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News Release

Federal Realty Investment Trust Appoints New Board Member

ROCKVILLE, Md., Apr 16, 2003 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) announced today that the board of trustees appointed David Faeder, vice chairman of Sunrise Assisted Living, Inc. (NYSE:SRZ) to serve on the Trust's board of trustees.

Mr. Faeder will stand for election by the Trust's shareholders at the 2004 Annual Meeting of Shareholders. Mr. Faeder will also serve on the audit committee and be designated as the Trust's "audit committee financial expert."

Mr. Faeder, age 46, joined Sunrise Assisted Living in 1993 as executive vice president and chief financial officer. In 1994, he was elected to the board of directors and served as president from 1997 to 2000. In March 2000, Mr. Faeder was appointed vice chairman of Sunrise Assisted Living and chairman of the board of director's investment committee that reviews and approves new business ventures.

Mr. Faeder previously held executive positions in the real estate divisions of Morgan Stanley and Credit Suisse First Boston.

"We are pleased to have added a professional with Dave's knowledge and track record in public real estate, accounting and finance as well as general public company management," stated Mark S. Ordan, chairman of the board of Federal Realty. "We look forward to Dave's insight and his contribution to the board and the audit committee."

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and redevelopment of shopping centers and street retail properties. Federal Realty's portfolio contains over 15 million square feet located in major metropolitan markets across the United States.

The operating portfolio is currently approximately 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 dividend rate 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.

Federal Realty Investment Trust, Rockville
Investor Inquiries:
Andrew Blocher, 301/998-8166
ablocher@federalrealty.com
or
Media Inquiries:
Kristine Warner, 301/998-8212
kwarner@federalrealty.com