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News Release

Federal Realty Investment Trust Announces 3rd Quarter 2001 Earnings Release Date and Conference Call Information
ROCKVILLE, Md., Oct 1, 2001 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE: FRT) will announce 3rd Quarter 2001 Earnings in a press release to be issued on November 1, 2001.

The Conference Call for 3rd Quarter 2001 Earnings will take place on November 2, at 1pm Eastern Standard Time. Conference Call access information is as follows:

    Toll Free Number: (800) 474-8920
A replay of the Conference Call will be available for 7 days commencing 6pm on November 2, after the Conference Call concludes through November 9. Replay access information is as follows:

    Toll Free Number: (888) 203-1112
    Special telephone number (719) 457-0820
    Passcode 593716
A live on-demand webcast of the Conference Call will also be available on Federal Realty's website at www.federalrealty.com. An online playback of the webcast will be available at www.federalrealty.com for 7 days following the Conference Call.

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.

CONTACT:
Federal Realty Investment Trust, Rockville
Andy Blocher, 301/998-8166