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News Release

Federal Realty Dedicates Pentagon Row to Arlington Community

ROCKVILLE, Md.--(BUSINESS WIRE)--Nov. 14, 2001--Federal Realty Investment Trust (NYSE:FRT) announced today the official dedication and community celebration at Pentagon Row, located at the corner of South Joyce Street and Army Navy Drive in Arlington, Virginia.

An exclusive media luncheon will begin at 12 p.m. on Saturday, November 17, 2001, featuring executives from Federal Realty, Post Properties and a guest appearance by Tina Wesson, winner of Survivor II, representing the Arthritis Foundation(R), followed by a public presentation in the Plaza at 1 p.m.

"We are so pleased to dedicate Pentagon Row to this community as a token of our support and commitment to Arlington," stated Robin Mosle, vice president of development for Federal Realty. "Our goal was to create an environment with lots of open spaces for people to gather and enjoy the company of others, which is so important for all of us today."

Tina Wesson, winner of Survivor II, and a person with arthritis, will be available from 1 p.m. to 3 p.m. for autographs and photos in the Pentagon Row Plaza area. Tina will be autographing authentication cards for the official, limited edition Survivor Christmas ornament produced specifically for this event.

This one-of-a-kind ornament will retail for $50.00 and a portion of the proceeds will benefit the Arthritis Foundation(R).

In addition to the events planned, Federal Realty will unveil a permanent flag display constructed to honor the brave men and women who lost their lives at the Pentagon on September 11. As a fundraising effort, commemorative stars were sold to the public, with all of the proceeds going directly to the Pentagon Victims Fund.

The 13-foot by 10-foot handcrafted American flag will be on display from 12 p.m. to 4 p.m. Saturday, November 17.

Pentagon Row, an urban mixed-use development comprised of 300,000 square feet of retail, restaurants and necessity-based services, is a property of Federal Realty Investment Trust.

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.

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