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News Release

Federal Realty Announces Gucci Signs Lease At Santana Row; Exclusive Retailer Leads Distinctive Lineup of Luxury and Specialty Retailers

ROCKVILLE, Md.--(BUSINESS WIRE)--June 4, 2001--Federal Realty Investment Trust (NYSE:FRT) announced today Gucci has signed a lease for a 6,000 square-foot, two-level store at Santana Row in San Jose, California.

The Santana Row store will be Gucci's fourth location in California, complementing its existing Rodeo Drive, South Coast Plaza (Costa Mesa, CA) and Union Square (San Francisco) locations.

Gucci joins other luxury and specialty retailers such as St. John Knits, Tods, Hogan, Cole Hahn, BCBG Max Azria, Acqua Di Parma, Wolford and Tommy Bahama. Two other leases previously announced include Crate & Barrel and Valencia Hotel-Santana Row, a four-star quality, 214-room boutique hotel that will be situated at the center of Santana Row and is scheduled to open in fall 2002.

"One of the basic philosophies of Santana Row is to give people exceptional choices in their daily and specialty shopping needs," says Nathan Fishkin, senior vice president of Federal Realty and managing director of Street Retail, Inc. "Gucci, with its distinguished retail reputation, and the other specialty retailers we're partnering with, create a fresh and interesting profile that will differentiate Santana Row from traditional mall or outdoor shopping competitors."

Strategically located in the heart of Silicon Valley, Santana Row will feature 680,000 square feet of specialty fashion boutiques, a variety of international restaurants and 1,200 residential units focused around a 1,500-foot main street that will create a one-of-a-kind mixed-use neighborhood.

The development, among the largest in the country, will set the standard for sophisticated urban shopping and living in one of America's most affluent and influential regions.

"Santana Row is the culmination of Federal Realty's vision of a unique and truly integrated mixed-use main street community," says Steven J. Guttman, chairman and chief executive officer of Federal Realty. "Santana Row epitomizes the ideal urban neighborhood - stimulating retail and entertainment, sophisticated dining and lifestyle amenities such as open air markets, pedestrian streets and accessible parks. This community will be the pride of San Jose-area residents and reflect the region's international importance."

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of high quality retail and mixed-use properties.

The Trust owns and has an interest in 154 real estate assets consisting of community and neighborhood shopping centers and retail and urban mixed-use properties located in strategic metropolitan markets across the United States. The Trust is nationally recognized for its main street revitalization programs as well as the development of urban mixed-use, pedestrian-friendly communities.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 33 consecutive years. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT.

Additional information about Federal Realty and Santana Row can be found on the Internet at www.federalrealty.com.

Federal Realty Investment Trust
Melissa Macchiavelli, 301/998-8168 mmacchiavelli@federalrealty.com