FEDERAL REALTY INVESTMENT TRUST
8-K, 1998-05-11
REAL ESTATE INVESTMENT TRUSTS
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<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549



                                    FORM 8-K

                                 CURRENT REPORT



     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
        Date of Report (Date of earliest event reported) March 31, 1998



                          Federal Realty Investment Trust
           ----------------------------------------------------------
             (Exact name of registrant as specified in its charter)

              District of Columbia           1-7533              52-0782497
          ----------------------------    -----------       ------------------
          (State or other jurisdiction    (Commission       (IRS Employer
          of incorporation)               File Number)      Identification No.)


          1626 East Jefferson Street, Rockville, Maryland    20852-4041
          -----------------------------------------------    ----------
          (Address of principal executive offices)           (Zip Code)


          Registrant's telephone number including area code:  301/998-8100
                                                              ------------



Exhibit Index appears on Page 3.
<PAGE>
 
Item 5.   Other Events

          Federal Realty Investment Trust hereby files as exhibit 99 the
following supplemental data pertaining to its portfolio of properties at March
31, 1998.

Item 7.   Financial Statements and Exhibits

    (c)   Exhibits.

          99   Supplemental portfolio information at March 31, 1998


                                   SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                              FEDERAL REALTY INVESTMENT TRUST



Date:  May 11, 1998           //Cecily A. Ward//
                              --------------------------------------------------
                              Cecily A. Ward
                              Vice President, Controller

                                      -2-
<PAGE>
 
                                 EXHIBIT INDEX


Exh No.   Exhibit                                                     Page No.
- -------   -------                                                     --------

 99       Supplemental portfolio information at March 31, 1998               4

                                      -3-

<PAGE>
 
                        FEDERAL REALTY INVESTMENT TRUST
================================================================================
                                        
                            Supplemental Information
                                 March 31, 1998
================================================================================

                               TABLE OF CONTENTS

<TABLE>
<S>                                                                        <C>
1.   Debt Summary.......................................................   E-2

2.   Occupancy
          Percentage Leased.............................................   E-3
          Economic Occupancy............................................   E-4
          Regional Breakdown............................................   E-5

3.   Leases Signed Analysis
          Comparable and Non-Comparable.................................   E-6

4.   Press Release......................................................   E-7

5.   Glossary of Terms..................................................   E-10
</TABLE> 

================================================================================


                           1626 East Jefferson Street
                        Rockville, Maryland  20852-4041
                                  301/998-8100
<PAGE>

FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (EXCLUDING CAPITAL LEASES AND INTEREST RATE SWAPS)
MARCH 31, 1998

<TABLE> 
<CAPTION> 
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          Balance 
                                                                 Maturity                Rate          (in thousands)      
MORTGAGES                                                                                                                  
<S>                                                              <C>                  <C>              <C> 
                  Barracks Road                                       06/01/98              9.77%           $20,918        
                  Falls Plaza                                         06/01/98              9.77%             4,166        
                  Old Keene Mill                                      06/01/98              9.77%             6,830        
                  West Falls                                          06/01/98              9.77%             4,781        
                  Loehmanns Plaza                                     07/21/98              9.75%             6,299        
                  Federal Plaza                                       03/10/01              8.95%            27,958        
                  Tysons Station                                      09/01/01             9.875%             4,190        
                  Bristol                                             08/01/98              9.65%            10,735        
                  Escondido (Municipal bonds) purchased 12/31/96      10/01/16        Variable ##             9,400         
                                                                                                            
                                                                                                            $95,277     
                                                                                                         ==========     
                                                                                                            
<CAPTION>                                                                                                             
NOTES PAYABLE                                                                                               
<S>                                                                   <C>                  <C>           <C>    
                 Revolving credit facilities                              libor + .65%                      $63,000  
                 Note issued in connection with                                                
                    tenant buyout at Queen Anne Plaza                 01/15/06             8.875%             1,112 
                 Note issued in connection with                                                
                    renovation of Perring Plaza                       01/31/13             10.00%             2,759
                 Other                                                 various             various              241  
                                                                                                         ---------- 
                                                                                                         
                                                                                                            $67,112    
                                                                                                         ==========
                                                                                                         
                                                                                                                   
UNSECURED PUBLIC DEBT                                                                                              
<S>                                                                   <C>                  <C>           <C> 
                 5 1/4% Convertible subordinated                      04/30/02             5.250%              $289
                   debentures                                                                                      
                 5 1/4% Convertible subordinated                      10/28/03             5.250%            75,000
                   debentures                                                                                      
                 8 7/8% Notes (fixed)                                 01/15/00             8.875%            75,000
                 8 7/8% Notes (fixed) *                               01/15/00             7.530%            25,000
                 8% Notes (fixed)                                     04/21/02             8.000%            25,000
                 6 5/8% 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 *                            03/10/06             6.370%            39,500
                 6.99% Medium Term Notes *                            03/10/06             6.894%            40,500
                                                                                                         ---------- 
                                                                                                           $410,289
                                                                                                         ==========
                                                                                                                   
                                                         Total fixed rate debt                             $500,278       87.36%
                                                         
                                                         Total variable rate debt                            72,400       12.64%
                                                                                                         ----------   ---------
                                                         
                                                         Total debt                                        $572,678      100.00%
                                                                                                         ==========   =========
                                                                                                                      
                                                                                                                      
                                                         Weighted average interest rate:                      
                                                         ------------------------------                       
                                                          Fixed rate debt                                      7.48%        
                                                          Variable on revolving facilities                     6.20%**
                                                          Variable on muncipal bonds                             ##      
</TABLE> 




*The Trust purchased interest rate swaps or hedges on these notes, thereby
 decreasing the effective interest.
**Weighted average interest rate on revolving credit facilities for three months
  ended March 31,1998.
## 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.

<PAGE>

Federal Realty Investment Trust
Percentage Leased Analysis
March 31, 1998

<TABLE> 
<CAPTION> 
- --------------------------------------------------------------------------------------------------------------------- 
        Overall Occupancy
  (Quarter to Quarter Analysis)                       March 31, 1998                       March 31, 1997        
                                            -----------------------------------  ------------------------------------
               Type                             Size      Leased     Occupancy      Size        Leased     Occupancy 
- ---------------------------------------     ----------  ----------  -----------  ----------   ----------  -----------
<S>                                         <C>         <C>         <C>          <C>          <C>         <C>          
Retail Properties (leasable square feet)    13,518,261  12,923,203      96%      13,051,013   12,233,746      94%
Rollingwood Apartments (# of units)                282         280      99%             282          281      99%
</TABLE> 

<TABLE> 
<CAPTION> 
        Overall Occupancy
       (Rolling 12 Months)                             March 31, 1998                     December 31, 1997
                                            -----------------------------------  ------------------------------------
              Type                              Size      Leased     Occupancy      Size        Leased     Occupancy 
- ---------------------------------------     ----------  ----------  -----------  ----------   ----------  -----------
<S>                                         <C>         <C>         <C>          <C>          <C>         <C>           
Retail Properties (leasable square feet)    13,518,261  12,923,203      96%      13,518,197   12,919,532       96% 
Rollingwood Apartments (# of units)                282         280      99%             282          279       99%   

<CAPTION> 
        Overall Occupancy                                                                                            
       (Rolling 12 Months)                           September 30, 1997                    June 30, 1997             
                                            -----------------------------------  ------------------------------------
              Type                              Size      Leased     Occupancy      Size        Leased     Occupancy 
- ---------------------------------------     ----------  ----------  -----------  ----------   ----------  -----------
<S>                                         <C>         <C>         <C>          <C>          <C>         <C>         
Retail Properties (leasable square feet)    12,856,798  12,202,952       95%     12,770,492   11,986,868       94%   
Rollingwood Apartments (# of units)                282         282      100%            282          280       99%    
</TABLE> 

<TABLE> 
<CAPTION> 
- --------------------------------------------------------------------------------------------------------------------- 
        Same Center Occupancy
   (Quarter to Quarter Comparison)                     March 31, 1998                       March 31, 1997
                                            -----------------------------------  ------------------------------------
              Type                              Size      Leased     Occupancy      Size        Leased     Occupancy 
- ---------------------------------------     ----------  ----------  -----------  ----------   ----------  -----------
<S>                                         <C>         <C>         <C>          <C>          <C>         <C>        
Retail Properties (leasable square feet)    11,652,173  11,119,804       95%     11,541,536   10,936,017       95%
Rollingwood Apartments (# of units)                282         280       99%            282          281       99%   
</TABLE> 

<TABLE>
<CAPTION> 
        Same Center Occupancy
         (Rolling 12 Months)                         At March 31, 1998                   At December 31, 1997 
                                            -----------------------------------  ------------------------------------
              Type                              Size      Leased     Occupancy      Size        Leased     Occupancy 
- ---------------------------------------     ----------  ----------  -----------  ----------   ----------  -----------
<S>                                         <C>         <C>         <C>          <C>          <C>         <C>        
Retail Properties (leasable square feet)    11,652,173  11,119,804      95%      12,188,308   11,639,769       95%   
Rollingwood Apartments (# of units)                282         280      99%             282          279       99%    

<CAPTION> 
        Same Center Occupancy           
         (Rolling 12 Months)                        At September 30, 1997                 At June 30, 1997           
                                            -----------------------------------  ------------------------------------
              Type                              Size      Leased     Occupancy      Size        Leased     Occupancy 
- ---------------------------------------     ----------  ----------  -----------  ----------   ----------  -----------
<S>                                         <C>         <C>         <C>          <C>          <C>         <C>        
Retail Properties (leasable square feet)    11,096,212  10,577,015       95%     11,150,587   10,531,352       94%   
Rollingwood Apartments (# of units)                282         282      100%            282          280       99%    
</TABLE> 
<PAGE>

Federal Realty Investment Trust
Economic Occupancy Analysis
March 31, 1998

<TABLE> 
<CAPTION> 
- --------------------------------------------------------------------------------------------------------------------
    Overall Economic Occupancy
   (Quarter to Quarter Analysis)                     March 31, 1998                          March 31, 1997                     
                                           --------------------------------------   ----------------------------------           
                                                            Leases                                 Leases                         
                                                          Generating     Economic                Generating    Economic          
               Type                           Size          Income      Occupancy      Size        Income     Occupancy          
- ---------------------------------------    -----------   ------------   ---------   ----------   ----------   ---------          
<S>                                        <C>           <C>            <C>         <C>          <C>          <C> 
Retail Properties (leasable square feet)    13,518,261     12,619,318      93%      13,051,013   11,987,214       92%            
Rollingwood Apartments (# of units)                282            280      99%             282          276       98%             
</TABLE> 

<TABLE> 
<CAPTION> 
    Overall Economic Occupancy                                            
        (Rolling 12 Months)                            March 31, 1998                        December 31, 1997     
                                           --------------------------------------   ----------------------------------           
                                                            Leases                                 Leases                         
                                                          Generating     Economic                Generating    Economic          
               Type                           Size          Income      Occupancy      Size        Income     Occupancy          
- ---------------------------------------    -----------   -----------    ---------   ----------   ----------   ---------          
<S>                                        <C>           <C>            <C>         <C>          <C>          <C> 
Retail Properties (leasable square feet)    13,518,261    12,619,318       93%      13,518,197   12,757,485       94%   
Rollingwood Apartments (# of units)                282           280       99%             282          279       99%     

<CAPTION>              
    Overall Economic Occupancy                                            
        (Rolling 12 Months)                         September 30, 1997                         June 30, 1997               
                                           --------------------------------------   ----------------------------------     
                                                            Leases                                 Leases                 
                                                          Generating     Economic                Generating    Economic   
               Type                           Size          Income      Occupancy      Size        Income     Occupancy   
- ---------------------------------------    -----------   -----------    ---------   ----------   ----------   ---------   
<S>                                        <C>           <C>            <C>         <C>          <C>          <C>      
Retail Properties (leasable square feet)    12,856,798    12,056,781        94%     12,770,492   11,724,538       92%             
Rollingwood Apartments (# of units)                282           276        98%            282          280       99%             
</TABLE> 

<TABLE> 
<CAPTION> 
- ------------------------------------------------------------------------------------------------------------------------------------
     Same Center Economic Occupancy 
    (Quarter to Quarter Comparison)
                                                        March 31, 1998                         March 31, 1997   
                                           --------------------------------------   ----------------------------------     
                                                            Leases                                 Leases              
                                                          Generating     Economic                Generating    Economic
               Type                           Size          Income      Occupancy      Size        Income     Occupancy
- ---------------------------------------    -----------   -----------    ---------   ----------   ----------   ---------
<S>                                        <C>           <C>            <C>         <C>          <C>          <C>       
Retail Properties (leasable square feet)    11,652,173    10,819,572        93%     11,541,536   10,750,163       93%   
Rollingwood Apartments (# of units)                282           280        99%            282          276       98% 
</TABLE> 

<TABLE> 
<CAPTION> 
    Same Center Economic Occupancy 
         (Rolling 12 Months)
                                                     At March 31, 1998                     At December 31, 1997     
                                           --------------------------------------   ----------------------------------  
                                                            Leases                                 Leases              
                                                          Generating     Economic                Generating    Economic
               Type                           Size          Income      Occupancy      Size        Income     Occupancy
- ---------------------------------------    -----------   -----------    ---------   ----------   ----------   ---------
<S>                                        <C>           <C>            <C>         <C>          <C>          <C>       
Retail Properties (leasable square feet)    11,652,173    10,819,572        93%     12,188,308   11,486,609       94%   
Rollingwood Apartments (# of units)                282           280        99%            282          279       99%    

<CAPTION> 
    Same Center Economic Occupancy 
         (Rolling 12 Months)
                                                    At September 30, 1997                    At June 30, 1997 
                                           --------------------------------------   ----------------------------------  
                                                            Leases                                 Leases              
                                                          Generating     Economic                Generating    Economic
               Type                           Size          Income      Occupancy      Size        Income     Occupancy
- ---------------------------------------    -----------   -----------    ---------   ----------   ----------   ---------
<S>                                        <C>           <C>            <C>         <C>          <C>          <C>       
Retail Properties (leasable square feet)    11,096,212    10,433,345        94%     11,150,587   10,269,022        92%    
Rollingwood Apartments (# of units)                282           276        98%            282          280        99%   
</TABLE>


<PAGE>
FEDERAL REALTY INVESTMENT TRUST
REGIONAL OCCUPANCY ANALYSIS
MARCH 31, 1998

<TABLE> 
<CAPTION> 
- ---------------------------------------------------------

                             Total Square     Occupancy
           Region              Footage        03/31/98
- -------------------------   --------------  -------------
<S>                         <C>             <C> 
Northeast                       5,948,217        97%
Mid-Atlantic                    5,266,137        97%
Mid-West                          900,288        96%
Southeast                         634,076        77%
West Coast                        769,543        93%
</TABLE> 

<TABLE> 
<CAPTION> 
- ---------------------------------------------------------

                             Total Square     Occupancy
           Region              Footage        03/31/98
- -------------------------   --------------  -------------
<S>                         <C>             <C> 
Northeast                       5,948,217        97%
     Anchor                     3,626,857        99%
     Small Shops                2,321,360        92%

Mid-Atlantic                    5,266,137        97%
     Anchor                     2,551,844       100%
     Small Shops                2,714,293        94%

Mid-West                          900,288        96%
     Anchor                       517,014        97%
     Small Shops                  383,274        94%

Southeast                         634,076        77%
     Anchor                       302,245        67%
     Small Shops                  331,831        85%

West Coast                        769,543        93%
     Anchor                        88,095       100%
     Small Shops                  681,448        93%
</TABLE> 

<PAGE>

FEDERAL REALTY INVESTMENT TRUST
LEASING ACTIVITY
MARCH 31, 1998

________________________________________________________________________________

COMPARABLE                                                                      

<TABLE> 
<CAPTION> 
                                                      WEIGHTED      AVERAGE PRIOR    AVERAGE CURRENT                     
                          NUMBER OF      SQUARE     AVERAGE LEASE     RENT PER         RENT PER         ANNUALIZED      
   ROLLING 12 MONTHS     LEASES SIGN      FEET      TERM (YEARS)    SQUARE FOOT       SQUARE FOOT    INCREASE IN RENT   
  -------------------    -----------     ------    --------------   -----------       -----------    ----------------
  <S>                    <C>          <C>          <C>              <C>              <C>             <C>                
   1st Quarter 1998           78        304,204          7.0            $15.38           $17.43          $623,425     
   4th Quarter 1997           72        272,820          9.2            $17.07           $19.60          $690,291     
   3rd Quarter 1997           69        270,550          7.9            $14.21           $16.12          $518,342     
   2nd Quarter 1997           73        357,162          9.6            $13.32           $15.11          $637,973     
        Total                 292     1,204,736          8.5            $14.89           $16.94        $2,470,031     
<CAPTION> 
                                                  ESTIMATED  
                                PERCENTAGE         TENANT      
                                 INCREASE        IMPROVEMENT   
   ROLLING 12 MONTHS          OVER PRIOR RENT       COSTS        
  -------------------         ----------------   -----------    
  <S>                         <C>                <C>  
   1st Quarter 1998                      13%        $990,000                              
   4th Quarter 1997                      15%        $923,000                
   3rd Quarter 1997                      13%      $1,269,000                
   2nd Quarter 1997                      13%      $2,847,000           
        Total                            14%      $6,029,000            
</TABLE> 
                               
NON-COMPARABLE

<TABLE> 
<CAPTION> 
                                                                                                          ESTIMATED 
                                                          WEIGHTED                          ANNUALIZED      TENANT   
                                NUMBER OF     SQUARE    AVERAGE LEASE     AVERAGE RENT       CURRENT      IMPROVEMENT
      ROLLING 12 MONTHS        LEASES SIGN     FEET     TERM (YEARS)     PER SQUARE FOOT       RENT          COSTS
    ----------------------    ------------   --------  --------------   -----------------  -----------    -----------
    <S>                       <C>            <C>       <C>              <C>                <C>            <C>    
       1st Quarter 1998            10         55,877        12.1             $22.49        $1,256,594        $585,000         
       4th Quarter 1997            10         40,744        11.9             $21.03          $857,046         $90,000         
       3rd Quarter 1997            15         99,537        10.0             $18.60        $1,851,254        $133,000         
       2nd Quarter 1997             7         81,229        11.5             $11.75          $954,526        $348,000         
            Total                  42        277,387        11.2             $17.73        $4,919,420      $1,156,000          
</TABLE>

<PAGE>
 
                                                        Kathy Klein
                                                        Vice President
                                                        Corporate Communications
                                                        301/998-8211


                   FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
                      FIRST QUARTER 1998 OPERATING RESULTS


Rockville, Maryland
May 11, 1998


     Federal Realty Investment Trust (NYSE:FRT) reported today that funds from
operations for the first quarter of 1998 increased 12% to $21.2 million from
$19.0 million in the first quarter of 1997.  On a per share basis, funds from
operations rose 6% to $.53 in the first quarter of 1998 from $.50 in the
comparable quarter of 1997.

     A comparison of property operations for the first quarter of 1998 versus
the first quarter of 1997 shows the following:

 .    Rental income increased 20% to $52.5 million in 1998 from $43.9 million in
     1997.  When adjusted to exclude properties acquired and sold during 1997
     and 1998, rental income increased 6% to $45.0 million in 1998 from $42.6
     million in 1997.

 .    During the first quarter of 1998, the Trust signed leases for a total
     360,000 square feet of retail space.  On a same space basis, the Trust re-
     leased 304,000 square feet at an average increase in rent per square foot
     of 13%.  The weighted average rent on these leases was $17.43 per square
     foot compared to the previous average rent of $15.38 per square foot.

 .    At March 31, 1998, the Trust's overall portfolio was 96% leased compared to
     94% a year ago.  Same property occupancy stood at 95% at both March 31,
     1998 and 1997.

<PAGE>
 
     Commenting on the results, Steven Guttman, President and Chief Executive
Officer stated, "We are pleased that 1998 is off to a good start. Demand for our
retail space remains strong as evidenced by our rental income growth and high 
occupancy levels. In addition, we continue to benefit from our redevelopment 
efforts and to expand our development pipeline."

     Year-to-date, the Trust has acquired 13 retail properties containing 
259,000 square feet for an investment of approximately $24 million. The 
acquisitions include the purchase of nine retail buildings on Houston Street in 
San Antonio, Texas; one retail building on Third Street Promenade in Santa 
Monica, California; one building on Bethesda Avenue in Bethesda, Maryland; and 
two retail buildings on Mill Avenue in Tempe, Arizona.

     Federal Realty is an equity real estate investment trust specializing in
the ownership, management and redevelopment of prime retail properties.  The
Trust's real estate portfolio contains 113 retail properties, consisting of
neighborhood and community shopping centers and main street retail properties,
located in strategic metropolitan markets across the United States.  These
markets include Boston, New York, Philadelphia, Washington D.C., Chicago, San
Antonio, Portland, San Francisco, Los Angeles, San Jose and San Diego.

     Federal Realty has paid quarterly dividends to its shareholders
continuously since its founding in 1962 and has increased its dividend rate for
30 consecutive years.  Shares of the Trust are traded on the New York Stock
Exchange under the symbol:FRT.

     The Trust will hold its First Quarter 1998 Conference Call on Tuesday, 
May 12th at 11:00 am Eastern Time. To participate on the call, please dial 
(913) 981-5502. 

                                      ###
<PAGE>
 
                             FINANCIAL HIGHLIGHTS
                     (in thousands, except per share data)

<TABLE> 
<CAPTION> 
                                                                                                         Three Months Ended
                                                                                                             March 31,
OPERATING RESULTS                                                                                     1998               1997
- -----------------                                                                                     ----               ----       
REVENUES
<S>                                                                                                  <C>                <C>
  Rental income                                                                                       $   52,481         $   43,920
  Interest                                                                                                 1,594              1,500
  Other income                                                                                             2,102              3,227
                                                                                                      ----------         ----------
                                                                                                          56,177             48,647
EXPENSES
  Rental                                                                                                  11,922             10,216
  Real estate taxes                                                                                        5,472              4,574
  Interest                                                                                                12,693             11,989
  Administrative                                                                                           1,841              2,101
  Depreciation and amortization                                                                           10,769             10,124
                                                                                                      ----------         ----------
                                                                                                          42,697             39,004
                                                                                                      ----------         ----------
OPERATING INCOME BEFORE INVESTORS' SHARE OF
 OPERATIONS                                                                                               13,480              9,643
  Investor's share of operations                                                                            (786)              (332)
                                                                                                      ----------         ----------
Net income                                                                                            $   12,694         $    9,311
Dividends on preferred stock                                                                              (1,988)                 -
                                                                                                      ----------         ----------
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS                                                              10,706              9,311
                                                                                                      ==========         ==========
Earnings per common share, basic                                                                      $     0.27         $     0.25
                                                                                                      ==========         ==========
Earnings per common share, diluted                                                                    $     0.27         $     0.24
                                                                                                      ==========         ==========
Weighted average shares outstanding, basic                                                                38,949             37,483
Weighted average shares outstanding, diluted                                                              39,870             38,033
FUNDS FROM OPERATIONS
  Net income available for common shareholders                                                        $   10,706         $    9,311
  Add:  depreciation and amortization
        of real estate assets                                                                              9,738              9,064
  Add:  amortization of initial direct
        costs of leases                                                                                      593                584
  Add:  income attributable to operating
        partnership units                                                                                    207                  -
  Funds from operations, diluted                                                                      $   21,244         $   18,959
                                                                                                      ==========         ==========
  Funds from operations per share, diluted                                                            $     0.53         $     0.50
                                                                                                      ==========         ==========
</TABLE> 

<TABLE> 
<CAPTION> 
                                                                                                      March 31,         December 31,
BALANCE SHEET DATA                                                                                       1998               1997
- ------------------                                                                                    ----------         ----------
ASSETS
<S>                                                                                                   <C>               <C> 
  Real estate, at cost                                                                                $1,481,386         $1,453,639
  Accumulated depreciation and amortization                                                             (255,703)          (247,497)
                                                                                                      ----------         ----------
                                                                                                       1,225,683          1,206,142

  Mortgage notes receivable                                                                               40,733             38,360
  Cash and investments                                                                                    15,890             17,043
  Receivables                                                                                             17,564             18,794
  Other assets                                                                                            39,278             36,234
                                                                                                      ----------         ----------
TOTAL ASSETS                                                                                          $1,339,148         $1,316,573
                                                                                                      ==========         ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
  Obligations under capital leases & mortgages payable                                                $  220,998            221,573
  Notes payable                                                                                           67,112            119,028
  Senior Notes                                                                                           335,000            255,000
  5 1/4% Convertible subordinated debentures                                                              75,289             75,289
  Other liabilities                                                                                       90,936             91,873
 
SHAREHOLDERS' EQUITY                                                                                     549,813            553,810
                                                                                                      ----------         ----------
                                                                                                      $1,339,148         $1,316,573
                                                                                                      ==========         ==========
</TABLE> 
<PAGE>
 
                               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.

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 centers
owned in reporting period.

SAME CENTER OCCUPANCY: Occupancy for only those centers owned and operating in
the periods being compared.  Excludes centers purchased or sold as well as
properties under redevelopment.

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.


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