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News Release

Federal Realty Investment Trust Makes Changes to Legal Department; Appoints New Vice President, General Counsel and Vice President, Legal Operations

ROCKVILLE, Md.--(BUSINESS WIRE)--May 15, 2002--Federal Realty Investment Trust (NYSE:FRT) announced certain changes to its legal department to further increase efficiency of decision making, consistent with the objectives outlined as part of the Trust's new business plan announced in March, 2002.

The changes include the promotions of Dawn Becker to vice president, general counsel and Deborah Colson to vice president, legal operations.

Ms. Becker will have overall responsibility for the Trust's corporate, securities and other transactional legal affairs while Ms. Colson will have full oversight of legal services related to leasing, property management, litigation and other matters affecting the Trust's operating portfolio.

Nancy Herman, the Trust's former senior vice president and general counsel, will be leaving Federal Realty on May 31, 2002.

Ms. Becker joined the Trust in 1997 as a member of the legal due diligence team and in 2000 was promoted to vice president, real estate and finance counsel. Prior to joining Federal Realty, Ms. Becker practiced law in the real estate and creditor's rights areas at various law firms and most recently was of counsel at Andrews & Kurth.

Ms. Colson joined Federal Realty in 1994 and was promoted to director, legal leasing in 1998. In 2000, she was named vice president, legal leasing. Before joining the Trust, Ms. Colson specialized in real estate-related transactional work for major retailers such as Hechinger Company, American Stores Company and Amoco Oil Company.

"The changes in the legal department increase the efficiency at the Trust by tapping the strengths and experience of two highly capable attorneys," commented Donald C. Wood, Federal Realty's president and chief operating officer. "Both Dawn and Debbie have played an important role in the ongoing success of the Trust and it is with a great deal of pleasure that we announce their respective promotions."

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 15.1 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 2.4% 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 34 consecutive years, the longest consecutive 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's expectations are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-K. Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. ###

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