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News Release

Federal Realty Investment Trust Expands Boston Office

CONTACT: Andrew Blocher, Vice President, Capital Markets & Investor
Relations, +1-301-998-8166, ablocher@federalrealty.com, or Vikki Quinn, Vice
President, Marketing and Corporate Communications, +1-301-998-8178,
vquinn@federalrealty.com, both of Federal Realty Investment Trust

BOSTON, Mass. (September 27, 2006) – The Boston office of Federal Realty Investment Trust (NYSE:FRT) today announced the addition of Jeremy Grossman as New England Director of Leasing and David Webster as Director of Development to the Boston office.

“We're pleased to have attracted two very well-established professionals in Boston's commercial real estate industry to join our team,” commented Paul Connolly, Federal Realty's Director of Asset Management. “Having more than tripled the square footage of our Boston portfolio in the past two years, the continued development of our local management team in the Boston office is integral to the Trust's ongoing growth and success in New England.”

Jeremy Grossman, 31, has been hired as the New England Director of Leasing and will be responsible for leasing anchor space and small shops throughout Federal Realty's New England properties. Prior to joining the Trust, Mr. Grossman served as Vice President of Leasing with Boston-based, Samuels & Associates, with more than seven years of urban and suburban leasing and development experience. As an active member of the International Council of Shopping Centers (ICSC), Mr. Grossman currently serves as co-Chairman of the Boston Next Generation Committee. Jeremy graduated with honors from the SI Newhouse School of Communications at Syracuse University.

David Webster, 39, will join Federal Realty as the Director of Development for New England and hold responsibilities for the direction and management of development projects throughout the region. In this position he will coordinate planning, land use entitlements and governmental relations as well as oversee design and construction teams. Prior to joining the Trust, Mr. Webster served as Senior Vice President, Planning and Development with Massachusetts Development Finance Agency. David received his Masters of Political Science from Northeastern University and is an active member of the Urban Land Institute.

In addition to expanding the Boston office with staff, the Trust has also been steadily increasing its Boston portfolio. In August 2006, Federal Realty acquired three new local properties including Linden Square in Wellesley, Mass., Chelsea Commons in Chelsea, Mass., and North Dartmouth Shopping Center in North Dartmouth, Mass. Over the past two years, Federal Realty's presence in the Boston market has grown from under 600,000 square feet to more than 2.1 million square feet, including those properties in our joint venture with Clarion Lion Properties Fund.

Federal Realty, a long-term owner of real estate, focuses on acquiring properties that provide evidence of strong re-leasing and/or redevelopment potential. Unlike most public real estate companies that depend heavily on acquisitions or development for their growth, Federal Realty's growth is generated largely from internal sources, including retenanting, remerchandising and redevelopment opportunities at properties that the Trust already controls. Federal Realty also has an ownership interest in a joint venture with Clarion Lion Properties Fund, through which the Trust acquires high-quality, stabilized, supermarket-anchored neighborhood and community shopping centers in its core markets. Federal Realty owns an irreplaceable portfolio of retail assets in affluent and densely populated areas with significant barriers to entry.

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 18.3 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 0.7 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 96.7% leased to national, regional, and local retailers as of June 30, 2006, with no single tenant accounting for more than approximately 2.6% 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.