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News Release

Federal Realty Investment Trust Announces the Opening of Santana Row; South Bay's Newest Landmark Opens Today, November 7

ROCKVILLE, Md.--(BUSINESS WIRE)--Nov. 7, 2002--Federal Realty Investment Trust (NYSE:FRT) announced the opening of Santana Row, the unique shopping, dining and living urban district located at Stevens Creek and Winchester Boulevards in San Jose, Calif.

"Today we celebrate the hard work and commitment of many dedicated people who were determined to make the vision of Santana Row a reality," stated Steven J. Guttman, chairman and CEO of Federal Realty Investment Trust. "I have no doubt that this urban district will become a world-class shopping and living destination for all of the South Bay."

San Jose Mayor Ron Gonzales and executives from Federal Realty will join Guttman in a commemorative ceremony beginning at 9:30 this morning. Stores and restaurants open for business at 10:00 a.m. Throughout the weekend, a variety of arts, fashion and entertainment programs will take place. A complete listing can be found at www.santanarow.com.

Santana Row blends luxury and lifestyle shopping along with an array of international restaurants and sophisticated urban residences. Luxury merchants include Gucci, Burberry, St. John, Tod's and Escada. Lifestyle retailers include Sur La Table, Anthropologie, and Borders Books and Music. These luxury and lifestyle merchants are complimented with unique "new concept" boutiques like Cou Paris, Elisa B. and Stop Art Gallery. Initial restaurants include Cocola, 5 Foot Way and Cafe Croute. As the neighborhood evolves, other restaurants will include Amber India, Blowfish Sushi, Martin Yan's CreAsian, Bradley Ogden's Yankee Pier and Left Bank.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of shopping centers and street retail properties. Federal Realty's portfolio contains 15 million square feet located in major metropolitan markets across the United States. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 35 consecutive years, the longest consecutive record in the REIT industry. 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.

For additional information, images or to schedule an interview, please contact Lois Richtand.

Federal Realty Investment Trust
Kris Warner, 301/998-8212

Charles Zukow Associates
Lois Richtand, 415/733-9300