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News Release

Federal Realty Investment Trust Names Michael Piazzola as Vice President, Chief Operating Officer for Santana Row

ROCKVILLE, Md.--(BUSINESS WIRE)--April 12, 2001--

COO Brings Extensive Operations Experience to Urban Mixed-Use

Community

Federal Realty Investment Trust (NYSE:FRT) announced that Michael Piazzola has joined the Trust as Vice President, chief operating officer for Santana Row.

In this new position, Mr. Piazzola will report directly to Federal Realty's chairman and chief executive officer, Steven J. Guttman, and will have the direct responsibility for the opening, on-going operations, financial performance and the long-term value enhancement of Santana Row in San Jose, California.

Santana Row, one of the country's most unique master planned mixed-use communities, will feature 680,000 square feet of world class shops and restaurants, 1,200 luxury residential rental units ranging from lofts to townhouses, a boutique hotel, public parks, gardens, plazas, courtyards and a farmer's market. Santana Row is scheduled to open mid-2002.

Prior to joining Federal Realty, Mr. Piazzola was vice president and general manager of the 500,000 square foot Irvine Spectrum Center, under the management of Madison Marquette Retail Services. He was primarily responsible for "experience creation" and branding, as well as all aspects of operations, marketing and specialty retail.

Mr. Piazzola was formerly with the Walt Disney World as senior project manager responsible for the development of retail programs and the development of a new image for "merchantainment" venues throughout Walt Disney World's theme parks and resorts.

"We are thrilled to attract another key member of senior management with such a breadth of experience and talent," says Mr. Guttman, "The addition of Michael is an important step in securing the success of Santana Row, he shares our vision of creating a unique and truly integrated urban, mixed-use, pedestrian-friendly community."

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of high quality retail and mixed-use properties.

The Trust owns or has an interest in 154 real estate assets consisting of community and neighborhood shopping centers and retail and urban mixed-use properties located in strategic metropolitan markets across the United States. The Trust is nationally recognized for its main street revitalization programs as well as the development of urban mixed-use, pedestrian-friendly communities.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 33 consecutive years. Shares of Federal Realty are traded on the New York Stock Exchange under the symbol FRT.

Additional information about Federal Realty and Santana Row 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. Federal Realty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

CONTACT:
Federal Realty Investment Trust
Melissa Macchiavelli, 301/998-8168
mmacchiavelli@federalrealty.com