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News Release

Federal Realty Investment Trust Announces Officer Promotions

ROCKVILLE, Md.--(BUSINESS WIRE)--Feb. 17, 2005--Federal Realty Investment Trust (NYSE:FRT) today announced the promotions of Chris Weilminster to senior vice president, anchor tenant leasing, Jonathan Kayne to senior vice president, director of real estate, Debbie Colson to senior vice president, legal operations, and Don Briggs to vice president, development.

"Today's promotions recognize the significant contributions made by each of these employees to the operational success of the Trust's portfolio," commented Donald Wood, Federal Realty's president and chief executive officer. "These senior officers represent the backbone of our operational team, and strongly complement our existing team of corporate senior officers. When combined with the strength of our real estate portfolio, I believe Federal Realty possesses all of the requisite qualities necessary to further our outstanding track record."

A 15-year veteran of Federal Realty Investment Trust, Chris Weilminster assumes the role of senior vice president, anchor tenant leasing. Mr. Weilminster has lead the Trust's anchor leasing efforts across the entire portfolio since 2000, prior to which time he had responsibility for anchor, small shop, and mixed use leasing in the Trust's Washington, D.C. market. An active member of the International Council of Shopping Centers, Chris holds bachelor's and graduate degrees from Syracuse University and The Johns Hopkins University, respectively.

Jonathan Kayne, based at Federal Realty's West Coast headquarters at Santana Row in San Jose, Calif., has assumed the role of senior vice president, director of real estate, making him responsible for the asset management of all of the Trust's properties. Mr. Kayne oversaw the operation of the Trust's East Coast properties since joining Federal Realty in 2001, and prior to that time gained experience in acquisitions and property management at both Charles E. Smith Residential and LaSalle Investment Management. Jonathan holds an undergraduate degree from University of Hartford and a graduate degree in Real Estate from The Johns Hopkins University.

As senior vice president, legal operations, Ms. Colson is responsible for overseeing all legal work for the leasing and operation of the Trust's portfolio. A cum laude graduate of University of Pennsylvania and University of Maryland School of Law, Debbie has held positions of increasing responsibility in Federal Realty's legal department since 1995 and took over responsibility for oversight of the leasing and operations functions in 2002.

Don Briggs leads the Trust's development and redevelopment efforts as vice president, development. A member of Federal Realty's development team since 2000, Mr. Briggs previously had eight years of development, zoning, and construction experience at Cousins Properties and The Whiting-Turner Contracting Co. Don recently completed Federal Realty's Leadership Education and Development Program (LEAD). The Trust's LEAD program is a continuous leadership skills development program that prepares the highest performing members of our team for future leadership roles in the organization. He also has a bachelor's degree in Architecture from University of Florida.

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 16.9 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 460,000 square feet of retail space through its joint venture with Clarion Lion Properties Fund in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.1% leased to approximately 2,200 national, regional, and local retailers as of December 31, 2004, with no single tenant accounting for more than 2.3% 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 37 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.

CONTACT:
Federal Realty Investment Trust
Andrew Blocher, 301-998-8166
ablocher@federalrealty.com
or
SCMD
Vikki Quinn, 301-998-8178
vquinn@federalrealty.com

SOURCE: Federal Realty Investment Trust