Federal Realty Investment Trust
1626 East Jefferson St.
Rockville, Md. 20852
www.federalrealty.com Year founded: 1962 Industry: Real estate Revenue: $357.88 Million Net Income/Loss: $94.50 Million Earnings per share: $1.59 Dividend: $1.95 Stockholder equity: $691.37 Million Auditor: Grant Thornton LLP Stock: FRT Assets: $2.14 Billion Market capitalization: $1.98 Billion 52-week high: 46.87 4/1/2004 52-week low: 30.53 4/14/2003 President and CEO: Donald C. Wood CFO: Larry E. Finger Employees: 500 Local employees: 250 Description: Federal Realty Investment Trust builds, owns and manages retail properties in the Washington area and nationwide. Its portfolio includes both conventional suburban strip shopping centers and mixed-use properties with a more urban feel, such as Pentagon Row in Arlington. Developments: The retail real estate market remains solid as shoppers seemingly ignore the economic slump of the past three years. And last year was no different for Federal Realty as the opening of a big new project in California pumped up profits. After years in development, the first phases of the massive Santana Row retail and residential complex opened in San Jose, in the heart of Silicon Valley, in November 2002, adding 529,000 square feet of retail space and 255 apartments with more on the way. By January 2004, 89 percent of the retail space and 97 percent of the apartments were leased. Driven by the stronger results from Federal's "street retail" properties like Santana Row, funds from operations, a key measure of performance for real estate investment trusts, rose 45 percent for the year. Earnings spiked 71 percent. Federal does not intend to embark on any more complex urban-style projects like Santana Row because the payoff comes too slowly (that project has been in development since 1997). Instead it is focusing on redeveloping shopping centers anchored by supermarkets. Last year it bought four such shopping centers for $125 million as it sold seven properties with net proceeds of $44 million. Last month Federal bought Westgate Mall, a 637,000-square-foot property in San Jose for $97 million. Executive Compensation
President and CEO: Donald C. Wood
Total Cash: $925,000.00
Total Compensation: $2,857,000.00
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