-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V50ddh69QNwu4vipDxCCpTjVGns4xlx+e9cnmKyXqYAdeXY7WOXz1xm8r14wpwmB XAu5TSGZk88i6dN0RNGsuQ== 0000926861-97-000005.txt : 19970515 0000926861-97-000005.hdr.sgml : 19970515 ACCESSION NUMBER: 0000926861-97-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST WASHINGTON REALTY TRUST INC CENTRAL INDEX KEY: 0000926861 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 521879972 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25230 FILM NUMBER: 97604156 BUSINESS ADDRESS: STREET 1: 4350 EAST WEST HWY - STE 400 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 3019077800 MAIL ADDRESS: STREET 1: 4350 EAST WEST HIGHWAY SUITE 400 STREET 2: 4350 EAST WEST HIGHWAY SUITE 400 CITY: BETHESDA STATE: MD ZIP: 20814 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended March 31, 1997 Commission File Number 0-25230 FIRST WASHINGTON REALTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 52-1879972 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) identification no.) 4350 East-West Highway, Suite 400, Bethesda, MD 20814 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (301) 907-7800 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Common Stock, $.01 par value, outstanding as of May 12, 1997: 5,031,807 Shares of Common Stock FIRST WASHINGTON REALTY TRUST, INC. FORM 10-Q INDEX Part I: Financial Information Page Item 1. Consolidated Balance Sheets as of March 31, 1997 (unaudited) and December 31, 1996 1 Consolidated Statements of Operations (unaudited) for the three months ended March 31, 1997 and 1996 2 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 1997 and 1996 3 Notes to Unaudited Consolidated Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II: Other Information Item 2. Market for the Registrant's Common Equity and Related Shareholders Matters 10 Item 6. Exhibits and Reports on Form 8-K 10 Signatures 12 FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands except share data) -----------
March 31, December 31, 1997 1996 (unaudited) ASSETS Rental properties: Land $ 70,115 $ 61,959 Buildings and improvements 285,942 252,276 --------- -------- 356,057 314,235 Accumulated depreciation (32,503) (30,450) --------- --------- Rental properties, net 323,554 283,785 Cash and equivalents 1,457 11,780 Tenant receivables, net 5,353 4,639 Deferred financing costs, net 4,194 4,403 Other assets 7,802 9,006 ---------- ---------- Total assets $342,360 $313,613 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Mortgage notes payable $190,904 $167,047 Debentures 25,000 25,000 Accounts payable and accrued expenses 9,014 6,328 ---------- ---------- Total liabilities 224,918 198,375 Minority interest 18,627 16,661 Stockholders' equity: Common stock $.01 par value, 90,000,000 shares authorized; 4,946,245 shares issued and outstanding 49 49 Convertible preferred stock $.01 par value, 3,750,000 shares designated; 2,314,189 issued and outstanding (aggregate liquidation preference of $57,855) 23 23 Additional paid-in capital 119,038 116,068 Accumulated distributions in excess of earnings (20,295) (17,563) ---------- ----------- Total stockholders' equity 98,815 98,577 --------- --------- Total liabilities and stockholders' equity $342,360 $313,613 ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 1 FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except share data) (unaudited) -------
For three months ended March 31, 1997 1996 Revenues: Minimum rents $10,152 $7,098 Tenant reimbursements 2,123 1,555 Percentage rents 328 195 Other income 187 513 -------- -------- Total revenues 12,790 9,361 ------- ------- Expenses: Property operating and maintenance 3,574 2,541 General and administrative 858 586 Interest 4,372 3,315 Depreciation and amortization 2,461 1,736 ------- ------- Total expenses 11,265 8,178 ------- ------- Income before income from Management Company, minority interest and distributions to Preferred Stockholders 1,525 1,183 Income (loss) from Management Company 163 (23) -------- ------- Income before minority interest and distributions to Preferred Stockholders 1,688 1,160 Income allocated to minority interest (257) (172) -------- --------- Income before distributions to Preferred Stockholders 1,431 988 Distributions to Preferred Stockholders (1,410) (1,410) ------- ------- Net Income (loss) allocated to common stockholders $21 $(422) ======== ========= Net Income (loss) per Common Share $0.00 ($0.13) ======== ========= Weighted average shares of Common Stock, in thousands 4,946 3,191 ======== ========= Distributions per share $0.4875 $0.4875 ======= =======
The accompanying notes are an integral part of these consolidated financial statements. 2 FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (unaudited) --------
For the three months ended March 31, 1997 1996 Operating activities: Income before distributions to Preferred Stockholders $1,431 $988 Adjustment to reconcile net cash provided by operating activities: Income allocated to minority interest 257 172 Depreciation and amortization 2,461 1,736 Amortization of deferred financing costs and loan discounts 455 561 Equity in earnings of Management Company (43) 143 Compensation paid or payable in company stock 560 333 Provision for uncollectible accounts 520 (8) Recognition of deferred rent (294) (209) Gain on sale of rental property (45) - Net changes in: Tenant receivables (940) (714) Other assets 1,274 (713) Account payable and accrued expenses 2,125 (3) --------- ------- Net cash provided by operating activities 7,761 2,286 --------- --------- Investing activities: Additions to rental properties (4,371) (885) Acquisition of rental properties (17,101) (28,201) Proceeds from sale of rental property 1,172 - --------- ----------- Net cash used in investing activities (20,300) (29,086) -------- -------- Financing activities: Proceeds from line of credit 17,100 1,000 Proceeds from mortgage notes 1,443 24,281 Repayment on mortgage notes (11,564) (270) Additions to deferred financing costs (343) (511) Distributions paid to Preferred Stockholders (1,410) (1,410) Distributions paid to Common Stockholders (2,411) (1,555) Distributions paid to minority interest (599) (421) ---------- -------- Net cash provided by financing activities 2,216 21,114 ---------- --------- Net decrease in cash and equivalents (10,323) (5,686) Cash and equivalents, beginning of period 11,780 7,806 ------------ ---------- Cash and equivalents, end of period $1,457 $2,120 =========== ==========
The accompanying notes are an integral part of these consolidated financial statements. 3 FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except share data) --------- 1. Business General First Washington Realty Trust, Inc. (the "Company") is a fully integrated real estate organization with expertise in acquisitions, property management, leasing, renovation and development of principally supermarket-anchored neighborhood shopping centers. The Company owns a portfolio of 39 retail properties containing a total of approximately 4.1 million square feet of gross leasable area and two related multifamily properties located in the Mid-Atlantic region. The Company, incorporated in Maryland in April 1994, is self-managed and self-administered and has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company currently owns approximately 83.8% of the partnership interests in First Washington Realty Limited Partnership (the "Operating Partnership"). All of the Company's operations are conducted through the Operating Partnership. The Operating Partnership owns 27 Properties directly and 14 Properties are owned by lower tier partnerships or limited liability companies in which the Operating Partnership owns a 99% partnership interest and the Company (or a wholly-owned subsidiary of the Company) owns a 1% partnership interest. Due to the Company's ability, as the general partner, to exercise both financial and operational control over the Operating Partnership, the Operating Partnership is consolidated for financial reporting purposes. Allocation of net income to the limited partners of the Operating Partnership is based on their respective partnership interests and is reflected in the accompanying Consolidated Financial Statements as minority interests. Losses allocable to the limited partners in excess of their basis are allocated to the Common Stockholders as the limited partners have no requirement to fund losses. The Operating Partnership also owns 100% of the non-voting Preferred Stock of First Washington Management, Inc. ("FWM") and is entitled to 99% of the cash flow from FWM. FWM provides management, leasing and related services for the Properties. In addition to the Properties, FWM provides management, leasing and related services to third-party clients, including individual, institutional and corporate property owners. FWM is also referred to herein as the "Management Company". 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim consolidated financial statements of the Company are prepared pursuant to the Securities and Exchange Commission's rules and regulations for reporting on Form 10-Q and should be read in conjunction with the financial statement and the notes thereto of the Company's 1996 Annual Report to Stockholders. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with generally accepted accounting principles are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for fair presentation of the consolidated financial statements for the interim periods have been included. The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. 4 FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except share data) --------- The consolidated financial statements include the accounts of the Company and its majority owned partnerships, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated. Income/Loss per Share Income/loss per share is calculated by dividing income after minority interest, less preferred distributions by the weighted average number of common shares outstanding during the three months ended March 31, 1997 and 1996 respectively. The weighted average number of common shares outstanding during three months ended March 31, 1997 and 1996 were 4,946,000 and 3,191,000, respectively. Potentially dilutive items i.e. the exercise of outstanding stock options and the conversion of Convertible Preferred Stock, Operating Partnership Units and Exchangeable Debentures would not have a material dilutive effect. Recent Accounting Pronouncements Effective for the Company's fiscal year ending December 31, 1997, the Company will be required to adopt Statement of Financial Accounting Standards No. 128, "Earnings per Share." The potential impact on the Company of adopting the new standard has not been quantified at this time. The Company intends to adopt the statement in the fourth quarter of 1997. 3. Acquisition of Rental Properties On January 24, 1997, the Company acquired City Line Shopping Center, located in Philadelphia, Pennsylvania for an approximate price of $14.8 million. The shopping center is anchored by Acme Market and Thrift Drugs. The acquisition was financed through the issuance of approximately 143,000 Common Units to the seller of the property with a value of approximately $3.4 million, assumed mortgage indebtedness of approximately $10.0 million, new indebtedness of $1.0 million and $0.4 million in cash. The mortgage loan bears interest at 8.00% per annum and is payable monthly based on a 24 year amortization schedule. The loan is due in October 2005. On January 28, 1997, the Company acquired Four Mile Fork Shopping Center located in Fredericksburg, Virginia for an approximate price of $5.7 million. The center is anchored by Safeway and CVS/Pharmacy. The acquisition was financed with proceeds of the December 1996 Offering. On January 31, 1997, the Company acquired Shoppes of Graylyn located in Wilmington, Delaware. The price of the property was $7.2 million. The center is anchored by Rite Aid. The acquisition was financed by a $3.8 million draw on the Company's line of credit, $.4 million from the proceeds of the sale of Thieves Market and $3.0 million in cash from the proceeds of the December 1996 Offering. On March 19, 1997 (effective March 1, 1997), the Company acquired Ashburn Farms Village Center located in Ashburn, Virginia for an approximate price of $9.2 million. The center is anchored by Superfresh Supermarket. The acquisition was financed with mortgage debt of $6.8 million, the issuance of approximately 55,000 Common Units to the seller of the property with a value of approximately $1.2 million, the issuance of approximately 9,500 Preferred Units to the seller of the property with a value of approximately $0.2 million and approximately $1.0 million in cash. The mortgage loan bears interest at LIBOR + 1.5% per annum and has an annual amortization of approximately $.1 million. The loan is due in January 2001. 5 FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except share data) --------- The following unaudited pro forma condensed combined results of operations are presented as if the acquisitions of the rental properties occurred on January 1 of the period presented. In preparing the pro forma data, adjustments have been made to assume that the December 1996 Offering occurred on January 1, of the periods presented. The proforma statements are provided for information purposes only. They are based on historical information and do not necessarily reflect the actual results that would have occurred nor are they necessarily indicative of future results of operations of the Company.
For the three months For the year ended March 31, ended 1997 1996 Dec. 31, 1996 ---- ---- ------------- Total revenues $12,790 $12,130 $49,679 Expenses: Property operating and maintenance 3,574 3,263 12,562 General and administrative 858 586 3,137 Interest 4,372 4,366 18,152 Depreciation and amortization 2,461 2,281 9,704 ------ ------ ------- 11,265 10,496 43,555 ------ ------ ------ Income before income from Management Company, minority interest and distributions to Preferred Stockholders 1,525 1,634 6,124 Income from Management Company 163 (23) 221 ------ -------- ------ Income before minority interest and distributions to Preferred Stockholders 1,688 1,611 6,345 Income allocated to minority interest (257) (251) (990) -------- -------- ----- Income before distributions to Preferred Stockholders 1,431 1,360 5,355 Distributions to Preferred Stockholders (1,410) (1,410) (5,641) ------- ------- ------- Net Income (loss) allocated to Common Stockholders $21 $(50) (286) ======= ======= ======== Net Income (loss) per common share $(0.00) $(0.01) $(0.06) ======= ======= =======
4. Summary of Noncash Investing and Financing Activities Significant noncash transactions for the three months ended March 31, 1997 and 1996 and were as follows:
1997 1996 ---- ---- Liabilities assumed in acquisition of rental properties $16,843 - Common units in the Operating Partnership issued in connection with the acquisition of rental properties $4,660 $5,646 Preferred units in the Operating Partnership issued in connection with the acquisition of rental properties $277 $1,679 Increase in minority interest's ownership of the Operating Partnership $1,709 $2,333
The above information supplements the disclosures required by Statement of Financial Accounting Standards No. 95 - "Statement of Cash Flows." 6 FIRST WASHINGTON REALTY TRUST, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except share data) --------- 5. Commitments & Contingencies On March 28, 1997, the Company entered into a non-binding letter of intent with respect to the possible acquisition of a portfolio of up to seven supermarket-anchored neighborhood shopping centers outside of the Mid-Atlantic region. The total consideration for all seven of the properties would be approximately $82 million. The Company has only recently begun its due diligence with respect to these properties. In addition to completion of satisfactory due diligence and entering into a binding acquisition agreement, there are other significant contingencies with respect to the potential consummation of this acquisition. 6. Subsequent Events On April 17, 1997 the Board of Directors declared a distribution of $0.4875 and $.6094 per share of Common Stock and Preferred Stock, respectively to shareholders of record as of May 1, 1997, payable on May 15, 1997. On April 17, 1997, the Company's Registration Statement on Form S-3, which provides for the offering from time-to-time of $175 million of securities was declared effective. On May 9, 1997, 85,562 common shares of stock were issued to a current shareholder. The Company received proceeds of approximately $2.0 million which it used to pay down a portion of its outstanding line of credit. 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation Overview The following discussion should be read in conjunction with the "Selected Consolidated Financial Information" and the Financial Statements and notes thereto of the Company appearing elsewhere in this Form 10-Q. Comparison of the three months ended March 31, 1997 to the three months ended March 31, 1996 For the three months ended March 31, 1997, the net income allocated to common stockholders increased by $433,000 from a net loss of $422,000 to net income of $21,000, when compared to the three months ended March 31, 1996, primarily due to an increase in revenues off set by an increase in expenses and an increase in the amount of income allocated to minority interests. Total revenues increased by $3,429,000 or 36.6%, from 9,361,000 to 12,790,000, due primarily to an increase in minimum rents of $3,054,000 and tenant reimbursements of $568,000. The increases were primarily due to the purchase of Centre Ridge Marketplace on March 29, 1996, Takoma Park Shopping Center on April 29, 1996, Southside Marketplace on June 7, 1996, Kings Park Shopping Center on December 19, 1996, Newtown Square Shopping Center on December 27, 1996 and Northway Shopping Center on December 30, 1996 (the "1996 Acquisitions"), City Line Shopping Center on January 24, 1997, Four Mile Fork Shopping Center on January 28, 1997, Shoppes of Graylyn on January 31, 1997 and Ashburn Farm Village Shopping Center on March 19, 1997 (the "1997 Acquisitions"). Property operating and maintenance expense increased by $1,033,000, or 40.7%, from $2,541,000 to $3,574,000, due primarily to the 1996 and 1997 Acquisitions. General and administrative expenses increased by $272,000 or 46.4%, due primarily to an increase in the amount of compensation paid or payable in Company stock. Interest expense increased by $1,057,000, or 31.9%, from $3,315,000 to $4,372,000, due primarily to the increase mortgage indebtedness associated with the 1996 and 1997 Acquisitions. The average debt outstanding increased from $153.7 million for 1996 to $204.0 million for 1997. The weighted average interest rate was 8.6% in 1996 and 1997. Depreciation and amortization expenses increased by $725,000, or 41.8%, from $1,736,000 to $2,461,000, primarily due to the 1996 and 1997 Acquisitions. Income allocated to minority interests increased by $85,000 from an income allocation of $172,000 to an income allocation of $257,000 due to an increase in net income and an increase in the minority interests ownership of the Operating Partnership. Liquidity and Capital Resources Indebtedness As of March 31, 1997, the Company had total indebtedness of approximately $215.9 million (including $25.0 million of debentures and approximately $190.9 million of mortgages and lines of credit). The mortgage indebtedness consisted of approximately $183.8 million in indebtedness collateralized by 39 of the Properties and tax-exempt bond financing obligations issued by the Philadelphia Authority for Industrial Development (the "Bond Obligations") of approximately $7.1 million collateralized by one of the properties. Of the Company's mortgage indebtedness, $35.6 million (18.6%) is variable rate indebtedness, and $155.3 million (81.4%) is at a fixed rate. This indebtedness has 8 interest rates ranging from 5.0% to 10.125%, with a weighted average interest rate (excluding the Bond Obligations) of 7.7%, and will mature between 1998 and 2021. A large portion of the Company's indebtedness will become due by 2000, requiring payments of $4.1 million in 1998, $87.4 million in 1999, and $33.5 million in 2000. From 1998 through 2021, the Company will have to refinance an aggregate of approximately $215.1 million. Since the Company anticipates that only a small portion of the principal of such indebtedness will be repaid prior to maturity and the Company will likely not have sufficient funds on hand to repay such indebtedness, the Company will need to refinance such indebtedness through modification or extension of existing indebtedness, additional debt financing or through an additional offering of equity securities. The Company currently has three collateralized revolving lines of credit (the "Lines of Credit") totaling approximately $39 million. The Company has a collateralized revolving line of credit of up to $5.8 million from First Union Bank. Loans under the line of credit will bear interest at LIBOR plus two percent (2%) per annum, and will mature on June 30, 1998. Loans under the line of credit will be collateralized by a first mortgage lien on Brafferton Shopping Center. The Company has an additional collateralized revolving line of credit of approximately $8.25 million with Mellon Bank. This line is collateralized by Kenhorst Plaza and expires March 29, 1998. Loans under this line will bear interest at LIBOR plus two percent (2%). On January 31, 1997, the Company closed a $25 million line of credit with Corestates Bank. The line is collateralized by Shoppes of Graylyn, Newtown Square, Four Mile Fork and Centre Ridge Marketplace, bears interest at LIBOR plus 1.50% and expires January 31, 2000. As of March 31, 1997, $17.1 was outstanding under the lines of credit. The Company expects to meet its short-term liquidity requirements generally through its working capital, net cash provided by operations and draws on the Lines of Credit. The Company believes that the foregoing sources of liquidity will be sufficient to fund liquidity needs through 1997. The Company expects to meet certain long-term liquidity requirements such as development, property acquisitions, scheduled debt maturities, renovations, expansions and other non-recurring capital improvements through long-term secured and unsecured indebtedness, including the Lines of Credit and the issuance of additional equity securities. The Company also expects to use funds available under the Lines of Credit to fund acquisitions, development activities and capital improvements on an interim basis. During 1999, $88.2 million of the Company's indebtedness becomes due, including the $25.0 million Exchangeable Debentures. The Company believes that it will be able to retire this debt through either a refinancing of the debt using the properties as collateral, an equity offering or a combination of both. The Company currently believes that the loan-to-values on the properties are at a level that will enable the Company to fully refinance the loans without an additional requirement for capital. The Company has elected to qualify as a REIT for federal income tax purposes commencing with its tax year ended December 31, 1994. To qualify as a REIT, the Company is required, among other items, to pay distributions to its shareholders of at least 95% of its taxable income. The Company intends to make quarterly distributions to its shareholders from operating cash flow. 9 Part II OTHER INFORMATION Item 2. Recent Sales of Unregistered Equity Securities (a) Securities Sold The following table sets forth the date of sale, title and amount of unregistered securities sold by the Company since December 31, 1996: Date of Sale Title Amount 01/24/97 Common Units 143,385 units 03/19/97 Common Units 55,335 units 03/19/97 Preferred Units 9,538 units (b) Underwriters and other purchasers i. January 24, 1997 Sales. Underwriters were not retained in connection with the sale of these securities. These units were sold to the seller of City Line Shopping Center, an "accredited investor". ii. March 19, 1997 Sales. Underwriters were not retained in connection with the sale of these securities. These units were sold to the seller of Ashburn Farm Village Shopping Center, an "accredited investor". (c) Consideration i. January 24, 1997 Sales. These units were issued in exchange for property having a value of approximately $4.8 million, net of assumed indebtedness. There were no underwriting discounts or commissions with respect to such securities. ii. March 19, 1997 Sales. These units were issued in exchange for property having a value of approximately $3.8 million, net of assumed indebtedness. There were no underwriting discounts or commissions with respect to such securities. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 3.1 Articles of Incorporation of the Company (1) 3.2 Bylaws of the Company (3) 10.40 Revolving Credit Loan Agreement dated January 31, 1997 between Corestates Bank, N.A. and First Washington Realty Limited Partnership. (1) 10 10.41 Contribution Agreement dated March 19, 1997, by and between Ashburn Farms Village Center, L.L.C. and First Washington Limited Partnership. (1) 21.1 List of Subsidiaries (1) 27 Financial Data Schedule (2) - ----------------------------------------------------------------------- (1) Incorporated herein by reference from the Company's Form 10-K for the year ended December 31, 1996. (2) Filed herewith. (3) Incorporated herein by reference from the Company's Registration Statement on Form S-11 (No. 33-83960). (b) A form 8-K was filed on February 13, 1997 reporting the consummation of the acquisition of six retail properties. 11 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 thereunto duly authorized. FIRST WASHINGTON REALTY TRUST, INC. Date: May 13, 1997 /s/ William J. Wolfe ------------------------------ By: William J. Wolfe President and Chief Executive Officer Date: May 13, 1997 /s/ James G. Blumenthal --------------------------------- By: James G. Blumenthal Executive Vice President and Chief Financial Officer 12 EX-27 2
5 1,000 3-MOS DEC-31-1997 MAR-31-1997 1,457 0 5,353 0 0 0 356,057 32,503 342,360 0 215,904 0 23 49 98,743 342,360 0 12,790 0 3,574 3,319 0 4,372 21 0 0 0 0 0 21 0 0
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