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News Release

Federal Realty Investment Trust Announces Officer Promotions

ROCKVILLE, Md., Feb. 17 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the promotions of Don Briggs to senior vice president, development, John Hendrickson to vice president, strategic transactions, Vikki Quinn to vice president, marketing and corporate communications, and Wendy Seher to vice president, leasing. All four employees are graduates of the Trust's Leadership, Education, and Development (LEAD) Program, an internal management training program designed to develop leadership qualities in Federal Realty's next generation of senior management. In addition, Federal Realty announced that David Bouquillon, the Trust's senior director of development and construction for the western region, has been admitted to the LEAD program.

"Our management team is as integral to our success as our outstanding portfolio of real estate assets," commented Donald Wood, Federal Realty's president and chief executive officer. "The promotions of these executives validate the value they have demonstrated to date, and our confidence in their ability to help lead the Trust in the future."

Don Briggs has assumed the role of senior vice president, development, and leads the planning and execution of development and redevelopment projects on behalf of Federal Realty. An employee of Federal Realty since 2000, Mr. Briggs has significant experience in development, zoning, and construction developed through previous work experience at Cousins Properties and The Whiting-Turner Contracting Co. Don has a bachelor's degree in architecture from University of Florida, and is a member of the International Council of Shopping Centers and Urban Land Institute.

An employee of Federal Realty since 1998, John Hendrickson now serves as vice president, strategic transactions, for the Trust. In this capacity, John is responsible for the execution of all property acquisitions, dispositions, and property-secured debt for both the Trust's own portfolio and our joint venture with Clarion Lion Properties Fund. John also serves as asset manager of properties that the Trust owns in the joint venture. John holds a bachelor's in business administration from The George Washington University and prior to joining Federal Realty Investment Trust, worked for Grosvenor International, a private real estate investment firm located in Washington, D.C.

Vikki Quinn assumes the role of vice president, marketing and corporate communications. Ms. Quinn has led the Trust's marketing and corporate communications efforts since 2004, prior to which she had marketing responsibility for assets in the Trust's eastern region. Before joining Federal Realty in 2002, Vikki gained marketing experience working for Carl M. Freeman Retail, Reese & Associates, and Lerner Corporation. Ms. Quinn has senior marketing director certification from the International Council of Shopping Centers, and is an active member of that organization, serving as operations chairperson for Maryland, Northern Virginia, and Washington, D.C. Vikki holds her bachelor's degree in speech communications and public relations from Frostburg State University.

Wendy Seher now assumes the role of vice president, leasing, with responsibility for leasing anchor space throughout the Trust's portfolio and overseeing the leasing of small shop space at a number of the Trust's properties. An employee of Federal Realty since 2002, Ms. Seher has attained more than 18 years of retail leasing experience while working at Federal Realty, J. Donegan Company, Peterson Company, and Fried Companies. Wendy holds a bachelor's in business administration from University of Maryland, College Park, and is an active member of the International Council of Shopping Centers.

With more than 18 years of development and construction expertise, David Bouquillon has been admitted to Federal Realty's LEAD program. An employee of Federal Realty since 2004, David is responsible for overseeing all aspects of project development for the Trust's West Coast portfolio, including Santana Row. Mr. Bouquillon has extensive development experience in mixed-use real estate development, and holds a bachelor's in construction management and an associate's in applied science and building construction technology from Wentworth Institute of Technology.

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 17.6 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 0.5 million 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 95.5% leased to national, regional, and local retailers as of September 30, 2005, with no single tenant accounting for more than 2.2% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 38 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.

    Investor and Media Inquiries
    Andrew Blocher                             Suzanne O'Neill
    Vice President, Capital Markets &          Manager, Investor Relations
    Investor Relations                         301/998-8358
    301/998-8166                               soneill@federalrealty.com
    ablocher@federalrealty.com

SOURCE Federal Realty Investment Trust