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News Release

Federal Realty Investment Trust Declares Quarterly Dividends
ROCKVILLE, Md., Mar 4, 2003 (BUSINESS WIRE) -- Federal Realty Investment Trust (NYSE: FRT) announced today that its Board of Trustees declared a regular quarterly cash dividend of $.485 per share (indicated annual rate of $1.94) on its common shares.

The dividend will be payable on April 15, 2003 to shareholders of record on March 27, 2003.

The Trustees also declared quarterly cash dividends of $.49687 per share on its Series A Cumulative Redeemable Preferred Shares (NYSE: FRT pfA) and $.53125 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 April 30, 2003 to shareholders of record on April 15, 2003.

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 located in major metropolitan markets across the United States.

The operating portfolio is currently 95% leased to over 2,100 national, regional and local retailers with no single tenant accounting for more than 3% 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 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.

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

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