FEDERAL REALTY INVESTMENT TRUST - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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FEDERAL REALTY INVESTMENT TRUST
SUPPLEMENTAL INFORMATION
March 31, 2016

TABLE OF CONTENTS

1	First Quarter 2016 Earnings Press Release		3

2	Financial Highlights
		Consolidated Income Statements	7
		Consolidated Balance Sheets	8
		Funds From Operations / Summary of Capital Expenditures	9
		Market Data	10
		Components of Rental Income	11

3	Summary of Debt
		Summary of Outstanding Debt and Capital Lease Obligations	12
		Summary of Debt Maturities	14

4	Summary of Redevelopment Opportunities		15

5	Pike & Rose and Assembly Row		16

6	Future Redevelopment Opportunities		17

7	2016 Significant Acquisitions		18

8	Real Estate Status Report		19

9	Retail Leasing Summary		23

10	Lease Expirations		24

11	Portfolio Leased Statistics		25

12	Summary of Top 25 Tenants		26

13	Reconciliation of FFO Guidance		27

14	Glossary of Terms		28


1626 East Jefferson Street
Rockville, Maryland 20852-4041
301/998-8100

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 assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 9, 2016, and include the following:


•	risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;


•	risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;


•	risk that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;

•

risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;


•	risks that our growth will be limited if we cannot obtain additional capital;


•	risks associated with general economic conditions, including local economic conditions in our geographic markets;


•	risks of financing, such as our ability to consummate additional financings or obtain replacement financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; and


•	risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Supplemental Information. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 9, 2016.

FOR IMMEDIATE RELEASE



Investor Inquiries	Media Inquiries
Leah Andress	Andrea Simpson
Investor Relations Coordinator	Vice President, Marketing
301/998-8265	617/684-1511
landress@federalrealty.com	asimpson@federalrealty.com

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES FIRST QUARTER 2016 OPERATING RESULTS

ROCKVILLE, Md. (May 4, 2016) - Federal Realty Investment Trust (NYSE:FRT) today reported operating results for its first quarter ended March 31, 2016. Highlights of the quarter and recent activity include:


•	Generated FFO per diluted share of $1.38 for the quarter, an increase of 9.5% over first quarter 2015.


•	Generated same center property operating income growth of 4.2% (or 2.5% when properties under redevelopment are excluded).


•	Federal Realty’s same-center portfolio was 95.6% leased on March 31, 2016, compared to 95.4% on December 31, 2015 and 96.2% on March 31, 2015.


•	Signed leases for 398,820 sf of comparable space at an average rent of $33.53 psf and achieved cash basis rollover growth on comparable spaces of 13%.


•	Acquired our JV partner’s 70% interest in our unconsolidated real estate partnership for $153.7 million.


•	Raised $149 million through an underwritten public offering of 1 million common shares.


•	Upsized our revolving credit facility to $800 million, extended the maturity date to April 2020 and lowered the pricing to LIBOR plus 82.5 basis points.


•	Affirmed 2016 FFO per diluted share guidance range of $5.65 to $5.71.

“We are proud to deliver another quarter of record bottom line results to our shareholders and remain focused on our long term strategic plan,” commented Donald C. Wood, President and Chief Executive Officer of Federal Realty. “In our core portfolio, we continue to look for opportunities to take control of below market anchor space and drive value through redevelopment and releasing. In our mixed use portfolio, Assembly Row and Pike & Rose are well into their second phases of development. In addition, with our equity raise in March and credit facility upsize and extension in April, we maintain a solid balance sheet that allows us to continue to execute on our long term strategic plan.”

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2016 OPERATING RESULTS

May 4, 2016

Page 2

Financial Results

In the first quarter 2016, Federal Realty generated funds from operations available for common shareholders (FFO) of $97.6 million, or $1.38 per diluted share. This compares to FFO of $87.3 million, or $1.26 per diluted share, in first quarter 2015. Net income available for common shareholders was $76.8 million and earnings per diluted share was $1.10 for first quarter 2016 versus $46.1 million and $0.67, respectively, for first quarter 2015.

FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release in addition to Form 8-K that was filed.

Portfolio Results

In the first quarter 2016, same-center property operating income increased 4.2% including redevelopment and expansion properties, and 2.5% excluding redevelopment and expansion properties.

The overall portfolio was 94.1% leased as of March 31, 2016, compared to 94.3% on December 31, 2015 and 95.4% on March 31, 2015. Federal Realty’s same-center portfolio was 95.6% leased on March 31, 2016, compared to 95.4% on December 31, 2015 and 96.2% on March 31, 2015.

During first quarter 2016, the Trust signed 92 leases for 419,781 square feet of retail space. On a comparable space basis (i.e., spaces for which there was a former tenant), the Trust leased 398,820 square feet at an average cash-basis contractual rent increase per square foot (i.e., excluding the impact of straight-line rents) of 13%. The average contractual rent on this comparable space for the first year of the new lease is $33.53 per square foot compared to the average contractual rent of $29.67 per square foot for the last year of the prior lease. The previous average contractual rent is calculated by including both the minimum rent and any percentage rent actually paid during the last year of the lease term for the re-leased space. On a GAAP basis (i.e., including the impact of straight-line rents), rent increases per square foot for comparable retail space averaged 24% for first quarter 2016.

Summary of Other Quarterly Activities and Recent Developments

•

January 13, 2016 - Federal Realty acquired the 70% interest owned by affiliates of a discretionary fund advised by Clarion Partners in a joint venture that owns six neighborhood and community centers. Federal Realty purchased the 70% interest in the venture for $153.7 million, consisting of $130 million of cash and assumption of the allocable share of mortgage debt. With this acquisition, Federal Realty successfully concluded the venture that was formed in 2004 and increased its ownership of the six properties from 30% to 100%. The portfolio includes two properties near Boston, Massachusetts (Atlantic Plaza and Campus Plaza); one asset in the New York Metro region (Greenlawn Plaza on Long Island) and three centers in the Washington DC market (Free State Shopping Center and Plaza del Mercado in Suburban Maryland, and Barcroft Plaza in Northern Virginia).

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2016 OPERATING RESULTS

May 4, 2016

Page 3


•	March 1, 2016 - Federal Realty announced the sale of 1,000,000 common shares in an underwritten public offering. The shares were priced at $149.43 per share, net of underwriters discount, and were sold to Citigroup Global Markets Inc. as the sole bookrunner.


•	April 20, 2016 - Federal Realty completed an upsize of its revolving credit facility to $800 million and extended the maturity date to April 20, 2020, subject to two six-month extension options. The pricing was also lowered to LIBOR plus 82.5 basis points based on the Trust’s current rating.

Regular Quarterly Dividends

Federal Realty also announced today that its Board of Trustees left the regular dividend rate on its common shares unchanged, declaring a regular quarterly cash dividend of $0.94 per share on its common shares, resulting in an indicated annual rate of $3.76 per share. The regular common dividend will be payable on July 15, 2016 to common shareholders of record on June 22, 2016.

Guidance

We have affirmed our 2016 guidance for FFO per diluted share of $5.65 to $5.71, and updated our earnings per diluted share guidance to $3.49 to $3.56.

Conference Call Information

Federal Realty’s management team will present an in-depth discussion of the Trust’s operating performance on its first quarter 2016 earnings conference call, which is scheduled for May 5, 2016, at 11 a.m. Eastern Time. To participate, please call (877) 445-3230 five to ten minutes prior to the call start time and use the passcode 68139087 (required). Federal Realty will also provide an online webcast on the Company’s website, www.federalrealty.com, which will remain available for 30 days following the call. A telephone recording of the call will also be available through May 12, 2016 by dialing (855) 859-2056 and using the passcode 68139087.

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, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 96 properties include over 2,800 tenants, in approximately 22 million square feet, and over 1,800 residential units.

FEDERAL REALTY INVESTMENT TRUST ANNOUNCES

FIRST QUARTER 2016 OPERATING RESULTS

May 4, 2016

Page 4

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 48 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.

Safe Harbor Language

Certain matters discussed within this press release 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 assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 9, 2016, and include the following:


•	risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire;


•	risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that completion of anticipated or ongoing property redevelopments or renovation projects that we do pursue may cost more, take more time to complete, or fail to perform as expected;


•	risks that we are investing a significant amount in ground-up development projects that may be dependent on third parties to deliver critical aspects of certain projects, requires spending a substantial amount upfront in infrastructure, and assumes receipt of public funding which has been committed but not entirely funded;

•


•	risks that our growth will be limited if we cannot obtain additional capital;


•	risks associated with general economic conditions, including local economic conditions in our geographic markets;


•	risks of financing, such as our ability to consummate additional financings or obtain replacement financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense; and


•	risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 9, 2016.



Federal Realty Investment Trust
Consolidated Income Statements
March 31, 2016
	Three Months Ended
	March 31,
	2016			2015
	(in thousands, except per share data)
	(unaudited)
REVENUE
Rental income	$	195,308		$	181,166
Other property income	2,312			2,465
Mortgage interest income	724			1,161
Total revenue	198,344			184,792
EXPENSES
Rental expenses	42,819			41,439
Real estate taxes	22,794			20,394
General and administrative	8,010			8,853
Depreciation and amortization	47,799			41,984
Total operating expenses	121,422			112,670
OPERATING INCOME	76,922			72,122
Other interest income	103			29
Interest expense	(23,729		)	(24,168		)
Income from real estate partnerships	41			220
INCOME FROM CONTINUING OPERATIONS	53,337			48,203
Gain on change in control of interests	25,726			—
NET INCOME	79,063			48,203
Net income attributable to noncontrolling interests	(2,108		)	(2,017		)
NET INCOME ATTRIBUTABLE TO THE TRUST	76,955			46,186
Dividends on preferred shares	(135		)	(135		)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$	76,820		$	46,051
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	0.73		$	0.67
Gain on change in control of interests	0.37			—
	$	1.10		$	0.67
Weighted average number of common shares, basic	69,771			68,368
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	0.73		$	0.67
Gain on change in control of interests	0.37			—
	$	1.10		$	0.67
Weighted average number of common shares, diluted	69,957			68,563



Federal Realty Investment Trust
Consolidated Balance Sheets
March 31, 2016
	March 31,			December 31,
	2016			2015
	(in thousands, except share and per share data)
	(unaudited)
ASSETS
Real estate, at cost
Operating (including $1,197,847 and $1,192,336 of consolidated variable interest entities, respectively)	$	5,901,076		$	5,630,771
Construction-in-progress	452,070			433,635
	6,353,146			6,064,406
Less accumulated depreciation and amortization (including $184,078 and $176,057 of consolidated variable interest entities, respectively)	(1,611,379		)	(1,574,041		)
Net real estate	4,741,767			4,490,365
Cash and cash equivalents	19,716			21,046
Accounts and notes receivable, net	113,749			110,402
Mortgage notes receivable, net	41,618			41,618
Investment in real estate partnerships	10,455			41,546
Prepaid expenses and other assets	198,152			191,582
TOTAL ASSETS	$	5,125,457		$	4,896,559
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages payable (including $446,046 and $448,315 of consolidated variable interest entities, respectively)	$	513,009		$	481,084
Capital lease obligations	71,612			71,620
Notes payable	341,620			341,961
Senior notes and debentures	1,733,081			1,732,551
Accounts payable and accrued expenses	165,407			146,532
Dividends payable	67,593			66,338
Security deposits payable	15,845			15,439
Other liabilities and deferred credits	122,117			121,787
Total liabilities	3,030,284			2,977,312
Commitments and contingencies
Redeemable noncontrolling interests	126,232			137,316
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par: 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding	9,997			9,997
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 70,861,269 and 69,493,392 shares issued and outstanding, respectively	710			696
Additional paid-in capital	2,565,581			2,381,867
Accumulated dividends in excess of net income	(714,452		)	(724,701		)
Accumulated other comprehensive loss	(6,885		)	(4,110		)
Total shareholders’ equity of the Trust	1,854,951			1,663,749
Noncontrolling interests	113,990			118,182
Total shareholders’ equity	1,968,941			1,781,931
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,125,457		$	4,896,559



Federal Realty Investment Trust
Funds From Operations / Summary of Capital Expenditures
March 31, 2016
	Three Months Ended
	March 31,
	2016			2015
	(in thousands, except per share data)
Funds from Operations available for common shareholders (FFO) (1)
Net income	$	79,063		$	48,203
Net income attributable to noncontrolling interests	(2,108		)	(2,017		)
Gain on change in control of interests	(25,726		)	—
Depreciation and amortization of real estate assets	41,683			36,953
Amortization of initial direct costs of leases	4,204			3,440
Depreciation of joint venture real estate assets	45			331
Funds from operations	97,161			86,910
Dividends on preferred shares	(135		)	(135		)
Income attributable to operating partnership units	855			833
Income attributable to unvested shares	(292		)	(320		)
FFO	$	97,589		$	87,288
Weighted average number of common shares, diluted	70,867			69,515
FFO per diluted share	$	1.38		$	1.26

Summary of Capital Expenditures
Non-maintenance capital expenditures
Development, redevelopment and expansions	$	69,808		$	55,605
Tenant improvements and incentives	7,159			4,311
Total non-maintenance capital expenditures	76,967			59,916
Maintenance capital expenditures	1,689			1,755
Total capital expenditures	$	78,656		$	61,671

Dividends and Payout Ratios
Regular common dividends declared	$	66,571		$	59,752

Dividend payout ratio as a percentage of FFO	68		%	68		%

Notes:

1) See Glossary of Terms.



Federal Realty Investment Trust
Market Data
March 31, 2016
		March 31,
		2016			2015
		(in thousands, except per share data)
Market Data
	Common shares outstanding and operating partnership units (1)	71,764			69,612
	Market price per common share	$	156.05		$	147.21
	Common equity market capitalization including operating partnership units	$	11,198,772		$	10,247,583

	Series 1 preferred shares outstanding (2)	400			400
	Liquidation price per Series 1 preferred share	$	25.00		$	25.00
	Series 1 preferred equity market capitalization	$	10,000		$	10,000

	Equity market capitalization	$	11,208,772		$	10,257,583

	Total debt (3)	2,659,322			2,622,327

	Total market capitalization	$	13,868,094		$	12,879,910

	Total debt to market capitalization at the current market price	19		%	20		%

	Fixed rate debt ratio:
	Fixed rate debt and capital lease obligations (4)	98		%	100		%
	Variable rate debt	2		%	<1%
		100		%	100		%

Notes:


1)	Amounts include 902,368 and 934,405 operating partnership units outstanding at March 31, 2016 and 2015, respectively.


2)	These shares, issued March 8, 2007, are unregistered.

Total debt includes capital leases, mortgages payable, notes payable, senior notes and debentures, net of premiums and debt issuance costs from our consolidated balance sheet. The March 31, 2016 and 2015 balances are net of debt issuance costs of $14.6 million and $14.4 million, respectively, reflecting our January 1, 2016 adoption of ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." See Note 2 of our March 31, 2016 Form 10-Q for additional information regarding the adoption.


4)	Fixed rate debt includes our $275.0 million term loan as the rate is effectively fixed by two interest rate swap agreements.



Federal Realty Investment Trust
Components of Rental Income
March 31, 2016
	Three Months Ended
	March 31,
	2016		2015
	(in thousands)
Minimum rents
Retail and commercial (1)	$	134,586	$	124,313
Residential	11,449		10,387
Cost reimbursements	41,802		40,887
Percentage rent	3,069		2,764
Other	4,402		2,815
Total rental income	$	195,308	$	181,166

Notes:


1)	Minimum rents include $2.0 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively, to recognize minimum rents on a straight-line basis. In addition, minimum rents include $0.3 million and $0.7 million for the three months ended March 31, 2016 and 2015, respectively, to recognize income from the amortization of in-place leases.



Federal Realty Investment Trust
Summary of Outstanding Debt and Capital Lease Obligations
March 31, 2016
		As of March 31, 2016
		Stated maturity date	Stated interest rate	Balance					Weighted average effective rate (5)
				(in thousands)
Mortgages Payable
	Secured fixed rate
	Barcroft Plaza (1)	7/1/2016	5.99%	$	20,785
	Greenlawn Plaza (1)	7/1/2016	5.90%	13,600
	Plaza El Segundo	8/5/2017	6.33%	175,000
	The Grove at Shrewsbury (East)	10/1/2017	5.82%	43,307
	The Grove at Shrewsbury (West)	3/1/2018	6.38%	10,968
	Rollingwood Apartments	5/1/2019	5.54%	21,608
	The Shops at Sunset Place	9/1/2020	5.62%	70,070
	29th Place	1/31/2021	5.91%	4,704
	THE AVENUE at White Marsh	1/1/2022	3.35%	52,705
	Montrose Crossing	1/10/2022	4.20%	73,935
	Brook 35	7/1/2029	4.65%	11,500
	Chelsea	1/15/2031	5.36%	6,796
	Subtotal			504,978
	Net unamortized premium and debt issuance costs			8,031
	Total mortgages payable			513,009					4.30%

Notes payable
	Unsecured fixed rate
	Term loan (2)	11/21/2018	LIBOR + 0.90%	275,000
	Various	Various through 2028	11.31%	5,722
	Unsecured variable rate
	Escondido (Municipal bonds) (3)	10/1/2016	0.09%	9,400
	Revolving credit facility (4)	4/21/2017	LIBOR + 0.90%	53,000
	Subtotal			343,122
	Net unamortized debt issuance costs			(1,502		)
	Total notes payable			341,620					2.70%	(6)

Senior notes and debentures
	Unsecured fixed rate
	5.90% notes	4/1/2020	5.90%	150,000
	2.55% notes	1/15/2021	2.55%	250,000
	3.00% notes	8/1/2022	3.00%	250,000
	2.75% notes	6/1/2023	2.75%	275,000
	3.95% notes	1/15/2024	3.95%	300,000
	7.48% debentures	8/15/2026	7.48%	29,200
	6.82% medium term notes	8/1/2027	6.82%	40,000
	4.50% notes	12/1/2044	4.50%	450,000
	Subtotal			1,744,200
	Net unamortized premium and debt issuance costs			(11,119		)
	Total senior notes and debentures			1,733,081					4.01%

Capital lease obligations
	Various	Various through 2106	Various	71,612					8.04%
Total debt and capital lease obligations				$	2,659,322

Total fixed rate debt and capital lease obligations				$	2,596,922		98	%	4.07%
Total variable rate debt				62,400			2	%	1.29%	(6)
Total debt and capital lease obligations				$	2,659,322		100	%	4.00%	(6)



	Three Months Ended
	March 31,
	2016		2015
Operational Statistics
Ratio of EBITDA to combined fixed charges and preferred share dividends (7)	5.38	x	3.91	x
Ratio of adjusted EBITDA to combined fixed charges and preferred share dividends (7)	4.46	x	3.91	x

Notes:


1)	We repaid these mortgage loans at par on April 1, 2016.


2)	We entered into two interest rate swap agreements to fix the variable rate portion of our $275.0 million term loan at 1.72% through November 1, 2018. The swap agreements effectively fix the rate on the term loan at 2.62% and thus, the loan is included in fixed rate debt.


3)	The bonds require monthly interest only payments through maturity. The bonds bear interest at a variable rate determined weekly, which would enable the bonds to be remarketed at 100% of their principal amount. The Escondido Promenade property is not encumbered by a lien.

The maximum amount drawn under our revolving credit facility during the three months ended March 31, 2016 was $251.5 million, and the weighted average interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 1.32%. On April 20, 2016, we upsized our existing $600.0 million revolving credit facility to $800.0 million and extended the maturity date to April 20, 2020. We also lowered the spread over LIBOR to 82.5 basis points.


5)	The weighted average effective interest rate includes the amortization of any deferred financing fees, discounts and premiums, and debt issuance costs, if applicable, except as described in Note 6.

The weighted average effective interest rate excludes $0.5 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility which had a $53.0 million balance on March 31, 2016. In addition, the weighted average effective interest rate is calculated using the fixed rate on our term loan of 2.62% as the result of the interest rate swap agreements discussed in Note 2. The term loan is included in fixed rate debt.


7)	Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount/premium and debt costs and the portion of rent expense representing an interest factor. EBITDA includes a gain on the change in control of interests of $25.7 million for the three months ended March 31, 2016. Adjusted EBITDA is reconciled to net income in the Glossary of Terms.



Federal Realty Investment Trust
Summary of Debt Maturities
March 31, 2016
Year	Scheduled Amortization		Maturities			Total			Percent of Debt Maturing		Cumulative Percent of Debt Maturing		Weighted Average Rate (4)
	(in thousands)
2016	$	4,724	$	43,785	(1)	$	48,509		1.8	%	1.8	%	1.9	%
2017	6,228		269,732		(2)	275,960			10.4	%	12.2	%	4.1	%	(5)
2018	5,519		285,502			291,021			10.9	%	23.1	%	2.9	%
2019	5,449		20,160			25,609			1.0	%	24.1	%	5.7	%
2020	4,763		210,593			215,356			8.1	%	32.2	%	5.3	%
2021	3,101		253,625			256,726			9.6	%	41.8	%	2.8	%
2022	1,228		366,323			367,551			13.8	%	55.6	%	3.5	%
2023	1,253		330,010			331,263			12.4	%	68.0	%	3.9	%
2024	1,054		300,000			301,054			11.3	%	79.3	%	4.2	%
2025	540		—			540			—	%	79.3	%	—	%
Thereafter	19,623		530,700			550,323			20.7	%	100.0	%	4.9	%
Total	$	53,482	$	2,610,430		$	2,663,912	(3)	100.0	%

Notes:


1)	2016 maturities include $34.4 million of mortgage loans which were repaid at par on April 1, 2016.

Our $600.0 million unsecured revolving credit facility matures on April 21, 2017 subject to a one-year extension at our option. As of March 31, 2016, there was $53.0 million outstanding on our revolving credit facility. On April 20, 2016, we upsized our existing $600.0 million revolving credit facility to $800.0 million and extended the maturity date to April 20, 2020. We also lowered the spread over LIBOR to 82.5 basis points.


3)	The total debt maturities differs from the total reported on the consolidated balance sheet due to the unamortized net premium and debt issuance costs on certain mortgage loans, notes payable, and senior notes as of March 31, 2016.


4)	The weighted average rate reflects the weighted average interest rate on debt maturing in the respective year.


5)	The weighted average rate excludes $0.5 million in quarterly financing fees and quarterly debt fee amortization on our revolving credit facility.



Federal Realty Investment Trust
Summary of Redevelopment Opportunities
March 31, 2016

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)
Property	Location	Opportunity	Projected ROI (2)		Projected Cost (1)		Cost to Date		Anticipated Stabilization (3)
					(in millions)		(in millions)

Santana Row - Lot 11	San Jose, CA	Addition of 6-story building with 234,500 square feet of office space, and 670 parking spaces	9	%	$110 - $115			$60	2017
The Point	El Segundo, CA	Addition of 90,000 square feet of retail and 25,000 square feet of office space	8	%		$85		$81	2016
Congressional Plaza	Rockville, MD	New 48 unit rental apartment building and conversion of office space into 39,000 square feet of retail anchor space to accommodate new tenant	7	%		$23		$18	2016
Westgate Center	San Jose, CA	Façade and interior mall renovation, addition of food court and pad site	9	%		$21		$21	2016
Towson Residential	Towson, MD	New 105 unit 5-story apartment building with above grade parking	6	%		$20		$1	2018
Plaza Del Mercado	Silver Spring, MD	Demolition of former grocery anchor space to construct spaces for new grocery anchor and fitness center tenants	8	%		$16		$2	2017
Tower Shops	Davie, FL	Addition of 50,000 square foot pad building	12	%		$15		$11	2016
Del Mar Village	Boca Raton, FL	Demolition of small shop spaces and relocation of tenants to accommodate new 37,000 square foot fitness center tenant	7	%		$11		$1	2018
Santana Row	San Jose, CA	Addition of two retail kiosks and open air plaza upgrades	7	%		$5		$1	2017
The AVENUE at White Marsh	White Marsh, MD	Addition of two new pad sites totaling 13,000 square feet, a new 3,600 square foot restaurant building, and a drive up ATM	10	%		$5		$2	2017
Willow Lawn	Richmond, VA	Construction of two new in-line retail spaces totaling 17,400 square feet	8	%		$5		$3	2016
Eastgate	Chapel Hill, NC	New 7,400 square foot multi-tenant pad building on site of existing gas station	8	%		$4		$0	2017
Mercer Mall	Lawrenceville, NJ	Demolition of existing 3,000 square foot pad building to allow for construction of a multi-restaurant pad building totaling 5,600 square feet	10	%		$2		$0	2016
Wynnewood	Wynnewood, PA	Conversion of obsolete 2nd floor office space to residential	8	%		$2		$2	2016
Total Active Redevelopment projects (4)			8	%	$324 - $329			$203

Notes:


(1)	There is no guarantee that the Trust will ultimately complete any or all of these opportunities, that the Projected Return on Investment (ROI) or Projected Costs will be the amounts shown or that stabilization will occur as anticipated. The projected ROI and Projected Cost are management's best estimate based on current information and may change over time.

(2)

Projected ROI for redevelopment projects generally reflects only the deal specific cash, unleveraged incremental Property Operating Income (POI) generated by the redevelopment and is calculated as Incremental POI divided by incremental cost. Incremental POI is the POI generated by the redevelopment after deducting rent being paid or management's estimate of rent to be paid for the redevelopment space and any other space taken out of service to accommodate the redevelopment. Projected ROI for redevelopment projects does NOT include peripheral impacts, such as the impact on future lease rollovers at the property or the impact on the long-term value of the property.


(3)	Stabilization is the year in which 95% occupancy of the redeveloped space is achieved.


(4)	All subtotals and totals reflect cost weighted-average ROIs.



Federal Realty Investment Trust
Pike & Rose and Assembly Row
March 31, 2016

Property (1)	Location	Opportunity	Projected ROI (2)		Total Cost (3)		Costs to Date			Anticipated Stabilization	Expected Opening Timeframe
					(in millions)		(in millions)
Phases delivered/delivering

Pike & Rose - Phase I	North Bethesda, MD	Phase I consists of 493 residential units, 157,000 square feet of retail, and 79,000 square feet of office space.	7%		$265 - $270	(4)		$262		2015/2016	•174 unit residential building opened late June 2014 and achieved stabilized occupancy in Q1 2015. •142,000 sf of retail open as of 3/31/16; retail 94% leased. Remaining retail to open in Q2 2016. •55,000 sf of office space delivered as of 3/31/16; 100% leased. •319 unit residential building initially opened in July 2015 with delivery of units through Q2 2016. Expected to achieve stabilized occupancy in Q4 2016.
Assembly Row - Phase I	Somerville, MA	Initial phase consists of 445 residential units (by AvalonBay), in addition to 98,000 square feet of office space and approximately 331,000 square feet of retail space (including a restaurant pad site). A new Orange Line T-Stop has been constructed by Massachusetts Bay Transit Authority, as part of Phase I.	5% - 6%	(5)	$196			$195	(5)	2015/2016	•Project is 99% occupied and 100% leased •T Station opened in September 2014
		Total Phases delivered or delivering	6 - 7%		$461 - $466			$457

Phases under construction

Pike & Rose - Phase II	North Bethesda, MD	Ground up mixed use development. Phase II consists of 190,000 square feet of retail, 272 residential units, and a 177 room hotel. Added pre-leased auto dealership building.	7%		$200 - $207			$59		2018/2019	Projected opening - late 2017/2018
	North Bethesda, MD	104 for-sale condominium units	-		$53 - $58			$12
Assembly Row - Phase II	Somerville, MA	Second phase of development consists of 167,000 square feet of retail, 447 residential units, and a 160 room boutique hotel. Additionally, there will be approximately 700,000 square feet of office space constructed by Partners HealthCare.	7%	(5)	$270 - $285			$100		2018/2019	Projected opening - late 2017/2018
	Somerville, MA	134 for-sale condominium units	-	(6)	$70 - $75			$11
		Total Phases under construction	7%	(6)	$593 - $625			$182

Notes:



(1)	Anticipated opening dates, total cost, projected return on investment (ROI), anticipated stabilization, and significant tenants for centers under development are subject to adjustment as a result of factors inherent in the development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.
(2)	Projected ROI for development projects reflects the deal specific cash, unleveraged Property Operating Income (POI) generated by the development and is calculated as POI divided by cost.
(3)	Projected costs include an allocation of infrastructure costs for the entire project.
(4)	Includes costs of which we have claims for recovery against 3rd parties.
(5)	Costs are net of expected reimbursement by third parties and land sale proceeds from expected exercise of option. Phase II total costs include our 50% share of the costs of our investment in the hotel.
(6)	Condominiums shown at cost; the projected ROI for Phase II does not assume any incremental profit on the sale of condominium units; condominiums are assumed to be sold at cost.



Federal Realty Investment Trust
Future Redevelopment Opportunities
March 31, 2016

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 of these new opportunities is in its preliminary stages and may not ultimately come to fruition. This list will change from time to time as we identify hurdles that cannot be overcome in the near term, and focus on those opportunities that are most likely to lead to the creation of shareholder value over time.

Pad Site Opportunities - Opportunities to add both single tenant and multi-tenant stand alone pad buildings at existing retail properties. Many of these opportunities are "by right" and construction is awaiting appropriate retailer demand.
	Bethesda Row	Bethesda, MD	Melville Mall	Huntington, NY
	Dedham Plaza	Dedham, MA	Mercer Mall	Lawrenceville, NJ
	Escondido Promenade	Escondido, CA	Pan Am	Fairfax, VA
	Federal Plaza	Rockville, MD	Pike 7	Vienna, VA
	Flourtown	Flourtown, PA	Wildwood	Bethesda, MD
	Fresh Meadows	Queens, NY

Property Expansion or Conversion - Opportunities at successful retail properties to convert previously underutilized land into new GLA and to convert other existing uses into more productive uses for the property.
	Assembly Row	Somerville, MA	Melville Mall	Huntington, NY
	Barracks Road	Charlottesville, VA	Montrose Crossing	Rockville, MD
	Bethesda Row	Bethesda, MD	Northeast	Philadelphia, PA
	Brick	Brick, NJ	The Shops at Sunset Place	South Miami, FL
	CocoWalk	Coconut Grove, FL	Third Street Promenade	Santa Monica, CA
	Crossroads	Highland Park, IL	Troy	Parsippany, NJ
	Darien	Darien, CT	Wildwood	Bethesda, MD
	Fresh Meadows	Queens, NY

Residential Opportunities - Opportunity to add residential units to existing retail and mixed-use properties.
	Barracks Road	Charlottesville, VA	Leesburg Plaza	Leesburg, VA
	Graham Park Plaza	Falls Church, VA	Village at Shirlington	Arlington, VA


Longer Term Mixed-Use Opportunities
	Assembly Row (1)	Somerville, MA	San Antonio Center	Mountain View, CA
	Bala Cynwyd	Bala Cynwyd, PA	Santana Row (3)	San Jose, CA
	Pike 7 Plaza	Vienna, VA	Santana Row - Winchester Theater site	San Jose, CA
	Pike & Rose (2)	North Bethesda, MD

Notes:
(1)	Assembly Row	Remaining entitlements after Phase II include approximately 2 million square feet of commercial-use buildings and 834 residential units.
(2)	Pike & Rose	Remaining entitlements after Phase II include 1 million square feet of commercial-use buildings and 736 residential units.
(3)	Santana Row	Remaining entitlements include approximately 634,000 square feet of commercial space and 395 residential units.



Federal Realty Investment Trust
2016 Significant Acquisitions
March 31, 2016

2016 Significant Acquisitions

On January 13, 2016, we acquired our partner's 70% interest in our joint venture arrangement (the "Partnership") with affiliates of a discretionary fund created and advised by Clarion Partners ("Clarion") for $153.7 million, which included $130 million of cash and the assumption of tmortgage loans totaling $34.4 million. As a result of the transaction, we gained control of the six underlying properties and effective January 13, 2016, have consolidated the properties. We also recognized a gain on acquisition of the controlling interest of $25.7 million related to the difference between the carrying value and fair value of the previously held equity interest.
Property	City/State	GLA	Principal Tenants
		(in square feet)
Atlantic Plaza	North Reading, MA	123,000	Stop & Shop
Barcroft Plaza	Falls Church, VA	100,000	Harris Teeter / Bank of America
Campus Plaza	Bridgewater, MA	116,000	Roche Bros. / Burlington Coat Factory
Free State Shopping Center	Bowie, MD	265,000	Giant Food / TJ Maxx / Ross Dress For Less / Office Depot
Greenlawn Plaza	Greenlawn, NY	106,000	Greenlawn Farms / Tuesday Morning
Plaza del Mercado	Silver Spring, MD	96,000	CVS
	Total GLA	806,000



Federal Realty Investment Trust
Real Estate Status Report
March 31, 2016
Property Name		MSA Description	Year Acquired	Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)	% Leased		Grocery Anchor GLA	Grocery Anchor	Other Principal Tenants
				(in thousands)		(in thousands)
Washington Metropolitan Area
Barcroft Plaza	(8)	Washington, DC-MD-VA	2006-2007	$	37,094	$	20,785	100,000	82	%	46,000	Harris Teeter	Bank of America
Bethesda Row		Washington, DC-MD-VA	1993-2006/2008/2010	223,262				533,000	92	%	40,000	Giant Food	Apple Computer / Barnes & Noble / Equinox / Landmark Theater
Congressional Plaza	(3)	Washington, DC-MD-VA	1965	93,987				325,000	97	%	25,000	The Fresh Market	Buy Buy Baby / Container Store / Last Call Studio by Neiman Marcus
Courthouse Center		Washington, DC-MD-VA	1997	4,777				35,000	66	%
Falls Plaza/Falls Plaza-East		Washington, DC-MD-VA	1967/1972	12,863				144,000	97	%	51,000	Giant Food	CVS / Staples
Federal Plaza		Washington, DC-MD-VA	1989	65,936				248,000	99	%	14,000	Trader Joe's	TJ Maxx / Micro Center / Ross Dress For Less
Free State Shopping Center	(8)	Washington, DC-MD-VA	2007	60,758				265,000	95	%	73,000	Giant Food	TJ Maxx / Ross Dress For Less / Office Depot
Friendship Center		Washington, DC-MD-VA	2001	37,519				119,000	100	%			DSW / Maggiano's / Nordstrom Rack / Marshalls
Gaithersburg Square		Washington, DC-MD-VA	1993	26,666				207,000	91	%			Bed, Bath & Beyond / Ross Dress For Less / Ashley Furniture HomeStore
Graham Park Plaza		Washington, DC-MD-VA	1983	34,425				260,000	93	%	58,000	Giant Food	L.A. Fitness / Stein Mart
Idylwood Plaza		Washington, DC-MD-VA	1994	16,763				73,000	100	%	30,000	Whole Foods
Laurel		Washington, DC-MD-VA	1986	55,484				389,000	80	%	61,000	Giant Food	L.A. Fitness / Marshalls
Leesburg Plaza		Washington, DC-MD-VA	1998	36,301				236,000	92	%	55,000	Giant Food	Petsmart / Pier 1 Imports / Office Depot
Montrose Crossing	(3)	Washington, DC-MD-VA	2011/2013	153,586		73,935		366,000	93	%	73,000	Giant Food	Marshalls / Sports Authority / Barnes & Noble / A.C. Moore
Mount Vernon/South Valley/7770 Richmond Hwy	(5)	Washington, DC-MD-VA	2003/2006	82,876				569,000	97	%	62,000	Shoppers Food Warehouse	Bed, Bath & Beyond / Michaels / Home Depot / TJ Maxx / Gold's Gym / Staples / DSW
Old Keene Mill		Washington, DC-MD-VA	1976	6,419				92,000	84	%	24,000	Whole Foods	Walgreens
Pan Am		Washington, DC-MD-VA	1993	28,817				227,000	98	%	65,000	Safeway	Micro Center / Michaels
Pentagon Row		Washington, DC-MD-VA	1998/2010	96,598				299,000	84	%	45,000	Harris Teeter	Bed, Bath & Beyond / DSW
Pike & Rose	(4)	Washington, DC-MD-VA	1982/2007/2012	381,384				226,000	96	%			iPic Theater / Sport & Health / Gap / Gap Kids
Pike 7 Plaza		Washington, DC-MD-VA	1997/2015	41,770				164,000	99	%			DSW / Staples / TJ Maxx
Plaza del Mercado	(8)	Washington, DC-MD-VA	2004	33,396				96,000	92	%			CVS
Quince Orchard		Washington, DC-MD-VA	1993	36,378				267,000	96	%	19,000	Aldi	L.A. Fitness / HomeGoods / Staples
Rockville Town Square	(6)	Washington, DC-MD-VA	2006-2007	49,868		4,487		187,000	94	%	25,000	Dawson's Market	CVS / Gold's Gym
Rollingwood Apartments		Washington, DC-MD-VA	1971	10,229		21,608		N/A	97	%
Sam's Park & Shop		Washington, DC-MD-VA	1995	12,678				49,000	86	%			Petco
Tower Shopping Center		Washington, DC-MD-VA	1998	21,469				112,000	92	%	26,000	L.A. Mart	Talbots / Total Wine & More
Tyson's Station		Washington, DC-MD-VA	1978	4,594				49,000	92	%	11,000	Trader Joe's
Village at Shirlington	(6)	Washington, DC-MD-VA	1995	62,738		6,552		265,000	89	%	28,000	Harris Teeter	AMC Loews / Carlyle Grand Café
Wildwood		Washington, DC-MD-VA	1969	18,951				83,000	98	%	20,000	Balducci's	CVS
		Total Washington Metropolitan Area		1,747,586				5,985,000	93	%

California
Colorado Blvd		Los Angeles-Long Beach, CA	1996/1998	18,309				69,000	99	%			Pottery Barn / Banana Republic
Crow Canyon Commons		San Ramon, CA	2005/2007	88,265				241,000	95	%	32,000	Sprouts	Orchard Supply Hardware / Rite Aid / Sports Authority
East Bay Bridge		San Francisco-Oakland-Fremont, CA	2012	176,451				438,000	100	%	59,000	Pak-N-Save	Home Depot / Michaels / Target / Nordstrom Rack
Escondido Promenade	(3)	San Diego, CA	1996/2010	46,956				298,000	96	%			TJ Maxx / Toys R Us / Dick’s Sporting Goods / Ross Dress For Less
Hermosa Avenue		Los Angeles-Long Beach, CA	1997	5,905				24,000	100	%
Hollywood Blvd		Los Angeles-Long Beach, CA	1999	46,700				179,000	91	%			DSW / L.A. Fitness / Marshalls / La La Land
Kings Court	(5)	San Jose, CA	1998	11,612				80,000	100	%	25,000	Lunardi's Super Market	CVS
Old Town Center		San Jose, CA	1997	37,817				95,000	97	%			Anthropologie / Banana Republic / Gap



Federal Realty Investment Trust
Real Estate Status Report
March 31, 2016
Property Name		MSA Description	Year Acquired	Real Estate at Cost	Mortgage and/or Capital Lease Obligation (1)	GLA (2)	% Leased		Grocery Anchor GLA	Grocery Anchor	Other Principal Tenants
				(in thousands)	(in thousands)
Plaza El Segundo / The Point	(3)	Los Angeles-Long Beach, CA	2011/2015	273,464	175,000	453,000	97	%	66,000	Whole Foods	Anthropologie / Best Buy / Container Store / Dick's Sporting Goods / H&M / HomeGoods
Santana Row		San Jose, CA	1997	748,696		651,000	99	%			Crate & Barrel / Container Store / Best Buy / CineArts Theatre / Hotel Valencia / H&M
San Antonio Center	(3) (5)	San Francisco-Oakland-San Jose, CA	2015	72,940		376,000	95	%	11,000	Trader Joe's	Kohl's / Wal-mart / 24 Hour Fitness / Jo-Ann Stores
Third Street Promenade		Los Angeles-Long Beach, CA	1996-2000	78,626		209,000	99	%			J. Crew / Banana Republic / Old Navy / Abercrombie & Fitch
Westgate Center		San Jose, CA	2004	146,608		638,000	98	%	38,000	Walmart Neighborhood Market	Target / Burlington Coat Factory / Ross Dress For Less / Michaels / Nordstrom Rack / Nike Factory / J. Crew / Gap Factory Store
150 Post Street		San Francisco, CA	1997	35,628		105,000	82	%
		Total California		1,787,977		3,856,000	97	%

NY Metro / New Jersey
Brick Plaza		Monmouth-Ocean, NJ	1989	61,773		422,000	71	%			AMC Loews / Barnes & Noble / Sports Authority
Brook 35	(3) (5)	New York-Northern New Jersey-Long Island, NY-NJ-PA	2014	46,819	11,500	98,000	98	%			Ann Taylor / Banana Republic / Coach / Williams-Sonoma
Darien		New Haven-Bridgeport-Stamford-Waterbury	2013	48,529		95,000	97	%	45,000	Stop & Shop	Equinox
Fresh Meadows		New York, NY	1997	81,743		404,000	100	%	15,000	Island of Gold	AMC Loews / Kohl's / Michaels / Modell's
Greenlawn Plaza	(8)	Nassau-Suffolk, NY	2006	31,567	13,600	106,000	94	%	46,000	Greenlawn Farms	Tuesday Morning
Greenwich Avenue		New Haven-Bridgeport-Stamford-Waterbury	1995	14,127		36,000	100	%			Saks Fifth Avenue
Hauppauge		Nassau-Suffolk, NY	1998	28,676		134,000	100	%	61,000	Shop Rite	A.C. Moore
Huntington		Nassau-Suffolk, NY	1988/2007	43,852		279,000	100	%			Buy Buy Baby / Bed, Bath & Beyond / Michaels / Nordstrom Rack
Huntington Square		Nassau-Suffolk, NY	2010	12,980		74,000	93	%			Barnes & Noble
Melville Mall		Nassau-Suffolk, NY	2006	74,451		247,000	73	%			Dick’s Sporting Goods / Marshalls / Macy's Backstage
Mercer Mall	(6)	Trenton, NJ	2003	119,184	55,666	527,000	99	%	75,000	Shop Rite	Bed, Bath & Beyond / DSW / TJ Maxx / Raymour & Flanigan / Nordstrom Rack / REI
The Grove at Shrewsbury	(3) (5)	New York-Northern New Jersey-Long Island, NY-NJ-PA	2014	122,918	54,275	192,000	96	%			Lululemon / Brooks Brothers / Anthropologie / Pottery Barn / J. Crew / Banana Republic / Williams-Sonoma
Troy		Newark, NJ	1980	34,955		211,000	67	%			L.A. Fitness
		Total NY Metro/New Jersey		721,574		2,825,000	90	%

Philadelphia Metropolitan Area
Andorra		Philadelphia, PA-NJ	1988	25,735		265,000	94	%	24,000	Acme Markets	Kohl's / Staples / L.A. Fitness
Bala Cynwyd		Philadelphia, PA-NJ	1993	41,457		294,000	100	%	45,000	Acme Markets	Lord & Taylor / L.A. Fitness / Michaels
Ellisburg		Philadelphia, PA-NJ	1992	34,931		268,000	97	%	47,000	Whole Foods	Buy Buy Baby / Stein Mart
Flourtown		Philadelphia, PA-NJ	1980	16,799		156,000	98	%	75,000	Giant Food	Movie Tavern
Langhorne Square		Philadelphia, PA-NJ	1985	21,848		219,000	100	%	55,000	Redner's Warehouse Mkts.	Marshalls
Lawrence Park		Philadelphia, PA-NJ	1980	32,478		364,000	96	%	53,000	Acme Markets	Brightwood Career Institute / TJ Maxx / HomeGoods
Northeast		Philadelphia, PA-NJ	1983	25,685		288,000	86	%			Burlington Coat Factory / Home Gallery / Marshalls
Town Center of New Britain		Philadelphia, PA-NJ	2006	14,972		124,000	88	%	36,000	Giant Food	Rite Aid
Willow Grove		Philadelphia, PA-NJ	1984	30,001		211,000	98	%			HomeGoods / Marshalls / Barnes & Noble
Wynnewood		Philadelphia, PA-NJ	1996	41,793		251,000	100	%	98,000	Giant Food	Bed, Bath & Beyond / Old Navy / DSW
		Total Philadelphia Metropolitan Area		285,699		2,440,000	96	%



Federal Realty Investment Trust
Real Estate Status Report
March 31, 2016
Property Name		MSA Description	Year Acquired	Real Estate at Cost	Mortgage and/or Capital Lease Obligation (1)	GLA (2)	% Leased		Grocery Anchor GLA	Grocery Anchor	Other Principal Tenants
				(in thousands)	(in thousands)
New England
Assembly Row / Assembly Square Marketplace	(4)	Boston-Cambridge-Quincy, MA-NH	2005-2011, 2013	498,015		761,000	100	%			AMC Theatres / LEGOLAND Discovery Center / Saks Fifth Avenue Off 5th / J. Crew / Nike Factory / Bed, Bath & Beyond / TJ Maxx / Legal on the Mystic
Atlantic Plaza	(8)	Boston-Worcester-Lawrence-Lowell-Brockton, MA	2004	23,589		123,000	89	%	64,000	Stop & Shop
Campus Plaza	(8)	Boston-Worcester-Lawrence-Lowell-Brockton, MA	2004	30,124		116,000	96	%	46,000	Roche Bros.	Burlington Coat Factory
Chelsea Commons		Boston-Cambridge-Quincy, MA-NH	2006-2008	42,736	6,796	222,000	100	%	16,000	Sav-A-Lot	Home Depot / Planet Fitness
Dedham Plaza		Boston-Cambridge-Quincy, MA-NH	1993	35,184		241,000	92	%	80,000	Star Market
Linden Square		Boston-Cambridge-Quincy, MA-NH	2006	147,916		223,000	95	%	50,000	Roche Bros.	CVS
North Dartmouth		Boston-Cambridge-Quincy, MA-NH	2006	9,367		48,000	100	%	48,000	Stop & Shop
Queen Anne Plaza		Boston-Cambridge-Quincy, MA-NH	1994	18,343		149,000	100	%	50,000	Hannaford	TJ Maxx / HomeGoods
Saugus Plaza		Boston-Cambridge-Quincy, MA-NH	1996	15,256		169,000	100	%	55,000	Super Stop & Shop	Kmart
		Total New England		820,530		2,052,000	98	%

South Florida
Cocowalk	(3) (7)	Miami-Ft Lauderdale	2015	99,279		216,000	81	%			Cinepolis Theaters / Gap / Youfit Health Club
Del Mar Village		Miami-Ft Lauderdale	2008/2014	60,497		196,000	86	%	44,000	Winn Dixie	CVS
The Shops at Sunset Place	(3)	Miami-Ft Lauderdale	2015	116,861	70,070	515,000	80	%			AMC Theatres / L.A. Fitness / Barnes & Noble / GameTime
Tower Shops		Miami-Ft Lauderdale	2011/2014	93,863		390,000	96	%	12,000	Trader Joe's	Best Buy / DSW / Old Navy / Ross Dress For Less / TJ Maxx / Ulta
		Total South Florida		370,500		1,317,000	86	%

Baltimore
Governor Plaza		Baltimore, MD	1985	27,152		243,000	100	%	16,500	Aldi	Dick’s Sporting Goods
Perring Plaza		Baltimore, MD	1985	30,432		395,000	100	%	58,000	Shoppers Food Warehouse	Home Depot / Burlington Coat Factory / Jo-Ann Stores / Micro Center
THE AVENUE at White Marsh	(5)	Baltimore, MD	2007	100,309	52,705	305,000	99	%			AMC Loews / Old Navy / Barnes & Noble / A.C. Moore
The Shoppes at Nottingham Square		Baltimore, MD	2007	17,454		32,000	100	%
White Marsh Plaza		Baltimore, MD	2007	25,154		80,000	96	%	54,000	Giant Food
White Marsh Other		Baltimore, MD	2007	37,319		73,000	97	%
		Total Baltimore		237,820		1,128,000	99	%

Chicago
Crossroads		Chicago, IL	1993	31,653		168,000	91	%			Golfsmith / Guitar Center / L.A. Fitness
Finley Square		Chicago, IL	1995	34,879		316,000	97	%			Bed, Bath & Beyond / Buy Buy Baby / Petsmart / Michaels
Garden Market		Chicago, IL	1994	13,085		140,000	99	%	63,000	Mariano's Fresh Market	Walgreens
North Lake Commons		Chicago, IL	1994	16,454		129,000	85	%	77,000	Jewel Osco
		Total Chicago		96,071		753,000	94	%



Federal Realty Investment Trust
Real Estate Status Report
March 31, 2016
Property Name		MSA Description	Year Acquired	Real Estate at Cost		Mortgage and/or Capital Lease Obligation (1)		GLA (2)	% Leased		Grocery Anchor GLA	Grocery Anchor	Other Principal Tenants
				(in thousands)		(in thousands)
Other
Barracks Road		Charlottesville, VA	1985	61,629				497,000	98	%	99,000	Harris Teeter / Kroger	Anthropologie / Bed, Bath & Beyond / Barnes & Noble / Old Navy / Michaels / Ulta
Bristol Plaza		Hartford, CT	1995	29,878				266,000	95	%	74,000	Stop & Shop	TJ Maxx
Eastgate		Raleigh-Durham-Chapel Hill, NC	1986	28,260				153,000	90	%	13,000	Trader Joe's	Stein Mart
Gratiot Plaza		Detroit, MI	1973	19,572				217,000	99	%	69,000	Kroger	Bed, Bath & Beyond / Best Buy / DSW
Lancaster	(6)	Lancaster, PA	1980	13,591		4,907		127,000	95	%	75,000	Giant Food	Michaels
29th Place		Charlottesville, VA	2007	40,560		4,704		169,000	98	%			DSW / HomeGoods / Staples / Stein Mart
Willow Lawn		Richmond-Petersburg, VA	1983	91,899				445,000	93	%	66,000	Kroger	DSW / Old Navy / Staples / Ross Dress For Less
		Total Other		285,389				1,874,000	96	%

Grand Total				$	6,353,146	$	576,590	22,230,000	94	%

Notes:
(1)	The mortgage or capital lease obligations differ from the total reported on the consolidated balance sheet due to the unamortized discount or premium and/or debt issuance costs on certain mortgage payables.
(2)	Excludes newly created redevelopment square footage not yet in service, as well as residential and hotel square footage.
(3)	The Trust has a controlling financial interest in this property.
(4)	Portion of property is currently under development. See further discussion in the Pike & Rose and Assembly Row schedule.
(5)	All or a portion of the property is owned in a "downreit" partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(6)	All or a portion of the property subject to capital lease obligation.
(7)	This property includes partial interests in eight buildings in addition to our initial acquisition.
(8)	On January 13, 2016, we acquired the 70% controlling interest in these properties and now own the properties 100%. The year acquired reflects the year we first acquired an equity interest in the property.



Federal Realty Investment Trust
Retail Leasing Summary (1)
March 31, 2016

Total Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2016	85	100	%	398,820	$	33.53	$	29.67	$	1,541,181	13	%	24		%	8.3	$	12,405,156	$	31.10	(7)
4th Quarter 2015	88	100	%	380,714	$	31.88	$	26.00	$	2,238,079	23	%	35		%	8.0	$	16,261,721	$	42.71	(7)
3rd Quarter 2015	76	100	%	478,411	$	26.98	$	22.69	$	2,051,021	19	%	33		%	8.0	$	10,113,482	$	21.14	(7)
2nd Quarter 2015	77	100	%	296,946	$	30.41	$	26.36	$	1,203,298	15	%	25		%	7.9	$	8,780,682	$	29.57	(7)
Total - 12 months	326	100	%	1,554,891	$	30.52	$	25.99	$	7,033,579	17	%	29		%	8.1	$	47,561,041	$	30.59

New Lease Summary - Comparable (2)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2016	28	33	%	154,121	$	31.02	$	25.57	$	838,752	21	%	35		%	11.3	$	8,590,661	$	55.74	(7)
4th Quarter 2015	29	33	%	191,931	$	30.57	$	21.14	$	1,810,518	45	%	54		%	10.1	$	14,704,178	$	76.61	(7)
3rd Quarter 2015	36	47	%	106,574	$	47.91	$	42.13	$	615,619	14	%	32		%	9.9	$	6,248,270	$	58.63	(7)
2nd Quarter 2015	35	45	%	147,114	$	30.96	$	26.98	$	585,589	15	%	29		%	9.3	$	6,812,702	$	46.31	(7)
Total - 12 months	128	39	%	599,740	$	33.86	$	27.44	$	3,850,478	23	%	38		%	10.2	$	36,355,811	$	60.62

Renewal Lease Summary - Comparable (2) (8)
Quarter	Number of Leases Signed	% of Comparable Leases Signed		GLA Signed	Contractual Rent (3) Per Sq. Ft.		Prior Rent (4) Per Sq. Ft.		Annual Increase in Rent		Cash Basis % Increase Over Prior Rent		Straight-lined Basis % Increase Over Prior Rent			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2016	57	67	%	244,699	$	35.12	$	32.25	$	702,429	9	%	18		%	6.6	$	3,814,495	$	15.59
4th Quarter 2015	59	67	%	188,783	$	33.21	$	30.95	$	427,561	7	%	20		%	6.1	$	1,557,543	$	8.25
3rd Quarter 2015	40	53	%	371,837	$	20.98	$	17.12	$	1,435,402	23	%	33		%	6.7	$	3,865,212	$	10.39
2nd Quarter 2015	42	55	%	149,832	$	29.87	$	25.75	$	617,709	16	%	21		%	6.4	$	1,967,980	$	13.13
Total - 12 months	198	61	%	955,151	$	28.42	$	25.08	$	3,183,101	13	%	23		%	6.5	$	11,205,230	$	11.73

Total Lease Summary - Comparable and Non-comparable (2) (9)
Quarter							Number of Leases Signed		GLA Signed				Contractual Rent (3) Per Sq. Ft.			Weighted Average Lease Term (5)	Tenant Improvements & Incentives (6)		Tenant Improvements & Incentives Per Sq. Ft.
1st Quarter 2016							92		419,781				$	33.45		8.3	$	14,483,247	$	34.50
4th Quarter 2015							99		439,061				$	31.87		8.2	$	17,663,207	$	40.23
3rd Quarter 2015							95		560,884				$	28.92		8.3	$	12,254,941	$	21.85
2nd Quarter 2015							85		313,887				$	31.66		8.1	$	11,268,961	$	35.90
Total - 12 months							371		1,733,613				$	31.26		8.2	$	55,670,356	$	32.11


Notes:
(1)	Leases on this report represent retail activity only; office and residential leases are not included.
(2)	Comparable leases represent those leases signed on spaces for which there was a former tenant.
(3)	Contractual rent represents contractual minimum rent under the new lease for the first 12 months of the term.
(4)	Prior rent represents minimum rent and percentage rent, if any, paid by the prior tenant in the final 12 months of the term.
(5)	Weighted average is determined on the basis of contractual rent for the first 12 months of the term.
(6)	See Glossary of Terms.
(7)	Approximately $5.2 million ($8.22 per square foot) in 1st Quarter 2016, $10.2 million ($21.74 per square foot) in 4th Quarter 2015, and $0.5 million ($0.72 per square foot) in 3rd Quarter 2015, and $0.5 million ($1.20 per square foot) in 2nd Quarter 2015 of the Tenant Improvements & Incentives are for properties under active redevelopment (e.g. Congressional Plaza, Del Mar Village, Mercer Mall, Westgate Center) and are included in the Projected Cost for those projects on the Summary of Redevelopment Opportunities.
(8)	Renewal leases represent expiring leases rolling over with the same tenant in the same location. All other leases are categorized as new.
(9)	The Number of Leases Signed, GLA Signed, Contractual Rent Per Sq Ft and Weighted Average Lease Term columns include information for leases signed at our Assembly Row and Pike & Rose projects. The Tenant Improvements & Incentives and Tenant Improvements & Incentives Per Sq Ft columns do not include the tenant improvements and incentives on leases signed for those projects; these amounts for leases signed for Assembly Row and Pike & Rose are included in the Projected Cost column for those projects shown on the Pike & Rose and Assembly Row schedule.



Federal Realty Investment Trust
Lease Expirations
March 31, 2016

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)
2016	224,000	2	%	$	16.71	587,000	7	%	$	32.43	810,000	4	%	$	28.09
2017	1,384,000	11	%	$	18.04	1,158,000	14	%	$	36.45	2,542,000	12	%	$	26.43
2018	1,505,000	12	%	$	15.20	1,071,000	13	%	$	38.53	2,576,000	13	%	$	24.90
2019	1,837,000	15	%	$	18.88	898,000	11	%	$	36.97	2,735,000	13	%	$	24.82
2020	1,157,000	10	%	$	16.48	1,014,000	13	%	$	38.38	2,171,000	11	%	$	26.71
2021	1,385,000	11	%	$	19.36	868,000	11	%	$	38.70	2,252,000	11	%	$	26.80
2022	1,027,000	8	%	$	16.13	573,000	7	%	$	38.95	1,601,000	8	%	$	24.31
2023	410,000	3	%	$	21.65	520,000	6	%	$	39.58	930,000	5	%	$	31.68
2024	567,000	5	%	$	18.38	494,000	6	%	$	42.71	1,062,000	5	%	$	29.71
2025	722,000	6	%	$	21.43	589,000	7	%	$	37.00	1,311,000	6	%	$	28.42
Thereafter	2,139,000	17	%	$	19.99	424,000	5	%	$	44.24	2,563,000	12	%	$	24.00
Total (3)	12,357,000	100	%	$	18.31	8,196,000	100	%	$	38.16	20,553,000	100	%	$	26.23

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)
2016	65,000	1	%	$	19.40	445,000	6	%	$	32.49	510,000	2	%	$	30.83
2017	236,000	2	%	$	25.23	680,000	8	%	$	38.02	916,000	4	%	$	34.73
2018	196,000	1	%	$	16.17	604,000	7	%	$	40.11	800,000	4	%	$	34.24
2019	453,000	4	%	$	20.79	571,000	7	%	$	38.02	1,024,000	5	%	$	30.39
2020	159,000	1	%	$	21.22	606,000	7	%	$	37.85	765,000	4	%	$	34.39
2021	334,000	3	%	$	21.42	527,000	6	%	$	41.42	861,000	4	%	$	33.67
2022	155,000	1	%	$	25.84	571,000	7	%	$	35.59	725,000	4	%	$	33.51
2023	368,000	3	%	$	17.28	451,000	6	%	$	40.21	818,000	4	%	$	29.91
2024	447,000	4	%	$	18.02	405,000	5	%	$	42.52	853,000	4	%	$	29.67
2025	247,000	2	%	$	19.19	531,000	7	%	$	36.85	778,000	4	%	$	31.24
Thereafter	9,697,000	78	%	$	17.82	2,805,000	34	%	$	37.98	12,503,000	61	%	$	22.34
Total (3)	12,357,000	100	%	$	18.31	8,196,000	100	%	$	38.16	20,553,000	100	%	$	26.23

Notes:
(1)	Anchor is defined as a tenant leasing 15,000 square feet or more.
(2)	Minimum Rent reflects in-place contractual (cash-basis) rent as of March 31, 2016.
(3)	Represents occupied square footage as of March 31, 2016.
(4)	Individual items may not add up to total due to rounding.



Federal Realty Investment Trust
Portfolio Leased Statistics
March 31, 2016

Overall Portfolio Statistics (1)	At March 31, 2016				At March 31, 2015

Type	Size	Leased	Leased %		Size	Leased	Leased %

Retail Properties (2) (3) (4) (sf)	22,230,000	20,921,000	94.1	%	20,746,000	19,786,000	95.4	%

Residential Properties (units)	1,804	1,591	88.2	%	1,500	1,458	97.2	%


Same Center Statistics (1)	At March 31, 2016				At March 31, 2015

Type	Size	Leased	Leased %		Size	Leased	Leased %

Retail Properties (2) (4) (5) (sf)	15,856,000	15,165,000	95.6	%	15,832,000	15,232,000	96.2	%

Residential Properties (units) (5)	1,326	1,266	95.5	%	1,326	1,290	97.3	%

Notes:



(1)	See Glossary of Terms.
(2)	Leasable square feet excludes redevelopment square footage not yet placed in service.
(3)	At March 31, 2016 leased percentage was 97.3% for anchor tenants and 89.7% for small shop tenants.
(4)	Occupied percentage was 92.7% and 94.5% at March 31, 2016 and 2015, respectively, and same center occupied percentage was 94.6% and 95.5% at March 31, 2016 and 2015, respectively.
(5)	Excludes properties purchased, sold or under redevelopment or development. Excludes the six properties discussed on page 18 under significant acquisitions as we did not consolidate the properties in 2015.



Federal Realty Investment Trust
Summary of Top 25 Tenants
March 31, 2016

Rank	Tenant Name	Annualized Base Rent		Percentage of Total Annualized Base Rent (3)		Tenant GLA	Percentage of Total GLA (3)		Number of Stores Leased

1	Ahold USA, Inc.	$	17,224,000	3.19	%	1,036,000	4.66	%	17
2	TJX Companies, The	$	13,555,000	2.51	%	795,000	3.58	%	24
3	Bed, Bath & Beyond, Inc.	$	13,265,000	2.46	%	736,000	3.31	%	20
4	Gap, Inc., The	$	12,259,000	2.27	%	361,000	1.62	%	26
5	L.A. Fitness International LLC	$	8,662,000	1.61	%	389,000	1.75	%	9
6	CVS Corporation	$	7,954,000	1.47	%	194,000	0.87	%	16
7	AMC Entertainment Inc.	$	6,416,000	1.19	%	317,000	1.43	%	6
8	DSW, Inc	$	6,105,000	1.13	%	214,000	0.96	%	10
9	Home Depot, Inc.	$	5,587,000	1.04	%	438,000	1.97	%	5
10	Barnes & Noble, Inc.	$	5,417,000	1.00	%	244,000	1.10	%	9
11	Best Buy Stores, L.P.	$	5,410,000	1.00	%	186,000	0.84	%	4
12	Michaels Stores, Inc.	$	5,223,000	0.97	%	286,000	1.29	%	12
13	Bank of America, N.A.	$	4,983,000	0.92	%	97,000	0.44	%	20
14	Nordstrom, Inc.	$	4,808,000	0.89	%	195,000	0.88	%	5
15	Whole Foods Market, Inc.	$	4,425,000	0.82	%	167,000	0.75	%	4
16	Dick's Sporting Goods, Inc.	$	4,402,000	0.82	%	206,000	0.93	%	5
17	Ross Stores, Inc.	$	4,193,000	0.78	%	238,000	1.07	%	8
18	Kroger Co., The	$	4,119,000	0.76	%	356,000	1.60	%	8
19	Staples, Inc.	$	3,844,000	0.71	%	178,000	0.80	%	9
20	AB Acquisition LLC (Acme, Safeway)	$	3,790,000	0.70	%	404,000	1.82	%	7
21	Starbucks Corporation	$	3,614,000	0.67	%	64,000	0.29	%	39
22	Wells Fargo Bank, N.A.	$	3,550,000	0.66	%	48,000	0.22	%	14
23	Sports Authority Inc., The	$	3,418,000	0.63	%	194,000	0.87	%	5
24	PetSmart, Inc.	$	3,354,000	0.62	%	150,000	0.67	%	6
25	JPMorgan Chase Bank	$	3,264,000	0.61	%	58,000	0.26	%	12
	Totals - Top 25 Tenants	$	158,841,000	29.45	%	7,551,000	33.97	%	300

	Total:	$	539,352,000	(1)		22,230,000	(2)		2,829

Notes:
(1)	Reflects aggregate, annualized in-place contractual (defined as cash-basis including adjustments for concessions) minimum rent for all occupied spaces as of March 31, 2016.
(2)	Excludes redevelopment square footage not yet placed in service.
(3)	Individual items may not add up to total due to rounding.



Federal Realty Investment Trust
Reconciliation of FFO Guidance
March 31, 2016

The following table provides a reconciliation of the range of estimated earnings per diluted share to estimated FFO per diluted share for the full year 2016. Estimates do not include the impact from potential acquisitions or dispositions which have not closed as of May 4, 2016.

	2016 Guidance

	Low			High
Net income available to common shareholders, per diluted share	$	3.49		$	3.56
Adjustments:
Gain on change in control of interests	(0.36		)	(0.36		)
Depreciation and amortization of real estate & joint venture real estate assets	2.30			2.30
Amortization of initial direct costs of leases	0.22			0.22
All other amounts	0.00			0.00
FFO per diluted share	$	5.65		$	5.71

Note:

See Glossary of Terms. Individual items may not add up to total due to rounding.

Glossary of Terms

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate, and impairments of real estate, if any. Adjusted EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2016 and 2015 is as follows:



	Three Months Ended
	March 31,
	2016			2015
	(in thousands)
Net income	$	79,063		$	48,203
Depreciation and amortization	47,799			41,984
Interest expense	23,729			24,168
Other interest income	(103		)	(29		)
EBITDA	150,488			114,326
Gain on change in control of interest	(25,726		)	—
Adjusted EBITDA	$	124,762		$	114,326

Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization and excluding extraordinary items, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

Property Operating Income: Rental income, other property income and mortgage interest income, less rental expenses and real estate taxes.

Overall Portfolio: Includes all operating properties owned and consolidated in reporting period.

Same Center: Information provided on a same center basis is provided for only those properties that were owned, operated, and consolidated for the entirety of both periods being compared, excludes properties that were redeveloped, expanded or under development, unconsolidated properties, and properties purchased or sold at any time during the periods being compared. Same Center growth statistics are calculated on a GAAP basis.

Tenant Improvements and Incentives: Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease and, except for redevelopments, may also include base building costs (i.e. expansion, escalators or new entrances) which are required to make the space leasable. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.

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