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News Release

Federal Realty Investment Trust Declares Quarterly Dividends
ROCKVILLE, Md., May 21, 2002 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE: FRT) announced that on May 1, 2002 its Board of Trustees declared a regular quarterly cash dividend of $.48 per share (indicated annual rate of $1.92) on its common shares.

The dividend will be payable July 15, 2002 to shareholders of record on June 25, 2002.

The Trustees also declared quarterly cash dividends of $.49688 per share on its Series A Cumulative Redeemable Preferred Shares (NYSE: FRT pfA) and $.531 per share on its Series B Cumulative Redeemable Preferred Shares (NYSE: FRT pfB). Dividends for both the Series A and Series B Cumulative Redeemable Preferred Shares will be payable on July 31, 2002 to shareholders of record on July 15, 2002.

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 15.1 million square feet located in major metropolitan markets across the United States.

The operating portfolio is currently 96% leased to over 2,100 national, regional and local retailers with no single tenant accounting for more than 2.4% 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 34 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.

CONTACT: Federal Realty Investment Trust, Rockville
Andrew Blocher, 301/998-8166
ablocher@federalrealty.com

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