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News Release

Federal Realty Investment Trust Increases Common Dividend; Marks 35th Consecutive Annual Dividend Increase
ROCKVILLE, Md., Sep 13, 2002 (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, an increase of $.02 annually.

The dividend will be payable on October 15, 2002 to shareholders of record as of September 26, 2002. This marks the 35th consecutive year that the Trust has increased its common dividend, a record in the REIT industry and among the longest such record of the approximately 16,000 publicly traded companies in the United States.

"We are very pleased to have increased our dividend for the 35th year in a row," stated Donald C. Wood, president and chief operating officer of Federal Realty Investment Trust. "While the core portfolio continues to deliver sector-leading operating results that support an even greater dividend increase, a more modest increase is warranted as a full analysis of the impact of the recent Santana Row fire is not yet complete. We believe that the financial position and future dividends of the Trust will not be materially impacted by the Santana Row fire and anticipate providing a conference call update in early October."

The Trustees also declared quarterly cash dividends of $.49688 per share on its Series A Cumulative Redeemable Preferred Shares (NYSE:FRT pfA) and $.531 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 October 31, 2002 to shareholders of record as of October 15, 2002.

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 96% 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.

Safe Harbor Language

Certain matters discussed within this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 the Company's SEC reports and filings, including its annual report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 22, 2002.

Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

CONTACT: 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

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