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News Release

Federal Realty Investment Trust Announces Signing of Borders Books & Music At Santana Row

SAN JOSE, Calif., July 11 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that Borders Books & Music (NYSE: BGP) has executed a lease for a new flagship store at Santana Row, the company's urban mixed-use development in San Jose, California scheduled to open mid-2002. The 26,850 square-foot, two level store will be situated in a turreted building at the center of the 1,500-foot, shop lined main street.

"Borders is excited to be part of the Santana Row development, " says Pam Lent, Borders' territorial real estate director for the area. "This location will be our flagship store for Silicon Valley and Santa Clara County. The immediate area around the site boasts some of the highest densities, incomes and daytime population in the region."

Crate & Barrel recently broke ground for a 40,000 square-foot Crate & Barrel HomeStore, anchoring the north end of Santana Row's main street. Hotel Valencia-Santana Row, the 213-room four-star Mediterranean-style hotel that began construction in June, will be located across the street from Borders.

Santana Row

Strategically located in the heart of Silicon Valley, Santana Row will feature 680,000 square feet of retail space including: luxury fashion boutiques, distinctive lifestyle shops, regional specialty stores and amenities, an international mix of restaurants and 1,200 residential lofts and townhomes. One of the largest mixed-use communities in the country, Santana Row is located on 40 acres of proven retail property and charming parkland. Fountains, palazzos, inviting landscapes and eclectic architecture -- reflecting multiple cultures and time periods -- will create one of the first "from the ground-up" Great Streets. Its design, setting and lifestyle offerings will set the standard for sophisticated urban living, shopping and dining in one of America's most affluent and influential regions.

Borders Group, Inc.

Borders Group, Inc. is a leading global retailer of books, music, video and other information and entertainment items with stores in the United States, United Kingdom, Australia, New Zealand, Singapore, and the commonwealth of Puerto Rico. Headquartered in Ann Arbor, Mich., Borders Group is a FORTUNE 500 company that employs 30,000 worldwide and operates over 340 Borders domestic superstores, 17 international Borders stores, 32 Books etc. locations, approximately 860 Waldenbooks stores and Borders.com.

Federal Realty

Federal Realty Investment Trust, based in Rockville, Maryland, is an equity real estate investment trust specializing in the ownership, management, development and re-development of high quality retail and mixed-use properties. The Trust owns and has an interest in 153 real estate assets consisting of community and neighborhood shopping centers and retail and urban mixed-use properties located in strategic metropolitan markets across the United States. The Trust is nationally recognized for its main street revitalization programs as well as the development of urban mixed-use, pedestrian-friendly communities. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 33 consecutive years. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT.

Additional information about Federal Realty and Santana Row along with downloadable images can be found on the Internet at www.federalrealty.com.

SOURCE Federal Realty Investment Trust

CONTACT:
Carrie Williams, Senior Media Relations Consultant,
415-777-0607, or cwill333@aol.com, for Federal Realty Investment Trust