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News Release

Federal Realty Investment Trust Declares Quarterly Dividends

ROCKVILLE, Md.--(BUSINESS WIRE)--Dec. 2, 2003--Federal Realty Investment Trust (NYSE:FRT) announced today that its Board of Trustees declared a regular quarterly cash dividend of $.49 per share on its common shares, resulting in an indicated annual rate of $1.96 per share. The dividend will be payable on January 15, 2004 to common shareholders of record as of January 2, 2004.

Federal Realty's Board of Trustees also declared a regular quarterly cash dividend of $.53125 per share on the Trust's Series B Cumulative Redeemable Preferred Shares (NYSE:FRTprB). Dividends on the Series B Cumulative Redeemable Preferred Shares will be payable on January 30, 2004 to shareholders of record on January 15, 2004.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of shopping centers and Street Retail properties. Federal Realty's portfolio contains approximately 16.2 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and Western United States. The operating portfolio was 94% occupied by over 2,000 national, regional, and local retailers as of September 30, 2003, 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 36 consecutive years, the longest consecutive record in the REIT industry. Shares of Federal Realty are traded on the NYSE 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 federal securities laws. 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 Realty's expectations are detailed from time to time in our SEC reports, including our current report on Form 8-K filed with the SEC on March 25, 2003, our annual report on Form 10-K filed with the SEC on March 26, 2003, and quarterly reports on Form 10-Q. 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 Inquiries:
Andrew Blocher, 301-998-8166
ablocher@federalrealty.com
or
Media Inquiries:
Kristine Warner, 301-998-8212
kwarner@federalrealty.com
SOURCE: Federal Realty Investment Trust