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Federal Realty Investment Trust Announces First Quarter 2010 Operating Results


News provided by

Federal Realty Investment Trust

May 04, 2010, 04:30 ET

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ROCKVILLE, Md., May 4 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) today reported operating results for its first quarter ended March 31, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO )

Financial Results

For first quarter 2010, Federal Realty generated funds from operations available for common shareholders (FFO) of $57.8 million, or $0.94 per diluted share, and net income available for common shareholders of $29.1 million, or earnings per diluted share of $0.47. This compares to FFO of $37.8 million, or $0.64 per share, and net income available to common shareholders of $10.3 million, or earnings per diluted share of $0.17, for the quarter ended March 31, 2009.  First quarter 2009 results included a provision for litigation of $20.6 million, or $0.35 per diluted share, related to a lawsuit involving a property adjacent to Santana Row. Excluding this litigation provision, FFO for first quarter 2009 was $58.3 million, or $0.99 per diluted share, and net income available for common shareholders was $31.0 million, or $0.52 per diluted share.

FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance.  A reconciliation of FFO to net income is attached to this press release.

Portfolio Results

In first quarter 2010, same-center property operating income, excluding redevelopment and expansion properties, increased 2.9% over first quarter 2009.  Including redevelopments and expansions, same-center property operating income increased 5.7% compared to first quarter 2009.  The same-center results including redevelopments and expansions include $2.3 million of income resulting from the acceleration of the unamortized portion of a lease termination fee relating to our Flourtown Shopping Center in Pennsylvania.  When the lease termination fee is excluded, same-center property operating income increased 3.1%.

The overall portfolio was 94.1% leased as of March 31, 2010, compared to 94.5% on December 31, 2009 and 94.2% on March 31, 2009.  Federal Realty's same-center portfolio was 94.6% leased as of March 31, 2010, compared to 94.6% on December 31, 2009 and 94.5% on March 31, 2009.

During first quarter 2010, the Trust signed 72 leases for 318,000 square feet of retail space.  On a comparable space basis (i.e., spaces for which there was a former tenant), the Trust leased 308,000 square feet at an average cash-basis contractual rent increase per square foot (i.e., excluding the impact of straight-line rents) of 16%.  The average contractual rent on this comparable space for the first year of the new lease is $29.19 per square foot compared to the average contractual rent of $25.11 per square foot for the last year of the prior lease.  The previous average contractual rent is calculated by including both the minimum rent and any percentage rent actually paid during the last year of the lease term for the re-leased space.  On a GAAP basis (i.e., including the impact of straight-line rents), rent increases per square foot for comparable retail space averaged 27% for first quarter 2010.  As of March 31, 2010, Federal Realty's average contractual, cash basis minimum rent for retail and commercial space in its portfolio was $22.38 per square foot.

"I'm very proud of our first quarter performance despite an economic recovery that still has a long way to go at the consumer level," commented Donald C. Wood, president and chief executive officer of the Trust. "There really is no substitute for great quality real estate when it comes to a tenant's decision to renew or expand, and our first quarter leasing results continue to validate that premise."

Regular Quarterly Dividends

Federal Realty also announced today that its Board of Trustees left the regular dividend rate on its common shares unchanged, declaring a regular quarterly cash dividend of $0.66 per share on its common shares, resulting in an indicated annual rate of $2.64 per share.  The regular common dividend will be payable on July 15, 2010 to common shareholders of record on June 24, 2010.

Guidance

Federal Realty raised 2010 guidance for FFO per diluted share to a range of $3.82 to $3.89 and earnings per diluted share is $1.92 to $1.99.  

Conference Call Information

Federal Realty's management team will present an in-depth discussion of the Trust's operating performance on its first quarter 2010 earnings conference call, which is scheduled for May 5, 2010, at 11 a.m. Eastern Daylight Time.  To participate, please call (866) 314-5050 five to ten minutes prior to the call start time and use the passcode FRT EARNINGS (required).  Federal Realty will also provide an online webcast on the Company's web site, www.federalrealty.com, which will remain available for 30 days following the call.  A telephone recording of the call will also be available through June 4, 2010, by dialing (888) 286-8010 and using the passcode 59661908.

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.2 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 94.1% leased to national, regional, and local retailers as of March 31, 2010, with no single tenant accounting for more than approximately 2.6% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 42 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 17, 2010, and include the following:

  • risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;
  • risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete, or fail to perform as expected;
  • risks that the number of properties we acquire for our own account, and therefore the amount of capital we invest in acquisitions, may be impacted by our real estate partnership;
  • risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;
  • risks that our growth will be limited if we cannot obtain additional capital;
  • risks of financing, such as our ability to consummate additional financings or obtain replacement financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; and
  • risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K filed February 17, 2010.

Federal Realty Investment Trust 

Summarized Balance Sheets

March 31, 2010








March 31,


December 31,


2010


2009


(in thousands)

ASSETS

(unaudited)







Real estate, at cost




  Operating (including $86,554 and $68,643 of consolidated variable interest entities, respectively)

$ 3,650,711


$   3,626,476

Construction-in-progress

138,170


132,758


3,788,881


3,759,234

  Less accumulated depreciation and amortization (including $3,289 and $3,053 of consolidated variable interest entities, respectively)

(963,173)


(938,087)

Net real estate

2,825,708


2,821,147





Cash and cash equivalents

22,594


135,389

Accounts and notes receivable, net

70,953


72,191

Mortgage notes receivable, net

41,762


48,336

Investment in real estate partnership

35,453


35,633

Prepaid expenses and other assets

99,874


109,613

TOTAL ASSETS

$ 3,096,344


$   3,222,309





LIABILITIES AND SHAREHOLDERS' EQUITY








Liabilities




   Mortgages payable and capital lease obligations (including $23,262 and $23,417 of consolidated variable interest entities, respectively)

$    599,087


$      601,884

Notes payable

11,694


261,745

Senior notes and debentures

1,079,906


930,219

Accounts payable and other liabilities

205,096


219,398

Total liabilities

1,895,783


2,013,246





Shareholders' equity




   Preferred shares

9,997


9,997

   Common shares and other shareholders' equity

1,159,139


1,167,340

Total shareholders' equity of the Trust

1,169,136


1,177,337

   Noncontrolling interests

31,425


31,726

Total shareholders' equity

1,200,561


1,209,063

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 3,096,344


$   3,222,309

Federal Realty Investment Trust




Summarized Income Statements




March 31, 2010













Three months ended March 31,


2010


2009


(in thousands, except per share data)


(unaudited)

Revenue




Rental income

$ 131,492


$ 127,206

Other property income

5,912


2,603

Mortgage interest income

1,066


1,267

Total revenue

138,470


131,076





Expenses




Rental expenses

30,003


28,697

Real estate taxes

15,104


13,832

General and administrative

5,375


5,145

Litigation provision

114


20,632

Depreciation and amortization

28,932


28,592

Total operating expenses

79,528


96,898

Operating income

58,942


34,178





Other interest income

182


90

Interest expense

(25,962)


(23,583)

Early extinguishment of debt

(2,801)


14

Income from real estate partnership

193


202

Income from continuing operations

30,554


10,901





Discontinued operations




Income from discontinued operations

-


57

Gain on sale of real estate from discontinued operations

-


915

Results from discontinued operations

-


972

Net income

30,554


11,873





  Net income attributable to noncontrolling interests

(1,334)


(1,389)

Net income attributable to the Trust

29,220


10,484





Dividends on preferred shares

(135)


(135)

Net income available for common shareholders

$   29,085


$   10,349









EARNINGS PER COMMON SHARE, BASIC




Continuing operations

$       0.47


$       0.16

Discontinued operations

-


0.01


$       0.47


$       0.17





Weighted average number of common shares, basic

61,089


58,841





EARNINGS PER COMMON SHARE, DILUTED




Continuing operations

$       0.47


$       0.16

Discontinued operations

-


0.01


$       0.47


$       0.17





Weighted average number of common shares, diluted

61,220


58,960

Federal Realty Investment Trust

Funds From Operations

March 31, 2010










Three months ended March 31,



2010


2009

Funds from Operations available for common

(in thousands, except per share data)

shareholders (FFO) (1)




Net income (2)

$ 30,554


$ 11,873

Net income attributable to noncontrolling interests

(1,334)


(1,389)

Gain on sale of real estate

-


(915)

Depreciation and amortization of real estate assets

26,087


25,436

Amortization of initial direct costs of leases

2,236


2,667

Depreciation of joint venture real estate assets

351


354

Funds from operations

57,894


38,026

Dividends on preferred shares

(135)


(135)

Income attributable to operating partnership units

245


-

Income attributable to unvested shares

(192)


(130)

FFO

57,812


37,761

Litigation provision, net of allocation to unvested shares

114


20,565

FFO excluding litigation provision

$ 57,926


$ 58,326





FFO per diluted share

$     0.94


$     0.64

Litigation provision per diluted share

-


0.35

FFO per diluted share excluding litigation provision

$     0.94


$     0.99







Weighted average number of common shares, diluted

61,591


58,960
















Notes:

(1)  See Glossary of Terms.

(2)  Net income for 2010 includes certain charges related to the litigation and appeal process over a parcel of land adjacent to Santana Row and 2009 net income includes a $20.6 million charge for increasing the accrual for such litigation matter.  We believe FFO excluding this litigation provision provides a more meaningful evaluation of operations, and therefore, have included FFO and FFO per share excluding the related charges.  

Federal Realty Investment Trust




Reconciliation of Net Income to FFO Guidance




March 31, 2010










2010 Guidance


(Dollars in millions except


per share amounts) (1)

Funds from Operations available for common shareholders (FFO)




Net income

$  124


$  128

Net income attributable to noncontrolling interests

(5)


(5)

Gain on sale of real estate

-


-

Depreciation and amortization of real estate & real estate partnership assets

108


108

Amortization of initial direct costs of leases

9


9

Funds from operations

235


240

Dividends on preferred stock

(1)


(1)

Income attributable to operating partnership units

1


1

Income attributable to unvested shares

(1)


(1)

FFO

235


239

Litigation provision (2)

1


1

FFO excluding litigation provision

$  236


$  240





Weighted average number of common shares, diluted

61.7


61.7





FFO per diluted share

$ 3.81


$ 3.88

Litigation provision (2)

0.01


0.01

FFO per diluted share excluding litigation provision

$ 3.82


$ 3.89









Notes:

(1)  Individual items may not add up to total due to rounding.

(2)  Amount represents certain costs related to the litigation and appeal process over a parcel of land located adjacent to Santana Row.  

Investor and Media Inquiries


Gina Birdsall

Janelle Stevenson

Investor Relations

Corporate Communications

301/998-8265

301/998-8185

[email protected]

[email protected]

SOURCE Federal Realty Investment Trust

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