Federal Realty Investment Trust / FRT

About Federal Realty Investment Trust

1626 E. Jefferson St., Rockville, Md. 20852
www.federalrealty.com | 301-998-8100 | Founded: 1962

Industry: Real Estate | Category: Public Companies

Federal Realty had a banner year in terms of acquisitions and developments, Donald C. Wood, the company's president and chief executive, told investors during a conference call. It acquired $300 million of properties, including Linden Square, a large mixed-use project in Wellesley, Mass. In total, it bought seven properties, adding 1.1 million square feet to its portfolio. However, the retail developer, like others in the industry, is faced with the high cost of construction materials.
It sold $68 million in assets last year and spent $120 million to spruce up many of its aging shopping centers, including local ones in Shirlington, Leesburg and Rockville's Town Center, which is opening in May. The Rockville project is 98 percent leased with small-shop rents averaging about $36 a foot, above estimates, company officials said. As of the end of 2006, 96.5 percent of properties were leased to national and regional retailers with no single tenant accounting for more than 2.5 percent of annualized base rent.
Federal Realty also had a busy year adjusting its balance sheet. The company issued $510 million of long-term debt, paid off $250 million of variable-interest debt and issued $150 million in common equity. It also signed a deal to get access to another $300 million in credit. By the end of the year, the ratio of its debt to equity was almost 30 percent. In 2006, the stock rose about 41 percent.

President and CEO: Donald C. Wood

2006 Financial Data

Revenues: $451,022,000 | Net Income: $118,712,000
Asssets: $2,688,606,000 | Earnings Per Share: $1.92
Stockholder Equity: $784,078,000 | Annual Dividend: $2.44
Total employees: 354 | Local employees: 198