-----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, UoTHM14n6OR8fOYP2uPx9OMg8Ob7xrw1wdcxnC9PxKbsiblqTDIl2nSAom6IAXsH ScUci6KlRsI8rcHQRp/4Ew== 0000926861-98-000007.txt : 19980519 0000926861-98-000007.hdr.sgml : 19980519 ACCESSION NUMBER: 0000926861-98-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980331 ITEM INFORMATION: FILED AS OF DATE: 19980518 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: 8-K SEC ACT: SEC FILE NUMBER: 000-25230 FILM NUMBER: 98627188 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 8-K 1 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 31, 1998 First Washington Realty Trust, Inc. ___________________________________ (Exact name of registrant as specified in its charter) Maryland 0-25230 1879972 ____________________________ _____________ ___________________ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 4350 East-West Highway, Suite 400, Bethesda, Maryland 20814 _____________________________________________________ _____ (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code: 301-907-7800 ____________ Item 5. Other Events First Washington Realty Trust, Inc. hereby files as exhibit 99 the following supplemental data pertaining to its portfolio of properties at March 31, 1998. Item 7. Financial Statements and Exhibits (c) Exhibits. 99 Supplemental portfolio information at March 31, 1998. 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 hereunto duly authorized. FIRST WASHINGTON REALTY TRUST, INC. Date: May 18, 1998 /s/ James G. Blumenthal ___________________________________ James G. Blumenthal Executive Vice President Chief Financial Officer FIRST WASHINGTON REALTY TRUST, INC. ________________________________________________________________ SUPPLEMENTAL FINANCIAL INFORMATION FOR THE QUARTER ENDED MARCH 31, 1998 TABLE OF CONTENTS PRESS RELEASE..........................................................1 BALANCE SHEET..........................................................3 STATEMENT OF OPERATIONS................................................4 KEY STATISTICS.........................................................5 FUNDS FROM OPERATIONS AND CAPITAL EXPENDITURES RECONCILIATIONS.........6 ANALYSIS OF OUTSTANDING DEBT...........................................7 CAPITALIZATION TABLE...................................................9 RECENT ACQUISITIONS...................................................10 PROPERTY TABLE........................................................11 TENANT INFORMATION....................................................13 LEASE EXPIRATION TABLE................................................14 INVESTOR INFORMATION..................................................15 ________________________________________________________________ 4350 East-West Highway, Suite 400 Bethesda, Maryland 20814 301-907-7800 FOR IMMEDIATE RELEASE FIRST WASHINGTON REALTY TRUST, INC. ANNOUNCES FIRST QUARTER OPERATING RESULTS REIT Continues to Post Strong Increases in Earnings BETHESDA, MD, May 4, 1998 -- First Washington Realty Trust, Inc. (NYSE: FRW; FRW Pr) today announced first quarter operating results. For the quarter ended March 31, 1998, funds from operations (FFO), a standard measure of operating performance for real estate investment trusts, on a fully converted basis, increased 43.4% to $7.6 million as compared to $5.3 million for the first quarter of 1997. On a per share basis, FFO increased 8.2% to $0.53 as compared to $0.49 for the same period last year. Total revenues for the first quarter increased 33.9% to $16.6 million as compared to $12.4 million for the first quarter of 1997. Net income for the first quarter, on a fully converted basis, increased 200% to $5.1 million, or $0.39 per share, from $1.7 million, or $0.18 per share, for the same period last year. Stuart D. Halpert, Chairman, commented: "We are very pleased with the continued strength in our financial performance. The sharp increases in earnings and revenues are directly attributable to an increase in rental rates throughout our portfolio and the addition of a number of first-rate shopping centers to our asset base." Since January 1, 1997, First Washington has acquired 12 new neighborhood shopping centers for a total investment of approximately $135 million. As of March 31, 1998, First Washington's portfolio was 96% occupied. The Board of Directors has declared a quarterly distribution of $0.6094 per share for the preferred shareholders for the period February 16, 1998, through May 15, 1998, and a quarterly distribution of $0.4875 per share to common shareholders. The distributions are payable on May 15, 1998, to shareholders of record as of May 1, 1998. First Washington Realty Trust, Inc. is a publicly-traded real estate investment trust which owns and operates 50 investment properties. The common stock of the Company is listed on the NYSE under the symbol "FRW". The Company plans to continue its strategy to selectively acquire principally supermarket-anchored neighborhood shopping centers throughout the Mid-Atlantic states, as well as in other metropolitan markets which the Company determines to be both attractive and conveniently accessible. Contacts: Stuart D. Halpert, Chairman - 301/907-7800 William J. Wolfe, President and CEO - 301/907-7800 James G. Blumenthal, Chief Financial Officer - 301/907-7800 TABLE FOLLOWS FINANCIAL HIGHLIGHTS (in thousands, except per share data) Three Months Ended March 31, ___________________ Operating Results 1998 1997 ------ ------- Funds from operations: Net income before distributions and minority interest $5,149 $1,688 Add: Depreciation of real estate assets 3,132 2,356 Add: Amortization of leasing costs 133 105 Add: Compensation paid in company stock - 540 Add: Loss on early extinguishment of debt 358 134 Less:Gain on sale of property (1,683) (45) Add: Conversion of exchangeable debentures 516 516 ------ ------- Funds From Operations (1) $7,605 $5,294 ====== ======= Weighted average shares outstanding (1) 14,379 10,682 Dilutive effect of stock options 101 51 ------ ------- Weighted average shares outstanding - Diluted (1) 14,480 10,733 ====== ======= FFO per share - Diluted $0.53 $0.49 ====== ======= Revenues: Minimum rents $12,928 $9,632 Tenant reimbursements 396 2,123 Percentage rents 3,088 328 Other income 228 276 ------ ------- Total revenues 16,640 12,359 ------ ------- Expenses: Property operating and maintenance 4,143 3,054 General and administrative 837 858 Interest 4,851 4,372 Depreciation and amortization 3,265 2,461 ------ ------- Total expenses 13,096 10,745 ------ ------- Income before income from Management Company 3,544 1,614 Gain on sale of property 1,683 45 Income from Management Company 280 163 ------ ------- Net income before extraordinary item 5,507 1,822 Extraordinary item-loss on early extinguishment of debt (358) (134) ------ ------- Net income before distributions and minority interest (2) $5,149 $1,688 ====== ======= Weighted average shares outstanding (2) 13,097 9,400 Dilutive effect of stock options 101 51 ------ ------- Weighted average shares outstanding - Diluted (2) 13,198 9,451 ====== ======= Net income per share- Diluted (2) $0.39 $0.18 ====== =======
(1) Assumes that all outstanding operating partnership units , all outstanding preferred stock, and the exchangeable debentures have been converted to common stock equivalents. (2) Assumes that all outstanding operating partnership units and preferred stock have been converted to common stock equivalents. # # # FIRST WASHINGTON REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) MARCH 31, DECEMBER 31, 1998 1997 ASSETS Real Estate Land $93,755 $89,042 Building and improvements 382,839 367,756 _______ _______ 476,594 456,798 Accumulated depreciation (41,132) (40,839) _______ _______ Rental properties, net 435,462 415,959 Cash and equivalents 1,931 3,142 Tenant receivables, net 6,768 7,274 Deferred financing costs, net 2,614 2,734 Other assets 10,097 10,032 ________ ________ Total assets $456,872 $439,141 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Mortgage notes payable $226,903 $212,030 Exchangeable Debentures 25,000 25,000 Accounts payable and accrued expenses 8,655 10,914 _______ _______ Total liabilities 260,558 247,944 Minority interest 40,350 38,255 Stockholder's Equity: Convertible preferred stock $.01 par value, 3,800,000 shares designated; 2,314,189 shares issued and outstanding 23 23 Common stock $.01 par value, 90,000,000 shares authorized; 7,399,446 and 7,291,732 shares issued and outstanding 73 72 Additional paid-in capital 183,322 179,356 Accumulated distributions in excess of earnings (27,454) (26,509) _______ _______ Total stockholders' equity 155,964 152,942 _______ _______ Total liabilities and stockholders' equity $456,872 $439,141 ======== ========
FIRST WASHINGTON REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except share data) For three months ended Year Ended March 31, % December 31, 1998 1997 Change 1997 ______________________ _______ ____________ Revenues: Minimum rents $12,928 $9,632 34.2% $43,857 Tenant reimbursements 3,088 2,123 45.4% 9,506 Percentage rents 396 328 20.8% 1,060 Other income 228 276 (17.4%) 1,211 _______ ______ _______ ________ Total revenues 16,640 $12,359 34.6% 55,634 _______ ______ _______ ________ Expenses: Property operating and maintenance 4,143 3,054 35.6% 13,522 General and administrative 837 858 ( 2.4%) 3,363 Interest 4,851 4,372 11.0% 18,416 Depreciation and amortization 3,265 2,461 32.7% 11,172 _______ ______ _______ ________ Total expenses 13,096 10,745 21.9% 46,473 _______ ______ _______ ________ Income before gain on sale of properties,income from Management Company, extraordinary item, minority interest and distributions to Preferred Stockholders 3,544 1,614 119.6% 9,161 Gain on sale of properties 1,683 45 NM 549 Income from Management Company 280 163 71.8% 433 _______ ______ _______ ________ Income before extraordinary item, minority interest and distributions to Preferred Stockholders 5,507 1,822 202.2% 10,143 Extraordinary item - Loss on early extinguishment of debt (358) (134) 167.2% (954) _______ ______ _______ ________ Income before minority interest and distributions to Preferrred Stockholders 5,149 1,688 205.0% 9,189 Income allocated to minority interest (1,065) (257) 314.5% (1,579) _______ ______ _______ ________ Income before distributions to preferred stockholders 4,084 1,431 185.4% 7,610 Distributions to preferred stockholders (1,410) (1,410) 0.0% (5,641) _______ ______ _______ ________ Income allocated to common stockholders $2,674 $21 NM 1,969 ======= ====== ======= ======== Net Income per Common Share - Basic $0.36 $0.00 NM $0.35 ======= ====== ======= ======== Net Income per Common Share - Diluted $0.36 $0.00 NM $0.34 ======= ====== ======= ======== Shares of Common Stock, in thousands - Basic 7,380 4,946 49.2% 5,663 ======= ====== ======= ======== Shares of Common Stock, in thousands - Diluted 7,481 4,997 49.7% 5,730 ======= ====== ======= ======== Distributions per share $0.4875 $0.4875 0.0% $1.9500 ======= ====== ======= ========
FIRST WASHINGTON REALTY TRUST, INC. FUNDS FROM OPERATIONS AND CAPITAL EXPENDITURES (dollars in thousands, except share data) QUARTER QUARTER YEAR ENDED ENDED ENDED MARCH 31, MARCH 31, % DECEMBER 31, 1998 1997 CHANGE 1997 _________ _________ ______ ____________ FFO RECONCILIATION: Net income (1) $5,149 $1,688 205.0% $9,189 Depreciation of real estate assets 3,132 2,356 32.9% 10,719 Amortization of leasing costs 133 105 26.7% 453 Gain on sale of properties (1,683) (45) NM (549) Loss on early extinguishment of debt 358 134 167.2% 954 Compensation paid in company stock 0 540 (100.0%) 1,119 Interest on Exchangeable Debentures 516 516 0.0% 2,064 _________ _________ ______ ____________ Funds from Operations-diluted $7,605 $5,294 43.7% $23,949 ========= ========= ====== ============ Common stock equivalents (2) 14,379 10,682 11,756 Dilutive effect of stock options 101 51 67 _________ _________ ______ ____________ Total shares outstanding-diluted 14,480 10,733 11,823 ========= ========= ======= ============ FFO per share $0.53 $0.49 8.2% $2.03 ========= ========= ======= ============ Dividends paid per share $0.4875 $0.4875 $1.95 ========= ========= ======= ============ FFO payout ratio 92.8% 98.8% 96.3% ========= ========= ======= ============ OTHER INFORMATION: Straight-line rental income $145 $294 $1,337 Recurring non-revenue generating capital expeditures $248 n/a $798 SUMMARY OF CAPITAL EXPENDITURES: Building expansions $695 n/a $3,273 Property renovations 388 n/a 1,185 Tenant improvements-Anchors 50 n/a 1,387 Tenant improvements-Non anchors 533 n/a 880 Leasing commissions-Anchors 80 n/a 1,019 Leasing commissions-Non Anchors 232 n/a 725 Recurring non-revenue generating cap-ex 248 n/a 798 ________ _______ Total capital expenditures $2,226 $9,267 ======== =======
(1) Assumes conversion of all partnership units and preferred stock to common stock equivalents. (2) Assumes conversion of all partnership units, preferred stock and debentures to common stock equivalents. FIRST WASHINGTON REALTY TRUST, INC. KEY STATISTICS QUARTER QUARTER YEAR ENDED ENDED ENDED MARCH 31, MARCH 31, DECEMBER 31, 1998 1997 1997 _________ _________ ____________ PORTFOLIO INFORMATION: Total square feet of retail properties 5,384,100 4,059,347 4,992,770 No. of properties owned 50 41 49 Occupancy at end of period 96.1% 95.9% 96.2% Average population within three miles of properties 112,000 FINANCIAL STATISTICS: Interest coverage ration (EBITDA/ Interest Expense) 2.5 2.0 2.1 Total debt to total market capitalization ratio 36.8% 40.0% 35.2% Weighted average interest rate 8.0% 7.7% 7.9% % of Fixed rate debt 87.3% 81.4% 91.9% % of Variable rate debt 12.7% 18.6% 8.1% Weighted average term to maturity of debt 4.1 yrs Weighted average term to maturity of debt-incl. int. rate protection 6.2 yrs Return on real estate investments (EBITDA/average undepreciated book value) 10.3% 9.9% 10.2% General & administrative expenses/ total revenues 5.0% 6.4% 6.0% Recoveries as a percentage of operating and maintenance expenses 74.5% 69.5% 70.3% FFO payout ratio 92.8% 98.8% 96.3% OTHER INFORMATION: Management ownership-common shares only 6.6% Management ownership-fully diluted 3.5% Management ownership-fully diluted 6.1% (including options) Stock price at end of period: 03/31/98 $27.00 12/31/97 $27.50 12/31/96 $23.50 12/31/95 $18.13 12/31/94 $15.00 Classification of dividend payments-1997 Ordinary income 52.5% Return of Capital 44.9% Capital Gain (20%) 2.6% ------ 100.0% ------
FIRST WASHINGTON REALTY TRUST, INC. SUMMARY OF OUTSTANDING DEBT INTEREST MATURITY BALANCE (2) PROPERTY LENDER RATE (1) DATE 03/31/98 12/31/97 - ----------------- ------------ --------- ---------- -------- -------- FIXED RATE LOANS: Allen St. & Stefko Boulevard Nomura 7.862% 01/31/06 $5,890 $5,913 Bowie Plaza Aid Assoc. for Lutherans 7.176% 01/01/05 5,294 0 Broadmoor Apts(3) Firstrust Bank 0 3,826 Chesapeake Bagel Building Citizens Bank 6.586% 07/01/01 735 735 City Avenue Equitable Life Insurance Co 8.123% 10/18/05 9,871 9,909 Cloppers Mill Jackson National Life 7.216% 03/21/06 14,072 14,132 Festival at Woodholme Aetna 9.823% 04/30/00 11,462 11,489 Firstfield AAF Mutual Aid Association 7.501% 12/01/05 2,465 2,472 Georgetown Shops(3) First National Bank 0 411 Kings Park Aid Assoc. for Lutherans 7.893% 11/01/14 4,744 4,783 Penn Station & Fox Mill Exchangeable Debentures 8.250% 06/27/99 25,000 25,000 McHenry Commons State Farm Insurance 7.160% 03/01/99 6,572 6,643 Mallard Creek Nationwide Insurance 7.160% 02/10/99 11,728 11,823 Mitchellville Nationwide Insurance 7.107% 06/24/05 15,583 15,764 Northway Shopping Center Crown Life Inc. Co 8.013% 01/01/07 6,254 6,282 Northway Shopping Center Crown Life Inc. Co 8.616% 08/01/99 1,810 1,827 Pheasant Hill Nationwide Insurance 7.280% 07/15/00 8,055 8,128 Potomac Plaza Citizens Bank 7.147% 07/01/99 3,656 3,656 Riverside/Edge Nationwide Insurance 7.160% 07/10/99 1,561 1,588 Riverside/Square Nationwide Insurance 7.160% 07/10/99 914 917 Shoppes Of Kildaire Nationwide Insurance 7.887% 05/31/06 7,726 7,774 Southside Morgan Stanley 8.753% 08/01/05 7,982 7,999 Stonebrook Nationwide Insurance 7.280% 07/15/00 6,171 6,226 The Oaks LaSalle Bank 7.420% 05/01/03 10,037 10,144 Valley Centre Tal Hong & Ki Kwang 7.750% 06/30/07 600 700 Various/UDRT Lutheran Brotherhood 8.758% 10/31/05 13,207 13,283 Various Properties Nomura 8.933% 07/01/99 38,500 38,500 --------- --------- --------- -------- SUBTOTAL 8.070% 219,889 219,924 --------- --------- --------- % OF TOTAL DEBT: 87.3% 92.8% VARIABLE RATE LOANS: Ashburn Farms First National Bank of Md. L+1.5% 7.430% 01/01/01 6,707 6,730 Mayfair Shopping Center Industrial Revenue Bonds (4) 6.330% 06/24/10 6,870 7,075 Various properties (line of credit) Union Bank of Switzerland L+1.0% 7.440% 02/01/01 18,437 3,300 --------- --------- --------- SUBTOTAL 7.200% 32,014 17,105 --------- --------- --------- 12.7% 7.2% TOTAL 7.960% $251,903 $237,029 ========= ========= =========
(1) The effective interest rate includes the amortization of deferred financing costs and premiums over the terms of the respective loans. (2) Includes premiums on the assumption of mortgage debt. (3) Properties sold in first quarter 1998. (4) Includes a letter of credit enhancer fee of 2.0%. SCHEDULE OF MATURITIES: Principal Amort of Balloon Curtailment Premiums Amount Total % ------------ --------- -------- ----- ------- 1998 $ 1,689 $ 1,270 $ 0 $ 2,959 1.2% 1999 3,070 1,143 88,932 93,145 37.0% 2000 2,997 788 24,380 28,165 11.2% 2001 3,160 597 26,035 29,792 11.8% 2002 3,438 578 0 4,016 1.6% 2003 3,277 1,437 7,616 12,330 4.9% 2004 3,560 0 0 3,560 1.4% 2005 4,019 0 36,146 40,165 15.9% 2006 + 5,855 0 31,916 37,771 15.0% -------- --------- ---------- --------- -------- Totals $31,065 $5,814 $215,025 $251,903 100.0% ======== ========= ========== ========= ========
FIRST WASHINGTON REALTY TRUST, INC. OTHER DEBT INFORMATION SUMMARY OF LINES OF CREDIT: UNION BANK FIRST OF SWITZ UNION TOTAL ---------- ----- -------- TOTAL COMMITMENT $45,000,000 $5,775,000 $50,775,000 EXPIRATION DATE 02/01/01 06/30/98 COLLATERAL- # OF PROPERTIES 6 1 7 CURRENT AMOUNT OUSTANDING $18,437 0 $18,437 INTEREST RATE L + 1.0% L + 2.0% SUMMARY OF INTEREST RATE PROTECTION AGREEMENTS: TYPE OF NOTIONAL PERIOD OF DATE OF HEDGE AMOUNT CONTRACT AGREE STRIKE ---------- ---------- ----------- -------- -------- CAP $38,500,000 07/01/94-07/01/99 06/22/94 5.700% CAP $6,200,000 01/01/96-01/01/01 12/29/95 9.000% SWAP $38,500,000 07/01/96-07/01/99 12/19/95 5.090% FWD SWAP $38,500,000 07/01/99-12/01/03 12/19/95 6.375% FWD SWAP $20,000,000 03/01/99-03/01/04 08/01/97 6.438% FWD SWAP $15,000,000 06/01/99-06/01/04 11/07/97 6.180% FWD SWAP $24,000,000 05/01/00-05/02/05 01/12/98 5.855%
FIRST WASHINGTON REALTY TRUST, INC. CAPITALIZATION TABLE Mar 31, Dec 31, Dec 31, Dec 31, Dec 31, 1998 1997 1996 1995 1994 PREFERRED STOCK Original issue 1,920,000 1,920,000 1,920,000 1,920,000 1,920,000 Issued for property purchases 394,189 394,189 394,189 394,189 0 --------- --------- -------- -------- --------- Total outstanding shares 2,314,189 2,314,189 2,314,189 2,314,189 1,920,000 ========= ========= ========= ========= ========= Common Equivalents at 1.282051 conversion rate 2,966,908 2,966,908 2,966,908 2,966,908 2,461,538 ========= ========= ========= ========= ========= PREFERRED UNITS Original issue for property purchases 352,000 352,000 352,000 352,000 352,000 Subsequently Issued for property purchases 77,147 77,147 67,609 0 0 -------- -------- ------- ------- ------- Total outstanding units 429,147 429,147 419,609 352,000 352,000 ======== ======== ======= ======== ======= Common Equivalents at 1.282051 conversion rate 550,188 550,188 537,960 451,282 451,282 ======== ======== ======= ======= ======= COMMON STOCK Original issue 1,574,359 1,574,359 1,574,359 1,574,359 1,574,359 Subsequent public offerings 5,253,393 5,253,393 3,183,393 1,528,393 0 Private offerings 85,562 85,562 0 0 0 Exercise of stock options 4,849 2,956 0 0 0 Restricted stock grants 109,892 99,664 84,280 0 0 Unrestricted stock grants 210,000 200,000 66,666 66,666 0 Exchange of partnership units 161,391 75,798 37,547 20,131 0 ---------- ---------- --------- --------- --------- Total outstanding shares 7,399,446 7,291,732 4,946,245 3,189,549 1,574,359 ========== ========== ========= ========= ========= COMMON UNITS Original issue 347,056 347,056 347,056 347,056 347,056 Subsequent property purchases 2,048,394 1,849,831 472,851 95,877 0 Exchange of partnership units (161,391) (75,798) (37,547) (20,131) 0 ---------- --------- -------- -------- -------- Total outstanding units 2,234,059 2,121,089 782,360 422,802 347,056 ======== ======== ======== ======== ======== Total common share equivalents-basic 13,150,602 12,929,918 9,233,473 7,030,541 4,834,235 Conversion of Exchangeable Debentures 1,282,051 1,282,051 1,282,051 1,282,051 1,282,051 ---------- ---------- --------- --------- --------- Total common share equivalents-diluted 14,432,653 14,211,969 10,515,524 8,312,592 6,116,286 ========== ========== ========== ========= ========= Market capitalization (in 000's): Equity capitalization based on closing stock price $389,682 $390,829 $247,115 $150,666 $91,744 Outstanding debt (with Debentures as equity) 226,903 212,030 167,047 116,182 89,858 ---------- --------- -------- -------- ------- Total market capitalization $616,585 $602,859 $414,162 $266,848 $181,602 ========== ========== ======== ======== ======== Debt to total market capitalization 36.8% 35.2% 40.3% 43.5% 49.5% ========== ========== ======== ======== ======== Closing stock price $27.00 $27.50 $23.50 $18.13 $15.00 ========== ========== ======== ======== ========
FIRST WASHINGTON REALTY TRUST, INC. 1998 ACQUISITIONS All-in Projected Date Property Land Year Costs NOI Acquired Name Location S.F. Area Built (in 000's) Yield Occupancy -------- ------------- ----- ---------- -------- ------ --------- 01/98 Bowie Plaza Bowie, MD 104,836 10.8 1966 $12,135 10.3% 98.3% 03/98 Watkins Park Plaza Mitchellville, MD 112,143 12.8 1985 14,295 10.2% 98.7% 04/98 Parkville Shopping Center Baltimore, MD 140,925 12.7 1961 8,355 10.8% 100.0% ------- ------- ----- Totals 357,904 $34,785 10.4% ======= ======= =====
Property Name Anchor Tenant (lease expiration) ------------- -------------------------------- Bowie Plaza Giant (2002), CVS (1998) Watkins Park Plaza Safeway (2007), CVS (2001) Parkville Shopping Center A & P Superfresh (2003),Rite Aid (2001)
Note:The Company sold its two multi-family properties in March 1998 for $8,050,000 and one of the Georgetown properties for $750,000 . Net proceeds of $4,200,000 were used to acquire Watkins Park Plaza in a Section 1031 tax free exchange. FIRST WASHINGTON REALTY TRUST INC PROPERTY SUMMARY TABLE Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- MARYLAND:- Bowie Plaza Bowie, MD 104,836 10.8 1966 1998 98.3% 100.0% Bryans Road Shopping Center Bryans Road, MD 118,676 11.8 1972 1990 86.7% 86.7% Capital Corner Shopping Center Landover, MD 42,625 4.1 1987 1987 100.0% 91.6% Clinton Square Shopping Center Clinton, MD 18,961 2.0 1979 1984 68.7% 68.7% Cloppers Mills Germantown, MD 137,035 14.2 1995 1996 100.0% 98.2% Festival at Woodholme Baltimore, MD 81,027 7.1 1986 1995 100.0% 100.0% Firstfield Shopping Center Gaithersburg, MD 22,327 2.4 1978 1995 100.0% 100.0% Mitchellville Plaza Mitchellville, MD 155,674 14.5 1991 1997 95.2% 98.6% Northway Shopping Center Millersville, MD 98,016 9.6 1987 1996 95.2% 100.0% P.G. County Commercial Park Beltsville, MD 146,422 9.7 1988 1985 100.0% 98.0% Parkville Shopping Center (1) Baltimore,MD 140,925 12.7 1961 1998 100.0% 100.0% Penn Station Shopping Center (2) District Heights,MD 334,970 22.5 1989 1987 97.0% 98.4% Rosecroft Shopping Center Temple Hills, MD 119,010 8.3 1963 1985 84.4% 87.4% Southside Marketplace Baltimore, MD 126,646 9.1 1990 1996 88.2% 88.2% Takoma Park Takoma Park, MD 108,168 9.8 1960 1996 89.2% 88.8% Valley Centre Owings Mills, MD 251,928 33.0 1987 1994 99.0% 99.0% Watkins Park Plaza Mitchellville, MD 112,143 12.8 1985 1998 98.7% 98.7% --------- 2,119,389 --------- 39.4% ==========
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ Bowie Plaza Giant (2002), CVS (1998) Bryans Road Shopping Center Safeway (2014), CVS (1998) Capital Corner Shopping Center Clinton Square Shopping Center Clopper's Mill Shoppers Food Warehouse (2015), CVS (2006 Festival at Woodholme Sutton Place (2006) Firstfield Shopping Center Mitchellville Shopping Center Food Lion (2016) Northway Shopping Center Metro Foods (2007), Rite Aid (1998) P.G. County Commercial Park Parkville Shopping Center (1) A&P Superfresh (2003), Rite Aid (2001) Penn Station Shopping Center (2) Safeway (n/a), Service Merchandise (2006) Rosecroft Shopping Center Food Lion (2015), Rite Aid (1998) Southside Marketplace Metro Foods (2016), Rite Aid (2001) Takoma Park Shoppers Food Warehouse (2011) Valley Centre Weis Markets (2002), TJ Maxx (2007), Sony Theatres (2005) Watkins Park Plaza Safeway (2007), CVS (2001)
Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- VIRGINIA:- Ashburn Farm Village Center Ashburn,VA 88,917 10.2 1996 1997 100.0% 100.0% Brafferton Center Garrisonville, VA 94,731 9.4 1974 1994 94.2% 94.2% Centre Ridge Marketplace Centreville, VA 104,154 10.9 1996 1996 98.8% 100.0% Chesapeake Bagel Building Alexandria, VA 11,288 0.1 1800's 1983 100.0% 100.0% Davis Ford Crossing Manassas,VA 149,917 20.8 1988 1994 94.4% 95.2% Four Mile Fork Shopping Center Fredericksburg, VA 101,360 10.3 1975 1997 84.6% 84.6% Fox Mill Shopping Center Reston, VA 103,269 14.0 1977 1994 98.1% 96.1% Glen Lea Shopping Center Richmond,VA 77,603 9.2 1969 1995 100.0% 100.0% Hanover Village Shopping Center Mechanicsville, VA 96,146 9.5 1971 1995 98.3% 98.3% Kings Park Burke, VA 78,712 8.6 1966 1996 100.0% 100.0% Laburnum Park Richmond, VA 113,992 9.3 1988 1995 100.0% 100.0% Laburnum Square (3) Richmond, VA 109,405 11.4 1975 1995 95.4% 95.4% Potomac Plaza Woodbridge,VA 85,400 5.4 1963 1986 93.2% 88.3% --------- 1,214,894 --------- 22.6% =========
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ Ashburn Farm Village Center A&P Superfresh (2016) Brafferton Center Giant Food (2009) Centre Ridge Marketplace A&P Superfresh (2016), Sears Paint & Hardware (2007 Chesapeake Bagel Building Davis Ford Crossing Weis Markets (2010), CVS (2000) Four Mile Fork Shopping Center Safeway (2000), CVS (2001) Fox Mill Shopping Center Giant Food (2016) Glen Lea Shopping Center Winn Dixie (2005), Eckerd Drug (2000) Hanover Village Shopping Center Rack 'N Sack (2008), Rite Aid (1998) Kings Park Giant (2013), CVS (1998) Laburnum Park Ukrops Supermarket (n/a), Rite Aid (2007) Laburnum Square (3) Hannaford Brothers Supermarket (2013), CVS (1999) Potomac Plaza
Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- PENNSYLVANIA:- Allen Street Allentown,PA 46,503 4.1 1958 1996 95.5% 95.5% City Avenue Shopping Center Philadelphia, PA 161,454 12.2 1950-60's 1997 94.8% 95.0% Colonial Square Shopping Center York, PA 29,208 2.9 1955 1990 89.6% 89.0% Kenhorst Plaza Shopping Center Kenhorst,PA 161,424 19.2 1990 1995 98.0% 98.0% Mayfair Shopping Center Philadelphia, PA 115,027 5.7 1988 1994 96.2% 100.0% Newtown Square Shopping Center Newtown Square, PA 137,566 14.4 1960-70's 1996 98.5% 98.0% Stefko Boulevard Shopping Center Bethlehem,PA 135,864 10.3 1958-60-75 1996 98.8% 98.8% ------- 787,046 ------- 14.6% =======
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ Allen Street Lanecor (2003), Eckerd Drug (2004) City Avenue Shopping Center Acme Supermarkets (1999), Eckerd Drug (1999), T.J. Maxx (2001) Colonial Square Shopping Center Minnichs Pharmacy (1999) Kenhorst Plaza Shopping Center Redners (2009), Rite Aid (2000), Sears Paint & Hardware (2007) Mayfair Shopping Center Shop 'N Bag Supermarket (2013), Eckerd Drug (2006) Newtown Square Shopping Center Acme Supermarkets (1999),Eckerd Drug (1999) Stefko Boulevard Shopping Center Laneco (2003)
Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- ILLINOIS:- McHenry Commons McHenry, IL 100,526 11.5 1988 1997 96.6% 98.6% Mallard Creek Round Lake Beach, IL 143,759 14.9 1987 1997 96.1% 98.9% Pheasant Hill Plaza Bolingbrook,IL 111,190 14.4 1983 1997 98.9% 100.0% Riverside Square/ River's Edge Chicago, IL 169,435 17.7 1986 1997 89.8% 90.0% Stonebrook Plaza Merrionette Park, IL 95,825 8.1 1984 1997 98.4% 95.3% The Oaks Des Plaines,IL 138,274 16.7 1983 1997 95.5% 92.2% ------- 759,009 ------- 14.1% =======
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ McHenry Commons Dominick's Finer Foods (2018) Mallard Creek Dominick's Finer Foods (2008) Pheasant Hill Plaza Dominick's Finer Foods (2005) Riverside Square/River's Edge Dominick's Finer Foods (2017) Stonebrook Plaza Dominick's Finer Foods (2005) The Oaks Dominick's Finer Foods (2017)
Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- DELAWARE:- First State Plaza New Castle,DE 164,569 21.0 1988 1994 98.4% 100.0% Shoppes of Graylyn Wilmington,DE 65,746 5.0 1971 1997 97.7% 97.7% -------- 230,315 -------- 4.3% ========
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ First State Plaza Shop Rite Supermarket (2009), Cinemark USA (2011) Shoppes of Graylyn Rite Aid (2016)
Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- NORTH CAROLINA:- Shoppes of Kildaire Cary, NC 148,204 14.0 1986 1986 100.0% 100.0% ------- 148,204 ------- 2.8% =======
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ Shoppes of Kildaire Winn Dixie (2006)
Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- SOUTH CAROLINA:- James Island Shopping Center Charleston,SC 88,557 6.5 1967 1990 100.0% 98.9% ------ 88,557 ------ 1.6% ======
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ James Island Shopping Center Piggly Wiggly (2010), Kerr Drug (2002)
Land Percent Percent Area Year Year Leased Leased Property Location GLA (Acres) Built Acquired 03/31/98 12/31/97 - ------------------------------------------------------------------------------- WASHINGTON D.C.:- The Georgetown Shops (4) Washington,DC 16,852 0.3 Late 1800's 1981-1989 100.0% 100.0% Connecticut Avenue Shops Washington,DC 3,000 0.1 1954 1986 100.0% 100.0% Spring Valley Shopping Center Washington,DC 16,834 0.9 1930 1997 100.0% 100.0% ------ 36,686 ------ 0.7% ======
Property Significant Tenants (lease expiration date) - ------------------------ ------------------------------------------ The Georgetown Shops (4) Connecticut Avenue Shops Spring Valley Shopping Center CVS (1999) Total/Average 5,384,100 523.2 96.1% 96.2% 100.0%
(1) Under a firm contract which is scheduled to close in May 1998. (2) Includes Safeway (50,000 sq.ft) and Bowling alley (40,000 sq.ft) pad sites owned by others. (3) Includes Ukrops Supermarket (49,000 sq.ft ) pad site not owned by the Company. (4) Represents five (4) historic retail shops all clustered in close proximity in the central shopping district in Georgetown, Washington D.C. FIRST WASHINGTON REALTY TRUST, INC. TENANT INFORMATION TOP 20 TENANTS BY BASE RENT % of Number Annualized Aggregate GLA Of Minimum Anualized Tenant (Sq Ft.) Properties Rent Minimum Rents 1 Dominick's Finer Foods 416,542 6 4,162,047 7.67% 2 A&P Superfresh 130,918 3 1,173,406 2.16% 3 Shoppers Food Warehouse 133,700 2 1,081,740 1.99% 4 Richfood 127,865 3 1,069,327 1.97% 5 Safeway 118,056 3 844,491 1.56% 6 Fashion Bug 73,273 10 804,382 1.48% 7 Weis Markets 94,960 2 786,250 1.45% 8 Blockbuster Video 41,669 7 715,975 1.32% 9 CVS/Pharmacy 101,730 9 696,925 1.28% 10 Rite Aid 77,346 7 690,348 1.27% 11 Food Lion 78,100 2 677,500 1.25% 12 Sears Paint & Hardware 65,816 3 669,596 1.23% 13 Giant Food 143,268 4 650,240 1.20% 14 First Union Bank 17,065 7 529,978 0.98% 15 Hollywood Video 22,366 3 529,040 0.97% 16 T.J. Maxx 54,686 2 500,211 0.92% 17 Acme Markets 86,226 2 500,000 0.92% 18 Winn Dixie 79,000 2 481,500 0.89% 19 Shop Rite Supermarket 57,333 1 458,552 0.85% 20 Eckerd Drug 45,752 5 431,191 0.79% --------- ---------- ------- TOTAL 1,965,671 17,452,699 32.15% ========= ========== ======= TENANT MIX S.F. BASE RENT -------- -------- ANCHOR (1) 41.4% 30.3% NON-ANCHOR 58.6% 69.7% -------- -------- 100.0% 100.0% ======== ========
(1) Anchor tenants are defined as Supermarkets, Drug Stores and any tenant in excess of 35,000 Sq. Ft. FIRST WASHINGTON REALTY TRUST, INC. LEASE EXPIRATIONS AS OF MARCH 31, 1998 Percent of Total Number Future Percent of Total Annualized Annualized Of GLA In GLA Represented Minimum Minimum Year Leases Square Feet By Expiring Leases Rent Rent 1998 160 394 8.1% $4,063 7.4% $10.31 1999 158 483 9.9% 5,462 9.9% 11.31 2000 163 461 9.4% 5,424 9.9% 11.77 2001 166 504 10.3% 6,520 11.8% 12.94 2002 132 380 7.8% 5,260 9.6% 13.84 2003 79 386 7.9% 4,093 7.4% 10.60 2004 23 83 1.7% 1,192 2.2% 14.36 2005 37 372 7.6% 4,196 7.6% 11.28 2006 40 260 5.3% 3,403 6.2% 13.09 2007 25 271 5.5% 2,966 5.4% 10.94 Thereafter 55 1,295 26.5% 12,454 22.6% 9.62 ----- ----- ------ ------- ------ ------ Total 1,038 4,889 100.0% $55,033 100.0% $11.26 ===== ===== ====== ======= ====== ======
FIRST WASHINGTON REALTY TRUST, INC. INVESTOR INFORMATION Contacts: Stuart D.Halpert 301-907-7800 or 301-961-1866 Jim Blumenthal 301-907-7800 or 301-961-1862 E-mail: jblumenthal@tidalwave.net Company address: 4350 East-West Highway Suite 400 Bethesda, Maryland 20814 Research Coverage: BT Alex. Brown Kevin Comer 212-250-5941 Friedman, Billings, Ramsey & Co. Charles Post 703-312-9616 Tucker Anthony Jeffrey Caira 617-725-2058 CIBC Oppenheimer Jeffrey Olson 212-667-8116 Raymond James & Associates Mark Foushee 813-573-3800 Josephthal, Lyons Gary Levine 212-907-4015 Ticker Symbol: Common shares FRW Preferred Shares FRW pr Quarterly Results: The company plans to announce quarterly results according to the following schedule: 2Q 1998 August 1, 1998 3Q 1998 October 1, 1998 4Q 1998 February 1, 1999 Transfer Agent: American Stock Transfer & Trust Co. Auditor: Coopers & Lybrand L.L.P. Counsel: Latham & Watkins -----END PRIVACY-ENHANCED MESSAGE-----