<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, 1999
Federal Realty Investment Trust
-------------------------------
(Exact name of registrant as specified in its charter)
Maryland 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, 1999.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at December 31, 1999
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 15, 2000 /s/ Cecily A. Ward
-------------------------
Cecily A. Ward
Vice President, Controller and Treasurer
-2-
<PAGE>
EXHIBIT INDEX
Exh No. Exhibit Page No.
- ------- ------- --------
99 Supplemental portfolio information at December 31, 1999 4
-3-
<PAGE>
FEDERAL REALTY INVESTMENT TRUST
Supplemental Information
December 31, 1999
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. 1999 Year End Earnings Press Release, February 14, 2000.............E-11
9. Glossary of Terms...................................................E-14
1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100
E-1
<PAGE>
FEDERAL REALTY INVESTMENT TRUST
DEBT ANALYSIS (excluding capital leases and interest rate swaps)
December 31, 1999
===============================================================================
<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% 27,179
Tysons Station 09/01/01 9.875% 4,068
Escondido (Municipal bonds) 10/01/16 Variable (a) 9,400
-------------
$ 50,547
=============
Notes payable
Revolving credit facilities libor +.65% $ 34,000
Term note with banks libor +.75% 125,000
Note issued in connection with
tenant buyout at Queen Anne Plaza 01/15/06 8.875% 1,011
Note issued in connection with
renovation of Perring Plaza 01/31/13 10.00% 2,603
Other various various 154
-------------
$162,768
=============
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 7/8% Notes (fixed) 01/15/00 8.875% 75,000
8 7/8% Notes (fixed) (b) 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 (b) 03/10/04 6.370% 39,500
6.99% Medium Term Notes (b) 03/10/06 6.894% 40,500
8.75% Notes 12/01/09 8.750% 175,000
-------------
$585,289
=============
Total fixed rate debt $630,204 79.00%
Total variable rate debt 168,400 21.00%
----------- -----------
Total debt $798,604 100.00%
=========== ===========
Weighted average interest rate:
-------------------------------
Fixed rate debt 7.62%
Variable on revolving facilities 5.93% (c)
Variable on muncipal bonds (a)
</TABLE>
(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) The Trust purchased interest rate swaps or hedges on these notes, thereby
decreasing the effective interest.
(c) Weighted average interest rate on revolving credit facilities for twelve
months ended December 31, 1999.
E-2
<PAGE>
Federal Realty Investment Trust
Percentage Leased Analysis
December 31, 1999
===============================================================================
<TABLE>
<CAPTION>
Overall Operating Occupancy
(Quarter to Quarter Analysis) December 31, 1999 At December 31, 1998
----------------------------------- -----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 14,037,093 13,494,066 96% 14,497,898 13,803,336 95%
Rollingwood Apartments (# of units) 282 278 98% 282 281 99%
<CAPTION>
Overall Operating Occupancy
(Rolling 12 Months) December 31, 1999 September 30, 1999
----------------------------------- -----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 14,037,093 13,494,066 96% 14,348,626 13,658,207 95%
Rollingwood Apartments (# of units) 282 278 98% 282 282 100%
<CAPTION>
Overall Operating Occupancy
(Rolling 12 Months) June 30, 1999 March 31, 1999
----------------------------------- -----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 14,541,750 13,797,209 95% 14,563,620 13,839,142 95%
Rollingwood Apartments (# of units) 282 280 99% 282 278 99%
</TABLE>
===============================================================================
<TABLE>
<CAPTION>
Same Center Occupancy
(Quarter to Quarter Comparison) December 31, 1999 At December 31, 1998
----------------------------------- -----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 13,865,499 13,345,911 96% 13,102,582 12,451,743 95%
Rollingwood Apartments (# of units) 282 278 98% 282 281 99%
<CAPTION>
Same Center Occupancy
(Rolling 12 Months) December 31, 1999 At September 30, 1999
----------------------------------- -----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 13,865,499 13,345,911 96% 14,304,720 13,613,931 95%
Rollingwood Apartments (# of units) 282 278 98% 282 282 100%
<CAPTION>
Same Center Occupancy
(Rolling 12 Months) At June 30, 1999 At March 31, 1999
----------------------------------- -----------------------------------
Type Size Leased Occupancy Size Leased Occupancy
- ---------------------------------------- ---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Retail Properties (leasable square feet) 13,622,710 12,891,283 95% 13,091,729 12,404,610 95%
Rollingwood Apartments (# of units) 282 280 99% 282 278 99%
</TABLE>
E-3
<PAGE>
Federal Realty Investment Trust
Regional Occupancy Analysis
December 31, 1999
============================================================================
<TABLE>
<CAPTION>
Total Square Occupancy
Region Footage 12/31/99
- ---------------------------- ------------ ---------
<S> <C> <C>
Northeast 7,035,881 96%
Mid-Atlantic 5,891,256 96%
West Coast 1,109,956 96%
</TABLE>
============================================================================
<TABLE>
<CAPTION>
Total Square Occupancy
Region Footage 12/31/99
- ---------------------------- ------------ ---------
<S> <C> <C>
Northeast
Anchor 4,292,217 99%
Small Shops 2,743,664 92%
Mid-Atlantic
Anchor 2,715,338 99%
Small Shops 3,175,918 93%
West
Anchor 252,415 100%
Small Shops 857,541 95%
</TABLE>
E-4
<PAGE>
Federal Realty Investment Trust
Retail Leasing Activity
December 31, 1999
<TABLE>
<CAPTION>
====================================================================================================================================
Comparable Percentage Estimated
Weighted Average Prior Average Current Increase Tenant
Number of Square Average Lease Rent Per Rent Per Annualized over Improvement
Rolling 12 Months Leases Signed Feet Term (Years) Square Foot Square Foot Increase in Rent Prior Rent Costs
- ----------------- ------------- --------- -------------- -------------- ----------------- ----------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4th Quarter 1999 79 270,278 8.7 $20.14 $24.32 $1,129,625 21% $2,710,000
3rd Quarter 1999 87 324,332 7.3 $16.02 $20.34 $1,401,643 27% $3,799,000
2nd Quarter 1999 74 237,065 5.9 $18.03 $21.70 $871,258 20% $1,799,000
1st Quarter 1999 56 199,197 6.0 $16.88 $20.27 $675,482 20% $935,000
Total 296 1,030,872 7.3 $17.73 $21.68 $4,078,008 22% $9,243,000
<CAPTION>
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 1999 9 39,545 8.7 $18.13 $717,011 $389,000
3rd Quarter 1999 12 105,948 10.2 $20.32 $2,153,331 $521,000
2nd Quarter 1999 7 11,592 7.9 $43.30 $501,908 $91,000
1st Quarter 1999 13 120,121 14.7 $20.91 $2,511,594 $494,000
Total 41 277,206 12.0 $21.23 $5,883,844 $1,495,000
</TABLE>
E-5
<PAGE>
Federal Realty Investment Trust
Leases Expiring
<TABLE>
<CAPTION>
Total Percent Average
Square Feet of Total Rent Per
Expiring(1) Portfolio(2) Square Foot
============ ============ ===========
<S> <C> <C> <C>
2000 381,275 2% $17.94
2001 407,981 3% $19.63
2002 408,209 3% $19.88
2003 366,152 2% $21.44
2004 426,871 3% $23.02
</TABLE>
(1) Excludes lease expirations with options
(2) Total portfolio square footage December 31, 1999: 15,319,535
E-6
<PAGE>
Federal Realty Investment Trust
Leases Expiring - Anchors and Small Shops
<TABLE>
<CAPTION>
Total Percent
Square Feet of Total
Expiring(1) Portfolio(2)
====================== =====================
<S> <C> <C>
2000
Anchor 41,663 less than 1%
Small Shop 339,612 2%
2001
Anchor 21,671 less than 1%
Small Shop 386,310 3%
2002
Anchor 66,670 less than 1%
Small Shop 341,539 2%
2003
Anchor 19,600 less than 1%
Small Shop 346,552 2%
2004
Anchor 41,800 less than 1%
Small Shop 385,071 3%
(1) Excludes lease expirations with options
(2) Total square footage December 31, 1999: 15,319,535
</TABLE>
E-7
<PAGE>
Federal Realty Investment Trust
Major Tenants by Revenue Contribution
December 31, 1999
<TABLE>
<CAPTION>
Square Percent of
Tenant Footage Revenue(1)
------ ------- ----------
<S> <C> <C>
Bed, Bath & Beyond, Inc. 323,090 1.98%
CVS Corporation 198,947 1.88%
Ahold USA, Inc. 363,941 1.83%
Barnes & Noble, Inc. 164,189 1.59%
The TJX Companies 286,200 1.57%
Toys R Us, Inc. 325,582 1.39%
The Gap. Inc. 97,080 1.32%
Kmart Corporation 508,580 1.14%
Wakefern Food Corp. 215,121 1.11%
Dress Barn 130,939 1.03%
</TABLE>
(1) Balances consist of 1999 minimum and percentage rent charges
E-8
<PAGE>
Federal Realty Investment Trust
<TABLE>
<CAPTION>
Street Retail Operating
& Development Overview
December 31, 1999
December 31,
(in thousands except sf data) 1995 1996 1997 1998 1999
==================================================================================
<S> <C> <C> <C> <C> <C>
Real Estate Assets(1) $107,910 $164,931 $288,020 $365,874 $449,182
Revenues $9,310 $20,555 $31,998 $42,643 $50,288
Net Operating Income $3,994 $12,538 $20,345 $28,660 $34,774
Square Feet(2) 532,944 1,122,737 1,502,807 1,601,849 1,691,593
</TABLE>
(1) At December 31, 1999, includes $111 million related to new development in
process. The balance is comprised of both stabilized assets and assets
which are in various stages of redevelopment.
(2) Excludes new development square footage
<TABLE>
<CAPTION>
NORTHEAST Square Feet MID-ATLANTIC Square Feet
<S> <C> <C> <C>
Connecticut Virginia
Greenwich Avenue/4 80,791 Pentagon Row N/A(2)
West Hartford/7 125,347 Village at Shirlington 212,141
Westport/2 26,408
WESTERN
Massachusetts Arizona
Coolidge Corner/1 13,101 Mill Avenue/2 39,532
New Jersey California
Central Avenue/1 11,208 Colorado Boulevard/2 67,382
Fifth Avenue/5 66,962
New York Hermosa Beach/1 5,930
Forest Hills/4 91,593 Post Street/1 98,670
Old Town Center 101,000
Santana Row N/A(2)
MID-ATLANTIC Third Street Promenade/8 152,597
District of Columbia Hollywood Blvd./3 198,464
Sam's Park N Shop 49,706
Illinois
Florida Evanston/2 18,813
Winter Park/2 28,446 Oak Street/1 5,000
Maryland Texas
Bethesda Row 298,502(2) Houston Street/10 N/A(2)
</TABLE>
E-9
<PAGE>
FEDERAL REALTY INVESTMENT TRUST
Development Pipeline
December 31, 1999
<TABLE>
<CAPTION>
Cost Estimate To Complete
Project Specifications To Date 2000 2001 2002
- ---------------------------------------------------------------------------------------------------
($ in millions)
<S> <C> <C> <C> <C> <C>
COMPLETED DEVELOPMENTS
Bethesda Row - Elm Street 15,000 sf retail $7 $2
Bethesda, Maryland 30,000 sf office
- ----------------------------------------------------------------------------------------------------
CONSTRUCTION IN PROGRESS
Bethesda Row - Woodmont East 60,000 sf retail $10 $17 $4
Bethesda, Maryland 80,000 sf office
Pentagon Row 300,000 sf retail(1) $10 $49 $8
Arlington, Virginia 500 apartment units ------ ------ ------ ------
$20 $66 $12 $0
- ----------------------------------------------------------------------------------------------------
TO DEVELOP
Houston Street 165,000 sf retail $21(3)
San Antonio, Texas 80,000 sf office
500 hotel rooms (2)
Santana Row 680,000 sf retail $60(3)
San Jose, California 1,200 residential units
200 hotel rooms (2)
The Shops at Tanasbourne 300,000 sf retail $2
Portland, Oregon 12,000 sf office
Lindbergh Center 300,000 sf retail(1) $1
Atlanta, Georgia 320 apartments
120 hotel rooms
290 condominiums -------
1.3 million sf office $84
- ----------------------------------------------------------------------------------------------------
Total $111
=======
<CAPTION>
Total Expected
Completed Stabilized Principal
Cost Return Tenants
---------- ----------- ---------
<S> <C> <C> <C>
COMPLETED DEVELOPMENTS
Bethesda Row - Elm Street $9 11% Cafe Deluxe
Bethesda, Maryland Vitamin Superstore
Three Dog Bakery
Prudential
Long and Foster
CONSTRUCTION IN PROGRESS
Bethesda Row - Woodmont East $31 11% Landmark Theatres
Bethesda, Maryland
Pentagon Row $67 11% Harris Teeter
Arlington, Virginia ------ Bed, Bath & Beyond
$98 Bally's Fitness
Hudson Trail Outfitters
TO DEVELOP
Houston Street
San Antonio, Texas
Santana Row
San Jose, California
The Shops at Tanasbourne
Portland, Oregon
Lindbergh Center
Atlanta, Georgia
Total
</TABLE>
(1) Federal Realty will develop only the retail component of this project.
(2) Federal Realty will not develop the hotel component of this project.
(3) Federal Realty owns in fee the underlying real estate.
E-10
<PAGE>
Kathy Klein
Vice President
Corporate Communications
301/998-8211
FEDERAL REALTY INVESTMENT TRUST ANNOUNCES
YEAR-END 1999 OPERATING RESULTS
February 14, 2000
Rockville, Maryland
Federal Realty Investment Trust (NYSE:FRT) reported today that funds from
operations for the year ended December 31, 1999 increased 12% to $96.8 million
from $86.5 million in 1998. On a per share basis, funds from operations rose
10% to $2.38 per share in 1999 from $2.16 in 1998.
A comparison of property operations for the year ended 1999 versus 1998
shows the following:
. Rental income increased 11% to $245.8 million in 1999 from $222.2
million in 1998. When adjusted to exclude properties acquired and sold
during 1998 and 1999, rental income increased 6% to $228.4 million in
1999 from $214.8 million in 1998.
. Net operating income increased 12% to $186.0 million in 1999 from
$165.7 million in 1998. On a same center basis, net operating income
increased 6% to $171.1 million in 1999 from $160.6 million in 1998.
. During 1999, the Trust signed leases for a total 1.3 million square
feet of retail space. On a same space basis, the Trust re-leased 1.0
million square feet of retail space at an average increase in rent per
square foot of 22%. The weighted average rent on these same space
leases was $21.68 per square foot compared to the previous average
rent of $17.73 per square foot. During 1998, the Trust leased a total
of 1.4 million square feet of retail space. On a same space basis, 1.1
million square feet of retail space was re-leased at an average
increase in rent per square foot of 17%. The weighted average rent on
these same space leases was $17.62 per square foot compared to the
previous average rent per square foot of $15.12.
. The Trust's overall occupancy was 96.1% at December 31, 1999 compared
to 95.2% at year end 1998. Same property occupancy stood at 96.3% at
December 31, 1999 compared to 96.0% a year ago.
E-11
<PAGE>
Funds from operations also improved for the fourth quarter of 1999
increasing 7% to $24.5 million from $22.9 million in the fourth quarter of 1998.
On a per share basis, funds from operations advanced 5% to $.60 per share in the
fourth quarter of 1999 compared to $.57 per share in the same period of 1998.
Commenting on the results, Steven Guttman, President and Chief Executive
Officer stated, "1999 was a year of strong operational performance and
execution. Over the past twelve months we have significantly accelerated FFO
growth, improved operating margins in our core portfolio and reduced the costs
of administering the Trust. We are extremely pleased with the progress we made
in achieving our 1999 operating goals."
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 123 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
32 consecutive years. Shares of the Trust are traded on the New York Stock
Exchange under the symbol:FRT.
E-12
<PAGE>
Financial Highlights
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Year Ended
December 31, December 31,
OPERATING RESULTS 1999 1998 1999 1998
- ----------------- ---- ---- ---- ----
Revenues
<S> <C> <C> <C> <C>
Rental income $64,755 $60,145 $245,833 $222,186
Interest and other income 1,870 2,017 7,649 5,945
Other property income 3,055 2,734 11,231 10,347
------- ------- -------- --------
69,680 64,896 264,713 238,478
Expenses
Rental 14,623 14,216 53,677 49,490
Real estate taxes 6,677 5,996 25,021 23,271
Interest 15,985 15,389 61,492 55,125
Administrative 4,232 3,060 15,120 16,461
Depreciation and amortization 12,698 12,663 50,011 46,047
------- ------- -------- --------
54,215 51,324 205,321 190,394
------- ------- -------- --------
Operating income before investors' share of operations 15,465 13,572 59,392 48,084
Investor's share of operations (1,577) (789) (3,899) (3,124)
------- ------- -------- --------
Income before loss on real estate 13,888 12,783 55,493 44,960
Loss on real estate --- --- (7,050) ---
------- ------- -------- --------
Net Income $13,888 $12,783 $48,443 $44,960
Dividends on preferred stock (1,987) (1,987) (7,950) (7,950)
------- ------- -------- --------
Net income available for common shareholders $11,901 $10,796 $40,493 $37,010
======= ======= ======= =======
Earnings per common share, basic $0.30 $0.27 $1.02 $0.94
===== ===== ===== =====
Earnings per common share, diluted $0.30 $0.26 $1.02 $0.94
===== ===== ===== =====
Weighted average common shares outstanding, basic 39,694 39,348 39,574 39,174
Weighted average common shares outstanding, diluted 40,662 40,456 40,638 40,080
Funds from Operations
Net income available for common shareholders $11,901 $10,796 $40,493 $37,010
Add: loss on sale of real estate --- --- 7,050 ---
Add: nonrecurring charge --- --- --- 4,665
Add: depreciation and amortization of real estate assets 11,539 11,563 45,388 41,792
Add: amortization of initial direct costs of leases 798 664 3,033 2,491
Add: income attributable to operating partnership units 279 (104) 831 578
------- ------- -------- --------
Funds from operations $24,517 $22,919 $96,795 $86,536
======= ======= ======= =======
Funds from operations per share, diluted $0.60 $0.57 $2.38 $2.16
===== ===== ===== =====
<CAPTION>
Decemeber 31, Decemeber 31,
BALANCE SHEET DATA 1999 1998
- ------------------ ---- ----
<S> <C> <C>
Assets
Real estate, at cost $1,721,459 $1,642,136
Accumulated depreciation and amortization (317,921) (286,053)
---------- ----------
1,403,538 1,356,083
Mortgage notes receivable 53,495 51,154
Cash and investments 11,738 17,230
Receivables 23,130 17,873
Other assests 42,147 41,977
---------- ----------
Total Assets $1,534,048 $1,484,317
========== ==========
Liabilities and Shareholders' Equity
Obligations under capital leases & mortgages payable $ 172,573 $ 173,480
Notes payable 162,768 263,159
Senior Notes 510,000 335,000
5 1/4% Convertible subordinated debentures 75,289 75,289
Other liabilities 111,591 107,442
Shareholders' Equity 501,827 529,947
---------- ----------
Total Liabilities and Shareholders' Equity $1,534,048 $1,484,317
========== ==========
</TABLE>
E-13
<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.
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.
E-14
