Federal Realty Investment Trust · NYSE:FRT
Federal Realty Investment Trust — Q1 2020 Earnings Presentation
30 slides from Federal Realty Investment Trust's earnings presentation, May 7, 2020
Slide 1: Supplemental Disclosure Quarter Ended March 31, 2020
Supplemental Disclosure QUARTER ENDED MARCH 31, 2020
Slide 2: Supplemental Information Table of Contents
FEDERAL REALTY INVESTMENT TRUST SUPPLEMENTAL INFORMATION March 31, 2020 TABLE OF CONTENTS 1 First Quarter 2020 Earnings Press Release 3 2 Financial Highlights Consolidated Income Statements 7 Consolidated Balance Sheets 8 Funds From Operations / Other Supplemental Information 9 Market Data 10 Compon
Slide 3: Safe Harbor Language
Safe Harbor Language Certain matters discussed within this Supplemental Information may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable
Slide 4: Announces First Quarter 2020 Operating Results
NEWS RELEASE www.federalrealty.com FOR IMMEDIATE RELEASE Investor Inquiries: Media Inquiries: Leah Andress Brady Brenda Pomar Investor Relations Senior Manager Corporate Communications Manager 301.998.8265 301.998.8316 lbrady@federalrealty.com bpomar@federalrealty.com Federal Realty Investment Trust
Slide 5: Financial Results
Financial Results Net income available for common shareholders was $52.8 million and earnings per diluted share was $0.70 for first quarter 2020 versus $58.1 million and $0.78, respectively, for first quarter 2019. In the first quarter 2020, Federal Realty generated FFO of $114.3 million, or $1.50 p
Slide 6: Summary of Other Quarterly Activities and Recent Developments
Summary of Other Quarterly Activities and Recent Developments April 21, 2020 - Federal Realty sold the historic Pottery Barn building at the intersection of Colorado Boulevard and Fair Oaks Avenue in Old Pasadena, California, one of the most high-profile retail streets in Southern California. The bu
Slide 7: About Federal Realty
About Federal Realty Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty’s miss
Slide 8: Consolidated Income Statements
Federal Realty Investment Trust Consolidated Income Statements March 31, 2020 Three Months Ended March 31, 2020 2019 (in thousands, except per share data) (unaudited) REVENUE Rental income $ 230,798 $ 231,492 Mortgage interest income 759 735 Total revenue 231,557 232,227 EXPENSES Rental expenses 44,
Slide 9: Consolidated Balance Sheets
Federal Realty Investment Trust Consolidated Balance Sheets March 31, 2020 March 31, December 31, 2020 2019 (in thousands, except share and per share data) (unaudited) ASSETS Real estate, at cost Operating (including $1,751,718 and $1,676,866 of consolidated variable interest entities, respectively)
Slide 10: Funds From Operations / Other Supplemental Information
Federal Realty Investment Trust Funds From Operations / Other Supplemental Information March 31, 2020 Three Months Ended March 31, 2020 2019 (in thousands, except per share data) Funds from Operations available for common shareholders (FFO) (1) (2) Net income $ 56,441 $ 61,803 Net income attributabl
Slide 11: Market Data
Federal Realty Investment Trust Market Data March 31, 2020 March 31, 2020 2019 (in thousands, except per share data) Market Data Common shares outstanding and operating partnership units (1) 76,367 75,506 Market price per common share $ 74.61 $ 137.85 Common equity market capitalization including op
Slide 12: Components of Rental Income
Federal Realty Investment Trust Components of Rental Income (1) March 31, 2020 Three Months Ended March 31, 2020 2019 (in thousands) Minimum rents (2) Commercial $ 158,805 $ 155,263 Residential 20,618 19,164 Cost reimbursements 43,703 44,454 Percentage rents 1,820 1,935 Other 5,852 10,676 Total rent
Slide 13: Comparable Property Information
Federal Realty Investment Trust Comparable Property Information March 31, 2020 The following information is being provided for “Comparable Properties.” Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two p
Slide 14: Summary of Outstanding Debt
Federal Realty Investment Trust Summary of Outstanding Debt March 31, 2020 As of March 31, 2020 Weighted average Stated maturity date Stated interest rate Balance effective rate (7) (in thousands) Mortgages Payable (1) Secured fixed rate The Shops at Sunset Place 9/1/2020 5.62% $ 61,585 29th Place 1
Slide 15: Operational Statistics and Debt Notes
Three Months Ended March 31, 2020 2019 Operational Statistics Ratio of EBITDAre to combined fixed charges and preferred share dividends (9) 3.95x 4.17x Notes: 1) Mortgages payable does not include our share of the debt on our unconsolidated real estate partnerships. At March 31, 2020, our share was
Slide 16: Summary of Debt Maturities
Federal Realty Investment Trust Summary of Debt Maturities March 31, 2020 Cumulative Percent of Percent of Weighted Scheduled Debt Debt Average Year Amortization Maturities Total Maturing Maturing Rate (2) (in thousands) 2020 $ 4,952 $ 60,593 $ 65,545 1.5% 1.5% 3.9% 2021 $ 4,890 277,546 282,436 6.5%
Slide 17: Summary of Redevelopment Opportunities
Federal Realty Investment Trust Summary of Redevelopment Opportunities March 31, 2020 The following redevelopment opportunities have received or will shortly receive all necessary approvals to proceed and are actively being worked on by the Trust. (1) Impacts of COVID-19 Pandemic: Information provid
Slide 18: Assembly Row, Pike & Rose, and Santana Row
Federal Realty Investment Trust Assembly Row, Pike & Rose, and Santana Row March 31, 2020 Impacts of COVID-19 Pandemic: Information provided below reflects management’s best estimate based on current available information, however the completion of construction, final costs, return on investment, ti
Slide 19: Future Redevelopment Opportunities
Federal Realty Investment Trust Future Redevelopment Opportunities March 31, 2020 We have identified the following potential opportunities to create future shareholder value. Executing these opportunities could be subject to government approvals, tenant consents, market conditions, etc. Work on many
Slide 20: Significant Property Acquisitions & Disposition
Federal Realty Investment Trust Significant Property Acquisitions & Disposition March 31, 2020 Significant Acquisitions Date Property City/State GLA Purchase Price Principal Tenants (in square feet) (in millions) January 10, 2020 Westfair Shopping Center Fairfax, Virginia 49,000 $ 22.3 Guitar Center
Slide 21: Real Estate Status Report
Federal Realty Investment Trust Real Estate Status Report March 31, 2020 Mortgage/ Finance Real Lease % Grocery Estate at Liabilities Leased Residential Anchor Grocery Property Name MSA Description Cost (1) (2) Acreage GLA (3) (3) Units GLA Anchor Other Retail Tenants (in (in thousands) thousands) W
Slide 22: Real Estate Status Report
Federal Realty Investment Trust Real Estate Status Report March 31, 2020 Mortgage/ Finance Real Lease % Grocery Estate at Liabilities Leased Residential Anchor Grocery Property Name MSA Description Cost (1) (2) Acreage GLA (3) (3) Units GLA Anchor Other Retail Tenants (in (in thousands) thousands) B
Slide 23: Real Estate Status Report
Federal Realty Investment Trust Real Estate Status Report March 31, 2020 Mortgage/ Finance Real Lease % Grocery Estate at Liabilities Leased Residential Anchor Grocery Property Name MSA Description Cost (1) (2) Acreage GLA (3) (3) Units GLA Anchor Other Retail Tenants (in (in thousands) thousands) M
Slide 24: Real Estate Status Report
Federal Realty Investment Trust Real Estate Status Report March 31, 2020 Mortgage/ Finance Real Lease % Grocery Estate at Liabilities Leased Residential Anchor Grocery Property Name MSA Description Cost (1) (2) Acreage GLA (3) (3) Units GLA Anchor Other Retail Tenants (in (in thousands) thousands) P
Slide 25: Retail Leasing Summary
Federal Realty Investment Trust Retail Leasing Summary (1) March 31, 2020 Total Lease Summary - Comparable (2) Number % of Prior Cash Basis Weighted Tenant of Comparable Contractual Rent (4) Annual % Increase Average Tenant Improvements Leases Leases Rent (3) Per Sq. Increase in Over Prior Lease Imp
Slide 26: Lease Expirations
Federal Realty Investment Trust Lease Expirations March 31, 2020 Assumes no exercise of lease options Anchor Tenants (1) Small Shop Tenants Total % of % of % of Anchor Minimum Small Minimum Total Minimum Year Expiring SF SF Rent PSF (2) Expiring SF Shop SF Rent PSF (2) Expiring SF (4) SF Rent PSF (2
Slide 27: Portfolio Leased Statistics
Federal Realty Investment Trust Portfolio Leased Statistics March 31, 2020 Overall Portfolio Statistics (1) At March 31, 2020 At March 31, 2019 Type Size Leased Leased % Size Leased Leased % Commercial Properties (2) (3) (4) (sf) 24,055,000 22,508,000 93.6% 24,177,000 22,724,000 94.0% Residential Pr
Slide 28: Summary of Top 25 Tenants
Federal Realty Investment Trust Summary of Top 25 Tenants March 31, 2020 Number Percentage of Percentage of Credit Ratings (S&P/ Annualized Total Annualized Tenant of Total Locations Rank Tenant Name Moody's/Fitch) (1) Base Rent Base Rent (3) GLA GLA (3) Leased 1 Splunk, Inc. NR / NR / NR $ 25,066,0
Slide 29: Tenant Diversification by Category
Federal Realty Investment Trust Tenant Diversification by Category March 31, 2020 The below reflects the breakout of our Annualized Base Rent1 as of March 31, 2020 by type of tenant: 25% of Annualized Base Rent comes from Essential Retail 20% of Annualized Base Rent comes from Office and Residential
Slide 30: Glossary of Terms
Glossary of Terms EBITDA for Real Estate ("EBITDAre"): EBITDAre is a non-GAAP measure that the National Association of Real Estate Investment Trusts ("NAREIT") defines as: net income computed in accordance with GAAP plus net interest expense, income tax expense, depreciation and amortization, gain o
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