Company Quick10K Filing
Federal Realty Investment Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 75 $10,090
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-K 2019-02-13 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-13 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-13 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-02-09 Annual: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-10 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-K 2014-02-11 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-01 Quarter: 2013-03-31
10-K 2013-02-12 Annual: 2012-12-31
10-Q 2012-11-01 Quarter: 2012-09-30
10-Q 2012-08-01 Quarter: 2012-06-30
10-Q 2012-05-07 Quarter: 2012-03-31
10-K 2012-02-16 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-03 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-15 Annual: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-04 Quarter: 2010-03-31
10-K 2010-02-17 Annual: 2009-12-31
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-08-19 Other Events, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-25 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-19 Officers
8-K 2019-06-04 Other Events, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-01 Shareholder Vote
8-K 2019-02-13 Earnings, Exhibits
8-K 2019-02-07 Officers, Amend Bylaw, Exhibits
8-K 2019-01-02 Officers
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-07 Other Events, Exhibits
8-K 2018-05-02 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-02-13 Earnings, Exhibits
FRT 2019-09-30
Note 1-Business and Organization
Note 2-Summary of Significant Accounting Policies
Note 3-Real Estate
Note 4-Debt
Note 5-Fair Value of Financial Instruments
Note 6-Commitments and Contingencies
Note 7-Shareholders' Equity
Note 8-Share-Based Compensation Plans
Note 9-Earnings per Share
Note 10-Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 frt-09302019xex311.htm
EX-31.2 frt-09302019xex312.htm
EX-32.1 frt-09302019xex321.htm
EX-32.2 frt-09302019xex322.htm

Federal Realty Investment Trust Earnings 2019-09-30

FRT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
REG 11,683 10,947 4,594 560 0 53 183 15,325 0% 83.5 0%
ELS 11,481 4,014 2,707 1,008 0 279 349 11,390 0% 32.6 7%
SUI 11,237 7,222 3,542 1,197 536 143 483 11,191 45% 23.2 2%
CPT 10,322 6,622 2,933 489 0 162 566 12,644 0% 22.4 2%
FRT 10,090 6,384 3,738 928 0 265 624 9,950 0% 16.0 4%
VICI 10,008 12,522 4,450 893 876 584 802 12,923 98% 16.1 5%
AGNC 9,214 106,576 96,230 0 0 -767 1,074 7,555 7.0 -1%
VER 8,938 13,782 6,430 627 0 319 1,046 14,364 0% 13.7 2%
NNN 8,907 7,253 3,030 644 0 278 579 8,904 0% 15.4 4%
IRM 8,878 13,721 12,063 4,243 1,813 349 1,038 17,309 43% 16.7 3%

Document
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO THE SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 1-07533 
FEDERAL REALTY INVESTMENT TRUST
(Exact Name of Registrant as Specified in its Declaration of Trust) 
Maryland
 
52-0782497
(State of Organization)
 
(IRS Employer Identification No.)
1626 East Jefferson Street, Rockville, Maryland 20852
(Address of Principal Executive Offices) (Zip Code)
(301) 998-8100
(Registrant’s Telephone Number, Including Area Code) 
Title of Each Class
Trading Symbol
Name of Each Exchange On Which Registered
Common Shares of Beneficial Interest
FRT
New York Stock Exchange
$.01 par value per share, with associated Common Share Purchase Rights
 
 
 
 
 
Depositary Shares, each representing 1/1000 of a share
FRT-C
New York Stock Exchange
of 5.00% Series C Cumulative Redeemable Preferred Stock, $.01 par value per share
 
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large Accelerated Filer
Accelerated filer
 
 
 
 
Non-Accelerated Filer
Smaller reporting company
 
 
 
 
 
 
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.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).       Yes      No
The number of Registrant’s common shares outstanding on October 25, 2019 was 75,522,757.


Table of Contents

FEDERAL REALTY INVESTMENT TRUST
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
 
 
Item 1.
Financial Statements
 
 
Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018
 
 
Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2019 and 2018
 
 
Consolidated Statements of Shareholders' Equity (unaudited) for the three and nine months ended September 30, 2019 and 2018
 
 
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2019 and 2018
 
 
Notes to Consolidated Financial Statements (unaudited)
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
 
Item 4.
Controls and Procedures
 
 
 
 
PART II. OTHER INFORMATION
 
Item 1.
Legal Proceedings
 
Item 1A.
Risk Factors
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
Item 3.
Defaults Upon Senior Securities
 
Item 4.
Mine Safety Disclosures
 
Item 5.
Other Information
 
Item 6.
Exhibits
 
 
 
SIGNATURES



2

Table of Contents


Federal Realty Investment Trust
Consolidated Balance Sheets
 
September 30,
 
December 31,
 
2019
 
2018
 
(In thousands, except share and per share data)
 
(Unaudited)
 
 
ASSETS
 
 
 
Real estate, at cost
 
 
 
Operating (including $1,536,443 and $1,701,804 of consolidated variable interest entities, respectively)
$
7,302,912

 
$
7,307,622

Construction-in-progress (including $97,922 and $51,313 of consolidated variable interest entities, respectively)
691,989

 
495,274

Assets held for sale
49,835

 
16,576

 
8,044,736

 
7,819,472

Less accumulated depreciation and amortization (including $289,739 and $292,374 of consolidated variable interest entities, respectively)
(2,190,486
)
 
(2,059,143
)
Net real estate
5,854,250

 
5,760,329

Cash and cash equivalents
162,543

 
64,087

Accounts and notes receivable, net
143,855

 
142,237

Mortgage notes receivable, net
30,429

 
30,429

Investment in partnerships
30,017

 
26,859

Operating lease right of use assets
94,271

 

Finance lease right of use assets
52,723

 

Prepaid expenses and other assets
239,477

 
265,703

TOTAL ASSETS
$
6,607,565

 
$
6,289,644

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Mortgages payable, net (including $389,523 and $444,388 of consolidated variable interest entities, respectively)
$
466,600

 
$
474,379

Capital lease obligations

 
71,519

Notes payable, net
3,889

 
279,027

Senior notes and debentures, net
2,806,422

 
2,404,279

Accounts payable and accrued expenses
221,781

 
177,922

Dividends payable
81,477

 
78,207

Security deposits payable
20,354

 
17,875

Operating lease liabilities
74,032

 

Finance lease liabilities
72,065

 

Other liabilities and deferred credits
165,542

 
182,898

Total liabilities
3,912,162

 
3,686,106

Commitments and contingencies (Note 6)

 

Redeemable noncontrolling interests
122,282

 
136,208

Shareholders’ equity
 
 
 
Preferred shares, authorized 15,000,000 shares, $.01 par:
 
 
 
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
150,000

 
150,000

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, 75,494,931 and 74,249,633 shares issued and outstanding, respectively
758

 
745

Additional paid-in capital
3,167,460

 
3,004,442

Accumulated dividends in excess of net income
(857,152
)
 
(818,877
)
Accumulated other comprehensive loss
(1,135
)
 
(416
)
Total shareholders’ equity of the Trust
2,469,928

 
2,345,891

Noncontrolling interests
103,193

 
121,439

Total shareholders’ equity
2,573,121

 
2,467,330

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
6,607,565

 
$
6,289,644

The accompanying notes are an integral part of these consolidated statements.

3

Table of Contents

Federal Realty Investment Trust
Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share data)
REVENUE
 
 
 
 
 
 
 
Rental income
$
233,212

 
$
228,960

 
$
694,435

 
$
677,776

Mortgage interest income
735

 
793

 
2,204

 
2,284

Total revenue
233,947

 
229,753

 
696,639

 
680,060

EXPENSES
 
 
 
 
 
 
 
Rental expenses
54,484

 
41,909

 
140,182

 
126,587

Real estate taxes
29,030

 
29,086

 
81,883

 
85,841

General and administrative
11,060

 
7,638

 
32,047

 
23,980

Depreciation and amortization
59,648

 
60,778

 
178,327

 
177,269

Total operating expenses
154,222

 
139,411

 
432,439

 
413,677

 
 
 
 
 
 
 
 
       Gain on sale of real estate, net of tax
14,293

 
3,125

 
30,490

 
10,413

 
 
 
 
 
 
 
 
OPERATING INCOME
94,018

 
93,467

 
294,690

 
276,796

 
 
 
 
 
 
 
 
OTHER INCOME/(EXPENSE)
 
 
 
 
 
 
 
Other interest income
389

 
319

 
755

 
657

Interest expense
(27,052
)
 
(28,166
)
 
(82,567
)
 
(82,116
)
Loss from partnerships
(249
)
 
(1,440
)
 
(1,302
)
 
(2,693
)
NET INCOME
67,106

 
64,180

 
211,576

 
192,644

Net income attributable to noncontrolling interests
(1,641
)
 
(1,622
)
 
(5,065
)
 
(5,244
)
NET INCOME ATTRIBUTABLE TO THE TRUST
65,465

 
62,558

 
206,511

 
187,400

Dividends on preferred shares
(2,010
)
 
(2,010
)
 
(6,031
)
 
(6,031
)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
$
63,455

 
$
60,548

 
$
200,480

 
$
181,369

EARNINGS PER COMMON SHARE, BASIC:
 
 
 
 
 
 
 
       Net income available for common shareholders
0.84

 
0.82

 
2.68

 
2.47

Weighted average number of common shares
74,832

 
73,400

 
74,584

 
73,100

EARNINGS PER COMMON SHARE, DILUTED:

 

 

 

       Net income available for common shareholders
$
0.84

 
$
0.82

 
$
2.68

 
$
2.47

Weighted average number of common shares
74,832

 
73,408

 
74,584

 
73,136

 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
$
66,995

 
$
63,895

 
$
210,857

 
$
192,749

 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST
$
65,354

 
$
62,273

 
$
205,792

 
$
187,505


The accompanying notes are an integral part of these consolidated statements.

4

Table of Contents

Federal Realty Investment Trust
Consolidated Statements of Shareholders’ Equity
For the Three and Nine Months Ended September 30, 2019
(Unaudited)
 
Shareholders’ Equity of the Trust
 
 
 
 
 
Preferred Shares
 
Common Shares
 
Additional
Paid-in
Capital
 
Accumulated
Dividends in
Excess of Net
Income
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling Interests
 
Total Shareholders' Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
(In thousands, except share data)
BALANCE AT DECEMBER 31, 2018
405,896

 
$
159,997

 
74,249,633

 
$
745

 
$
3,004,442

 
$
(818,877
)
 
$
(416
)
 
$
121,439

 
$
2,467,330

January 1, 2019 adoption of new accounting standard - See Note 2

 

 

 

 

 
(7,098
)
 

 

 
(7,098
)
Net income, excluding $2,604 attributable to redeemable noncontrolling interests

 

 

 

 

 
206,511

 

 
2,461

 
208,972

Other comprehensive loss - change in fair value of interest rate swaps

 

 

 

 

 

 
(719
)
 

 
(719
)
Dividends declared to common shareholders ($3.09 per share)

 

 

 

 

 
(231,657
)
 

 

 
(231,657
)
Dividends declared to preferred shareholders

 

 

 

 

 
(6,031
)
 

 

 
(6,031
)
Distributions declared to noncontrolling interests

 

 

 

 

 

 

 
(8,812
)
 
(8,812
)
Common shares issued, net

 

 
1,045,470

 
11

 
139,488

 

 

 

 
139,499

Shares issued under dividend reinvestment plan

 

 
12,006

 

 
1,567

 

 

 

 
1,567

Share-based compensation expense, net of forfeitures

 

 
110,804

 
1

 
10,142

 

 

 

 
10,143

Shares withheld for employee taxes

 

 
(34,234
)
 

 
(4,615
)
 

 

 

 
(4,615
)
Conversion and redemption of OP units

 

 
111,252

 
1

 
11,933

 

 

 
(12,006
)
 
(72
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
111

 
111

Adjustment to redeemable noncontrolling interests

 

 

 

 
4,503

 

 

 

 
4,503

BALANCE AT SEPTEMBER 30, 2019
405,896

 
$
159,997

 
75,494,931

 
$
758

 
$
3,167,460

 
$
(857,152
)
 
$
(1,135
)
 
$
103,193

 
$
2,573,121

BALANCE AT JUNE 30, 2019
405,896

 
$
159,997

 
74,950,197

 
$
752

 
$
3,088,946

 
$
(841,505
)
 
$
(1,024
)
 
$
103,480

 
$
2,510,646

Net income, excluding $821 attributable to redeemable noncontrolling interests

 

 

 

 

 
65,465

 

 
820

 
66,285

Other comprehensive loss - change in fair value of interest rate swaps

 

 

 

 

 

 
(111
)
 

 
(111
)
Dividends declared to common shareholders ($1.05 per share)

 

 

 

 

 
(79,102
)
 

 

 
(79,102
)
Dividends declared to preferred shareholders

 

 

 

 

 
(2,010
)
 

 

 
(2,010
)
Distributions declared to noncontrolling interests

 

 

 

 

 

 

 
(1,148
)
 
(1,148
)
Common shares issued, net

 

 
533,516

 
6

 
71,189

 

 

 

 
71,195

Shares issued under dividend reinvestment plan

 

 
3,885

 

 
513

 

 

 

 
513

Share-based compensation expense, net of forfeitures

 

 
8,667

 

 
3,151

 

 

 

 
3,151

Shares withheld for employee taxes

 

 
(1,334
)
 

 
(173
)
 

 

 

 
(173
)
Redemption of OP units

 

 

 

 
(2
)
 

 

 
(70
)
 
(72
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
111

 
111

Adjustment to redeemable noncontrolling interests

 

 

 

 
3,836

 

 

 

 
3,836

BALANCE AT SEPTEMBER 30, 2019
405,896

 
$
159,997

 
75,494,931

 
758

 
$
3,167,460

 
$
(857,152
)
 
$
(1,135
)
 
$
103,193

 
$
2,573,121


The accompanying notes are an integral part of these consolidated statements.

5

Table of Contents

Federal Realty Investment Trust
Consolidated Statements of Shareholders’ Equity
For the Three and Nine Months Ended September 30, 2018
(Unaudited)

 
Shareholders’ Equity of the Trust
 
 
 
 
 
Preferred Shares
 
Common Shares
 
Additional
Paid-in
Capital
 
Accumulated
Dividends in
Excess of Net
Income
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling Interests
 
Total Shareholders' Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
(In thousands, except share data)
BALANCE AT DECEMBER 31, 2017
405,896

 
$
159,997

 
73,090,877

 
$
733

 
$
2,855,321

 
$
(749,367
)
 
$
22

 
$
124,808

 
$
2,391,514

January 1, 2018 adoption of new accounting standard

 

 

 

 

 
(6,028
)
 

 

 
(6,028
)
Net income, excluding $2,920 attributable to redeemable noncontrolling interests

 

 

 

 

 
187,400

 

 
2,324

 
189,724

Other comprehensive income - change in fair value of interest rate swaps

 

 

 

 

 

 
105

 

 
105

Dividends declared to common shareholders ($3.02 per share)

 

 

 

 

 
(221,623
)
 

 

 
(221,623
)
Dividends declared to preferred shareholders

 

 

 

 

 
(6,031
)
 

 

 
(6,031
)
Distributions declared to noncontrolling interests

 

 

 

 

 

 

 
(4,010
)
 
(4,010
)
Common shares issued, net

 

 
612,727

 
6

 
77,365

 

 

 

 
77,371

Exercise of stock options

 

 
93,593

 
1

 
4,040

 

 

 

 
4,041

Shares issued under dividend reinvestment plan

 

 
13,750

 

 
1,647

 

 

 

 
1,647

Share-based compensation expense, net of forfeitures

 

 
55,773

 
1

 
9,637

 

 

 

 
9,638

Shares withheld for employee taxes

 

 
(8,189
)
 

 
(927
)
 

 

 

 
(927
)
Conversion and redemption of OP units

 

 
749

 

 
(528
)
 

 

 
(5,378
)
 
(5,906
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
3,924

 
3,924

BALANCE AT SEPTEMBER 30, 2018
405,896

 
$
159,997

 
73,859,280

 
$
741

 
$
2,946,555

 
$
(795,649
)
 
$
127

 
$
121,668

 
$
2,433,439

BALANCE AT JUNE 30, 2018
405,896

 
$
159,997

 
73,434,943

 
$
737

 
$
2,884,771

 
$
(780,973
)
 
$
412

 
$
122,648

 
2,387,592

Net income, excluding $922 attributable to redeemable noncontrolling interests

 

 

 

 

 
62,558

 

 
700

 
63,258

Other comprehensive loss - change in fair value of interest rate swaps

 

 

 

 

 

 
(285
)
 

 
(285
)
Dividends declared to common shareholders ($1.02 per share)

 

 

 

 

 
(75,224
)
 

 

 
(75,224
)
Dividends declared to preferred shareholders

 

 

 

 

 
(2,010
)
 

 

 
(2,010
)
Distributions declared to noncontrolling interests

 

 

 

 

 

 

 
(1,243
)
 
(1,243
)
Common shares issued, net

 

 
464,113

 
4

 
59,047

 

 

 

 
59,051

Exercise of stock options

 

 

 

 

 

 

 

 

Shares issued under dividend reinvestment plan

 

 
4,458

 

 
561

 

 

 

 
561

Share-based compensation expense, net of forfeitures

 

 
(43,801
)
 

 
2,494

 

 

 

 
2,494

Shares withheld for employee taxes

 

 
(1,182
)
 

 
(150
)
 

 

 

 
(150
)
Conversion and redemption of OP units

 

 
749

 

 
(168
)
 

 

 
(1,352
)
 
(1,520
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
915

 
915

BALANCE AT SEPTEMBER 30, 2018
405,896

 
$
159,997

 
73,859,280

 
$
741

 
$
2,946,555

 
$
(795,649
)
 
$
127

 
$
121,668

 
$
2,433,439


The accompanying notes are an integral part of these consolidated statements.

6

Table of Contents

Federal Realty Investment Trust
Consolidated Statements of Cash Flows
 (Unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
 
(In thousands)
OPERATING ACTIVITIES
 
Net income
$
211,576

 
$
192,644

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
178,327

 
177,269

Gain on sale of real estate, net of tax
(30,490
)
 
(10,413
)
Loss from partnerships
1,302

 
2,693

Other, net
(457
)
 
3,251

Changes in assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
Proceeds from new market tax credit transaction, net of deferred costs

 
12,353

Increase in accounts receivable, net
(8,867
)
 
(4,514
)
Increase in prepaid expenses and other assets
(12,836
)
 
(11,682
)
Increase in accounts payable and accrued expenses
6,262

 
2,896

(Decrease) increase in security deposits and other liabilities
(511
)
 
219

Net cash provided by operating activities
344,306

 
364,716

INVESTING ACTIVITIES
 
 
 
Acquisition of real estate
(45,122
)
 
(3,624
)
Capital expenditures - development and redevelopment
(226,232
)
 
(217,437
)
Capital expenditures - other
(53,890
)
 
(50,744
)
Proceeds from sale of real estate
115,781

 
142,711

Proceeds from partnership formation

 
37,998

Investment in partnerships
(980
)
 
(616
)
Distribution from partnerships in excess of earnings
1,798

 
237

Leasing costs
(18,751
)
 
(19,938
)
Repayment (issuance) of mortgage and other notes receivable, net
130

 
(360
)
Net cash used in investing activities
(227,266
)
 
(111,773
)
FINANCING ACTIVITIES
 
 
 
Repayments under revolving credit facility, including costs
(4,012
)
 
(14,500
)
Issuance of senior notes, net of costs
400,106

 

Repayment of mortgages, finance leases and notes payable
(299,485
)
 
(15,137
)
Issuance of common shares, net of costs
139,729

 
81,628

Dividends paid to common and preferred shareholders
(232,985
)
 
(224,311
)
Shares withheld for employee taxes
(4,615
)
 
(927
)
Contributions from noncontrolling interests
272

 
2,753

Distributions to and redemptions of noncontrolling interests
(17,466
)
 
(12,848
)
Net cash used in financing activities
(18,456
)
 
(183,342
)
Increase in cash, cash equivalents and restricted cash
98,584

 
69,601

Cash, cash equivalents, and restricted cash at beginning of year
108,332

 
25,200

Cash, cash equivalents, and restricted cash at end of period
$
206,916

 
$
94,801


The accompanying notes are an integral part of these consolidated statements.


7

Table of Contents

Federal Realty Investment Trust
Notes to Consolidated Financial Statements
September 30, 2019
(Unaudited)

NOTE 1—BUSINESS AND ORGANIZATION
Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of September 30, 2019, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects.
We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying consolidated balance sheet as of December 31, 2018, which has been derived from audited financial statements, and unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Trust’s latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the full year. Certain 2018 amounts have been reclassified to conform to current period presentation, which includes the presentation of rental income on our Consolidated Statements of Comprehensive Income.
Principles of Consolidation
Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

8

Table of Contents

Recently Adopted Accounting Pronouncements
Standard
 
Description
 
Effect on the financial statements or significant matters
 
 
 
 
 
Adopted on January 1, 2019:
 
 
Leases (Topic 842) and related updates:

ASU 2016-02,
February 2016,
Leases (Topic 842)

ASU 2018-10, July
2018, Codification
improvements to
  Topic 842, Leases

ASU 2018-11, July
2018, Leases (Topic
842)
 
  ASU 2019-01, March
  2019, Leases (Topic
  842), Codification
  Improvements
 
ASC 842 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet.  The larger changes to the lessor model include: a change in the definition of initial direct costs of leases (resulting in the upfront expensing of more leasing related costs), the requirement to make an upfront and ongoing assessment of whether collection of substantially all of the lease payments required for the term of each lease is probable (if not probable, lease revenue is effectively recognized when cash is collected), certain presentation changes, and the elimination of real estate specific guidance.


ASU 2018-10 and ASU 2019-01 provide narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides the option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. It also provides lessors an option to not separate lease and non-lease components when certain criteria are met.
 
We have elected to apply the transition provisions of ASC Topic 842 at the beginning of the period of adoption (i.e., January 1, 2019), and therefore, did not retrospectively adjust prior periods presented. We have also elected to apply certain adoption related practical expedients for all leases that commenced prior to the effective date. These practical expedients include not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases; and not reassessing initial direct costs for any existing leases. We have also elected the practical expedient allowing lessors to combine non-lease and lease components (primarily impacts common area maintenance recoveries).

From a lessee perspective, the primary impact of adoption on January 1, 2019 was to record a lease obligation liability and right of use asset for operating leases where we are the lessee.  The most significant of these operating leases are ground leases at 14 properties. The operating lease right of use assets and related liabilities are shown separately on the face of our consolidated balance sheet. Additionally, amounts previously recorded as capital lease assets and included in real estate have been reclassified in the September 30, 2019 balance sheet as finance lease right of use assets and the related capital lease obligations have been reclassified in the September 30, 2019 balance sheet as finance lease liabilities. Income statement presentation is not impacted for our existing operating and finance leases.

From a lessor perspective, adoption of ASC 842 results in a charge to opening accumulated dividends in excess of net income of $7.1 million. This charge is attributable to the write off of certain direct leasing costs recorded as of December 31, 2018 under the previous lease accounting rules for leases which had not commenced and the write off of December 31, 2018 unreserved receivables (including straight-line receivables) for leases where we have determined that the collection of substantially all of the lease payments required for the term of the lease is not probable. Income statement presentation changes incorporated into our September 30, 2019 financial statements include: no longer recording a gross up of revenue and expense for costs (such as real estate taxes) paid directly by lessees on our behalf and recording collectability adjustments against revenue rather than as bad debt within rental expenses.

As a result of the change in the definition of initial direct costs of leases, capitalized leasing costs excluding external commissions decreased to $0.7 million and $1.7 million for the three and nine months ended September 30, 2019, respectively, from $1.7 million and $5.3 million for the three and nine months ended September 30, 2018, respectively.
 
 
 
 
 





9

Table of Contents

The following table provides additional information on our operating and finance leases where we are the lessee:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2019
 
(In thousands)
LEASE COST:
 
 
 
Finance lease cost:


 
 
     Amortization of right-of-use assets
$
321

 
$
963

     Interest on lease liabilities
1,455

 
4,366

Operating lease cost
1,524

 
4,521

Variable lease cost
131

 
351

Total lease cost
$
3,431

 
$
10,201

 
 
 
 
OTHER INFORMATION:
 
 
 
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
     Operating cash flows for finance leases
$
1,432

 
$
4,325

     Operating cash flows for operating leases
$
1,500

 
$
4,279

     Financing cash flows for finance leases
$
2

 
$
43

 
 
 
 
 
 
 
September 30,
 
 
 
2019
Weighted-average remaining lease term - finance leases
 
 
18.4 years

Weighted-average remaining lease term - operating leases
 
 
53.7 years

Weighted-average discount rate - finance leases
 
 
8.0
%
Weighted-average discount rate - operating leases
 
 
4.5
%

Consolidated Statements of Cash Flows—Supplemental Disclosures
The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:
 
Nine Months Ended
 
September 30,
 
2019
 
2018
 
(In thousands)
SUPPLEMENTAL DISCLOSURES:
 
 
 
Total interest costs incurred
$
97,074

 
$
96,903

Interest capitalized
(14,507
)
 
(14,787
)
Interest expense
$
82,567

 
$
82,116

Cash paid for interest, net of amounts capitalized
$
82,118

 
$
85,614

Cash paid for income taxes
$
450

 
$
699

NON-CASH INVESTING AND FINANCING TRANSACTIONS:
 
 
 
Mortgage loans assumed with acquisition
$
16,951

 
$

DownREIT operating partnership units redeemed for common shares
$
11,935

 
$
101

Shares issued under dividend reinvestment plan
$
1,337

 
$
1,431

See additional disclosures in the "Recently Adopted Accounting Pronouncements" section of this footnote relating to operating lease right of use assets and lease liabilities recorded in connection with our adoption of ASC Topic 842.