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News Release

Federal Realty Investment Trust Announces Schedule of Upcoming Conference Calls
ROCKVILLE, Md., Oct 2, 2002 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) will hold a conference call Monday, October 7, 2002 at 11:00 am Eastern Time to provide an interim update on the August fire at Santana Row and its impact to the Trust. Conference Call access information is as follows:

        Toll Free Number:                  (888) 791-5525
        Passcode (needed):                  SANTANA
        Conference Leader (needed):         Andrew Blocher
A telephonic replay of the Santana Row Conference Call will be available for 14 days beginning at 2:00 pm on October 7. Replay access information is as follows:

        Toll Free Number:                  (800) 283-1577
Additionally, third quarter 2002 earnings will be announced in a press release to be issued on Wednesday, October 30, 2002. The conference call for third quarter 2002 earnings will take place on Thursday, October 31, 2002 at 1:00 pm Eastern Time. Conference Call access information is as follows:

        Toll Free Number:                  (877) 352-5209
        Passcode (needed):                  EARNINGS
        Conference Leader (needed):         Andrew Blocher
A telephonic replay of the Third Quarter Earnings Conference Call will be available for 14 days beginning at 4:00 pm on Thursday, October 31, 2002. Replay access information is as follows:

        Toll Free Number:                  (888) 445-8675
Live on-demand webcasts of the Conference Calls will be available on Federal Realty's website at www.federalrealty.com. Online playback of the webcasts will be available at www.federalrealty.com for 7 days following each Conference Call.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Federal Realty Investment Trust believes the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Federal Realty's expectations are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 22, 2002. Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

CONTACT: Federal Realty Investment Trust, Rockville
Andrew Blocher, 301/998-8166
ablocher@federalrealty.com

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