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News Release

Federal Realty Investment Trust Announces Pricing of Common Share Offering

ROCKVILLE, Md., Aug. 11 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the pricing of its public offering of 1,735,000 of its common shares of beneficial interest at a price of $57.50 per share. Federal Realty has granted the underwriters an option to purchase up to an additional 260,250 common shares to cover over-allotments, if any.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO )

Wells Fargo Securities, LLC and J.P. Morgan Securities Inc. are acting as joint book-running managers for the offering. RBC Capital Markets Corporation is acting as the co-lead manager and Raymond James & Associates, Inc., Janney Montgomery Scott LLC, Morgan Keegan & Company, Inc. and Robert W. Baird & Co. Incorporated are acting as co-managers. Subject to customary conditions, the offering is expected to close on or about August 14, 2009.

Federal Realty intends to use the net proceeds from the offering, which are expected to be approximately $95.6 million, after deducting the underwriting discount and other estimated offering expenses payable by us but without giving effect to any exercise of the underwriters' over-allotment option, to fund potential acquisition opportunities, fund its redevelopment pipeline, reduce amounts outstanding under its term loan, and/or for general corporate purposes.

A copy of the final prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, N.Y., 10152 (e-mail: equity.syndicate@wachovia.com), or by calling 800-326-5897, or J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus Library, or by calling 718-242-8002.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management and redevelopment of high-quality retail and mixed-use properties located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. As of June 30, 2009, Federal Realty owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 84 predominantly retail real estate projects comprising approximately 18.2 million square feet. In total, the real estate properties were 94.0% leased and 93.2% occupied at June 30, 2009. A joint venture in which Federal Realty owns a 30% interest owned seven retail real estate projects totaling approximately 1.0 million square feet as of June 30, 2009. In total, the joint venture properties in which Federal Realty owns an interest were 96.2% leased and occupied at June 30, 2009. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in Federal Realty's Annual Report on Form 10-K filed on February 26, 2009 and amended on June 25, 2009, and include the following:

    --  risks that Federal Realty's tenants may not pay rent, may vacate early
        or may file for bankruptcy, or that Federal Realty may be unable to
        renew leases or re-let space at favorable rents as leases expire;
    --  risks that Federal Realty may not be able to proceed with or obtain
        necessary approvals for any redevelopment or renovation project, and
        that any redevelopment or renovation project that Federal Realty does
        pursue may not perform as anticipated;
    --  risks that the number of properties Federal Realty acquires for its
        own account, and  therefore the amount of capital Federal Realty
        invests in acquisitions, may be impacted by its real estate
    --  risks normally associated with the real estate industry, including
        risks that:
        --  occupancy levels at Federal Realty's properties and the amount of
            rent Federal Realty receives from its properties may be lower than
        --  completion of anticipated or ongoing property redevelopments or
            renovations may cost more, take more time to complete, or fail to
            perform as expected,
        --  new acquisitions may fail to perform as expected,
        --  competition for acquisitions could result in increased prices for
        --  environmental issues may develop at Federal Realty's properties
            and result in unanticipated costs, and,
        --  because real estate is illiquid, Federal Realty may not be able to
            sell properties when appropriate;
    --  risks that Federal Realty's growth will be limited if it cannot obtain
        additional capital;
    --  risks of financing, such as Federal Realty's ability to consummate
        additional financings or obtain replacement financing on terms that
        are acceptable to Federal Realty, its ability to meet existing
        financial covenants and the limitations imposed on its operations by
        those covenants, and the possibility of increases in interest rates
        that would result in increased interest expense; and

    --  risks related to Federal Realty's status as a real estate investment
        trust, commonly referred to as a REIT, for federal income tax
        purposes, such as the existence of complex tax regulations relating to
        its status as a REIT, the effect of future changes in REIT
        requirements as a result of new legislation, and the adverse
        consequences of the failure to qualify as a REIT.

Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that Federal Realty makes, including those in this press release. Except as may be required by law, Federal Realty makes no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in Federal Realty's Annual Report on Form 10-K filed February 26, 2009 and amended on June 25, 2009.

    Investor and Media Inquiries
    Gina Birdsall
    Investor Relations

SOURCE  Federal Realty Investment Trust

    -0-                           08/11/2009
    /CONTACT:  Investor and Media Inquiries, Gina Birdsall, Investor
Relations, +1-301-998-8265, gbirdsall@federalrealty.com/
    /Photo:  http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO
             AP Archive: http://photoarchive.ap.org
             PRN Photo Desk, photodesk@prnewswire.com/
    /Web Site:  http://www.federalrealty.com /

CO:  Federal Realty Investment Trust

ST:  Maryland

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3692 08/11/200909:01 EDThttp://www.prnewswire.com