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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) December 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
December 31, 1998.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at December 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: February 11, 1999 /s/ Cecily A. Ward
----------------------------------
Cecily A. Ward
Vice President, Controller
-2-
<PAGE>
EXHIBIT INDEX
Exh No. Exhibit Page No.
- ------- ------- --------
99 Supplemental portfolio information at December 31, 1998 4
-3-
<PAGE>
FEDERAL REALTY INVESTMENT TRUST
================================================================================
Supplemental Information
December 31, 1998
================================================================================
TABLE OF CONTENTS
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. Lease Expirations
Average Rent on Leases Expiring................E-7
Leases Expiring on Anchor and Small Shops......E-8
5. Major Tenants by Revenue Contribution..................E-9
6. Press Release..........................................E-10
7. Glossary of Terms......................................E-13
================================================================================
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)
December 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance
Maturity Rate (in thousands)
<S> <C> <C> <C>
Mortgages
Leesburg Plaza 10/01/08 6.10% 9,900
Federal Plaza 03/10/01 8.95% 27,639
Tysons Station 09/01/01 9.875% 4,140
Escondido (Municipal bonds) purchased 12/31/96 10/01/16 Variable ## 9,400
$51,079
=========
Notes payable
Revolving credit facilities libor +.65% $134,147
Term notes libor +.75% 125,000
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% 2,696
Other various various 204
---------
$263,159
=========
Unsecured Public Debt
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 * 03/10/04 6.370% 39,500
6.99% Medium Term Notes * 03/10/06 6.894% 40,500
-------
$410,289
=======
Total fixed rate debt $455,980 62.93%
Total variable rate debt 268,547 37.07%
---------- --------
Total debt $724,527 100.00%
========== ========
Weighted average interest rate:
----------------------------------
Fixed rate debt 7.19%
Variable on revolving facilities 6.10% **
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 twelve
months ended December 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>
<TABLE>
<CAPTION>
Overall Occupancy
(Quarter to Quarter Analysis) December 31, 1998 December 31, 1997
------------------------------------------------- --------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ----------------------------------------- ----------- ---------- -------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 14,497,898 13,803,336 95% 13,518,197 12,919,532 96%
Rollingwood Apartments (# of units) 282 281 99% 282 279 99%
<CAPTION>
Overall Occupancy
(Rolling 12 Months) December 31, 1998 September 30, 1998
------------------------------------------------- --------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ----------------------------------------- ----------- ---------- -------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 14,497,898 13,803,336 95% 14,419,458 13,739,610 95%
Rollingwood Apartments (# of units) 282 281 99% 282 282 100%
<CAPTION>
Overall Occupancy
(Rolling 12 Months) June 30, 1998 March 31, 1998
---------------------------------------- -------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ----------------------------------------- ------------- -------------- ------------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 13,658,940 12,989,036 95% 13,518,261 12,923,203 96%
Rollingwood Apartments (# of units) 282 281 99% 282 280 99%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Same Center Occupancy
(Quarter to Quarter Comparison) December 31, 1998 December 31, 1997
----------------------------------------------- ---------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ------------ ------------ ------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 13,102,582 12,451,743 95% 13,086,129 12,508,208 96%
Rollingwood Apartments (# of units) 282 281 99% 282 279 99%
</TABLE>
<TABLE>
<CAPTION>
Same Center Occupancy
(Rolling 12 Months) At December 31, 1998 At September 30, 1998
------------------------------------------- --------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 13,102,582 12,451,743 95% 12,056,443 11,459,514 95%
Rollingwood Apartments (# of units) 282 281 99% 282 282 100%
<CAPTION>
Same Center Occupancy
(Rolling 12 Months) At June 30, 1998 At March 31, 1998
--------------------------------------- ------------------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ------------ ------------ ----------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 11,938,810 11,358,594 95% 11,652,173 11,119,804 95%
Rollingwood Apartments (# of units) 282 281 99% 282 280 99%
</TABLE>
<PAGE>
Federal Realty Investment Trust
Economic Occupancy Analysis
December 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Overall Economic Occupancy
(Quarter to Quarter Analysis) December 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) 14,497,898 13,626,536 94% 13,518,197 12,757,485 94%
Rollingwood Apartments (# of units) 282 281 99% 282 279 99%
</TABLE>
<TABLE>
<CAPTION>
Overall Economic Occupancy
(Rolling 12 Months) December 31, 1998 September 30, 1998
------------------------------------------ -----------------------------------------
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) 14,497,898 13,626,536 94% 14,419,458 13,578,116 94%
Rollingwood Apartments (# of units) 282 281 99% 282 282 100%
</TABLE>
<TABLE>
<CAPTION>
Overall Economic Occupancy
(Rolling 12 Months)
June 30, 1998 March 31, 1998
------------------------------------------- ---------------------------------------
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) 13,658,940 12,778,700 94% 13,518,261 12,619,318 93%
Rollingwood Apartments (# of units) 282 274 97% 282 280 99%
</TABLE>
<TABLE>
<CAPTION>
Same Center Economic Occupancy
(Quarter to Quarter Comparison) December 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) 13,102,582 12,274,943 94% 13,086,129 12,346,161 94%
Rollingwood Apartments (# of units) 282 281 99% 282 279 99%
</TABLE>
<TABLE>
<CAPTION>
Same Center Economic Occupancy
(Rolling 12 Months)
At December 31, 1998 At September 30, 1998
------------------------------------------- ----------------------------------------
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) 13,102,582 12,274,943 94% 12,056,443 11,315,875 94%
Rollingwood Apartments (# of units) 282 281 99% 282 282 100%
<CAPTION>
Same Center Economic Occupancy
(Rolling 12 Months)
At June 30, 1998 At March 31, 1998
------------------------------------------- -----------------------------------------
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) 11,938,810 11,167,083 94% 11,652,173 10,819,572 93%
Rollingwood Apartments (# of units) 282 274 97% 282 280 99%
</TABLE>
<PAGE>
Federal Realty Investment Trust
Regional Occupancy Analysis
December 31, 1998
- --------------------------------------------------------------------------------
Total Square Occupancy
Region Footage 12/31/98
------------ -----------
Northeast 6,221,543 96%
Mid-Atlantic 5,677,055 97%
Mid-West 921,548 93%
Southeast 635,890 76%
West Coast 1,002,287 95%
Southwest 39,575 95%
- --------------------------------------------------------------------------------
Total Square Occupancy
Region Footage 12/31/98
---------------------- ----------
Northeast 6,221,543 96%
Anchor 3,773,964 98%
Small Shops 2,447,579 93%
Mid-Atlantic 5,677,055 97%
Anchor 2,735,678 100%
Small Shops 2,941,377 94%
Mid-West 921,548 93%
Anchor 585,816 98%
Small Shops 335,732 84%
Southeast 635,890 76%
Anchor 304,894 68%
Small Shops 330,996 84%
West Coast 1,002,287 95%
Anchor 232,338 100%
Small Shops 769,949 94%
Southwest 39,575 95%
Anchor 0 0%
Small Shops 39,575 95%
<PAGE>
Federal Realty Investment Trust
Leasing Activity
December 31, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Comparable
Weighted Average Prior Average Current
Number of Square Average Lease Rent Per Rent Per Annualized
Rolling 12 Months Leases Signed Feet Term (Years) Square Foot Square Foot Increase in Rent
- ------------------------------------------------------ --------------- ------------------ --------------- ------------------
<S> <C> <C> <C> <C> <C> <C>
4th Quarter 1998 59 314,603 7.2 $15.52 $17.45 $607,238
3rd Quarter 1998 59 230,114 5.9 $14.04 $15.47 $330,680
2nd Quarter 1998 68 241,132 7.8 $15.33 $20.14 $1,160,247
1st Quarter 1998 78 304,204 7.2 $15.38 $17.43 $623,425
Total 264 1,090,053 7.0 $15.12 $17.62 $2,721,590
Comparable
Estimated
Percentage Tenant
Increase Improvement
over Prior Rent Costs
- -------------- ----------------------
<S> <C>
12% $588,000
10% $333,000
31% $933,000
13% $990,000
17% $2,844,000
Non-Comparable Weighted Estimated
Average Annualized Tenant
Number of Square Lease Average Rent Current Improvement
Rolling 12 Months Leases Signed Feet Term (Years) Per Square Foot Rent Costs
- ------------------------------------------------------ --------------- ------------------ --------------- ------------------
<S> <C> <C> <C> <C> <C> <C>
4th Quarter 1998 19 130,798 10.6 $21.47 $2,808,414 $280,000
3rd Quarter 1998 7 57,613 16.9 $22.15 $1,276,091 $121,000
2nd Quarter 1998 15 63,474 9.3 $14.30 $907,455 $78,000
1st Quarter 1998 10 55,877 12.1 $22.49 $1,256,594 $585,000
Total 51 307,762 12.0 $20.30 $6,248,554 $1,064,000
</TABLE>
<PAGE>
Federal Realty Investment Trust
Leases Expiring
Total Percent Average
Square Feet of Total Rent Per
Expiring (1) Portfolio(2) Square Foot
------------------- ------------------- -------------
1999 393,926 3% $16.21
2000 424,999 3% $19.02
2001 451,888 3% $18.12
2002 430,148 3% $19.24
2003 373,538 2% $21.08
(1) Excludes lease expirations with options
(2) Total square footage December 31, 1998: 15,520,322
<PAGE>
Federal Realty Investment Trust
Leases Expiring - Anchors and Small Shops
Total Percent
Square Feet of Total
Expiring (1) Portfolio(2)
-------------------- --------------------
1999
Anchor 61,298 less than 1%
Small Shop 332,628 2%
2000
Anchor 23,075 less than 1%
Small Shop 401,924 3%
2001
Anchor 52,139 less than 1%
Small Shop 399,749 3%
2002
Anchor 82,894 1%
Small Shop 347,254 2%
2003
Anchor 19,600 less than 1%
Small Shop 353,938 2%
(1) Excludes lease expirations with options
(2) Total square footage December 31, 1998: 15,520,322
<PAGE>
Federal Realty Investment Trust
Major Tenants by Revenue Contribution
<TABLE>
<CAPTION>
Square Percent of
Tenant Footage Revenue (1)
---------------- -----------------------
<S> <C> <C>
Bed, Bath & Beyond, Inc. 323,090 2.04%
CVS Corporation 198,947 1.90%
Barnes & Noble, Inc. 164,189 1.68%
The TJX Companies (Marshalls/TJ Maxx) 386,200 1.60%
Toys R Us, Inc. 325,582 1.53%
Kmart Corporation 508,580 1.15%
The May Department Stores Company (Filene's) 244,198 1.09%
MTS, Inc. (Tower Records) 91,122 1.03%
Dress Barn 121,766 0.95%
CompUSA 108,219 0.90%
</TABLE>
(1) Balances consist of 1998 minimum and percentage rent charges
<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.
<PAGE>
Kathy Klein
Vice President
Corporate Communications
301/998-8211
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
1998 OPERATING RESULTS
February 10, 1999
Rockville, Maryland
Federal Realty Investment Trust (NYSE:FRT) reported today that funds from
operations for the year ended December 31, 1998 increased 9% to $87 million from
$80 million in 1997. On a per share basis, funds from operations rose 5% to
$2.16 per share in 1998 from $2.05 in 1997. This increase was achieved despite
the change in accounting policy effective earlier this year (EITF 97-11) that
requires the expensing of certain internal acquisition costs. If the 1997
results were adjusted for the accounting change, funds from operations per share
would have increased 7% from 1997 to 1998.
Funds from operations for the fourth quarter of 1998 rose 10% to $23
million from $21 million in the fourth quarter of 1997. On a per share basis,
funds from operations per share increased 8% to $.57 in the fourth quarter of
1998 as compared to $.53 per share in the comparable period of 1997.
A comparison of property operations for the year ended 1998 versus 1997
shows the following:
. Rental income increased 18% to $222 million in 1998 from $189 million in
1997. When adjusted to exclude properties acquired and sold during 1997
and 1998, rental income increased 5% to $187 million in 1998 from $177
million in 1997.
. During 1998, the Trust signed leases for a total 1.4 million square feet
of retail space. On a same space basis, the Trust re-leased 1.1 million
square feet of retail space at an average increase in rent per square
foot of 17%. The weighted average rent on these leases was $17.62 per
square foot compared to the previous average rent of $15.12 per square
foot. During 1997, the Trust leased a total 1.4 million
<PAGE>
square feet. On a same space basis, 1.1 million square feet was re-
leased at an average increase in rent per square foot of 17%. The
weighted average rent on these leases was $16.40 per square foot
compared to the previous average rent per square foot of $14.01.
. Same property occupancy stood at 95.0% at year end December 31, 1998 and
95.6% at year end 1997. The Trust's overall portfolio was 95.2% leased
at December 31, 1998 as compared to 95.6% a year ago.
Commenting on the results, Steven Guttman, President and Chief Executive
Officer stated, "We are optimistic about our long-term growth prospects. Demand
for our retail space remains strong as evidenced by our rental income growth and
high occupancy levels. In addition, our comprehensive corporate reengineering
initiative is expected to yield cost and revenue opportunities that will add
positively to our growth beginning in 1999. We continue to benefit from our
acquisition and redevelopment efforts and have strengthened our development
capabilities and formed strategic partnerships that will enable us to maximize
and expand our pipeline of retail and mixed-use urban development and
redevelopment opportunities. Collectively, these initiatives should position
us for accelerated growth in 1999 and beyond."
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 120 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
31 consecutive years. Shares of the Trust are traded on the New York Stock
Exchange under the symbol:FRT.
###
<PAGE>
Financial Highlights
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Year Ended
December 31, December 31,
<S> <C> <C> <C> <C>
Operating Results 1998 1997 1998 1997
Revenues ------- ------- -------- --------
Rental income $60,145 $51,439 $222,186 $188,529
Interest and other income 2,017 1,377 5,945 6,037
Other property income 2,734 2,193 10,347 9,705
------- ------- -------- --------
64,896 55,009 238,478 204,271
Expenses
Rental 14,216 11,648 49,490 42,844
Real estate taxes 5,996 5,123 23,271 19,525
Interest 15,389 11,336 55,125 47,288
Administrative 3,060 3,231 11,796 9,793
Reorganization expenses 0 1,951 4,665 1,951
Depreciation and amortization 12,663 10,546 46,047 41,399
------- ------- -------- --------
51,324 43,835 190,394 162,800
------- ------- -------- --------
Operating income before investors' share of
operations and gain (loss) on sale of real estate 13,572 11,174 48,084 41,471
Investor's share of operations (789) (480) (3,124) (1,342)
------- ------- -------- --------
Income before gain on sale of real estate $12,783 $10,694 44,960 40,129
Gain on sale of real estate - - - 6,375
------- -------- -------- --------
Net income $12,783 $10,694 $ 44,960 $ 46,504
Dividends on preferred stock (1,987) (1,877) (7,950) (1,877)
------- -------- -------- --------
Net income available for common shareholders $10,796 $ 8,817 $ 37,010 $ 44,627
======= ======== ======== ========
Earnings per common share, basic $ 0.27 $ 0.23 $ 0.94 $ 1.16
======= ======== ======== ========
Earnings per common share, diluted $ 0.26 $ 0.22 $ 0.94 $ 1.14
======= ======== ======== ========
Weighted average shares outstanding, basic 39,348 38,849 39,174 38,475
Weighted average shares outstanding, diluted 40,456 39,436 40,080 38,988
Funds from Operations
Net income available for common shareholders $10,796 $ 8,817 $ 37,010 $ 44,627
Less: gain on sale of real estate - - - (6,375)
Add: nonrecurring charge - 1,951 4,665 1,951
Add: depreciation and amortization
of real estate assets 11,563 9,547 41,792 37,281
Add: amortization of initial direct
costs of leases 664 556 2,491 2,249
Add: income attributable to operating
partnership units (104) - 578 -
------- -------- -------- --------
Funds from operations, diluted $22,919 $ 20,871 $ 86,536 $ 79,733
======= ======== ======== ========
Funds from operations per share, diluted $ 0.57 $ 0.53 $ 2.16 $ 2.05
======= ======== ======== ========
<CAPTION>
December 31, December 31,
BALANCE SHEET DATA 1998 1997
- ------------------ ------------ -------------
<S> <C> <C>
Assets
Real estate, at cost $ 1,642,136 $ 1,453,639
Accumulated depreciation and amortization (286,053) (247,497)
------------ -------------
1,356,083 1,206,142
Mortgage notes receivable 51,154 38,360
Cash and investments 17,230 17,043
Receivables 17,873 18,794
Other assets 41,977 36,234
------------ -------------
Total assets $ 1,484,317 $ 1,316,573
============ =============
Liabilities and Shareholders' Equity
Obligations under capital leases & mortgages payable $ 173,480 $ 221,573
Notes payable 263,159 119,028
Senior Notes 335,000 255,000
5 1/4% Convertible subordinated debentures 75,289 75,289
Other liabilities 107,442 91,873
Shareholders' Equity 52,9947 553,810
------------ -------------
$ 1,484,317 $ 1,316,573
============ =============
</TABLE>
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