ---------------------------------------------- ------------------------------------- Type Size Leased Occupancy Size Leased Occupancy -------------------------------------------- ------------- -------------- ------------- ---------- ----------- ----------- Retail Properties (leasable square feet) 14,101,425 13,504,384 96% 13,929,402 13,397,528 96% Rollingwood Apartments (# of units) 282 282 100% 282 282 100% Overall Operating Occupancy (Rolling 12 Months) At June 30, 2000 At March 31, 2000 ---------------------------------------------- ------------------------------------- Type Size Leased Occupancy Size Leased Occupancy -------------------------------------------- ------------- -------------- ------------- ---------- ----------- ----------- Retail Properties (leasable square feet) 14,179,596 13,619,718 96% 14,171,079 13,506,203 95% Rollingwood Apartments (# of units) 282 276 98% 282 282 100%
------------------------------------------------------------------------------------------------------------------------------------ Same Center Occupancy (Quarter to Quarter Comparison) At December 31, 2000 At December 31, 1999 ---------------------------------------------- ------------------------------------- Type Size Leased Occupancy Size Leased Occupancy -------------------------------------------- ------------- -------------- ------------- ---------- ----------- ----------- Retail Properties (leasable square feet) 13,748,913 13,188,363 96% 13,744,117 13,204,946 96% Rollingwood Apartments (# of units) 282 282 100% 282 278 99% Same Center Occupancy (Rolling 12 Months) At December 31, 2000 At September 30, 2000 ---------------------------------------------- ------------------------------------- Type Size Leased Occupancy Size Leased Occupancy -------------------------------------------- ------------- -------------- ------------- ---------- ----------- ----------- Retail Properties (leasable square feet) 13,748,913 13,188,363 96% 13,563,527 13,038,704 96% Rollingwood Apartments (# of units) 282 282 100% 282 282 100% Same Center Occupancy (Rolling 12 Months) At June 30, 2000 At March 31, 2000 ---------------------------------------------- ------------------------------------- Type Size Leased Occupancy Size Leased Occupancy -------------------------------------------- ------------- -------------- ------------- ---------- ----------- ----------- Retail Properties (leasable square feet) 14,074,930 13,521,971 96% 14,066,413 13,418,914 95% Rollingwood Apartments (# of units) 282 276 98% 282 282 100%
Federal Realty Investment Trust Regional Occupancy Analysis December 31, 2000 ------------------------------------------------------------------------------ Total Square Occupancy Region Footage 12/31/00 ---------------------- ------------ --------- Northeast 7,154,417 95% Mid-Atlantic 5,915,121 96% West Coast 1,031,887 97% ------------------------------------------------------------------------------ Total Square Occupancy Region Footage 12/31/00 ---------------------- ------------ --------- Northeast Anchor 4,453,059 98% Small Shops 2,701,358 90% Mid-Atlantic Anchor 2,771,038 99% Small Shops 3,144,083 94% West Anchor 336,397 95% Small Shops 695,490 98% Federal Realty Investment Trust Retail Leasing Activity December 31, 2000
---------------------------------------------------------------------------------------------------------------------- Comparable Weighted Average Average Number Average Prior Current Percentage Estimated of Lease Rent Per Rent Per Annualized Increase Tenant Leases Square Term Square Square Increase over Prior Improvement Rolling 12 Months Signed Feet (Years) Foot Foot in Rent Rent Costs ------------------ ------ ------- -------- -------- -------- ---------- ---------- ----------- 4th Quarter 2000 69 197,642 5.9 $19.40 $21.58 $430,649 11% $313,000 3rd Quarter 2000 52 282,354 10.3 $12.85 $15.29 $687,804 19% $1,407,000 2nd Quarter 2000 67 214,111 5.8 $16.97 $18.85 $402,991 11% $866,000 1st Quarter 2000 64 297,054 9.1 $16.38 $18.89 $746,945 15% $5,128,000 Total 252 991,161 7.9 $16.10 $18.39 $2,268,389 14% $7,714,000 Non-Comparable Weighted Number Average Average Estimated of Lease Rent Per Annualized Tenant Leases Square Term Square Current Improvement Rolling 12 Months Signed Feet (Years) Foot Rent Costs ------------------ ------ ------- -------- -------- ----------- ----------- 4th Quarter 2000 23 101,245 10.0 $31.82 $3,221,510 $0 3rd Quarter 2000 26 138,794 17.0 $30.05 $4,170,745 $116,000 2nd Quarter 2000 16 84,287 11.7 $29.37 $2,475,607 $248,000 1st Quarter 2000 10 50,126 12.8 $24.07 $1,206,432 $1,026,000 Total 75 374,452 13.5 $29.57 $11,074,294 $1,390,000
Federal Realty Investment Trust Leases Expiring December 31, 2000
Total Percent Average Square Feet of Total Rent Per Expiring (1) Portfolio(2) Square Foot -------------------- ----------------------- -------------------- 2001 384,916 3% $19.34 2002 363,731 2% $19.18 2003 346,496 2% $20.38 2004 391,828 3% $23.17 2005 376,133 3% $23.01
(1) Excludes lease expirations with options (2) Total portfolio square footage at December 31, 2000 is 14,921,597 representing the physical square footage of the properties including redevelopments, which may exceed the rentable square footage used to express occupancy. Federal Realty Investment Trust Leases Expiring - Anchors and Small Shops December 31, 2000 Total Percent Square Feet of Total Expiring (1) Portfolio (2) -------------------- ------------------------ 2001 Anchor 0 0% Small Shop 384,916 3% 2002 Anchor 66,670 (less than)1% Small Shop 297,061 2% 2003 Anchor 19,600 (less than)1% Small Shop 326,896 2% 2004 Anchor 31,000 (less than)1% Small Shop 360,828 2% 2005 Anchor 18,500 (less than)1% Small Shop 357,633 2% (1) Excludes lease expirations with options (2) Total portfolio square footage at December 31, 2000 is 14,921,597 representing the physical square footage of the properties including redevelopments, which may exceed the rentable square footage used to express occupancy. Federal Realty Investment Trust Major Tenants by Revenue Contribution December 31, 2000 Square Percent of Tenant Footage Revenue (1) ------ -------------- ----------------- Ahold USA, Inc. 385,557 2.08% The Gap, Inc. 190,598 1.93% Bed, Bath & Beyond, Inc. 323,021 1.93% CVS Corporation 164,687 1.89% Genuardi Supermarkets, Inc. 192,205 1.63% The TJX Companies 386,200 1.54% Barnes & Noble Superstores, Inc. 164,189 1.42% Toys R Us, Inc. 329,604 1.39% Dollar Tree Stores, Inc. 180,357 1.10% Kmart Corporation 508,580 1.08% (1) Revenue equals 2000 minimum plus percentage rent Federal Realty Investment Trust Street Retail Operating & Development Overview December 31, 2000
For the year ended December 31, (in thousands, except sf data) 1996 1997 1998 1999 2000 ------------------------------------------------------------------- Real Estate Assets (1) $203,946 $393,623 $473,626 $563,386 $709,005 Revenues $29,118 $41,894 $62,524 $71,029 $79,013 Net Operating Income $18,532 $27,092 $40,680 $48,538 $54,210 Square Feet (2) 1,606,000 1,982,000 2,081,000 2,686,000 2,771,000
(1) From time to time, the Trust reevaluates the assets that make up "street retail". The Trust has reclassified Barracks Road, Uptown, Fresh Meadows and Rollingwood as "street retail" since these properties are more closely aligned with street retail than with community shopping centers. At December 31, 2000, street retail includes stabilized assets, assets which are in various stages of redevelopment, and $177 million related to new development in process. (2) Excludes new development square footage, redevelopment square footage, and Rollingwood Apartments.
NORTHEAST Square Feet MID-ATLANTIC Square Feet Connecticut Virginia Greenwich Avenue 81,000 Barracks Road 484,000 West Hartford 125,000 Pentagon Row N/A (2) Westport 27,000 Village at Shirlington 203,000 Massachusetts WESTERN Coolidge Corner 13,000 Arizona Mill Avenue 40,000 New Jersey Central Avenue 11,000 California Colorado Boulevard 68,000 New York Fifth Avenue 66,000 Forest Hills 91,000 Hermosa Beach 25,000 Fresh Meadows 410,000 Hollywood Blvd. 198,000 Old Town Center 97,000 Post Street 101,000 MID-ATLANTIC Santana Row N/A (2) District of Columbia Third Street Promenade 198,000 Sam's Park N Shop 50,000 Illinois Florida Evanston 19,000 Winter Park 28,000 Oak Street 5,000 Maryland Oregon Bethesda Row 331,000 (2) Tanasbourne N/A (2) Rollingwood Apartments 282 units Uptown 100,000 Texas Houston Street N/A (2)
FEDERAL REALTY INVESTMENT TRUST Development Pipeline December 31, 2000
Total Expected Cost Estimate To Complete Completed Stabilized Principal Project Specifications To Date 2001 2002 Cost Return Tenants ----------------------------------------------------------------------------------------------------------------------------------- ($ in millions) DEVELOPMENT IN PROGRESS Bethesda Row - Woodmont East 52,000 sf retail $25 $7 - $32 11.0% Jaleo Restaurant Bethesda, Maryland 78,000 sf office OpNet Technologies Pentagon Row 300,000 sf retail (1) $40 $34 - $74 10.5% Harris Teeter Arlington, Virginia 500 apartment units Bed, Bath & Beyond Santana Row (Phase I) 538,000 sf retail $97 $217 $161 $475 8.5% - 9%(2) Crate & Barrel San Jose, California 501 residential units 200 hotel rooms ----- ----- ----- ----- $162 $258 $161 $581 ----------------------------------------------------------------------------------------------------------------------------------- FUTURE DEVELOPMENT The Shops at Tanasbourne 400,000 sf retail $14 Portland, Oregon 12,000 sf office Lindbergh City Center 300,000 sf retail (1) $ 1 Atlanta, Georgia 320 apartments 120 hotel rooms 290 condominiums 1.3 million sf office ----- $15 ------------------------------------------------------------------------------------------------------------------------------------ Total New Development and Construction in Progress $177 ====
(1) Federal Realty will develop only the retail component of this project. (2) Including land and infrastructure for future phases. Phase I comprises approximately 40% of the residential entitlement and approximately 75% of the retail entitlement. Glossary of Terms Average occupancy costs: Includes rent, common area maintenance expense, real estate taxes, merchant association dues and other charges Economic occupancy: The square footage generating rental income expressed as a percentage of its total rentable square feet. Leases signed - comparable: Represents leases signed on spaces for which there was a former tenant. Leases signed - noncomparable: Represents leases signed on spaces for which there was no previous tenant, i.e. expansion space or space that was previously non-leasable. Leases signed - prior rent: Total rent paid by the previous tenant; includes minimum and percentage rent. Net Operating Income: Gross revenues, including interest income, less rental expenses and real estate taxes. Occupancy: The currently leased portion of a property expressed as a percentage of its total rentable square feet; includes square feet covered by leases for stores not yet opened. Overall occupancy: Occupancy for the entire portfolio -- includes all operating properties owned in reporting period. Same center occupancy: Occupancy for only those properties owned and operating in the periods being compared. Excludes centers purchased or sold as well as properties under redevelopment and development. Tenant improvement costs: Represents the total dollars committed for the improvement (fit-out) of a space as relates to a specific lease. The amounts shown represent not only the estimated cost to fit-out the tenant space, but may also include base building costs (i.e. expansion, escalators or new entrances) which are required to make the space leasable.