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News Release

Federal Realty Investment Trust Declares Quarterly Dividends

ROCKVILLE, Md.--(BUSINESS WIRE)--March 3, 2004--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 April 15, 2004 to common shareholders of record as of March 24, 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 April 30, 2004 to shareholders of record on April 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 approximately 93% leased to over 2,000 national, regional, and local retailers as of December 31, 2003, with no single tenant accounting for more than 2.3% 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 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.

Federal Realty Investment Trust
Investor Inquiries:
Andrew Blocher, 301-998-8166
Media Inquiries:
Kristine Warner, 301-998-8212

SOURCE: Federal Realty Investment Trust