FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended March 31, 1997
Commission File Number 0-25230
FIRST WASHINGTON REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland 52-1879972
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification no.)
4350 East-West Highway, Suite 400, Bethesda, MD 20814
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (301) 907-7800
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
Common Stock, $.01 par value, outstanding as of May 12, 1997:
5,031,807 Shares of Common Stock
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
FORM 10-Q
INDEX
Part I: Financial Information Page
Item 1. Consolidated Balance Sheets as of
March 31, 1997 (unaudited) and
December 31, 1996 1
Consolidated Statements of Operations
(unaudited) for the three months
ended March 31, 1997 and 1996 2
Consolidated Statements of Cash Flows
(unaudited) for the three months
ended March 31, 1997 and 1996 3
Notes to Unaudited Consolidated Financial Statements 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations 8
Part II: Other Information
Item 2. Market for the Registrant's Common
Equity and Related Shareholders
Matters 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 12
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands except share data)
-----------
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
(unaudited)
ASSETS
<S> <C> <C>
Rental properties:
Land $ 70,115 $ 61,959
Buildings and improvements 285,942 252,276
--------- --------
356,057 314,235
Accumulated depreciation (32,503) (30,450)
--------- ---------
Rental properties, net 323,554 283,785
Cash and equivalents 1,457 11,780
Tenant receivables, net 5,353 4,639
Deferred financing costs, net 4,194 4,403
Other assets 7,802 9,006
---------- ----------
Total assets $342,360 $313,613
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage notes payable $190,904 $167,047
Debentures 25,000 25,000
Accounts payable and accrued expenses 9,014 6,328
---------- ----------
Total liabilities 224,918 198,375
Minority interest 18,627 16,661
Stockholders' equity:
Common stock $.01 par value, 90,000,000
shares authorized; 4,946,245 shares
issued and outstanding 49 49
Convertible preferred stock $.01 par
value, 3,750,000 shares designated;
2,314,189 issued and outstanding
(aggregate liquidation preference of
$57,855) 23 23
Additional paid-in capital 119,038 116,068
Accumulated distributions in excess
of earnings (20,295) (17,563)
---------- -----------
Total stockholders' equity 98,815 98,577
--------- ---------
Total liabilities and
stockholders' equity $342,360 $313,613
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
1
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share data)
(unaudited)
-------
<TABLE>
<CAPTION>
For three months ended
March 31,
1997 1996
<S> <C> <C>
Revenues:
Minimum rents $10,152 $7,098
Tenant reimbursements 2,123 1,555
Percentage rents 328 195
Other income 187 513
-------- --------
Total revenues 12,790 9,361
------- -------
Expenses:
Property operating and maintenance 3,574 2,541
General and administrative 858 586
Interest 4,372 3,315
Depreciation and amortization 2,461 1,736
------- -------
Total expenses 11,265 8,178
------- -------
Income before income from Management Company,
minority interest and distributions to
Preferred Stockholders 1,525 1,183
Income (loss) from Management Company 163 (23)
-------- -------
Income before minority interest and
distributions to Preferred Stockholders 1,688 1,160
Income allocated to minority interest (257) (172)
-------- ---------
Income before distributions to Preferred
Stockholders 1,431 988
Distributions to Preferred Stockholders (1,410) (1,410)
------- -------
Net Income (loss) allocated to common stockholders $21 $(422)
======== =========
Net Income (loss) per Common Share $0.00 ($0.13)
======== =========
Weighted average shares of Common Stock,
in thousands 4,946 3,191
======== =========
Distributions per share $0.4875 $0.4875
======= =======
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
2
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
--------
<TABLE>
<CAPTION>
For the three months ended
March 31,
1997 1996
<S> <C> <C>
Operating activities:
Income before distributions
to Preferred Stockholders $1,431 $988
Adjustment to reconcile net
cash provided by operating activities:
Income allocated to minority interest 257 172
Depreciation and amortization 2,461 1,736
Amortization of deferred financing
costs and loan discounts 455 561
Equity in earnings of Management
Company (43) 143
Compensation paid or payable in
company stock 560 333
Provision for uncollectible accounts 520 (8)
Recognition of deferred rent (294) (209)
Gain on sale of rental property (45) -
Net changes in:
Tenant receivables (940) (714)
Other assets 1,274 (713)
Account payable and accrued
expenses 2,125 (3)
--------- -------
Net cash provided by
operating activities 7,761 2,286
--------- ---------
Investing activities:
Additions to rental properties (4,371) (885)
Acquisition of rental properties (17,101) (28,201)
Proceeds from sale of rental property 1,172 -
--------- -----------
Net cash used in
investing activities (20,300) (29,086)
-------- --------
Financing activities:
Proceeds from line of credit 17,100 1,000
Proceeds from mortgage notes 1,443 24,281
Repayment on mortgage notes (11,564) (270)
Additions to deferred financing costs (343) (511)
Distributions paid to Preferred
Stockholders (1,410) (1,410)
Distributions paid to Common Stockholders (2,411) (1,555)
Distributions paid to minority interest (599) (421)
---------- --------
Net cash provided by
financing activities 2,216 21,114
---------- ---------
Net decrease in cash and equivalents (10,323) (5,686)
Cash and equivalents, beginning of period 11,780 7,806
------------ ----------
Cash and equivalents, end of period $1,457 $2,120
=========== ==========
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
3
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except share data)
---------
1. Business
General
First Washington Realty Trust, Inc. (the "Company") is a fully
integrated real estate organization with expertise in acquisitions,
property management, leasing, renovation and development of principally
supermarket-anchored neighborhood shopping centers. The Company owns a
portfolio of 39 retail properties containing a total of approximately
4.1 million square feet of gross leasable area and two related
multifamily properties located in the Mid-Atlantic region.
The Company, incorporated in Maryland in April 1994, is
self-managed and self-administered and has elected to be taxed as a
real estate investment trust ("REIT") under the Internal Revenue Code
of 1986, as amended (the "Code").
The Company currently owns approximately 83.8% of the
partnership interests in First Washington Realty Limited Partnership
(the "Operating Partnership"). All of the Company's operations are
conducted through the Operating Partnership. The Operating Partnership
owns 27 Properties directly and 14 Properties are owned by lower tier
partnerships or limited liability companies in which the Operating
Partnership owns a 99% partnership interest and the Company (or a
wholly-owned subsidiary of the Company) owns a 1% partnership interest.
Due to the Company's ability, as the general partner, to
exercise both financial and operational control over the Operating
Partnership, the Operating Partnership is consolidated for financial
reporting purposes. Allocation of net income to the limited partners of
the Operating Partnership is based on their respective partnership
interests and is reflected in the accompanying Consolidated Financial
Statements as minority interests. Losses allocable to the limited
partners in excess of their basis are allocated to the Common
Stockholders as the limited partners have no requirement to fund
losses.
The Operating Partnership also owns 100% of the non-voting
Preferred Stock of First Washington Management, Inc. ("FWM") and is
entitled to 99% of the cash flow from FWM. FWM provides management,
leasing and related services for the Properties. In addition to the
Properties, FWM provides management, leasing and related services to
third-party clients, including individual, institutional and corporate
property owners. FWM is also referred to herein as the "Management
Company".
2. Summary of Significant Accounting Policies
Basis of Presentation
The unaudited interim consolidated financial statements of the
Company are prepared pursuant to the Securities and Exchange
Commission's rules and regulations for reporting on Form 10-Q and
should be read in conjunction with the financial statement and the
notes thereto of the Company's 1996 Annual Report to Stockholders.
Accordingly, certain disclosures accompanying annual financial
statements prepared in accordance with generally accepted accounting
principles are omitted. In the opinion of management, all adjustments,
consisting solely of normal recurring adjustments, necessary for fair
presentation of the consolidated financial statements for the interim
periods have been included. The current period's results of operations
are not necessarily indicative of results which ultimately may be
achieved for the year.
4
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except share data)
---------
The consolidated financial statements include the accounts of
the Company and its majority owned partnerships, including the
Operating Partnership. All significant intercompany balances and
transactions have been eliminated.
Income/Loss per Share
Income/loss per share is calculated by dividing income after
minority interest, less preferred distributions by the weighted average
number of common shares outstanding during the three months ended March
31, 1997 and 1996 respectively. The weighted average number of common
shares outstanding during three months ended March 31, 1997 and 1996
were 4,946,000 and 3,191,000, respectively. Potentially dilutive items
i.e. the exercise of outstanding stock options and the conversion of
Convertible Preferred Stock, Operating Partnership Units and
Exchangeable Debentures would not have a material dilutive effect.
Recent Accounting Pronouncements
Effective for the Company's fiscal year ending December 31,
1997, the Company will be required to adopt Statement of Financial
Accounting Standards No. 128, "Earnings per Share." The potential
impact on the Company of adopting the new standard has not been
quantified at this time. The Company intends to adopt the statement in
the fourth quarter of 1997.
3. Acquisition of Rental Properties
On January 24, 1997, the Company acquired City Line Shopping
Center, located in Philadelphia, Pennsylvania for an approximate price
of $14.8 million. The shopping center is anchored by Acme Market and
Thrift Drugs. The acquisition was financed through the issuance of
approximately 143,000 Common Units to the seller of the property with a
value of approximately $3.4 million, assumed mortgage indebtedness of
approximately $10.0 million, new indebtedness of $1.0 million and $0.4
million in cash. The mortgage loan bears interest at 8.00% per annum
and is payable monthly based on a 24 year amortization schedule. The
loan is due in October 2005.
On January 28, 1997, the Company acquired Four Mile Fork
Shopping Center located in Fredericksburg, Virginia for an approximate
price of $5.7 million. The center is anchored by Safeway and
CVS/Pharmacy. The acquisition was financed with proceeds of the
December 1996 Offering.
On January 31, 1997, the Company acquired Shoppes of Graylyn
located in Wilmington, Delaware. The price of the property was $7.2
million. The center is anchored by Rite Aid. The acquisition was
financed by a $3.8 million draw on the Company's line of credit, $.4
million from the proceeds of the sale of Thieves Market and $3.0
million in cash from the proceeds of the December 1996 Offering.
On March 19, 1997 (effective March 1, 1997), the Company
acquired Ashburn Farms Village Center located in Ashburn, Virginia for
an approximate price of $9.2 million. The center is anchored by
Superfresh Supermarket. The acquisition was financed with mortgage debt
of $6.8 million, the issuance of approximately 55,000 Common Units to
the seller of the property with a value of approximately $1.2 million,
the issuance of approximately 9,500 Preferred Units to the seller of
the property with a value of approximately $0.2 million and
approximately $1.0 million in cash. The mortgage loan bears interest at
LIBOR + 1.5% per annum and has an annual amortization of approximately
$.1 million. The loan is due in January 2001.
5
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except share data)
---------
The following unaudited pro forma condensed combined results
of operations are presented as if the acquisitions of the rental
properties occurred on January 1 of the period presented. In preparing
the pro forma data, adjustments have been made to assume that the
December 1996 Offering occurred on January 1, of the periods presented.
The proforma statements are provided for information purposes only.
They are based on historical information and do not necessarily reflect
the actual results that would have occurred nor are they necessarily
indicative of future results of operations of the Company.
<TABLE>
<CAPTION>
For the three months For the year
ended March 31, ended
1997 1996 Dec. 31, 1996
---- ---- -------------
<S> <C> <C> <C>
Total revenues $12,790 $12,130 $49,679
Expenses:
Property operating and maintenance 3,574 3,263 12,562
General and administrative 858 586 3,137
Interest 4,372 4,366 18,152
Depreciation and amortization 2,461 2,281 9,704
------ ------ -------
11,265 10,496 43,555
------ ------ ------
Income before income from Management
Company, minority interest and
distributions to Preferred Stockholders 1,525 1,634 6,124
Income from Management Company 163 (23) 221
------ -------- ------
Income before minority interest and
distributions to Preferred Stockholders 1,688 1,611 6,345
Income allocated to minority interest (257) (251) (990)
-------- -------- -----
Income before distributions to
Preferred Stockholders 1,431 1,360 5,355
Distributions to Preferred Stockholders (1,410) (1,410) (5,641)
------- ------- -------
Net Income (loss) allocated to
Common Stockholders $21 $(50) (286)
======= ======= ========
Net Income (loss) per common share $(0.00) $(0.01) $(0.06)
======= ======= =======
</TABLE>
4. Summary of Noncash Investing and Financing Activities
Significant noncash transactions for the three months ended March 31,
1997 and 1996 and were as follows:
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Liabilities assumed in acquisition
of rental properties $16,843 -
Common units in the Operating
Partnership issued in connection
with the acquisition of rental properties $4,660 $5,646
Preferred units in the Operating
Partnership issued in connection with
the acquisition of rental properties $277 $1,679
Increase in minority interest's ownership
of the Operating Partnership $1,709 $2,333
</TABLE>
The above information supplements the disclosures required by Statement
of Financial Accounting Standards No. 95 - "Statement of Cash Flows."
6
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except share data)
---------
5. Commitments & Contingencies
On March 28, 1997, the Company entered into a non-binding
letter of intent with respect to the possible acquisition of a
portfolio of up to seven supermarket-anchored neighborhood shopping
centers outside of the Mid-Atlantic region. The total consideration for
all seven of the properties would be approximately $82 million. The
Company has only recently begun its due diligence with respect to these
properties. In addition to completion of satisfactory due diligence and
entering into a binding acquisition agreement, there are other
significant contingencies with respect to the potential consummation of
this acquisition.
6. Subsequent Events
On April 17, 1997 the Board of Directors declared a
distribution of $0.4875 and $.6094 per share of Common Stock and
Preferred Stock, respectively to shareholders of record as of May 1,
1997, payable on May 15, 1997.
On April 17, 1997, the Company's Registration Statement on
Form S-3, which provides for the offering from time-to-time of $175
million of securities was declared effective.
On May 9, 1997, 85,562 common shares of stock were issued to a
current shareholder. The Company received proceeds of approximately
$2.0 million which it used to pay down a portion of its outstanding
line of credit.
7
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation
Overview
The following discussion should be read in conjunction with the
"Selected Consolidated Financial Information" and the Financial Statements and
notes thereto of the Company appearing elsewhere in this Form 10-Q.
Comparison of the three months ended March 31, 1997 to the three months ended
March 31, 1996
For the three months ended March 31, 1997, the net income allocated to
common stockholders increased by $433,000 from a net loss of $422,000 to net
income of $21,000, when compared to the three months ended March 31, 1996,
primarily due to an increase in revenues off set by an increase in expenses and
an increase in the amount of income allocated to minority interests.
Total revenues increased by $3,429,000 or 36.6%, from 9,361,000 to
12,790,000, due primarily to an increase in minimum rents of $3,054,000 and
tenant reimbursements of $568,000. The increases were primarily due to the
purchase of Centre Ridge Marketplace on March 29, 1996, Takoma Park Shopping
Center on April 29, 1996, Southside Marketplace on June 7, 1996, Kings Park
Shopping Center on December 19, 1996, Newtown Square Shopping Center on December
27, 1996 and Northway Shopping Center on December 30, 1996 (the "1996
Acquisitions"), City Line Shopping Center on January 24, 1997, Four Mile Fork
Shopping Center on January 28, 1997, Shoppes of Graylyn on January 31, 1997 and
Ashburn Farm Village Shopping Center on March 19, 1997 (the "1997
Acquisitions").
Property operating and maintenance expense increased by $1,033,000, or
40.7%, from $2,541,000 to $3,574,000, due primarily to the 1996 and 1997
Acquisitions. General and administrative expenses increased by $272,000 or
46.4%, due primarily to an increase in the amount of compensation paid or
payable in Company stock.
Interest expense increased by $1,057,000, or 31.9%, from $3,315,000 to
$4,372,000, due primarily to the increase mortgage indebtedness associated with
the 1996 and 1997 Acquisitions. The average debt outstanding increased from
$153.7 million for 1996 to $204.0 million for 1997. The weighted average
interest rate was 8.6% in 1996 and 1997.
Depreciation and amortization expenses increased by $725,000, or 41.8%,
from $1,736,000 to $2,461,000, primarily due to the 1996 and 1997 Acquisitions.
Income allocated to minority interests increased by $85,000 from an
income allocation of $172,000 to an income allocation of $257,000 due to an
increase in net income and an increase in the minority interests ownership of
the Operating Partnership.
Liquidity and Capital Resources
Indebtedness
As of March 31, 1997, the Company had total indebtedness of
approximately $215.9 million (including $25.0 million of debentures and
approximately $190.9 million of mortgages and lines of credit). The mortgage
indebtedness consisted of approximately $183.8 million in indebtedness
collateralized by 39 of the Properties and tax-exempt bond financing obligations
issued by the Philadelphia Authority for Industrial Development (the "Bond
Obligations") of approximately $7.1 million collateralized by one of the
properties. Of the Company's mortgage indebtedness, $35.6 million (18.6%) is
variable rate indebtedness, and $155.3 million (81.4%) is at a fixed rate. This
indebtedness has
8
<PAGE>
interest rates ranging from 5.0% to 10.125%, with a weighted average interest
rate (excluding the Bond Obligations) of 7.7%, and will mature between 1998 and
2021. A large portion of the Company's indebtedness will become due by 2000,
requiring payments of $4.1 million in 1998, $87.4 million in 1999, and $33.5
million in 2000. From 1998 through 2021, the Company will have to refinance an
aggregate of approximately $215.1 million. Since the Company anticipates that
only a small portion of the principal of such indebtedness will be repaid prior
to maturity and the Company will likely not have sufficient funds on hand to
repay such indebtedness, the Company will need to refinance such indebtedness
through modification or extension of existing indebtedness, additional debt
financing or through an additional offering of equity securities.
The Company currently has three collateralized revolving lines of
credit (the "Lines of Credit") totaling approximately $39 million. The Company
has a collateralized revolving line of credit of up to $5.8 million from First
Union Bank. Loans under the line of credit will bear interest at LIBOR plus two
percent (2%) per annum, and will mature on June 30, 1998. Loans under the line
of credit will be collateralized by a first mortgage lien on Brafferton Shopping
Center. The Company has an additional collateralized revolving line of credit of
approximately $8.25 million with Mellon Bank. This line is collateralized by
Kenhorst Plaza and expires March 29, 1998. Loans under this line will bear
interest at LIBOR plus two percent (2%). On January 31, 1997, the Company closed
a $25 million line of credit with Corestates Bank. The line is collateralized by
Shoppes of Graylyn, Newtown Square, Four Mile Fork and Centre Ridge Marketplace,
bears interest at LIBOR plus 1.50% and expires January 31, 2000. As of March 31,
1997, $17.1 was outstanding under the lines of credit.
The Company expects to meet its short-term liquidity requirements
generally through its working capital, net cash provided by operations and draws
on the Lines of Credit. The Company believes that the foregoing sources of
liquidity will be sufficient to fund liquidity needs through 1997.
The Company expects to meet certain long-term liquidity requirements
such as development, property acquisitions, scheduled debt maturities,
renovations, expansions and other non-recurring capital improvements through
long-term secured and unsecured indebtedness, including the Lines of Credit and
the issuance of additional equity securities. The Company also expects to use
funds available under the Lines of Credit to fund acquisitions, development
activities and capital improvements on an interim basis.
During 1999, $88.2 million of the Company's indebtedness becomes due,
including the $25.0 million Exchangeable Debentures. The Company believes that
it will be able to retire this debt through either a refinancing of the debt
using the properties as collateral, an equity offering or a combination of both.
The Company currently believes that the loan-to-values on the properties are at
a level that will enable the Company to fully refinance the loans without an
additional requirement for capital.
The Company has elected to qualify as a REIT for federal income tax
purposes commencing with its tax year ended December 31, 1994. To qualify as a
REIT, the Company is required, among other items, to pay distributions to its
shareholders of at least 95% of its taxable income. The Company intends to make
quarterly distributions to its shareholders from operating cash flow.
9
<PAGE>
Part II
OTHER INFORMATION
Item 2. Recent Sales of Unregistered Equity Securities
(a) Securities Sold
The following table sets forth the date of sale, title and
amount of unregistered securities sold by the Company since
December 31, 1996:
Date of Sale Title Amount
01/24/97 Common Units 143,385 units
03/19/97 Common Units 55,335 units
03/19/97 Preferred Units 9,538 units
(b) Underwriters and other purchasers
i. January 24, 1997 Sales. Underwriters were not retained
in connection with the sale of these securities. These
units were sold to the seller of City Line Shopping
Center, an "accredited investor".
ii. March 19, 1997 Sales. Underwriters were not retained
in connection with the sale of these
securities. These units were sold to the seller of
Ashburn Farm Village Shopping Center, an
"accredited investor".
(c) Consideration
i. January 24, 1997 Sales. These units were issued in
exchange for property having a value of approximately
$4.8 million, net of assumed indebtedness. There were
no underwriting discounts or commissions with respect
to such securities.
ii. March 19, 1997 Sales. These units were issued in
exchange for property having a value of approximately
$3.8 million, net of assumed indebtedness. There were
no underwriting discounts or commissions with respect
to such securities.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
3.1 Articles of Incorporation of the Company (1)
3.2 Bylaws of the Company (3)
10.40 Revolving Credit Loan Agreement dated January 31, 1997 between
Corestates Bank, N.A. and First Washington Realty Limited
Partnership. (1)
10
<PAGE>
10.41 Contribution Agreement dated March 19, 1997, by and between
Ashburn Farms Village Center, L.L.C.
and First Washington Limited Partnership. (1)
21.1 List of Subsidiaries (1)
27 Financial Data Schedule (2)
- -----------------------------------------------------------------------
(1) Incorporated herein by reference from the Company's Form
10-K for the year ended December 31, 1996.
(2) Filed herewith.
(3) Incorporated herein by reference from the Company's Registration
Statement on Form S-11 (No. 33-83960).
(b) A form 8-K was filed on February 13, 1997 reporting the
consummation of the acquisition of six retail properties.
11
<PAGE>
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 thereunto duly authorized.
FIRST WASHINGTON REALTY TRUST, INC.
Date: May 13, 1997 /s/ William J. Wolfe
------------------------------
By: William J. Wolfe
President and
Chief Executive Officer
Date: May 13, 1997 /s/ James G. Blumenthal
---------------------------------
By: James G. Blumenthal
Executive Vice President and
Chief Financial Officer
12
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,457
<SECURITIES> 0
<RECEIVABLES> 5,353
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 356,057
<DEPRECIATION> 32,503
<TOTAL-ASSETS> 342,360
<CURRENT-LIABILITIES> 0
<BONDS> 215,904
0
23
<COMMON> 49
<OTHER-SE> 98,743
<TOTAL-LIABILITY-AND-EQUITY> 342,360
<SALES> 0
<TOTAL-REVENUES> 12,790
<CGS> 0
<TOTAL-COSTS> 3,574
<OTHER-EXPENSES> 3,319
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,372
<INCOME-PRETAX> 21
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 21
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
