SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 31, 1998
First Washington Realty Trust, Inc.
___________________________________
(Exact name of registrant as specified in its charter)
Maryland 0-25230 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>
Item 5. Other Events
First Washington Realty Trust, Inc. hereby files as exhibit 99 the
following supplemental data pertaining to its portfolio of properties at March
31, 1998.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 Supplemental portfolio information at March 31, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST WASHINGTON REALTY TRUST, INC.
Date: May 18, 1998 /s/ James G. Blumenthal
___________________________________
James G. Blumenthal
Executive Vice President
Chief Financial Officer
<PAGE>
FIRST WASHINGTON REALTY TRUST, INC.
________________________________________________________________
SUPPLEMENTAL FINANCIAL INFORMATION
FOR THE QUARTER ENDED MARCH 31, 1998
TABLE OF CONTENTS
PRESS RELEASE..........................................................1
BALANCE SHEET..........................................................3
STATEMENT OF OPERATIONS................................................4
KEY STATISTICS.........................................................5
FUNDS FROM OPERATIONS AND CAPITAL EXPENDITURES RECONCILIATIONS.........6
ANALYSIS OF OUTSTANDING DEBT...........................................7
CAPITALIZATION TABLE...................................................9
RECENT ACQUISITIONS...................................................10
PROPERTY TABLE........................................................11
TENANT INFORMATION....................................................13
LEASE EXPIRATION TABLE................................................14
INVESTOR INFORMATION..................................................15
________________________________________________________________
4350 East-West Highway, Suite 400
Bethesda, Maryland 20814
301-907-7800
<PAGE>
FOR IMMEDIATE RELEASE
FIRST WASHINGTON REALTY TRUST, INC.
ANNOUNCES
FIRST QUARTER OPERATING RESULTS
REIT Continues to Post Strong Increases in Earnings
BETHESDA, MD, May 4, 1998 -- First Washington Realty Trust, Inc.
(NYSE: FRW; FRW Pr) today announced first quarter operating results.
For the quarter ended March 31, 1998, funds from operations (FFO), a
standard measure of operating performance for real estate investment trusts, on
a fully converted basis, increased 43.4% to $7.6 million as compared to $5.3
million for the first quarter of 1997. On a per share basis, FFO increased 8.2%
to $0.53 as compared to $0.49 for the same period last year. Total revenues for
the first quarter increased 33.9% to $16.6 million as compared to $12.4 million
for the first quarter of 1997. Net income for the first quarter, on a fully
converted basis, increased 200% to $5.1 million, or $0.39 per share, from $1.7
million, or $0.18 per share, for the same period last year.
Stuart D. Halpert, Chairman, commented: "We are very pleased with the
continued strength in our financial performance. The sharp increases in earnings
and revenues are directly attributable to an increase in rental rates throughout
our portfolio and the addition of a number of first-rate shopping centers to our
asset base." Since January 1, 1997, First Washington has acquired 12 new
neighborhood shopping centers for a total investment of approximately $135
million. As of March 31, 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 February 16, 1998,
through May 15, 1998, and a quarterly distribution of $0.4875 per share to
common shareholders. The distributions are payable on May 15, 1998, to
shareholders of record as of May 1, 1998.
First Washington Realty Trust, Inc. is a publicly-traded real estate
investment trust which owns and operates 50 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.
Contacts: 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
March 31,
___________________
<S> <C> <C>
Operating Results 1998 1997
------ -------
Funds from operations:
Net income before distributions and minority interest $5,149 $1,688
Add: Depreciation of real estate assets 3,132 2,356
Add: Amortization of leasing costs 133 105
Add: Compensation paid in company stock - 540
Add: Loss on early extinguishment of debt 358 134
Less:Gain on sale of property (1,683) (45)
Add: Conversion of exchangeable debentures 516 516
------ -------
Funds From Operations (1) $7,605 $5,294
====== =======
Weighted average shares outstanding (1) 14,379 10,682
Dilutive effect of stock options 101 51
------ -------
Weighted average shares outstanding - Diluted (1) 14,480 10,733
====== =======
FFO per share - Diluted $0.53 $0.49
====== =======
Revenues:
Minimum rents $12,928 $9,632
Tenant reimbursements 396 2,123
Percentage rents 3,088 328
Other income 228 276
------ -------
Total revenues 16,640 12,359
------ -------
Expenses:
Property operating and maintenance 4,143 3,054
General and administrative 837 858
Interest 4,851 4,372
Depreciation and amortization 3,265 2,461
------ -------
Total expenses 13,096 10,745
------ -------
Income before income from Management Company 3,544 1,614
Gain on sale of property 1,683 45
Income from Management Company 280 163
------ -------
Net income before extraordinary item 5,507 1,822
Extraordinary item-loss on early extinguishment of debt (358) (134)
------ -------
Net income before distributions and minority interest (2) $5,149 $1,688
====== =======
Weighted average shares outstanding (2) 13,097 9,400
Dilutive effect of stock options 101 51
------ -------
Weighted average shares outstanding - Diluted (2) 13,198 9,451
====== =======
Net income per share- Diluted (2) $0.39 $0.18
====== =======
</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>
MARCH 31, DECEMBER 31,
1998 1997
ASSETS
Real Estate
Land $93,755 $89,042
Building and improvements 382,839 367,756
_______ _______
476,594 456,798
Accumulated depreciation (41,132) (40,839)
_______ _______
Rental properties, net 435,462 415,959
Cash and equivalents 1,931 3,142
Tenant receivables, net 6,768 7,274
Deferred financing costs, net 2,614 2,734
Other assets 10,097 10,032
________ ________
Total assets $456,872 $439,141
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage notes payable $226,903 $212,030
Exchangeable Debentures 25,000 25,000
Accounts payable and accrued expenses 8,655 10,914
_______ _______
Total liabilities 260,558 247,944
Minority interest 40,350 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; 7,399,446 and 7,291,732
shares issued and outstanding 73 72
Additional paid-in capital 183,322 179,356
Accumulated distributions in excess of
earnings (27,454) (26,509)
_______ _______
Total stockholders' equity 155,964 152,942
_______ _______
Total liabilities and
stockholders' equity $456,872 $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
March 31, % December 31,
1998 1997 Change 1997
______________________ _______ ____________
Revenues:
Minimum rents $12,928 $9,632 34.2% $43,857
Tenant reimbursements 3,088 2,123 45.4% 9,506
Percentage rents 396 328 20.8% 1,060
Other income 228 276 (17.4%) 1,211
_______ ______ _______ ________
Total revenues 16,640 $12,359 34.6% 55,634
_______ ______ _______ ________
Expenses:
Property operating
and maintenance 4,143 3,054 35.6% 13,522
General and administrative 837 858 ( 2.4%) 3,363
Interest 4,851 4,372 11.0% 18,416
Depreciation and amortization 3,265 2,461 32.7% 11,172
_______ ______ _______ ________
Total expenses 13,096 10,745 21.9% 46,473
_______ ______ _______ ________
Income before gain on sale of
properties,income from
Management Company,
extraordinary item,
minority interest and
distributions to
Preferred Stockholders 3,544 1,614 119.6% 9,161
Gain on sale of properties 1,683 45 NM 549
Income from Management Company 280 163 71.8% 433
_______ ______ _______ ________
Income before extraordinary item,
minority interest
and distributions to
Preferred Stockholders 5,507 1,822 202.2% 10,143
Extraordinary item - Loss on early
extinguishment of debt (358) (134) 167.2% (954)
_______ ______ _______ ________
Income before minority interest and
distributions to
Preferrred Stockholders 5,149 1,688 205.0% 9,189
Income allocated to minority interest (1,065) (257) 314.5% (1,579)
_______ ______ _______ ________
Income before distributions to
preferred stockholders 4,084 1,431 185.4% 7,610
Distributions to preferred
stockholders (1,410) (1,410) 0.0% (5,641)
_______ ______ _______ ________
Income allocated to common
stockholders $2,674 $21 NM 1,969
======= ====== ======= ========
Net Income per Common
Share - Basic $0.36 $0.00 NM $0.35
======= ====== ======= ========
Net Income per Common
Share - Diluted $0.36 $0.00 NM $0.34
======= ====== ======= ========
Shares of Common Stock, in
thousands - Basic 7,380 4,946 49.2% 5,663
======= ====== ======= ========
Shares of Common Stock, in
thousands - Diluted 7,481 4,997 49.7% 5,730
======= ====== ======= ========
Distributions per share $0.4875 $0.4875 0.0% $1.9500
======= ====== ======= ========
</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
MARCH 31, MARCH 31, % DECEMBER 31,
1998 1997 CHANGE 1997
_________ _________ ______ ____________
FFO RECONCILIATION:
Net income (1) $5,149 $1,688 205.0% $9,189
Depreciation of real estate assets 3,132 2,356 32.9% 10,719
Amortization of leasing costs 133 105 26.7% 453
Gain on sale of properties (1,683) (45) NM (549)
Loss on early extinguishment of debt 358 134 167.2% 954
Compensation paid in company stock 0 540 (100.0%) 1,119
Interest on Exchangeable Debentures 516 516 0.0% 2,064
_________ _________ ______ ____________
Funds from Operations-diluted $7,605 $5,294 43.7% $23,949
========= ========= ====== ============
Common stock equivalents (2) 14,379 10,682 11,756
Dilutive effect of stock options 101 51 67
_________ _________ ______ ____________
Total shares outstanding-diluted 14,480 10,733 11,823
========= ========= ======= ============
FFO per share $0.53 $0.49 8.2% $2.03
========= ========= ======= ============
Dividends paid per share $0.4875 $0.4875 $1.95
========= ========= ======= ============
FFO payout ratio 92.8% 98.8% 96.3%
========= ========= ======= ============
OTHER INFORMATION:
Straight-line rental income $145 $294 $1,337
Recurring non-revenue generating
capital expeditures $248 n/a $798
SUMMARY OF CAPITAL EXPENDITURES:
Building expansions $695 n/a $3,273
Property renovations 388 n/a 1,185
Tenant improvements-Anchors 50 n/a 1,387
Tenant improvements-Non anchors 533 n/a 880
Leasing commissions-Anchors 80 n/a 1,019
Leasing commissions-Non Anchors 232 n/a 725
Recurring non-revenue generating cap-ex 248 n/a 798
________ _______
Total capital expenditures $2,226 $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.
KEY STATISTICS
<TABLE>
<S> <C> <C> <C>
QUARTER QUARTER YEAR
ENDED ENDED ENDED
MARCH 31, MARCH 31, DECEMBER 31,
1998 1997 1997
_________ _________ ____________
PORTFOLIO INFORMATION:
Total square feet of retail
properties 5,384,100 4,059,347 4,992,770
No. of properties owned 50 41 49
Occupancy at end of period 96.1% 95.9% 96.2%
Average population within three miles
of properties 112,000
FINANCIAL STATISTICS:
Interest coverage ration (EBITDA/
Interest Expense) 2.5 2.0 2.1
Total debt to total market
capitalization ratio 36.8% 40.0% 35.2%
Weighted average interest rate 8.0% 7.7% 7.9%
% of Fixed rate debt 87.3% 81.4% 91.9%
% of Variable rate debt 12.7% 18.6% 8.1%
Weighted average term to maturity
of debt 4.1 yrs
Weighted average term to maturity
of debt-incl. int. rate
protection 6.2 yrs
Return on real estate investments
(EBITDA/average undepreciated
book value) 10.3% 9.9% 10.2%
General & administrative expenses/
total revenues 5.0% 6.4% 6.0%
Recoveries as a percentage of
operating and maintenance expenses 74.5% 69.5% 70.3%
FFO payout ratio 92.8% 98.8% 96.3%
OTHER INFORMATION:
Management ownership-common shares only 6.6%
Management ownership-fully diluted 3.5%
Management ownership-fully diluted 6.1%
(including options)
Stock price at end of period:
03/31/98 $27.00
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%
Return of Capital 44.9%
Capital Gain (20%) 2.6%
------
100.0%
------
</TABLE>
<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 03/31/98 12/31/97
- ----------------- ------------ --------- ---------- -------- --------
FIXED RATE LOANS:
Allen St. &
Stefko Boulevard Nomura 7.862% 01/31/06 $5,890 $5,913
Bowie Plaza Aid Assoc. for
Lutherans 7.176% 01/01/05 5,294 0
Broadmoor Apts(3) Firstrust Bank 0 3,826
Chesapeake Bagel
Building Citizens Bank 6.586% 07/01/01 735 735
City Avenue Equitable Life
Insurance Co 8.123% 10/18/05 9,871 9,909
Cloppers Mill Jackson National
Life 7.216% 03/21/06 14,072 14,132
Festival at
Woodholme Aetna 9.823% 04/30/00 11,462 11,489
Firstfield AAF Mutual Aid
Association 7.501% 12/01/05 2,465 2,472
Georgetown Shops(3) First National
Bank 0 411
Kings Park Aid Assoc. for
Lutherans 7.893% 11/01/14 4,744 4,783
Penn Station &
Fox Mill Exchangeable
Debentures 8.250% 06/27/99 25,000 25,000
McHenry Commons State Farm
Insurance 7.160% 03/01/99 6,572 6,643
Mallard Creek Nationwide
Insurance 7.160% 02/10/99 11,728 11,823
Mitchellville Nationwide
Insurance 7.107% 06/24/05 15,583 15,764
Northway Shopping
Center Crown Life
Inc. Co 8.013% 01/01/07 6,254 6,282
Northway Shopping
Center Crown Life
Inc. Co 8.616% 08/01/99 1,810 1,827
Pheasant Hill Nationwide
Insurance 7.280% 07/15/00 8,055 8,128
Potomac Plaza Citizens Bank 7.147% 07/01/99 3,656 3,656
Riverside/Edge Nationwide
Insurance 7.160% 07/10/99 1,561 1,588
Riverside/Square Nationwide
Insurance 7.160% 07/10/99 914 917
Shoppes Of Kildaire Nationwide
Insurance 7.887% 05/31/06 7,726 7,774
Southside Morgan Stanley 8.753% 08/01/05 7,982 7,999
Stonebrook Nationwide
Insurance 7.280% 07/15/00 6,171 6,226
The Oaks LaSalle Bank 7.420% 05/01/03 10,037 10,144
Valley Centre Tal Hong &
Ki Kwang 7.750% 06/30/07 600 700
Various/UDRT Lutheran
Brotherhood 8.758% 10/31/05 13,207 13,283
Various Properties Nomura 8.933% 07/01/99 38,500 38,500
--------- --------- --------- --------
SUBTOTAL 8.070% 219,889 219,924
--------- --------- ---------
% OF TOTAL DEBT: 87.3% 92.8%
VARIABLE RATE LOANS:
Ashburn Farms First
National
Bank of
Md. L+1.5% 7.430% 01/01/01 6,707 6,730
Mayfair Shopping
Center Industrial
Revenue
Bonds (4) 6.330% 06/24/10 6,870 7,075
Various properties
(line of credit) Union Bank
of
Switzerland
L+1.0% 7.440% 02/01/01 18,437 3,300
--------- --------- ---------
SUBTOTAL 7.200% 32,014 17,105
--------- --------- ---------
12.7% 7.2%
TOTAL 7.960% $251,903 $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 $ 1,689 $ 1,270 $ 0 $ 2,959 1.2%
1999 3,070 1,143 88,932 93,145 37.0%
2000 2,997 788 24,380 28,165 11.2%
2001 3,160 597 26,035 29,792 11.8%
2002 3,438 578 0 4,016 1.6%
2003 3,277 1,437 7,616 12,330 4.9%
2004 3,560 0 0 3,560 1.4%
2005 4,019 0 36,146 40,165 15.9%
2006 + 5,855 0 31,916 37,771 15.0%
-------- --------- ---------- --------- --------
Totals $31,065 $5,814 $215,025 $251,903 100.0%
======== ========= ========== ========= ========
</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 $18,437 0 $18,437
INTEREST RATE L + 1.0% L + 2.0%
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>
Mar 31, 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 109,892 99,664 84,280 0 0
Unrestricted stock grants 210,000 200,000 66,666 66,666 0
Exchange of partnership
units 161,391 75,798 37,547 20,131 0
---------- ---------- --------- --------- ---------
Total outstanding shares 7,399,446 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 2,048,394 1,849,831 472,851 95,877 0
Exchange of partnership
units (161,391) (75,798) (37,547) (20,131) 0
---------- --------- -------- -------- --------
Total outstanding units 2,234,059 2,121,089 782,360 422,802 347,056
======== ======== ======== ======== ========
Total common share
equivalents-basic 13,150,602 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 14,432,653 14,211,969 10,515,524 8,312,592 6,116,286
========== ========== ========== ========= =========
Market capitalization
(in 000's):
Equity capitalization
based on closing stock
price $389,682 $390,829 $247,115 $150,666 $91,744
Outstanding debt
(with Debentures as
equity) 226,903 212,030 167,047 116,182 89,858
---------- --------- -------- -------- -------
Total market
capitalization $616,585 $602,859 $414,162 $266,848 $181,602
========== ========== ======== ======== ========
Debt to total market
capitalization 36.8% 35.2% 40.3% 43.5% 49.5%
========== ========== ======== ======== ========
Closing stock price $27.00 $27.50 $23.50 $18.13 $15.00
========== ========== ======== ======== ========
</TABLE>
<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%
------- ------- -----
Totals 357,904 $34,785 10.4%
======= ======= =====
</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)
</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 03/31/98 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 86.7% 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%
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 95.2% 98.6%
Northway
Shopping
Center Millersville,
MD 98,016 9.6 1987 1996 95.2% 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 97.0% 98.4%
Rosecroft
Shopping
Center Temple Hills,
MD 119,010 8.3 1963 1985 84.4% 87.4%
Southside
Marketplace Baltimore,
MD 126,646 9.1 1990 1996 88.2% 88.2%
Takoma Park Takoma Park,
MD 108,168 9.8 1960 1996 89.2% 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%
---------
2,119,389
---------
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
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 94.2% 94.2%
Centre Ridge
Marketplace Centreville,
VA 104,154 10.9 1996 1996 98.8% 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 94.4% 95.2%
Four Mile
Fork Shopping
Center Fredericksburg,
VA 101,360 10.3 1975 1997 84.6% 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 100.0% 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 93.2% 88.3%
---------
1,214,894
---------
22.6%
=========
</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
</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 94.8% 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 98.0% 98.0%
Mayfair
Shopping
Center Philadelphia,
PA 115,027 5.7 1988 1994 96.2% 100.0%
Newtown
Square
Shopping
Center Newtown
Square, PA 137,566 14.4 1960-70's 1996 98.5% 98.0%
Stefko
Boulevard
Shopping
Center Bethlehem,PA 135,864 10.3 1958-60-75 1996 98.8% 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 96.6% 98.6%
Mallard Creek Round Lake
Beach, IL 143,759 14.9 1987 1997 96.1% 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 89.8% 90.0%
Stonebrook
Plaza Merrionette
Park, IL 95,825 8.1 1984 1997 98.4% 95.3%
The Oaks Des Plaines,IL 138,274 16.7 1983 1997 95.5% 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 98.4% 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 100.0% 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 5,384,100 523.2 96.1% 96.2%
100.0%
</TABLE>
(1) Under a firm contract which is scheduled to close in May 1998.
(2) Includes Safeway (50,000 sq.ft) and Bowling alley (40,000 sq.ft) pad sites
owned by others.
(3) Includes Ukrops Supermarket (49,000 sq.ft ) pad site not owned by the
Company.
(4) 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 4,162,047 7.67%
2 A&P Superfresh 130,918 3 1,173,406 2.16%
3 Shoppers
Food Warehouse 133,700 2 1,081,740 1.99%
4 Richfood 127,865 3 1,069,327 1.97%
5 Safeway 118,056 3 844,491 1.56%
6 Fashion Bug 73,273 10 804,382 1.48%
7 Weis Markets 94,960 2 786,250 1.45%
8 Blockbuster
Video 41,669 7 715,975 1.32%
9 CVS/Pharmacy 101,730 9 696,925 1.28%
10 Rite Aid 77,346 7 690,348 1.27%
11 Food Lion 78,100 2 677,500 1.25%
12 Sears Paint
& Hardware 65,816 3 669,596 1.23%
13 Giant Food 143,268 4 650,240 1.20%
14 First Union Bank 17,065 7 529,978 0.98%
15 Hollywood Video 22,366 3 529,040 0.97%
16 T.J. Maxx 54,686 2 500,211 0.92%
17 Acme Markets 86,226 2 500,000 0.92%
18 Winn Dixie 79,000 2 481,500 0.89%
19 Shop Rite
Supermarket 57,333 1 458,552 0.85%
20 Eckerd Drug 45,752 5 431,191 0.79%
--------- ---------- -------
TOTAL 1,965,671 17,452,699 32.15%
========= ========== =======
TENANT MIX S.F. BASE RENT
-------- --------
ANCHOR (1) 41.4% 30.3%
NON-ANCHOR 58.6% 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 MARCH 31, 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
1998 160 394 8.1% $4,063 7.4% $10.31
1999 158 483 9.9% 5,462 9.9% 11.31
2000 163 461 9.4% 5,424 9.9% 11.77
2001 166 504 10.3% 6,520 11.8% 12.94
2002 132 380 7.8% 5,260 9.6% 13.84
2003 79 386 7.9% 4,093 7.4% 10.60
2004 23 83 1.7% 1,192 2.2% 14.36
2005 37 372 7.6% 4,196 7.6% 11.28
2006 40 260 5.3% 3,403 6.2% 13.09
2007 25 271 5.5% 2,966 5.4% 10.94
Thereafter 55 1,295 26.5% 12,454 22.6% 9.62
----- ----- ------ ------- ------ ------
Total 1,038 4,889 100.0% $55,033 100.0% $11.26
===== ===== ====== ======= ====== ======
</TABLE>
<PAGE>
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
Josephthal, Lyons Gary Levine 212-907-4015
Ticker Symbol:
Common shares FRW
Preferred Shares FRW pr
Quarterly Results:
The company plans to announce quarterly results
according to the following schedule:
2Q 1998 August 1, 1998
3Q 1998 October 1, 1998
4Q 1998 February 1, 1999
Transfer Agent: American Stock Transfer & Trust Co.
Auditor: Coopers & Lybrand L.L.P.
Counsel: Latham & Watkins
