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) June 30, 1998
First Washington Realty Trust, Inc.
___________________________________
(Exact name of registrant as specified in its charter)
Maryland 0-25230 52-1879972
____________________________ _____________ ___________________
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4350 East-West Highway, Suite 400, Bethesda, Maryland 20814
_____________________________________________________ _____
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: 301-907-7800
____________
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
________________________________________________________________
SUPPLEMENTAL FINANCIAL INFORMATION
FOR THE QUARTER ENDED JUNE 30, 1998
TABLE OF CONTENTS
PRESS RELEASE..........................................................1
BALANCE SHEET..........................................................3
STATEMENT OF OPERATIONS................................................4
QUARTERLY HISTORY OF NET INCOME AND FFO................................5
KEY STATISTICS.........................................................6
FUNDS FROM OPERATIONS AND CAPITAL EXPENDITURES RECONCILIATIONS.........7
ANALYSIS OF OUTSTANDING DEBT...........................................8
CAPITALIZATION TABLE..................................................10
RECENT ACQUISITIONS...................................................11
PROPERTY TABLE........................................................12
TENANT INFORMATION....................................................14
LEASE EXPIRATION TABLE................................................15
INVESTOR INFORMATION..................................................16
________________________________________________________________
4350 East-West Highway, Suite 400
Bethesda, Maryland 20814
301-907-7800
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
ANNOUNCES
SECOND QUARTER OPERATING RESULTS
REIT Continues to Post Sharp Increases in Earnings
BETHESDA, MD, July 27, 1998 -- First Washington Realty Trust, Inc. (NYSE:
FRW; FRW Pr) today announced second quarter operating results.
For the quarter ended June 30, 1998, funds from operations (FFO), a
standard measure of operating performance for real estate investment trusts, on
a fully converted basis, increased 50.0% to $8.1 million as compared to $5.4
million for the second quarter of 1997. On a per share basis, FFO increased
10.0% to $0.55 as compared to $0.50 for the same period last year. Total
revenues for the second quarter increased 40.3% to $18.1 million as compared to
$12.9 million for the second quarter of 1997. Net income for the second quarter,
on a fully converted basis, increased 43.2% to $13.6 million, or $0.29 per
share, from $9.5 million, or $0.17 per share, for the same period last year.
In addition, for the first six months of 1998, the Company reported
substantial increases over the same period in 1997 in its overall financial
performance: FFO increased 46.7% to $15.7 million from $10.7 million; total
revenues increased 38.1% to $34.8 million from $25.2 million; and net income, on
a fully converted basis, increased 175.8% to $9.1 million ($0.68 per share) from
$3.3 million ($0.35 per share).
Stuart D. Halpert, Chairman, commented: "The sharp increases in earnings
and revenues result from continued strength in the Company's operating
performance, including a high level of occupancy and an increase in rental rates
throughout our portfolio, the completion of a number of renovations and
expansions to our existing properties, and the acquisition of several new
shopping centers over the last 18 months. We are particularly pleased with the
soundness of our portfolio and our sustained growth in earnings." Since January
1, 1997, First Washington has acquired 14 new neighborhood shopping centers for
a total investment of over $150 million. As of June 30, 1998, First Washington's
portfolio was 96% occupied.
The Board of Directors has declared a quarterly distribution of $0.6094 per
share for the preferred shareholders for the period May 16, 1998, through August
15, 1998, and a quarterly distribution of $0.4875 per share to common
shareholders. The distributions are payable on August 15, 1998, to shareholders
of record as of August 1, 1998.
First Washington Realty Trust, Inc. is a publicly-traded real estate
investment trust which owns and operates 52 investment properties. The common
stock of the Company is listed on the NYSE under the symbol "FRW". The Company
plans to continue its strategy to selectively acquire principally supermarket-
anchored neighborhood shopping centers throughout the Mid-Atlantic states, as
well as in other metropolitan markets which the Company determines to be both
attractive and conveniently accessible.
Contact: Stuart D. Halpert, Chairman - 301/907-7800
William J. Wolfe, President and CEO - 301/907-7800
James G. Blumenthal, Chief Financial Officer - 301/907-7800
TABLE FOLLOWS
<PAGE>
FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
<TABLE>
Three Months Ended
June 30,
___________________
<S> <C> <C>
Operating Results 1998 1997
------ -------
Funds from operations:
Net income before distributions and minority interest $3,940 1,617
Add: Depreciation of real estate assets 3,493 2,552
Add: Amortization of leasing costs 163 104
Add: Compensation paid in company stock - 579
Add: Loss on early extinguishment of debt 0 0
Less:Gain on sale of property 0 0
Add: Conversion of exchangeable debentures 515 515
------ -------
Funds From Operations (1) $8,111 $5,367
====== =======
Weighted average shares outstanding (1) 14,774 10,762
Dilutive effect of stock options 83 69
------ -------
Weighted average shares outstanding - Diluted (1) 14,857 10,831
====== =======
FFO per share - Diluted $0.55 $0.50
====== =======
Revenues:
Minimum rents $14,054 $10,275
Tenant reimbursements 3,399 2,108
Percentage rents 359 245
Other income 300 260
------ -------
Total revenues 18,112 12,888
------ -------
Expenses:
Property operating and maintenance 4,441 2,913
General and administrative 1,015 1,282
Interest 5,120 4,556
Depreciation and amortization 3,656 2,656
------ -------
Total expenses 14,232 11,407
------ -------
Income before income from Management Company 3,880 1,481
Gain on sale of property 0 0
Income from Management Company 60 136
------ -------
Net income before extraordinary item $3,940 $1,617
Extraordinary item-loss on early extinguishment of debt 0 0
------ -------
Net income before distributions and minority interest (2) $3,940 $1,617
====== =======
Weighted average shares outstanding (2) 13,492 9,480
Dilutive effect of stock options 83 69
------ -------
Weighted average shares outstanding - Diluted (2) 13,575 9,549
====== =======
Net income per share- Diluted (2) $0.29 $0.17
====== =======
</TABLE>
(1) Assumes that all outstanding operating partnership units , all outstanding
preferred stock, and the exchangeable debentures have been converted to common
stock equivalents.
(2) Assumes that all outstanding operating partnership units and preferred stock
have been converted to common stock equivalents.
# # #
FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
<TABLE>
Six Months Ended
June 30,
___________________
<S> <C> <C>
Operating Results 1998 1997
------ -------
Funds from operations:
Net income before distributions and minority interest $ 9,089 $ 3,305
Add: Depreciation of real estate assets 6,625 4,908
Add: Amortization of leasing costs 296 209
Add: Compensation paid in company stock - 1,119
Add: Loss on early extinguishment of debt 358 134
Less:Gain on sale of property (1,683) (45)
Add: Conversion of exchangeable debentures 1,030 1,030
------ -------
Funds From Operations (1) $15,715 $10,660
====== =======
Weighted average shares outstanding (1) 14,609 10,721
Dilutive effect of stock options 91 60
------ -------
Weighted average shares outstanding - Diluted (1) 14,700 10,781
====== =======
FFO per share - Diluted $1.08 $0.99
====== =======
Revenues:
Minimum rents $26,982 $19,907
Tenant reimbursements 6,487 4,231
Percentage rents 755 573
Other income 528 536
------ -------
Total revenues 34,752 25,247
------ -------
Expenses:
Property operating and maintenance 8,584 5,967
General and administrative 1,852 2,140
Interest 9,971 8,928
Depreciation and amortization 6,921 5,117
------ -------
Total expenses 27,328 22,152
------ -------
Income before income from Management Company 7,424 3,095
Gain on sale of property 1,683 45
Income from Management Company 340 299
------ -------
Net income before extraordinary item 9,447 3,439
Extraordinary item-loss on early extinguishment of debt (358) (134)
------ -------
Net income before distributions and minority interest (2) $9,089 $3,305
====== =======
Weighted average shares outstanding (2) 13,327 9,439
Dilutive effect of stock options 91 60
------ -------
Weighted average shares outstanding - Diluted (2) 13,418 9,499
====== =======
Net income per share- Diluted (2) $0.68 $0.35
====== =======
</TABLE>
(1) Assumes that all outstanding operating partnership units , all outstanding
preferred stock, and the exchangeable debentures have been converted to common
stock equivalents.
(2) Assumes that all outstanding operating partnership units and preferred stock
have been converted to common stock equivalents.
# # #
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share data)
<TABLE>
<S> <C> <C>
June 30, DECEMBER 31,
1998 1997
ASSETS
Real Estate
Land $99,719 $89,042
Building and improvements 407,635 367,756
_______ _______
507,354 456,798
Accumulated depreciation (44,626) (40,839)
_______ _______
Rental properties, net 462,728 415,959
Cash and equivalents 5,187 3,142
Tenant receivables, net 7,576 7,274
Deferred financing costs, net 2,519 2,734
Other assets 10,081 10,032
________ ________
Total assets $488,091 $439,141
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage notes payable $243,426 $212,030
Exchangeable Debentures 25,000 25,000
Accounts payable and accrued expenses 9,014 10,914
_______ _______
Total liabilities 277,440 247,944
Minority interest 50,478 38,255
Stockholder's Equity:
Convertible preferred stock $.01 par value,
3,800,000 shares designated; 2,314,189
shares issued and outstanding 23 23
Common stock $.01 par value, 90,000,000
shares authorized; 7,405,179 and 7,291,732
shares issued and outstanding 73 72
Additional paid-in capital 189,473 179,356
Accumulated distributions in excess of
earnings (29,396) (26,509)
_______ _______
Total stockholders' equity 160,173 152,942
_______ _______
Total liabilities and
stockholders' equity $488,091 $439,141
======== ========
</TABLE>
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share data)
<TABLE>
<S> <C> <C> <C> <C>
For three months ended Year Ended
June 30, % December 31,
1998 1997 Change 1997
______________________ _______ ____________
Revenues:
Minimum rents $14,054 $10,275 36.8% $43,857
Tenant reimbursements 3,399 2,108 61.2% 9,506
Percentage rents 359 245 46.5% 1,060
Other income 300 260 (15.3%) 1,211
_______ ______ _______ ________
Total revenues 18,112 $12,888 40.5% 55,634
_______ ______ _______ ________
Expenses:
Property operating
and maintenance 4,441 2,913 52.5% 13,522
General and administrative 1,015 1,282 (20.8%) 3,363
Interest 5,120 4,556 12.4% 18,416
Depreciation and amortization 3,656 2,656 37.7% 11,172
_______ ______ _______ ________
Total expenses 14,232 11,407 24.8% 46,473
_______ ______ _______ ________
Income before gain on sale of
properties,income from
Management Company,
extraordinary item,
minority interest and
distributions to
Preferred Stockholders 3,880 1,481 162.0% 9,161
Gain on sale of properties 0 0 0.0% 549
Income from Management Company 60 136 (55.9%) 433
_______ ______ _______ ________
Income before extraordinary item,
minority interest
and distributions to
Preferred Stockholders 3,940 1,617 143.7% 10,143
Extraordinary item - Loss on early
extinguishment of debt 0 0 0.0% (954)
_______ ______ _______ ________
Income before minority interest and
distributions to
Preferrred Stockholders 3,940 1,617 143.7% 9,189
Income allocated to minority interest (887) (242) 266.5% (1,579)
_______ ______ _______ ________
Income before distributions to
preferred stockholders 3,053 1,375 122.0% 7,610
Distributions to preferred
stockholders (1,410) (1,410) 0.0% (5,641)
_______ ______ _______ ________
Income allocated to common
stockholders $1,643 ($35) NM 1,969
======= ====== ======= ========
Net Income per Common
Share - Basic $0.22 ($0.01) NM $0.35
======= ====== ======= ========
Net Income per Common
Share - Diluted $0.22 ($0.01) NM $0.34
======= ====== ======= ========
Shares of Common Stock, in
thousands - Basic 7,405 4,989 48.4% 5,663
======= ====== ======= ========
Shares of Common Stock, in
thousands - Diluted 7,488 5,058 48.0% 5,730
======= ====== ======= ========
Distributions per share $0.4875 $0.4875 0.0% $1.9500
======= ====== ======= ========
</TABLE>
<PAGE>
FIRST WASHINGTON REALTY TRUST
QUARTERLY HISTORY OF NET INCOME AND FFO
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
1998
YTD
Actual 1st QTR 2nd QTR 3rd QTR 4th QTR Total
Revenues:
________
Minimum rents $26,982 $12,928 $14,054 $ 0 $ 0 $26,982
Tenant reimbursements 6,487 3,088 3,399 0 0 6,487
Percentage rents 755 396 359 0 0 755
Other rents 528 228 300 0 0 528
_______ _______ _______ _______ ______ ________
Total revenues 34,752 16,640 18,112 0 0 34,752
_______ _______ _______ _______ ______ ________
Expenses:
________
Property operating and
maintenance 8,584 4,143 4,441 0 0 8,584
General and administrative 1,852 837 1,015 0 0 1,852
Interest 9,971 4,851 5,120 0 0 9,971
Depreciation of real
estate assets 6,625 3,132 3,493 0 0 6,625
Amortization of leasing
costs 296 133 163 0 0 296
_______ _______ _______ _______ ______ ________
Total expenses 27,328 13,095 14,233 0 0 27,328
_______ _______ _______ _______ ______ ________
Income before income from
Management Company 7,424 3,545 3,879 0 0 7,424
Gain on sale of property 1,683 1,683 0 0 0 1,683
Income from Management
Company 340 280 60 0 0 340
_______ _______ _______ _______ ______ ________
Net income before
extraordinary item 9,447 5,508 3,939 0 0 9,447
Extraordinary item-loss
on early extinguishment
of debt (358) (358) 0 0 0 (358)
_______ _______ _______ _______ ______ ________
Net income before
distributions and
minority interest (2) $ 9,089 $5,150 $3,939 $ 0 $ 0 $ 9,089
======= ======== ======= ======= ======= =========
Weighted Average Shares
O/S - Basic 13,327 13,097 13,492 0 0 13,327
Stock Options 91 101 83 0 0 91
_______ _______ _______ _______ ______ ________
Weighted Average Shares
O/S - Dilutive 13,418 13,198 13,574 0 0 13,419
======= ======== ======== ======= ====== ========
Net income per
share - Basic $ 0.68 $ 0.39 $ 0.29 $ 0.00 $ 0.00 $ 0.68
======= ======== ======== ======= ====== ========
Net income per
share - Diluted $ 0.68 $ 0.39 $ 0.29 $ 0.00 $ 0.00 $ 0.68
======= ======== ======== ======= ====== ========
FUNDS FROM OPERATIONS
RECONCILIATION:
_____________________
Net income (loss) before
distribution and
minority interest $ 9,089 $ 5,150 $3,939 $ 0 $ 0 $ 9,089
Add: Depreciation and
amortization 6,921 3,265 3,656 0 0 6,921
Add: Compensation paid
in company stock 0 0 0 0 0 0
Add: Loss on early
extinguishment of debt 358 358 0 0 0 358
Less: Gain on sale of
property (1,683) (1,683) 0 0 0 (1,683)
_______ _______ _______ _______ ______ ________
Funds from operations -
Basic $14,685 $ 7,090 $7,596 $ 0 $ 0 $14,685
======= ======= ====== ======== ====== ========
Conversion of Debentures 1,030 515 515 0 0 1,030
Funds from operations -
Diluted $15,715 $ 7,605 $8,111 $ 0 $ 0 $15,715
======= ======= ====== ======== ====== ========
Weighted Average Shares
O/S - Basic 13,097 13,097 13,942 0 0 13,097
Conversion of Debentures 1,282 1,282 1,282 1,282 1,282 1,282
Stock Options 83 101 83 0 0 101
_______ _______ _______ _______ ______ ________
Weighted Average Shares
O/S - Diluted 14,462 14,480 14,857 1,282 1,282 14,480
======= ======= ======= ======= ====== ========
FFO/SHARE - BASIC $ 1.12 $ 0.54 $ 0.56 $ 0.00 $ 0.00 $ 1.12
======= ======= ======= ======= ====== ========
FFO/SHARE - DILUTED $ 1.09 $ 0.53 $ 0.55 $ 0.00 $ 0.00 $ 1.12
======= ======= ======= ======= ====== ========
RATIOS:
______
TR's as a % of O&M 75.6% 74.5% 76.5%
Property O&M as a % of
Revenues 24.7% 24.9% 24.5%
G&A as a % of revenues 5.3% 5.0% 5.6%
Total Expenses as a% of
Revenues 30.0% 29.9% 30.1%
EBITDA/Revenues
(excluding Management
Company income) 70.0% 70.1% 69.9%
EBITDA/Interest expense 2.5 2.5 2.5
FFO/Revenues
(excluding Management
Company income) 44.2% 44.0% 44.4%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
1997
YTD
Actual 1st QTR 2nd QTR 3rd QTR 4th QTR Total
Revenues:
________
Minimum rents $43,857 $ 9,632 $10,275 $10,984 $12,966 $43,857
Tenant reimbursements 9,506 2,123 2,108 2,499 2,776 9,506
Percentage rents 1,060 328 245 263 224 1,060
Other rents 1,211 276 260 325 350 1,211
_______ _______ _______ _______ ______ ________
Total revenues 55,634 12,359 12,888 14,071 16,316 55,634
_______ _______ _______ _______ ______ ________
Expenses:
________
Property operating and
maintenance 13,522 3,054 2,913 3,452 4,103 13,522
General and administrative 3,363 858 1,282 611 612 3,363
Interest 18,416 4,372 4,556 4,747 4,741 18,416
Depreciation of real
estate assets 10,719 2,356 2,552 2,750 3,061 10,719
Amortization of leasing
costs 453 105 104 119 125 453
_______ _______ _______ _______ ______ ________
Total expenses 46,473 10,745 11,407 11,679 12,642 46,473
_______ _______ _______ _______ ______ ________
Income before income from
Management Company 9,161 1,614 1,481 2,392 3,674 9,161
Gain on sale of property 549 45 0 45 459 549
Income from Management
Company 433 163 136 77 57 433
_______ _______ _______ _______ ______ ________
Net income before
extraordinary item 10,143 1,822 1,617 2,514 4,190 10,143
Extraordinary item-loss
on early extinguishment
of debt (954) (134) 0 (561) (259) (954)
_______ _______ _______ _______ ______ ________
Net income before
distributions and
minority interest (2) $ 9,189 $1,688 $1,617 $ 1,953 $ 3,931 $ 9,189
======= ======== ======= ======= ======= =========
Weighted Average Shares
O/S - Basic 10,474 9,400 9,480 10,144 12,840 10,474
Stock Options 67 51 69 75 101 67
_______ _______ _______ _______ ______ ________
Weighted Average Shares
O/S - Dilutive 10,541 9,451 9,549 10,219 12,941 10,541
======= ======== ======== ======= ====== ========
Net income per
share - Basic $ 0.88 $ 0.18 $ 0.17 $ 0.19 $ 0.31 $ 0.88
======= ======== ======== ======= ====== ========
Net income per
share - Diluted $ 0.87 $ 0.18 $ 0.17 $ 0.19 $ 0.30 $ 0.87
======= ======== ======== ======= ====== ========
FUNDS FROM OPERATIONS
RECONCILIATION:
_____________________
Net income (loss) before
distribution and
minority interest $ 9,189 $ 1,688 $1,617 $ 1,953 $3,931 $ 9,189
Add: Depreciation and
amortization 11,172 2,461 2,656 2,869 3,186 11,172
Add: Compensation paid
in company stock 1,119 540 579 0 0 1,119
Add: Loss on early
extinguishment of debt 954 134 0 561 259 954
Less: Gain on sale of
property (549) (45) 0 0 (504) (549)
_______ _______ _______ _______ ______ ________
Funds from operations -
Basic $21,885 $ 4,778 $4,852 $ 5,383 $6,872 $21,885
======= ======= ====== ======== ====== ========
Conversion of Debentures 2,062 515 515 516 516 2,062
Funds from operations -
Diluted $23,947 $ 5,293 $5,367 $ 5,899 $7,388 $23,947
======= ======= ====== ======== ====== ========
Weighted Average Shares
O/S - Basic 10,474 9,400 9,480 10,144 12,841 10,474
Conversion of Debentures 1,282 1,282 1,282 1,282 1,282 1,282
Stock Options 67 51 69 75 101 67
_______ _______ _______ _______ ______ ________
Weighted Average Shares
O/S - Diluted 11,823 10,733 10,831 11,501 14,224 11,823
======= ======= ======= ======= ====== ========
FFO/SHARE - BASIC $ 2.09 $ 0.51 $ 0.51 $ 0.53 $ 0.54 $ 2.09
======= ======= ======= ======= ====== ========
FFO/SHARE - DILUTED $ 2.03 $ 0.49 $ 0.50 $ 0.51 $ 0.52 $ 2.03
======= ======= ======= ======= ====== ========
RATIOS:
______
TR's as a % of O&M 70.3% 69.5% 72.4% 72.4% 67.7% 70.3%
Property O&M as a % of
Revenues 24.3% 24.7% 22.6% 24.5% 25.1% 24.3%
G&A as a % of revenues 6.0% 6.9% 9.9% 4.3% 3.8% 6.0%
Total Expenses as a% of
Revenues 30.4% 31.7% 32.5% 28.9% 28.9% 30.4%
EBITDA/Revenues
(excluding Management
Company income) 69.6% 68.3% 67.5% 71.1% 71.1% 69.6%
EBITDA/Interest expense 2.1 2.0 1.9 2.1 2.5 2.1
FFO/Revenues
(excluding Management
Company income) 42.3% 41.5% 40.6% 41.4% 44.9% 42.3%
</TABLE>
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
KEY STATISTICS
<TABLE>
<S> <C> <C> <C>
AS OF AS OF AS OF
JUNE 30, JUNE 30, DECEMBER 31,
1998 1997 1997
_________ _________ ____________
PORTFOLIO INFORMATION:
______________________
Total square feet of retail
properties 5,568,514 4,059,347 4,992,770
No. of properties owned 52 41 49
Occupancy at end of period 96.1% 95.1% 96.2%
Average population within three miles
of properties 106,000
FINANCIAL STATISTICS:
Interest coverage ration (EBITDA/
Interest Expense) 2.5 2.0 2.1
Total debt to total market
capitalization ratio 41.0% 42.0% 35.2%
Weighted average interest rate 7.9% 7.7% 7.9%
% of Fixed rate debt 85.3% 81.0% 91.9%
% of Variable rate debt 14.7% 19.0% 8.1%
Weighted average term to maturity
of debt 3.9 yrs
Weighted average term to maturity
of debt-incl. int. rate
protection 6.0 yrs
Return on real estate investments
(EBITDA/average undepreciated
book value) 10.2% 9.8% 10.2%
General & administrative expenses/
total revenues 5.3% 8.5% 6.0%
Recoveries as a percentage of
operating and maintenance expenses 75.6% 70.9% 70.3%
FFO payout ratio 88.6% 97.5% 96.3%
OTHER INFORMATION:
__________________
Management ownership-common shares only 5.8%
Management ownership-fully diluted 3.2%
Management ownership-fully diluted 5.7%
(including options)
Stock price at end of period:
03/31/98 $23.25
12/31/97 $27.50
12/31/96 $23.50
12/31/95 $18.13
12/31/94 $15.00
Classification of dividend payments-1997
Ordinary income 52.5%
Capital Gains (20%) 2.6%
Return of Capital 44.9%
------
100.0%
------
</TABLE>
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
FUNDS FROM OPERATIONS AND CAPITAL EXPENDITURES
(dollars in thousands, except share data)
<TABLE>
<S> <C> <C> <C> <C>
QUARTER QUARTER YEAR
ENDED ENDED ENDED
JUNE 30, JUNE 30, % DECEMBER 31,
1998 1997 CHANGE 1997
_________ _________ ______ ____________
FFO RECONCILIATION:
Net income (1) $3,940 $1,617 143.7% $9,189
Depreciation of real estate assets 3,493 2,552 36.9% 10,719
Amortization of leasing costs 163 104 56.7% 453
Gain on sale of properties 0 0 0.0% (549)
Loss on early extinguishment of debt 0 0 0.0% 954
Compensation paid in company stock 0 579 (100.0%) 1,119
Interest on Exchangeable Debentures 515 515 0.0% 2,064
_________ _________ ______ ____________
Funds from Operations-diluted $8,111 $5,367 51.1% $23,949
========= ========= ====== ============
Common stock equivalents (2) 14,774 10,762 11,756
Dilutive effect of stock options 83 69 67
_________ _________ ______ ____________
Total shares outstanding-diluted 14,857 10,831 11,823
========= ========= ======= ============
FFO per share $0.55 $0.50 10.0% $2.03
========= ========= ======= ============
Dividends paid per share $0.4875 $0.4875 $1.95
========= ========= ======= ============
FFO payout ratio 88.6% 97.5% 96.3%
========= ========= ======= ============
OTHER INFORMATION:
Straight-line rental income $259 $326 $1,337
Recurring non-revenue generating
capital expenditures $ 68 n/a $798
SUMMARY OF CAPITAL EXPENDITURES:
Building expansions $538 n/a $3,273
Property renovations 497 n/a 1,185
Tenant improvements-Anchors 63 n/a 1,387
Tenant improvements-Non anchors 843 n/a 880
Recurring non-revenue generating cap-ex 316 n/a 798
________ _______
Subtotal 2,257 7,523
Leasing commissions-Anchors 142 n/a 1,019
Leasing commissions-Non Anchors 447 n/a 725
________ _______
Subtotal 589 1,744
Total capital expenditures $2,847 $9,267
======== =======
</TABLE>
(1) Assumes conversion of all partnership units and preferred stock to common
stock equivalents.
(2) Assumes conversion of all partnership units, preferred stock and debentures
to common stock equivalents.
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
SUMMARY OF OUTSTANDING DEBT
<TABLE>
<S> <C> <C> <C> <C> <C>
INTEREST MATURITY BALANCE (2)
PROPERTY LENDER RATE (1) DATE 06/30/98 12/31/97
- ----------------- ------------ --------- ---------- -------- --------
FIXED RATE LOANS:
Allen St. &
Stefko Boulevard Nomura 8.40% 01/31/06 $5,866 $5,913
Bowie Plaza Aid Assoc. for
Lutherans 6.64% 01/01/05 5,213 0
Broadmoor Apts(3) Firstrust Bank 0 3,826
Chesapeake Bagel
Building Citizens Bank 6.59% 07/01/01 735 735
City Avenue Equitable Life
Insurance Co 8.13% 10/18/05 9,832 9,909
Cloppers Mill Jackson National
Life 7.37% 03/21/06 14,012 14,132
Elkridge Corners Provident
Mutual 6.82% 11/01/10 6,644 0
Festival at
Woodholme Aetna 9.83% 04/30/00 11,435 11,489
Firstfield AAF Mutual Aid
Association 7.53% 12/01/05 2,459 2,472
Georgetown Shops(3) First National
Bank 0 411
Kings Park Aid Assoc. for
Lutherans 7.93% 11/01/14 4,704 4,783
Penn Station &
Fox Mill Exchangeable
Debentures 8.25% 06/27/99 25,000 25,000
McHenry Commons State Farm
Insurance 7.07% 03/01/99 6,500 6,643
Mallard Creek Nationwide
Insurance 7.07% 02/10/99 11,633 11,823
Mitchellville Nationwide
Insurance 7.21% 06/24/05 15,399 15,764
Northway Shopping
Center Crown Life
Inc. Co 7.94% 01/01/07 6,228 6,282
Northway Shopping
Center Crown Life
Inc. Co 8.80% 08/01/99 1,793 1,827
Parkville Shopping Northern Life
Center Insurance 7.01% 03/01/08 3,488 0
Pheasant Hill Nationwide
Insurance 7.19% 07/15/00 7,982 8,128
Potomac Plaza Citizens Bank 7.03% 07/01/99 3,656 3,656
Riverside/Edge Nationwide
Insurance 7.05% 07/10/99 2,445 1,588
Shoppes Of Kildaire Nationwide
Insurance 7.89% 05/31/06 7,676 7,774
Southside Morgan Stanley 8.77% 08/01/05 7,964 7,999
Stonebrook Nationwide
Insurance 7.22% 07/15/00 6,115 6,226
The Oaks LaSalle Bank 7.39% 05/01/03 9,929 10,144
Valley Centre Tal Hong &
Ki Kwang 7.75% 06/30/07 600 700
Various/UDRT Lutheran
Brotherhood 8.76% 10/31/05 13,127 13,283
Various Properties Nomura 8.92% 07/01/99 38,500 38,500
--------- --------- --------- --------
SUBTOTAL 8.02% 228,935 219,924
--------- --------- ---------
% OF TOTAL DEBT: 85.3% 92.8%
VARIABLE RATE LOANS:
Ashburn Farms First
National
Bank of
Md. L+1.5% 7.43% 01/01/01 6,684 6,730
Mayfair Shopping
Center Industrial
Revenue
Bonds (4) 6.33% 06/24/10 6,870 7,075
Various properties
(line of credit) Union Bank
of
Switzerland
L+1.0% 7.33% 02/01/01 25,937 3,300
--------- --------- ---------
SUBTOTAL 7.17% 39,491 17,105
--------- --------- ---------
14.7% 7.2%
TOTAL 7.89% $268,426 $237,029
========= ========= =========
</TABLE>
(1) The effective interest rate includes the amortization of deferred financing
costs and premiums over the terms of the respective loans.
(2) Includes premiums on the assumption of mortgage debt.
(3) Properties sold in first quarter 1998.
(4) Includes a letter of credit enhancer fee of 2.0%.
<TABLE>
<S> <C> <C> <C> <C> <C>
SCHEDULE OF MATURITIES: Principal Amort of Balloon
Curtailment Premiums Amount Total %
------------ --------- -------- ----- -------
1998 $ 1,510 $ 871 $ 0 $ 2,381 0.9%
1999 3,317 1,202 88,932 93,451 34.8%
2000 3,269 848 24,381 28,498 10.6%
2001 3,461 658 33,123 37,242 13.9%
2002 3,767 640 0 4,407 1.6%
2003 3,638 563 7,615 11,816 4.4%
2004 3,792 478 161 4,431 1.7%
2005 2,436 237 38,156 40,829 15.2%
2006 + 8,567 624 36,180 45,371 16.9%
-------- --------- ---------- --------- --------
Totals $33,757 $6,121 $228,548 $268,426 100.0%
======== ========= ========== ========= ========
</TABLE>
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
OTHER DEBT INFORMATION
<TABLE>
<S> <C> <C> <C>
SUMMARY OF LINES OF CREDIT:
UNION BANK FIRST
OF SWITZ UNION TOTAL
---------- ----- --------
TOTAL COMMITMENT $45,000,000 $5,775,000 $50,775,000
EXPIRATION DATE 02/01/01 06/30/98
COLLATERAL- # OF PROPERTIES 6 1 7
CURRENT AMOUNT OUSTANDING $25,937 (1) 0 $25,937
INTEREST RATE L + 1.0% L + 2.0%
(1) Subsequently paid off with the
proceeds of the July 1, 1998 offering.
SUMMARY OF INTEREST RATE PROTECTION AGREEMENTS:
TYPE OF NOTIONAL PERIOD OF DATE OF
HEDGE AMOUNT CONTRACT AGREE STRIKE
---------- ---------- ----------- -------- --------
CAP $38,500,000 07/01/94-07/01/99 06/22/94 5.700%
CAP $6,200,000 01/01/96-01/01/01 12/29/95 9.000%
SWAP $38,500,000 07/01/96-07/01/99 12/19/95 5.090%
FWD SWAP $38,500,000 07/01/99-12/01/03 12/19/95 6.375%
FWD SWAP $20,000,000 03/01/99-03/01/04 08/01/97 6.438%
FWD SWAP $15,000,000 06/01/99-06/01/04 11/07/97 6.180%
FWD SWAP $24,000,000 05/01/00-05/02/05 01/12/98 5.855%
</TABLE>
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
CAPITALIZATION TABLE
<TABLE>
<S> <C> <C> <C> <C> <C>
Jun 30, Dec 31, Dec 31, Dec 31, Dec 31,
1998 1997 1996 1995 1994
PREFERRED STOCK
Original issue 1,920,000 1,920,000 1,920,000 1,920,000 1,920,000
Issued for property
purchases 394,189 394,189 394,189 394,189 0
--------- --------- -------- -------- ---------
Total outstanding shares 2,314,189 2,314,189 2,314,189 2,314,189 1,920,000
========= ========= ========= ========= =========
Common Equivalents at
1.282051 conversion rate 2,966,908 2,966,908 2,966,908 2,966,908 2,461,538
========= ========= ========= ========= =========
PREFERRED UNITS
Original issue for
property purchases 352,000 352,000 352,000 352,000 352,000
Subsequently Issued for
property purchases 77,147 77,147 67,609 0 0
-------- -------- ------- ------- -------
Total outstanding units 429,147 429,147 419,609 352,000 352,000
======== ======== ======= ======== =======
Common Equivalents at
1.282051 conversion rate 550,188 550,188 537,960 451,282 451,282
======== ======== ======= ======= =======
COMMON STOCK
Original issue 1,574,359 1,574,359 1,574,359 1,574,359 1,574,359
Subsequent public
offerings 5,253,393 5,253,393 3,183,393 1,528,393 0
Private offerings 85,562 85,562 0 0 0
Exercise of stock options 4,849 2,956 0 0 0
Restricted stock grants 110,762 99,664 84,280 0 0
Unrestricted stock grants 210,000 200,000 66,666 66,666 0
Exchange of partnership
units 166,254 75,798 37,547 20,131 0
---------- ---------- --------- --------- ---------
Total outstanding shares 7,405,179 7,291,732 4,946,245 3,189,549 1,574,359
========== ========== ========= ========= =========
COMMON UNITS
Original issue 347,056 347,056 347,056 347,056 347,056
Subsequent property
purchases 2,696,026 1,849,831 472,851 95,877 0
Exchange of partnership
units (166,254) (75,798) (37,547) (20,131) 0
---------- --------- -------- -------- --------
Total outstanding units 2,876,828 2,121,089 782,360 422,802 347,056
======== ======== ======== ======== ========
Total common share
equivalents-basic 13,799,103 12,929,918 9,233,473 7,030,541 4,834,235
Conversion of
Exchangeable Debentures 1,282,051 1,282,051 1,282,051 1,282,051 1,282,051
---------- ---------- --------- --------- ---------
Total common share
equivalents-diluted 15,081,154 14,211,969 10,515,524 8,312,592 6,116,286
========== ========== ========== ========= =========
Market capitalization
(in 000's):
Equity capitalization
based on closing stock
price $350,637 $390,829 $247,115 $150,666 $91,744
Outstanding debt
(with Debentures as
equity) 243,426 212,030 167,047 116,182 89,858
---------- --------- -------- -------- -------
Total market
capitalization $594,062 $602,859 $414,162 $266,848 $181,602
========== ========== ======== ======== ========
Debt to total market
capitalization 41.0% 35.2% 40.3% 43.5% 49.5%
========== ========== ======== ======== ========
Closing stock price $23.25 $27.50 $23.50 $18.13 $15.00
========== ========== ======== ======== ========
</TABLE>
(1) As of July 28, 1998, the debt to total market capitalization ratio is
approximately 36.0%.
This reflects the July 1, 1998 offering proceeds which were used to
pay off the Line of Credit.
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
1998 ACQUISITIONS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
All-in Projected
Date Property Land Year Costs NOI
Acquired Name Location S.F. Area Built (in 000's) Yield Occupancy
-------- ------------- ----- ---------- -------- ------ ---------
01/98 Bowie
Plaza Bowie, MD 104,836 10.8 1966 $12,135 10.3% 98.3%
03/98 Watkins
Park
Plaza Mitchellville,
MD 112,143 12.8 1985 14,295 10.2% 98.7%
04/98 Parkville
Shopping
Center Baltimore, MD 140,925 12.7 1961 8,355 10.8% 100.0%
06/98 Elkridge
Corners Baltimore, MD 73,529 8.4 1990 8,861 9.7% 97.8%
06/98 Village
Center Richmond, VA 110,885 11.7 1948 13,305 10.0% 99.4%
------- ------- -----
Totals 542,318 $56,952 10.2%
======= ======= =====
</TABLE>
<TABLE>
<S> <C>
Property
Name Anchor Tenant (lease expiration)
------------- --------------------------------
Bowie Plaza Giant (2002), CVS (1998)
Watkins Park Plaza Safeway (2007), CVS (2001)
Parkville Shopping Center A & P Superfresh (2003),Rite Aid (2001)
Elkridge Corners Superfresh (2015), Rite Aid (2005)
Village Center Ukrop's Super Market (2019), CVS (2003)
</TABLE>
Note:The Company sold its two multi-family properties in March 1998 for
$8,050,000 and one of the Georgetown properties for $750,000 . Net proceeds
of $4,200,000 were used to acquire Watkins Park Plaza in a Section 1031 tax
free exchange.
<PAGE>
FIRST WASHINGTON REALTY TRUST INC
PROPERTY SUMMARY TABLE
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 06/30/98 12/31/97
- -------------------------------------------------------------------------------
MARYLAND:-
Bowie Plaza Bowie, MD 104,836 10.8 1966 1998 98.3% 100.0%
Bryans Road
Shopping
Center Bryans Road,
MD 118,676 11.8 1972 1990 89.2% 86.7%
Capital
Corner
Shopping
Center Landover, MD 42,625 4.1 1987 1987 100.0% 91.6%
Clinton
Square
Shopping
Center Clinton, MD 18,961 2.0 1979 1984 68.7% 68.7%
Cloppers
Mills Germantown,
MD 137,035 14.2 1995 1996 100.0% 98.2%
Elkridge
Corners Baltimore,
MD 73,529 8.4 1990 1998 97.8% 97.8%
Festival at
Woodholme Baltimore,
MD 81,027 7.1 1986 1995 100.0% 100.0%
Firstfield
Shopping
Center Gaithersburg,
MD 22,327 2.4 1978 1995 100.0% 100.0%
Mitchellville
Plaza Mitchellville,
MD 155,674 14.5 1991 1997 97.1% 98.6%
Northway
Shopping
Center Millersville,
MD 98,016 9.6 1987 1996 93.1% 100.0%
P.G. County
Commercial
Park Beltsville,
MD 146,422 9.7 1988 1985 100.0% 98.0%
Parkville
Shopping
Center (1) Baltimore,MD 140,925 12.7 1961 1998 100.0% 100.0%
Penn Station
Shopping
Center (2) District
Heights,MD 334,970 22.5 1989 1987 97.6% 98.4%
Rosecroft
Shopping
Center Temple Hills,
MD 119,010 8.3 1963 1985 72.3% 87.4%
Southside
Marketplace Baltimore,
MD 126,646 9.1 1990 1996 83.7% 88.2%
Takoma Park Takoma Park,
MD 108,168 9.8 1960 1996 90.5% 88.8%
Valley Centre Owings Mills,
MD 251,928 33.0 1987 1994 99.0% 99.0%
Watkins Park
Plaza Mitchellville,
MD 112,143 12.8 1985 1998 98.7% 98.7%
---------
2,192,918
---------
39.4%
==========
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
Bowie Plaza Giant (2002), CVS (1998)
Bryans Road Shopping Center Safeway (2014), CVS (1998)
Capital Corner Shopping Center
Clinton Square Shopping Center
Clopper's Mill Shoppers Food Warehouse (2015), CVS (2006
Elkridge Corners A&P Superfresh (2003), Rite Aid (2001)
Festival at Woodholme Sutton Place (2006)
Firstfield Shopping Center
Mitchellville Shopping Center Food Lion (2016)
Northway Shopping Center Metro Foods (2007), Rite Aid (1998)
P.G. County Commercial Park
Parkville Shopping Center (1) A&P Superfresh (2003), Rite Aid (2001)
Penn Station Shopping Center (2) Safeway (n/a), Service Merchandise (2006)
Rosecroft Shopping Center Food Lion (2015), Rite Aid (1998)
Southside Marketplace Metro Foods (2016), Rite Aid (2001)
Takoma Park Shoppers Food Warehouse (2011)
Valley Centre Weis Markets (2002), TJ Maxx (2007),
Sony Theatres (2005)
Watkins Park Plaza Safeway (2007), CVS (2001)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97
- -------------------------------------------------------------------------------
VIRGINIA:-
Ashburn Farm
Village
Center Ashburn,VA 88,917 10.2 1996 1997 100.0% 100.0%
Brafferton
Center Garrisonville,
VA 94,731 9.4 1974 1994 97.9% 94.2%
Centre Ridge
Marketplace Centreville,
VA 104,154 10.9 1996 1996 100.0% 100.0%
Chesapeake
Bagel
Building Alexandria,
VA 11,288 0.1 1800's 1983 100.0% 100.0%
Davis Ford
Crossing Manassas,VA 149,917 20.8 1988 1994 90.9% 95.2%
Four Mile
Fork Shopping
Center Fredericksburg,
VA 101,360 10.3 1975 1997 88.6% 84.6%
Fox Mill
Shopping
Center Reston, VA 103,269 14.0 1977 1994 98.1% 96.1%
Glen Lea
Shopping
Center Richmond,VA 77,603 9.2 1969 1995 100.0% 100.0%
Hanover
Village
Shopping
Center Mechanicsville,
VA 96,146 9.5 1971 1995 98.3% 98.3%
Kings Park Burke, VA 78,712 8.6 1966 1996 90.6% 100.0%
Laburnum Park Richmond, VA 113,992 9.3 1988 1995 100.0% 100.0%
Laburnum
Square (3) Richmond, VA 109,405 11.4 1975 1995 95.4% 95.4%
Potomac Plaza Woodbridge,VA 85,400 5.4 1963 1986 94.3% 88.3%
Village
Center Richmond, VA 110,885 11.7 1948 1998 99.4% 99.4%
---------
1,325,779
---------
23.8%
=========
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
Ashburn Farm Village Center A&P Superfresh (2016)
Brafferton Center Giant Food (2009)
Centre Ridge Marketplace A&P Superfresh (2016), Sears Paint &
Hardware (2007
Chesapeake Bagel Building
Davis Ford Crossing Weis Markets (2010), CVS (2000)
Four Mile Fork Shopping Center Safeway (2000), CVS (2001)
Fox Mill Shopping Center Giant Food (2016)
Glen Lea Shopping Center Winn Dixie (2005), Eckerd Drug (2000)
Hanover Village Shopping Center Rack 'N Sack (2008), Rite Aid (1998)
Kings Park Giant (2013), CVS (1998)
Laburnum Park Ukrops Supermarket (n/a), Rite Aid (2007)
Laburnum Square (3) Hannaford Brothers Supermarket (2013),
CVS (1999)
Potomac Plaza
Village Center Ukrop's Super Market (2019), CVS (2003)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97
- -------------------------------------------------------------------------------
PENNSYLVANIA:-
Allen Street Allentown,PA 46,503 4.1 1958 1996 95.5% 95.5%
City Avenue
Shopping
Center Philadelphia,
PA 161,454 12.2 1950-60's 1997 67.1% 95.0%
Colonial
Square
Shopping
Center York, PA 29,208 2.9 1955 1990 89.6% 89.0%
Kenhorst
Plaza
Shopping
Center Kenhorst,PA 161,424 19.2 1990 1995 96.9% 98.0%
Mayfair
Shopping
Center Philadelphia,
PA 115,027 5.7 1988 1994 99.0% 100.0%
Newtown
Square
Shopping
Center Newtown
Square, PA 137,566 14.4 1960-70's 1996 99.3% 98.0%
Stefko
Boulevard
Shopping
Center Bethlehem,PA 135,864 10.3 1958-60-75 1996 88.5% 98.8%
-------
787,046
-------
14.6%
=======
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
Allen Street Lanecor (2003), Eckerd Drug (2004)
City Avenue Shopping Center Acme Supermarkets (1999), Eckerd
Drug (1999), T.J. Maxx (2001)
Colonial Square Shopping Center Minnichs Pharmacy (1999)
Kenhorst Plaza Shopping Center Redners (2009), Rite Aid (2000), Sears
Paint & Hardware (2007)
Mayfair Shopping Center Shop 'N Bag Supermarket (2013), Eckerd
Drug (2006)
Newtown Square Shopping Center Acme Supermarkets (1999),Eckerd Drug (1999)
Stefko Boulevard Shopping Center Laneco (2003)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97
- -------------------------------------------------------------------------------
ILLINOIS:-
McHenry
Commons McHenry, IL 100,526 11.5 1988 1997 98.0% 98.6%
Mallard Creek Round Lake
Beach, IL 143,759 14.9 1987 1997 97.2% 98.9%
Pheasant Hill
Plaza Bolingbrook,IL 111,190 14.4 1983 1997 98.9% 100.0%
Riverside
Square/
River's Edge Chicago, IL 169,435 17.7 1986 1997 94.6% 90.0%
Stonebrook
Plaza Merrionette
Park, IL 95,825 8.1 1984 1997 100.0% 95.3%
The Oaks Des Plaines,IL 138,274 16.7 1983 1997 98.9% 92.2%
-------
759,009
-------
14.1%
=======
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
McHenry Commons Dominick's Finer Foods (2018)
Mallard Creek Dominick's Finer Foods (2008)
Pheasant Hill Plaza Dominick's Finer Foods (2005)
Riverside Square/River's Edge Dominick's Finer Foods (2017)
Stonebrook Plaza Dominick's Finer Foods (2005)
The Oaks Dominick's Finer Foods (2017)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97
- -------------------------------------------------------------------------------
DELAWARE:-
First State
Plaza New Castle,DE 164,569 21.0 1988 1994 94.9% 100.0%
Shoppes of
Graylyn Wilmington,DE 65,746 5.0 1971 1997 97.7% 97.7%
--------
230,315
--------
4.3%
========
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
First State Plaza Shop Rite Supermarket (2009), Cinemark
USA (2011)
Shoppes of Graylyn Rite Aid (2016)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97
- -------------------------------------------------------------------------------
NORTH CAROLINA:-
Shoppes of
Kildaire Cary, NC 148,204 14.0 1986 1986 98.9% 100.0%
-------
148,204
-------
2.8%
=======
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
Shoppes of Kildaire Winn Dixie (2006)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97
- -------------------------------------------------------------------------------
SOUTH CAROLINA:-
James Island
Shopping
Center Charleston,SC 88,557 6.5 1967 1990 100.0% 98.9%
------
88,557
------
1.6%
======
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
James Island Shopping Center Piggly Wiggly (2010), Kerr Drug (2002)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Land Percent Percent
Area Year Year Leased Leased
Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97
- -------------------------------------------------------------------------------
WASHINGTON D.C.:-
The Georgetown
Shops (4) Washington,DC 16,852 0.3 Late
1800's 1981-1989 100.0% 100.0%
Connecticut
Avenue Shops Washington,DC 3,000 0.1 1954 1986 100.0% 100.0%
Spring Valley
Shopping
Center Washington,DC 16,834 0.9 1930 1997 100.0% 100.0%
------
36,686
------
0.7%
======
</TABLE>
<TABLE>
<S> <C>
Property Significant Tenants (lease expiration date)
- ------------------------ ------------------------------------------
The Georgetown Shops (4)
Connecticut Avenue Shops
Spring Valley Shopping Center CVS (1999)
Total/Average 5,568,514 543.3 96.1% 96.2%
100.0%
</TABLE>
(1) Includes Safeway (50,000 sq.ft) and Bowling alley (40,000 sq.ft) pad sites
owned by others.
(2) Includes Ukrops Supermarket (49,000 sq.ft ) pad site not owned by the
Company.
(3) Represents five (4) historic retail shops all clustered in close proximity
in the central shopping district in Georgetown, Washington D.C.
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
TENANT INFORMATION
TOP 20 TENANTS BY BASE RENT
<TABLE>
<S> <C> <C> <C> <C>
% of
Number Annualized Aggregate
GLA Of Minimum Anualized
Tenant (Sq Ft.) Properties Rent Minimum Rents
1 Dominick's
Finer Foods 416,542 6 4,161,878 7.40%
2 A&P Superfresh 170,489 4 1,549,330 2.76%
3 Shoppers
Food Warehouse 133,700 2 1,081,740 1.92%
4 Richfood 127,865 3 1,069,327 1.90%
5 Blockbuster Video 54,149 9 906,983 1.61%
6 Rite Aid 87,754 8 816,658 1.45%
7 CVS/Pharmacy 113,430 10 811,000 1.44%
8 Fashion Bug 73,273 9 804,832 1.43%
9 Safeway 118,056 3 801,285 1.43%
10 Weis Markets 94,960 2 786,200 1.40%
11 Food Lion 78,100 2 677,500 1.21%
12 Sears Paint
& Hardware 65,816 3 669,596 1.19%
13 Giant Food 143,268 4 650,240 1.16%
14 First Union Bank 17,643 7 587,921 1.05%
15 Ukrops 41,503 2 545,564 0.97%
16 T.J. Maxx 54,686 2 500,211 0.89%
17 Acme Markets 86,226 2 500,000 0.89%
18 Winn Dixie 79,000 2 481,500 0.86%
19 Shop Rite
Supermarket 57,333 1 458,552 0.82%
20 Eckerd Drug 45,752 5 431,191 0.77%
--------- ---------- -------
TOTAL 2,059,545 18,291,508 32.54%
========= ========== =======
TENANT MIX S.F. BASE RENT
-------- --------
ANCHOR (1) 41.9% 30.3%
NON-ANCHOR 58.1% 69.7%
-------- --------
100.0% 100.0%
======== ========
</TABLE>
(1) Anchor tenants are defined as Supermarkets, Drug Stores and any tenant in
excess of 35,000 Sq. Ft.
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
LEASE EXPIRATIONS
AS OF JUNE 30, 1998
<TABLE>
<S> <C> <C> <C> <C> <C>
Percent
of Total
Number Future Percent of Total Annualized Annualized
Of GLA In GLA Represented Minimum Minimum
Year Leases Square Feet By Expiring Leases Rent Rent
____ _______ ___________ __________________ _________ ___________
(in 000's) (in 000's)
1998 116 259 5.1% $2,775 4.8% $10.71
1999 162 477 9.4% 5,376 9.3% 11.27
2000 174 474 9.4% 5,667 9.8% 11.96
2001 180 549 10.9% 6,873 11.9% 12.52
2002 135 384 7.6% 5,316 9.2% 13.84
2003 116 510 10.1% 5,700 9.9% 11.18
2004 25 87 1.7% 1,245 2.2% 14.31
2005 39 347 6.9% 4,069 7.1% 11.73
2006 43 265 5.2% 3,544 6.1% 13.37
2007 27 314 6.2% 3,266 5.7% 10.40
Thereafter 61 1,388 27.5% 13,813 24.0% 9.95
----- ----- ------ ------- ------ ------
Total 1,078 5,054 100.0% $57,644 100.0% $11.41
===== ===== ====== ======= ====== ======
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FIRST WASHINGTON REALTY TRUST, INC.
INVESTOR INFORMATION
Contacts: Stuart D.Halpert 301-907-7800 or 301-961-1866
Jim Blumenthal 301-907-7800 or 301-961-1862
E-mail: [email protected]
Company address: 4350 East-West Highway Suite 400
Bethesda, Maryland 20814
Research Coverage:
BT Alex. Brown Kevin Comer 212-250-5941
Friedman, Billings, Ramsey & Co. Charles Post 703-312-9616
Tucker Anthony Jeffrey Caira 617-725-2058
CIBC Oppenheimer Jeffrey Olson 212-667-8116
Raymond James & Associates Mark Foushee 813-573-3800
Paine Webber Gary Boston 212-713-4765
Ticker Symbol:
Common shares FRW
Preferred Shares FRW pr
Quarterly Results:
The company plans to announce quarterly results
according to the following schedule:
3Q 1998 October 26, 1998
4Q 1998 February 1, 1999
Transfer Agent: American Stock Transfer & Trust Co.
Auditor: Pricewaterhouse Coopers
Counsel: Latham & Watkins
