Across the board, the numbers tell the same story, the executives pointed out. During the final quarter of '05, FFO was $.78 per-diluted share, compared to $.70 in the fourth quarter of '04. For 2005, FFO was $3.06, and earnings were $1.94, overshadowing 2004's $2.85 and $1.41.

Net income available for common shareholders was $32.3 million for the last three months of 2005, and $103.1 million for the year; those number in 2004 were $19 million and $72.7 million, respectively.

Additionally, Federal Realty's portfolio's leasing increased to 96.3% by yearend 2005 from 95.1% at yearend '04. Operating income, taking into consideration redevelopments and expansions, went up 6.1%.