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News Release

Federal Realty Investment Trust Declares Dividend On Series B Preferred Shares
ROCKVILLE, Md., Jan 4, 2002 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE:FRT) announced that its Board of Trustees on January 2, 2002, declared a cash dividend of $.3778 per share on its Series B Cumulative Redeemable Preferred Shares (NYSE:FRT pfB).

The preferred dividend will be payable January 31, 2002 to shareholders of record on January 15, 2002.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of retail and mixed-use properties.

Federal Realty owns or has an interest in 56 community and neighborhood shopping centers comprising over 11 million square feet, primarily located in densely populated communities throughout the Northeast and Mid-Atlantic United States. Over the last ten years, the Trust's predominately grocery-anchored shopping center portfolio has experienced occupancy levels between 94% to 96%.

Federal Realty also owns or has an interest in 64 retail and urban mixed-use properties comprising almost 2 million square feet located in strategic metropolitan markets across the United States. In addition, the Trust participates in the results of an additional 30 properties through convertible participating mortgages.

Federal Realty 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 34 consecutive years.

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.

Certain matters discussed in 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.

Certain factors that could cause actual results to differ materially from Federal Realty's expectations are listed in the company's Form 10K for the year ended December 31, 2000 and subsequent SEC reports and filings. 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
Investor:
Andrew Blocher, 301/998-8166
ablocher@federalrealty.com
or
Media:
Melissa Macchiavelli, 301/998-8168
mmacchiavelli@federalrealty.com

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