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News Release

Federal Realty Investment Trust Announces Redemption of 8.50% Series B Preferred Shares

ROCKVILLE, Md., Oct. 20 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that it will redeem all 5,400,000 outstanding shares of its 8.50% Series B Cumulative Redeemable Preferred Shares, no par value ("Series B Preferred Shares") (FRTPrB - CUSIP No. 313747503), effective November 27, 2006. The Series B Preferred Shares will be redeemed at their redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date of $0.159375 per share, for an aggregate redemption price of $25.159375 per Series B Preferred Shares. Dividends on the Series B Preferred Shares will cease to accrue on November 27, 2006.

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

On November 27, 2006, all of the currently issued and outstanding Series B Preferred Shares will cease to be outstanding, and holders of such Series B Preferred Shares no longer will have any rights with respect to such Series B Preferred Shares, other than the right to receive the redemption price of $25.159375 per share, without interest, upon surrender of certificates representing the Series B Preferred Shares. Payment of the redemption price will be made only upon presentation and surrender of certificates representing the Series B Preferred Shares to American Stock Transfer & Trust Company, as redemption agent, during its usual business hours at the addresses specified in the Notice of Redemption.

The Notice of Redemption will be mailed to holders of record of the Series B Preferred Shares on or about October 24, 2006. For additional information on redeeming Federal Realty's Series B Preferred Shares, shareholders should contact American Stock Transfer & Trust Company, the transfer agent, registrar and dividend disbursing agent for this issue, at (877) 777-0800. Holders may surrender their shares for redemption to:

    American Stock Transfer & Trust Company
    59 Maiden Lane
    Plaza Level
    New York, NY  10038

    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 18.3 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 0.7 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 96.7% leased to national, regional, and local retailers as of June 30, 2006, with no single tenant accounting for more than approximately 2.6% 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 39 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.

    Investor and Media Inquiries

    Andrew Blocher                           Vikki Quinn, SCMD
    Vice President,                          Vice President,
    Capital Markets &                        Marketing &
    Investor Relations                       Corporate Communications
    301/998-8166                             301/998-8178
    ablocher@federalrealty.com               vquinn@federalrealty.com
SOURCE  Federal Realty Investment Trust
    -0-                             10/20/2006
    /CONTACT:  Investor and Media Inquiries: Andrew Blocher, Vice President,
Capital Markets & Investor Relations, +1-301-998-8166,
ablocher@federalrealty.com, or Vikki Quinn, SCMD, Vice President, Marketing &
Corporate Communications, +1-301-998-8178, vquinn@federalrealty.com, both of
Federal Realty Investment Trust/
    /Photo:  NewsCom:  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/
    (FRT)

CO:  Federal Realty Investment Trust
ST:  Maryland
IN:  FIN RLT REA
SU:

LM-AR
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4798 10/20/2006 08:00 EDT http://www.prnewswire.com