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News Release

Federal Realty Announces Store Openings At Pentagon Row
ROCKVILLE, Md., Oct 5, 2001 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE: FRT) announced today the opening of 17 new stores at Pentagon Row, its urban community located in Arlington, Virginia at the intersection of South Joyce Street and Army Navy Drive.

Pentagon Row features more than 300,000 square feet of vibrant street level shopping and restaurants beneath mid-rise luxury apartments, providing a synergistic mix of merchants catering to the needs of the community.

In addition to Harris Teeter grocery store and Bed Bath & Beyond, which opened earlier this year, the diverse offering of merchants now includes: restaurants - Lebanese Taverna, Champp's, Baja Fresh and Starbucks; specialty retailers - As Kindred Spirits, Hudson Trail Outfitters and Right Start; service retailers- Sprint, Color Works, Aveda, Visual Affair and Hallmark Cards; apparel retailers - Chico's and Mephisto; and home furnishings - Bombay, Home Elements and Sur La Table. Additional stores will be opening by the end of the year.

"We are very pleased to present these terrific restaurants and shops to this community," said Steven J. Guttman, chairman and chief executive officer for Federal Realty. "Our goal from the beginning was to provide this neighborhood with modern comforts and conveniences along with a wonderful urban experience, which we feel has been achieved."

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. Federal Realty owns or has an interest in 56 community and neighborhood shopping centers comprising over 11 million square feet, primarily located in densely populated communities throughout the Northeast and Mid-Atlantic United States. The Trust's predominately grocery-anchored shopping center portfolio is one of the best-leased and most productive necessity-based portfolios in the industry. In addition, Federal Realty owns or has an interest in 96 retail and urban mixed-use properties comprising almost 3 million square feet 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 34 consecutive years. 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 Realty'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.

Federal Realty Investment Trust
Melissa Macchiavelli, 301/998-8168

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