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News Release

Federal Realty Investment Trust Raising $150 Million Through Offering of Approximately 2,000,000 Common Shares of Beneficial Interest

ROCKVILLE, Md., Sept 13, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Federal Realty Trust (NYSE: FRT) announced today that it has commenced a public offering to raise approximately $150 million, through the issuance of approximately 2,000,000 common shares of beneficial interest. Federal Realty expects to use the proceeds of the offering on an interim basis to repay debt used to recently acquire three properties in New England, and for general corporate purposes including paying down debt under its revolving credit facility. On a longer term basis, the Trust expects to utilize a portion of these proceeds to redeem currently outstanding preferred shares. The underwriters will be granted a 30- day option to purchase up to an additional approximately 300,000 shares from Federal Realty to cover overallotments, if any.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050907/DCW070LOGO )

The sole book running manager for this offering is Wachovia Securities. The co-managers for this offering are BB&T Capital Markets, RBC Capital Markets and Stifel Nicolaus.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state. Copies of the prospectus supplement and related prospectus, when available, may be obtained from the offices of Wachovia Securities, Attn: Prospectus Department, 375 Park Avenue, 4th Floor, New York, NY 10152 or from the offices of any of the other managing underwriters identified above.

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND THE FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON FEDERAL REALTY'S PRESENT EXPECTATIONS, BUT THESE STATEMENTS AND THE IMPLICATIONS OF THESE STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE, ALTHOUGH THIS PRESS RELEASE REFERS TO AN OFFERING TO RAISE APPROXIMATELY $150 MILLION, OR APPROXIMATELY 2,000,000 FEDERAL REALTY COMMON SHARES, MORE OR LESS THAN $150 MILLION, OR 2,000,000 COMMON SHARES MAY BE SOLD OR THIS OFFERING MAY BE WITHDRAWN. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.

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.

    Investor and Media Inquiries
    Andrew Blocher                          Vikki Quinn, SCMD
    Vice President,                         Vice President,
    Capital Markets & Investor              Marketing & Corporate
     Relations                               Communications
    301/998-8166                            301/998-8178
    ablocher@federalrealty.com              vquinn@federalrealty.com

SOURCE Federal Realty Investment Trust

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

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