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News Release

Federal Realty Announces November 7, 2002 Opening Date for Santana Row
ROCKVILLE, Md., Aug 27, 2002 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) announced today that the new opening date has been set for Santana Row, its multi-phased, mixed-use development in San Jose, California.

On November 7, 2002, retail tenants will be open for business in seven buildings, including Crate and Barrel, which is currently open and operating. At this time, Federal Realty is working through the issues associated with the opening of the building impacted by the August 19 fire. It is the Trust's goal to open as much of the retail space as possible in this building on the new opening date.

"In light of last week's fire, the November 7 opening demonstrates our steadfast commitment to making Santana Row rewarding and successful for the community, our tenants and our shareholders," stated Steven J. Guttman, chairman and chief executive officer of Federal Realty. "Words cannot express our appreciation for the outpouring of support from the City of San Jose, surrounding neighborhoods, merchants and future residents during the past week."

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of shopping centers and street retail properties. Federal Realty's portfolio contains 15 million square feet located in major metropolitan markets across the United States.

The operating portfolio is currently 95.9% leased to over 2,100 national, regional and local retailers with no single tenant accounting for more than 3% of rental revenue.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 34 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT. Additional information about Federal Realty can be found on the Internet at 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 Private Securities Litigation Reform Act of 1995. Although Federal Realty Investment Trust believes the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.

Factors that could cause actual results to differ materially from Federal's expectations are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-K. Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

CONTACT: Federal Realty Investment Trust, Rockville
Investor Inquiries
Andrew Blocher, 301/998-8166
ablocher@federalrealty.com
or
Media Inquiries
Kristine Warner, 301/452-8796
kwarner@federalrealty.com

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