8-K/A
Federal Realty Investment Trust (FRT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 6, 2020
Federal Realty Investment Trust
(Exact name of registrant as specified in its charter)
| Maryland | 1-07533 | 52-0782497 | |
|---|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (IRS Employer<br><br>Identification No.) | |
| 1626 East Jefferson Street, | Rockville, | Maryland | 20852-4041 |
| --- | --- | --- | --- |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number including area code: 301/998-8100
| Title of Each Class | Name of Each Exchange On Which Registered |
|---|---|
| Common Shares of Beneficial Interest | New York Stock Exchange |
| .01 par value per share, with associated Common Share Purchase Rights | |
| Depositary Shares, each representing 1/1000 of a share | New York Stock Exchange |
| of 5.00% Series C Cumulative Redeemable Preferred Stock, .01 par value per share |
All values are in US Dollars.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
|---|---|---|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
| --- | --- | |||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||
| --- | --- | |||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||
| --- | --- | ☐ | Emerging growth company | |
| --- | --- | ☐ | If an emerging growth company, indicate by checkmark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |
| --- | --- |
Explanatory Note
This amendment No. 1 to the Current Report on Form 8-K amends Exhibit 99.1 furnished on May 6, 2020 solely to correct the row label in the "Year" column in the chart "Lease Expirations" on page 25. No other changes have been made to original Form 8-K. The information in the following chart replaces in its entirety the comparable chart in the exhibit furnished on May 6, 2020.
Item 2.02. Results of Operations and Financial Condition
| Lease Expirations | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2020 | ||||||||||||||||||
| Assumes no exercise of lease options | ||||||||||||||||||
| Anchor Tenants (1) | Small Shop Tenants | Total | ||||||||||||||||
| Year | Expiring SF | % of Anchor SF | Minimum Rent PSF (2) | Expiring SF | % of Small Shop SF | Minimum Rent PSF (2) | Expiring SF (4) | % of Total SF | Minimum Rent PSF (2) | |||||||||
| 2020 | 595,000 | 4 | % | $ | 17.52 | 537,000 | 8 | % | $ | 35.96 | 1,131,000 | 5 | % | $ | 26.27 | |||
| 2021 | 1,419,000 | 10 | % | $ | 19.86 | 844,000 | 12 | % | $ | 44.53 | 2,264,000 | 10 | % | $ | 29.07 | |||
| 2022 | 1,970,000 | 13 | % | $ | 17.92 | 974,000 | 14 | % | $ | 43.70 | 2,944,000 | 13 | % | $ | 26.45 | |||
| 2023 | 1,524,000 | 10 | % | $ | 21.58 | 903,000 | 13 | % | $ | 46.25 | 2,427,000 | 11 | % | $ | 30.76 | |||
| 2024 | 2,403,000 | 16 | % | $ | 18.48 | 915,000 | 13 | % | $ | 46.54 | 3,318,000 | 15 | % | $ | 26.21 | |||
| 2025 | 1,517,000 | 10 | % | $ | 21.64 | 779,000 | 11 | % | $ | 43.03 | 2,296,000 | 10 | % | $ | 28.89 | |||
| 2026 | 813,000 | 5 | % | $ | 21.87 | 427,000 | 6 | % | $ | 50.21 | 1,241,000 | 6 | % | $ | 31.64 | |||
| 2027 | 832,000 | 6 | % | $ | 34.40 | 483,000 | 7 | % | $ | 47.67 | 1,315,000 | 6 | % | $ | 39.28 | |||
| 2028 | 791,000 | 5 | % | $ | 22.94 | 412,000 | 6 | % | $ | 53.28 | 1,203,000 | 6 | % | $ | 33.34 | |||
| 2029 | 932,000 | 6 | % | $ | 25.54 | 389,000 | 5 | % | $ | 45.76 | 1,321,000 | 6 | % | $ | 31.49 | |||
| Thereafter | 2,252,000 | 15 | % | $ | 25.54 | 353,000 | 5 | % | $ | 46.47 | 2,604,000 | 12 | % | $ | 28.37 | |||
| Total (3) | 15,048,000 | 100 | % | $ | 21.92 | 7,016,000 | 100 | % | $ | 45.32 | 22,064,000 | 100 | % | $ | 29.36 | |||
| Assumes all lease options are exercised | ||||||||||||||||||
| Anchor Tenants (1) | Small Shop Tenants | Total | ||||||||||||||||
| Year | Expiring SF | % of Anchor SF | Minimum Rent PSF (2) | Expiring SF | % of Small Shop SF | Minimum Rent PSF (2) | Expiring SF (4) | % of Total SF | Minimum Rent PSF (2) | |||||||||
| 2020 | 351,000 | 2 | % | $ | 20.09 | 508,000 | 7 | % | $ | 35.59 | 859,000 | 4 | % | $ | 29.26 | |||
| 2021 | 369,000 | 2 | % | $ | 14.84 | 534,000 | 8 | % | $ | 46.79 | 903,000 | 4 | % | $ | 33.72 | |||
| 2022 | 254,000 | 2 | % | $ | 22.42 | 583,000 | 8 | % | $ | 43.02 | 837,000 | 4 | % | $ | 36.77 | |||
| 2023 | 386,000 | 3 | % | $ | 24.28 | 563,000 | 8 | % | $ | 42.51 | 949,000 | 4 | % | $ | 35.10 | |||
| 2024 | 581,000 | 4 | % | $ | 22.78 | 456,000 | 6 | % | $ | 45.68 | 1,036,000 | 5 | % | $ | 32.85 | |||
| 2025 | 334,000 | 2 | % | $ | 21.79 | 420,000 | 6 | % | $ | 43.20 | 754,000 | 3 | % | $ | 33.71 | |||
| 2026 | 537,000 | 4 | % | $ | 23.51 | 354,000 | 5 | % | $ | 46.88 | 891,000 | 4 | % | $ | 32.80 | |||
| 2027 | 744,000 | 5 | % | $ | 21.98 | 466,000 | 7 | % | $ | 46.63 | 1,211,000 | 6 | % | $ | 31.47 | |||
| 2028 | 626,000 | 4 | % | $ | 18.64 | 414,000 | 6 | % | $ | 49.87 | 1,040,000 | 5 | % | $ | 31.07 | |||
| 2029 | 795,000 | 5 | % | $ | 22.26 | 367,000 | 5 | % | $ | 44.12 | 1,162,000 | 5 | % | $ | 29.16 | |||
| Thereafter | 10,071,000 | 67 | % | $ | 22.19 | 2,351,000 | 34 | % | $ | 47.53 | 12,422,000 | 56 | % | $ | 26.98 | |||
| Total (3) | 15,048,000 | 100 | % | $ | 21.92 | 7,016,000 | 100 | % | $ | 45.32 | 22,064,000 | 100 | % | $ | 29.36 | Notes: | ||
| --- | --- | |||||||||||||||||
| (1) | Anchor is defined as a commercial tenant leasing 10,000 square feet or more. | |||||||||||||||||
| (2) | Minimum Rent reflects in-place contractual (defined as cash-basis excluding rent abatements) rent as of March 31, 2020. | |||||||||||||||||
| (3) | Represents occupied square footage of the commercial portion of our portfolio as of March 31, 2020. | |||||||||||||||||
| (4) | Individual items may not add up to total due to rounding. |
The foregoing information is being furnished under Item 2.02- Results of Operations and Financial Condition. This information shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchnage Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in such filing.
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.
| FEDERAL REALTY INVESTMENT TRUST | ||
|---|---|---|
| Date: | May 7, 2020 | /s/ Daniel Guglielmone |
| Daniel Guglielmone | ||
| Executive Vice President- | ||
| Chief Financial Officer and Treasurer |
EXHIBIT INDEX
| Exhibit Number | Description |
|---|---|
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL Document |