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News Release

Federal Realty Investment Trust Announces $.04 Common Dividend Increase; Marks 34th Year of Consecutive Annual Dividend Increases
ROCKVILLE, Md., Sep 21, 2001 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) today declared a $.04 per share increase in the annual dividend rate to a new indicated rate of $1.92 per common share, marking the 34th consecutive increase in the Trust's dividend rate.

The new quarterly dividend of $.48 per share will be payable October 15, 2001 to shareholders of record on October 5, 2001. Based on yesterday's closing share price, the new dividend rate will generate a dividend yield of 9.4%.

The Trustees also declared a quarterly cash dividend of $.49688 per share on its Series A Cumulative Redeemable Preferred Shares (NYSE:FRT pfA). The preferred dividend will be payable on October 31, 2001 to shareholders of record on October 15, 2001.

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 or has an interest in 56 community and neighborhood shopping centers and 96 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 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.

Federal Realty Investment Trust
Media Inquiries
Kris Warner, 301/998-8212
Investor Inquiries
Andrew Blocher, 301/998-8166