Obbligazione Federated Realty Investments 6.2% ( US313747AN73 ) in USD

Emittente Federated Realty Investments
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US313747AN73 ( in USD )
Tasso d'interesse 6.2% per anno ( pagato 2 volte l'anno)
Scadenza 15/01/2017 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione Federal Realty Investment US313747AN73 in USD 6.2%, scaduta


Importo minimo 1 000 USD
Importo totale 130 000 000 USD
Cusip 313747AN7
Standard & Poor's ( S&P ) rating NR
Moody's rating NR
Descrizione dettagliata Federal Realty Investment Trust č una societą di investimento immobiliare statunitense specializzata nello sviluppo, nella gestione e nella proprietą di centri commerciali di alta qualitą situati in aree densamente popolate e ad alto reddito.

L'obbligazione US313747AN73 emessa da Federal Realty Investment (Stati Uniti), con scadenza 15/01/2017, cedola del 6.2% (pagamenti semestrali), nominale di 130.000.000 USD e taglio minimo di 1.000 USD, č scaduta e rimborsata al 100% del valore nominale, senza rating S&P e Moody's.







424(b)(5)
424B5 1 d424b5.htm 424(B)(5)
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-135159
P R O S P E C T U S S U P P L E M
E N T


(To Prospectus Dated June 20, 2006)

$250,000,000



$ 120,000,000 6.00% Notes due 2012

$ 130,000,000 6.20% Notes due 2017

The 6.00% notes due 2012 (the "2012 Notes") will bear interest at the rate of 6.00% per year, and the 6.20%
notes due 2017 (the "2017 Notes" and, together with the 2012 Notes, the "Notes") will bear interest at the rate of
6.20% per year. Interest on the Notes is payable on January 15 and July 15 of each year, beginning on January
15, 2007. The 2012 Notes will mature on July 15, 2012, and the 2017 Notes will mature on January 15, 2017. We
may redeem some or all of the Notes at any time before maturity. The redemption prices are discussed under the
caption "Description of Notes -- Optional Redemption."
The Notes will be unsecured senior obligations of our company and will rank equally with all of our other
unsecured senior indebtedness.

Investing in the Notes involves risks. See "Risk Factors" beginning on page S-5 of
this prospectus supplement and in our Annual Report on Form 10-K filed with the
SEC on March 3, 2006 and amended on March 10, 2006.

Per
Per
2012
2017
Note
Total
Note
Total





http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (1 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Public Offering Price
99.901% $119,881,200 99.696% $129,604,800
Underwriting Discount
0.6125% $
735,000 0.650% $
845,000
Proceeds to Federal Realty (before expenses)
99.289% $119,146,200 99.046% $128,759,800
Interest on the Notes will accrue from July 17, 2006.
The underwriters expect to deliver the Notes to purchasers in book-entry only form through the facilities of The
Depository Trust Company on or about July 17, 2006.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus supplement or the accompanying
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.


Joint Book-Running Managers
Wachovia Securities
Citigroup


Bear, Stearns & Co. Inc.
Commerzbank Corporates & Markets
Piper Jaffray
PNC Capital Markets LLC
SunTrust Robinson Humphrey

The date of this prospectus supplement is July 12, 2006.
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (2 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Maximum
Amount
Offering
Aggregate
Amount of
to be
Price Per
Offering
Registration
Title of Each Class of Securities to be Registered
Registered
Security
Price(1)
Fee(2)





6.00% Notes due 2012

--
--
$120,000,000
(3)
6.20% Notes due 2017

--
--
$130,000,000
(3)
(1) The maximum aggregate offering price of both the 6.00% Notes due 2012 and the 6.20% Notes due 2017 is
$250,000,000.
(2) Calculated in accordance with Rule 457(r) and Rule 457(o) of the Securities Act.
(3) The registration fee with respect to the aggregate offering price of $250,000,000 is $26,750, which is
partially offset by $9,200 which has already been paid; the registrant paid the remaining $17,550 in
connection with the filing of the preliminary prospectus supplement on July 12, 2006. In accordance with
Rules 456(b) and 457(r), upon filing of its Registration Statement on Form S-3, the registrant deferred
payment of all of the registration fee, except for $9,200 that had already been paid with respect to the
$100,000,000 aggregate initial offering price of securities that were previously registered pursuant to
Registration Statement No. 333-100819 filed by Federal Realty Investment Trust on October 29, 2002 and
that were not sold thereunder.
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (3 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Table of Contents
You should rely only on the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not, and the underwriters have not, authorized
anyone to provide you with different information. We are not making an offer of these securities in any
state where the offer is not permitted. You should assume that the information contained in this
prospectus supplement, the accompanying prospectus and the documents incorporated by reference is
accurate only as of their respective dates. Our business, financial condition, results of operations and
prospects may have changed since those dates.


TABLE OF CONTENTS

Prospectus Supplement

Page


Cautionary Statement Concerning Forward-Looking Statements

ii
Prospectus Supplement Summary

S-1
Risk Factors

S-5
Use of Proceeds

S-7
Ratios of Earnings to Fixed Charges

S-7
Description of Notes

S-8
Certain Federal Income Tax Considerations

S-14
Underwriting

S-17
Experts

S-18
Legal Matters

S-18
Where You Can Find More Information

S-19

Prospectus

Page


About this Prospectus

3
Forward-Looking Information

3
The Company

3
Use of Proceeds

4
Ratios of Earnings to Combined Fixed Charges and Preferred Share Dividends

4
Description of Debt Securities

4
Description of Shares of Beneficial Interest

18
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (4 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Federal Income Tax Consequences

32
Plan of Distribution

47
Legal Matters

49
Experts

49
Where You Can Find More Information

49

i
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (5 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Table of Contents
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This prospectus supplement, the accompanying prospectus and documents that we "incorporate by reference"
into this prospectus supplement and the accompanying prospectus contain statements that are not based on
historical facts, including statements or information with words such as "may," "will," "could," "should,"
"plans," "intends," "expects," "believes," "estimates," "anticipates," "continues," and similar words. These
statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act of
1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of
1995. In particular, the risk factors included or incorporated by reference in this prospectus supplement and the
accompanying prospectus describe forward-looking information. The risk factors, including those contained in
our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on March 3,
2006 and amended on March 10, 2006, describe risks that may affect these statements but are not all-inclusive,
particularly with respect to possible future events. Many things can happen that can cause actual results to be
different from those we describe. These factors include, but are not limited to:

· risks that our tenants will not pay rent 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 renovations
may cost more, take more time to complete, or fail to perform as expected;

· risks that the number of properties we acquire for our own account, and therefore the amount of capital

we invest in acquisitions, may be impacted by our real estate partnership;


· risks normally associated with the real estate industry, including risks that:

Ų occupancy levels at our properties and the amount of rent that we receive from our properties may be

lower than expected,


Ų new acquisitions may fail to perform as expected,


Ų competition for acquisitions could result in increased prices for acquisitions,


Ų environmental issues may develop at our properties and result in unanticipated costs, and


Ų because real estate is illiquid, we may not be able to sell properties when appropriate;


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

http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (6 of 142)7/18/2006 10:30:43 AM


424(b)(5)
· 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 these forward-looking statements
or those incorporated by reference into this prospectus supplement and the accompanying prospectus. Except as
may be required by law, we make no promise to update any of the forward-looking statements whether as a result
of new information, future events or otherwise.

ii
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (7 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Table of Contents
PROSPECTUS SUPPLEMENT SUMMARY
The following is only a summary. It should be read together with the more detailed information included
elsewhere in this prospectus supplement and the accompanying prospectus. In addition, important information
is incorporated by reference into this prospectus supplement and the accompanying prospectus.

The Trust
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership,
management, development and redevelopment of high-quality retail and mixed-use properties. As of March 31,
2006, we owned or had an interest in 104 community and neighborhood shopping centers, and mixed-use
properties comprising approximately 17.6 million square feet, located primarily in densely populated and affluent
communities throughout the Northeast and Mid-Atlantic United States, as well as California, and one apartment
complex in Maryland. A joint venture in which we own a 30% interest owned four neighborhood shopping
centers totaling approximately 0.5 million square feet as of March 31, 2006.
We operate in a manner intended to qualify as a real estate investment trust for tax purposes pursuant to
provisions of the Internal Revenue Code. Our offices are located at 1626 East Jefferson Street, Rockville,
Maryland 20852. Our telephone number is (301) 998-8100 or (800) 658-8980. Our website address is www.
federalrealty.com. The information contained on our website is not a part of this prospectus supplement.

The Offering
All capitalized terms not defined herein have the meanings specified in "Description of Notes" in this prospectus
supplement or in "Description of Debt Securities" in the accompanying prospectus. For a more complete
description of the terms of the notes specified in the following summary, see "Description of Notes."

Securities Offered
$120 million aggregate principal amount of 6.00%
Notes due 2012, and $130 million aggregate
principal amount of 6.20% Notes due 2017.
Maturity
Unless redeemed prior to maturity as described
below, the 2012 Notes will mature on July 15, 2012,
and the 2017 Notes will mature on January 15, 2017.
Interest Payment Dates
Interest on the notes will be payable semi-annually
in arrears on January 15 and July 15, commencing
January 15, 2007, and at maturity.
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (8 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Ranking
The notes will rank pari passu, or equally, with all
of our other unsecured and unsubordinated
indebtedness, and the notes will be effectively
subordinated to the prior claims of each secured
mortgage lender to any specific property which
secures such lender's mortgage and to all of the
unsecured indebtedness issued by our subsidiaries.
After giving effect to this offering and to the use of
proceeds from this offering, we will have
outstanding approximately $269 million of secured
indebtedness collateralized by all or parts of 13
properties, approximately $11 million of unsecured
indebtedness issued by our subsidiaries and
approximately $967 million of other unsecured
indebtedness ranking equally with the notes.

S-1
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (9 of 142)7/18/2006 10:30:43 AM


424(b)(5)
Table of Contents
Use of Proceeds
Our net proceeds from this offering are estimated to
be $247.6 million after deducting the underwriting
discount and other estimated expenses of this
offering. We expect to use these net proceeds to
reduce amounts outstanding under our unsecured
credit facility, including our $150 million five-year
term loan and our $100 million three-year term loan,
and for general corporate purposes. See "Use of
Proceeds" on page S-7 for more information.
Limitations on Incurrence of Debt
The notes contain various covenants, including the
following:
(1) we will not, and will not permit any subsidiary
to, incur any Debt if, immediately after giving effect
to the incurrence of such Debt and the application of
the proceeds thereof, the aggregate principal amount
of all of our outstanding Debt and our subsidiaries
on a consolidated basis determined in accordance
with generally accepted accounting principles is
greater than 60% of the sum of (without duplication)
(a) Total Assets as of the end of the calendar quarter
covered in our Annual Report on Form 10-K or
Quarterly Report on Form 10-Q, as the case may be,
most recently filed with the SEC (or, if such filing is
not permitted under the Exchange Act, with the
Trustee) prior to the incurrence of such additional
Debt and (b) the purchase price of any real estate
assets or mortgages receivable acquired, and the
amount of any securities offering proceeds received
(to the extent such proceeds were not used to acquire
real estate assets or mortgages receivable or used to
reduce Debt), by us or any subsidiary since the end
of such calendar quarter, including those proceeds
obtained in connection with the incurrence of such
additional Debt;
(2) we will not, and will not permit any subsidiary
to, incur any Debt secured by any mortgage, lien,
charge, pledge, encumbrance or security interest of
any kind upon any of our or any of our subsidiaries'
property if, immediately after giving effect to the
http://www.sec.gov/Archives/edgar/data/34903/000119312506146236/d424b5.htm (10 of 142)7/18/2006 10:30:43 AM


Document Outline