Federal Realty Investment Trust announced yesterday it has acquired two more shopping centers and named a new president. It also reported record income for the first quarter of this year.
The shopping centers are located in suburban Philadelphia and in Lancaster, Pa. That brings to 15 the number of centers wholly or partially owned by the Chevy Chase REIT, which also has five apartment buildings.
Steven J. Guttman was named as president, succeeding Daniel M. Lyons, who is retiring. Guttman, who has been with the REIT for eight years, told stockholders at yesterday's annual meeting the trust soon planned to acquire four additional properties. Renovations at Congressional Plaza are 70 percent complete and the refurbished Tysons Station shopping center is expected to open next fall, he said.
The REIT's net income increased by 37 percent during the first quarter of 1980 after a decline of 22 percent for the 12 preceding months. Net income for the first quarter was $480,263 or 33cents a share, compared to $349,594 or 24 cents a share during the same period in 1979. The annual dividend per share was set at $1.56, making it the twelfth year in a row of dividend increases.
Net cash flow from operations mainly the result of higher rents paid by stores in its shopping centers, rose by 28 percent. (Rents are based on a percentage of sales.) When asked if he thought the recession would diminish those figures, Guttman replied negatively. "We have convenience-oriented shopping centers. These are the least likely to be affected by a recession.
Guttman denied knowledge of any takeover attempt last year following unusual activity in the REIT's stock.