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News Release

Federal Realty Investment Trust Declares Quarterly Dividends

ROCKVILLE, Md., May 2 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that its Board of Trustees declared a regular quarterly cash dividend of $0.575 per share on its common shares, resulting in an indicated annual rate of $2.30 per share. The dividend will be payable on July 16, 2007, to common shareholders of record as of June 22, 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO )

About Federal Realty

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 19.6 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 0.9 million square feet of retail space through its joint venture with Clarion Lion Properties Fund in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 96.6% leased to national, regional, and local retailers as of March 31, 2007, with no single tenant accounting for more than approximately 2.9% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 39 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors that could cause actual results to differ materially from Federal Realty's expectations are detailed from time to time in our SEC reports, including our most current annual report on Form 10-K and our quarterly reports on Form 10-Q. Federal Realty makes no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise.

    Investor and Media Inquiries
    Andrew Blocher                           Vikki Kayne
    Senior Vice President                    Vice President,
    Capital Markets & Investor Relations     Marketing & Corporate
    301/998-8166                             Communications
    ablocher@federalrealty.com               301/998-8178
                                             vkayne@federalrealty.com

SOURCE Federal Realty Investment Trust

CONTACT: Andrew Blocher, Senior Vice President, Capital Markets &
Investor Relations, +1-301-998-8166, ablocher@federalrealty.com, or Vikki
Kayne, Vice President, Marketing & Corporate Communications, +1-301-998-8178,
vkayne@federalrealty.com, both of Federal Realty Investment Trust
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Web site: http://www.federalrealty.com