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News Release

Federal Realty Investment Trust Declares Quarterly Dividends

ROCKVILLE, Md., Jun 3, 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 July 15, 2003 to shareholders of record on June 25, 2003.

The Trustees also declared a quarterly cash dividend of $.53125 per share on its Series B Cumulative Redeemable Preferred Shares (NYSE:FRT pfB). The dividend will be payable on July 31, 2003 to shareholders of record on July 15, 2003.

On May 14, 2003 Federal Realty announced that it would redeem all 4,000,000 outstanding shares of its 7.95% Series A Cumulative Redeemable Preferred Shares on June 13, 2003. The $25.23959 redemption price includes $0.23959 of accrued and unpaid dividends through the redemption date. Dividends on the Series A Preferred Shares will cease to accrue on June 13, 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 approximately 15.7 million square feet located in major metropolitan markets across the United States. The operating portfolio is currently over 94% occupied by over 2,000 national, regional and local retailers, with no single tenant accounting for more than 2.5% 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.

SOURCE: Federal Realty Investment Trust

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