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News Release

Federal Realty Investment Trust Announces Year-End 2002 Earnings Release Date and Conference Call Information

ROCKVILLE, Md.--(BUSINESS WIRE)--Jan. 10, 2003--Federal Realty Investment Trust (NYSE: FRT) will announce Year-End 2002 Earnings in a press release to be issued on Wednesday, February 12, 2003.

The Conference Call for Year-End 2002 Earnings will take place on Thursday, February 13, 2003 at 11:00am Eastern Standard Time. Conference Call access information is as follows:

    Toll Free Number:     888/560-8502

    Passcode:             EARNINGS

    Conference Leader:    Andrew Blocher

A telephonic replay of the Conference Call will be available for 14 days beginning at 3:30pm on Thursday, February 13, through Thursday, February 27, 2003. Replay access information is as follows:

Toll Free Number: 888/568-0348

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.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of shopping centers and street retail properties. Federal Realty's portfolio contains 15 million square feet of retail space located in major metropolitan markets across the United States. The operating portfolio is currently 95.5% occupied by over 2,000 national, regional and local retailers with no single tenant accounting for more than 2.6% of rental revenue. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its annual dividend for 35 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT. Additional information about Federal Realty can be found on the Internet at www.federalrealty.com.

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's expectations are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-K. Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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CONTACT: Federal Realty Investment Trust
Andrew Blocher, 301/998-8166