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News Release

Federal Realty Investment Trust Announces Second Quarter 2002 Earnings Release Date and Conference Call Information
ROCKVILLE, Md., Jul 8, 2002 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) will announce second quarter 2002 earnings in a press release to be issued on Monday, August 12, 2002.

The conference call for second quarter 2002 earnings will take place on Tuesday, August 13, 2002 at 11:00 am Eastern Time. Conference Call access information is as follows:

           Toll Free Number:                (888) 425-9978
           Passcode (needed):               EARNINGS
           Conference Leader (needed):      Andrew Blocher
A telephonic replay of the Conference Call will be available for 14 days beginning at 2:00 pm on Tuesday August 13, 2002. Replay access information is as follows:

           Toll Free Number:               (888) 568-0810
A live on-demand webcast of the Conference Call will be available on Federal Realty's website at www.federalrealty.com. An online playback of the webcast will be available at www.federalrealty.com for 7 days following the 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

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